Blue Owl Capital NAV Drops to $14.26, But NII Beats Estimates
OBDC is trading near its 52-week low of $10.52 (6.7% above the low).
Summary
Blue Owl Capital Corp reported Q2 NAV per share of $14.26, down from $14.41 in Q1 and $15.03 a year ago, driven by markdowns on a small group of names. Net assets fell to $7.03B from $7.15B sequentially. Adjusted NII of $0.34/share beat the $0.32 consensus, and the company declared a $0.02 supplemental dividend. This follows yesterday's initial report and adds granularity on the NAV decline and earnings beat. The sequential NAV erosion and year-over-year NII decline signal ongoing credit stress in the portfolio, despite management's stable outlook. Watch for further markdowns in Q3 if credit conditions worsen.
At the time of this announcement, OBDC was trading at $11.23 on NYSE in the Finance sector, with a market capitalization of approximately $5.6B. The 52-week trading range was $10.52 to $14.53. This news item was assessed with negative market sentiment and an importance score of 8 out of 10. Source: Dow Jones Newswires.