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Blue Owl Capital Corporation (NYSE: OBDC) is a specialty finance and business development company focused on providing direct lending solutions to U.S. middle-market companies. The company aims to generate current income and capital appreciation by targeting investment opportunities with favorable risk-adjusted returns.
OBDC's portfolio includes senior secured, subordinated, mezzanine loans, and equity-related instruments, promoting strong credit performance and capital preservation. As of June 30, 2023, OBDC had investments in 187 portfolio companies with an aggregate fair value of $12.9 billion.
The company operates under the Investment Company Act of 1940 and is managed externally by Blue Owl Credit Advisors LLC, an SEC-registered investment adviser affiliated with Blue Owl Capital Inc. (NYSE: OWL). Blue Owl's Credit Platform, the division managing OBDC, focuses on direct lending, boasting approximately $71.6 billion in assets under management as of March 31, 2023.
OBDC has a strong track record of financial performance, achieving record net investment income for consecutive quarters. Recently, OBDC declared a third quarter 2023 dividend of $0.33 per share and a second quarter supplemental dividend of $0.07 per share. Notably, the company has an active stock repurchase program, enhancing shareholder value through strategic buybacks.
Additionally, OBDC's diversified investment portfolio is primarily composed of senior secured debt, ensuring stability and reduced risk. The portfolio is structured to benefit from floating rates, which accounted for 98.1% of debt investments based on fair value as of June 30, 2023.
The company regularly updates investors through quarterly financial results and conference calls, ensuring transparency and engagement. For more detailed and up-to-date information, visit the official website at www.blueowlcapitalcorporation.com.
Wingspire Equipment Finance has successfully completed its inaugural asset-backed securitization (ABS), WEF 2024-1, raising $201 million. This marks the first large-ticket equipment ABS to receive ratings from a major rating agency for an inaugural issuance. The transaction included five classes of notes, with the top classes receiving F1+/K1+ and AAA ratings from Fitch Ratings and Kroll Bond Rating Agency. The ABS was backed by a diverse portfolio of equipment loans and leases across various industries and was more than 3x oversubscribed, indicating strong investor demand. Over 20 prominent investors participated, reflecting confidence in Wingspire's portfolio quality, management expertise, and underwriting standards.
Blue Owl Capital III (NYSE: OBDE) reported strong Q2 2024 results, with net investment income (NII) per share of $0.41, exceeding the regular dividend of $0.35 by over 15%. The company declared a Q3 2024 dividend of $0.35 per share and announced the second of five special dividends of $0.06 per share. Net Asset Value (NAV) per share increased to $15.56, up $0.28 from June 30, 2023.
OBDE's portfolio grew significantly, with new investment commitments totaling $1.0 billion across 31 new and 24 existing portfolio companies. The portfolio consisted of 85.0% first lien senior secured debt investments, with a weighted average total yield of 11.5% on accruing debt and income-producing securities.
Importantly, OBDE announced a definitive merger agreement with Blue Owl Capital (NYSE: OBDC), subject to shareholder approvals and closing conditions.
Blue Owl Capital (NYSE: OBDC) reported strong Q2 2024 results, with net investment income of $0.48 per share exceeding the regular dividend by 30%. The Board declared a total dividend of $0.43 per share, representing an 11.2% annualized yield. Net asset value (NAV) per share increased to $15.36, up $0.10 from June 2023.
OBDC announced a merger agreement with Blue Owl Capital III (NYSE: OBDE), aiming to grow its portfolio and benefit shareholders. The company's portfolio consisted of 75.4% first lien senior secured debt investments as of June 30, 2024, with a weighted average total yield of 11.9% on accruing debt and income-producing securities at fair value.
New investment commitments for Q2 2024 totaled $3.3 billion across 49 portfolio companies. The company maintained a strong liquidity position with $380 million in cash and $1.3 billion of undrawn capacity on credit facilities.
Blue Owl Capital (NYSE: OBDC) and Blue Owl Capital III (NYSE: OBDE) have announced a merger agreement, with OBDC as the surviving company. The merger will create the second largest publicly traded BDC by total assets, with $18.4 billion in total assets at fair value. Key highlights include:
1. Acquisition of a known, high-quality portfolio with 90% investment overlap
2. Increased scale and diversification, with pro forma investment portfolio of $17.7 billion across 256 companies
3. Improved secondary market liquidity and potential for greater institutional ownership
4. Well-balanced capital structure and increased access to long-term, low-cost debt capital
5. Expected to be accretive to Net Investment Income (NII) and potential for NAV per share accretion
The transaction is subject to shareholder approvals and is expected to close in Q1 2025.
Wingspire Equipment Finance has announced a $12 million equipment financing initiative for a leading Tier 1 aerospace manufacturer. This funding will support the acquisition of new CNC machines and lathes, enhancing the company's manufacturing capabilities in sheet metal fabrication, precision machining, and complex assemblies.
The financing strategy, developed in collaboration with the manufacturer and its private equity sponsor, involves financing new equipment and leveraging existing assets. This approach not only expands manufacturing capacity but also improves liquidity by providing a cash influx for higher-yielding opportunities.
Spencer Jakemer, Vice President at Wingspire Equipment Finance, highlighted the company's ability to provide tailored financial solutions for sponsor-backed, middle market companies in the aerospace industry.
Blue Owl Capital (NYSE: OBDC) will release its Q2 2024 financial results on August 7, 2024, post-market close.
OBDC has scheduled a webcast / conference call on August 8, 2024, at 10:00 a.m. ET to discuss the results.
Interested participants can access the call through OBDC's website or by dialing provided numbers.
For those unable to attend, a replay will be available on OBDC's website for one year and via dial-in for 14 days.
All participants are advised to connect 10-15 minutes before the call starts.
Wingspire Equipment Finance has extended $13 million in financing to a growing chain of over 50 fitness clubs, making it one of the top 20 largest health club operators in the U.S. The financing, structured as an operating lease, will support the acquisition of essential equipment for nine new locations. This move aims to expand the fitness company's nationwide presence and boost top-line revenue by increasing its membership base. Previously facing challenges in securing financing, the company now gains critical support from Wingspire to continue its growth trajectory.
Wingspire Equipment Finance has completed a $12 million equipment financing arrangement for a leading pharmaceutical services company. The CDMO, supported by private equity, specializes in drug development, manufacturing, and commercial packaging. This financial package includes a capital lease and sale-leaseback, aimed at acquiring new manufacturing and packaging technology. The financing helps optimize cash flow and enhance liquidity, supporting the company's growth. Jason Alves, Senior VP at Wingspire, emphasized the importance of this partnership in meeting the client’s financial goals and ensuring their operational success.
Blue Owl Capital reported a strong first quarter with net investment income per share of $0.47, exceeding dividends by 25%. The NAV per share increased to $15.47, the highest since inception. The company declared a first quarter supplemental dividend of $0.05 per share. The Board approved a 2024 Repurchase Program of up to $150 million. Investment income increased to $399.6 million, expenses rose to $211.6 million, and liquidity stood at $742.8 million in cash.
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