Blue Owl Capital Inc Stock Price, News & Analysis

Sound Point Meridian Capital announced the closing of its IPO, issuing 4,000,000 shares at $20.00 per share, resulting in net proceeds of approximately $79.7 million. The company, trading under the ticker 'SPMC' on NYSE since June 14, 2024, has also given underwriters a 30-day option to buy an additional 600,000 shares.

The proceeds will be used for acquiring investments and general working capital. Post-IPO, the company's net asset value stands at $400.1 million. The IPO was managed by Oppenheimer, B. Riley Securities, Janney Montgomery Scott, and Piper Sandler, with Clear Street and Wedbush Securities as co-managers.

Sound Point Meridian Capital (NYSE: SPMC) announced its initial public offering (IPO) pricing of 4,000,000 shares at $20.00 per share. Net proceeds are expected to be around $79.7 million post-expenses. An additional 600,000 shares may be purchased to cover over-allotments within 30 days.

The IPO aims to raise funds for investments and general working capital. Post-offering, the company's net asset value will be approximately $400.1 million. Shares will trade on the NYSE under the symbol 'SPMC' starting June 14, 2024, with the offering closing on June 17, 2024.

Joint book-runners for the offering include Oppenheimer & Co., B. Riley Securities, Janney Montgomery Scott, and Piper Sandler. Co-managers are Clear Street and Wedbush Securities. Investors are advised to review the company's preliminary prospectus filed with the SEC for more details.

Blue Owl Capital (NYSE: OWL) has successfully completed its acquisition of Prima Capital Advisors from Stone Point Capital funds. This deal was initially announced in April 2024. Prima, a real estate lender founded by Gregory White in 1992, specializes in commercial mortgage-backed securities and manages about $10 billion in assets as of March 31, 2024. This acquisition bolsters Blue Owl's Real Estate Finance strategy.

Blue Owl Capital (NYSE: OWL) announced the pricing of a $250 million offering of 6.250% Senior Notes due 2034 through its subsidiary Blue Owl Finance The notes are issued at 100.355% plus accrued interest from April 18, 2024, and will be treated as a single series with the previously issued $750 million notes. The notes are guaranteed by various Blue Owl entities and the offering is subject to customary closing conditions. Proceeds are intended for general corporate purposes, including strategic acquisitions and growth initiatives. The notes will be sold to qualified institutional buyers under Rule 144A and to non-U.S. persons under Regulation S. A registration rights agreement will be executed, requiring an offer to exchange the notes registered with the SEC within 365 days of issuance.

Linden Capital Partners, a Chicago-based healthcare private equity firm, has announced a passive minority investment from Blue Owl's GP Strategic Capital platform and Lunate Capital, through a joint venture. Although terms were not disclosed, this partnership aims to bolster Linden's growth and strategic initiatives. Linden, founded in 2004, manages $8 billion in assets and has invested in over 45 healthcare companies. Blue Owl's GP Strategic Capital platform manages $55.8 billion and has executed over 85 equity and debt transactions, while Lunate Capital manages $105 billion. This investment will not alter Linden's day-to-day operations or investment strategies.

KBRA has assigned a BBB rating to Blue Owl Credit Income Corp.’s (OCIC) $500 million 6.60% senior unsecured notes due September 15, 2029, with a Stable Outlook. The proceeds will repay revolver borrowings and other secured financing. The rating reflects OCIC's ties to the $91.3 billion Blue Owl Credit platform and its diversified $19.0 billion investment portfolio. The company’s leverage ratio is 0.89x with an asset coverage ratio of 208%. OCIC maintains solid liquidity with $2.06 billion of bank credit and only one debt investment on non-accrual status. Potential risks include illiquid investments and rapid portfolio growth.

Blue Owl Capital (NYSE: OWL) has hired Haitham Abdulkarim to oversee its institutional business in the Middle East. Haitham will focus on scaling operations in Abu Dhabi and Dubai, with the former becoming the company's flagship office in the region. This strategic move aims to enhance Blue Owl's relationships with family offices, pension funds, and sovereign wealth funds in the area. Haitham brings extensive experience from his previous roles at BlackRock, Waha Capital, and Samena Capital. Blue Owl recently obtained a license in the Dubai International Financial Centre and is awaiting final approval for a license in Abu Dhabi Global Market.

Blue Owl Capital III reported a strong performance in the first quarter of 2024 with a net investment income per share of $0.39, exceeding the regular dividend of $0.35 per share. The company achieved a 10.5% annualized dividend yield based on the net asset value per share, which increased to $15.65. The Board declared a second quarter dividend of $0.35 per share and five special dividends of $0.06 per share. The company made significant progress towards its target leverage range and aims to provide sustained returns to its shareholders. Portfolio and investing activity showed new investment commitments of $736.4 million across 43 new portfolio companies and 14 existing portfolio companies. The company had investments in 188 portfolio companies with an aggregate fair value of $4.0 billion. Investment income increased to $113.4 million, while total expenses increased to $64.7 million due to various factors. The company had $140.2 million in cash and $2.2 billion in total principal value of debt outstanding as of March 31, 2024.

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.