Blue Owl Capital Stock Price, News & Analysis
Company Description
Blue Owl Capital Corporation (NYSE: OBDC) is a specialty finance company that focuses on lending to U.S. middle-market companies. It has elected to be regulated as a business development company (BDC) under the Investment Company Act of 1940, as amended. OBDC’s common stock trades on the New York Stock Exchange under the ticker symbol OBDC, and the company is organized in Maryland.
According to its public disclosures, Blue Owl Capital Corporation seeks to generate investment returns by providing financing to middle-market borrowers and maintaining a diversified portfolio. As of September 30, 2025, OBDC reported investments in 238 portfolio companies across 30 industries, with an aggregate portfolio size at fair value that is primarily composed of senior secured and other debt investments, along with preferred equity, common equity, specialty finance equity, and joint venture interests. The company’s debt investments include first-lien senior secured debt, second-lien senior secured debt, unsecured debt, and specialty finance debt.
OBDC’s portfolio is heavily weighted toward senior secured debt investments, which the company identifies as a significant share of its total investments at fair value. The company also discloses that a large percentage of its debt investments bear interest at floating rates, with a reported weighted average spread over the applicable base rate for its floating-rate debt portfolio. In addition to its core lending activities, OBDC holds specialty finance equity and participates in joint ventures, which form part of its broader investment strategy.
Blue Owl Capital Corporation is externally managed by Blue Owl Credit Advisors LLC, an SEC-registered investment adviser. Blue Owl Credit Advisors LLC is an indirect affiliate of Blue Owl Capital Inc. (NYSE: OWL) and is part of Blue Owl’s Credit platform. Through this advisory relationship, OBDC benefits from the investment management, origination, and credit expertise of the broader Blue Owl platform, while remaining a separate, publicly traded BDC.
OBDC’s regulatory filings and press releases describe an emphasis on credit quality and portfolio diversification. The company reports metrics such as the percentage of investments on non-accrual status at fair value, the percentage of senior secured debt investments, and the percentage of debt investments at floating rates. It also discloses weighted average yields on accruing debt and income-producing securities at both fair value and cost, as well as information on new investment commitments, portfolio turnover through sales and repayments, and the mix of secured and unsecured borrowings used to finance its portfolio.
Blue Owl Capital Corporation’s capital structure includes secured credit facilities and unsecured notes. The company has disclosed the existence of a secured credit facility for a wholly owned subsidiary, ORCC III Financing LLC, governed by a Loan and Servicing Agreement that has been amended multiple times. An amendment in August 2025 updated diligence procedures for reports related to assets held by that subsidiary. OBDC also reports a funding mix of secured and unsecured borrowings and discusses available undrawn capacity on its credit facilities in its financial results.
In addition to its core lending portfolio, OBDC has exposure to specialty finance platforms that originate and manage credit assets. For example, public communications from Wingspire Capital and Wingspire Equipment Finance state that Wingspire Capital is a portfolio company of Blue Owl Capital Corporation, and that Wingspire Equipment Finance is the equipment financing arm of Wingspire Capital. Through such specialty finance equity investments, OBDC participates indirectly in senior secured credit facilities and large-ticket equipment financing transactions serving middle-market and private equity-backed companies.
Blue Owl Capital Corporation’s disclosures highlight ongoing portfolio and capital markets activity. The company regularly reports new investment commitments across new and existing portfolio companies, principal amounts of new investments funded by asset type, and principal amounts of investments sold or repaid. It also provides information on portfolio composition by asset class, the number of portfolio companies, and key portfolio statistics such as weighted average term for new investment commitments and the proportion of new debt investment commitments at floating versus fixed rates.
As a publicly traded BDC, OBDC communicates with investors through quarterly and annual financial reporting, earnings press releases, and conference calls. The company issues Form 8-K filings to announce earnings releases, conference call schedules, entry into or termination of material definitive agreements, amendments to credit facilities, and other material events. It has also disclosed share repurchase programs authorized by its board of directors, as well as open-market purchases of OBDC common stock executed by executives and employees of Blue Owl Capital Inc. and under OBDC’s repurchase program.
OBDC has, at times, considered corporate transactions involving other Blue Owl-managed vehicles. In November 2025, the company announced that it had entered into an Agreement and Plan of Merger with Blue Owl Capital Corporation II (OBDC II), under which OBDC II would have merged into OBDC through a two-step merger structure, subject to shareholder and regulatory approvals. The proposed transaction was intended to combine two specialty finance portfolios that follow similar investment strategies and are both externally managed by Blue Owl Credit Advisors LLC. Subsequently, in November 2025, OBDC and OBDC II disclosed that they had mutually agreed to terminate the merger agreement, citing current market conditions, while indicating that alternatives could be reevaluated in the future.
Blue Owl Capital Corporation operates within the finance and insurance sector and is classified in the securities and commodity exchanges industry category for classification purposes. However, its own description emphasizes its role as a specialty finance company and BDC focused on direct lending to U.S. middle-market companies. The company’s regulatory status as a BDC subjects it to specific investment, leverage, and governance requirements under the Investment Company Act of 1940.
Business model and investment focus
OBDC’s business model, as described in its public statements and the Polygon description, centers on providing direct lending solutions to U.S. middle-market companies. The company seeks to generate current income and, to a lesser extent, capital appreciation by targeting investment opportunities with what it characterizes as favorable risk-adjusted returns. These opportunities include senior secured loans, subordinated or mezzanine loans, and equity-related instruments. Its investment strategies are intended to generate returns across credit cycles with an emphasis on preserving capital.
The company’s reported portfolio composition as of September 30, 2025 illustrates this approach. First-lien senior secured debt investments represent the largest share of total investments at fair value, followed by second-lien senior secured debt, unsecured debt, specialty finance debt, preferred equity, common equity, specialty finance equity, and joint ventures. OBDC also discloses that a very high percentage of its debt investments are at floating rates, with a weighted average spread over a base rate such as 3‑month SOFR, and that the weighted average total yield on accruing debt and income-producing securities is in the double-digit range when measured at both fair value and cost.
OBDC’s investment activity data show that it originates new commitments across both new and existing portfolio companies, funds principal amounts in various asset classes, and experiences ongoing sales and repayments. The company reports the number of new investment commitments in new portfolio companies, the average size of those commitments, and the weighted average term of new commitments in years. It also tracks and reports the percentage of new debt investment commitments at floating versus fixed rates and the weighted average interest rate of new investment commitments.
External management and affiliation with Blue Owl
Blue Owl Capital Corporation is externally managed by Blue Owl Credit Advisors LLC, which is described as an SEC-registered investment adviser and an indirect affiliate of Blue Owl Capital Inc. (NYSE: OWL). Blue Owl Credit Advisors LLC is part of Blue Owl’s Credit platform, which manages credit-focused investment vehicles. Through this arrangement, OBDC relies on the adviser for investment sourcing, portfolio management, and administrative functions, while OBDC’s board of directors oversees the adviser relationship and the company’s compliance with BDC regulations.
The affiliation with Blue Owl Capital Inc. is also reflected in OBDC’s specialty finance holdings. Public information from Wingspire Capital and Wingspire Equipment Finance notes that Wingspire Capital is a portfolio company of Blue Owl Capital Corporation and that Wingspire Equipment Finance is the equipment financing arm of Wingspire Capital. These relationships illustrate how OBDC’s capital supports specialty finance platforms that, in turn, provide senior secured credit facilities and equipment financing solutions to a range of industries and sponsor-backed borrowers.
Corporate actions, governance, and capital management
Blue Owl Capital Corporation’s SEC filings provide insight into its corporate governance and capital management practices. The company holds annual meetings of shareholders at which directors are elected and the appointment of the independent registered public accounting firm is ratified. For example, at the annual meeting held on June 26, 2025, shareholders voted on the election of directors and the ratification of KPMG LLP as the company’s independent registered public accounting firm for the fiscal year ending December 31, 2025.
OBDC’s board has also authorized share repurchase programs. In November 2025, the company disclosed that its board had approved a repurchase program under which OBDC may repurchase up to a specified dollar amount of its common stock over a defined period. In a subsequent Form 8-K filed on December 2, 2025, OBDC reported that during the month of November, an aggregate amount of more than $115 million in OBDC common shares had been purchased through open market transactions by executives and employees of Blue Owl Capital Inc. or in accordance with OBDC’s existing share repurchase program.
The company’s capital structure includes secured credit facilities and unsecured notes. OBDC has reported total principal value of debt outstanding and the allocation between secured and unsecured borrowings, as well as undrawn capacity on its credit facilities. The company has also disclosed amendments to its secured credit facility for ORCC III Financing LLC, including an August 2025 amendment that updated diligence procedures for reports related to assets held by that subsidiary.
Relationship with Wingspire Capital and Wingspire Equipment Finance
Public communications from Wingspire Capital and Wingspire Equipment Finance describe Wingspire Capital as a portfolio company of Blue Owl Capital Corporation (NYSE: OBDC). Wingspire Capital provides senior secured credit facilities up to a stated amount and operates two divisions: Wingspire Corporate Finance and Wingspire Equipment Finance. Wingspire Equipment Finance is characterized as a large-ticket equipment finance company that provides equipment loans and leases and has executed asset-backed securitization (ABS) transactions backed by portfolios of equipment loans and leases.
These disclosures indicate that OBDC’s specialty finance equity investments include platforms that originate and manage credit assets across multiple industries, including automotive, business services, consumer products, distribution, e‑commerce and retail, financial services, food and beverage, healthcare, industrial, transportation and logistics, and technology applications. Through its ownership interest in Wingspire Capital, OBDC participates in the performance of these specialty finance activities while maintaining its primary focus on lending to U.S. middle-market companies.
Status and trading information
Blue Owl Capital Corporation’s common stock is registered under Section 12(b) of the Securities Exchange Act of 1934 and is listed on the New York Stock Exchange under the symbol OBDC. The company’s Form 8-K filings consistently identify its common stock as trading on the NYSE and do not indicate any delisting or deregistration actions. The company’s jurisdiction of incorporation is Maryland, and its Commission File Number is reported as 814‑01190.
Frequently asked questions (FAQ)
- What does Blue Owl Capital Corporation do?
Blue Owl Capital Corporation is a specialty finance company and business development company that focuses on lending to U.S. middle-market companies. It invests in a diversified portfolio that includes senior secured loans, other debt instruments, and equity-related investments. - How is OBDC regulated?
OBDC has elected to be regulated as a business development company under the Investment Company Act of 1940, as amended. This status subjects the company to specific investment, leverage, and governance requirements. - Where does Blue Owl Capital Corporation’s stock trade?
OBDC’s common stock trades on the New York Stock Exchange under the ticker symbol OBDC. Its common stock is registered pursuant to Section 12(b) of the Securities Exchange Act of 1934. - Who manages OBDC’s investment portfolio?
OBDC is externally managed by Blue Owl Credit Advisors LLC, an SEC-registered investment adviser that is an indirect affiliate of Blue Owl Capital Inc. and part of Blue Owl’s Credit platform. - What types of investments does OBDC hold?
As of September 30, 2025, OBDC reported a portfolio that includes first-lien senior secured debt, second-lien senior secured debt, unsecured debt, specialty finance debt, preferred equity, common equity, specialty finance equity, and joint ventures, with senior secured debt representing a significant share of total investments at fair value. - Does OBDC use floating-rate or fixed-rate debt investments?
OBDC discloses that a high percentage of its debt investments are at floating rates, with a reported weighted average spread over a base rate such as 3‑month SOFR. The company also reports the percentage of new debt investment commitments at floating versus fixed rates. - What is the relationship between OBDC and Wingspire Capital?
Public information from Wingspire Capital states that Wingspire Capital is a portfolio company of Blue Owl Capital Corporation. Wingspire Capital operates divisions that provide senior secured credit facilities and large-ticket equipment financing, and OBDC participates in these activities through its specialty finance equity investments. - Has OBDC considered mergers with other entities?
In November 2025, OBDC announced that it had entered into an Agreement and Plan of Merger with Blue Owl Capital Corporation II, under which OBDC II would have merged into OBDC, subject to approvals and conditions. Later that month, OBDC and OBDC II disclosed that they had mutually agreed to terminate the merger agreement due to market conditions. - Does OBDC have a share repurchase program?
Yes. OBDC has disclosed that its board of directors approved a share repurchase program authorizing the company to repurchase up to a specified dollar amount of its common stock. The company has reported open-market purchases of its shares under this program. - How does OBDC communicate financial results?
OBDC announces its quarterly and annual financial results through press releases and Form 8-K filings and hosts earnings webcasts and conference calls. The company provides details on net investment income, net asset value per share, portfolio composition, investment activity, and capital resources in these communications.