Start here if you're new
what it is
Blue Owl Capital lends money to midsize U.S. companies and collects interest, with some side bets in asset managers and real estate.
how it gets paid
Last year Blue Owl Capital made $2.0B in revenue (segment rows sum to that). Senior secured loans was the main engine at $0.80B, or 40% of sales.
what just happened
Latest quarter EPS in the feed: ~$1.01, up sharply vs. prior year on that print—but full-year EPS still fell to $1.53 from $2.03. do not mix quarter vs year.
At a glance
B++ balance sheet — above average — nothing keeping you up at night
40/100 earnings predictability — expect surprises
8.3x trailing p/e — the market's not buying it — or you found a deal
13.8% dividend yield — cash in your pocket every quarter
6.6% return on capital — nothing to write home about
xvary composite: 57/100 — below average
What they do
Blue Owl Capital lends money to midsize U.S. companies and collects interest, with some side bets in asset managers and real estate.
Scale is the moat. OBDC had $17.1 billion invested across 238 portfolio companies on September 30, 2025. If you're a middle-market borrower, you want a lender that can write large checks and spread risk across hundreds of names, not one that gets wrecked by a single bad loan.
How they make money
$2.0B
annual revenue
Senior secured loans
$0.80B
Unsecured loans
$0.20B
Subordinated and mezzanine loans
$0.50B
GP Strategic Capital
$0.30B
Real Estate
$0.20B
The products that matter
senior secured middle-market lending
Direct Lending
~$1.5B loan book revenue · ~75% of $2.0B
senior + unsecured + sub/mezz lines sum to about $1.5B on the table above—that is the core lending engine that funds the dividend story.
income engine
fees and other investment income
Other Income
~$0.5B · ~25% of revenue
GP strategic capital, real estate, and other lines make up the rest of the $2.0B total. When growth is slow, every side stream starts to count.
small but relevant
platform-scale deal sourcing
Blue Owl Credit Platform
$158B platform
you are not buying a tiny standalone lender. you are buying into a $158B origination machine, which helps with scale but does not erase bad credit if underwriting slips.
scale moat
Key numbers
13.8%
dividend yield
You are getting paid 13.8% a year at today's price, which is huge even by BDC standards.
8.3x
trailing p/e
That multiple says the market does not trust current earnings to hold up.
78.2%
operating margin
Operating margin → profit left after running the business → so what: this model throws off a lot of income when loans keep paying.
$9.5B
long-term debt
Debt equals 64% of capital, which boosts returns when things work and magnifies pain when they do not.
Financial health
B++
strength
- balance sheet grade B++ — above average financial health
- risk rank 4 — safer than 20% of stocks
- price stability 100 / 100
- long-term debt $9.5B (64% of capital)
B++ — functional but not a standout on the balance sheet.
Total return vs. market
Return history isn't available for OBDC right now.
source: institutional data · return history unavailable
What just happened
beat estimates
Latest reported EPS came in at $1.01, up 304% vs. prior year, but the bigger story is that full-year EPS still fell to $1.53 from $2.03.
That contrast is the point. One quarter looked great, while the full-year quarterly history shows earnings cooled from 2023 to 2024. Yield investors should care more about coverage than one flashy print.
$1.01
latest-quarter eps
$1.53
2024 eps
78.2%
op margin (co.)
the number that mattered
$1.53 matters because that was full-year 2024 EPS, down from $2.03 in 2023, and the dividend only looks safe if that line stops sliding.
source: company earnings report, 2026
Get this snapshot in your inbox
This page, delivered free — plus weekly updates when the numbers change. plain english, no spam.
weekly updates
earnings alerts
plain english
no spam
What could go wrong
the top risk is credit stress spilling from related Blue Owl vehicles into OBDC's valuation and funding story.
med
non-accruals move higher from 2.7%
Non-accrual means a borrower stopped paying interest. In plain English: income that used to fund your dividend no longer shows up. OBDC already sits at 2.7% of the portfolio at cost.
If that percentage rises, the 13.8% yield stops looking like cash flow and starts looking like compensation for damage already in the book.
med
sister-fund liquidity stress keeps making headlines
OBDC II halted quarterly redemptions, sold $1.4B of assets, and still drew a tender offer at a 33% discount to NAV. OBDC is not OBDC II. Markets still group related vehicles together.
That pressures the multiple even if OBDC's own loans hold up. You can be right on credit and still lose on sentiment.
med
the growth story is thinner after the OBDE merger collapse
The cancelled merger removed one visible path to scale and simplification. That does not break the dividend today, but it does narrow the list of reasons the market might pay up.
At 8.3x earnings, OBDC does not need a heroic story. It still needs a cleaner one than this.
Between a 2.7% non-accrual rate, a 13.8% dividend commitment, and a related-fund tender at a 33% discount to NAV, you are being paid for real risk — not free yield.
source: institutional data · regulatory filings · risk analysis
Pay attention to
risk
non-accrual rate on the next earnings call
2.7% at cost is manageable. Higher than that, and the market will start asking whether the dividend is paying you for risk or paying over the risk.
calendar
OBDC II return-of-capital deadline
The related fund expects to return up to $2.35 per share by mar 31, 2026. If that process looks orderly, contagion pressure cools down. If it does not, you will hear about it fast.
trend
credit sentiment around private funds
One discounted tender can stay isolated. A second one starts to look like a pattern. OBDC trades in public, but the mood around private credit still leaks into the stock.
metric
median analyst target of $14.25
That is only about 13% above the current price. Same ballpark as one year of dividend income. The market is saying this works best as a carry trade, not a rerating story.
Analyst rankings
earnings predictability
40 / 100
in human-speak, analysts think the quarterly numbers can move around more than you want from an income stock.
median analyst target
$14.25
14 analysts sit near $14.25. That is modest upside, which tells you the street likes the yield more than the growth angle.
source: institutional data
Institutional activity
institutional ownership data for OBDC is being compiled.
source: institutional data
Price targets
3-5 year target range
n/a
n/a
$13
current price
n/a
target midpoint · n/a from current
Want the deeper analysis?
The full deep dive: dcf model, scenario analysis, competitive moat breakdown, and quarterly tracking — everything on this page, taken further.
see plans from $5/moThe deep dive