Blue Owl Capital Corp

Overview

Blue Owl Capital Corporation (OBDC) is a publicly traded, externally managed business development company focused on direct lending to U.S. middle-market businesses. Its investment objective is to generate current income and, to a lesser extent, capital appreciation.[1] The portfolio consists primarily of private-credit investments, especially senior-secured, first-lien loans, alongside other debt and equity investments.[2]

As of June 30, 2026, OBDC held investments in 229 portfolio companies with a total fair value of $15.0 billion; investment income for the second quarter of 2026 was $401 million.[3] The company is externally managed, so Blue Owl platform-wide employee and global-presence figures should not be treated as OBDC-specific. OBDC’s predecessor was formed in 2015, and the company adopted its current name in 2023.[4] [2]+3

Products & services

Blue Owl Capital Corp is a business development company whose investment products are debt and, to a lesser extent, equity investments in U.S. middle-market businesses. Its stated objective is to generate current income and, secondarily, capital appreciation. It focuses particularly on institutionally backed upper-middle-market companies with more than $50 million in annual EBITDA.[5][6]

Its debt investments include first-lien senior-secured and unsecured loans, subordinated and mezzanine loans, and broadly syndicated loans. Loan structures disclosed include term loans, revolving and delayed-draw facilities, and multi-currency revolving facilities; investments may include cash-pay and payment-in-kind interest. The company also makes occasional equity-related investments, including warrants and preferred stock. These details are reported in its filing for the quarter ended June 30, 2026.[7]+3 [5]+4

Geographic presence

Blue Owl Capital Corp’s investment focus is U.S. middle-market companies; no country-by-country portfolio allocation or geographic revenue percentages are specified in the available information.[10]

A disclosed investment group included Greater Toronto Custom Windows Corp., valued at $10.0 million as of December 31, 2025; this was one of seven underlying investments in the group and is not a measure of the company’s overall Canadian exposure.[11] The company’s principal executive office is at 399 Park Avenue, New York, New York 10022.[12] [11]+2

Business segments

Blue Owl Capital Corp reports one operating and reportable segment, focused on generating current income and, to a lesser extent, capital appreciation through debt and equity investments. The company’s chief operating decision maker assesses performance and allocates resources on a consolidated basis. This single segment represents 100% of reportable operations; the company does not disclose separate segment-level revenue or investment-income contributions. Portfolio categories by industry or investment type are not additional operating segments.[13][14] [13]+3

Company history

Blue Owl Capital Corporation was formed in Maryland as Owl Rock Capital Corporation on October 15, 2015.[17] Its shares began trading on the New York Stock Exchange in July 2019 following an initial public offering.[18][19]

In May 2021, Owl Rock and Dyal completed a business combination with Altimar to form Blue Owl Capital Inc., the broader investment manager.[20] In July 2023, Owl Rock Capital Corporation changed its name to Blue Owl Capital Corporation and its ticker from ORCC to OBDC.[4]

In August 2024, the company agreed to acquire Blue Owl Capital Corporation III; the merger was completed in January 2025, with Blue Owl Capital Corporation as the surviving company.[21]+2

Sources

• www.blueowlcapitalcorporation.com[1]
• Blue Owl Capital Corp — Full financial report (2026 Q 2)
  10 citations

  [2][5][6][7][8][9][11][12][13][14]
• www.blueowlcapitalcorporation.com[3]
• www.blueowlcapitalcorporation.com[4]
• ir.blueowl.com[10]
• www.sec.gov[15]
• www.blueowlcapitalcorporation.com[16]
• www.sec.gov[17]
• Blue Owl Capital Corp — Full financial report (2020 Y)[18]
• www.blueowlcapitalcorporation.com[19]
• ir.blueowl.com[20]
• Blue Owl Capital Corp — Full financial report (2024 Q 3)[21]
• Blue Owl Capital Corp — Full financial report (2025 Q 1)[22]
• www.blueowlcapitalcorporation.com[23]