It's like a JPMorgan Chase for growing, mid-sized private companies seeking loans.

It's like a debt-focused Blackstone that provides capital to middle-market private businesses.

• Senior Secured/Unsecured Loans: Provides debt financing that holds a primary or secondary claim on a company's assets, depending on whether it is secured or unsecured.
• Subordinated and Mezzanine Loans: Offers flexible debt financing that is junior to senior debt, often including an equity component.
• Equity Investments: Makes direct capital investments in the form of preferred equity, common equity, or warrants to gain an ownership stake in companies.

Major Customers of Blue Owl Capital (OBDC)

Blue Owl Capital (OBDC), operating as a business development company (BDC), provides financing primarily to middle-market companies through various types of loans and equity investments. In this business model, its "customers" are the companies that receive these investments and loans.

Based on its latest available public filings (as of December 31, 2023), the largest of these portfolio companies by fair value, and thus its major customers, include:

• Enact Holdings, Inc. (Symbol: EHIC)
• Acrisure LLC
• Hexion Holdings LLC
• Integra LifeSciences Holdings Corporation (Symbol: IART)
• USIC Holdings, Inc.

• Blue Owl Capital Inc. (OWL)
• State Street Corporation (STT)
• Deloitte

Craig Packer, Chief Executive Officer, Blue Owl Capital Corporation

Craig Packer is the Chief Executive Officer of Blue Owl Capital Corporation (OBDC) and a Co-President of Blue Owl Capital Inc.. He co-founded Owl Rock Capital Partners, which was the predecessor firm to Blue Owl's Credit platform. Prior to co-founding Owl Rock, Mr. Packer was a Partner and Co-Head of Leveraged Finance in the Americas at Goldman Sachs & Co., where he became a Managing Director and Head of High Yield Capital Markets in 2006 and a Partner in 2008. Before joining Goldman Sachs, he served as the Global Head of High Yield Capital Markets at Credit Suisse First Boston and previously worked at Donaldson, Lufkin & Jenrette.

Jonathan Lamm, Chief Financial Officer and Chief Operating Officer, Blue Owl Capital Corporation

Jonathan Lamm serves as the Chief Financial Officer and Chief Operating Officer of Blue Owl Capital Corporation (OBDC) and the other Blue Owl BDCs. He is also a Senior Managing Director at Blue Owl. Before joining Owl Rock, the predecessor to Blue Owl's Credit platform, in April 2021, Mr. Lamm was the Chief Financial Officer and Treasurer of Goldman Sachs BDC, Inc. (GSBD). He was responsible for establishing and overseeing GSBD's finance, treasury, accounting, and operations functions, including its initial public offering in March 2015. Mr. Lamm spent 22 years at Goldman Sachs in various finance roles, including Chief Operating Officer and Chief Financial Officer at GSAM Credit Alternatives. He began his career in public accounting at Deloitte & Touche.

Michael Rees, Co-President, Blue Owl Capital Inc.

Michael Rees is a Co-President of Blue Owl Capital Inc. and Head of the GP Strategic Capital platform. He founded Dyal Capital, which was the predecessor firm to Blue Owl's GP Strategic Capital platform. Dyal Capital merged with Owl Rock to form Blue Owl Capital in 2021. Under his leadership, Dyal Capital focused on acquiring minority stakes in private equity firms. Prior to founding Dyal Capital, Mr. Rees was a founding employee and shareholder of Neuberger Berman Group, transitioning from Lehman Brothers as part of a management buyout, and served as the first Chief Operating Officer of Neuberger's alternatives business. He was an employee of Lehman Brothers from 2001 to 2009, holding roles such as Head of Asset Management Strategy and being responsible for strategic acquisitions for the Investment Management Division.

Doug Ostrover, Co-Chief Executive Officer, Blue Owl Capital Inc.

Doug Ostrover is a Co-Chief Executive Officer of Blue Owl Capital Inc. and the Chairman of the firm's board of directors. He co-founded Owl Rock Capital Partners, the predecessor firm to Blue Owl's Credit platform. Before co-founding Owl Rock, Mr. Ostrover was a founder of GSO Capital Partners (GSO), Blackstone's alternative credit platform, and was a Senior Managing Director at Blackstone until 2015. Prior to co-founding GSO in 2005, he was a Managing Director and Chairman of the Leveraged Finance Group at Credit Suisse First Boston (CSFB). He joined CSFB in 2000 following its acquisition of Donaldson, Lufkin & Jenrette (DLJ), where he was a Managing Director in charge of High Yield and Distressed Sales, Trading, and Research, and had been a member of DLJ's high-yield team since 1992.

Marc Lipschultz, Co-Chief Executive Officer, Blue Owl Capital Inc.

Marc Lipschultz is a Co-Chief Executive Officer of Blue Owl Capital Inc.. He also co-founded Owl Rock Capital Partners, the predecessor firm to Blue Owl's Credit platform. Before co-founding Owl Rock, Mr. Lipschultz spent more than two decades at KKR, where he served on the firm's Management Committee and was the Global Head of Energy and Infrastructure. His experience includes leadership roles in private credit, private equity, and infrastructure, demonstrating extensive involvement in alternative investments.

1. Credit Risk and Loan Defaults: Blue Owl Capital Corporation faces significant credit risk due to its investments in loans to middle-market companies. This risk is particularly pronounced given its substantial exposure to sectors like internet software and services, which comprise a notable portion of its portfolio. Higher interest rates exert pressure on these portfolio companies, increasing the likelihood of loan defaults and bankruptcies, which can directly impact OBDC's interest income and ability to sustain dividends.
2. Systemic Contagion Risk in the Private Credit Sector: The company is susceptible to broader systemic issues within the private credit market. If problems in private credit spread to other financial sectors, it could lead to reduced lending capacity and a diminished willingness of other financial institutions to provide capital to companies like OBDC. This "contagion risk" can also result in downward pressure on the market valuation of private credit assets, affecting OBDC's financial health.
3. Vulnerability to Declining Interest Rates: While Blue Owl Capital Corporation's portfolio is predominantly composed of floating-rate debt investments (approximately 96% of its debt investments), which generally provides protection against rising rates, a prolonged period of declining interest rates could negatively impact its net investment income. Additionally, a recessionary environment with low interest rates could present challenges for reinvesting capital at attractive returns.

Blue Owl Capital Corporation (OBDC) primarily operates within the U.S. private credit market, focusing on direct lending to middle-market companies.

The addressable market for Blue Owl Capital's main products and services, which include senior secured or unsecured loans, subordinated or mezzanine loans, and equity-related securities for middle-market companies, is primarily the U.S. private credit market. This market is substantial and growing:

• The U.S. private credit market is currently estimated to be approaching $1.3 trillion and some estimates place it between $1.5 trillion and $2.1 trillion. Projections indicate that this market could double to more than $3 trillion by 2028.
• More specifically, the U.S. direct lending market, a core component of private credit where Blue Owl Capital is active, stands at approximately $1 trillion in size. This market has seen significant growth, increasing from around $400 billion in 2019.
• Business Development Companies (BDCs), such as Blue Owl Capital Corporation, collectively represent $500 billion of the U.S. private credit market.

Blue Owl Capital's target clientele, U.S. middle-market companies, represents a significant segment of the U.S. economy, encompassing nearly 200,000 businesses that contribute one-third of the private sector's GDP and employ approximately 50 million people. These companies often turn to private credit providers like Blue Owl Capital due to limited financing options from traditional banks.

Share Repurchases

• Blue Owl Capital Corporation repurchased approximately $148 million of common stock in the fourth quarter of 2025.
• In February 2026, the Board approved a new share repurchase program of up to $300 million, replacing a prior $200 million authorization.
• A $200 million stock repurchase program was approved on November 4, 2025, which was later replaced.

Share Issuance

• Blue Owl Capital's shares outstanding increased to 0.506 billion in 2025, representing a 29.75% increase from 2024.

Outbound Investments

• For the year ended December 31, 2025, new investment commitments totaled $4.3 billion across 43 new and 81 existing portfolio companies.
• For the year ended December 31, 2024, new investment commitments were $7.3 billion across 93 new and 68 existing portfolio companies.
• In February 2026, Blue Owl Capital Corporation sold $400 million of direct lending investments as part of a larger $1.4 billion asset sale across certain Blue Owl BDCs to institutional investors.