Analogies for Blue Owl Capital (OBDC)

• The **BlackRock** for private credit.
• The **JPMorgan Chase** for private corporate loans.

• GP Strategic Capital Solutions: Provides long-term capital to private equity general partners by acquiring minority stakes in their management companies, facilitating growth and succession planning.
• Direct Lending / Private Credit: Offers flexible debt financing directly to private companies, serving as an alternative to traditional bank loans and high-yield bonds.
• Real Estate Strategies: Manages and invests in various real estate assets across different sectors and geographies, providing investors access to private real estate opportunities.

Blue Owl Capital (OBDC) is an alternative asset manager that primarily sells its investment products and services to institutional investors and sophisticated wealth management clients. Due to the confidential nature of client relationships and the diversified structure of its investor base, Blue Owl Capital does not publicly disclose the specific names of its individual major customer companies. Instead, its customer base comprises thousands of limited partners across various categories of institutional capital. These categories represent the "other companies" that are major customers for Blue Owl Capital's funds and strategies:

1. Pension Funds (Public and Corporate): Organizations managing retirement assets for public sector employees (e.g., state pension plans) and private corporations. These are large, sophisticated investors seeking long-term growth and income.
2. Endowments and Foundations: Institutional bodies that manage substantial assets for universities, hospitals, charitable organizations, and other non-profits, aiming to provide sustainable funding for their missions.
3. Sovereign Wealth Funds and Insurance Companies: Government-owned investment vehicles that manage national savings for future generations, and large financial institutions that manage capital for policyholders and general accounts.
4. Family Offices and other Sophisticated Wealth Management Clients: Entities that manage significant wealth for high-net-worth individuals and families, often structured as companies or trusts, and wealth management platforms that provide access to alternative investments for their affluent clients.

Douglas Ostrover, Co-Chief Executive Officer

Douglas Ostrover is a Co-Chief Executive Officer of Blue Owl Capital Inc. and co-founder of Owl Rock Capital Partners, the predecessor firm to Blue Owl's Credit platform. He previously co-founded GSO Capital Partners (GSO), Blackstone's alternative credit platform. GSO Capital Partners was acquired by Blackstone in 2008 for up to $945 million, and he remained a Senior Managing Director at Blackstone until 2015, helping GSO grow to $75 billion in assets under management. Prior to GSO, he was a Managing Director and Chairman of the Leveraged Finance Group and Global Co-Head of the Leveraged Finance Group at Credit Suisse First Boston (CSFB). He joined CSFB in 2000 through its acquisition of Donaldson, Lufkin & Jenrette (DLJ), where he was a Managing Director in charge of High Yield and Distressed Sales, Trading and Research since 1992.

Marc Lipschultz, Co-Chief Executive Officer

Marc Lipschultz is a Co-Chief Executive Officer of Blue Owl Capital Inc. and co-founded Owl Rock Capital Partners in 2016, the predecessor firm to Blue Owl's Credit platform. Before co-founding Owl Rock, he spent over two decades at KKR, serving on the firm's Management Committee and as the Global Head of Energy and Infrastructure, with extensive experience in private credit, private equity, and infrastructure. Prior to joining KKR, he worked at Goldman, Sachs & Co., focusing on mergers and acquisitions and principal investment activities.

Alan Kirshenbaum, Chief Financial Officer

Alan Kirshenbaum is the Chief Financial Officer of Blue Owl Capital Inc. Before Owl Rock, he was Chief Financial Officer of Sixth Street Specialty Lending (TSLX), a business development company (BDC), from 2011 to 2015, where he was responsible for building and overseeing finance, treasury, accounting, and operations, including during its initial public offering (IPO) in March 2014. From 2011 to 2013, he also served as CFO of TPG Special Situations Partners. His prior experience includes being CFO of Natsource, a private investment firm (2007-2011), and before that, Managing Director, COO, and CFO of MainStay Investments. He co-founded Harbor Light Investment Management in 2007, serving as COO and CFO. From 2003 to 2006, he was CFO of Bear Stearns Asset Management (BSAM).

Michael Rees, Co-President

Michael Rees is a Co-President of Blue Owl Capital Inc. and co-founder of the firm. He founded Dyal Capital, the predecessor firm to Blue Owl's GP Strategic Capital platform, which merged with Owl Rock Capital to form Blue Owl in 2021. Dyal Capital is noted for acquiring minority stakes in numerous other private equity firms, demonstrating a pattern of managing companies backed by private equity firms. Prior to founding Dyal Capital, he was a founding employee and shareholder of Neuberger Berman Group, transitioning from Lehman Brothers in 2009, 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 various roles, including Head of Asset Management Strategy.

Craig W. Packer, Co-President

Craig W. Packer is a Co-President of Blue Owl Capital Inc. and the Head of the Credit platform. He co-founded Owl Rock Capital Partners in 2016, the predecessor firm to Blue Owl's Credit platform, along with Doug Ostrover and Marc Lipschultz. Before co-founding Owl Rock, he was a Partner and Co-Head of Leveraged Finance in the Americas at Goldman Sachs & Co.

Key Risks to Blue Owl Capital (OBDC)

1. Credit Risk and Economic Downturns

2. Interest Rate Fluctuations and Profitability Compression

3. Liquidity and Valuation Risks

Blue Owl Capital (OBDC) operates across three main investment platforms: Credit, GP Strategic Capital, and Real Estate. The addressable market sizes for these platforms are as follows:

• Credit (Private Credit/Direct Lending): The global private credit market was estimated to be approximately $3.0 trillion by 2025. Direct lending, which is a significant component of Blue Owl's credit platform, represented about 50% of this private credit assets under management (AUM) in 2025, equating to approximately $1.5 trillion globally. The overall private credit market, as of early 2025, was approximately $3 trillion and is projected to grow to about $5 trillion by 2029. The U.S. private credit market alone was estimated at $1.25 trillion globally, with some estimates for the broader addressable market for private credit in the United States exceeding $30 trillion.
• GP Strategic Capital: Null. The addressable market size for Blue Owl's GP Strategic Capital division, which provides financing to hedge funds and private equity firms by acquiring minority interests in them, could not be specifically quantified from the provided search results.
• Real Estate (Asset-Based Finance): The estimated addressable market within asset-based finance is believed to be nearly $11 trillion globally. Private markets currently account for only approximately 4% of this total.

• Strategic Mergers and Acquisitions: The merger with Blue Owl Capital Corporation II (OBDC II) is a significant driver, expected to enhance shareholder value by incorporating nearly $1 billion in net assets and creating a larger, primarily senior secured portfolio. This strategic move is anticipated to boost earnings over time and increase the overall portfolio size to approximately $18.9 billion across 239 companies.
• Growth in Direct Lending to Larger Borrowers: Blue Owl Capital's disciplined investment strategy focuses on direct lending to larger, recession-resistant businesses. The company has seen an increased capacity to commit capital in greater size to larger borrowers, with the average hold size on new direct lending deals growing significantly. This allows Blue Owl to participate in some of the largest and most attractive transactions in the market, reflecting a secular trend of larger borrowers preferring direct financing solutions.
• Expansion of the Private Credit Market: The private credit market has shown substantial growth, driven by increasing demand from larger borrowers and private equity sponsors seeking flexible financing solutions that traditional public credit markets may not accommodate. Blue Owl Capital is well-positioned to benefit from the continued expansion of this market in the coming years.
• Increased Deal Activity and Originations: Blue Owl has reported significant deal activity, with substantial originations and fundings in recent quarters. This increased activity, including a notable rise in add-on transactions and participation in larger deals, indicates the company's ability to seize growth opportunities and actively deploy capital.

Share Repurchases

• Blue Owl Capital Corporation (OBDC) authorized a new share repurchase program of up to $200 million in November 2025, which replaced a previous $150 million plan approved in May 2024.
• The $200 million repurchase program is expected to be in effect for 18 months or until the approved aggregate amount is expended.

Share Issuance

• In January 2025, OBDC closed its merger with Blue Owl Capital Corporation III (OBDE), with OBDE shareholders receiving 0.9779 shares of OBDC common stock for each share of OBDE common stock.
• OBDC also announced a definitive merger agreement with Blue Owl Capital Corporation II (OBDC II) in November 2025, where OBDC II shareholders will receive newly issued whole shares of OBDC based on an exchange ratio determined prior to closing.
• As of September 30, 2025, OBDC had 511,048,237 shares issued and outstanding, a notable increase from 390,217,304 shares issued and outstanding as of the prior year.

Outbound Investments

• For the three months ended September 30, 2025, OBDC made new investment commitments totaling $1.3 billion across 13 new and 23 existing portfolio companies.
• New investment commitments for the three months ended June 30, 2025, were $1.1 billion across 6 new and 19 existing portfolio companies.
• As of September 30, 2025, OBDC's aggregate portfolio size at fair value was $17.1 billion, invested in 238 portfolio companies.