As of September 30, 2024, Blue Owl Capital Corporation reported total investments at fair value of $13,447.5 million, an increase from $12,713.3 million at the end of 2023. The company’s cash and restricted cash decreased to $479.5 million from $658.7 million, while total assets rose to $14,090.8 million, up from $13,511.4 million. However, total net assets fell to $5,961.8 million from $6,021.4 million, resulting in a net asset value per share of $15.28, down from $15.45.
For the three months ended September 30, 2024, Blue Owl reported investment income of $367.6 million from non-controlled, non-affiliated investments, slightly down from $368.3 million in the same period of 2023. Investment income from controlled, affiliated investments increased to $406.0 million from $399.0 million. Net investment income before taxes was $188.5 million, down from $192.8 million year-over-year, while net investment income after taxes decreased to $184.9 million from $190.1 million. The net increase in net assets resulting from operations was $135.4 million, compared to $206.9 million in the prior year.
The company’s earnings per share for the third quarter were $0.35, down from $0.53 in the same quarter of 2023. For the nine months ended September 30, 2024, the total increase in net assets resulting from operations was $440.1 million, compared to $604.3 million for the same period in 2023.
Blue Owl's debt increased to $7,741.1 million as of September 30, 2024, from $7,077.1 million at the end of 2023. The company’s asset coverage ratio decreased to 176% from 183%. The weighted average total cost of debt was reported at 6.2%. The company has also engaged in a merger agreement with Blue Owl Capital Corporation III, expected to close in early 2025.
In terms of strategic developments, Blue Owl has not made any stock repurchases during the third quarter of 2024, although it has a new stock repurchase program approved for up to $150 million. The company continues to focus on middle-market companies, with a significant portion of its investments in floating-rate loans, which are expected to benefit from a higher interest rate environment.
Overall, while Blue Owl Capital Corporation has seen growth in its investment portfolio, it faces challenges in net asset value and profitability compared to the previous fiscal period.
About Blue Owl Capital Corp
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