Blue Owl Capital Corporation III reported significant financial developments in its latest 10-Q filing for the quarter ending September 30, 2024. The company experienced a notable increase in total investments, which rose to $4.25 billion, up from $3.59 billion at the end of 2023. This growth was primarily driven by an increase in the debt investment portfolio, which expanded from $3.28 billion to $3.95 billion over the same period.
Investment income for the third quarter of 2024 reached $129.0 million, a $21.8 million increase from $107.2 million in Q3 2023. For the nine months ended September 30, 2024, total investment income was $365.7 million, up from $311.3 million in the prior year. The increase in investment income was attributed to higher interest income resulting from the growth of the debt investment portfolio.
However, total expenses also surged, amounting to $79.2 million for Q3 2024, compared to $37.9 million in Q3 2023. This increase was largely due to higher management fees, incentive fees, and interest expenses, reflecting the company's expanded borrowing activities. For the nine-month period, total expenses reached $216.6 million, up from $109.4 million in the same period of 2023.
Net investment income before taxes for Q3 2024 was $49.8 million, down from $69.3 million in Q3 2023, while net investment income after taxes was $50.5 million compared to $69.1 million in the prior year. The net increase in net assets resulting from operations for Q3 2024 was $42.2 million, a decrease from $73.5 million in Q3 2023.
The company’s net asset value (NAV) per share slightly decreased to $15.49 as of September 30, 2024, from $15.56 at the end of 2023. The ratio of total expenses to average net assets increased to 15.0% for the nine months ended September 30, 2024, compared to 8.0% for the same period in 2023.
In terms of strategic developments, Blue Owl entered into a merger agreement on August 7, 2024, with Blue Owl Capital Corporation, which is expected to be completed in Q1 2025. The company also reported a significant increase in total debt, which rose to $2.44 billion as of September 30, 2024, compared to $1.75 billion at the end of 2023. This increase in debt was accompanied by a rise in average daily borrowings, which increased to $2.58 billion from $1.71 billion year-over-year.
Overall, while Blue Owl Capital Corporation III has seen growth in its investment income and total assets, it faces challenges with rising expenses and a decrease in net investment income compared to the previous fiscal period.
About Blue Owl Capital Corp III
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