No. 2329Independent rewrite deskUpdated October 21, 2026

Financial News
& Market Press Releases

WORLDFive factors could decide tight Michigan senate raceOct 21EARNINGSCharter survey finds executives trust AI over own judgment twice as often as staffOct 21NVDANvidia CEO Jensen Huang pitches sovereign AI to European governmentsOct 21NETCloudflare Q3 Revenue Forecast Slows As Restructuring Costs RiseOct 21PFEPfizer Shareholders Lost 8.8% Over Five Years Despite DividendsOct 21AACPApogee Acquisition Corp files 8-K to restate Q2 financial statementsOct 21EQPTEquipmentShare raises 2026 rental revenue growth outlook to 43%Oct 21CLFCleveland-Cliffs reports Q3 2026 net income of $165 millionOct 21MKSIMKS Inc. agrees to sell Ophir Optics to TTM Technologies for $650 millionOct 21SLNMerck KGaA to Acquire Silence Therapeutics in $1.3 Billion Cash DealOct 21WORLDFive factors could decide tight Michigan senate raceOct 21EARNINGSCharter survey finds executives trust AI over own judgment twice as often as staffOct 21NVDANvidia CEO Jensen Huang pitches sovereign AI to European governmentsOct 21NETCloudflare Q3 Revenue Forecast Slows As Restructuring Costs RiseOct 21PFEPfizer Shareholders Lost 8.8% Over Five Years Despite DividendsOct 21AACPApogee Acquisition Corp files 8-K to restate Q2 financial statementsOct 21EQPTEquipmentShare raises 2026 rental revenue growth outlook to 43%Oct 21CLFCleveland-Cliffs reports Q3 2026 net income of $165 millionOct 21MKSIMKS Inc. agrees to sell Ophir Optics to TTM Technologies for $650 millionOct 21SLNMerck KGaA to Acquire Silence Therapeutics in $1.3 Billion Cash DealOct 21

NewsEarnings

Blue Owl Capital (OBDC) Q2 Adjusted NII Climbs to $0.34 as Mavis Tire Realization Lifts the Print

Adjusted net investment income of $0.34 per share for the second quarter, compared with $0.31 in the first, puts Blue Owl Capital Corporation (NYSE: OBDC) at a 9.6% annualized return on equity, more than 100 basis points above the prior-quarter figure, CEO Craig Packer said on the earnings call. A $274 million cash realization from a preferred-equity position in Mavis Tire, combined with higher dividend income from the company's life sciences specialty-finance vehicle, drove most of the sequential gain. The board has declared a Q3 base dividend of $0.31 per share payable Oct. 15 to shareholders of record Sept. 30, and a $0.02 per-share supplemental payable Sept. 15 to shareholders of record Aug. 31.

By Grant HalloranNewsroomAugust 9, 20263 min read

Blue Owl Capital (OBDC) reported Q2 adjusted net investment income of $0.34 per share, up from $0.31 in Q1, for a 9.6% annualized return on equity.
A roughly $274 million cash realization from a Mavis Tire preferred-equity position, plus higher life sciences dividend income, drove most of the sequential gain and added about $0.03 per share of fee income.
Net asset value per share fell to $14.26 from $14.41, driven by a credit-specific markdown on Loparex after a recapitalization failed to close, partially offset by $35 million of Q2 share repurchases.
Net leverage dropped to 1.11 times, the firm's lowest reading in over two years, as Blue Owl funded $429 million of investments against $747 million of repayments.
The board declared a Q3 base dividend of $0.31 per share plus a $0.02 supplemental, with total liquidity of about $3.5 billion after retiring roughly $1 billion of legacy bonds in July.

Mavis Tire: the quarter's headline realization

The Mavis Tire exit was the single largest contributor. Blue Owl collected roughly $274 million in cash, including $66 million of accrued payment-in-kind interest, on a 1.5-times multiple on invested capital, per Senior Managing Director Logan Nicholson. That realization added approximately $0.03 per share of fee income to the quarter. CFO and COO Jonathan Lamm said the income was recorded as fees rather than interest because of the structure of the preferred instrument's repurchase.

The exit pulled PIK income to 10.7% of total investment income, down from peak levels above 13% two years prior. Nicholson said the remaining PIK exposure was intentionally structured at investment inception to improve returns, not a reflection of credit stress in the portfolio. LSI, the company's life sciences specialty-finance vehicle, also contributed: the repayment of ITM Radiopharma generated an internal rate of return above 20% on a $140 million position, and LSI has returned more than 15% to Blue Owl since inception.

NAV: one markdown, partial buyback offset

Net asset value per share fell to $14.26 from $14.41 in Q1. The driver was a credit-specific markdown on Loparex, a position representing roughly 90 basis points of the portfolio at cost. A recapitalization transaction that would have brought in new equity did not close, prompting the write-down. Non-accrual investments stood at 0.8% of the portfolio at fair value at quarter-end, modestly below the prior period.

Share repurchases of $35 million during Q2 added $0.03 per share to NAV, partially offsetting the Loparex markdown. Since Q4 2025, Blue Owl has repurchased approximately $220 million of stock.

Setup: leverage at the low end, deployment muted

Blue Owl funded $429 million of investments against $747 million of repayments, pulling net leverage to 1.11 times, the firm's lowest reading in more than two years and inside its 0.9-to-1.25-times target range. Management said M&A and refinancing activity slowed on wider spreads and asset-price volatility, with geopolitical uncertainty adding pressure. Packer's framing was direct: underwriting discipline takes precedence over deployment volume.

Total liquidity stood at approximately $3.5 billion after the July retirement of roughly $1 billion of legacy bond maturities. The revolving credit facility retained $4 billion of capacity at unchanged pricing. Spillover income of approximately $0.29 per share is the watch item heading into the Q3 dividend cycle.

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Frequently asked

How much did Blue Owl collect from the Mavis Tire exit and at what return?

Blue Owl collected roughly $274 million in cash, including $66 million of accrued payment-in-kind interest, at a 1.5-times multiple on invested capital.

Why did OBDC's net asset value per share decline in Q2?

NAV per share fell to $14.26 from $14.41 primarily due to a credit-specific markdown on Loparex after a recapitalization that would have brought in new equity did not close.

What dividends did Blue Owl declare for Q3?

The board declared a Q3 base dividend of $0.31 per share payable Oct. 15 to holders of record Sept. 30, plus a $0.02 supplemental payable Sept. 15 to holders of record Aug. 31.

Why was the Mavis Tire income recorded as fees rather than interest?

CFO and COO Jonathan Lamm said the income was recorded as fees because of the structure of the preferred instrument's repurchase.

What was OBDC's net leverage and non-accrual level at quarter-end?

Net leverage fell to 1.11 times, its lowest in more than two years and within the 0.9-to-1.25-times target range, while non-accrual investments stood at 0.8% of the portfolio at fair value.