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Mar 31, 2024
Blue Owl Q1 2024 Earnings Report
Blue Owl's first quarter results reflected a strong start to the year, achieving record net asset value per share for the third consecutive quarter while maintaining solid credit performance.
Key Takeaways
Blue Owl Capital Corporation reported a net investment income per share of $0.47 for the first quarter, exceeding the regular dividend by over 25%. The NAV per share increased to $15.47, marking the company's highest NAV per share since inception. The company generated a 12.1% return on equity this quarter.
Net investment income (“NII”) per share was $0.47, exceeding the regular dividend by over 25%.
The Board declared a first quarter supplemental dividend of $0.05 per share.
Total dividends for the first quarter were $0.42 per share, representing a 10.9% annualized dividend yield based on first quarter net asset value (“NAV”) per share.
NAV per share increased to $15.47 compared to $15.45 as of December 31, 2023, which represents the Company’s highest NAV per share since inception.
Blue Owl
Blue Owl
Forward Guidance
The company's Board declared a second quarter 2024 regular dividend of $0.37 per share for stockholders of record as of June 28, 2024, payable on or before July 15, 2024. The Board also declared a first quarter 2024 supplemental dividend of $0.05 per share for stockholders of record as of May 31, 2024, payable on or before June 14, 2024. On May 6, 2024, the Board approved the 2024 Repurchase Program under which the Company may repurchase up to $150 million of the Company’s common stock.
Positive Outlook
- Declared a second quarter 2024 regular dividend of $0.37 per share.
- Declared a first quarter 2024 supplemental dividend of $0.05 per share.
- Approved a repurchase program to repurchase up to $150 million of the Company’s common stock.
- New investment commitments totaled $1,202.7 million.
- Principal amount of new investments funded was $920.4 million.
Challenges Ahead
- Total expenses increased to $211.6 million due to an increase in interest expense.
- Weighted average total yield of accruing debt and income-producing securities at fair value decreased from 12.4% to 12.1%.
- Ending net debt to equity increased from 1.09x to 1.04x.
- Investment income decreased from $411.2 million to $399.6 million.
- Loans on non-accrual represented 1.8% of the total fair value of the debt portfolio.