Blue Owl Capital (NYSE:OBDC) reported first-quarter 2026 adjusted net investment income of $0.31 per share and net asset value per share of $14.41, as management said lower base rates, tighter spreads and reduced fee income weighed on earnings.
Chief Executive Officer Craig Packer said the quarter was “more challenging” from an earnings perspective, with headwinds that had been building over the past year becoming fully reflected in results
He cited lower rates, tighter market spreads, slower deal activity and lower leverage as key factors. At the same time, Packer emphasized that the company’s underlying credit performance remained strong. He said there were no new non-accruals during the quarter, borrower performance was stable and credit quality remained consistent with recent periods.
Dividend Reset to $0.31 Per Share Blue Owl’s board declared a second-quarter base dividend of $0.31 per share, down from the prior level. Packer said the company believes the new dividend level is appropriate given the portfolio’s forward earnings power, particularly as spreads widen and the rate environment appears more stable. The dividend will be paid July 15, 2026, to shareholders of record as of June 30, 2026.