8-K
Blue Owl Capital Corp (OBDC)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): February 19, 2025
BLUE OWL CAPITAL CORPORATION
(Exact name of Registrant as Specified in Its Charter)
| Maryland | 814-01190 | 47-5402460 |
|---|---|---|
| (State or Other Jurisdiction<br>of Incorporation) | (Commission<br> <br>File Number) | (IRS Employer<br>Identification No.) |
| 399 Park Avenue | ||
| --- | --- | |
| New York, NY | 10022 | |
| (Address of Principal Executive Offices) | (Zip Code) |
Registrant’s Telephone Number, Including Area Code: (212) 419-3000
Not Applicable
(Former Name or Former Address, if Changed Since Last Report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instructions A.2. below):
| ☐ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
|---|---|
| ☐ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
| --- | --- |
| ☐ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
| --- | --- |
| ☐ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
| --- | --- |
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading<br>Symbol(s) | Name of each exchange<br> <br>on which registered |
|---|---|---|
| Common Stock, par value $0.01 per share | OBDC | The New York Stock Exchange |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 or Rule 12b-2 of the Securities Exchange Act of 1934. Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 2.02. Results of Operations and Financial Condition
On February 19, 2025, Blue Owl Capital Corporation (the “Company”) issued a press release announcing its financial results for the full year and fourth quarter ended December 31, 2024. The press release is attached as Exhibit 99.1 to this Form 8-K and is incorporated herein by reference.
The information in Item 2.02 of this Current Report on Form 8-K, including Exhibit 99.1 furnished herewith, is being furnished and shall not be deemed “filed” for any purpose of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of such Section. The information in this Current Report on Form 8-K shall not be deemed to be incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.
Item 9.01. Financial Statements and Exhibits
(d) Exhibits
| Exhibit Number | Description |
|---|---|
| 99.1 | Press Release, dated February 19, 2025. |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document). |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
| Blue Owl Capital Corporation | |||
|---|---|---|---|
| February 19, 2025 | By: | /s/ Jonathan Lamm | |
| Name: | Jonathan Lamm | ||
| Title: | Chief Operating Officer and Chief Financial Officer |
EX-99.1
Exhibit 99.1
Blue Owl Capital Corporation Reports Full Year Results and Fourth Quarter Net Investment Income Per Share of $0.47 and Net Asset Value PerShare of $15.26
NEW YORK — February 19, 2025 — Blue Owl Capital Corporation (NYSE: OBDC, or the “Company”) today announced financial results for its full year and fourth quarter ended December 31, 2024.
FOURTH QUARTER 2024 HIGHLIGHTS
| • | Fourth quarter net investment income (“NII”) per share of $0.47,<br>in-line with the prior quarter and exceeding the regular dividend by 27% |
|---|---|
| • | Based on OBDC’s supplemental dividend framework, the Board of Directors (the “Board”) declared a<br>fourth quarter supplemental dividend of $0.05 per share |
| --- | --- |
| • | Total dividends for the fourth quarter were $0.42 per share, representing an annualized dividend yield of 11.0%<br>based on fourth quarter net asset value (“NAV”) per share |
| --- | --- |
| • | NAV per share of $15.26, as compared with $15.28 as of September 30, 2024, driven by unrealized losses from<br>credit marks in the portfolio, partially offset by over-earning of the base dividend |
| --- | --- |
| • | New investment commitments for the fourth quarter totaled $1.7 billion, offset by $1.6 billion of sales<br>and repayments, as compared with $1.2 billion of new investment commitments and $1.1 billion of sales and repayments for the three months ended September 30, 2024. The weighted average total yield of debt and income producing<br>investments was 11.1% at fair value |
| --- | --- |
| • | Investments on non-accrual decreased to 0.4% of the portfolio at fair<br>value, as compared with 0.6% as of September 30, 2024 |
| --- | --- |
“Our fourth quarter results concluded another strong year for OBDC, delivering a 12.4% annualized return on equity, supported by continued strong portfolio performance and robust origination activity,” commented Craig W. Packer, Chief Executive Officer. “Our portfolio has demonstrated resilience and stable credit quality over the past year, and we expect to build on our momentum in 2025 by leveraging the benefits of enhanced scale resulting from our completed merger with OBDE.”
Merger Close
Subsequent to quarter-end, on January 13, 2025, OBDC closed the previously announced merger with Blue Owl Capital Corporation III (“OBDE”), with OBDC as the surviving company. This merger now makes OBDC the second largest externally-managed, publicly traded BDC by total assets with over $18 billion of total assets at fair value, on a pro forma combined basis as of December 31, 2024.
At-the-Market Program
The Company will enter into an at-the-market (“ATM”) program under which it may issue up to $750 million of its common stock. The ATM program was approved by the Board and will be filed in the coming days.
Dividend Declarations
The Company’s Board declared a first quarter 2025 regular dividend of $0.37 per share for stockholders of record as of March 31, 2025, payable on or before April 15, 2025.
The Board also declared a fourth quarter 2024 supplemental dividend of $0.05 per share for stockholders of record as of February 28, 2025, payable on or before March 17, 2025.
SELECT FINANCIAL HIGHLIGHTS
| As of and for the three months ended | |||||||||
|---|---|---|---|---|---|---|---|---|---|
| ($ in thousands, except per share amounts) | December 31,2024 | September 30,2024 | December 31,2023 | ||||||
| Net investment income per share | $ | 0.47 | $ | 0.47 | $ | 0.51 | |||
| Net realized and unrealized gains (and losses) per share | $ | (0.08 | ) | $ | (0.13 | ) | $ | (0.03 | ) |
| Net income per share | $ | 0.40 | $ | 0.35 | $ | 0.48 | |||
| Base dividend declared from net investment income per share | $ | 0.37 | $ | 0.37 | $ | 0.35 | |||
| Supplemental dividend declared from net investment income per share | $ | 0.05 | $ | 0.05 | $ | 0.08 | |||
| Total investments at fair value | $ | 13,194,545 | $ | 13,447,536 | $ | 12,713,348 | |||
| Total debt outstanding | $ | 7,457,702 | $ | 7,741,075 | $ | 7,077,088 | |||
| Net assets | $ | 5,952,841 | $ | 5,961,849 | $ | 6,021,393 | |||
| Net asset value per share | $ | 15.26 | $ | 15.28 | $ | 15.45 | |||
| Net<br>debt-to-equity | 1.19x | 1.23x | 1.09x |
PORTFOLIO COMPOSITION
As of December 31, 2024, the Company had investments in 227 portfolio companies across 30 industries, with an aggregate portfolio size of $13.2 billion at fair value and an average investment size of $58.1 million at fair value.
| December 31, 2024 | September 30, 2024 | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| ($ in thousands) | Fair Value | % of Total | Fair Value | % of Total | ||||||
| Portfolio composition: | ||||||||||
| First-lien senior secured debt investments | $ | 9,974,880 | 75.6 | % | $ | 10,200,136 | 75.9 | % | ||
| Second-lien senior secured debt investments | 706,800 | 5.4 | % | 731,204 | 5.4 | % | ||||
| Unsecured debt investments | 301,956 | 2.3 | % | 307,164 | 2.3 | % | ||||
| Preferred equity investments | 371,744 | 2.8 | % | 389,920 | 2.9 | % | ||||
| Common equity investments | 1,543,689 | 11.7 | % | 1,422,765 | 10.6 | % | ||||
| Joint ventures | 295,476 | 2.2 | % | 396,347 | 2.9 | % | ||||
| Total investments | $ | 13,194,545 | $ | 13,447,536 | ||||||
| December 31, 2024 | September 30, 2024 | |||||||||
| --- | --- | --- | --- | --- | --- | --- | ||||
| Number of portfolio companies | 227 | 219 | ||||||||
| Percentage of debt investments at floating rates | 96.4 | % | 96.3 | % | ||||||
| Percentage of senior secured debt investments | 81.0 | % | 81.3 | % | ||||||
| Weighted average spread over base rate of all floating rate debt investments | 6.0 | % | 6.2 | % | ||||||
| Weighted average total yield of accruing debt and income-producing securities at fair<br>value | 11.1 | % | 11.5 | % | ||||||
| Weighted average total yield of accruing debt and income-producing securities at cost | 11.2 | % | 11.6 | % | ||||||
| Percentage of investments on non-accrual of the portfolio<br>at fair value | 0.4 | % | 0.6 | % |
PORTFOLIO AND INVESTMENT ACTIVITY
Full Year
For the full year ended December 31, 2024, new investment commitments totaled $7.3 billion across 93 new portfolio companies and 68 existing portfolio companies. This compares to $2.2 billion for the full year ended December 31, 2023 across 32 new portfolio companies and 34 existing portfolio companies.
For the full year ended December 31, 2024, the principal amount of new investments funded was $5.9 billion. For this period, the Company had $5.1 billion aggregate principal amount in sales and repayments. For the full year ended December 31, 2023, the principal amount of new investments funded was $1.7 billion. For this period, the Company had $2.2 billion aggregate principal amount in sales and repayments.
Fourth Quarter
For the three months ended December 31, 2024, new investment commitments totaled $1.7 billion across 27 new portfolio companies and 17 existing portfolio companies. This compares to $1.2 billion for the three months ended September 30, 2024 across 23 new portfolio companies and 14 existing portfolio companies.
For the three months ended December 31, 2024, the principal amount of new investments funded was $1.6 billion. For this period, the Company had $1.6 billion aggregate principal amount in sales and repayments. For the three months ended September 30, 2024, the principal amount of new investments funded was $1.1 billion. For this period, the Company had $1.1 billion aggregate principal amount in sales and repayments.
| For the Years Ended December 31, | |||||||||
|---|---|---|---|---|---|---|---|---|---|
| ($ in thousands) | 2024 | 2023 | 2022 | ||||||
| New investment commitments | |||||||||
| Gross originations | $ | 7,384,171 | $ | 2,165,911 | $ | 1,997,087 | |||
| Less: Sell downs | (53,334 | ) | (10,803 | ) | (224,665 | ) | |||
| Total new investment commitments | $ | 7,330,837 | $ | 2,155,108 | $ | 1,772,422 | |||
| Principal amount of investments funded: | |||||||||
| First-lien senior secured debt investments | $ | 5,102,264 | $ | 1,523,503 | $ | 788,718 | |||
| Second-lien senior secured debt investments | 30,000 | — | 6,883 | ||||||
| Unsecured debt investments | 132,135 | — | 90,451 | ||||||
| Preferred equity investments | 3,079 | 36,377 | 90,110 | ||||||
| Common equity investments | 324,269 | 86,457 | 131,777 | ||||||
| Joint ventures^(1)^ | 337,596 | 34,125 | 69,125 | ||||||
| Total principal amount of investments funded | $ | 5,929,343 | $ | 1,680,462 | $ | 1,177,064 | |||
| Principal amount of investments sold or repaid: | |||||||||
| First-lien senior secured debt investments | $ | (3,577,170 | ) | $ | (2,069,540 | ) | $ | (1,116,583 | ) |
| Second-lien senior secured debt investments | (1,026,330 | ) | (97,713 | ) | (29,800 | ) | |||
| Unsecured debt investments | (152,427 | ) | (193 | ) | (31,427 | ) | |||
| Preferred equity investments | (61,575 | ) | (6,952 | ) | (22,843 | ) | |||
| Common equity investments | (73,268 | ) | (195 | ) | (7,350 | ) | |||
| Joint ventures^(1)^ | (191,151 | ) | — | — | |||||
| Total principal amount of investments sold or repaid | $ | (5,081,921 | ) | $ | (2,174,593 | ) | $ | (1,208,003 | ) |
| Number of new investment commitments in new portfolio companies^(2)^ | 93 | 32 | 52 | ||||||
| Average new investment commitment amount in new portfolio companies | $ | 56,012 | $ | 53,397 | $ | 22,757 | |||
| Weighted average term for new debt investment commitments(in years) | 5.4 | 5.6 | 5.6 | ||||||
| Percentage of new debt investment commitments at floating rates | 98.1 | % | 96.2 | % | 95.1 | % | |||
| Percentage of new debt investment commitments at fixed rates | 1.9 | % | 3.8 | % | 4.9 | % | |||
| Weighted average interest rate of new debt investment commitments^(3)^ | 9.7 | % | 11.7 | % | 10.4 | % | |||
| Weighted average spread over applicable base rate of new floating rate debt investmentcommitments | 5.3 | % | 6.3 | % | 6.9 | % | |||
| (1) | This was disclosed as “Investment funds and vehicles” as of December 31, 2022.<br> | ||||||||
| --- | --- | ||||||||
| (2) | Number of new investment commitments represents commitments to a particular portfolio company.<br> | ||||||||
| --- | --- | ||||||||
| (3) | For the years ended December 31, 2024, 2023 and 2022, assumes each floating rate commitment is subject to<br>the greater of the interest rate floor (if applicable) or 3-month SOFR, which was 4.31%, 5.33% and 4.59% as of December 31, 2024, 2023 and 2022, respectively. | ||||||||
| --- | --- | ||||||||
| For the Three Months Ended | |||||||||
| --- | --- | --- | --- | --- | --- | --- | |||
| ($ in thousands) | December 31, 2024 | September 30, 2024 | |||||||
| New investment commitments | |||||||||
| Gross originations | $ | 1,695,507 | $ | 1,151,668 | |||||
| Less: Sell downs | (15,834 | ) | — | ||||||
| Total new investment commitments | $ | 1,679,673 | $ | 1,151,668 | |||||
| Principal amount of investments funded: | |||||||||
| First-lien senior secured debt investments | $ | 1,114,927 | $ | 1,044,951 | |||||
| Second-lien senior secured debt investments | 20,000 | — | |||||||
| Unsecured debt investments | — | — | |||||||
| Preferred equity investments | 366 | 1,097 | |||||||
| Common equity investments | 215,476 | 13,318 | |||||||
| Joint ventures | 271,970 | 21,437 | |||||||
| Total principal amount of investments funded | $ | 1,622,739 | $ | 1,080,803 | |||||
| Principal amount of investments sold or repaid: | |||||||||
| First-lien senior secured debt investments | $ | (1,265,281 | ) | $ | (1,027,432 | ) | |||
| Second-lien senior secured debt investments | (34,500 | ) | (65,812 | ) | |||||
| Unsecured debt investments | (5,450 | ) | — | ||||||
| Preferred equity investments | (9,521 | ) | (21,360 | ) | |||||
| Common equity investments | (73,253 | ) | (15 | ) | |||||
| Joint ventures | (191,151 | ) | — | ||||||
| Total principal amount of investments sold or repaid | $ | (1,579,156 | ) | $ | (1,114,619 | ) | |||
| Number of new investment commitments in new portfolio companies^(1)^ | 27 | 23 | |||||||
| Average new investment commitment amount in new portfolio companies | $ | 44,561 | $ | 42,251 | |||||
| Weighted average term for new debt investment commitments (in years) | 5.3 | 4.4 | |||||||
| Percentage of new debt investment commitments at floating rates | 99.4 | % | 98.8 | % | |||||
| Percentage of new debt investment commitments at fixed rates | 0.6 | % | 1.2 | % | |||||
| Weighted average interest rate of new debt investment commitments^(2)^ | 9.5 | % | 9.7 | % | |||||
| Weighted average spread over applicable base rate of new floating rate debt investmentcommitments | 5.2 | % | 5.1 | % | |||||
| (1) | Number of new investment commitments represents commitments to a particular portfolio company.<br> | ||||||||
| --- | --- | ||||||||
| (2) | For the three months ended December 31, 2024 and September 30, 2024 assumes each floating rate<br>commitment is subject to the greater of the interest rate floor (if applicable) or 3-month SOFR, which was 4.31% and 4.59% as of December 31, 2024 and September 30, 2024, respectively.<br> | ||||||||
| --- | --- |
RESULTS OF OPERATIONS FOR THE FULL YEAR AND QUARTER ENDED DECEMBER 31, 2024
Investment Income
Investment income increased to $1.60 billion for the year ended December 31, 2024 from $1.58 billion for the year ended December 31, 2023, primarily due to higher dividend income and other income, which was partially offset by a decrease in the yield of our debt investment portfolio. Dividend income increased period-over-period primarily due to an increase in dividends earned from the Company’s controlled, affiliated and non-controlled, affiliated equity investments. Other income increased period-over-period primarily due **** to repayment fees and accelerated amortization of upfront fees from unscheduled paydowns which are non-recurring in nature. The Company expects that investment income will vary based on a variety of factors including the pace of originations and repayments.
Investment income decreased to $394.4 million for the three months ended December 31, 2024, from $411.2 million for the three months ended December 31, 2023.
Expenses
Total expenses increased to $844.1 million for the year ended December 31, 2024 from $815.7 million for the year ended December 31, 2023, primarily due to an increase in interest expense and average daily borrowings. As a percentage of total assets, management fees, incentive fees, professional fees, directors’ fees and other general and administrative expenses remained relatively consistent period-over-period.
Total expenses increased to $209.7 million for the three months ended December 31, 2024 from $207.9 million for the three months ended December 31, 2023.
Liquidity and Capital Resources
As of December 31, 2024, the Company had $505.7 million in cash and restricted cash, $7.6 billion in total principal value of debt outstanding, including $2.6 billion of undrawn capacity on the Company’s credit facilities and $4.8 billion of unsecured notes. The funding mix was composed of 54% secured and 46% unsecured borrowings as of December 31, 2024 on a committed basis. The Company was in compliance with all financial covenants under its credit facilities as of December 31, 2024. The Company has analyzed cash and cash equivalents, availability under its credit facilities, the ability to rotate out of certain assets and amounts of unfunded commitments that could be drawn and believes its liquidity and capital resources are sufficient to take advantage of market opportunities in the current economic climate.
CONFERENCE CALL AND WEBCAST INFORMATION
ConferenceCall Information:
The conference call will be broadcast live on February 20, 2025 at 10:00 a.m. Eastern Time on the Events section of OBDC’s website at www.blueowlcapitalcorporation.com. Please visit the website to test your connection before the webcast.
Participants are also invited to access the conference call by dialing one of the following numbers:
| • | Domestic: (877) 737-7048 |
|---|---|
| • | International: +1 (201) 689-8523 |
| --- | --- |
All callers will need to reference “Blue Owl Capital Corporation” once connected with the operator. All callers are asked to dial in 10-15 minutes prior to the call so that name and company information can be collected.
Replay Information:
An archived replay will be available for 14 days via a webcast link located on the Events section of OBDC’s website, and via the dial-in numbers listed below:
| • | Domestic: (877) 660-6853 |
|---|---|
| • | International: +1 (201) 612-7415 |
| --- | --- |
| • | Conference ID: 13750520 |
| --- | --- |
ABOUT BLUE OWL CAPITAL CORPORATION
Blue Owl Capital Corporation (NYSE: OBDC) is a specialty finance company focused on lending to U.S. middle-market companies. OBDC has elected to be regulated as a business development company under the Investment Company Act of 1940, as amended. OBDC is externally managed by Blue Owl Credit Advisors LLC, an SEC-registered investment adviser that is an indirect affiliate of Blue Owl Capital Inc. (“Blue Owl”) (NYSE: OWL) and is a part of Blue Owl’s Credit platform.
Certain information contained herein may constitute “forward-looking statements” that involve substantial risks and uncertainties. Such statements involve known and unknown risks, uncertainties and other factors and undue reliance should not be placed thereon. These forward-looking statements are not historical facts, but rather are based on current expectations, estimates and projections about OBDC, its current and prospective portfolio investments, its industry, its beliefs and opinions, and its assumptions. Words such as “anticipates,” “expects,” “intends,” “plans,” “will,” “may,” “continue,” “believes,” “seeks,” “estimates,” “would,” “could,” “should,” “targets,” “projects,” “outlook,” “potential,” “predicts” and variations of these words and similar expressions are intended to identify forward-looking statements. These statements are not guarantees of future performance and are subject to risks, uncertainties and other factors, some of which are beyond OBDC’s control and difficult to predict and could cause actual results to differ materially from those expressed or forecasted in the forward-looking statements including, without limitation, the risks, uncertainties and other factors identified in OBDC’s filings with the SEC. Investors should not place undue reliance on these forward-looking statements, which apply only as of the date on which OBDC makes them. OBDC does not undertake any obligation to update or revise any forward-looking statements or any other information contained herein, except as required by applicable law.
INVESTOR CONTACTS
InvestorContact:
BDC Investor Relations
Michael Mosticchio
credit-ir@blueowl.com
Media Contact:
Prosek Partners
Josh Clarkson
pro-blueowl@prosek.com
FINANCIAL HIGHLIGHTS
| For the Three Months Ended | |||||||||
|---|---|---|---|---|---|---|---|---|---|
| ($ in thousands, except per share amounts) | December 31,2024 | September 30,2024 | December 31,2023 | ||||||
| Investments at Fair Value | $ | 13,194,545 | $ | 13,447,536 | $ | 12,713,348 | |||
| Total Assets | $ | 13,865,564 | $ | 14,090,780 | $ | 13,511,396 | |||
| Net Asset Value Per Share | $ | 15.26 | $ | 15.28 | $ | 15.45 | |||
| Investment Income | $ | 394,392 | $ | 406,029 | $ | 411,227 | |||
| Net Investment Income | $ | 184,246 | $ | 184,912 | $ | 199,023 | |||
| Net Income | $ | 154,885 | $ | 135,358 | $ | 188,970 | |||
| Net Investment Income Per Share | $ | 0.47 | $ | 0.47 | $ | 0.51 | |||
| Net Realized and Unrealized Gains (and Losses) Per Share | $ | (0.08 | ) | $ | (0.13 | ) | $ | (0.03 | ) |
| Net Income Per Share | $ | 0.40 | $ | 0.35 | $ | 0.48 | |||
| Distributions Declared from Net Investment Income Per Share | $ | 0.37 | $ | 0.37 | $ | 0.35 | |||
| Supplemental Distributions Declared from Net Investment Income Per Share | $ | 0.05 | $ | 0.05 | $ | 0.08 | |||
| Weighted Average Yield of Accruing Debt and Income Producing Securities at Fair Value | 11.1 | % | 11.5 | % | 12.4 | % | |||
| Weighted Average Yield of Accruing Debt and Income Producing Securities at Amortized Cost | 11.2 | % | 11.6 | % | 12.5 | % | |||
| Percentage of Debt Investments at Floating Rates | 96.4 | % | 96.3 | % | 97.4 | % |
CONSOLIDATED STATEMENTS OF ASSETS AND LIABILITIES
(Amounts in thousands, except share and per share amounts)
| December 31, 2023 | |||
|---|---|---|---|
| Assets | |||
| Investments at fair value | |||
| Non-controlled,<br>non-affiliated investments (amortized cost of 11,511,987 and 11,271,962, respectively) | 11,451,457 | $ | 11,264,956 |
| Non-controlled, affiliated investments (amortized cost of<br>233,105 and 19,004, respectively) | 235,060 | 19,988 | |
| Controlled, affiliated investments (amortized cost of 1,424,298 and 1,341,236,<br>respectively) | 1,508,028 | 1,428,404 | |
| Total investments at fair value (amortized cost of 13,169,390 and 12,632,202,<br>respectively) | 13,194,545 | 12,713,348 | |
| Cash (restricted cash of 82,387 and 87,067, respectively) | 505,692 | 658,702 | |
| Foreign cash (cost of 8,539 and 946, respectively) | 8,464 | 956 | |
| Interest receivable | 105,881 | 112,260 | |
| Receivable from a controlled affiliate | 16,970 | 22,978 | |
| Prepaid expenses and other assets | 34,012 | 3,152 | |
| Total Assets | 13,865,564 | $ | 13,511,396 |
| Liabilities | |||
| Debt (net of unamortized debt issuance costs of 84,363 and 81,492, respectively) | 7,457,702 | $ | 7,077,088 |
| Distribution payable | 144,381 | 136,407 | |
| Management fee payable | 49,058 | 47,711 | |
| Incentive fee payable | 39,082 | 42,217 | |
| Payables to affiliates | 6,083 | 3,835 | |
| Accrued expenses and other liabilities | 216,417 | 182,745 | |
| Total Liabilities | 7,912,723 | 7,490,003 | |
| Commitments and contingencies (Note 7) | |||
| Net Assets | |||
| Common shares 0.01 par value, 1,000,000,000 shares authorized; 390,217,304 and 389,732,868 shares<br>issued and outstanding, respectively | 3,902 | 3,897 | |
| Additional<br>paid-in-capital | 5,919,539 | 5,924,002 | |
| Accumulated undistributed (overdistributed) earnings | 29,400 | 93,494 | |
| Total Net Assets | 5,952,841 | 6,021,393 | |
| Total Liabilities and Net Assets | 13,865,564 | $ | 13,511,396 |
| Net Asset Value Per Share | 15.26 | $ | 15.45 |
All values are in US Dollars.
CONSOLIDATED STATEMENTS OF OPERATIONS
(Amounts in thousands, except share and per share amounts)
| For the Years Ended December 31, | |||||||||
|---|---|---|---|---|---|---|---|---|---|
| 2024 | 2023 | 2022 | |||||||
| Investment Income | |||||||||
| Investment income from non-controlled, non-affiliated investments: | |||||||||
| Interest income | $ | 1,168,652 | $ | 1,209,536 | $ | 931,870 | |||
| Payment-in-kind<br>(“PIK”) interest income | 172,852 | 169,763 | 113,256 | ||||||
| Dividend income | 78,482 | 72,936 | 52,422 | ||||||
| Other income | 22,451 | 14,755 | 18,514 | ||||||
| Total investment income from non-controlled, non-affiliated investments | 1,442,437 | 1,466,990 | 1,116,062 | ||||||
| Investment income from non-controlled, affiliated<br>investments: | |||||||||
| Interest income | 1,038 | — | — | ||||||
| Payment-in-kind<br>(“PIK”) interest income | 1,128 | — | — | ||||||
| Dividend income | 932 | 252 | — | ||||||
| Other income | 40 | — | — | ||||||
| Total investment income from non-controlled, affiliated<br>investments: | 3,138 | 252 | — | ||||||
| Investment income from controlled, affiliated investments: | |||||||||
| Interest income | 30,308 | 20,174 | 8,206 | ||||||
| Payment-in-kind<br>(“PIK”) interest income | 1,666 | 1,934 | — | ||||||
| Dividend income | 118,538 | 91,802 | 77,047 | ||||||
| Other Income | 671 | 942 | 689 | ||||||
| Total investment income from controlled, affiliated investments | 151,183 | 114,852 | 85,942 | ||||||
| Total Investment Income | 1,596,758 | 1,582,094 | 1,202,004 | ||||||
| Expenses | |||||||||
| Interest expense | 464,915 | 436,306 | 307,539 | ||||||
| Management fees | 193,570 | 191,622 | 188,755 | ||||||
| Performance based incentive fees | 157,193 | 159,857 | 118,091 | ||||||
| Professional fees | 13,602 | 15,532 | 14,709 | ||||||
| Directors’ fees | 1,280 | 1,280 | 1,092 | ||||||
| Other general and administrative | 13,495 | 11,127 | 9,290 | ||||||
| Total Operating Expenses | 844,055 | 815,724 | 639,476 | ||||||
| Net Investment Income (Loss) Before Taxes | 752,703 | 766,370 | 562,528 | ||||||
| Income tax expense (benefit) | 11,646 | 12,759 | 5,810 | ||||||
| Net Investment Income (Loss) After Taxes | $ | 741,057 | $ | 753,611 | $ | 556,718 | |||
| Net Realized and Change in Unrealized Gain (Loss) | |||||||||
| Net change in unrealized gain (loss): | |||||||||
| Non-controlled,<br>non-affiliated investments | $ | (45,932 | ) | $ | 90,497 | $ | (133,980 | ) | |
| Non-controlled, affiliated investments | 951 | 1,033 | (49 | ) | |||||
| Controlled, affiliated investments | (3,438 | ) | 213 | 45,602 | |||||
| Translation of assets and liabilities in foreign currencies | (1,041 | ) | 5,808 | (2,118 | ) | ||||
| Income tax (provision) benefit | (709 | ) | (4,605 | ) | (3,964 | ) | |||
| Total Net Change in Unrealized Gain (Loss) | (50,169 | ) | 92,946 | (94,509 | ) | ||||
| Net realized gain (loss): | |||||||||
| Non-controlled,<br>non-affiliated investments | $ | (62,453 | ) | $ | (52,003 | ) | $ | 5,171 | |
| Non-controlled, affiliated investments | 1,827 | — | — | ||||||
| Controlled affiliated investments | (25,771 | ) | — | — | |||||
| Foreign currency transactions | (9,511 | ) | (1,242 | ) | (1,025 | ) | |||
| Total Net Realized Gain (Loss) | (95,908 | ) | (53,245 | ) | 4,146 | ||||
| Total Net Realized and Change in Unrealized Gain (Loss) | (146,077 | ) | 39,701 | (90,363 | ) | ||||
| Net Increase (Decrease) in Net Assets Resulting from Operations | $ | 594,980 | $ | 793,312 | $ | 466,355 | |||
| Earnings Per Share—Basic and Diluted | $ | 1.53 | $ | 2.03 | $ | 1.18 | |||
| Weighted Average Shares Outstanding—Basic and Diluted | 390,068,596 | 390,104,585 | 394,006,852 |