Blue Owl Capital Corporation
OBDC 6Price and target zones价格与目标区间
What the company does公司做什么
A business development company (BDC) lends to mid-size private companies and passes almost all the interest to shareholders as dividends, paying no corporate tax as long as it distributes most of its income. Blue Owl Capital Corporation is externally managed by Blue Owl. It was formerly Owl Rock.商业发展公司（BDC）把钱借给中型私营公司，并把几乎全部利息以股息形式发给股东；只要它把大部分收入分配出去，就不用交公司税。Blue Owl Capital Corporation由Blue Owl外部管理。它前身是Owl Rock。
Earns from营收来源 interest on senior secured loans to larger middle-market companies.向规模较大的中型市场公司发放的优先担保贷款的利息。
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Blue Owl Capital Corporation is a Private Debt, business development company That specializes in direct and fund of fund investments. The fund makes investments in senior secured, direct lending or unsecured loans, subordinated loans or mezzanine loans and also considers equity-related securities including warrants and preferred stocks also pursues preferred equity investments, first lien, unitranche, and second lien term loans and common equity investments. Within private equity, it seeks to invest in growth, acquisitions, market or product expansion, refinancings and recapitalizations. It seeks to invest in middle market and upper middle market companies based in the United States, with EBITDA between $10 million and $250 million annually and/or annual revenue of $50 million and $2500 million at the time of investment. It seeks to invest in investments with maturities typically between three and ten years. It seeks to make investments generally ranging in size between $20 million and $250 million.
What the company sells公司卖什么
Plus:此外： What it lends它放什么贷 — 230 companies across 30 industries, average loan about $67 million, mostly first-lien senior secured. It targets larger borrowers, which tend to be more resilient. At 31 March 2026, net asset value was $14.41 per share. The board cut the base dividend to $0.31 per share to restore coverage as interest rates and loan spreads fell — that reset dividend is now exactly covered by income. The base yield is about 11.5%. It trades at about 0.75 times book, a discount to peers230家公司，横跨30个行业，平均单笔贷款约$67 million，大多是第一留置权优先担保贷款。它瞄准规模更大的借款人，这类借款人往往更有韧性。截至2026年3月31日，每股净资产值为$14.41。随着利率和贷款利差下降，董事会把基础股息下调至每股$0.31以恢复覆盖——这个重设后的股息现在正好被收益覆盖。基础收益率约为11.5%。它的交易价格约为账面价值的0.75倍，相对同行有折价.
Company facts公司资料
- Industry行业
- Asset Management
- Country国家
- United States
Investment thesis投资逻辑 from the watchlist来自关注列表
📋 0.765x NAV ($14.41), ~11.2% base yield now 1.0x covered after a cut. Clean credit (non-accruals 1.0%, leverage 1.13x lowest in 2yr). But NAV eroding −5.5%/15mo + external-mgmt drag. FV $12.25-13.70. Add $9.50-10.50. Trim $13.50+. Not an upgrade over MAIN; ARCC already fills the external slot. A2026-07-14
📋 0.765x NAV（$14.41），~11.2% 基础股息率，减派后现为 1.0x 覆盖。信用干净（非应计 1.0%，杠杆 1.13x 为 2 年最低）。但净资产值(NAV) 15 个月侵蚀 −5.5% + 外部管理拖累。FV $12.25-13.70。加仓 $9.50-10.50。$13.50 以上减仓。并非优于 MAIN 的升级；ARCC 已填补外部管理型名额。
Historical results历史业绩 past fiscal years — these values do not change过去财年——这些数值不会变动
Profit margins利润率 the share of revenue that stays as profit营收中留存为利润的比例
of every $1 of revenue每 $1 营收中的占比
- Return on equity净资产收益率
- 5%
- Revenue growth营收增长
- -15%
- Dividend yield股息率
- 13.21%
Competitors竞争对手
Why customers stay客户为什么留下
A large, granular book of bigger borrowers, backed by one of the largest private-credit firms. The discount to book value is the trade-off for its recent dividend cut.一个庞大、分散、面向更大借款人的贷款组合，背后是最大的私人信贷公司之一。相对账面价值的折价，是它近期削减股息所付出的代价。
Related companies相关公司 🟠 BDC / credit
Rate cuts compress NII; spread widening erodes NAV. All four have now cut or broken base-dividend coverage — ARCC fell to 0.98x on 8/3.
MAIN is the quality anchor. ARCC no longer "fills the external slot" — it is a hold, not an add, and its 0.99x NAV is a premium to OBDC 0.77x / BXSL 0.90x / FSK 0.59x with none of the downside priced.