Blue Owl Capital Corporation (OBDC) Stock Price & How to Invest
Last updated July 2026
Short answer
Blue Owl Capital Corporation (OBDC) is a business development company that lends to U.S. upper-middle-market businesses, so owning it is closer to holding a leveraged, externally managed portfolio of floating-rate private loans than to owning an operating business. Because a BDC pays out nearly all of its income, the items that matter are net asset value per share, the price-to-NAV ratio, net investment income and how well it covers the dividend, not P/E or price-to-sales.
OBDC stock price
As of 2026-08-18, Blue Owl Capital Corporation (OBDC) last closed at $11.44, down 19.2% over the past year. Over the past 52 weeks it has traded between $10.68 and $14.36.
Prices are daily closing prices from Yahoo Finance and may be delayed. For the live quote, check your broker or Blue Owl Capital Corporation's investor relations page. Walnut is informational, not investment advice.
What does Blue Owl Capital Corporation (OBDC) do?
Blue Owl Capital Corporation is a specialty finance company structured as a business development company, listed on the NYSE since July 2019 and externally managed by Blue Owl Credit Advisors, an arm of Blue Owl Capital (NYSE: OWL). It originates and holds loans to private U.S. companies that are generally too large for the smallest BDCs and too private for the public bond market. As of June 30, 2026, the portfolio held investments in 229 companies across 30 industries at an aggregate fair value of ~$15.0 billion, with an average position of ~$65 million. First-lien senior secured debt made up ~73% of the book and ~96% of debt investments carried floating rates, which ties income directly to SOFR. In January 2025 the company absorbed Blue Owl Capital Corporation III in a stock merger, issuing ~120.6 million shares, and a separate proposed combination with Blue Owl Capital Corporation II was terminated in November 2025.
The investment picture is a yield story with a credit and rate overhang attached. Trailing twelve-month total investment income ran ~$1.70 billion, net investment income ~$727 million (~$1.44 per share), and the weighted average yield on accruing debt was ~9.9%. NAV per share was ~$14.26 at June 30, 2026, down from ~$15.03 a year earlier on markdowns concentrated in a handful of names, and the shares traded near ~$11.50 in August 2026 for a market capitalization of ~$5.67 billion and a price-to-NAV ratio of roughly 0.81 times. Management cut the base quarterly dividend from $0.37 to $0.31 in the second quarter of 2026 and added a $0.02 supplemental, which brings the payout back inside adjusted net investment income of $0.34 per share. Repayments have been outrunning new commitments for several quarters, so the portfolio is shrinking, leverage has fallen to a two-year low of 1.11 times net debt-to-equity, and the company has been buying back stock below book value.
What's driving Blue Owl Capital Corporation (OBDC)?
1. Floating-rate income against a falling base rate
Roughly 96% of OBDC's debt investments float, priced at a weighted average spread of ~5.6% over the base rate. Three-month SOFR sat at ~3.73% at June 30, 2026 versus ~4.29% a year earlier, and the weighted average yield on accruing debt slipped from ~10.0% to ~9.9% over the quarter. Each further step down in short rates trims investment income unless spreads widen or the portfolio grows, which is the single largest swing factor in the earnings run rate.
2. Balance sheet repositioning
Net debt-to-equity fell to 1.11 times, the lowest in two years, helped by $747 million of sales and repayments in the second quarter against only $319 million of new commitments. During the quarter the company amended and extended its revolving credit facility with every bank renewing, issued $800 million of unsecured notes, and shifted the funding mix to 66.4% unsecured. Moody's upgraded the company to Baa2 in January 2026, and a $400 million asset sale at 99.8% of par in February added further flexibility. Lower leverage cushions NAV in a downturn while also capping earnings in a benign one.
3. Buybacks below book value
With the stock near 0.81 times NAV, repurchases add to book value per share for continuing holders. OBDC bought back ~$148 million of stock in the fourth quarter of 2025 at 86% of book, its largest quarterly repurchase ever, followed by ~$35 million in the second quarter of 2026 under a $300 million authorization approved in February. Buybacks at this discount are accretive, though they also shrink the equity base that generates fee income and dividends.
4. A reset dividend with visible coverage
The base quarterly dividend was reduced from $0.37 to $0.31 per share in the second quarter of 2026, with a $0.02 supplemental declared under the company's supplemental framework. Against adjusted net investment income of $0.34 per share, the reset restores coverage that had thinned as base rates fell. Management framed the combined $0.33 as a ~9.3% annualized yield on NAV, which works out to roughly 11% on the ~$11.50 share price, and the supplemental portion moves with quarterly earnings rather than being fixed.
What are the risks to Blue Owl Capital Corporation (OBDC)?
Credit quality is the central exposure: investments on non-accrual represented 2.8% of the portfolio at cost and 0.8% at fair value as of June 30, 2026, up from 2.0% at cost in the prior quarter, and NAV per share has declined from ~$15.03 to ~$14.26 over the past year on markdowns of a small number of borrowers. Leverage magnifies both directions, so a further move in non-accruals lands on a book already carrying ~$7.9 billion of net debt. Portfolio shrinkage is a second concern, with total investments down from ~$16.9 billion a year ago to ~$15.0 billion as repayments outpace originations, which mechanically reduces investment income. External management brings a fee structure that runs regardless of shareholder returns, and on April 27, 2026 a derivative action was filed by Richard Delman in the U.S. District Court for the Southern District of New York alleging the Adviser received excessive advisory fees under Section 36(b) of the Investment Company Act; the case is in its preliminary stages, the Adviser says the claims lack merit, and no securities-fraud class action against the company was disclosed. Finally, BDCs must distribute nearly all taxable income to keep their regulated investment company status, which leaves little retained capital and makes the company dependent on debt and equity markets to grow.
What is the Blue Owl Capital Corporation (OBDC) forecast?
13 analysts publish price targets on OBDC, averaging $13.17 against a $11.50 price as of August 2026, or +14.5%. The published targets run from $11.00 to $15.00, a moderate spread, and the ratings split 12 buy, 2 hold, 0 sell. Over the last six months there have been 0 raises and 6 cuts among the published actions. A price target is what an analyst published on a date, not a prediction, and sell-side ratings skew positive across the whole market.
Read the full OBDC forecast and price target for the target table, the recent rating actions by firm, and how the consensus has shifted.
Is OBDC a buy or a sell?
We give no verdict on Blue Owl Capital Corporation. Both cases are real, which is why the question is contested at all, so here is the strongest version of each.
The case for buying. Floating-rate income against a falling base rate. Roughly 96% of OBDC's debt investments float, priced at a weighted average spread of ~5.6% over the base rate. The most optimistic published target, $15.00, assumes this works close to its best case.
The case against. Credit quality is the central exposure: investments on non-accrual represented 2.8% of the portfolio at cost and 0.8% at fair value as of June 30, 2026, up from 2.0% at cost in the prior quarter, and NAV per share has declined from ~$15.03 to ~$14.26 over the past year on markdowns of a small number of borrowers. The most pessimistic target, $11.00, is roughly what OBDC is worth if this bites instead.
Read the full bull and bear case on OBDC, including what would have to change to break either one. Walnut is not an investment adviser.
How is Blue Owl Capital Corporation (OBDC) valued? (approximate, August 2026)
A simple financial snapshot. These are approximations and refresh quarterly; for current figures see Blue Owl Capital Corporation's investor relations page or your broker.
- Total investment income (TTM): ~$1.70B
- Net investment income (TTM): ~$727M (~$1.44 per share)
- NAV per share (June 30, 2026): ~$14.26
- Price to NAV: ~0.81x (shares near ~$11.50)
- Portfolio at fair value: ~$15.0B across 229 companies
- Dividend (Q3 2026 base declared): ~$0.31 per share, ~11% annualized on price
Standard equity multiples do not describe a BDC well, because the balance sheet is the business and earnings are largely interest income passed through to shareholders. The two anchors are the discount to book (~0.81 times NAV) and the coverage ratio between net investment income and the declared dividend, which returned to a comfortable margin after the second-quarter base cut. GAAP net investment income of $0.36 per share in the second quarter sat above the $0.33 declared, while realized and unrealized losses of $0.22 per share explain why NAV still fell.
Who competes with Blue Owl Capital Corporation (OBDC)?
Large listed BDCs
Ares Capital (ARCC), Blackstone Secured Lending (BXSL), FS KKR Capital (FSK), Golub Capital BDC (GBDC), Morgan Stanley Direct Lending (MSDL) and Main Street Capital (MAIN) compete for the same middle-market loans and the same income-seeking shareholders. Comparisons across this group usually come down to price-to-NAV, historical NAV erosion, non-accrual rates and the fee terms of the external adviser, since the underlying assets are broadly similar senior secured loans.
Private credit funds and non-traded BDCs
Perpetual non-traded vehicles such as Blackstone's BCRED, Blue Owl's own Credit Income Corp and Apollo's ADS, alongside closed-end private credit funds from HPS, Antares and Oaktree, chase the same deals with capital that is not marked by a public stock price. Their steady inflows have compressed spreads across direct lending, and because several are managed by OBDC's own adviser, allocation among affiliated funds is governed by SEC exemptive relief.
Banks and the syndicated loan market
Regional and money-center banks, broadly syndicated loan issuance and CLO formation are the alternative funding routes for OBDC's borrowers. When the syndicated market reopens on tight terms, direct lenders lose pricing power and see faster repayments, which is visible in OBDC's ~$747 million of second-quarter repayments against ~$319 million of new commitments. Loan ETFs such as BKLN and SRLN offer investors a lower-yield, unlevered way to hold floating-rate corporate credit.
What stocks are similar to Blue Owl Capital Corporation (OBDC)?
Other names that sit close to OBDC: same theme, named as a direct competitor, or held beside it in the same funds. Each entry says which. Worth a look if you are thinking about diversification within a thesis rather than concentration on one ticker.
How to invest in Blue Owl Capital Corporation (OBDC)
There are three common ways to get OBDC exposure. Buy shares (or fractional shares) directly at any major broker. Hold an ETF that includes it, which spreads the position across many companies. Or build it into a focused thematic portfolio, so OBDC sits alongside other stocks that express the same thesis.
Walnut takes the portfolio route. Describe a thesis where OBDC fits (for example “AI infrastructure” or “dividend-growth large-caps”) and the AI proposes 5 to 6 constituents with target weights. You review the plan and fund it through your own broker when you're ready.
New to this? Start with how to invest in stocks, see how to analyze a stock with AI, or compare the best AI stock analyzers.
The bottom line on Blue Owl Capital Corporation (OBDC)
OBDC offers a roughly 11% payout backed by a $15.0 billion senior-secured loan book at about 0.81 times book value, and the discount reflects real questions about falling base rates, credit markdowns and a shrinking portfolio rather than a mispricing anyone has to accept.
More on Blue Owl Capital Corporation (OBDC)
Whether OBDC is worth buying today depends more on your time horizon and what you already hold than on any single call. We walk through valuation, what would have to go right, and the risks in is OBDC a buy or a sell?, and where the stock could go from here in the OBDC stock forecast.
For income investors, whether OBDC pays a dividend and how the payout looks is covered in does OBDC pay a dividend? And to weigh OBDC against a peer, read the full side-by-side comparisons: OBDC vs ARCC and OBDC vs BX.
Wondering how OBDC fits the portfolio you already own? Walnut is an AI investing app that connects your brokerage read-only and answers questions like that about your actual holdings: overlap, concentration, and how each position tracks the S&P 500. Compare the best AI portfolio analyzers or see the best AI investing apps in 2026.
Investing in Blue Owl Capital Corporation with AI
Connect the broker you already use and ask Walnut's AI how OBDC fits what you actually hold: whether you own it already through a fund, what it would do to your concentration, and how it has tracked the S&P 500. Read-only by default, and you approve anything before it reaches your broker.
FAQ
What does Blue Owl Capital Corporation actually do?
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It makes loans to private U.S. companies, mostly upper-middle-market businesses backed by private equity sponsors. As of June 30, 2026 it held ~$15.0 billion of investments across 229 portfolio companies in 30 industries, with ~73% in first-lien senior secured debt and ~96% of debt at floating rates. Interest collected on those loans funds the dividend.
Why is P/E the wrong valuation measure for OBDC?
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OBDC is a business development company, a regulated investment vehicle that must distribute substantially all taxable income and marks its portfolio to fair value each quarter. Earnings therefore swing with unrealized marks that have nothing to do with cash generation. The measures that carry information are net asset value per share (~$14.26), the price-to-NAV ratio (~0.81x), net investment income (~$1.44 per share trailing) and dividend coverage.
Why does OBDC trade below its net asset value?
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A discount usually prices in some combination of expected future credit losses, skepticism about carrying values on illiquid loans, and the drag of external management fees. In OBDC's case NAV has fallen from ~$15.03 to ~$14.26 over the past year on markdowns, non-accruals at cost rose to 2.8%, and base rates are declining, so the market is applying roughly a 19% haircut to stated book value.
Did OBDC cut its dividend?
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Yes. The base quarterly dividend went from $0.37 per share to $0.31 in the second quarter of 2026, alongside a $0.02 supplemental. The Board declared the same $0.31 base for the third quarter of 2026, payable on or before October 15, 2026. Against adjusted net investment income of $0.34 per share, the smaller base restores headroom that had narrowed as SOFR fell.
What are non-accruals and where do OBDC's stand?
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A non-accrual is a loan on which the company has stopped recognizing interest income because collection is doubtful, so it is the clearest early signal of credit trouble in a BDC. At June 30, 2026 non-accruals were 2.8% of the portfolio at cost and 0.8% at fair value, versus 2.0% and 1.0% a quarter earlier. The gap between the two figures shows how much has already been written down.
Who manages OBDC and what does that cost?
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Blue Owl Credit Advisors, part of Blue Owl Capital (NYSE: OWL), manages the company under an investment advisory agreement. Management fees net of waivers ran ~$118 million in the first half of 2026, and the income incentive fee equals 17.5% of pre-incentive-fee net investment income above a 1.5% quarterly hurdle, with a separate capital-gains component. A derivative action filed in April 2026 in the Southern District of New York challenges those fees as excessive under Section 36(b); the Adviser disputes the claims.
What happened with the Blue Owl BDC mergers?
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OBDC completed its acquisition of Blue Owl Capital Corporation III in January 2025, issuing ~120.6 million shares. A subsequent proposed combination with Blue Owl Capital Corporation II was announced and then terminated in November 2025. Separately, in February 2026 several Blue Owl BDCs sold $1.4 billion of loans to pension and insurance buyers, including ~$400 million from OBDC at 99.8% of par.
How are OBDC's distributions taxed?
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Most of what a BDC pays out is ordinary income rather than qualified dividends, so distributions are generally taxed at ordinary rates and reported on Form 1099-DIV, with portions occasionally classified as return of capital or capital gain. That tax profile is why many holders keep BDCs in tax-advantaged accounts. Individual circumstances vary, so a tax professional is the right source for a specific situation.
Walnut is informational, not investment advice. Financial figures on this page are approximations; always verify current numbers with Blue Owl Capital Corporation's investor relations page or your broker before making investment decisions.