Blue Owl Capital Corp.

While there is no further cushion to our downside leverage threshold for OBDC of 1.5x, we anticipate leverage to remain relatively stable. OBDC's measurement of its leverage ratio (net debt to equity) at year-end 2024 was 1.19x, near the upper bound of management's target of 0.9x-1.25x. The company has $1.4 billion in unfunded commitments to its portfolio companies. The company also has $925 million in unsecured debt maturities 2025 and $1.5 billion in 2026. The stable outlook is based on OBDC's strong originations, successful underwriting record, and favorable funding. Over the next 12-24 months, S&P Global Ratings expects the company will maintain stable asset quality, debt to ATE of 0.9x-1.25x, an adequate cushion to the 150% modified asset coverage ratio,

...Blue Owl Capital Corp.'s (OBDC) leverage, measured as debt to adjusted total equity (ATE), is well above our base-case expectation with very little cushion on our downside threshold. S&P Global Ratings-adjusted debt to adjusted total equity (ATE) was 1.51x as of Dec. 31, 2024, pro forma for the merger with Blue Owl Capital III (OBDE), which closed in January 2025. While there is no further cushion to our downside leverage threshold for OBDC of 1.5x, we anticipate leverage to remain relatively stable. OBDC's measurement of its leverage ratio (net debt to equity) at year-end 2024 was 1.19x, near the upper bound of management's target of 0.9x-1.25x....

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