The balance sheet shows deliberate deleveraging, with total assets contracting 10.5% from $17.2B in 2025Q4 to $15.4B in 2026Q2, while equity-to-assets remained stable at 0.46, but the reliance on wholesale funding and a $40.8M provision benefit in 2026Q1 may indicate hidden credit stress.
Blue Owl Capital Corporation (OBDC) balance sheet — 10-year assets, liabilities & shareholders' equity history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 |
|---|
| Cash & Short Term Investments | 659.74M | 9.84M | 431.77M | 572.59M | 348.67M | 425.66M | 349.07M | 309.57M | 121.59M | 17.43M | 209.35M |
| Cash & Due from Banks | 373.18M | 9.84M | 431.77M | 572.59M | 348.67M | 425.66M | 349.07M | 309.57M | 121.59M | 17.43M | 209.35M |
| Short Term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Investments | 15.1B | 16.47B | 13.19B | 0 | 0 | 0 | 272.38M | 89.53M | 86.62M | 65.6M | 967.4M |
| Investments Growth % | 0% | 24.83% | - | - | - | -100% | 204.25% | 3.35% | 32.05% | -93.22% | - |
| Long-Term Investments | 61.87B | 16.47B | 13.19B | 0 | 0 | 0 | 272.38M | 89.53M | 86.62M | 65.6M | 0 |
| Accounts Receivables | 94.78M | 104.58M | 122.85M | 135.24M | 125.79M | 85.67M | 65.77M | 69.36M | 37.78M | 32.39M | 3.35M |
| Goodwill & Intangibles | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| PP&E (Net) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Assets | 0 | 15.51M | 82.39M | 12.8B | 13.11B | 12.76B | 10.58B | 8.72B | 5.7B | 2.33B | 967.4M |
| Total Current Assets | 540.38M | 699.96M | 588.63M | 710.98M | 478.09M | 535.05M | 453.44M | 396.81M | 160.96M | 51.15M | 213.43M |
| Total Non-Current Assets | 15.1B | 16.49B | 13.28B | 12.8B | 13.11B | 12.76B | 10.85B | 8.81B | 5.78B | 2.39B | 967.4M |
| Total Assets | 15.64B | 17.19B | 13.87B | 13.51B | 13.58B | 13.3B | 11.3B | 9.2B | 5.95B | 2.44B | 1.18B |
| Asset Growth % | -11.81% | 23.95% | 2.62% | -0.54% | 2.16% | 17.64% | 22.83% | 54.66% | 143.54% | 106.94% | - |
| Return on Assets (ROA) | 2.12% | 4.04% | 4.35% | 5.86% | 3.47% | 5.08% | 3.78% | 6.57% | 4.82% | 5.72% | 1.41% |
| Accounts Payable | 51.31M | 0 | 144.38M | 136.41M | 129.52M | 122.07M | 152.09M | 137.25M | 81.53M | 33.55M | 0 |
| Total Debt | 8.13B | 9.3B | 7.46B | 7.08B | 7.28B | 7.08B | 5.29B | 3.04B | 2.57B | 919.43M | 491.91M |
| Net Debt | 7.76B | 9.29B | 7.03B | 6.5B | 6.93B | 6.65B | 4.94B | 2.73B | 2.45B | 902M | 282.55M |
| Long-Term Debt | 8.13B | 9.3B | 7.46B | 7.08B | 7.28B | 7.08B | 5.29B | 3.04B | 2.57B | 919.43M | 491.91M |
| Short-Term Debt | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Liabilities | 0 | 489.01M | 310.64M | 276.51M | 291.19M | 158.9M | 113.11M | 50.86M | 36.95M | 17.99M | 8.39M |
| Total Current Liabilities | 486.75M | 0 | 144.38M | 136.41M | 129.52M | 122.07M | 152.09M | 137.25M | 81.53M | 33.55M | 0 |
| Total Non-Current Liabilities | 8.13B | 9.79B | 7.77B | 7.35B | 7.57B | 7.24B | 5.41B | 3.09B | 2.6B | 937.42M | 493.77M |
| Total Liabilities | 8.62B | 9.79B | 7.91B | 7.49B | 7.7B | 7.36B | 5.56B | 3.23B | 2.69B | 970.97M | 500.3M |
| Total Equity | 7.01B | 7.4B | 5.95B | 6.02B | 5.88B | 5.94B | 5.75B | 5.98B | 3.26B | 1.47B | 680.52M |
| Equity Growth % | 0.4% | 24.26% | -1.14% | 2.36% | -0.93% | 3.33% | -3.86% | 83.08% | 121.71% | 116.39% | - |
| Equity / Assets (Capital Ratio) | 44.86% | 43.04% | 42.93% | 44.57% | 43.3% | 44.65% | 50.83% | 64.94% | 54.86% | 60.26% | 57.63% |
| Return on Equity (ROE) | 4.76% | 9.4% | 9.94% | 13.33% | 7.89% | 10.7% | 6.61% | 10.78% | 8.54% | 9.64% | 2.44% |
| Book Value per Share | 14.25 | 14.62 | 15.26 | 15.44 | 14.93 | 15.14 | 14.79 | 18.41 | 24.05 | 5.68 | 2.39 |
| Tangible BV per Share | 14.25 | 14.62 | 15.26 | 15.44 | 14.93 | 15.14 | 14.79 | 18.41 | 24.05 | 5.68 | 2.39 |
| Common Stock | 4.9M | 4.99M | 3.9M | 3.9M | 3.92M | 3.94M | 3.9M | 3.92M | 2.16M | 980K | 458K |
| Additional Paid-in Capital | 7.41B | 7.51B | 5.92B | 5.92B | 5.97B | 5.99B | 5.94B | 5.96B | 3.27B | 1.45B | 664.55M |
| Retained Earnings | -396.87M | -119.95M | 29.4M | 93.49M | -92.2M | -56.42M | -198.44M | 17.75M | -8.48M | 1.2M | 7.88M |
| Accumulated OCI | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -8.48M | 18.52M | 0 |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Quick answers to the most common questions about buying OBDC stock.
As of 2025, Blue Owl Capital Corporation (OBDC) had total assets of $17.19B including $700.0M in current assets.
Blue Owl Capital Corporation (OBDC) carries total debt of $9.30B. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Blue Owl Capital Corporation (OBDC) has total shareholders' equity (book value) of $7.40B ($14.62 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Key Metrics
Top Statement Risk
NII volatility and negative fee income
Metrics are mathematically derived from official filings.
Asset Base Shrinks Amid Repositioning
OBDC's total assets contracted 10.5% from $17.2B in 2025Q4 to $15.4B in 2026Q2, as reported in financial statements, signaling a deliberate deleveraging phase.
The decline is driven by a reduction in investment securities, which fell from $16.5B to $15.0B over the same period, while cash balances swung from $9.8M to $237.4M. This suggests the company is liquidating portfolio positions to build liquidity, possibly in response to a deteriorating credit environment. The equity base also contracted slightly, from $7.4B to $7.0B, reflecting net losses and dividend distributions exceeding earnings.
Funding Mix Shifts to Debt
OBDC's liabilities decreased from $9.8B to $8.3B, but the composition appears to rely more on borrowed funds as the loan-to-deposit ratio is not reported, indicating a non-deposit funding model.
The absence of a traditional deposit base means the company is exposed to wholesale funding costs, which may rise as the Federal Reserve maintains higher rates. Investors should monitor the cost of funds and the maturity profile of debt to assess refinancing risk.
Credit Quality Shows Strain
OBDC recorded a $40.8M provision benefit in 2026Q1, but no provisions in other quarters, according to SEC filings, suggesting possible reserve releases that may not be repeatable.
The lack of consistent provisioning is concerning given the negative net income in 2026Q1 and the sharp drop in NII. The $40.8M benefit in 2026Q1 may indicate that the company is releasing reserves to support earnings, which could mask underlying credit deterioration. With no loan loss reserves reported, the true credit quality of the portfolio is unclear, and investors should watch for potential charge-offs in future quarters.
Leverage Ratios Remain Stable
OBDC's equity-to-assets ratio held steady at 0.45-0.46 in 2026, as per reported figures, indicating a stable capital base despite asset shrinkage.
The equity-to-assets ratio of 0.46 in 2026Q2 is slightly above the 0.43 level seen in 2025Q4, suggesting that the company is maintaining a conservative leverage profile. However, the return on equity has turned negative in 2026Q1 (-0.3%) and remains low at 0.9% in 2026Q2, which may limit the company's ability to retain earnings and support future growth. The stable capital ratio provides some buffer, but profitability is strained.
Cash Buffer Builds, But Reliance on Wholesale Funding Persists
OBDC's cash and bank balances surged to $237.4M in 2026Q2 from $9.8M in 2025Q4, as reported in financial statements, indicating a deliberate liquidity build.
The increase in cash suggests that OBDC is positioning for potential liquidity needs, possibly due to market volatility or credit concerns. However, the company's funding model relies on wholesale debt rather than core deposits, which could be a vulnerability in times of market stress. The investment securities portfolio of $15.0B provides some liquidity, but the lack of a deposit base means the company must roll over debt to fund operations.
NIM Compression Signals Rate Sensitivity
OBDC's net interest margin contracted to 1.0% in 2026Q2 from 1.6% in the prior quarter, as reported in financial statements, indicating a deteriorating spread environment.
The sharp decline in NIM suggests that OBDC's interest-earning assets are repricing faster than its funding costs, possibly due to a flattening yield curve or increased competition for high-quality loans. With the efficiency ratio spiking to 25.3% in 2026Q2, the company's operating leverage is deteriorating. If NIM continues to compress, OBDC may struggle to maintain dividend coverage, which is a key investor concern.
What Could Invalidate the Base Case
The sharp NII decline and negative fee income in 2026Q2 may be temporary, but the lack of provisioning and reliance on reversals could mask underlying credit stress.
The most non-obvious risk is that the reported provision reversals and lack of loan loss reserves may understate credit deterioration. If the portfolio's credit quality is worse than reported, future charge-offs could erode capital and force additional provisioning, further pressuring earnings. Additionally, the negative fee income in five of the last six quarters suggests a structural revenue mix issue that may not recover quickly, potentially invalidating any optimistic outlook.