Blue Owl Capital reported fourth quarter GAAP net investment income of $0.38 per share and adjusted NII of $0.36 per share, consistent with the prior quarter. The Board declared a $0.37 quarterly dividend, reflecting an annualized yield of 10%.

Net asset value per share decreased marginally to $14.81 from $14.89 at September-end, driven by credit-related markdowns on a small number of portfolio names. Investments on non-accrual represented 2.3% at cost and 1.1% at fair value, down from 2.7% and 1.3%, respectively.

During the quarter, the company repurchased roughly $148 million of common stock at 86% of price-to-book value, marking its largest quarterly buyback to date. The Board approved a new $300 million share repurchase program, replacing the prior $200 million authorization.

In conjunction with peer BDCs, Blue Owl agreed to sell $1.4 billion of direct lending investments, including $400 million from its portfolio, at 99.8% of par to institutional investors. This transaction spans 74 companies across 24 industries and is expected to reduce leverage, boost portfolio diversity and free capacity for new investments.