Blue Owl Capital Sees NAV Fall to $14.41, Launches $300M Buyback and $0.31 Dividend
OWL•Blue Owl Capital posted Q1 GAAP NII of $0.32 and adjusted NII of $0.31 per share, versus $0.38 and $0.36 in Q4, while NAV dropped to $14.41 from $14.81 due to spread widening. The board approved a $300M share repurchase program and set a $0.31 Q2 base dividend.
1. Q1 Financial Results
Blue Owl Capital reported GAAP net investment income per share of $0.32 and adjusted NII of $0.31 for the quarter ended March 31, 2026, down from $0.38 and $0.36 in Q4 2025. NAV per share declined to $14.41 from $14.81 as credit spread widening pressured valuations, while new investment commitments totaled $676 million against $1.5 billion in repayments and sales.
2. Capital Management Actions
The board authorized a $300 million stock repurchase program, replacing the prior $200 million plan, and repurchased approximately $35 million of shares in Q1, accretive to NAV. It also declared a $0.31 base dividend for Q2 2026, adjusting the payout to reflect current earnings power; the supplemental dividend framework remains in place.
3. Credit Profile and Portfolio Composition
Moody’s upgraded Blue Owl to Baa2 in January, citing a strong credit profile and liability management. The company ended the quarter with net debt-to-equity of 1.13x and a $15.3 billion portfolio across 230 companies, with non-accruals at 2.0% of cost and 1.0% of fair value.
