<p>蓝猫资本 NYSE: OBDC 报告了 2026 年第一季度调整后的每股净投资收益为 0.31 美元，每股净资产值为 14.41 美元，管理层表示，较低的基准利率、收窄的利差和减少的费用收入对收益造成了压力。</p>
<p>首席执行官克雷格·帕克（Craig Packer）表示，从收益的角度来看，这一季度 “更具挑战性”，过去一年积累的逆风在结果中得到了充分反映。他提到，较低的利率、收窄的市场利差、交易活动放缓和较低的杠杆是关键因素。</p>
<p>与此同时，帕克强调公司的基础信用表现依然强劲。他表示，在这一季度没有新的不计息贷款，借款人的表现稳定，信用质量与近期保持一致。</p>
<p>获取 <strong>蓝猫资本</strong> 的提醒：</p>
<h2>股息重设为每股 0.31 美元</h2>
<p>蓝猫的董事会宣布第二季度的基础股息为每股 0.31 美元，低于之前的水平。帕克表示，公司认为新的股息水平是合适的，考虑到投资组合的未来收益能力，特别是在利差扩大和利率环境看起来更稳定的情况下。</p>
<p>股息将于 2026 年 7 月 15 日支付给截至 2026 年 6 月 30 日的股东。首席财务官乔纳森·拉姆（Jonathan Lamm）表示，溢出收入约为每股 0.28 美元，他将其描述为支持基础股息的 “重要缓冲”。</p>
<p>帕克指出，公司保持其补充股息框架，根据该框架，公司将支付超过基础股息的净投资收益的 50%。在回应分析师提问时，帕克表示他希望并预计新的股息水平将作为底线，但警告季度结果可能会有所波动。</p>
<h2>净资产值因利差扩大而下降</h2>
<p>每股净资产值从上一季度的 14.81 美元下降至 14.41 美元。管理层将下降主要归因于与更广泛的信用利差扩大相关的市值调整，而不是基础资产质量的恶化。</p>
<p>帕克表示，约 75% 的减值是由于债务投资组合的利差扩大。拉姆补充说，季度内的实现损失与已经不计息的投资有关，这些投资在过去几年中已经减值，并未对净资产值下降产生影响。</p>
<p>在问答环节中，拉姆表示，公司每季度对每个投资组合公司使用外部估值代理，并采用结果的点估值。帕克补充说，作为贷方，公司预计大多数表现良好的贷款将按面值偿还，并表示投资组合中的平均贷款标记为 95.4。</p>
<h2>投资组合活动放缓，杠杆下降</h2>
<p>总裁洛根·尼科尔森（Logan Nicholson）表示，随着市场波动加剧和交易活动放缓，蓝猫在这一季度采取了更为保守的投资部署策略。公司资助了 5.25 亿美元的投资，而还款和销售总额接近 15 亿美元。</p>
<p>净杠杆在季度末为 1.13 倍，处于公司目标范围的 0.9 倍至 1.25 倍之间，并且是两年来的最低水平。尼科尔森表示，较低的杠杆和 “充足的干粉” 使公司能够在管道改善时部署资本。</p>
<p>管理层表示，随着利差扩大，投资环境变得更加吸引人。帕克表示，公司目前看到的交易通常比几季度前的利差宽 50 到 75 个基点，条款更具吸引力。他还表示，流入私募信贷的零售资金放缓改善了新交易的供需平衡。</p>
<p>尼科尔森表示，公司继续在合资企业和专业金融投资中进行选择性投资。他强调增加了对其生命科学专业金融工具 LSI 的配置，包括对 TG Therapeutics 投资的支持。蓝猫作为 TG Therapeutics 10 亿美元融资的唯一贷方，尼科尔森表示，该公司自 2024 年以来一直支持该项目。</p>
<h2>信用指标保持稳定</h2>
<p>管理层将投资组合的信用表现描述为稳定。尼科尔森表示，投资组合分散在 30 个行业，平均头寸规模约为 40 个基点，并继续关注大型非周期性防御性企业。</p>
<p>借款人实现了与去年一致的高个位数的收入和 EBITDA 增长。利息覆盖率约为 2 倍，循环信贷提款保持低位，修订活动稳定。</p>
<p>不计息贷款在公允价值中下降至投资组合的 1.0%，在移除两个名称后没有新增名称。尼科尔森表示，过去三年不计息贷款的公允价值平均约为 1%。</p>
<p>按支付形式收入在美元基础上保持稳定，但由于现金利息因利率下降而减少，按支付形式收入占总投资收入的比例上升至 11.7%。尼科尔森表示，按支付形式收入仍低于 2024 年超过 13% 的峰值，且超过 85% 的按支付形式名称在承销时以这种方式结构化。</p>
<p>公司的平均贷款价值比率上升至 47%。帕克表示，此举反映了更广泛的估值变化，尤其是在软件领域，而不是借款人基本面的疲弱。在问答环节中，尼科尔森表示，软件投资组合的贷款价值比率约为 48%，接近整体投资组合水平。</p>
<h2>软件曝光下降，回购持续</h2>
<p>软件曝光从上季度的约 19% 下降至投资组合的约 16%，主要是由于还款。尼科尔森提到，医疗影像软件解决方案提供商 Intelerad 的还款，该公司以 23 亿美元的估值出售给 GE HealthCare。该投资对 OBDC 的总额为 1.69 亿美元，在蓝猫平台上超过 4 亿美元。</p>
<p>管理层表示，他们对人工智能对某些软件业务的潜在影响保持谨慎，但尼科尔森表示，公司尚未看到对软件借款人表现的实质性影响。</p>
<p>根据 Lamm 的说法，Blue Owl 在本季度回购了 3500 万美元的股票，使每股净资产增加了 0.02 美元。在过去两个季度，该公司已回购了 1.83 亿美元的股票。董事会在 2 月份批准了一项新的 3 亿美元股票回购计划，取代了之前的 2 亿美元计划，第一季度活动后剩余约 2.65 亿美元。</p>
<p>Lamm 还强调了资产负债表的行动，包括 1 月份穆迪的 Baa2 升级和季度后 4 亿美元的无担保债券发行。他表示，流动性增加到超过 40 亿美元的现金和融资能力，超过了未融资承诺，并为投资和即将到期的债务提供了能力。</p>
<p>Packer 最后提到，OBDC 已达到 10 周年纪念。他表示，该基金在此期间实现了 9.6% 的年化总回报，同时保持了平均每年 31 个基点的低损失率。</p>
<h2>关于 Blue Owl Capital NYSE: OBDC</h2>
<p>Blue Owl Capital Corporation NYSE: OBDC 是一家由 Blue Owl Capital 赞助的上市商业发展公司，Blue Owl Capital 是一家全球另类资产管理公司。该公司于 2020 年成立，提供定制的融资解决方案，服务于各行业的中型市场公司。作为一家外部管理的 BDC，Blue Owl Capital Corporation 利用其赞助商深厚的信用投资能力，提供灵活的资本，以满足成长型企业的需求。</p>
<p>该公司的投资活动涵盖一系列私人信贷产品，包括优先担保贷款、单一贷款设施、次级融资、夹层债务和少数股权共同投资。</p>
<p><em>此即时新闻提醒由叙述科学技术和 MarketBeat 的金融数据生成，以便为读者提供最快的报道和公正的覆盖。如对本故事有任何问题或意见，请发送邮件至 contact@marketbeat.com。</em></p>
<h2>你现在应该投资 1000 美元在 Blue Owl Capital 吗？</h2>
<p>在考虑 Blue Owl Capital 之前，你需要听听这个。</p>
<p>MarketBeat 每天跟踪华尔街顶级评级和表现最佳的研究分析师及其推荐给客户的股票。MarketBeat 已识别出五只顶级分析师悄悄向客户推荐的股票，建议在更广泛的市场注意到之前购买……而 Blue Owl Capital 并不在名单上。</p>
<p>虽然 Blue Owl Capital 目前在分析师中获得了中等买入评级，但顶级分析师认为这五只股票更值得购买。</p>
<p>在这里查看这五只股票</p>

OBDC

<p>Blue Owl Capital（纽约证券交易所代码：OBDC）报告了 2026 年第一季度调整后的每股净投资收益为 0.31 美元，净资产价值为 14.41 美元，受到基准利率下降和利差收窄的影响。首席执行官 Craig Packer 指出，盈利环境面临挑战，而信用表现保持稳定，没有新的不计息贷款。董事会宣布将 2026 年第二季度的股息减少至每股 0.31 美元。由于信用利差扩大，净资产价值下降，公司在市场波动中采取了保守的投资策略，投资额达到 5.25 亿美元，而还款总额接近 15 亿美元</p>

<p>Blue Owl Capital NYSE: OBDC reported first-quarter 2026 adjusted net investment income of $0.31 per share and net asset value per share of $14.41, as management said lower base rates, tighter spreads and reduced fee income weighed on earnings.</p>
<div class="lb-trans"><p>蓝猫资本 NYSE: OBDC 报告了 2026 年第一季度调整后的每股净投资收益为 0.31 美元，每股净资产值为 14.41 美元，管理层表示，较低的基准利率、收窄的利差和减少的费用收入对收益造成了压力。</p>
</div><p>Chief Executive Officer Craig Packer said the quarter was “more challenging” from an earnings perspective, with headwinds that had been building over the past year becoming fully reflected in results. He cited lower rates, tighter market spreads, slower deal activity and lower leverage as key factors.</p>
<div class="lb-trans"><p>首席执行官克雷格·帕克（Craig Packer）表示，从收益的角度来看，这一季度 “更具挑战性”，过去一年积累的逆风在结果中得到了充分反映。他提到，较低的利率、收窄的市场利差、交易活动放缓和较低的杠杆是关键因素。</p>
</div><p>At the same time, Packer emphasized that the company’s underlying credit performance remained strong. He said there were no new non-accruals during the quarter, borrower performance was stable and credit quality remained consistent with recent periods.</p>
<div class="lb-trans"><p>与此同时，帕克强调公司的基础信用表现依然强劲。他表示，在这一季度没有新的不计息贷款，借款人的表现稳定，信用质量与近期保持一致。</p>
</div><p>Get <strong>Blue Owl Capital</strong> alerts:</p>
<div class="lb-trans"><p>获取 <strong>蓝猫资本</strong> 的提醒：</p>
</div><h2>Dividend Reset to $0.31 Per Share</h2>
<div class="lb-trans"><h2>股息重设为每股 0.31 美元</h2>
</div><p>Blue Owl’s board declared a second-quarter base dividend of $0.31 per share, down from the prior level. Packer said the company believes the new dividend level is appropriate given the portfolio’s forward earnings power, particularly as spreads widen and the rate environment appears more stable.</p>
<div class="lb-trans"><p>蓝猫的董事会宣布第二季度的基础股息为每股 0.31 美元，低于之前的水平。帕克表示，公司认为新的股息水平是合适的，考虑到投资组合的未来收益能力，特别是在利差扩大和利率环境看起来更稳定的情况下。</p>
</div><p>The dividend will be paid July 15, 2026, to shareholders of record as of June 30, 2026. Chief Financial Officer Jonathan Lamm said spillover income stood at approximately $0.28 per share, which he described as a “meaningful cushion” supporting the base dividend.</p>
<div class="lb-trans"><p>股息将于 2026 年 7 月 15 日支付给截至 2026 年 6 月 30 日的股东。首席财务官乔纳森·拉姆（Jonathan Lamm）表示，溢出收入约为每股 0.28 美元，他将其描述为支持基础股息的 “重要缓冲”。</p>
</div><p>Packer noted that the company is maintaining its supplemental dividend framework, under which it pays out 50% of net investment income above the base dividend. In response to an analyst question, Packer said he hopes and expects the new dividend level to act as a floor, but cautioned that quarterly results can vary.</p>
<div class="lb-trans"><p>帕克指出，公司保持其补充股息框架，根据该框架，公司将支付超过基础股息的净投资收益的 50%。在回应分析师提问时，帕克表示他希望并预计新的股息水平将作为底线，但警告季度结果可能会有所波动。</p>
</div><h2>NAV Declines on Spread Widening</h2>
<div class="lb-trans"><h2>净资产值因利差扩大而下降</h2>
</div><p>Net asset value per share declined to $14.41 from $14.81 in the prior quarter. Management attributed the decline primarily to mark-to-market adjustments tied to broader credit spread widening rather than deterioration in underlying asset quality.</p>
<div class="lb-trans"><p>每股净资产值从上一季度的 14.81 美元下降至 14.41 美元。管理层将下降主要归因于与更广泛的信用利差扩大相关的市值调整，而不是基础资产质量的恶化。</p>
</div><p>Packer said approximately 75% of the write-down was attributable to spread widening across the debt portfolio. Lamm added that realized losses in the quarter were tied to investments already on non-accrual that had been written down over several years and did not contribute to the NAV decline.</p>
<div class="lb-trans"><p>帕克表示，约 75% 的减值是由于债务投资组合的利差扩大。拉姆补充说，季度内的实现损失与已经不计息的投资有关，这些投资在过去几年中已经减值，并未对净资产值下降产生影响。</p>
</div><p>During the question-and-answer session, Lamm said the company uses an external valuation agent every quarter for every portfolio company and takes the resulting point valuations. Packer added that, as a lender, the company expects most performing loans to be repaid at par, and said the average loan in the portfolio was marked at 95.4.</p>
<div class="lb-trans"><p>在问答环节中，拉姆表示，公司每季度对每个投资组合公司使用外部估值代理，并采用结果的点估值。帕克补充说，作为贷方，公司预计大多数表现良好的贷款将按面值偿还，并表示投资组合中的平均贷款标记为 95.4。</p>
</div><h2>Portfolio Activity Slows as Leverage Falls</h2>
<div class="lb-trans"><h2>投资组合活动放缓，杠杆下降</h2>
</div><p>President Logan Nicholson said Blue Owl took a more conservative approach to deployment during the quarter as market volatility increased and deal activity slowed. The company funded $525 million of investments while repayments and sales totaled nearly $1.5 billion.</p>
<div class="lb-trans"><p>总裁洛根·尼科尔森（Logan Nicholson）表示，随着市场波动加剧和交易活动放缓，蓝猫在这一季度采取了更为保守的投资部署策略。公司资助了 5.25 亿美元的投资，而还款和销售总额接近 15 亿美元。</p>
</div><p>Net leverage ended the quarter at 1.13 times, within the company’s target range of 0.9 times to 1.25 times and at its lowest level in two years. Nicholson said the lower leverage and “ample dry powder” position the company to deploy capital as the pipeline improves.</p>
<div class="lb-trans"><p>净杠杆在季度末为 1.13 倍，处于公司目标范围的 0.9 倍至 1.25 倍之间，并且是两年来的最低水平。尼科尔森表示，较低的杠杆和 “充足的干粉” 使公司能够在管道改善时部署资本。</p>
</div><p>Management said the investment environment has become more attractive as spreads widen. Packer said the deals the company is seeing today generally carry spreads about 50 to 75 basis points wider than a few quarters ago, with more attractive terms. He also said slowing retail inflows into private credit have improved the supply-demand balance for new deals.</p>
<div class="lb-trans"><p>管理层表示，随着利差扩大，投资环境变得更加吸引人。帕克表示，公司目前看到的交易通常比几季度前的利差宽 50 到 75 个基点，条款更具吸引力。他还表示，流入私募信贷的零售资金放缓改善了新交易的供需平衡。</p>
</div><p>Nicholson said the company continued to invest selectively in joint ventures and specialty finance investments. He highlighted an increased allocation to its life sciences specialty finance vehicle, LSI, including support for an investment in TG Therapeutics. Blue Owl served as sole lender in a $1 billion financing for TG Therapeutics, which Nicholson said the firm has backed since 2024.</p>
<div class="lb-trans"><p>尼科尔森表示，公司继续在合资企业和专业金融投资中进行选择性投资。他强调增加了对其生命科学专业金融工具 LSI 的配置，包括对 TG Therapeutics 投资的支持。蓝猫作为 TG Therapeutics 10 亿美元融资的唯一贷方，尼科尔森表示，该公司自 2024 年以来一直支持该项目。</p>
</div><h2>Credit Metrics Remain Stable</h2>
<div class="lb-trans"><h2>信用指标保持稳定</h2>
</div><p>Management described portfolio credit performance as stable. Nicholson said the portfolio is diversified across 30 industries, with an average position size of about 40 basis points, and remains focused on large, non-cyclical defensive businesses.</p>
<div class="lb-trans"><p>管理层将投资组合的信用表现描述为稳定。尼科尔森表示，投资组合分散在 30 个行业，平均头寸规模约为 40 个基点，并继续关注大型非周期性防御性企业。</p>
</div><p>Borrowers delivered year-over-year revenue and EBITDA growth in the high single digits, consistent with last year. Interest coverage ratios were approximately 2 times, revolver draws remained low and amendment activity was stable.</p>
<div class="lb-trans"><p>借款人实现了与去年一致的高个位数的收入和 EBITDA 增长。利息覆盖率约为 2 倍，循环信贷提款保持低位，修订活动稳定。</p>
</div><p>Non-accruals declined to 1.0% of the portfolio at fair value after two names were removed and no new names were added. Nicholson said non-accruals have averaged roughly 1% at fair value over the past three years.</p>
<div class="lb-trans"><p>不计息贷款在公允价值中下降至投资组合的 1.0%，在移除两个名称后没有新增名称。尼科尔森表示，过去三年不计息贷款的公允价值平均约为 1%。</p>
</div><p>Payment-in-kind income was stable on a dollar basis but increased to 11.7% of total investment income because cash interest declined with lower rates. Nicholson said PIK income remains below its 2024 peak of more than 13%, and more than 85% of PIK names were structured that way at underwriting.</p>
<div class="lb-trans"><p>按支付形式收入在美元基础上保持稳定，但由于现金利息因利率下降而减少，按支付形式收入占总投资收入的比例上升至 11.7%。尼科尔森表示，按支付形式收入仍低于 2024 年超过 13% 的峰值，且超过 85% 的按支付形式名称在承销时以这种方式结构化。</p>
</div><p>The company’s average loan-to-value ratio increased to 47%. Packer said the move reflected broader valuation changes, especially in software, rather than weaker borrower fundamentals. During the Q&amp;A, Nicholson said software portfolio LTV was approximately 48%, close to the overall portfolio level.</p>
<div class="lb-trans"><p>公司的平均贷款价值比率上升至 47%。帕克表示，此举反映了更广泛的估值变化，尤其是在软件领域，而不是借款人基本面的疲弱。在问答环节中，尼科尔森表示，软件投资组合的贷款价值比率约为 48%，接近整体投资组合水平。</p>
</div><h2>Software Exposure Declines, Buybacks Continue</h2>
<div class="lb-trans"><h2>软件曝光下降，回购持续</h2>
</div><p>Software exposure fell to approximately 16% of the portfolio from roughly 19% last quarter, driven by repayments. Nicholson cited the repayment of Intelerad, a provider of medical imaging software solutions that was sold to GE HealthCare at a $2.3 billion valuation. The investment totaled $169 million for OBDC and more than $400 million across the Blue Owl platform.</p>
<div class="lb-trans"><p>软件曝光从上季度的约 19% 下降至投资组合的约 16%，主要是由于还款。尼科尔森提到，医疗影像软件解决方案提供商 Intelerad 的还款，该公司以 23 亿美元的估值出售给 GE HealthCare。该投资对 OBDC 的总额为 1.69 亿美元，在蓝猫平台上超过 4 亿美元。</p>
</div><p>Management said it remains cautious about the potential impact of artificial intelligence on some software businesses, but Nicholson said the company has not yet seen a material impact on software borrower performance.</p>
<div class="lb-trans"><p>管理层表示，他们对人工智能对某些软件业务的潜在影响保持谨慎，但尼科尔森表示，公司尚未看到对软件借款人表现的实质性影响。</p>
</div><p>Blue Owl repurchased $35 million of stock during the quarter, adding $0.02 to NAV per share, according to Lamm. Over the past two quarters, the company has repurchased $183 million of stock. The board authorized a new $300 million share repurchase program in February, replacing the prior $200 million plan, with about $265 million remaining after first-quarter activity.</p>
<div class="lb-trans"><p>根据 Lamm 的说法，Blue Owl 在本季度回购了 3500 万美元的股票，使每股净资产增加了 0.02 美元。在过去两个季度，该公司已回购了 1.83 亿美元的股票。董事会在 2 月份批准了一项新的 3 亿美元股票回购计划，取代了之前的 2 亿美元计划，第一季度活动后剩余约 2.65 亿美元。</p>
</div><p>Lamm also highlighted balance sheet actions, including a January upgrade from Moody’s to Baa2 and a post-quarter $400 million unsecured note offering. He said liquidity increased to more than $4 billion in total cash and facility capacity, exceeding unfunded commitments and providing capacity for investments and upcoming maturities.</p>
<div class="lb-trans"><p>Lamm 还强调了资产负债表的行动，包括 1 月份穆迪的 Baa2 升级和季度后 4 亿美元的无担保债券发行。他表示，流动性增加到超过 40 亿美元的现金和融资能力，超过了未融资承诺，并为投资和即将到期的债务提供了能力。</p>
</div><p>Packer closed by noting that OBDC has reached its 10-year anniversary. He said the fund has delivered a 9.6% annualized total return over that period while maintaining low loss rates that averaged 31 basis points annually.</p>
<div class="lb-trans"><p>Packer 最后提到，OBDC 已达到 10 周年纪念。他表示，该基金在此期间实现了 9.6% 的年化总回报，同时保持了平均每年 31 个基点的低损失率。</p>
</div><h2>About Blue Owl Capital NYSE: OBDC</h2>
<div class="lb-trans"><h2>关于 Blue Owl Capital NYSE: OBDC</h2>
</div><p>Blue Owl Capital Corporation NYSE: OBDC is a publicly traded business development company sponsored by Blue Owl Capital, a global alternative asset manager. Launched in 2020, the firm provides customized financing solutions to middle-market companies across various industries. As an externally managed BDC, Blue Owl Capital Corporation leverages the deep credit‐investment capabilities of its sponsor to deliver flexible capital tailored to the needs of growing businesses.</p>
<div class="lb-trans"><p>Blue Owl Capital Corporation NYSE: OBDC 是一家由 Blue Owl Capital 赞助的上市商业发展公司，Blue Owl Capital 是一家全球另类资产管理公司。该公司于 2020 年成立，提供定制的融资解决方案，服务于各行业的中型市场公司。作为一家外部管理的 BDC，Blue Owl Capital Corporation 利用其赞助商深厚的信用投资能力，提供灵活的资本，以满足成长型企业的需求。</p>
</div><p>The company's investment activities span a range of private credit products, including first‐lien senior secured loans, unitranche facilities, second‐lien financings, mezzanine debt, and minority equity co-investments.</p>
<div class="lb-trans"><p>该公司的投资活动涵盖一系列私人信贷产品，包括优先担保贷款、单一贷款设施、次级融资、夹层债务和少数股权共同投资。</p>
</div><p><em>This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.</em></p>
<div class="lb-trans"><p><em>此即时新闻提醒由叙述科学技术和 MarketBeat 的金融数据生成，以便为读者提供最快的报道和公正的覆盖。如对本故事有任何问题或意见，请发送邮件至 contact@marketbeat.com。</em></p>
</div><h2>Should You Invest $1,000 in Blue Owl Capital Right Now?</h2>
<div class="lb-trans"><h2>你现在应该投资 1000 美元在 Blue Owl Capital 吗？</h2>
</div><p>Before you consider Blue Owl Capital, you'll want to hear this.</p>
<div class="lb-trans"><p>在考虑 Blue Owl Capital 之前，你需要听听这个。</p>
</div><p>MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and Blue Owl Capital wasn't on the list.</p>
<div class="lb-trans"><p>MarketBeat 每天跟踪华尔街顶级评级和表现最佳的研究分析师及其推荐给客户的股票。MarketBeat 已识别出五只顶级分析师悄悄向客户推荐的股票，建议在更广泛的市场注意到之前购买……而 Blue Owl Capital 并不在名单上。</p>
</div><p>While Blue Owl Capital currently has a Moderate Buy rating among analysts, top-rated analysts believe these five stocks are better buys.</p>
<div class="lb-trans"><p>虽然 Blue Owl Capital 目前在分析师中获得了中等买入评级，但顶级分析师认为这五只股票更值得购买。</p>
</div><p>View The Five Stocks Here</p>
<div class="lb-trans"><p>在这里查看这五只股票</p>
</div>

Blue Owl Capital 第一季度财报电话会议要点