Blue Owl Capital’s Q4 results ‘solid,’ says Clear Street

Blue Owl Capital (OBDC) delivered solid Q4 results, with pre-tax adjusted NII of 37c per share rising sequentially as lower expenses offset modest yield compression, while NAV declined 1% due to realized and unrealized losses, Clear Street tells investors in a research note. Credit quality remains stable, leverage declined to 1.18x, liquidity is strong, and a $400M portfolio sale near par enhances flexibility, though management expects near-term earnings pressure from lower base rates and spread compression, the firm says. Clear Street maintains a Buy rating and $15 price target on the shares.