Twenty-seven basis points. That’s the annual net loss rate for Blue Owl Capital Corporation (OBDC) since it started lending in April 2016. Nearly 10 years of originating loans to middle-market companies, and losses stayed at a fraction of a percent. (digital.fidelity.com)
Discipline gets rewarded. On January 22, 2026, the upgrade was granted by Moody’s. The firm also recently announced a $2.9 billion final close for its special opportunities fund.
The Upgrade
Moody’s raised senior unsecured ratings for both OBDC and Blue Owl Credit Income Corp. (OCIC) from Baa3 to Baa2, shifting outlooks to stable from positive. The rating agency credited Blue Owl Capital’s underwriting, risk management, and conservative approach to borrowing. (finchannel.com)
OBDC’s gross debt-to-equity ratio stood at 1.27x as of September 30, 2025. OCIC’s was 0.8x. Both are below where most BDCs operate. And 74% of OBDC’s investments at fair value sit in first-lien and unitranche positions, the part of the capital structure that gets paid first if a borrower runs into trouble. Bloomberg’s OWL:US company profile provides supplemental data on the firm’s financial position.
A Track Record Through Multiple Cycles
That 27-basis-point loss rate spans a period that included the COVID-19 shutdowns, the Federal Reserve’s fastest rate-hiking campaign in decades, and several rounds of market turbulence. Moody’s acknowledged that the track record doesn’t include a sustained recession, but the evidence was deemed sufficient to warrant the upgrade. The fact that 74% of OBDC’s investments at fair value sit in first-lien and unitranche positions adds another layer: those senior positions get paid before subordinated creditors if a borrower runs into trouble. Blue Owl’s press release page documents the platform’s growth milestones over recent quarters.
The credit discipline held even as the portfolio grew substantially. Blue Owl Capital’s Credit platform manages $157.8 billion in AUM, making it the firm’s largest business by a wide margin. The broader firm ended 2025 with $307.4 billion under management and a record $56 billion in new commitments raised during the year. Blue Owl Capital Corporation manages a BDC portfolio with $16.5 billion in fair value across 234 companies.
Liquidity Adds a Cushion
OBDC carries $3.0 billion in cash and undrawn credit facilities, against $1.0 billion in senior notes due July 2026. OCIC’s cushion is even larger: $7.6 billion in available resources against $350 million in notes due September 2026. Those buffers mean both BDCs have room to meet obligations without forced asset sales, something Moody’s weighed in granting the stable outlook. Blue Owl Capital ended 2025 with $307.4 billion in total AUM, having raised a record $56 billion during the year. For investors, that liquidity position also means the BDCs can continue originating new loans and taking advantage of attractive deal flow rather than hoarding cash to cover maturities. OWL’s stock page on Yahoo Finance shows a 10.87% dividend yield alongside the firm’s market cap data.
