OBDC Blue Owl Capital Corporation

Exhibit 99.1

Blue Owl Capital Corporation Reports Full Year Results and Fourth Quarter Net Investment Income Per Share of $0.47 and Net Asset Value Per Share of $15.26

NEW YORK — February 19, 2025 — Blue Owl Capital Corporation (NYSE: OBDC, or the “Company”) today announced financial results for its full year and fourth quarter ended December 31, 2024.

FOURTH QUARTER 2024 HIGHLIGHTS

“Our fourth quarter results concluded another strong year for OBDC, delivering a 12.4% annualized return on equity, supported by continued strong portfolio performance and robust origination activity,” commented Craig W. Packer, Chief Executive Officer. “Our portfolio has demonstrated resilience and stable credit quality over the past year, and we expect to build on our momentum in 2025 by leveraging the benefits of enhanced scale resulting from our completed merger with OBDE.”

Merger Close

Subsequent to quarter-end, on January 13, 2025, OBDC closed the previously announced merger with Blue Owl Capital Corporation III (“OBDE”), with OBDC as the surviving company. This merger now makes OBDC the second largest externally-managed, publicly traded BDC by total assets with over $18 billion of total assets at fair value, on a pro forma combined basis as of December 31, 2024.

At-the-Market Program

The Company will enter into an at-the-market (“ATM”) program under which it may issue up to $750 million of its common stock. The ATM program was approved by the Board and will be filed in the coming days.

Dividend Declarations

The Company’s Board declared a first quarter 2025 regular dividend of $0.37 per share for stockholders of record as of March 31, 2025, payable on or before April 15, 2025.

The Board also declared a fourth quarter 2024 supplemental dividend of $0.05 per share for stockholders of record as of February 28, 2025, payable on or before March 17, 2025.

SELECT FINANCIAL HIGHLIGHTS

PORTFOLIO COMPOSITION

As of December 31, 2024, the Company had investments in 227 portfolio companies across 30 industries, with an aggregate portfolio size of $13.2 billion at fair value and an average investment size of $58.1 million at fair value.

PORTFOLIO AND INVESTMENT ACTIVITY

Full Year

For the full year ended December 31, 2024, new investment commitments totaled $7.3 billion across 93 new portfolio companies and 68 existing portfolio companies. This compares to $2.2 billion for the full year ended December 31, 2023 across 32 new portfolio companies and 34 existing portfolio companies.

For the full year ended December 31, 2024, the principal amount of new investments funded was $5.9 billion. For this period, the Company had $5.1 billion aggregate principal amount in sales and repayments. For the full year ended December 31, 2023, the principal amount of new investments funded was $1.7 billion. For this period, the Company had $2.2 billion aggregate principal amount in sales and repayments.

Fourth Quarter

For the three months ended December 31, 2024, new investment commitments totaled $1.7 billion across 27 new portfolio companies and 17 existing portfolio companies. This compares to $1.2 billion for the three months ended September 30, 2024 across 23 new portfolio companies and 14 existing portfolio companies.

For the three months ended December 31, 2024, the principal amount of new investments funded was $1.6 billion. For this period, the Company had $1.6 billion aggregate principal amount in sales and repayments. For the three months ended September 30, 2024, the principal amount of new investments funded was $1.1 billion. For this period, the Company had $1.1 billion aggregate principal amount in sales and repayments.

RESULTS OF OPERATIONS FOR THE FULL YEAR AND QUARTER ENDED DECEMBER 31, 2024

Investment Income

Investment income increased to $1.60 billion for the year ended December 31, 2024 from $1.58 billion for the year ended December 31, 2023, primarily due to higher dividend income and other income, which was partially offset by a decrease in the yield of our debt investment portfolio. Dividend income increased period-over-period primarily due to an increase in dividends earned from the Company’s controlled, affiliated and non-controlled, affiliated equity investments. Other income increased period-over-period primarily due to repayment fees and accelerated amortization of upfront fees from unscheduled paydowns which are non-recurring in nature. The Company expects that investment income will vary based on a variety of factors including the pace of originations and repayments.

Investment income decreased to $394.4 million for the three months ended December 31, 2024, from $411.2 million for the three months ended December 31, 2023.

Expenses

Total expenses increased to $844.1 million for the year ended December 31, 2024 from $815.7 million for the year ended December 31, 2023, primarily due to an increase in interest expense and average daily borrowings. As a percentage of total assets, management fees, incentive fees, professional fees, directors’ fees and other general and administrative expenses remained relatively consistent period-over-period.

Total expenses increased to $209.7 million for the three months ended December 31, 2024 from $207.9 million for the three months ended December 31, 2023.

Liquidity and Capital Resources

As of December 31, 2024, the Company had $505.7 million in cash and restricted cash, $7.6 billion in total principal value of debt outstanding, including $2.6 billion of undrawn capacity on the Company’s credit facilities and $4.8 billion of unsecured notes. The funding mix was composed of 54% secured and 46% unsecured borrowings as of December 31, 2024 on a committed basis. The Company was in compliance with all financial covenants under its credit facilities as of December 31, 2024. The Company has analyzed cash and cash equivalents, availability under its credit facilities, the ability to rotate out of certain assets and amounts of unfunded commitments that could be drawn and believes its liquidity and capital resources are sufficient to take advantage of market opportunities in the current economic climate.

CONFERENCE CALL AND WEBCAST INFORMATION

Conference Call Information:

The conference call will be broadcast live on February 20, 2025 at 10:00 a.m. Eastern Time on the Events section of OBDC’s website at www.blueowlcapitalcorporation.com. Please visit the website to test your connection before the webcast.

Participants are also invited to access the conference call by dialing one of the following numbers:

All callers will need to reference “Blue Owl Capital Corporation” once connected with the operator. All callers are asked to dial in 10-15 minutes prior to the call so that name and company information can be collected.

Replay Information:

An archived replay will be available for 14 days via a webcast link located on the Events section of OBDC’s website, and via the dial-in numbers listed below:

ABOUT BLUE OWL CAPITAL CORPORATION

Blue Owl Capital Corporation (NYSE: OBDC) is a specialty finance company focused on lending to U.S. middle-market companies. OBDC has elected to be regulated as a business development company under the Investment Company Act of 1940, as amended. OBDC is externally managed by Blue Owl Credit Advisors LLC, an SEC-registered investment adviser that is an indirect affiliate of Blue Owl Capital Inc. (“Blue Owl”) (NYSE: OWL) and is a part of Blue Owl’s Credit platform.

Certain information contained herein may constitute “forward-looking statements” that involve substantial risks and uncertainties. Such statements involve known and unknown risks, uncertainties and other factors and undue reliance should not be placed thereon. These forward-looking statements are not historical facts, but rather are based on current expectations, estimates and projections about OBDC, its current and prospective portfolio investments, its industry, its beliefs and opinions, and its assumptions. Words such as “anticipates,” “expects,” “intends,” “plans,” “will,” “may,” “continue,” “believes,” “seeks,” “estimates,” “would,” “could,” “should,” “targets,” “projects,” “outlook,” “potential,” “predicts” and variations of these words and similar expressions are intended to identify forward-looking statements. These statements are not guarantees of future performance and are subject to risks, uncertainties and other factors, some of which are beyond OBDC’s control and difficult to predict and could cause actual results to differ materially from those expressed or forecasted in the forward-looking statements including, without limitation, the risks, uncertainties and other factors identified in OBDC’s filings with the SEC. Investors should not place undue reliance on these forward-looking statements, which apply only as of the date on which OBDC makes them. OBDC does not undertake any obligation to update or revise any forward-looking statements or any other information contained herein, except as required by applicable law.

INVESTOR CONTACTS

Investor Contact:

BDC Investor Relations

Michael Mosticchio

credit-ir@blueowl.com

Media Contact:

Prosek Partners

Josh Clarkson

pro-blueowl@prosek.com

FINANCIAL HIGHLIGHTS

CONSOLIDATED STATEMENTS OF ASSETS AND LIABILITIES

(Amounts in thousands, except share and per share amounts)

CONSOLIDATED STATEMENTS OF OPERATIONS

(Amounts in thousands, except share and per share amounts)