Blue Owl Capital Corp II

What Do They Do?

Lends to U.S. middle-market companies, especially those backed by institutional investors, through loans and other debt and equity investments.

How Do They Make Money?

Earns interest on loans and dividends on equity investments; certain interest and dividends are added to the investment balance rather than paid in cash and generally come due at maturity or liquidation.

FY2025 revenue

Who Are Their Customers?

It lends to U.S. middle-market companies, including businesses sponsored by private equity and venture capital firms, and sources most investments directly.

Do Revenues Turn Into Profits?

Yes. It kept 32 cents of every revenue dollar as net income in FY2025.

Net income, FY2025

32% of revenue

▼ −71% vs FY2024 ($82M, 74%)

How Are They Changing?

Since the FY2025 annual report

Latest quarter: Q2 FY2026, the three months to Jun 30, 2026

Revenue: ▼ −90%; vs $21.1M in Q2 FY2025
Net income: ▼ Now a loss; vs $5.8M in Q2 FY2025

Shrinking. Revenue fell 17% in 4 years, from $91.2M in FY2021 to $75.3M in FY2025, about 5% a year.

Larger borrower focus The latest report emphasizes institutionally backed upper-middle-market companies and sets a higher earnings threshold for its middle-market definition; the older report described a lower earnings and revenue range for that market.

Comments