Blue Owl Capital Corporation (OBDC) Balance Sheet
OBDC balance sheet, 2025
December 31, 2025 · U.S. dollars$17.19B assets = $9.79B liabilities + $7.40B equity
Both columns are drawn to the same scale: what OBDC owns equals what it owes plus shareholders’ equity. Hover a block for its value.
OBDC financial health
Debt / equity1.26
Moderate leverage · $1.26 of debt for each $1 of equity
Equity / assets43.0%
Equity-funded · of assets funded by shareholders
Cash / debt0.1%
Low cash cover · cash & short-term investments vs total debt
Goodwill & intangibles0.0%
Mostly tangible · of total assets
Descriptive bands, not a rating. Fiscal 2025.
OBDC balance sheet trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Total assets | $1.18B2016 | $17.19B2025 | +34.7%/yr | |
| Total liabilities | $500.3M2016 | $9.79B2025 | +39.2%/yr | |
| Shareholders’ equity | $680.5M2016 | $7.40B2025 | +30.4%/yr | |
| Cash & short-term investments | $209.4M2016 | $9.8M2025 | −28.8%/yr | |
| Total debt | $491.9M2016 | $9.30B2025 | +38.6%/yr | |
| Net cash (debt) | −$282.6M2016 | −$9.29B2025 | −$9.0B | |
| Working capital | $205.0M2016 | $444.3M2024 | +$239.2M | |
| Book value per share | $2.392016 | $14.622025 | +22.3%/yr | |
| Debt / equity | 0.722016 | 1.262025 | +0.53 | |
| Shares outstanding | 284.8M2016 | 506.1M2025 | +6.6%/yr |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
OBDC assets
Cash & ST investmentsReceivablesInventoryOther currentPP&EGoodwill & intangiblesLT investmentsOther non-current
OBDC liabilities and equity
Current liabilitiesLong-term debtOther long-term liabilitiesEquity
OBDC debt vs cash
Total debtCash & ST investmentsNet cash (debt)
Debt includes short- and long-term borrowings and, where reported, lease obligations.
OBDC balance sheet
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||
| Cash & short-term investments | $9.8M | $431.8M | $572.6M | $348.7M | $425.7M | $349.1M | $309.6M | $121.6M | $17.4M | $209.4M |
| Cash & equivalents | $9.8M | $431.8M | $572.6M | $348.7M | $425.7M | $349.1M | $309.6M | $121.6M | $17.4M | $209.4M |
| Short-term investments | — | — | $87.1M | — | — | — | $7.6M | $6.0M | — | — |
| Receivables | $104.6M | $122.9M | $135.2M | $125.8M | $85.7M | $65.8M | $69.4M | $37.8M | $32.4M | $3.3M |
| Inventory | $0 | $0 | −$23.0M | $570.9M | $1 | $423.7M | $1 | −$5.95B | $1 | −$1.18B |
| Other current assets | $585.5M | $34.0M | $26.1M | $0 | $23.7M | $0 | $17.9M | $5.95B | $1.3M | $1.18B |
| Total current assets | $700.0M | $588.6M | $711.0M | $478.1M | $535.0M | $453.4M | $396.8M | $161.0M | $51.2M | $213.4M |
| Property, plant & equipment (net) | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Goodwill & intangible assets | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Long-term investments | $16.47B | $13.19B | $12.71B | $13.01B | $12.74B | $10.84B | $8.80B | $0 | $0 | $0 |
| Other non-current assets | $15.5M | $82.4M | $87.1M | $96.4M | $21.5M | $8.8M | $7.6M | $5.79B | $2.39B | $967.4M |
| Total assets | $17.19B | $13.87B | $13.51B | $13.58B | $13.30B | $11.30B | $9.20B | $5.95B | $2.44B | $1.18B |
| Liabilities | ||||||||||
| Accounts payable | $184.9M | $144.4M | $136.4M | $129.5M | $122.1M | $152.1M | $137.2M | $81.5M | $33.5M | — |
| Short-term debt | — | — | $7.08B | $7.28B | $7.08B | $5.29B | $3.04B | — | — | — |
| Deferred revenue | — | — | −$6.94B | −$7.15B | −$6.96B | −$5.14B | −$3.04B | −$1.68B | −$919.4M | — |
| Total current liabilities | — | $144.4M | $136.4M | $129.5M | $122.1M | $152.1M | $137.2M | $81.5M | $33.5M | $8.4M |
| Long-term debt | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other long-term liabilities | $9.79B | $7.77B | $7.35B | $7.57B | $7.24B | $5.41B | $3.09B | $2.60B | $937.4M | $493.8M |
| Total liabilities | $9.79B | $7.91B | $7.49B | $7.70B | $7.36B | $5.56B | $3.23B | $2.69B | $971.0M | $500.3M |
| Shareholders' equity | ||||||||||
| Common stock & paid-in capital | $5.0M | $3.9M | $3.9M | $3.9M | $3.9M | $3.9M | $3.9M | $2.2M | $980,000 | $458,000 |
| Retained earnings (deficit) | −$119.9M | $29.4M | $93.5M | −$92.2M | −$56.4M | −$198.4M | $17.8M | −$8.5M | $1.2M | $7.9M |
| Accumulated other comprehensive income | — | — | $0 | $0 | $0 | $0 | $0 | −$8.5M | $18.5M | $0 |
| Total shareholders' equity | $7.40B | $5.95B | $6.02B | $5.88B | $5.94B | $5.75B | $5.98B | $3.26B | $1.47B | $680.5M |
| Key figures | ||||||||||
| Total debt | $9.30B | $7.46B | $7.08B | $7.28B | $7.08B | $5.29B | $3.04B | $2.57B | $919.4M | $491.9M |
| Net cash (debt) | −$9.29B | −$7.03B | −$6.50B | −$6.93B | −$6.65B | −$4.94B | −$2.73B | −$2.45B | −$902.0M | −$282.6M |
| Working capital | — | $444.3M | $574.6M | $348.6M | $413.0M | $301.4M | $259.6M | $79.4M | $17.6M | $205.0M |
| Tangible book value | $7.40B | $5.95B | $6.02B | $5.88B | $5.94B | $5.75B | $5.98B | $3.26B | $1.47B | $680.5M |
| Book value per share | $14.62 | $15.26 | $15.44 | $14.93 | $15.14 | $14.79 | $18.41 | $24.05 | $5.68 | $2.39 |
| Shares outstanding | 506.1M | 390.1M | 390.1M | 394.0M | 392.3M | 388.6M | 324.6M | 135.7M | 259.2M | 284.8M |
| Current ratio | — | 4.08 | 5.21 | 3.69 | 4.38 | 2.98 | 2.89 | 1.97 | 1.52 | 25.41 |
| Quick ratio | — | 3.84 | 5.19 | 3.66 | 4.19 | 2.73 | 2.76 | 1.95 | 1.49 | 25.32 |
| Debt / equity | 1.26 | 1.25 | 1.18 | 1.24 | 1.19 | 0.92 | 0.51 | 0.79 | 0.62 | 0.72 |
| Equity / assets | 43.0% | 42.9% | 44.6% | 43.3% | 44.7% | 50.8% | 64.9% | 54.9% | 60.3% | 57.6% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||||
| Cash & short-term investments | $237.4M | $39.3M | $9.8M | $274.3M | $295.8M | $438.7M | $431.8M | $426.8M | $275.9M | $653.0M | $572.6M | $342.8M |
| Cash & equivalents | $237.4M | $39.3M | $9.8M | $274.3M | $295.8M | $438.7M | $431.8M | $426.8M | $275.9M | $653.0M | $572.6M | $342.8M |
| Short-term investments | — | — | — | — | — | — | — | — | −$11.71B | — | — | — |
| Receivables | $91.3M | $100.5M | $104.6M | $130.6M | $139.0M | $141.3M | $122.9M | $145.3M | $139.7M | $145.0M | $135.2M | $129.6M |
| Inventory | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $794.9M | $561.7M |
| Other current assets | $70.2M | $441.3M | $585.5M | $16.7M | $30.5M | $28.2M | $34.0M | $16.6M | $5.0M | $27.4M | $0 | $0 |
| Total current assets | $398.9M | $581.0M | $700.0M | $421.5M | $465.3M | $608.1M | $588.6M | $588.7M | $420.5M | $825.4M | $711.0M | $476.4M |
| Property, plant & equipment (net) | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Goodwill & intangible assets | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Long-term investments | $14.96B | $15.34B | $16.47B | $17.14B | $16.87B | $17.69B | $13.19B | $13.45B | $13.34B | $12.41B | $12.71B | $12.90B |
| Other non-current assets | $611,000 | $93.3M | $15.5M | $47.0M | $64.4M | $75.6M | $82.4M | $54.6M | $104.1M | $89.8M | $87.1M | $89.3M |
| Total assets | $15.35B | $16.02B | $17.19B | $17.61B | $17.40B | $18.38B | $13.87B | $14.09B | $13.87B | $13.33B | $13.51B | $13.46B |
| Liabilities | ||||||||||||
| Accounts payable | $152.9M | $183.7M | $184.9M | $199.1M | $189.9M | $189.1M | $144.4M | $144.4M | $153.5M | $144.2M | $136.4M | $128.6M |
| Short-term debt | — | — | — | — | $499.9M | — | — | — | $423.7M | — | — | — |
| Deferred revenue | — | — | — | — | — | — | — | — | −$423.7M | — | — | — |
| Total current liabilities | $2.22B | — | — | $199.1M | $189.9M | $189.1M | $144.4M | $144.4M | $153.5M | $144.2M | $136.4M | $128.6M |
| Long-term debt | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other long-term liabilities | $6.10B | $8.86B | $9.79B | $9.79B | $9.53B | $10.45B | $7.77B | $7.98B | $7.72B | $7.16B | $7.35B | $7.33B |
| Total liabilities | $8.32B | $8.86B | $9.79B | $9.99B | $9.72B | $10.64B | $7.91B | $8.13B | $7.87B | $7.30B | $7.49B | $7.46B |
| Shareholders' equity | ||||||||||||
| Common stock & paid-in capital | $4.9M | $5.0M | $5.0M | $5.1M | $5.1M | $5.1M | $3.9M | $3.9M | $3.9M | $3.9M | $3.9M | $3.9M |
| Retained earnings (deficit) | −$415.2M | −$328.0M | −$119.9M | −$67.0M | $4.2M | $60.9M | $29.4M | $26.5M | $59.0M | $100.6M | $93.5M | $59.5M |
| Accumulated other comprehensive income | — | — | — | — | — | — | — | — | $0 | $0 | $0 | $0 |
| Total shareholders' equity | $7.03B | $7.15B | $7.40B | $7.61B | $7.68B | $7.74B | $5.95B | $5.96B | $5.99B | $6.03B | $6.02B | $6.00B |
| Key figures | ||||||||||||
| Total debt | $6.10B | $8.45B | $9.30B | $9.53B | $9.23B | $10.16B | $7.46B | $7.74B | $7.41B | $6.89B | $7.08B | $7.06B |
| Net cash (debt) | −$5.86B | −$8.42B | −$9.29B | −$9.25B | −$8.93B | −$9.72B | −$7.03B | −$7.31B | −$7.14B | −$6.23B | −$6.50B | −$6.72B |
| Working capital | −$1.83B | — | — | $222.5M | $275.4M | $419.0M | $444.3M | $444.3M | $267.0M | $681.2M | $574.6M | $347.8M |
| Tangible book value | $7.03B | $7.15B | $7.40B | $7.61B | $7.68B | $7.74B | $5.95B | $5.96B | $5.99B | $6.03B | $6.02B | $6.00B |
| Book value per share | $14.19 | $14.34 | $14.57 | $14.89 | $15.03 | $15.64 | $15.26 | $15.28 | $15.37 | $15.47 | $15.44 | $15.40 |
| Shares outstanding | 495.4M | 498.9M | 507.8M | 511.0M | 511.0M | 494.8M | 390.1M | 390.2M | 390.1M | 389.7M | 390.1M | 389.7M |
| Current ratio | 0.18 | — | — | 2.12 | 2.45 | 3.22 | 4.08 | 4.08 | 2.74 | 5.72 | 5.21 | 3.70 |
| Quick ratio | 0.15 | — | — | 2.03 | 2.29 | 3.07 | 3.84 | 3.96 | 2.71 | 5.53 | 5.19 | 3.67 |
| Debt / equity | 0.87 | 1.18 | 1.26 | 1.25 | 1.20 | 1.31 | 1.25 | 1.30 | 1.24 | 1.14 | 1.18 | 1.18 |
| Equity / assets | 45.8% | 44.7% | 43.0% | 43.2% | 44.2% | 42.1% | 42.9% | 42.3% | 43.2% | 45.2% | 44.6% | 44.6% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed February 18, 2026); data from EODHD.
OBDC financial position
At the end of fiscal 2025 (December 31, 2025), Blue Owl Capital had total assets of $17.2 billion (up 23.9% from a year earlier), total liabilities of $9.8 billion and shareholders' equity of $7.4 billion. It held $9.8 million in cash and short-term investments against $9.3 billion of debt, net debt of $9.3 billion. In the latest quarter (ended June 30, 2026) total assets were $15.4 billion and equity $7.0 billion.
Related: OBDC income statement, OBDC cash flow statement, OBDC key metrics. See the OBDC stock overview for the latest quote and news.
OBDC balance sheet FAQ
What are Blue Owl Capital's total assets?
Blue Owl Capital reported total assets of $17.2 billion at the end of fiscal 2025 (December 31, 2025), compared with $13.9 billion a year earlier.
How much debt does Blue Owl Capital have?
Blue Owl Capital had $9.3 billion of total debt at the end of fiscal 2025, including short-term borrowings. Its debt-to-equity ratio was 1.26.
How much cash does Blue Owl Capital have?
Blue Owl Capital held $9.8 million in cash and short-term investments at the end of fiscal 2025; with $9.3 billion of debt that is net debt of $9.3 billion.
What is Blue Owl Capital's book value?
Blue Owl Capital's shareholders' equity (book value) was $7.4 billion at the end of fiscal 2025, or $14.62 per share.