The net asset value ("NAV") per share is USD 14.81, compared to USD 14.89 as of September 30, 2025, mainly due to credit-related write-downs on a small number of shares, partially offset by value-enhancing share buybacks.
New investment commitments for the fourth quarter were USD 684 million and sales and redemptions were USD 1.4 billion, compared to USD 1.3 billion in new investment commitments and USD 797 million in sales and redemptions for the three months ended September 30, 2025.
Investments at risk of default amounted to 2.3% and 1.1% of the portfolio at cost and fair value, respectively, compared to 2.7% and 1.3% at September 30, 2025.
OBDC has repurchased approximately $148 million of its own common stock at a price-to-book ratio of 86%.
The Board of Directors (the "Board") has authorized a new $300 million share repurchase program, replacing the previous authorization of $200 million.
It was announced today that OBDC and certain other Blue Owl BDCs have entered into agreements to sell $1.4 billion of assets to institutional investors, including $400 million of OBDC's assets.
Mr. Packer continued, "Today we announced the sale of $1.4 billion of direct loan participations at book value across three Blue Owl BDCs, including $400 million of OBDC from partial sales of existing portfolio companies. What began as a targeted transaction to raise liquidity for OBDC II shareholders generated significant interest from institutional investors, allowing us to opportunistically expand the sale to OBDC. We expect this transaction to reduce leverage, slightly increase portfolio diversification and create additional capacity to invest in attractive new opportunities for the benefit of OBDC shareholders."
Share buybacks:
On November 4, 2025, the Board of Directors approved a $200 million share repurchase program. Purchases may be made at management's discretion in stock market transactions. As of December 31, 2025, the Company repurchased approximately USD 148 million of OBDC common stock at 86% of the price-to-book ratio, resulting in an increase in net assets per share in the fourth quarter.
On February 18, 2026, the Board of Directors approved a new repurchase program for up to USD 300 million of the company's own ordinary shares, replacing the previous authorization of USD 200 million.
Dividend distribution
The Board of Directors has declared a regular dividend for the first quarter of 2026 of USD 0.37 per share for shareholders of record on March 31, 2026. Payment will be made no later than April 15, 2026.
