It has been about a month since the last earnings report for Blue Owl Capital Corporation (OBDC Quick QuoteOBDC - Free Report) . Shares have added about 11.2% in that time frame, outperforming the S&P 500.

But investors have to be wondering, will the recent positive trend continue leading up to its next earnings release, or is Blue Owl Capital Corporation due for a pullback? Before we dive into how investors and analysts have reacted as of late, let's take a quick look at its most recent earnings report in order to get a better handle on the important catalysts.

Blue Owl Capital Q3 Earnings Miss on High Costs

Blue Owl Capital Corporation reported weaker-than-expected third-quarter results. Elevated expense level and lower prepayment-related income and interest income from debt investments affected the results.

OBDC reported third-quarter 2025 adjusted earnings per share (EPS) of 36 cents, which missed the Zacks Consensus Estimate by 7.7%. Also, the bottom line decreased 23.4% year over year.

Total investment income advanced 11.6% year over year to $453.1 million. However, the top line missed the consensus mark by 1.8%.

Key Insights From Q3

Adjusted net investment income of $183.3 million fell 0.9% year over year. New investment commitments were $1.3 billion across 13 new portfolio companies and 23 existing ones.

Blue Owl Capital ended the third quarter with investments in 238 portfolio companies, backed with an aggregate fair value of $17.1 billion. Based on the fair value, the average investment size in each portfolio company was $72 million as of Sept. 30, 2025.

Total expenses increased 19.5% year over year to $259.9 million in the third quarter, due to higher interest expenses and management fees. 

OBDC recorded an adjusted net increase in net assets resulting from operations of $128.2 million, which decreased 5.3% year over year.

Financial Update (as of Sept. 30, 2025)

Blue Owl Capital exited the third quarter with a cash balance of $317.2 million, which declined from the 2024-end level of $505.7 million. Total assets of $17.6 billion increased from the $13.9 billion figure at 2024-end.

Debt was $9.5 billion, up from the $7.5 billion figure as of Dec. 31, 2024. OBDC had $2.9 billion of undrawn capacity under its credit facilities. At the third-quarter end, net debt to equity was 1.22X.

Net operating cash flow in the first nine months of 2025 was $918.6 million, while the company used $285.7 million of net cash in operations in the prior-year comparable period. 

Dividend & Repurchase Update

The board of directors at Blue Owl Capital declared a third-quarter 2025 regular dividend of 37 cents per share, but did not provide a quarterly supplemental dividend.

Blue Owl Capital announced a new repurchase program (expiring in 18 months from the approval date of Nov. 4, 2025), under which it may purchase shares up to $200 million. The company did not make share repurchases in the third quarter.

How Have Estimates Been Moving Since Then?

In the past month, investors have witnessed a downward trend in estimates review.

The consensus estimate has shifted -7.02% due to these changes.

VGM Scores

Currently, Blue Owl Capital Corporation has a subpar Growth Score of D, however its Momentum Score is doing a bit better with a C. Charting a somewhat similar path, the stock has a grade of B on the value side, putting it in the top 40% for this investment strategy.

Overall, the stock has an aggregate VGM Score of D. If you aren't focused on one strategy, this score is the one you should be interested in.

Outlook

Estimates have been broadly trending downward for the stock, and the magnitude of these revisions indicates a downward shift. It's no surprise Blue Owl Capital Corporation has a Zacks Rank #4 (Sell). We expect a below average return from the stock in the next few months.

Performance of an Industry Player

Blue Owl Capital Corporation belongs to the Zacks Financial - Miscellaneous Services industry. Another stock from the same industry, Lazard (LAZ Quick QuoteLAZ - Free Report) , has gained 7.9% over the past month. More than a month has passed since the company reported results for the quarter ended September 2025.

Lazard reported revenues of $724.65 million in the last reported quarter, representing a year-over-year change of +12.2%. EPS of $0.56 for the same period compares with $0.38 a year ago.

For the current quarter, Lazard is expected to post earnings of $0.87 per share, indicating a change of +11.5% from the year-ago quarter. The Zacks Consensus Estimate has changed -2.6% over the last 30 days.

The overall direction and magnitude of estimate revisions translate into a Zacks Rank #2 (Buy) for Lazard. Also, the stock has a VGM Score of B.