- Pays: quarterly — a $0.31 base plus a variable supplemental ($0.02 for Q2 2026, for $0.33 declared).
- Paying since: 2019 (as Owl Rock Capital Corp; renamed Blue Owl Capital Corporation in 2023).
- The 2026 cut: base reduced from $0.37 to $0.31 (announced May 6, 2026) — the company cited 'an extended period of declining base rates and spread compression.' The supplemental framework stays in place.
- What it is: an externally managed BDC making senior secured loans to upper-middle-market U.S. companies, part of the Blue Owl credit platform.
- The trend underneath: NAV per share has slid from $15.26 (end 2024) to $14.26 (mid-2026). A $300M buyback was authorized in February 2026.
- Coverage (quarter ended June 30, 2026): NII $0.36 per share GAAP ($0.34 adjusted) vs $0.33 in dividends ($0.31 regular + $0.02 supplemental) — about 109% covered (103% on adjusted NII; 116% against the regular alone). Non-accruals 0.8% at fair value (2.8% at cost, seven companies); PIK income 10.7% of investment income; net debt-to-equity 1.11x; NAV $14.26.
OBDC's supplemental is formula-driven and can be zero — none were declared for Q3 or Q4 2025. The base is the number to plan around, and it just got 16% smaller.
OBDC pays quarterly. Each point below is one dividend since 2019; recent points show the base-plus-supplemental structure and the 2026 step down.
Loading the latest data…
Each point is one payment; the line ends at the most recent payout. The table below totals them by year.
- Trailing 12 months: $1.44 per share across 5 payments — down 11% from $1.61 in the 12 months before. What a change like that does to your income →
- Current pace: recent payments annualize to $2.04 — 42% above the trailing figure. When those two disagree, the trailing yield is quoting the past. Live cut & raise board →
- Share price, same 12 months: down 21% (dividends excluded) — income and principal are one story. Erosion Index →
- Record: 41 payments over 7 years; the largest single payment was $0.39 (Mar 2020).
- Payment drops ≥20% below trend, last 24 months: 5. Get alerted to the next one →
Every figure above is computed from OBDC's actual payment record and share-price history as of the date shown — not copied from a fact sheet. Recomputed regularly; the chart above always shows the live data.
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| Recent Ex-Dividend Dates | Dividend / Share |
|---|
"Next expected" is estimated from OBDC's recent payment rhythm — the fund announces exact dates shortly before each payout, and the data feed can lag a few days. You must own shares before the ex-dividend date to receive that payout; the cash typically arrives days later. See every fund's upcoming date on the live dividend calendar.
A real total-return estimate, assuming every payout was reinvested — including what happened to the share price. Before taxes and fees. Past performance does not predict the future.
OBDC is one of the largest BDCs in existence, and its May 2026 base cut is the clearest statement of what hit the whole sector: falling benchmark rates plus intense competition for loans squeezed the income per dollar lent, and a floating-rate book repriced downward. Management reset the base to 'go-forward earnings power' rather than let coverage erode — a defensible move that still lands as a smaller check.
The sector split of 2026 is the context: cutters (PSEC, PFLT, HRZN, OBDC) versus holders (HTGC, CSWC, MAIN). Overlay any pair on the compare tool.
| Year | Total Dividends / Share | Payments | Change vs Prior Year |
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Data source: Yahoo Finance. Figures are per share; the current year may be partial and figures should be verified against official sources.
Calculated from complete calendar years in the data above. Past results don't guarantee future payments.
When Is OBDC's Next Ex-Dividend Date?
OBDC pays quarterly. The exact date of each payout is announced by the fund only shortly beforehand, so no site can promise the next date — but the live schedule box above shows the most recent ex-dividend date and the expected window for the next one, computed from OBDC's actual payment rhythm. Remember: you must own shares before the ex-dividend date to receive that payout.
Seven Years, One Reset
Blue Owl Capital Corporation (formerly Owl Rock) has paid quarterly since its 2019 listing, building a record of base dividends plus periodic supplementals. The base held at $0.37 through the first quarter of 2026 before the May cut to $0.31. The chart above shows every payment; the year-by-year table shows how supplementals have come and gone.
Why the Biggest Lenders Cut First
Upper-middle-market lending is the most competitive corner of private credit — the loans are large, the borrowers have options, and spreads compress fastest when capital floods in. Combine that with floating-rate income falling alongside benchmark rates, and a base dividend sized for 2023's conditions no longer fits 2026's. OBDC's reset was the sector's loudest acknowledgment of that.
Where OBDC Fits
As the bellwether for large-cap private credit: when its base moves, it says something about the whole market. Model the cut against your own position with the impact calculator; next expected date on the live calendar.
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