Blue Owl Capital Corporation

Good morning, everyone, and welcome to Blue Owl Capital Corporation's first quarter 2025 earnings call. As a reminder, this call is being recorded. At this time, I'd like to turn the call over to Mike Masticio, head of BDC Investor Relations.

Thank you, Operator, and welcome to Blue Owl Capital Corporation's first quarter 2025 earnings conference call. Yesterday, Blue Owl Capital Corporation issued its earnings release and posted an earnings presentation for the first quarter ended March 31st, 2025. These should be reviewed in connection with the company's 10-Q filed yesterday with the SEC. All materials referenced on today's call, including the earnings press release, earnings presentation, and 10-Q are available on the investor section of the company's website at blueowlcapitalcorporation.com. Joining us on the call today are Craig Packer, Chief Executive Officer, Logan Nicholson, President, and Jonathan Lamb, Chief Financial Officer. I'd like to remind listeners that remarks made during today's call may contain forward-looking statements, which are not guarantees of future performance or results, and involve a number of risks and uncertainties that are outside of the company's control. Actual results may differ materially from those in forward-looking statements as a result of a number of factors, including those described in OBDC's filings with the SEC. The company assumes no obligation to update any forward-looking statements. Certain information discussed on this call and in the company's earnings materials, including information related to portfolio companies, was derived from third-party sources and has not been independently verified. The company makes no such representations or warranties with respect to this information. With that, I'll turn the call over to Craig.

Thanks, Mike. Good morning, everyone, and thank you all for joining us today. We delivered solid first quarter results driven by the ongoing strong performance of our portfolio. As a reminder, we completed the merger between OBD's... ... . . . Thank you. . . . Thank you. Thank you. 🎵 🎵 Thank you. Thank you for watching! and in our view, positions us well to weather potential future volatility or a recession. The majority of our portfolio companies are backed by private equity sponsors, who are skilled operators with significant equity investments in these businesses. This is particularly important during more volatile times, as these sponsors have substantial financial resources, including ample dry powder, to support their investments for extended periods of stress, as we saw during COVID. Additionally, we are a lead or co-lead lender on roughly 90% of deals and administrative agent on approximately 65% of our investments across our platform, which gives us direct access to real-time information on borrower performance. To date, we have not seen any material signs of stress, such as increased revolver borrowings, requests for interest payment modifications, or late interest payments. We also benefit from a strong balance sheet and significant liquidity, supported by diversified and flexible funding sources to allow us to be resilient and invest across all market environments. In summary, we believe our experienced team, defensively constructed portfolio, disciplined underwriting, and highly durable funding model have positioned us to protect our shareholders, regardless of what lies ahead. With that, I'll turn it over to Logan for additional color on portfolio performance.