Blue Owl Capital Corp
OBDC带内1 位超级投资者持有。
SEC 10-K · 基本面
生意质量
截至 2025-12-31- 营收增速
- —
- 净利率
- —
- ROE
- 8.5%
- FCF 利润率
- —
基本面数据不完整，仅供参考。
什么样的生意算优质估值 · 价值带
处于合理价值区间
零增长底
$15
中枢 IV
$8
乐观上沿
$15
Blue Owl Capital Corp（OBDC）：保守价值带 $15 / 股（零增长底到增速封顶的乐观上沿），中枢约 $8。今日价格落在这条带内（价格 $11 截至 2026-07-22）。
中间是主读数；右侧上沿是同一套保守假设下的乐观档，不是绝对上限。
营收增 0%（历史增长与基本面上限的较小值，受护城河封顶） · 护城河 0 年 · 折现 14.6% · 零增长下行 $15
价格截至 2026-07-22 · yahoo · DGS10 4.6% @ 2026-07-21.
方法与数字
Operating income is not reported separately (e.g. banks, insurers, and some diversified issuers), so earnings power is shown via the owner-earnings lens only; the unlevered NOPAT lens does not apply.
现价已等于或低于可重置的有形资产基础（$15 / 股）— 一道更罕见、更硬的地板。
模型警示
- 所有者盈利收益率与 10 年期美债大幅背离（超过 300 个基点）。
保守内在价值带（零增长底到增速封顶的 DCF）加一道有形资产地板 — 非投资建议、非买卖信号、亦非目标价。
所有者盈利 DCF $7.69 – $9.42 · Greenwald 零增长 $14.62 · 零增长基准 $14.62 · 重置 $14.62
护城河 低于资产基础 · 终值占现值 26% · 所有者盈利收益率 11% 对 10Y 4.6%.
Graham earnings-power value (normalized NOPAT)
Operating income is not reported separately (e.g. banks, insurers, and some diversified issuers), so earnings power is shown via the owner-earnings lens only; the unlevered NOPAT lens does not apply.
Normalized NOPAT from operating margin — not applicable when operating income is not reported separately. Unlevered (pre-interest, attributable to all capital). Capitalized at the 9–11% rate band (read as a WACC proxy). Enterprise → equity bridge (+ cash − total debt) — not applied (lens not assessable).
年份：2025, 2024, 2023, 2022, 2021
Buffett owner-earnings value$8.19 – $9.44 / 股
Owner earnings = average net income + average D&A − maintenance capex (zero-growth floor; no ΔNWC). Levered (starts from net income, already after interest — an equity-holder stream). Capitalized at the 13.0–15.0% band (9–11% base + 4.0pp leverage premium). No enterprise→equity bridge: the capitalized result is already equity value (subtracting debt would double-count interest).
年份：2025, 2024, 2023, 2022, 2021
v1 简化：Maintenance capex or D&A unavailable → degraded to normalized net income (= average net income over the years shown). One-time items are not separately normalized (multi-year averaging smooths them partially). Share-based compensation is left as a real expense (not added back); see the SBC/OE disclosure. Capitalized at the 9–11% base band plus a 4.0pp leverage premium (cost of equity rises with leverage — MM Proposition II). Net debt is about 14.1 years of owner earnings, adding 4.0pp of cost-of-equity risk premium.
重置价值 = 有形净资产 $7.40B = $14.62 / 股. Total book value (shareholders' equity ÷ diluted shares); intangibles not separated — goodwill/intangibles unavailable this period.
护城河读数：Franchise test compares earnings power (EPV) against reproduction value (tangible net assets + capitalized R&D). EPV well above reproduction value signals a moat; near it, a commodity; below it, value destruction. Dual reproduction test unavailable (intangibles not separated). A directional reading, not a verdict.
增长价值被闸至零 — 无护城河或 ROIIC ≤ WACC，故不计入增长价值。
窗口 FY 2025, 2024, 2023, 2022, 2021 · 贴现带 9%–11% · 正常化税率 21% (No effective-rate data available; fell back to the statutory 21%.) · 股数 diluted.
基线 9%–11%，净债务约 14.1 年所有者盈利 → 加 4.0 个百分点风险溢价 → 实际 13.0%–15.0%。
所有者盈利 DCF：增长 g₁ 0% · OE FY 2025, 2024, 2023, 2022, 2021 · Discount band: 13.13%–16.00% (DGS10 +4.5% to a 12% strict end, each +4.00pp for leverage premium, as of 2026-07-21). No enterprise→equity bridge: owner earnings already flow to shareholders (post-interest), so no net cash is added and no debt subtracted — matching the engine owner-earnings lamp.
SEC 13F · 持有人
持有该证券的超级投资者
1 位持有 · 合计 $1.2M · 本季 +0 新建 / -1 清仓
- 市值$1.2M权重（上季→本季）0.0% → 0.0% ▼
SEC 13F · 说明
文字说明
文字说明
Blue Owl Capital Corp（OBDC）被 Compounder 追踪的 1 位超级投资者持有，合计申报市值 $1.2M。仓位最大的是 Jeremy Grantham，占其组合 0.0%。
最近一个季度，追踪范围内有 0 位新建 OBDC 仓位，1 位加仓，0 位减仓，1 位清仓。
以上持有人数与市值来自最新的 SEC Form 13F 申报，截至 2026-03-31 季度。来源：SEC EDGAR。13F 仅涵盖美股多头持仓，且可能滞后实际组合最多 45 天，因此这是已披露的多头持有情况，并非完整全貌。
SEC 13F · 共持信号
他们还共同持有
持有 Blue Owl Capital Corp（OBDC）的这些人还共同重仓 →
OBDC 现价不低于保守价值带。 看当前击球区股票
数据来源· SEC EDGAR 13F 截至 2026-03-31 · 2026-05-14 提交
仅供教育与信息参考，不构成投资建议。13F 持仓为机构自行申报，可能滞后最多 45 天。
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