10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

 QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the fiscal quarter ended June 30, 2021

 TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Commission File Number 814-01190

OWL ROCK CAPITAL CORPORATION

(Exact name of Registrant as specified in its Charter)


Maryland		47-5402460
(State or other jurisdiction of incorporation or organization)		(I.R.S. Employer Identification No.)

399 Park Avenue, 38th Floor, New York, New York		10022
(Address of principal executive offices)		(Zip Code)

Registrant’s telephone number, including area code: (212) 419-3000

Securities registered pursuant to Section 12(b) of the Act:


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, $0.01 par value per share	ORCC	The New York Stock Exchange

Indicate by check mark whether the Registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. YES  NO 

Indicate by check mark whether the Registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the Registrant was required to submit such files). YES  NO 

Indicate by check mark whether the Registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definition of “large accelerated filer”, “accelerated filer”, “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.


Large accelerated filer		Accelerated filer	

Non-accelerated filer		Small reporting company	

Emerging growth company	

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the Registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). YES  NO 

As of August 4, 2021, the registrant had 392,217,490 shares of common stock, $0.01 par value per share, outstanding.

Table of Contents


		Page
PART I	FINANCIAL INFORMATION
Item 1.	Consolidated Financial Statements	2
	Consolidated Statements of Assets and Liabilities as of June 30, 2021 (Unaudited) and December 31, 2020	2
	Consolidated Statements of Operations for the Three and Six Months Ended June 30, 2021 and 2020 (Unaudited)	3
	Consolidated Schedules of Investments as of June 30, 2021 (Unaudited) and December 31, 2020	4
	Consolidated Statements of Changes in Net Assets for the Three and Six Months Ended June 30, 2021 and 2020 (Unaudited)	38
	Consolidated Statements of Cash Flows for the Six Months Ended June 30, 2021 and 2020 (Unaudited)	39
	Notes to Consolidated Financial Statements (Unaudited)	41
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	86
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	135
Item 4.	Controls and Procedures	136

PART II	OTHER INFORMATION
Item 1.	Legal Proceedings	137
Item 1A.	Risk Factors	138
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	142
Item 3.	Defaults Upon Senior Securities	142
Item 4.	Mine Safety Disclosures	142
Item 5.	Other Information	142
Item 6.	Exhibits	144
Signatures		146

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS

This report contains forward-looking statements that involve substantial risks and uncertainties. Such statements involve known and unknown risks, uncertainties and other factors and undue reliance should not be placed thereon. These forward-looking statements are not historical facts, but rather are based on current expectations, estimates and projections about Owl Rock Capital Corporation (the “Company,” “we” or “our”), our current and prospective portfolio investments, our industry, our beliefs and opinions, and our assumptions. Words such as “anticipates,” “expects,” “intends,” “plans,” “will,” “may,” “continue,” “believes,” “seeks,” “estimates,” “would,” “could,” “should,” “targets,” “projects,” “outlook,” “potential,” “predicts” and variations of these words and similar expressions are intended to identify forward-looking statements. These statements are not guarantees of future performance and are subject to risks, uncertainties and other factors, some of which are beyond our control and difficult to predict and could cause actual results to differ materially from those expressed or forecasted in the forward-looking statements, including without limitation:



an economic downturn could impair our portfolio companies’ ability to continue to operate, which could lead to the loss of some or all of our investments in such portfolio companies;



an economic downturn could disproportionately impact the companies that we intend to target for investment, potentially causing us to experience a decrease in investment opportunities and diminished demand for capital from these companies;



an economic downturn could also impact availability and pricing of our financing and our ability to access the debt and equity capital markets;



a contraction of available credit and/or an inability to access the equity markets could impair our lending and investment activities;



the impact of the novel strain of coronavirus known as “COVID-19” and related changes in base interest rates and significant market volatility on our business, our portfolio companies, our industry and the global economy;



interest rate volatility, including the decommissioning of LIBOR, could adversely affect our results, particularly if we elect to use leverage as part of our investment strategy;



currency fluctuations could adversely affect the results of our investments in foreign companies, particularly to the extent that we receive payments denominated in foreign currency rather than U.S. dollars;



our future operating results;



our business prospects and the prospects of our portfolio companies including our and their ability to achieve our respective objectives as a result of the current COVID-19 pandemic;



the impact of interest and inflation rates on our business prospects and the prospects of our portfolio companies;



our contractual arrangements and relationships with third parties;



the ability of our portfolio companies to achieve their objectives;



competition with other entities and our affiliates for investment opportunities;



the speculative and illiquid nature of our investments;



the use of borrowed money to finance a portion of our investments as well as any estimates regarding potential use of leverage;



the adequacy of our financing sources and working capital;



the loss of key personnel;



the timing of cash flows, if any, from the operations of our portfolio companies;



the ability of Owl Rock Capital Advisors LLC (“the Adviser” or “our Adviser”) to locate suitable investments for us and to monitor and administer our investments;



the ability of the Adviser to attract and retain highly talented professionals;



our ability to qualify for and maintain our tax treatment as a regulated investment company (“RIC”) under Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”), and as a business development company (“BDC”);



the effect of legal, tax and regulatory changes, including the Coronavirus Aid, Relief and Economic Security Act signed into law in December 2020 and the American Rescue Plan Act of 2021, signed into law in March 2021; and



other risks, uncertainties and other factors previously identified in the reports and other documents we have filed with the Securities and Exchange Commission (“SEC”).

Although we believe that the assumptions on which these forward-looking statements are based are reasonable, any of those assumptions could prove to be inaccurate, and as a result, the forward-looking statements based on those assumptions also could be inaccurate. In light of these and other uncertainties, the inclusion of a projection or forward-looking statement in this report should not be regarded as a representation by us that our plans and objectives will be achieved. These forward-looking statements apply only as of the date of this report. Moreover, we assume no duty and do not undertake to update the forward-looking statements. Because we are an investment company, the forward-looking statements and projections contained in this report are excluded from the safe harbor protection provided by Section 21E of the U.S. Securities Exchange Act of 1934, as amended (the “Exchange Act”).

PART I. CONSOLIDATED FINANCIAL INFORMATION

Item 1. Consolidated Financial Statements

Owl Rock Capital Corporation

Consolidated Statements of Assets and Liabilities

(Amounts in thousands, except share and per share amounts)


	June 30, 2021 (Unaudited)			December 31, 2020
Assets
Investments at fair value
Non-controlled, non-affiliated investments (amortized cost of $11,479,200 and $10,653,613, respectively)	$	11,512,119		$	10,569,691
Controlled, affiliated investments (amortized cost of $398,095 and $275,105, respectively)		394,753			272,381
Total investments at fair value (amortized cost of $11,877,295 and $10,928,718, respectively)		11,906,872			10,842,072
Cash (restricted cash of $14,433 and $8,841, respectively)		615,461			347,917
Foreign cash (cost of $11,636 and $9,641, respectively)		11,783			9,994
Interest receivable		69,044			57,108
Receivable for investments sold		—			6,316
Receivable from a controlled affiliate		3,974			2,347
Prepaid expenses and other assets		28,292			38,603
Total Assets	$	12,635,426		$	11,304,357
Liabilities
Debt (net of unamortized debt issuance costs of $106,743 and $91,085, respectively)	$	6,383,737		$	5,292,722
Distribution payable		121,587			152,087
Management fee payable		44,005			35,936
Incentive fee payable		25,270			19,070
Payables to affiliates		4,614			6,527
Payables for investments purchased		140,076			—
Accrued expenses and other liabilities		73,873			51,581
Total Liabilities		6,793,162			5,557,923
Commitments and contingencies (Note 7)
Net Assets
Common shares $0.01 par value, 500,000,000 shares authorized; 392,217,490 and 389,966,688 shares issued and outstanding, respectively		3,922			3,900
Additional paid-in-capital		5,971,684			5,940,979
Total distributable earnings (losses)		(133,342	)		(198,445	)
Total Net Assets		5,842,264			5,746,434
Total Liabilities and Net Assets	$	12,635,426		$	11,304,357
Net Asset Value Per Share	$	14.90		$	14.74

The accompanying notes are an integral part of these consolidated financial statements.

Owl Rock Capital Corporation

Consolidated Statements of Operations

(Amounts in thousands, except share and per share amounts)

(Unaudited)


	For the Three Months Ended June 30,						For the Six Months Ended June 30,
	2021			2020			2021			2020
Investment Income
Investment income from non-controlled, non-affiliated investments:
Interest income	$	233,316		$	183,246		$	444,348		$	381,639
Dividend Income		5,765			920			9,324			920
Other income		4,463			3,815			7,617			7,966
Total investment income from non-controlled, non-affiliated investments		243,544			187,981			461,289			390,525
Investment income from controlled, affiliated investments:
Interest income		1,338			—			2,641			—
Dividend income		3,973			2,261			6,341			4,449
Other Income		160			—			317			—
Total investment income from controlled, affiliated investments		5,471			2,261			9,299			4,449
Total Investment Income		249,015			190,242			470,588			394,974
Expenses
Interest expense		54,445			39,185			102,521			73,142
Management fee		44,007			34,602			86,117			68,392
Performance based incentive fees		25,270			22,603			47,045			48,198
Professional fees		3,349			3,300			7,117			6,452
Directors' fees		274			221			518			454
Other general and administrative		2,344			1,741			4,162			3,905
Total Operating Expenses		129,689			101,652			247,480			200,543
Management and incentive fees waived (Note 3)		—			(39,904	)		—			(82,394	)
Net Operating Expenses		129,689			61,748			247,480			118,149
Net Investment Income (Loss) Before Taxes		119,326			128,494			223,108			276,825
Income tax expense (benefit), including excise tax expense (benefit)		197			(668	)		1,324			1,407
Net Investment Income (Loss) After Taxes	$	119,129		$	129,162		$	221,784		$	275,418
Net Realized and Change in Unrealized Gain (Loss)
Net change in unrealized gain (loss):
Non-controlled, non-affiliated investments	$	62,407		$	167,515		$	119,486		$	(276,620	)
Income tax (provision) benefit		(1,589	)		—			(4,222	)		—
Controlled affiliated investments		(1,483	)		6,748			(618	)		(8,151	)
Translation of assets and liabilities in foreign currencies		(488	)		205			(2,920	)		124
Total Net Change in Unrealized Gain (Loss)		58,847			174,468			111,726			(284,647	)
Net realized gain (loss):
Non-controlled, non-affiliated investments		(27,828	)		—			(26,674	)		348
Foreign currency transactions		32			(11	)		1,189			(90	)
Total Net Realized Gain (Loss)		(27,796	)		(11	)		(25,485	)		258
Total Net Realized and Change in Unrealized Gain (Loss)		31,051			174,457			86,241			(284,389	)
Net Increase (Decrease) in Net Assets Resulting from Operations	$	150,180		$	303,619		$	308,025		$	(8,971	)
Earnings Per Share - Basic and Diluted	$	0.38		$	0.79		$	0.79		$	(0.02	)
Weighted Average Shares Outstanding - Basic and Diluted		391,832,048			385,469,952			391,475,389			389,455,832

The accompanying notes are an integral part of these consolidated financial statements.

Owl Rock Capital Corporation

Consolidated Schedule of Investments

As of June 30, 2021

(Amounts in thousands, except share amounts)

(Unaudited)


Company(1)(2)(17)	Investment	Interest	Maturity Date	Par / Units		Amortized Cost(3)(27)			Fair Value			Percentage of Net Assets
Non-controlled/non-affiliated portfolio company investments
Debt Investments
Aerospace and defense
Aviation Solutions Midco, LLC (dba STS Aviation)(4)(6)(24)	First lien senior secured loan	L + 8.25%	1/3/2025		215,628		212,969			191,908			3.3	%
Peraton Corp.(4)(5)(24)	Second lien senior secured loan	L + 7.75%	2/1/2029		47,500		46,803			46,788			0.8	%
Valence Surface Technologies LLC(4)(7)(24)	First lien senior secured loan	L + 6.75% (incl. 1.00% PIK)	6/28/2025		121,820		120,516			111,466			1.9	%
Valence Surface Technologies LLC(4)(6)(16)(24)	First lien senior secured revolving loan	L + 6.75% (incl. 1.00% PIK)	6/28/2025		6,003		5,903			5,152			0.1	%
					390,951		386,191			355,314			6.1	%
Buildings and real estate
Associations, Inc.(4)(6)(24)	First lien senior secured loan	L + 7.00% (incl. 3.00% PIK)	7/30/2024		311,239		308,847			311,239			5.3	%
Associations, Inc.(4)(6)(16)(19)(24)	First lien senior secured delayed draw term loan	L + 7.00% (incl. 3.00% PIK)	7/30/2021		60,069		59,699			60,065			1.0	%
Associations, Inc.(4)(6)(24)	First lien senior secured revolving loan	L + 6.00%	7/30/2024		11,543		11,469			11,543			0.2	%
Dodge Data & Analytics LLC(4)(9)(24)	First lien senior secured loan	P + 6.50%	4/14/2026		32,725		32,092			32,070			0.5	%
Dodge Data & Analytics LLC(4)(16)(18)(24)	First lien senior secured revolving loan	L + 7.50%	4/14/2026		-		(36	)		(38	)		—	%
REALPAGE, INC.(4)(5)(24)	Second lien senior secured loan	L + 6.50%	4/23/2029		34,500		33,993			33,983			0.6	%
Reef Global, Inc. (fka Cheese Acquisition, LLC)(4)(7)(24)	First lien senior secured loan	L + 6.00% (incl. 1.25% PIK)	11/28/2024		134,373		133,369			128,326			2.2	%
Imperial Parking Canada(4)(8)(24)	First lien senior secured loan	C + 6.00% (incl. 1.25% PIK)	11/28/2024		28,528		26,618			27,244			0.5	%
Reef Global, Inc. (fka Cheese Acquisition, LLC)(4)(5)(16)(24)	First lien senior secured revolving loan	L + 4.75%	11/28/2023		10,987		10,937			10,251			0.2	%
					623,964		616,988			614,683			10.5	%

Owl Rock Capital Corporation

Consolidated Schedule of Investments

As of June 30, 2021

(Amounts in thousands, except share amounts)

(Unaudited)


Company(1)(2)(17)	Investment	Interest	Maturity Date	Par / Units		Amortized Cost(3)(27)			Fair Value			Percentage of Net Assets
Business services
Access CIG, LLC(4)(5)(24)	Second lien senior secured loan	L + 7.75%	2/27/2026		58,760		58,300			58,319			1.0	%
CIBT Global, Inc.(4)(9)(24)	First lien senior secured loan	P + 4.25% (incl. 3.25% PIK)	6/3/2024		841		614			614			—	%
CIBT Global, Inc.(4)(6)(24)(29)	Second lien senior secured loan	L + 7.75% (incl. 6.75% PIK)	12/1/2025		63,678		26,745			26,745			0.5	%
ConnectWise, LLC(4)(5)(24)	First lien senior secured loan	L + 5.25%	2/28/2025		177,747		176,259			177,747			3.0	%
ConnectWise, LLC(4)(5)(16)(24)	First lien senior secured revolving loan	L + 5.25%	2/28/2025		1,250		1,094			1,250			—	%
Entertainment Benefits Group, LLC(4)(6)(24)	First lien senior secured loan	L + 8.25% (incl. 2.50% PIK)	9/30/2025		82,411		81,512			74,994			1.3	%
Entertainment Benefits Group, LLC(4)(6)(16)(24)	First lien senior secured revolving loan	L + 8.25% (incl. 2.50% PIK)	9/30/2024		9,896		9,788			8,888			0.2	%
Hercules Borrower, LLC (dba The Vincit Group)(4)(6)(24)	First lien senior secured loan	L + 6.50%	12/15/2026		179,593		177,096			178,246			3.1	%
Hercules Borrower, LLC (dba The Vincit Group)(4)(16)(18)(24)	First lien senior secured revolving loan	L + 6.50%	12/15/2026		-		(285	)		(157	)		—	%
Hercules Buyer, LLC (dba The Vincit Group)(24)(26)(30)	Unsecured notes	0.48% PIK	12/14/2029		5,112		5,112			5,112			0.1	%
Vestcom Parent Holdings, Inc.(4)(5)(24)	Second lien senior secured loan	L + 8.00%	12/19/2024		78,987		78,392			78,987			1.4	%
					658,275		614,627			610,745			10.6	%
Chemicals
Aruba Investments Holdings LLC (dba Angus Chemical Company)(4)(7)(24)	Second lien senior secured loan	L + 7.75%	11/24/2028		10,000		9,860			9,950			0.2	%
Douglas Products and Packaging Company LLC(4)(6)(24)	First lien senior secured loan	L + 5.75%	10/19/2022		97,436		97,139			96,219			1.6	%
Douglas Products and Packaging Company LLC(4)(9)(16)(24)	First lien senior secured revolving loan	P + 4.75%	10/19/2022		6,964		6,943			6,850			0.1	%
Gaylord Chemical Company, L.L.C(4)(6)(24)	First lien senior secured loan	L + 6.00%	3/30/2027		153,414		151,933			151,880			2.6	%
Gaylord Chemical Company, L.L.C(4)(16)(18)(24)	First lien senior secured revolving loan	L + 6.00%	3/30/2026		-		(125	)		(132	)		—	%
Innovative Water Care Global Corporation(4)(6)(24)	First lien senior secured loan	L + 5.00%	2/27/2026		146,625		139,174			142,226			2.4	%
Velocity HoldCo III Inc. (dba Velocity EHS)(4)(6)(24)	First lien senior secured loan	L + 5.75%	4/22/2027		22,327		21,838			21,825			0.4	%
Velocity HoldCo III Inc. (dba Velocity EHS)(4)(16)(18)(24)	First lien senior secured revolving loan	L + 5.75%	4/22/2026		-		(29	)		(30	)		—	%
					436,766		426,733			428,788			7.3	%

Owl Rock Capital Corporation

Consolidated Schedule of Investments

As of June 30, 2021

(Amounts in thousands, except share amounts)

(Unaudited)


Company(1)(2)(17)	Investment	Interest	Maturity Date	Par / Units		Amortized Cost(3)(27)			Fair Value			Percentage of Net Assets
Consumer products
Conair Holdings, LLC(4)(6)(24)	Second lien senior secured loan	L + 7.50%	5/17/2029		187,500		186,109			186,094			3.2	%
Feradyne Outdoors, LLC(4)(6)(24)	First lien senior secured loan	L + 6.25%	5/25/2023		88,400		88,013			88,400			1.5	%
WU Holdco, Inc. (dba Weiman Products, LLC)(4)(6)(24)	First lien senior secured loan	L + 5.25%	3/26/2026		215,216		211,793			214,678			3.7	%
WU Holdco, Inc. (dba Weiman Products, LLC)(4)(16)(18)(19)(24)	First lien senior secured delayed draw term loan	L + 5.25%	5/21/2022		-		(145	)		-			—	%
WU Holdco, Inc. (dba Weiman Products, LLC)(4)(6)(16)(24)	First lien senior secured revolving loan	L + 5.25%	3/26/2025		8,066		7,797			8,018			0.1	%
					499,182		493,567			497,190			8.5	%
Containers and packaging
Pregis Topco LLC(4)(5)(22)(24)	First lien senior secured loan	L + 4.00%	7/31/2026		859		818			858			—	%
Pregis Topco LLC(4)(5)(24)	Second lien senior secured loan	L + 8.00%	7/30/2027		215,033		211,448			215,033			3.7	%
					215,892		212,266			215,891			3.7	%
Distribution
ABB/Con-cise Optical Group LLC(4)(7)	First lien senior secured loan	L + 5.00%	6/15/2023		75,225		74,766			72,216			1.2	%
ABB/Con-cise Optical Group LLC(4)(7)	Second lien senior secured loan	L + 9.00%	6/17/2024		25,000		24,653			23,250			0.4	%
Aramsco, Inc.(4)(5)(24)	First lien senior secured loan	L + 5.25%	8/28/2024		56,188		55,391			56,188			1.0	%
Aramsco, Inc.(4)(16)(18)(24)	First lien senior secured revolving loan	L + 5.25%	8/28/2024		-		(110	)		-			—	%
Endries Acquisition, Inc.(4)(7)(24)	First lien senior secured loan	L + 6.25%	12/10/2025		201,191		198,771			199,178			3.4	%
Endries Acquisition, Inc.(4)(16)(18)(24)	First lien senior secured revolving loan	L + 6.25%	12/10/2024		-		(271	)		(270	)		—	%
Individual Foodservice Holdings, LLC(4)(7)(24)	First lien senior secured loan	L + 6.25%	11/22/2025		141,578		139,295			140,516			2.4	%
Individual Foodservice Holdings, LLC(4)(7)(16)(19)(24)	First lien senior secured delayed draw term loan	L + 6.25%	6/30/2022		13,629		13,075			13,365			0.2	%
Individual Foodservice Holdings, LLC(4)(5)(16)(24)	First lien senior secured revolving loan	L + 6.25%	11/22/2024		1,917		1,601			1,755			—	%
JM Swank, LLC(4)(6)	First lien senior secured loan	L + 7.50%	7/25/2022		114,362		113,810			114,362			2.0	%

Owl Rock Capital Corporation

Consolidated Schedule of Investments

As of June 30, 2021

(Amounts in thousands, except share amounts)

(Unaudited)


Company(1)(2)(17)	Investment	Interest	Maturity Date	Par / Units		Amortized Cost(3)(27)			Fair Value			Percentage of Net Assets
Offen, Inc.(4)(5)(24)	First lien senior secured loan	L + 5.00%	6/22/2026		19,682		19,535			19,387			0.3	%
QC Supply, LLC(4)(5)(29)	First lien senior secured loan	L + 7.00% (incl. 1.00% PIK)	12/29/2022		34,484		34,199			24,829			0.4	%
QC Supply, LLC(4)(5)(16)(29)	First lien senior secured revolving loan	L + 7.00%	12/29/2021		3,819		3,804			2,427			—	%
					687,075		678,519			667,203			11.3	%
Education
Instructure, Inc.(4)(5)(24)	First lien senior secured loan	L + 5.50%	3/24/2026		79,461		78,361			79,461			1.4	%
Instructure, Inc.(4)(16)(18)(24)	First lien senior secured revolving loan	L + 5.50%	3/24/2026		-		(55	)		-			—	%
Learning Care Group (US) No. 2 Inc.(4)(7)(24)	Second lien senior secured loan	L + 7.50%	3/13/2026		26,967		26,634			25,821			0.4	%
Pluralsight, LLC(4)(7)(24)	First lien senior secured loan	L + 8.00%	4/6/2027		73,265		72,554			72,386			1.2	%
Pluralsight, LLC(4)(16)(18)(24)	First lien senior secured revolving loan	L + 8.00%	4/6/2027		-		(60	)		(75	)		—	%
Severin Acquisition, LLC (dba PowerSchool)(4)(5)(24)	Second lien senior secured loan	L + 6.75%	8/3/2026		87,000		86,492			87,000			1.5	%
TSB Purchaser, Inc. (dba Teaching Strategies, Inc.)(4)(6)(24)	First lien senior secured loan	L + 6.00%	5/14/2024		61,266		60,448			61,112			1.0	%
TSB Purchaser, Inc. (dba Teaching Strategies, Inc.)(4)(16)(18)(24)	First lien senior secured revolving loan	L + 6.00%	5/14/2024		-		(51	)		(11	)		—	%
					327,959		324,323			325,694			5.5	%
Energy equipment and services
Liberty Oilfield Services LLC(4)(5)(20)(24)	First lien senior secured loan	L + 7.63%	9/19/2022		13,648		13,577			13,648			0.2	%
					13,648		13,577			13,648			0.2	%
Financial services
AxiomSL Group, Inc.(4)(6)(24)	First lien senior secured loan	L + 6.50%	12/3/2027		78,266		77,167			77,875			1.3	%
AxiomSL Group, Inc.(4)(16)(18)(24)	First lien senior secured revolving loan	L + 6.50%	12/3/2025		-		(124	)		(47	)		—	%
Blackhawk Network Holdings, Inc.(4)(5)(24)	Second lien senior secured loan	L + 7.00%	6/15/2026		106,400		105,703			105,336			1.8	%

Owl Rock Capital Corporation

Consolidated Schedule of Investments

As of June 30, 2021

(Amounts in thousands, except share amounts)

(Unaudited)


Company(1)(2)(17)	Investment	Interest	Maturity Date	Par / Units		Amortized Cost(3)(27)			Fair Value			Percentage of Net Assets
Blend Labs, Inc.(4)(6)(24)	First lien senior secured loan	L + 7.50%	7/1/2026		67,500		65,850			65,948			1.1	%
Blend Labs, Inc.(4)(16)(18)(24)	First lien senior secured revolving loan	L + 7.50%	7/1/2026		-		(75	)		(173	)		—	%
Hg Genesis 8 Sumoco Limited(4)(12)(20)(24)	Unsecured facility	G + 6.00% PIK	8/28/2025		45,980		43,915			46,785			0.8	%
Hg Saturn Luchaco Limited(4)(12)(20)(24)	Unsecured facility	G + 7.50% PIK	3/30/2026		131,238		130,219			132,222			2.3	%
NMI Acquisitionco, Inc. (dba Network Merchants)(4)(5)(24)	First lien senior secured loan	L + 5.50%	9/6/2023		35,498		35,114			35,320			0.6	%
NMI Acquisitionco, Inc. (dba Network Merchants)(4)(16)(18)(24)	First lien senior secured revolving loan	L + 5.50%	9/6/2023		-		(5	)		(3	)		—	%
					464,882		457,764			463,263			7.9	%
Food and beverage
BP Veraison Holdings, LLC (dba Sun World)(4)(6)(24)	First lien senior secured loan	L + 5.75%	5/12/2027		69,730		68,878			68,858			1.2	%
BP Veraison Holdings, LLC (dba Sun World)(4)(16)(18)(19)(24)	First lien senior secured delayed draw term loan	L + 5.75%	5/12/2023		-		(35	)		(36	)		—	%
BP Veraison Holdings, LLC (dba Sun World)(4)(16)(18)(24)	First lien senior secured revolving loan	L + 5.75%	5/12/2027		-		(106	)		(109	)		—	%
H-Food Holdings, LLC(4)(5)(24)	Second lien senior secured loan	L + 7.00%	3/2/2026		121,800		119,725			121,800			2.1	%
Hometown Food Company(4)(5)(24)	First lien senior secured loan	L + 5.00%	8/31/2023		19,968		19,780			19,968			0.3	%
Hometown Food Company(4)(16)(18)(24)	First lien senior secured revolving loan	L + 5.00%	8/31/2023		-		(37	)		-			—	%
Manna Development Group, LLC(4)(5)(24)	First lien senior secured loan	L + 6.75%	10/24/2022		51,150		50,907			50,639			0.9	%
Manna Development Group, LLC(4)(5)(24)	First lien senior secured revolving loan	L + 6.75%	10/24/2022		3,103		3,067			3,072			0.1	%
Nellson Nutraceutical, LLC(4)(6)(24)	First lien senior secured loan	L + 5.25%	12/23/2023		27,425		26,565			26,740			0.5	%
Nutraceutical International Corporation(4)(5)(24)	First lien senior secured loan	L + 7.00%	9/30/2026		214,539		211,656			213,466			3.7	%
Nutraceutical International Corporation(4)(16)(18)(24)	First lien senior secured revolving loan	L + 7.00%	9/30/2025		-		(173	)		(68	)		—	%
Recipe Acquisition Corp. (dba Roland Corporation)(4)(6)	Second lien senior secured loan	L + 9.00%	12/1/2022		32,000		31,826			25,920			0.4	%

Owl Rock Capital Corporation

Consolidated Schedule of Investments

As of June 30, 2021

(Amounts in thousands, except share amounts)

(Unaudited)


Company(1)(2)(17)	Investment	Interest	Maturity Date	Par / Units		Amortized Cost(3)(27)			Fair Value			Percentage of Net Assets
Sara Lee Frozen Bakery, LLC (fka KSLB Holdings, LLC)(4)(5)(24)	First lien senior secured loan	L + 4.50%	7/30/2025		44,087		43,541			42,213			0.7	%
Sara Lee Frozen Bakery, LLC (fka KSLB Holdings, LLC)(4)(5)(16)(24)	First lien senior secured revolving loan	L + 4.50%	7/30/2023		8,039		7,957			7,657			0.1	%
Shearer's Foods, LLC(4)(5)(24)	Second lien senior secured loan	L + 7.75%	9/22/2028		120,000		118,883			120,000			2.1	%
Sovos Brands Intermediate, Inc.(4)(6)(24)	Second lien senior secured loan	L + 8.00%	6/8/2029		56,000		55,443			55,440			0.9	%
Tall Tree Foods, Inc.(4)(5)	First lien senior secured loan	L + 7.25%	8/12/2022		47,984		47,884			48,344			0.8	%
Ultimate Baked Goods Midco, LLC(4)(5)(24)	First lien senior secured loan	L + 4.00%	8/11/2025		26,325		25,950			26,325			0.5	%
Ultimate Baked Goods Midco, LLC(4)(5)(16)(24)	First lien senior secured revolving loan	L + 4.00%	8/9/2023		1,398		1,349			1,398			—	%
					843,548		833,060			831,627			14.3	%
Healthcare equipment and services
Nelipak Holding Company(4)(6)(24)	First lien senior secured loan	L + 4.25%	7/2/2026		47,280		46,565			46,333			0.8	%
Nelipak Holding Company(4)(6)(16)(24)	First lien senior secured revolving loan	L + 4.25%	7/2/2024		4,422		4,333			4,275			0.1	%
Nelipak Holding Company(4)(16)(18)(24)	First lien senior secured revolving loan	L + 4.50%	7/2/2024		-		(276	)		(157	)		—	%
Nelipak Holding Company(4)(6)(24)	Second lien senior secured loan	L + 8.25%	7/2/2027		67,006		66,185			65,666			1.1	%
Nelipak Holding Company(4)(10)(24)	Second lien senior secured loan	E + 8.50%	7/2/2027		71,273		66,440			69,135			1.2	%
Packaging Coordinators Midco, Inc.(4)(7)(24)	Second lien senior secured loan	L + 8.00%	11/30/2028		195,044		191,343			192,605			3.3	%
Patriot Acquisition TopCo S.A.R.L (dba Corza Health, Inc.)(4)(7)(24)	First lien senior secured loan	L + 6.75%	1/29/2028		132,144		129,944			130,163			2.2	%
Patriot Acquisition TopCo S.A.R.L (dba Corza Health, Inc.)(4)(16)(18)(24)	First lien senior secured revolving loan	L + 6.75%	1/29/2026		-		(257	)		(203	)		—	%
					517,169		504,277			507,817			8.7	%
Healthcare providers and services
Barracuda Dental LLC (dba National Dentex)(4)(6)(24)	First lien senior secured loan	L + 7.00%	10/27/2025		101,441		99,881			100,428			1.7	%
Barracuda Dental LLC (dba National Dentex)(4)(16)(18)(19)(24)	First lien senior secured delayed draw term loan	L + 7.00%	3/31/2022		-		(18	)		-			—	%
Barracuda Dental LLC (dba National Dentex)(4)(6)(16)(24)	First lien senior secured revolving loan	L + 7.00%	10/27/2025		1,405		1,260			1,311			—	%

Owl Rock Capital Corporation

Consolidated Schedule of Investments

As of June 30, 2021

(Amounts in thousands, except share amounts)

(Unaudited)


Company(1)(2)(17)	Investment	Interest	Maturity Date	Par / Units		Amortized Cost(3)(27)			Fair Value			Percentage of Net Assets
Confluent Health, LLC.(4)(5)(24)	First lien senior secured loan	L + 5.00%	6/24/2026		17,640		17,511			17,464			0.3	%
GI CCLS Acquisition LLC (fka GI Chill Acquisition LLC)(4)(6)(24)	Second lien senior secured loan	L + 7.50%	8/6/2026		135,400		134,433			134,723			2.3	%
KS Management Services, L.L.C.(4)(5)(24)	First lien senior secured loan	L + 4.25%	1/9/2026		123,125		121,920			123,125			2.1	%
Premier Imaging, LLC (dba LucidHealth)(4)(5)(24)	First lien senior secured loan	L + 5.75%	1/2/2025		42,998		42,445			42,568			0.7	%
Quva Pharma, Inc.(4)(5)(24)	First lien senior secured loan	L + 5.50%	4/12/2028		40,000		38,830			38,800			0.7	%
Quva Pharma, Inc.(4)(16)(18)(24)	First lien senior secured revolving loan	L + 5.50%	4/10/2026		-		(115	)		(120	)		—	%
Refresh Parent Holdings, Inc.(4)(6)(24)	First lien senior secured loan	L + 6.50%	12/9/2026		89,422		88,183			88,529			1.5	%
Refresh Parent Holdings, Inc.(4)(6)(16)(19)(24)	First lien senior secured delayed draw term loan	L + 6.50%	6/9/2022		21,157		20,749			20,863			0.4	%
Refresh Parent Holdings, Inc.(4)(16)(18)(24)	First lien senior secured revolving loan	L + 6.50%	12/9/2026		-		(147	)		(108	)		—	%
TC Holdings, LLC (dba TrialCard)(4)(6)(24)	First lien senior secured loan	L + 4.50%	11/14/2023		82,897		82,149			82,897			1.4	%
TC Holdings, LLC (dba TrialCard)(4)(16)(18)(24)	First lien senior secured revolving loan	L + 4.50%	11/14/2022		-		(43	)		-			—	%
					655,485		647,038			650,480			11.1	%
Healthcare technology
Bracket Intermediate Holding Corp.(4)(6)(24)	First lien senior secured loan	L + 4.25%	9/5/2025		518		486			517			—	%
Bracket Intermediate Holding Corp.(4)(6)(24)	Second lien senior secured loan	L + 8.13%	9/7/2026		26,250		25,866			26,053			0.4	%
Definitive Healthcare Holdings, LLC(4)(6)(24)	First lien senior secured loan	L + 5.25%	7/16/2026		169,435		168,171			169,435			2.9	%
Definitive Healthcare Holdings, LLC(4)(6)(16)(19)(24)	First lien senior secured delayed draw term loan	L + 5.25%	7/16/2021		6,689		6,460			6,689			0.1	%
Definitive Healthcare Holdings, LLC(4)(16)(18)(24)	First lien senior secured revolving loan	L + 5.25%	7/16/2024		-		(57	)		-			—	%
Intelerad Medical Systems Incorporated (fka 11849573 Canada Inc.)(4)(6)(20)(24)	First lien senior secured loan	L + 6.25%	2/20/2026		90,540		89,579			89,636			1.5	%
Intelerad Medical Systems Incorporated (fka 11849573 Canada Inc.)(4)(6)(16)(19)(20)(24)	First lien senior secured delayed draw term loan	L + 6.25%	8/16/2021		4,000		3,928			3,938			0.1	%
Intelerad Medical Systems Incorporated (fka 11849573 Canada Inc.)(4)(6)(16)(20)(24)	First lien senior secured revolving loan	L + 6.25%	2/20/2026		1,126		1,071			1,070			—	%

Owl Rock Capital Corporation

Consolidated Schedule of Investments

As of June 30, 2021

(Amounts in thousands, except share amounts)

(Unaudited)


Company(1)(2)(17)	Investment	Interest	Maturity Date	Par / Units		Amortized Cost(3)(27)			Fair Value			Percentage of Net Assets
Interoperability Bidco, Inc.(4)(7)(24)	First lien senior secured loan	L + 5.75%	6/25/2026		75,656		74,937			74,143			1.3	%
Interoperability Bidco, Inc.(4)(16)(18)(24)	First lien senior secured revolving loan	L + 5.75%	6/25/2024		-		(30	)		(80	)		—	%
					374,214		370,411			371,401			6.3	%
Household products
HGH Purchaser, Inc. (dba Horizon Services)(4)(6)(24)	First lien senior secured loan	L + 6.25%	11/3/2025		108,781		107,303			107,635			1.8	%
HGH Purchaser, Inc. (dba Horizon Services)(4)(6)(16)(19)(24)	First lien senior secured delayed draw term loan	L + 6.25%	2/10/2023		1,858		1,663			1,621			—	%
HGH Purchaser, Inc. (dba Horizon Services)(4)(6)(16)(24)	First lien senior secured revolving loan	L + 6.25%	11/3/2025		972		867			851			—	%
Walker Edison Furniture Company LLC(4)(6)(24)	First lien senior secured loan	L + 5.75%	3/31/2027		109,725		108,095			108,627			1.9	%
					221,336		217,928			218,734			3.7	%
Human resource support services
The Ultimate Software Group, Inc.(4)(6)(24)	Second lien senior secured loan	L + 6.75%	5/3/2027		1,592		1,579			1,624			—	%
					1,592		1,579			1,624			—	%
Infrastructure and environmental services
FR Arsenal Holdings II Corp. (dba Applied-Cleveland Holdings, Inc.)(4)(7)	First lien senior secured loan	L + 7.50%	9/8/2022		120,077		119,746			114,673			2.0	%
LineStar Integrity Services LLC(4)(7)(24)	First lien senior secured loan	L + 7.25%	2/12/2024		88,398		87,785			76,022			1.3	%
					208,475		207,531			190,695			3.3	%
Insurance
Ardonagh Midco 3 PLC(4)(11)(20)(24)	First lien senior secured loan	E + 7.71% (incl. 2.27% PIK)	7/14/2026		10,710		9,868			10,710			0.2	%
Ardonagh Midco 3 PLC(4)(12)(20)(24)	First lien senior secured loan	G + 7.71% (incl. 2.27% PIK)	7/14/2026		118,510		105,233			118,510			2.0	%
Ardonagh Midco 2 PLC(20)(24)(26)	Unsecured notes	12.75% PIK	1/15/2027		9,896		9,815			10,809			0.2	%

Owl Rock Capital Corporation

Consolidated Schedule of Investments

As of June 30, 2021

(Amounts in thousands, except share amounts)

(Unaudited)


Company(1)(2)(17)	Investment	Interest	Maturity Date	Par / Units		Amortized Cost(3)(27)			Fair Value			Percentage of Net Assets
Evolution BuyerCo, Inc. (dba SIAA)(4)(6)(24)	First lien senior secured loan	L + 6.25%	4/28/2028		122,088		120,383			120,354			2.1	%
Evolution BuyerCo, Inc. (dba SIAA)(4)(16)(18)(19)(24)	First lien senior secured delayed draw term loan	L + 6.25%	4/30/2023		-		(44	)		(45	)		—	%
Evolution BuyerCo, Inc. (dba SIAA)(4)(16)(18)(24)	First lien senior secured revolving loan	L + 6.25%	4/30/2027		-		(148	)		(152	)		—	%
Integrity Marketing Acquisition, LLC(4)(7)(24)	First lien senior secured loan	L + 5.50%	8/27/2025		219,992		217,237			218,893			3.7	%
Integrity Marketing Acquisition, LLC(4)(16)(18)(24)	First lien senior secured revolving loan	L + 5.50%	8/27/2025		-		(154	)		(74	)		—	%
KWOR Acquisition, Inc. (dba Alacrity Solutions)(4)(5)(24)	First lien senior secured loan	L + 4.00%	6/3/2026		22,262		21,729			21,872			0.4	%
KWOR Acquisition, Inc. (dba Alacrity Solutions)(4)(16)(18)(24)	First lien senior secured revolving loan	L + 3.25%	6/3/2024		-		(68	)		(91	)		—	%
KWOR Acquisition, Inc. (dba Alacrity Solutions)(4)(5)(24)	Second lien senior secured loan	L + 7.75%	12/3/2026		62,000		61,241			61,380			1.1	%
Norvax, LLC (dba GoHealth)(4)(6)(24)	First lien senior secured loan	L + 6.50%	9/15/2025		77,770		75,264			78,159			1.3	%
Norvax, LLC (dba GoHealth)(4)(16)(18)(24)	First lien senior secured revolving loan	L + 6.50%	9/13/2024		-		(118	)		-			—	%
Peter C. Foy & Associated Insurance Services, LLC(4)(7)(24)	First lien senior secured loan	L + 6.50%	3/31/2026		174,010		171,761			174,010			3.0	%
Peter C. Foy & Associated Insurance Services, LLC(4)(7)(16)(19)(24)	First lien senior secured delayed draw term loan	L + 6.50%	9/12/2022		9,613		9,372			9,613			0.2	%
Peter C. Foy & Associated Insurance Services, LLC(4)(7)(16)(24)	First lien senior secured revolving loan	L + 6.50%	3/31/2026		2,551		2,442			2,551			—	%
RSC Acquisition, Inc (dba Risk Strategies)(4)(6)(24)	First lien senior secured loan	L + 5.50%	10/30/2026		29,269		28,799			28,976			0.5	%
RSC Acquisition, Inc (dba Risk Strategies)(4)(6)(16)(24)	First lien senior secured revolving loan	L + 5.50%	10/30/2026		327		312			317			—	%
THG Acquisition, LLC (dba Hilb)(4)(6)(24)	First lien senior secured loan	L + 5.75%	12/2/2026		98,240		96,171			96,878			1.7	%
THG Acquisition, LLC (dba Hilb)(4)(6)(16)(19)	First lien senior secured delayed draw term loan	L + 5.75%	12/2/2021		6,275		5,775			6,212			0.1	%
THG Acquisition, LLC (dba Hilb)(4)(16)(18)(24)	First lien senior secured revolving loan	L + 5.75%	12/2/2025		-		(170	)		(129	)		—	%
					963,513		934,700			958,753			16.5	%

Owl Rock Capital Corporation

Consolidated Schedule of Investments

As of June 30, 2021

(Amounts in thousands, except share amounts)

(Unaudited)


Company(1)(2)(17)	Investment	Interest	Maturity Date	Par / Units		Amortized Cost(3)(27)			Fair Value			Percentage of Net Assets
Internet software and services
3ES Innovation Inc. (dba Aucerna)(4)(6)(20)(24)	First lien senior secured loan	L + 6.75%	5/13/2025		61,572		60,958			60,802			1.0	%
3ES Innovation Inc. (dba Aucerna)(4)(16)(18)(20)(24)	First lien senior secured revolving loan	L + 6.75%	5/13/2025		-		(31	)		(49	)		—	%
Accela, Inc.(4)(5)	First lien senior secured loan	L + 4.94% (incl. 1.69% PIK)	9/28/2023		22,277		22,096			22,277			0.4	%
Accela, Inc.(4)(16)	First lien senior secured revolving loan	L + 7.00%	9/28/2023		-		-			-			—	%
Apptio, Inc.(4)(7)(24)	First lien senior secured loan	L + 7.25%	1/10/2025		50,916		50,075			50,916			0.9	%
Apptio, Inc.(4)(7)(16)(24)	First lien senior secured revolving loan	L + 7.25%	1/10/2025		1,112		1,079			1,112			—	%
BCPE Nucleon (DE) SPV, LP(4)(7)(24)	First lien senior secured loan	L + 7.00%	9/24/2026		189,778		187,147			188,354			3.2	%
BCTO BSI Buyer, Inc. (dba Buildertrend)(4)(6)(24)	First lien senior secured loan	L + 7.00%	12/23/2026		44,643		44,227			44,420			0.8	%
BCTO BSI Buyer, Inc. (dba Buildertrend)(4)(16)(18)(24)	First lien senior secured revolving loan	L + 7.00%	12/23/2026		-		(49	)		(27	)		—	%
Centrify Corporation(4)(6)(24)	First lien senior secured loan	L + 6.00%	3/2/2028		67,239		65,613			65,558			1.1	%
Centrify Corporation(4)(16)(18)(24)	First lien senior secured revolving loan	L + 6.00%	3/2/2027		-		(190	)		(170	)		—	%
Delta TopCo, Inc. (dba Infoblox, Inc.)(4)(7)(24)	Second lien senior secured loan	L + 7.25%	12/1/2028		15,000		14,930			15,000			0.3	%
Forescout Technologies, Inc.(4)(6)(24)	First lien senior secured loan	L + 9.50% (incl. 9.50% PIK)	8/17/2026		52,243		51,494			51,982			0.9	%
Forescout Technologies, Inc.(4)(16)(18)(24)	First lien senior secured revolving loan	L + 8.50%	8/18/2025		-		(77	)		(27	)		—	%
Genesis Acquisition Co. (dba Procare Software)(4)(6)(24)	First lien senior secured loan	L + 4.00%	7/31/2024		18,222		18,022			17,539			0.3	%
Genesis Acquisition Co. (dba Procare Software)(4)(6)(24)	First lien senior secured revolving loan	L + 4.00%	7/31/2024		2,637		2,610			2,538			—	%
Granicus, Inc.(4)(5)(24)	First lien senior secured loan	L + 6.25%	1/29/2027		13,041		12,743			12,780			0.2	%
Granicus, Inc.(4)(16)(18)(19)(24)	First lien senior secured delayed draw term loan	L + 6.25%	1/30/2023		-		(33	)		(32	)		—	%
Granicus, Inc.(4)(16)(18)(24)	First lien senior secured revolving loan	L + 6.25%	1/29/2027		-		(27	)		(24	)		—	%

Owl Rock Capital Corporation

Consolidated Schedule of Investments

As of June 30, 2021

(Amounts in thousands, except share amounts)

(Unaudited)


Company(1)(2)(17)	Investment	Interest	Maturity Date	Par / Units		Amortized Cost(3)(27)			Fair Value			Percentage of Net Assets
H&F Opportunities LUX III S.À R.L (dba Checkmarx)(4)(7)(20)(24)	First lien senior secured loan	L + 7.50%	4/16/2026		51,567		50,277			51,567			0.9	%
H&F Opportunities LUX III S.À R.L (dba Checkmarx)(4)(16)(18)(20)(24)	First lien senior secured revolving loan	L + 7.50%	4/16/2026		-		(389	)		-			—	%
Hyland Software, Inc.(4)(5)(24)	Second lien senior secured loan	L + 6.25%	7/7/2025		35,095		35,080			35,211			0.6	%
IQN Holding Corp. (dba Beeline)(4)(7)(24)	First lien senior secured loan	L + 5.50%	8/20/2024		188,984		187,352			188,984			3.2	%
IQN Holding Corp. (dba Beeline)(4)(16)(18)(24)	First lien senior secured revolving loan	L + 5.50%	8/21/2023		-		(145	)		-			—	%
Litera Bidco LLC(4)(5)(24)	First lien senior secured loan	L + 5.88%	5/29/2026		136,296		134,739			136,296			2.3	%
Litera Bidco LLC(4)(5)(16)(19)(24)	First lien senior secured delayed draw term loan	L + 6.00%	10/29/2022		2,008		1,946			2,008			—	%
Litera Bidco LLC(4)(16)(18)(24)	First lien senior secured revolving loan	L + 5.75%	5/30/2025		-		(50	)		-			—	%
MessageBird BidCo B.V.(4)(6)(20)(24)	First lien senior secured loan	L + 6.75%	5/6/2027		77,000		75,331			75,283			1.3	%
MINDBODY, Inc.(4)(7)(24)	First lien senior secured loan	L + 8.50% (incl. 1.50% PIK)	2/14/2025		58,629		58,248			55,844			1.0	%
MINDBODY, Inc.(4)(16)(18)(24)	First lien senior secured revolving loan	L + 7.00%	2/14/2025		-		(37	)		(288	)		—	%
Thunder Purchaser, Inc. (dba Vector Solutions)(4)(6)(24)	First lien senior secured loan	L + 5.75%	6/30/2028		41,518		41,103			41,103			0.7	%
Thunder Purchaser, Inc. (dba Vector Solutions)(4)(16)(19)(24)	First lien senior secured delayed draw term loan	L + 5.75%	6/30/2023		-		-			-			—	%
Thunder Purchaser, Inc. (dba Vector Solutions)(4)(16)(18)(24)	First lien senior secured revolving loan	L + 5.75%	6/30/2027		-		(38	)		(38	)		—	%
Trader Interactive, LLC (fka Dominion Web Solutions, LLC)(4)(5)(24)	First lien senior secured loan	L + 6.00%	6/17/2024		131,880		130,964			131,550			2.3	%
Trader Interactive, LLC (fka Dominion Web Solutions, LLC)(4)(16)(18)(24)	First lien senior secured revolving loan	L + 6.00%	6/15/2023		-		(32	)		(16	)		—	%
					1,261,657		1,244,936			1,250,453			21.4	%
Leisure and entertainment
Troon Golf, L.L.C.(4)(6)(15)(24)	First lien senior secured term loan A and B	L + 5.50% (TLA: L + 3.5%; TLB: L + 5.98%)	3/29/2025		213,248		211,279			213,248			3.7	%
Troon Golf, L.L.C.(4)(16)(18)(24)	First lien senior secured revolving loan	L + 5.50%	3/29/2025		-		(81	)		-			—	%
					213,248		211,198			213,248			3.7	%

Owl Rock Capital Corporation

Consolidated Schedule of Investments

As of June 30, 2021

(Amounts in thousands, except share amounts)

(Unaudited)


Company(1)(2)(17)	Investment	Interest	Maturity Date	Par / Units		Amortized Cost(3)(27)			Fair Value			Percentage of Net Assets
Manufacturing
Gloves Buyer, Inc. (dba Protective Industrial Products)(4)(5)(24)	Second lien senior secured loan	L + 8.25%	12/29/2028		29,250		28,551			28,811			0.5	%
Ideal Tridon Holdings, Inc.(4)(6)(24)	First lien senior secured loan	L + 5.75%	7/31/2024		53,259		52,798			52,860			0.9	%
Ideal Tridon Holdings, Inc.(4)(16)(18)(24)	First lien senior secured revolving loan	L + 5.75%	7/31/2023		-		(30	)		(43	)		—	%
MHE Intermediate Holdings, LLC (dba Material Handling Services)(4)(6)(24)	First lien senior secured loan	L + 5.00%	3/8/2024		23,622		23,492			23,386			0.4	%
PHM Netherlands Midco B.V. (dba Loparex)(4)(6)(24)	First lien senior secured loan	L + 4.50%	7/31/2026		790		737			786			—	%
PHM Netherlands Midco B.V. (dba Loparex)(4)(5)(24)	Second lien senior secured loan	L + 8.75%	8/2/2027		112,000		105,508			109,480			1.9	%
Professional Plumbing Group, Inc.(4)(6)(24)	First lien senior secured loan	L + 6.75%	4/16/2024		51,416		51,054			49,102			0.8	%
Professional Plumbing Group, Inc.(4)(6)(16)(24)	First lien senior secured revolving loan	L + 6.75%	4/16/2023		6,643		6,610			6,085			0.1	%
Safety Products/JHC Acquisition Corp. (dba Justrite Safety Group)(4)(5)(24)	First lien senior secured loan	L + 4.50%	6/28/2026		13,995		13,890			12,875			0.2	%
Sonny's Enterprises LLC(4)(6)(24)	First lien senior secured loan	L + 7.00%	8/5/2026		161,281		158,450			161,280			2.8	%
Sonny's Enterprises LLC(4)(6)(16)(19)(24)	First lien senior secured delayed draw term loan	L + 7.00%	4/30/2022		66,648		65,455			66,648			1.1	%
Sonny's Enterprises LLC(4)(16)(18)(24)	First lien senior secured revolving loan	L + 7.00%	8/5/2025		-		(294	)		-			—	%
					518,904		506,221			511,270			8.7	%
Oil and gas
Black Mountain Sand Eagle Ford LLC(4)(6)(24)	First lien senior secured loan	L + 8.25%	8/17/2022		44,745		44,613			41,390			0.7	%
Project Power Buyer, LLC (dba PEC-Veriforce)(4)(6)(24)	First lien senior secured loan	L + 6.25%	5/14/2026		45,321		44,851			45,209			0.8	%
Project Power Buyer, LLC (dba PEC-Veriforce)(4)(16)(18)(24)	First lien senior secured revolving loan	L + 6.25%	5/14/2025		-		(26	)		(8	)		—	%
Zenith Energy U.S. Logistics Holdings, LLC(4)(6)(24)	First lien senior secured loan	L + 6.00%	12/20/2024		95,365		94,147			94,888			1.6	%
					185,431		183,585			181,479			3.1	%

Owl Rock Capital Corporation

Consolidated Schedule of Investments

As of June 30, 2021

(Amounts in thousands, except share amounts)

(Unaudited)


Company(1)(2)(17)	Investment	Interest	Maturity Date	Par / Units		Amortized Cost(3)(27)			Fair Value			Percentage of Net Assets
Professional services
Amspec Services Inc.(4)(6)(24)	First lien senior secured loan	L + 5.75%	7/2/2024		110,834		109,686			109,172			1.9	%
Amspec Services Inc.(4)(9)(16)(24)	First lien senior secured revolving loan	P + 3.75%	7/2/2024		2,353		2,226			2,136			—	%
DMT Solutions Global Corporation(4)(6)(24)	First lien senior secured loan	L + 7.50%	7/2/2024		55,485		54,237			54,514			0.9	%
GC Agile Holdings Limited (dba Apex Fund Services)(4)(6)(20)(24)	First lien senior secured loan	L + 7.00%	6/15/2025		158,049		156,129			157,655			2.7	%
GC Agile Holdings Limited (dba Apex Fund Services)(4)(6)(16)(20)(24)	First lien senior secured revolving loan	L + 7.00%	6/15/2023		5,193		5,063			5,167			0.1	%
Gerson Lehrman Group, Inc.(4)(7)(24)	First lien senior secured loan	L + 4.75%	12/12/2024		145,155		144,265			145,155			2.5	%
Gerson Lehrman Group, Inc.(4)(16)(18)(24)	First lien senior secured revolving loan	L + 4.75%	12/12/2024		-		(124	)		-			—	%
Relativity ODA LLC(4)(5)(24)	First lien senior secured loan	L + 7.50% PIK	5/12/2027		73,903		72,823			72,795			1.2	%
Relativity ODA LLC(4)(16)(18)(24)	First lien senior secured revolving loan	L + 6.50%	5/12/2027		-		(107	)		(110	)		—	%
					550,972		544,198			546,484			9.3	%
Specialty retail
BIG Buyer, LLC(4)(7)(24)	First lien senior secured loan	L + 6.50%	11/20/2023		60,468		59,653			59,901			1.0	%
BIG Buyer, LLC(4)(16)(18)(19)(24)	First lien senior secured delayed draw term loan	L + 6.50%	4/28/2022		-		(87	)		(37	)		—	%
BIG Buyer, LLC(4)(16)(18)(24)	First lien senior secured revolving loan	L + 6.50%	11/20/2023		-		(57	)		(38	)		—	%
EW Holdco, LLC (dba European Wax)(4)(5)(24)	First lien senior secured loan	L + 5.50%	9/25/2024		70,936		70,517			69,340			1.2	%
Galls, LLC(4)(6)(24)	First lien senior secured loan	L + 6.75% (incl. 0.50% PIK)	1/31/2025		105,005		104,133			97,655			1.7	%
Galls, LLC(4)(6)(16)(24)	First lien senior secured revolving loan	L + 6.75% (incl. 0.50% PIK)	1/31/2024		20,480		20,332			19,001			0.3	%
Milan Laser Holdings LLC(4)(6)(24)	First lien senior secured loan	L + 5.00%	4/27/2027		24,422		24,184			24,177			0.4	%

Owl Rock Capital Corporation

Consolidated Schedule of Investments

As of June 30, 2021

(Amounts in thousands, except share amounts)

(Unaudited)


Company(1)(2)(17)	Investment	Interest	Maturity Date	Par / Units		Amortized Cost(3)(27)			Fair Value			Percentage of Net Assets
Milan Laser Holdings LLC(4)(16)(18)(24)	First lien senior secured revolving loan	L + 5.00%	4/27/2026		-		(20	)		(21	)		—	%
					281,311		278,655			269,978			4.6	%
Telecommunications
Park Place Technologies, LLC(4)(5)(24)	First lien senior secured loan	L + 5.00%	11/10/2027		8,978		8,645			8,820			0.2	%
					8,978		8,645			8,820			0.2	%
Transportation
Lazer Spot G B Holdings, Inc.(4)(6)(24)	First lien senior secured loan	L + 5.75%	12/9/2025		144,797		142,842			144,797			2.5	%
Lazer Spot G B Holdings, Inc.(4)(16)(18)(24)	First lien senior secured revolving loan	L + 5.75%	12/9/2025		-		(343	)		-			—	%
Lytx, Inc.(4)(5)(24)	First lien senior secured loan	L + 6.25%	2/28/2026		53,343		52,604			52,810			0.9	%
Lytx, Inc.(4)(5)(16)(19)(24)	First lien senior secured delayed draw term loan	L + 6.25%	2/28/2023		4,639		4,535			4,451			0.1	%
Motus, LLC and Runzheimer International LLC(4)(6)(13)(24)	First lien senior secured loan	L + 6.36%	1/17/2024		58,976		58,255			58,976			1.0	%
					261,755		257,893			261,034			4.5	%
Total non-controlled/non-affiliated portfolio company debt investments				$	11,386,182	$	11,176,410		$	11,166,316			191.0	%

Equity Investments
Aerospace and defense
Space Exploration Technologies Corp.(24)(25)(31)	Class A Common Stock	N/A	N/A		1,820		766			764			—	%
Space Exploration Technologies Corp.(24)(25)(31)	Class C Common Stock	N/A	N/A		561		236			236			—	%
							1,002			1,000			—	%
Automotive
Metis HoldCo, Inc. (dba Mavis Tire Express Services)(24)(25)(26)	Series A Convertible Preferred Stock	7.00% PIK	N/A		149,692		146,281			146,138			2.5	%
							146,281			146,138			2.5	%
Buildings and real estate
Skyline Holdco B, Inc. (dba Dodge Data & Analytics)(24)(25)(31)	Series A Preferred Stock	N/A	N/A		2,182		3,272			3,272			0.1	%
							3,272			3,272			0.1	%

Owl Rock Capital Corporation

Consolidated Schedule of Investments

As of June 30, 2021

(Amounts in thousands, except share amounts)

(Unaudited)


Company(1)(2)(17)	Investment	Interest	Maturity Date	Par / Units		Amortized Cost(3)(27)		Fair Value		Percentage of Net Assets
Business services
Hercules Buyer, LLC (dba The Vincit Group)(24)(25)(30)(31)	Common Units	N/A	N/A		2,190,000		2,192		2,192		—	%
							2,192		2,192		—	%
Consumer Products
ASP Conair Holdings LP(24)(25)(31)	Class A Units	N/A	N/A		60,714		6,071		6,071		0.1	%
							6,071		6,071		0.1	%
Financial services
Blend Labs, Inc.(24)(25)(31)	Preferred Stock	N/A	N/A		216,953		1,000		1,000		—	%
							1,000		1,000		—	%
Food and beverage
H-Food Holdings, LLC(24)(25)(31)	LLC Interest	N/A	N/A		10,875		10,875		13,334		0.2	%
							10,875		13,334		0.2	%
Healthcare equipment and services
KPCI Holdings, LP(24)(25)(31)	LP Interest	N/A	N/A		25,285		25,285		29,237		0.5	%
Patriot Holdings SCSp (dba Corza Health, Inc.)(24)(25)(26)	Class A Units	8.00% PIK	N/A		96,205		7,223		7,223		0.1	%
Patriot Holdings SCSp (dba Corza Health, Inc.)(24)(25)(31)	Class B Units	N/A	N/A		6,986		-		-		—	%
							32,508		36,460		0.6	%
Healthcare providers and services
Restore OMH Intermediate Holdings, Inc.(24)(25)(26)	Senior Preferred Stock	13.00% PIK	N/A		2,453		23,901		23,925		0.4	%
							23,901		23,925		0.4	%
Insurance
Evolution Parent, LP (dba SIAA)(24)(25)(31)	LP Interest	N/A	N/A		42,838		4,284		4,284		0.1	%
Norvax, LLC (dba GoHealth)(24)(31)(32)	Common Stock	N/A	N/A		1,021,885		5,232		11,455		0.2	%
PCF Holdco, LLC(16)(24)(25)(31)	Class A Units	N/A	9/30/2021		-		19		-		—	%
							9,535		15,739		0.3	%
Internet and software services
MessageBird Holding B.V.(20)(24)(25)(31)	Warrants	N/A	N/A		12,289		753		753		—	%
Thunder Topco L.P. (dba Vector Solutions)(24)(25)(31)	Common Units	N/A	N/A		3,655,416		3,655		3,655		0.1	%
							4,408		4,408		0.1	%

Owl Rock Capital Corporation

Consolidated Schedule of Investments

As of June 30, 2021

(Amounts in thousands, except share amounts)

(Unaudited)


Company(1)(2)(17)	Investment	Interest	Maturity Date	Par / Units		Amortized Cost(3)(27)		Fair Value		Percentage of Net Assets
Manufacturing
Gloves Holdings, LP (dba Protective Industrial Products)(24)(25)(31)	LP Interest	N/A	N/A		3,250		3,250		3,640		0.1	%
Windows Entities(20)(24)(25)(28)	LLC Units	N/A	N/A		31,822		58,495		88,624		1.5	%
							61,745		92,264		1.6	%
Total non-controlled/non-affiliated portfolio company equity investments						$	302,790	$	345,803		5.9	%
Total non-controlled/non-affiliated portfolio company investments						$	11,479,200	$	11,512,119		196.9	%

Controlled/affiliated portfolio company investments
Debt Investments
Advertising and media
Swipe Acquisition Corporation (dba PLI)(4)(6)(21)(24)	First lien senior secured loan	L + 8.00%	6/29/2024		50,044		49,174		49,293		0.8	%
Swipe Acquisition Corporation (dba PLI)(4)(6)(16)(19)(21)(24)	First lien senior secured delayed draw term loan	L + 8.00%	12/31/2021		7,785		7,785		7,468		0.1	%
Swipe Acquisition Corporation (dba PLI)(4)(16)(21)(24)	Letter of Credit	L + 8.00%	6/29/2024		-		3		-		—	%
					57,829		56,962		56,761		0.9	%
Total controlled/affiliated portfolio company debt investments				$	57,829	$	56,962	$	56,761		0.9	%

Equity Investments
Advertising and media
New PLI Holdings, LLC(21)(24)(25)(31)	Class A Common Units	N/A	N/A		86,745		48,007		48,007		0.8	%
							48,007		48,007		0.8	%
Financial services
Wingspire Capital Holdings LLC(16)(21)(23)(25)(31)	LLC Interest	N/A	N/A		123,038		123,038		123,038		2.1	%
							123,038		123,038		2.1	%
Investment funds and vehicles
ORCC Senior Loan Fund LLC (fka Sebago Lake LLC)(14)(20)(21)(23)(25)	LLC Interest	N/A	N/A		170,088		170,088		166,947		2.9	%
							170,088		166,947		2.9	%
Total controlled/affiliated portfolio company equity investments						$	341,133	$	337,992		5.8	%
Total controlled/affiliated portfolio company investments						$	398,095	$	394,753		6.7	%
Total Investments						$	11,877,295	$	11,906,872		203.6	%

Owl Rock Capital Corporation

Consolidated Schedule of Investments

As of June 30, 2021

(Amounts in thousands, except share amounts)

(Unaudited)

Interest Rate Swaps as of June 30, 2021

Company Receives

Company Pays

Maturity Date

Notional Amount

Hedged Instrument

Footnote Reference

Interest rate swap

4.75%

L + 2.545%

12/21/2021

150,000

2023 Notes

Note 6

Interest rate swap

5.25%

L + 2.937%

4/10/2024

400,000

2024 Notes

Note 6

Interest rate swap

2.63%

L + 1.655%

1/15/2027

500,000

2027 Notes

Note 6

Total

1,050,000

________________

(1)

Certain portfolio company investments are subject to contractual restrictions on sales.

(2)

Unless otherwise indicated, all investments are considered Level 3 investments.

(3)

The amortized cost represents the original cost adjusted for the amortization of discounts and premiums, as applicable, on debt investments using the effective interest method.

(4)

Loan contains a variable rate structure and may be subject to an interest rate floor. Variable rate loans bear interest at a rate that may be determined by reference to either the London Interbank Offered Rate (“LIBOR” or “L”, which can include one-, two-, three- or six-month LIBOR), Euro Interbank Offered Rate (“EURIBOR” or “E”, which can include one-, two-, three- or six-month EURIBOR), British pound sterling LIBOR (“GBPLIBOR” or “G”), or an alternate base rate (which can include the Federal Funds Effective Rate or the Prime Rate), at the borrower’s option, and which reset periodically based on the terms of the loan agreement.

(5)

The interest rate on these loans is subject to 1 month LIBOR, which as of June 30, 2021 was 0.10%.

(6)

The interest rate on these loans is subject to 3 month LIBOR, which as of June 30, 2021 was 0.15%.

(7)

The interest rate on these loans is subject to 6 month LIBOR, which as of June 30, 2021 was 0.16%.

(8)

The interest rate on this loan is subject to 6 month Canadian Dollar Offered Rate (“CDOR” or “C”), which as of June 30, 2021 was 0.55%.

(9)

The interest rate on these loans is subject to Prime, which as of June 30, 2021 was 3.25%.

(10)

The interest rate on this loan is subject to 3 month EURIBOR, which as of June 30, 2021 was (0.54)%.

(11)

The interest rate on this loan is subject to 6 month EURIBOR, which as of June 30, 2021 was (0.52)%.

(12)

The interest rate on this loan is subject to 6 month GBPLIBOR, which as of June 30, 2021 was 0.11%.

(13)

The Company may be entitled to receive additional interest as a result of an arrangement with other lenders in the syndication. In exchange for the higher interest rate, the “last-out” portion is at a greater risk of loss.

(14)

Investment measured at net asset value (“NAV”).

(15)

The first lien term loan is comprised of two components: Term Loan A and Term Loan B. The Company’s Term Loan A and Term Loan B principal amounts are $41.3 million and $172.0 million, respectively. Both Term Loan A and Term Loan B have the same maturity date. Interest disclosed reflects the blended rate of the first lien term loan. The Term Loan A represents a ‘first out’ tranche and the Term Loan B represents a ‘last out’ tranche. The ‘first out’ tranche has priority as to the ‘last out’ tranche with respect to payments of principal, interest and any amounts due thereunder.

(16)

Position or portion thereof is an unfunded loan or equity commitment. See Note 7 “Commitments and Contingencies”.

(17)

Unless otherwise indicated, the Company’s portfolio companies are pledged as collateral supporting the amounts outstanding under the Revolving Credit Facility, SPV Asset Facilities and CLOs. See Note 6 “Debt”.

(18)

The negative cost is the result of the capitalized discount being greater than the principal amount outstanding on the loan. The negative fair value is the result of the capitalized discount on the loan.

(19)

The date disclosed represents the commitment period of the unfunded term loan. Upon expiration of the commitment period, the funded portion of the term loan may be subject to a longer maturity date.

(20)

This portfolio company is not a qualifying asset under Section 55(a) of the Investment Company Act of 1940, as amended (the “1940 Act”). Under the 1940 Act, the Company may not acquire any non-qualifying asset unless, at the time such acquisition is made, qualifying assets represent at least 70% of total assets. As of June 30, 2021, non-qualifying assets represented 7.5% of total assets as calculated in accordance with the regulatory requirements.

Owl Rock Capital Corporation

Consolidated Schedule of Investments

As of June 30, 2021

(Amounts in thousands, except share amounts)

(Unaudited)

(21)

As defined in the 1940 Act, the Company is deemed to be both an “Affiliated Person” and has “Control” of this portfolio company as the Company owns more than 25% of the portfolio company’s outstanding voting securities or has the power to exercise control over management or policies of such portfolio company (including through a management agreement). The Company’s investment in affiliates for the six months ended June 30, 2021, were as follows:


($ in thousands)	Fair value as of December 31, 2020		Gross Additions(a)		Gross Reductions(b)			Change in Unrealized Gains (Losses)			Fair value as of June 30, 2021		Interest Income		Dividend Income		Other Income
Controlled Affiliates
ORCC Senior Loan Fund LLC (fka Sebago Lake LLC)(c)	$	105,546	$	75,251	$	(13,000	)	$	(850	)	$	166,947	$	—	$	6,341	$	—
Swipe Acquisition Corporation (dba PLI)		99,297		5,239		—			232			104,768		2,641		—		317
Wingspire Capital Holdings LLC		67,538		127,500		(72,000	)		—			123,038		—		—		—
Total Controlled Affiliates	$	272,381	$	207,990	$	(85,000	)	$	(618	)	$	394,753	$	2,641	$	6,341	$	317

________________

(a)

Gross additions may include increases in the cost basis of investments resulting from new investments, amounts related to payment-in-kind (“PIK”) interest capitalized and added to the principal balance of the respective loans, the accretion of discounts, the exchange of one or more existing investments for one or more new investments and the movement at fair value of an existing portfolio company into this controlled affiliated category from a different category.

(b)

Gross reductions may include decreases in the cost basis of investments resulting from principal collections related to investment repayments and sales, return of capital, the amortization of premiums and the exchange of one or more existing securities for one or more new securities.

(c)

For further description of the Company's investment in ORCC Senior Loan Fund LLC (fka Sebago Lake LLC), see Note 4 "Investments."

(22)

Level 2 investment.

(23)

Investment is not pledged as collateral for the credit facilities.

(24)

Represents co-investment made with the Company’s affiliates in accordance with the terms of the exemptive relief that the Company received from the U.S. Securities and Exchange Commission. See Note 3 “Agreements and Related Party Transactions.”

(25)

Securities acquired in transactions exempt from registration under the Securities Act of 1933, as amended (the “Securities Act”) and may be deemed to be “restricted securities” under the Securities Act. As of June 30, 2021, the aggregate fair value of these securities is $672.3 million or 11.5% of the Company’s net assets. The acquisition dates of the restricted securities are as follows:


Portfolio Company	Investment	Acquisition Date
ASP Conair Holdings LP	Class A Units	May 17, 2021
Blend Labs, Inc.	Preferred Stock	February 24, 2021
Evolution Parent, LP (dba SIAA)	LP Interest	April 30, 2021
Gloves Holdings, LP (dba Protective Industrial Products)	LP Interest	December 29, 2020
H-Food Holdings, LLC	LLC Interest	November 23, 2018
Hercules Buyer, LLC (dba The Vincit Group)	Common Units	December 15, 2020
KPCI Holdings, LP	LP Interest	November 30, 2020
MessageBird Holding B.V.	Warrants	May 5, 2021
Metis HoldCo, Inc. (dba Mavis Tire Express Services)	Series A Convertible Preferred Stock	May 4, 2021
New PLI Holdings, LLC	Class A Common Units	December 23, 2020
ORCC Senior Loan Fund LLC (fka Sebago Lake LLC)*	LLC Interest	June 20, 2017
Patriot Holdings SCSp (dba Corza Health, Inc.)	Class A Units	January 29, 2021
Patriot Holdings SCSp (dba Corza Health, Inc.)	Class B Units	January 29, 2021
PCF Holdco, LLC	Class A Units	March 30, 2021
Restore OMH Intermediate Holdings, Inc.	Senior Preferred Stock	December 9, 2020
Skyline Holdco B, Inc. (dba Dodge Data & Analytics)	Series A Preferred Stock	April 14, 2021
Space Exploration Technologies Corp.	Class A Common Stock	March 25, 2021
Space Exploration Technologies Corp.	Class C Common Stock	March 25, 2021
Thunder Topco L.P. (dba Vector Solutions)	Common Units	June 30, 2021
Windows Entities	LLC Units	January 16, 2020
Wingspire Capital Holdings LLC**	LLC Interest	September 24, 2019

* Refer to Note 4 “Investments – ORCC Senior Loan Fund LLC,” for further information.

** Refer to Note 3 “Agreements and Related Party Transactions – Controlled/Affiliated Portfolio Companies”.

Owl Rock Capital Corporation

Consolidated Schedule of Investments

As of June 30, 2021

(Amounts in thousands, except share amounts)

(Unaudited)

(26)

Contains a fixed-rate structure.

(27)

As of June 30, 2021, the net estimated unrealized loss for U.S. federal income tax purposes was $0.1 billion based on a tax cost basis of $12.0 billion. As of June 30, 2021, the estimated aggregate gross unrealized loss for U.S. federal income tax purposes was $0.2 billion and the estimated aggregate gross unrealized gain for U.S. federal income tax purposes was $0.1 billion.

(28)

Investment represents multiple underlying investments, including Midwest Custom Windows, LLC, Greater Toronto Custom Windows, Corp., Garden State Custom Windows, LLC, Long Island Custom Windows, LLC, Jemico, LLC and Atlanta Custom Windows, LLC. Greater Toronto Custom Windows, Corp. is considered a non-qualifying asset, with a fair value of $6.8 million as of June 30, 2021.

(29)

Loan was on non-accrual status as of June 30, 2021.

(30)

We invest in this portfolio company through underlying blocker entities Hercules Blocker 1 LLC, Hercules Blocker 2 LLC, Hercules Blocker 3 LLC, Hercules Blocker 4 LLC, and Hercules Blocker 5 LLC.

(31)

Investment is non-income producing.

(32)

Level 1 investment.

The accompanying notes are an integral part of these consolidated financial statements.

Owl Rock Capital Corporation

Consolidated Schedule of Investments

As of December 31, 2020

(Amounts in thousands, except share amounts)


Company(1)(2)(17)	Investment	Interest	Maturity Date	Par / Units		Amortized Cost(3)(27)			Fair Value			Percentage of Net Assets
Non-controlled/non-affiliated portfolio company investments
Debt Investments
Advertising and media
IRI Holdings, Inc.(4)(5)(26)	First lien senior secured loan	L + 4.25%	12/1/2025	$	7,130	$	7,076		$	7,058			0.1	%
					7,130		7,076			7,058			0.1	%
Aerospace and defense
Aviation Solutions Midco, LLC (dba STS Aviation)(4)(7)(26)	First lien senior secured loan	L + 9.25% (incl. 9.25% PIK)	1/3/2025		210,719		207,743			183,326			3.2	%
Valence Surface Technologies LLC(4)(8)(26)	First lien senior secured loan	L + 5.75%	6/28/2025		98,500		97,340			90,129			1.6	%
Valence Surface Technologies LLC(4)(7)(19)(21)(26)	First lien senior secured delayed draw term loan	L + 5.75%	6/28/2021		23,820		23,515			21,285			0.4	%
Valence Surface Technologies LLC(4)(19)(20)(26)	First lien senior secured revolving loan	L + 5.75%	6/28/2025		—		(112	)		(850	)		—	%
					333,039		328,486			293,890			5.2	%
Automotive
Mavis Tire Express Services Corp.(4)(7)(24)(26)	First lien senior secured loan	L + 3.25%	3/20/2025		864		813			847			—	%
Mavis Tire Express Services Corp.(4)(7)(26)	Second lien senior secured loan	L + 7.57%	3/20/2026		179,905		177,149			176,776			3.1	%
Mavis Tire Express Services Corp.(4)(19)(20)(21)(26)	Second lien senior secured delayed draw term loan	L + 8.00%	3/20/2021		—		-			(48	)		—	%
					180,769		177,962			177,575			3.1	%
Buildings and real estate
Associations, Inc.(4)(7)(26)	First lien senior secured loan	L + 7.00% (incl. 3.00% PIK)	7/30/2024		307,333		304,807			305,795			5.3	%
Associations, Inc.(4)(7)(19)(21)(26)	First lien senior secured delayed draw term loan	L + 7.00% (incl. 3.00% PIK)	7/30/2021		59,153		58,724			58,849			1.0	%
Associations, Inc.(4)(7)(26)	First lien senior secured revolving loan	L + 6.00%	7/30/2024		11,543		11,457			11,427			0.2	%
Reef Global, Inc. (fka Cheese Acquisition, LLC)(4)(8)(26)	First lien senior secured loan	L + 5.75% (incl. 1.00% PIK)	11/28/2024		134,253		132,953			128,212			2.2	%
Imperial Parking Canada(4)(10)(26)	First lien senior secured loan	C + 6.25% (incl. 1.25% PIK)	11/28/2024		27,749		26,561			26,501			0.5	%
Reef Global, Inc. (fka Cheese Acquisition, LLC)(4)(5)(19)(26)	First lien senior secured revolving loan	L + 4.75%	11/28/2023		10,987		10,893			10,251			0.2	%
Velocity Commercial Capital, LLC(4)(7)(26)	First lien senior secured loan	L + 7.50%	8/29/2024		63,980		63,369			63,181			1.1	%
					614,998		608,764			604,216			10.5	%

Owl Rock Capital Corporation

Consolidated Schedule of Investments

As of December 31, 2020

(Amounts in thousands, except share amounts)


Company(1)(2)(17)	Investment	Interest	Maturity Date	Par / Units		Amortized Cost(3)(27)			Fair Value			Percentage of Net Assets
Business services
Access CIG, LLC(4)(5)(26)	Second lien senior secured loan	L + 7.75%	2/27/2026		58,760		58,260			57,732			1.0	%
CIBT Global, Inc.(4)(7)(26)	First lien senior secured loan	L + 3.75%	6/3/2024		843		660			599			—	%
CIBT Global, Inc.(4)(7)(26)(31)	Second lien senior secured loan	L + 7.75% (incl. 6.75% PIK)	6/2/2025		62,621		57,364			32,563			0.6	%
ConnectWise, LLC(4)(7)(26)	First lien senior secured loan	L + 5.25%	2/28/2025		178,653		176,981			178,653			3.1	%
ConnectWise, LLC(4)(5)(19)(26)	First lien senior secured revolving loan	L + 5.25%	2/28/2025		5,001		4,824			5,001			0.1	%
Entertainment Benefits Group, LLC(4)(7)(26)	First lien senior secured loan	L + 8.25% (incl. 2.50% PIK)	9/30/2025		81,250		80,262			71,500			1.2	%
Entertainment Benefits Group, LLC(4)(7)(19)(26)	First lien senior secured revolving loan	L + 8.25% (incl. 2.50% PIK)	9/30/2024		10,096		9,971			8,752			0.2	%
Hercules Borrower, LLC (dba The Vincit Group)(4)(8)(26)	First lien senior secured loan	L + 6.50%	12/15/2026		180,043		177,358			177,343			3.1	%
Hercules Borrower, LLC (dba The Vincit Group)(4)(19)(20)(26)	First lien senior secured revolving loan	L + 6.50%	12/15/2026		—		(311	)		(314	)		—	%
Hercules Buyer, LLC (dba The Vincit Group)(26)(29)(32)	Unsecured notes	0.48% (inc. 0.48% PIK)	12/14/2029		5,112		5,112			5,112			0.1	%
Vestcom Parent Holdings, Inc.(4)(5)	Second lien senior secured loan	L + 8.00%	12/19/2024		78,987		78,321			78,987			1.4	%
					661,366		648,802			615,928			10.8	%
Chemicals
Aruba Investments Holdings LLC (dba Angus Chemical Company)(4)(8)(26)	Second lien senior secured loan	L + 7.75%	11/24/2028		10,000		9,854			9,850			0.2	%
Douglas Products and Packaging Company LLC(4)(7)(26)	First lien senior secured loan	L + 5.75%	10/19/2022		97,939		97,530			95,980			1.7	%
Douglas Products and Packaging Company LLC(4)(11)(19)(26)	First lien senior secured revolving loan	P + 4.75%	10/19/2022		3,028		3,000			2,846			—	%
Innovative Water Care Global Corporation(4)(7)(26)	First lien senior secured loan	L + 5.00%	2/27/2026		147,375		139,223			129,690			2.3	%
					258,342		249,607			238,366			4.2	%
Consumer products
Feradyne Outdoors, LLC(4)(7)(26)	First lien senior secured loan	L + 6.25%	5/25/2023		88,400		87,920			86,632			1.5	%
WU Holdco, Inc. (dba Weiman Products, LLC)(4)(7)(26)	First lien senior secured loan	L + 5.25%	3/26/2026		158,495		155,981			157,702			2.7	%
WU Holdco, Inc. (dba Weiman Products, LLC)(4)(7)(19)(26)	First lien senior secured revolving loan	L + 5.25%	3/26/2025		3,182		2,986			3,112			0.1	%
					250,077		246,887			247,446			4.3	%

Owl Rock Capital Corporation

Consolidated Schedule of Investments

As of December 31, 2020

(Amounts in thousands, except share amounts)


Company(1)(2)(17)	Investment	Interest	Maturity Date	Par / Units		Amortized Cost(3)(27)			Fair Value			Percentage of Net Assets
Containers and packaging
Pregis Topco LLC(4)(5)(24)(26)	First lien senior secured loan	L + 3.75%	7/31/2026		863		819			859			-	%
Pregis Topco LLC(4)(5)(26)	Second lien senior secured loan	L + 7.75%	7/30/2027		215,033		211,223			213,959			3.6	%
					215,896		212,042			214,818			3.6	%
Distribution
ABB/Con-cise Optical Group LLC(4)(8)	First lien senior secured loan	L + 5.00%	6/15/2023		75,620		75,053			68,815			1.2	%
ABB/Con-cise Optical Group LLC(4)(8)	Second lien senior secured loan	L + 9.00%	6/17/2024		25,000		24,604			21,875			0.4	%
Aramsco, Inc.(4)(5)(26)	First lien senior secured loan	L + 5.25%	8/28/2024		56,477		55,561			55,912			1.0	%
Aramsco, Inc.(4)(19)(20)(26)	First lien senior secured revolving loan	L + 5.25%	8/28/2024		-		(128	)		(84	)		—	%
Endries Acquisition, Inc.(4)(9)(26)	First lien senior secured loan	L + 6.25%	12/10/2025		202,219		199,557			198,680			3.5	%
Endries Acquisition, Inc.(4)(19)(20)(26)	First lien senior secured revolving loan	L + 6.25%	12/10/2024		—		(310	)		(473	)		—	%
Individual Foodservice Holdings, LLC(4)(8)(26)	First lien senior secured loan	L + 6.25%	11/22/2025		156,900		154,129			154,547			2.7	%
Individual Foodservice Holdings, LLC(4)(8)(19)(21)(26)	First lien senior secured delayed draw term loan	L + 6.25%	6/30/2022		12,587		11,912			12,012			0.2	%
Individual Foodservice Holdings, LLC(4)(5)(19)(26)	First lien senior secured revolving loan	L + 6.25%	11/22/2024		5,276		4,877			4,919			0.1	%
Storm Chaser Intermediate II Holding Corporation (dba JM Swank, LLC)(4)(7)	First lien senior secured loan	L + 7.50%	7/25/2022		114,964		114,167			114,676			2.0	%
Offen, Inc.(4)(5)(26)	First lien senior secured loan	L + 5.00%	6/22/2026		19,780		19,620			19,285			0.3	%
QC Supply, LLC(4)(5)	First lien senior secured loan	L + 7.00% (incl. 1.00% PIK)	12/29/2022		34,568		34,248			29,037			0.5	%
QC Supply, LLC(4)(5)(19)	First lien senior secured revolving loan	L + 7.00%	12/29/2021		4,336		4,311			3,541			0.1	%
					707,727		697,601			682,742			12.0	%
Education
Instructure, Inc.(4)(7)(26)	First lien senior secured loan	L + 7.00%	3/24/2026		84,660		83,400			84,660			1.5	%
Instructure, Inc.(4)(19)(20)(26)	First lien senior secured revolving loan	L + 7.00%	3/24/2026		-		(60	)		-			-	%
Learning Care Group (US) No. 2 Inc.(4)(8)(26)	Second lien senior secured loan	L + 7.50%	3/13/2026		26,967		26,606			23,731			0.4	%
Severin Acquisition, LLC (dba PowerSchool)(4)(5)(26)	Second lien senior secured loan	L + 6.75%	8/3/2026		112,000		111,259			109,480			1.9	%

Owl Rock Capital Corporation

Consolidated Schedule of Investments

As of December 31, 2020

(Amounts in thousands, except share amounts)


Company(1)(2)(17)	Investment	Interest	Maturity Date	Par / Units		Amortized Cost(3)(27)			Fair Value			Percentage of Net Assets
TSB Purchaser, Inc. (dba Teaching Strategies, Inc.)(4)(7)(26)	First lien senior secured loan	L + 6.00%	5/14/2024		61,581		60,634			61,120			1.0	%
TSB Purchaser, Inc. (dba Teaching Strategies, Inc.)(4)(19)(20)(26)	First lien senior secured revolving loan	L + 6.00%	5/14/2024		—		(59	)		(32	)		—	%
					285,208		281,780			278,959			4.8	%
Energy equipment and services
Liberty Oilfield Services LLC(4)(5)(22)(26)	First lien senior secured loan	L + 7.63%	9/19/2022		13,759		13,661			13,587			0.2	%
					13,759		13,661			13,587			0.2	%
Financial services
AxiomSL Group, Inc.(4)(7)(26)	First lien senior secured loan	L + 6.50%	12/3/2027		78,659		77,490			77,479			1.3	%
AxiomSL Group, Inc.(4)(19)(20)(26)	First lien senior secured revolving loan	L + 6.50%	12/3/2025		-		(138	)		(140	)		—	%
Blackhawk Network Holdings, Inc.(4)(5)(26)	Second lien senior secured loan	L + 7.00%	6/15/2026		106,400		105,644			99,750			1.7	%
Hg Genesis 8 Sumoco Limited(4)(14)(22)(26)	Unsecured facility	G + 7.50% (incl. 7.50% PIK)	8/28/2025		43,841		42,148			44,499			0.8	%
NMI Acquisitionco, Inc. (dba Network Merchants)(4)(5)(26)	First lien senior secured loan	L + 5.00%	9/6/2022		27,904		27,640			27,625			0.5	%
NMI Acquisitionco, Inc. (dba Network Merchants)(4)(19)(20)(26)	First lien senior secured revolving loan	L + 5.00%	9/6/2022		-		(6	)		(6	)		—	%
					256,804		252,778			249,207			4.3	%
Food and beverage
Caiman Merger Sub LLC (dba City Brewing)(4)(5)(26)	First lien senior secured loan	L + 5.75%	11/3/2025		175,347		173,881			176,224			3.1	%
Caiman Merger Sub LLC (dba City Brewing)(4)(19)(20)(26)	First lien senior secured revolving loan	L + 5.75%	11/1/2024		—		(99	)		-			—	%
CM7 Restaurant Holdings, LLC(4)(5)(26)	First lien senior secured loan	L + 8.00%	5/22/2023		38,507		37,937			37,352			0.7	%
H-Food Holdings, LLC(4)(5)(24)(26)	First lien senior secured loan	L + 4.00%	5/23/2025		12,861		12,768			12,656			0.2	%
H-Food Holdings, LLC(4)(5)(26)	Second lien senior secured loan	L + 7.00%	3/2/2026		121,800		119,542			119,060			2.1	%
Hometown Food Company(4)(5)(26)	First lien senior secured loan	L + 5.00%	8/31/2023		21,388		21,145			21,388			0.4	%
Hometown Food Company(4)(5)(19)(26)	First lien senior secured revolving loan	L + 5.00%	8/31/2023		565		520			565			—	%
Manna Development Group, LLC(4)(5)(26)	First lien senior secured loan	L + 6.75%	10/24/2022		52,764		52,426			49,598			0.9	%
Manna Development Group, LLC(4)(5)(26)	First lien senior secured revolving loan	L + 6.75%	10/24/2022		3,183		3,132			2,992			0.1	%
Nellson Nutraceutical, LLC(4)(7)(26)	First lien senior secured loan	L + 5.25%	12/23/2023		27,498		26,480			26,536			0.5	%

Owl Rock Capital Corporation

Consolidated Schedule of Investments

As of December 31, 2020

(Amounts in thousands, except share amounts)


Company(1)(2)(17)	Investment	Interest	Maturity Date	Par / Units		Amortized Cost(3)(27)			Fair Value			Percentage of Net Assets
Nutraceutical International Corporation(4)(5)(26)	First lien senior secured loan	L + 7.00%	9/30/2026		217,255		214,110			215,083			3.6	%
Nutraceutical International Corporation(4)(19)(20)(26)	First lien senior secured revolving loan	L + 7.00%	9/30/2025		—		(193	)		(136	)		—	%
Recipe Acquisition Corp. (dba Roland Corporation)(4)(7)	Second lien senior secured loan	L + 9.00%	12/1/2022		32,000		31,771			26,560			0.5	%
Sara Lee Frozen Bakery, LLC (fka KSLB Holdings, LLC)(4)(5)(26)	First lien senior secured loan	L + 4.50%	7/30/2025		44,313		43,705			42,430			0.7	%
Sara Lee Frozen Bakery, LLC (fka KSLB Holdings, LLC)(4)(5)(19)(26)	First lien senior secured revolving loan	L + 4.50%	7/30/2023		4,560		4,456			4,178			0.1	%
Shearer's Foods, LLC(4)(7)(26)	Second lien senior secured loan	L + 7.75%	9/22/2028		120,000		118,829			119,400			2.1	%
Tall Tree Foods, Inc.(4)(5)	First lien senior secured loan	L + 7.25%	8/12/2022		48,284		48,103			47,438			0.8	%
Ultimate Baked Goods Midco, LLC(4)(5)(26)	First lien senior secured loan	L + 4.00%	8/11/2025		26,460		26,043			26,064			0.5	%
Ultimate Baked Goods Midco, LLC(4)(5)(19)(26)	First lien senior secured revolving loan	L + 4.00%	8/9/2023		445		385			368			—	%
					947,230		934,941			927,756			16.3	%
Healthcare equipment and services
Nelipak Holding Company(4)(8)(26)	First lien senior secured loan	L + 4.25%	7/2/2026		47,521		46,742			46,333			0.8	%
Nelipak Holding Company(4)(7)(19)(26)	First lien senior secured revolving loan	L + 4.25%	7/2/2024		4,422		4,319			4,238			0.1	%
Nelipak Holding Company(4)(12)(19)(26)	First lien senior secured revolving loan	E + 4.50%	7/2/2024		492		147			290			—	%
Nelipak Holding Company(4)(8)(26)	Second lien senior secured loan	L + 8.25%	7/2/2027		67,006		66,135			65,331			1.1	%
Nelipak Holding Company(4)(12)(26)	Second lien senior secured loan	E + 8.50%	7/2/2027		73,536		66,385			70,595			1.2	%
Packaging Coordinators Midco, Inc.(4)(8)(26)	Second lien senior secured loan	L + 8.25%	11/30/2028		195,044		191,173			191,143			3.3	%
					388,021		374,901			377,930			6.5
Healthcare providers and services
Barracuda Dental LLC (dba National Dentex)(4)(7)(26)	First lien senior secured loan	L + 7.00%	10/27/2025		62,048		60,974			60,937			1.1	%
Barracuda Dental LLC (dba National Dentex)(4)(19)(20)(21)(26)	First lien senior secured delayed draw term loan	L + 7.00%	6/30/2022		-		(105	)		(164	)		—	%
Barracuda Dental LLC (dba National Dentex)(4)(7)(19)(26)	First lien senior secured revolving loan	L + 7.00%	10/27/2025		3,512		3,351			3,344			0.1	%
Confluent Health, LLC.(4)(5)(26)	First lien senior secured loan	L + 5.00%	6/24/2026		17,730		17,589			17,331			0.3	%

Owl Rock Capital Corporation

Consolidated Schedule of Investments

As of December 31, 2020

(Amounts in thousands, except share amounts)


Company(1)(2)(17)	Investment	Interest	Maturity Date	Par / Units		Amortized Cost(3)(27)			Fair Value			Percentage of Net Assets
GI CCLS Acquisition LLC (fka GI Chill Acquisition LLC)(4)(7)(26)	Second lien senior secured loan	L + 7.50%	8/6/2026		135,400		134,357			133,708			2.3	%
KS Management Services, L.L.C.(4)(5)(26)	First lien senior secured loan	L + 4.25%	1/9/2026		123,750		122,422			123,751			2.2	%
Premier Imaging, LLC (dba LucidHealth)(4)(5)(26)	First lien senior secured loan	L + 5.50%	1/2/2025		33,320		32,851			32,737			0.6	%
Refresh Parent Holdings, Inc.(4)(7)(26)	First lien senior secured loan	L + 6.50%	12/9/2026		89,872		88,536			88,524			1.4	%
Refresh Parent Holdings, Inc.(4)(19)(20)(21)(26)	First lien senior secured delayed draw term loan	L + 6.50%	6/9/2022		-		(73	)		(74	)		—	%
Refresh Parent Holdings, Inc.(4)(7)(19)(26)	First lien senior secured revolving loan	L + 6.50%	12/9/2026		3,060		2,900			2,899			0.1	%
TC Holdings, LLC (dba TrialCard)(4)(7)(26)	First lien senior secured loan	L + 4.50%	11/14/2023		83,324		82,427			83,324			1.5	%
TC Holdings, LLC (dba TrialCard)(4)(19)(20)(26)	First lien senior secured revolving loan	L + 4.50%	11/14/2022		—		(58	)		—			—	%
					552,016		545,171			546,317			9.6	%
Healthcare technology
Bracket Intermediate Holding Corp.(4)(7)(26)	First lien senior secured loan	L + 4.25%	9/5/2025		521		485			512			—	%
Bracket Intermediate Holding Corp.(4)(7)(26)	Second lien senior secured loan	L + 8.13%	9/7/2026		26,250		25,838			25,594			0.4	%
Definitive Healthcare Holdings, LLC(4)(7)(26)	First lien senior secured loan	L + 5.50%	7/16/2026		197,734		196,131			195,756			3.4	%
Definitive Healthcare Holdings, LLC(4)(7)(19)(21)(26)	First lien senior secured delayed draw term loan	L + 5.50%	7/16/2021		7,807		7,531			7,728			0.1	%
Definitive Healthcare Holdings, LLC(4)(19)(20)(26)	First lien senior secured revolving loan	L + 5.50%	7/16/2024		—		(77	)		(109	)		—	%
Intelerad Medical Systems Incorporated (fka 11849573 Canada Inc.)(4)(7)(22)(26)	First lien senior secured loan	L + 6.25%	2/20/2026		67,852		67,092			66,834			1.2	%
Intelerad Medical Systems Incorporated(fka 11849573 Canada Inc.)(4)(7)(19)(22)(26)	First lien senior secured revolving loan	L + 6.25%	2/20/2026		1,126		1,066			1,041			—	%
Interoperability Bidco, Inc.(4)(7)(26)	First lien senior secured loan	L + 5.75%	6/25/2026		76,042		75,260			73,571			1.3	%
Interoperability Bidco, Inc.(4)(19)(20)(21)(26)	First lien senior secured delayed draw term loan	L + 5.75%	6/25/2021		—		(8	)		(170	)		—	%
Interoperability Bidco, Inc.(4)(7)(26)	First lien senior secured revolving loan	L + 5.75%	6/25/2024		4,000		3,965			3,870			0.1	%
Project Ruby Ultimate Parent Corp. (dba Wellsky)(4)(5)(26)	First lien senior secured loan	L + 4.25%	2/9/2024		2,906		2,863			2,863			—	%
Project Ruby Ultimate Parent Corp. (dba Wellsky)(4)(5)(26)	Second lien senior secured loan	L + 8.25%	2/9/2025		9,457		9,268			9,268			0.2	%
					393,695		389,414			386,758			6.7	%

Owl Rock Capital Corporation

Consolidated Schedule of Investments

As of December 31, 2020

(Amounts in thousands, except share amounts)


Company(1)(2)(17)	Investment	Interest	Maturity Date	Par / Units		Amortized Cost(3)(27)			Fair Value			Percentage of Net Assets
Household products
Hayward Industries, Inc.(4)(5)(24)(26)	First lien senior secured loan	L + 3.50%	8/5/2024		918		899			906			—	%
Hayward Industries, Inc.(4)(5)(26)	Second lien senior secured loan	L + 8.25%	8/4/2025		52,149		51,458			51,628			0.9	%
HGH Purchaser, Inc. (dba Horizon Services)(4)(7)(26)	First lien senior secured loan	L + 6.75%	11/3/2025		76,982		76,015			74,673			1.3	%
HGH Purchaser, Inc. (dba Horizon Services)(4)(7)(19)(21)(26)	First lien senior secured delayed draw term loan	L + 6.75%	11/1/2021		26,993		26,394			26,090			0.5	%
HGH Purchaser, Inc. (dba Horizon Services)(4)(7)(19)(26)	First lien senior secured revolving loan	L + 6.75%	11/3/2025		972		855			680			—	%
					158,014		155,621			153,977			2.7	%
Human resource support services
The Ultimate Software Group, Inc.(4)(7)(26)	Second lien senior secured loan	L + 6.75%	5/3/2027		1,592		1,578			1,624			—	%
					1,592		1,578			1,624			-	%
Infrastructure and environmental services
FR Arsenal Holdings II Corp. (dba Applied-Cleveland Holdings, Inc.)(4)(7)	First lien senior secured loan	L + 7.50%	9/8/2022		121,900		120,927			115,805			2.0	%
LineStar Integrity Services LLC(4)(8)(26)	First lien senior secured loan	L + 7.25%	2/12/2024		88,851		87,950			78,189			1.4	%
					210,751		208,877			193,994			3.4	%
Insurance
Ardonagh Midco 2 PLC(22)(26)(29)	Unsecured notes	12.75% PIK	1/15/2027		9,300		9,213			9,951			0.2	%
Ardonagh Midco 3 PLC(4)(14)(22)(26)	First lien senior secured loan	G + 8.25% (incl. 2.81% PIK)	7/14/2026		95,791		83,893			95,791			1.7	%
Ardonagh Midco 3 PLC(4)(13)(22)(26)	First lien senior secured loan	E + 8.25% (incl. 2.81% PIK)	7/14/2026		10,924		9,720			10,924			0.2	%
Ardonagh Midco 3 PLC(4)(14)(19)(21)(22)(26)	First lien senior secured delayed draw term loan	G + 8.25% (incl. 2.81% PIK)	7/14/2022		3,390		2,730			3,390			0.1	%
Asurion, LLC(4)(5)(24)(26)	Second lien senior secured loan	L + 6.50%	8/4/2025		50,450		50,235			50,768			0.9	%
Integrity Marketing Acquisition, LLC(4)(8)(26)	First lien senior secured loan	L + 5.75%	8/27/2025		221,109		218,033			217,792			3.8	%
Integrity Marketing Acquisition, LLC(4)(19)(20)(26)	First lien senior secured revolving loan	L + 5.75%	8/27/2025		—		(172	)		(222	)		—	%

Owl Rock Capital Corporation

Consolidated Schedule of Investments

As of December 31, 2020

(Amounts in thousands, except share amounts)

Company(1)(2)(17)

Investment

Interest

Maturity Date

Par / Units

Amortized Cost(3)(27)

Fair Value

Percentage of Net Assets

KWOR Acquisition, Inc. (dba Worley Claims Services)(4)(5)(26)

First lien senior secured loan

L + 4.00%

6/3/2026

20,312

19,780

19,804

0.3

KWOR Acquisition, Inc. (dba Worley Claims Services)(4)(19)(20)(21)(26)

First lien senior secured delayed draw term loan

L + 4.00%