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 September 30, 2021
OR
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 |
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Accelerated filer |
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Non-accelerated filer |
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Small reporting company |
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Emerging growth company |
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|
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 November 3, 2021, the registrant had 393,152,554 shares of common stock, $0.01 par value per share, outstanding.
i
Table of Contents
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Page |
PART I |
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FINANCIAL INFORMATION |
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Item 1. |
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2 |
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2 |
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3 |
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Consolidated Schedules of Investments as of September 30, 2021 (Unaudited) and December 31, 2020 |
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4 |
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40 |
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41 |
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43 |
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Item 2. |
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Management’s Discussion and Analysis of Financial Condition and Results of Operations |
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91 |
Item 3. |
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143 |
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Item 4. |
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144 |
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PART II |
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OTHER INFORMATION |
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Item 1. |
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145 |
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Item 1A. |
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146 |
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Item 2. |
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148 |
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Item 3. |
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148 |
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Item 4. |
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148 |
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Item 5. |
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148 |
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Item 6. |
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149 |
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150 |
ii
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:
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”).
1
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)
|
|
September 30, 2021 |
|
|
December 31, 2020 |
|
||
Assets |
|
|
|
|
|
|
||
Investments at fair value |
|
|
|
|
|
|
||
Non-controlled, non-affiliated investments (amortized cost of $11,547,197 and |
|
$ |
11,584,751 |
|
|
$ |
10,569,691 |
|
Controlled, affiliated investments (amortized cost of $527,704 and $275,105, |
|
|
525,347 |
|
|
|
272,381 |
|
Total investments at fair value (amortized cost of $12,074,901 and $10,928,718, |
|
|
12,110,098 |
|
|
|
10,842,072 |
|
Cash (restricted cash of $14,217 and $8,841, respectively) |
|
|
779,581 |
|
|
|
347,917 |
|
Foreign cash (cost of $15,326 and $9,641, respectively) |
|
|
15,148 |
|
|
|
9,994 |
|
Interest receivable |
|
|
62,377 |
|
|
|
57,108 |
|
Receivable for investments sold |
|
|
77,426 |
|
|
|
6,316 |
|
Receivable from a controlled affiliate |
|
|
4,127 |
|
|
|
2,347 |
|
Prepaid expenses and other assets |
|
|
27,121 |
|
|
|
38,603 |
|
Total Assets |
|
$ |
13,075,878 |
|
|
$ |
11,304,357 |
|
Liabilities |
|
|
|
|
|
|
||
Debt (net of unamortized debt issuance costs of $114,874 and $91,085, respectively) |
|
$ |
6,934,942 |
|
|
$ |
5,292,722 |
|
Distribution payable |
|
|
121,877 |
|
|
|
152,087 |
|
Management fee payable |
|
|
45,583 |
|
|
|
35,936 |
|
Incentive fee payable |
|
|
27,682 |
|
|
|
19,070 |
|
Payables to affiliates |
|
|
5,399 |
|
|
|
6,527 |
|
Accrued expenses and other liabilities |
|
|
63,403 |
|
|
|
51,581 |
|
Total Liabilities |
|
|
7,198,886 |
|
|
|
5,557,923 |
|
Commitments and contingencies (Note 7) |
|
|
|
|
|
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||
Net Assets |
|
|
|
|
|
|
||
Common shares $0.01 par value, 500,000,000 shares authorized; 393,152,554 and |
|
|
3,931 |
|
|
|
3,900 |
|
Additional paid-in-capital |
|
|
5,985,429 |
|
|
|
5,940,979 |
|
Total distributable earnings (losses) |
|
|
(112,368 |
) |
|
|
(198,445 |
) |
Total Net Assets |
|
|
5,876,992 |
|
|
|
5,746,434 |
|
Total Liabilities and Net Assets |
|
$ |
13,075,878 |
|
|
$ |
11,304,357 |
|
Net Asset Value Per Share |
|
$ |
14.95 |
|
|
$ |
14.74 |
|
The accompanying notes are an integral part of these consolidated financial statements.
2
Owl Rock Capital Corporation
Consolidated Statements of Operations
(Amounts in thousands, except share and per share amounts)
(Unaudited)
|
|
For the Three Months Ended September 30, |
|
|
For the Nine Months Ended September 30, |
|
||||||||||
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2021 |
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2020 |
|
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2021 |
|
|
2020 |
|
||||
Investment Income |
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|
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|
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|
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|
||||
Investment income from non-controlled, non-affiliated investments: |
|
|
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|
|
|
|
|
|
|
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|
||||
Interest income |
|
$ |
241,966 |
|
|
$ |
179,597 |
|
|
$ |
686,314 |
|
|
$ |
561,236 |
|
Dividend Income |
|
|
10,600 |
|
|
|
2,688 |
|
|
|
19,924 |
|
|
|
3,608 |
|
Other income |
|
|
7,942 |
|
|
|
2,507 |
|
|
|
15,559 |
|
|
|
10,473 |
|
Total investment income from non-controlled, non-affiliated investments |
|
|
260,508 |
|
|
|
184,792 |
|
|
|
721,797 |
|
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|
575,317 |
|
Investment income from controlled, affiliated investments: |
|
|
|
|
|
|
|
|
|
|
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|
||||
Interest income |
|
|
1,392 |
|
|
|
— |
|
|
|
4,033 |
|
|
|
— |
|
Dividend income |
|
|
7,128 |
|
|
|
2,267 |
|
|
|
13,469 |
|
|
|
6,716 |
|
Other Income |
|
|
163 |
|
|
|
— |
|
|
|
480 |
|
|
|
— |
|
Total investment income from controlled, affiliated investments |
|
|
8,683 |
|
|
|
2,267 |
|
|
|
17,982 |
|
|
|
6,716 |
|
Total Investment Income |
|
|
269,191 |
|
|
|
187,059 |
|
|
|
739,779 |
|
|
|
582,033 |
|
Expenses |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Interest expense |
|
|
56,516 |
|
|
|
37,391 |
|
|
|
159,037 |
|
|
|
110,533 |
|
Management fee |
|
|
45,586 |
|
|
|
36,460 |
|
|
|
131,703 |
|
|
|
104,852 |
|
Performance based incentive fees |
|
|
27,682 |
|
|
|
22,302 |
|
|
|
74,727 |
|
|
|
70,500 |
|
Professional fees |
|
|
3,849 |
|
|
|
3,330 |
|
|
|
10,966 |
|
|
|
9,782 |
|
Directors' fees |
|
|
239 |
|
|
|
179 |
|
|
|
757 |
|
|
|
633 |
|
Other general and administrative |
|
|
3,140 |
|
|
|
1,659 |
|
|
|
7,302 |
|
|
|
5,564 |
|
Total Operating Expenses |
|
|
137,012 |
|
|
|
101,321 |
|
|
|
384,492 |
|
|
|
301,864 |
|
Management and incentive fees waived (Note 3) |
|
|
— |
|
|
|
(40,531 |
) |
|
|
— |
|
|
|
(122,925 |
) |
Net Operating Expenses |
|
|
137,012 |
|
|
|
60,790 |
|
|
|
384,492 |
|
|
|
178,939 |
|
Net Investment Income (Loss) Before Taxes |
|
|
132,179 |
|
|
|
126,269 |
|
|
|
355,287 |
|
|
|
403,094 |
|
Income tax expense (benefit), including excise tax expense (benefit) |
|
|
1,680 |
|
|
|
(1,168 |
) |
|
|
3,004 |
|
|
|
239 |
|
Net Investment Income (Loss) After Taxes |
|
$ |
130,499 |
|
|
$ |
127,437 |
|
|
$ |
352,283 |
|
|
$ |
402,855 |
|
Net Realized and Change in Unrealized Gain (Loss) |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Net change in unrealized gain (loss): |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Non-controlled, non-affiliated investments |
|
$ |
14,475 |
|
|
$ |
80,619 |
|
|
$ |
133,961 |
|
|
$ |
(196,001 |
) |
Income tax (provision) benefit |
|
|
(4,383 |
) |
|
|
— |
|
|
|
(8,605 |
) |
|
|
— |
|
Controlled affiliated investments |
|
|
985 |
|
|
|
4,615 |
|
|
|
367 |
|
|
|
(3,536 |
) |
Translation of assets and liabilities in foreign currencies |
|
|
(796 |
) |
|
|
3,113 |
|
|
|
(3,716 |
) |
|
|
3,237 |
|
Total Net Change in Unrealized Gain (Loss) |
|
|
10,281 |
|
|
|
88,347 |
|
|
|
122,007 |
|
|
|
(196,300 |
) |
Net realized gain (loss): |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Non-controlled, non-affiliated investments |
|
|
2,018 |
|
|
|
2,537 |
|
|
|
(24,656 |
) |
|
|
2,885 |
|
Foreign currency transactions |
|
|
53 |
|
|
|
(2,274 |
) |
|
|
1,242 |
|
|
|
(2,364 |
) |
Total Net Realized Gain (Loss) |
|
|
2,071 |
|
|
|
263 |
|
|
|
(23,414 |
) |
|
|
521 |
|
Total Net Realized and Change in Unrealized Gain (Loss) |
|
|
12,352 |
|
|
|
88,610 |
|
|
|
98,593 |
|
|
|
(195,779 |
) |
Net Increase (Decrease) in Net Assets Resulting from Operations |
|
$ |
142,851 |
|
|
$ |
216,047 |
|
|
$ |
450,876 |
|
|
$ |
207,076 |
|
Earnings Per Share - Basic and Diluted |
|
$ |
0.36 |
|
|
$ |
0.56 |
|
|
$ |
1.15 |
|
|
$ |
0.53 |
|
Weighted Average Shares Outstanding - Basic and Diluted |
|
|
392,715,513 |
|
|
|
386,534,213 |
|
|
|
391,893,306 |
|
|
|
388,474,850 |
|
The accompanying notes are an integral part of these consolidated financial statements.
3
Owl Rock Capital Corporation
Consolidated Schedule of Investments
As of September 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 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Advertising and media |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Global Music Rights, LLC(4)(7)(24) |
|
First lien senior secured loan |
|
L + 5.75% |
|
8/28/2028 |
|
|
7,500 |
|
|
|
7,352 |
|
|
|
7,350 |
|
|
|
0.1 |
|
% |
Global Music Rights, LLC(4)(18)(19)(24) |
|
First lien senior secured revolving loan |
|
L + 5.75% |
|
8/27/2027 |
|
|
— |
|
|
|
(13 |
) |
|
|
(13 |
) |
|
|
— |
|
% |
|
|
|
|
|
|
|
|
|
7,500 |
|
|
|
7,339 |
|
|
|
7,337 |
|
|
|
0.1 |
|
% |
Aerospace and defense |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Aviation Solutions Midco, LLC (dba STS Aviation)(4)(7)(24) |
|
First lien senior secured loan |
|
L + 7.25% |
|
1/3/2025 |
|
|
215,136 |
|
|
|
212,649 |
|
|
|
195,775 |
|
|
|
3.3 |
|
% |
Peraton Corp.(4)(5)(24) |
|
Second lien senior secured loan |
|
L + 7.75% |
|
2/1/2029 |
|
|
47,500 |
|
|
|
46,823 |
|
|
|
47,144 |
|
|
|
0.8 |
|
% |
Valence Surface Technologies LLC(4)(8)(24) |
|
First lien senior secured loan |
|
L + 6.75% (incl. 1.00% PIK) |
|
6/28/2025 |
|
|
121,821 |
|
|
|
120,594 |
|
|
|
111,465 |
|
|
|
1.9 |
|
% |
Valence Surface Technologies LLC(4)(8)(18)(24) |
|
First lien senior secured revolving loan |
|
L + 6.75% (incl. 1.00% PIK) |
|
6/28/2025 |
|
|
6,018 |
|
|
|
5,925 |
|
|
|
5,166 |
|
|
|
0.1 |
|
% |
|
|
|
|
|
|
|
|
|
390,475 |
|
|
|
385,991 |
|
|
|
359,550 |
|
|
|
6.1 |
|
% |
Buildings and real estate |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Associations, Inc.(4)(7)(24) |
|
First lien senior secured loan |
|
L + 6.50% (incl. 2.50% PIK) |
|
7/2/2027 |
|
|
389,625 |
|
|
|
385,869 |
|
|
|
385,729 |
|
|
|
6.6 |
|
% |
Associations, Inc.(4)(7)(18)(20)(24) |
|
First lien senior secured delayed draw term loan A |
|
L + 6.50% (incl. 2.50% PIK) |
|
7/2/2022 |
|
|
1,755 |
|
|
|
1,643 |
|
|
|
1,638 |
|
|
|
— |
|
% |
Associations, Inc.(4)(18)(19)(20)(24) |
|
First lien senior secured delayed draw term loan B |
|
L + 6.50% (incl. 2.50% PIK) |
|
1/2/2023 |
|
|
— |
|
|
|
(234 |
) |
|
|
(244 |
) |
|
|
— |
|
% |
Associations, Inc.(4)(18)(19)(20)(24) |
|
First lien senior secured delayed draw term loan C |
|
L + 6.50% (incl. 2.50% PIK) |
|
7/2/2023 |
|
|
— |
|
|
|
(234 |
) |
|
|
(244 |
) |
|
|
— |
|
% |
Associations, Inc.(4)(18)(19)(24) |
|
First lien senior secured revolving loan |
|
L + 6.50% |
|
7/2/2027 |
|
|
— |
|
|
|
(316 |
) |
|
|
(329 |
) |
|
|
— |
|
% |
Dodge Data & Analytics LLC(4)(5)(24) |
|
First lien senior secured loan |
|
L + 7.50% |
|
4/14/2026 |
|
|
32,643 |
|
|
|
32,039 |
|
|
|
32,072 |
|
|
|
0.5 |
|
% |
Dodge Data & Analytics LLC(4)(18)(19)(24) |
|
First lien senior secured revolving loan |
|
L + 7.50% |
|
4/14/2026 |
|
|
— |
|
|
|
(34 |
) |
|
|
(33 |
) |
|
|
— |
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4
Owl Rock Capital Corporation
Consolidated Schedule of Investments
As of September 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 |
|
|
||||
REALPAGE, INC.(4)(5)(24) |
|
Second lien senior secured loan |
|
L + 6.50% |
|
4/23/2029 |
|
|
34,500 |
|
|
|
34,005 |
|
|
|
35,190 |
|
|
|
0.6 |
|
% |
Reef Global, Inc. (fka Cheese Acquisition, LLC)(4)(8)(24) |
|
First lien senior secured loan |
|
L + 6.00% (incl. 1.25% PIK) |
|
11/28/2024 |
|
|
134,470 |
|
|
|
133,637 |
|
|
|
128,418 |
|
|
|
2.2 |
|
% |
Imperial Parking Canada(4)(9)(24) |
|
First lien senior secured loan |
|
C + 6.25% (incl. 1.25% PIK) |
|
11/28/2024 |
|
|
27,885 |
|
|
|
26,663 |
|
|
|
26,630 |
|
|
|
0.5 |
|
% |
Reef Global, Inc. (fka Cheese Acquisition, LLC)(4)(5)(18)(24) |
|
First lien senior secured revolving loan |
|
L + 4.75% |
|
11/28/2023 |
|
|
10,987 |
|
|
|
10,960 |
|
|
|
10,251 |
|
|
|
0.2 |
|
% |
|
|
|
|
|
|
|
|
|
631,865 |
|
|
|
623,998 |
|
|
|
619,078 |
|
|
|
10.6 |
|
% |
Business services |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Access CIG, LLC(4)(5)(24) |
|
Second lien senior secured loan |
|
L + 7.75% |
|
2/27/2026 |
|
|
58,760 |
|
|
|
58,321 |
|
|
|
58,466 |
|
|
|
1.0 |
|
% |
CIBT Global, Inc.(4)(7)(24) |
|
First lien senior secured loan |
|
L + 5.25% (incl. 4.25% PIK) |
|
6/3/2024 |
|
|
856 |
|
|
|
629 |
|
|
|
599 |
|
|
|
— |
|
% |
CIBT Global, Inc.(4)(7)(24)(29) |
|
Second lien senior secured loan |
|
L + 7.75% (incl. 6.75% PIK) |
|
12/1/2025 |
|
|
63,678 |
|
|
|
26,745 |
|
|
|
24,038 |
|
|
|
0.4 |
|
% |
Denali BuyerCo, LLC (dba Summit Companies)(4)(7)(24) |
|
First lien senior secured loan |
|
L + 5.75% |
|
9/15/2028 |
|
|
32,593 |
|
|
|
32,269 |
|
|
|
32,267 |
|
|
|
0.5 |
|
% |
Denali BuyerCo, LLC (dba Summit Companies)(4)(18)(19)(24) |
|
First lien senior secured delayed draw term loan |
|
L + 5.75% |
|
9/15/2028 |
|
|
— |
|
|
|
(59 |
) |
|
|
— |
|
|
|
— |
|
% |
Denali BuyerCo, LLC (dba Summit Companies)(4)(18)(19)(24) |
|
First lien senior secured revolving loan |
|
L + 5.75% |
|
9/15/2027 |
|
|
— |
|
|
|
(35 |
) |
|
|
(36 |
) |
|
|
— |
|
% |
Diamondback Acquisition, Inc. (dba Sphera)(4)(7)(24) |
|
First lien senior secured loan |
|
L + 5.50% |
|
9/13/2028 |
|
|
5,420 |
|
|
|
5,312 |
|
|
|
5,312 |
|
|
|
0.1 |
|
% |
Diamondback Acquisition, Inc. (dba Sphera)(4)(18)(19)(20)(24) |
|
First lien senior secured delayed draw term loan |
|
L + 5.50% |
|
9/13/2023 |
|
|
— |
|
|
|
(11 |
) |
|
|
(11 |
) |
|
|
— |
|
% |
Entertainment Benefits Group, LLC(4)(7)(24) |
|
First lien senior secured loan |
|
L + 8.25% (incl. 2.50% PIK) |
|
9/30/2025 |
|
|
83,019 |
|
|
|
82,166 |
|
|
|
77,208 |
|
|
|
1.3 |
|
% |
Entertainment Benefits Group, LLC(4)(7)(18)(24) |
|
First lien senior secured revolving loan |
|
L + 8.25% (incl. 2.50% PIK) |
|
9/30/2024 |
|
|
9,896 |
|
|
|
9,797 |
|
|
|
9,112 |
|
|
|
0.2 |
|
% |
Gainsight, Inc.(4)(8)(24) |
|
First lien senior secured loan |
|
L + 6.25% |
|
7/30/2027 |
|
|
19,183 |
|
|
|
18,856 |
|
|
|
18,848 |
|
|
|
0.3 |
|
% |
Gainsight, Inc.(4)(18)(19)(24) |
|
First lien senior secured revolving loan |
|
L + 6.25% |
|
7/30/2027 |
|
|
— |
|
|
|
(57 |
) |
|
|
(59 |
) |
|
|
— |
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5
Owl Rock Capital Corporation
Consolidated Schedule of Investments
As of September 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 |
|
|
||||
Hercules Borrower, LLC (dba The Vincit Group)(4)(7)(24) |
|
First lien senior secured loan |
|
L + 6.50% |
|
12/15/2026 |
|
|
179,143 |
|
|
|
176,746 |
|
|
|
179,143 |
|
|
|
3.0 |
|
% |
Hercules Borrower, LLC (dba The Vincit Group)(4)(18)(19)(24) |
|
First lien senior secured revolving loan |
|
L + 6.50% |
|
12/15/2026 |
|
|
— |
|
|
|
(272 |
) |
|
|
— |
|
|
|
— |
|
% |
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 |
|
% |
|
|
|
|
|
|
|
|
|
457,660 |
|
|
|
415,519 |
|
|
|
409,999 |
|
|
|
6.9 |
|
% |
Chemicals |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Aruba Investments Holdings LLC (dba Angus Chemical Company)(4)(8)(24) |
|
Second lien senior secured loan |
|
L + 7.75% |
|
11/24/2028 |
|
|
10,000 |
|
|
|
9,864 |
|
|
|
10,000 |
|
|
|
0.2 |
|
% |
Douglas Products and Packaging Company LLC(4)(7)(24) |
|
First lien senior secured loan |
|
L + 5.75% |
|
10/19/2022 |
|
|
106,453 |
|
|
|
106,154 |
|
|
|
105,389 |
|
|
|
1.8 |
|
% |
Douglas Products and Packaging Company LLC(4)(10)(18)(24) |
|
First lien senior secured revolving loan |
|
P + 4.75% |
|
10/19/2022 |
|
|
6,055 |
|
|
|
6,039 |
|
|
|
5,965 |
|
|
|
0.1 |
|
% |
Gaylord Chemical Company, L.L.C.(4)(7)(24) |
|
First lien senior secured loan |
|
L + 6.00% |
|
3/30/2027 |
|
|
153,029 |
|
|
|
151,604 |
|
|
|
151,882 |
|
|
|
2.6 |
|
% |
Gaylord Chemical Company, L.L.C.(4)(18)(19)(24) |
|
First lien senior secured revolving loan |
|
L + 6.00% |
|
3/30/2026 |
|
|
— |
|
|
|
(119 |
) |
|
|
(99 |
) |
|
|
— |
|
% |
Innovative Water Care Global Corporation(4)(10)(24) |
|
First lien senior secured loan |
|
P + 4.00% |
|
2/27/2026 |
|
|
146,250 |
|
|
|
139,160 |
|
|
|
146,250 |
|
|
|
2.5 |
|
% |
Velocity HoldCo III Inc(4)(7)(24) |
|
First lien senior secured loan |
|
L + 5.75% |
|
4/22/2027 |
|
|
22,271 |
|
|
|
21,800 |
|
|
|
21,826 |
|
|
|
0.4 |
|
% |
Velocity HoldCo III Inc(4)(18)(19)(24) |
|
First lien senior secured revolving loan |
|
L + 5.75% |
|
4/22/2026 |
|
|
— |
|
|
|
(27 |
) |
|
|
(27 |
) |
|
|
— |
|
% |
|
|
|
|
|
|
|
|
|
444,058 |
|
|
|
434,475 |
|
|
|
441,186 |
|
|
|
7.6 |
|
% |
Consumer products |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Conair Holdings, LLC(4)(7)(24) |
|
Second lien senior secured loan |
|
L + 7.50% |
|
5/17/2029 |
|
|
187,500 |
|
|
|
186,141 |
|
|
|
186,563 |
|
|
|
3.2 |
|
% |
Feradyne Outdoors, LLC(4)(7)(24) |
|
First lien senior secured loan |
|
L + 6.25% |
|
5/25/2023 |
|
|
87,245 |
|
|
|
86,910 |
|
|
|
87,245 |
|
|
|
1.5 |
|
% |
WU Holdco, Inc. (dba Weiman Products, LLC)(4)(7)(24) |
|
First lien senior secured loan |
|
L + 5.50% |
|
3/26/2026 |
|
|
190,547 |
|
|
|
187,621 |
|
|
|
190,546 |
|
|
|
3.2 |
|
% |
|
|
|
|
|
|
|
|
|
|