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 September 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 November 3, 2021, the registrant had 393,152,554 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 September 30, 2021 (Unaudited) and December 31, 2020	2
	Consolidated Statements of Operations for the Three and Nine Months Ended September 30, 2021 and 2020 (Unaudited)	3
	Consolidated Schedules of Investments as of September 30, 2021 (Unaudited) and December 31, 2020	4
	Consolidated Statements of Changes in Net Assets for the Three and Nine Months Ended September 30, 2021 and 2020 (Unaudited)	40
	Consolidated Statements of Cash Flows for the Nine Months Ended September 30, 2021 and 2020 (Unaudited)	41
	Notes to Consolidated Financial Statements (Unaudited)	43
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	91
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	143
Item 4.	Controls and Procedures	144

PART II	OTHER INFORMATION
Item 1.	Legal Proceedings	145
Item 1A.	Risk Factors	146
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	148
Item 3.	Defaults Upon Senior Securities	148
Item 4.	Mine Safety Disclosures	148
Item 5.	Other Information	148
Item 6.	Exhibits	149
Signatures		150

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)


	September 30, 2021 (Unaudited)			December 31, 2020
Assets
Investments at fair value
Non-controlled, non-affiliated investments (amortized cost of $11,547,197 and $10,653,613, respectively)	$	11,584,751		$	10,569,691
Controlled, affiliated investments (amortized cost of $527,704 and $275,105, respectively)		525,347			272,381
Total investments at fair value (amortized cost of $12,074,901 and $10,928,718, respectively)		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)
Net Assets
Common shares $0.01 par value, 500,000,000 shares authorized; 393,152,554 and 389,966,688 shares issued and outstanding, respectively		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.

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,
	2021			2020			2021			2020
Investment Income
Investment income from non-controlled, non-affiliated investments:
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			575,317
Investment income from controlled, affiliated investments:
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.

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	)		—	%

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	)		—	%

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	%

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
WU Holdco, Inc. (dba Weiman Products, LLC)(4)(18)(19)(20)(24)	First lien senior secured delayed draw term loan	L + 5.50%	5/21/2022		—		(137	)		—			—	%
WU Holdco, Inc. (dba Weiman Products, LLC)(4)(7)(18)(24)	First lien senior secured revolving loan	L + 5.50%	3/26/2025		7,682		7,431			7,681			0.1	%
					472,974		467,966			472,035			8.0	%
Containers and packaging
Ascend Buyer, LLC (dba PPC Flexible Packaging)(4)(7)(24)	First lien senior secured loan	L + 5.75%	10/2/2028		5,554		5,498			5,498			0.1	%
Ascend Buyer, LLC (dba PPC Flexible Packaging)(4)(18)(19)(24)	First lien senior secured revolving loan	L + 5.75%	9/30/2027		—		(6	)		(6	)		—	%
Pregis Topco LLC(4)(7)(24)	Second lien senior secured loan	L + 6.95%	8/1/2029		160,000		157,409			160,000			2.7	%
					165,554		162,901			165,492			2.8	%
Distribution
ABB/Con-cise Optical Group LLC(4)(8)	First lien senior secured loan	L + 5.00%	6/15/2023		75,028		74,625			73,527			1.3	%
ABB/Con-cise Optical Group LLC(4)(8)	Second lien senior secured loan	L + 9.00%	6/17/2024		25,000		24,679			23,750			0.4	%
Aramsco, Inc.(4)(5)(24)	First lien senior secured loan	L + 5.25%	8/28/2024		56,044		55,308			56,044			1.0	%
Aramsco, Inc.(4)(7)(18)(24)	First lien senior secured revolving loan	L + 5.25%	8/28/2024		1,396		1,295			1,396			—	%
Endries Acquisition, Inc.(4)(7)(24)	First lien senior secured loan	L + 6.25%	12/10/2025		200,677		198,383			199,172			3.4	%
Individual Foodservice Holdings, LLC(4)(8)(24)	First lien senior secured loan	L + 6.25%	11/22/2025		141,219		139,052			140,513			2.4	%
Individual Foodservice Holdings, LLC(4)(8)(18)(20)(24)	First lien senior secured delayed draw term loan	L + 6.25%	6/30/2022		20,224		19,702			20,048			0.3	%
Individual Foodservice Holdings, LLC(4)(5)(18)(24)	First lien senior secured revolving loan	L + 6.25%	11/22/2024		959		666			851			—	%
Offen, Inc.(4)(5)(24)	First lien senior secured loan	L + 5.00%	6/22/2026		19,632		19,493			19,435			0.3	%

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
QC Supply, LLC(4)(5)(29)	First lien senior secured loan	L + 7.00% (incl. 1.00% PIK)	12/29/2022		34,544		34,202			18,999			0.3	%
QC Supply, LLC(4)(5)(18)(29)	First lien senior secured revolving loan	L + 7.00%	12/29/2021		3,819		3,804			1,583			—	%
					578,542		571,209			555,318			9.4	%
Education
Instructure, Inc.(4)(5)(24)	First lien senior secured loan	L + 5.50%	3/24/2026		53,600		52,844			53,600			0.9	%
Instructure, Inc.(4)(18)(19)(24)	First lien senior secured revolving loan	L + 5.50%	3/24/2026		—		(52	)		—			—	%
Learning Care Group (US) No. 2 Inc.(4)(8)(24)	Second lien senior secured loan	L + 7.50%	3/13/2026		26,967		26,648			25,955			0.4	%
Pluralsight, LLC(4)(8)(24)	First lien senior secured loan	L + 8.00%	4/6/2027		99,450		98,501			98,455			1.7	%
Pluralsight, LLC(4)(18)(19)(24)	First lien senior secured revolving loan	L + 8.00%	4/6/2027		—		(57	)		(62	)		—	%
					180,017		177,884			177,948			3.0	%
Financial services
AxiomSL Group, Inc.(4)(7)(24)	First lien senior secured loan	L + 6.00%	12/3/2027		203,284		201,044			201,740			3.4	%
AxiomSL Group, Inc.(4)(18)(19)(20)(24)	First lien senior secured delayed draw term loan	L + 6.00%	7/21/2023		—		(40	)		—			—	%
AxiomSL Group, Inc.(4)(18)(19)(24)	First lien senior secured revolving loan	L + 6.00%	12/3/2025		—		(202	)		(139	)		—	%
Blackhawk Network Holdings, Inc.(4)(5)(24)	Second lien senior secured loan	L + 7.00%	6/15/2026		106,400		105,733			105,868			1.8	%
Blend Labs, Inc.(4)(7)(24)	First lien senior secured loan	L + 7.50%	7/1/2026		67,500		65,921			66,150			1.1	%
Blend Labs, Inc.(4)(18)(19)(24)	First lien senior secured revolving loan	L + 7.50%	7/1/2026		—		(71	)		(150	)		—	%
Hg Genesis 8 Sumoco Limited(4)(13)(21)(24)	Unsecured facility	G + 6.00% PIK	8/28/2025		46,295		45,385			46,179			0.8	%
Hg Saturn Luchaco Limited(4)(14)(21)(24)	Unsecured facility	G + 7.50% PIK	3/30/2026		133,259		135,440			131,927			2.2	%
Muine Gall, LLC(4)(8)(21)(23)(24)	First lien senior secured loan	L + 7.00% PIK	9/20/2024		235,000		235,000			235,000			4.0	%

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
NMI Acquisitionco, Inc. (dba Network Merchants)(4)(5)(24)	First lien senior secured loan	L + 5.00%	9/6/2023		35,406		35,066			35,406			0.6	%
NMI Acquisitionco, Inc. (dba Network Merchants)(4)(18)(19)(24)	First lien senior secured revolving loan	L + 5.00%	9/6/2023		—		(4	)		—			—	%
					827,144		823,272			821,981			13.9	%
Food and beverage
Balrog Acquisition, Inc. (dba BakeMark)(4)(8)(24)	Second lien senior secured loan	L + 7.00%	9/3/2029		22,000		21,816			21,815			0.4	%
BP Veraison Holdings, LLC (dba Sun World)(4)(7)(24)	First lien senior secured loan	L + 5.75%	5/12/2027		69,555		68,737			68,860			1.2	%
BP Veraison Holdings, LLC (dba Sun World)(4)(18)(19)(20)(24)	First lien senior secured delayed draw term loan	L + 5.75%	5/12/2023		—		(34	)		—			—	%
BP Veraison Holdings, LLC (dba Sun World)(4)(18)(19)(24)	First lien senior secured revolving loan	L + 5.75%	5/12/2027		—		(102	)		(87	)		—	%
H-Food Holdings, LLC(4)(5)(24)	Second lien senior secured loan	L + 7.00%	3/2/2026		121,800		119,821			121,800			2.1	%
Hometown Food Company(4)(5)(24)	First lien senior secured loan	L + 5.00%	8/31/2023		18,720		18,563			18,533			0.3	%
Hometown Food Company(4)(6)(18)(24)	First lien senior secured revolving loan	L + 5.00%	8/31/2023		565		532			522			—	%
Nellson Nutraceutical, LLC(4)(7)(24)	First lien senior secured loan	L + 5.25%	12/23/2023		27,353		26,576			26,806			0.5	%
Nutraceutical International Corporation(4)(5)(24)	First lien senior secured loan	L + 7.00%	9/30/2026		213,181		210,429			211,049			3.6	%
Nutraceutical International Corporation(4)(5)(18)(24)	First lien senior secured revolving loan	L + 7.00%	9/30/2025		8,962		8,799			8,826			0.2	%
Recipe Acquisition Corp. (dba Roland Corporation)(4)(7)	Second lien senior secured loan	L + 9.00%	12/1/2022		32,000		31,856			27,200			0.5	%
Sara Lee Frozen Bakery, LLC (fka KSLB Holdings, LLC)(4)(5)(24)	First lien senior secured loan	L + 4.50%	7/30/2025		43,974		43,459			42,105			0.7	%
Sara Lee Frozen Bakery, LLC (fka KSLB Holdings, LLC)(4)(5)(18)(24)	First lien senior secured revolving loan	L + 4.50%	7/30/2023		1,500		1,426			1,118			—	%
Shearer's Foods, LLC(4)(7)(24)	Second lien senior secured loan	L + 7.75%	9/22/2028		120,000		118,911			120,000			2.0	%

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
Tall Tree Foods, Inc.(4)(5)	First lien senior secured loan	L + 7.25%	8/12/2022		47,834		47,774			48,790			0.8	%
Ultimate Baked Goods Midco, LLC(4)(7)(24)	First lien senior secured loan	L + 6.25%	8/13/2027		82,054		80,040			80,003			1.4	%
Ultimate Baked Goods Midco, LLC(4)(7)(18)(24)	First lien senior secured revolving loan	L + 6.25%	8/13/2027		1,616		1,373			1,368			—	%
					811,114		799,976			798,708			13.7	%
Healthcare equipment and services
Nelipak Holding Company(4)(7)(24)	First lien senior secured loan	L + 4.25%	7/2/2026		47,158		46,478			46,333			0.8	%
Nelipak Holding Company(4)(18)(19)(24)	First lien senior secured revolving loan	E + 4.50%	7/2/2024		—		(268	)		(134	)		—	%
Nelipak Holding Company(4)(7)(18)(24)	First lien senior secured revolving loan	L + 4.25%	7/2/2024		3,082		3,001			2,953			0.1	%
Nelipak Holding Company(4)(11)(24)	Second lien senior secured loan	E + 8.50%	7/2/2027		69,653		66,468			67,912			1.2	%
Nelipak Holding Company(4)(7)(24)	Second lien senior secured loan	L + 8.25%	7/2/2027		67,006		66,211			66,001			1.1	%
Packaging Coordinators Midco, Inc.(4)(8)(24)	Second lien senior secured loan	L + 8.00%	11/30/2028		195,044		191,432			193,093			3.3	%
Patriot Acquisition TopCo S.A.R.L (dba Corza Health, Inc.) (4)(8)(24)	First lien senior secured loan	L + 6.75%	1/29/2028		131,814		129,698			130,166			2.2	%
Patriot Acquisition TopCo S.A.R.L (dba Corza Health, Inc.) (4)(18)(19)(24)	First lien senior secured revolving loan	L + 6.75%	1/29/2026		—		(243	)		(169	)		—	%
					513,757		502,777			506,155			8.7	%
Healthcare providers and services
GI CCLS Acquisition LLC (fka GI Chill Acquisition LLC)(4)(7)(24)	Second lien senior secured loan	L + 7.50%	8/6/2026		135,400		134,473			135,062			2.3	%
KS Management Services, L.L.C.(4)(8)(24)	First lien senior secured loan	L + 4.25%	1/9/2026		122,812		121,670			122,812			2.1	%
National Dentex Labs LLC (fka Barracuda Dental LLC)(4)(7)(24)	First lien senior secured loan	L + 7.00%	10/27/2025		70,901		69,850			70,369			1.2	%
National Dentex Labs LLC (fka Barracuda Dental LLC)(4)(7)(18)(20)(24)	First lien senior secured delayed draw term loan	L + 7.00%	3/31/2022		35,672		35,226			35,404			0.6	%
National Dentex Labs LLC (fka Barracuda Dental LLC)(4)(7)(18)(24)	First lien senior secured revolving loan	L + 7.00%	10/27/2025		2,341		2,138			2,271			—	%

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
OB Hospitalist Group, Inc.(4)(7)(24)	First lien senior secured loan	L + 5.50%	9/27/2027		117,148		114,808			114,805			2.0	%
OB Hospitalist Group, Inc.(4)(18)(19)(24)	First lien senior secured revolving loan	L + 5.50%	9/27/2027		—		(302	)		(303	)		—	%
Ex Vivo Parent Inc. (dba OB Hospitalist)(4)(7)(24)	First lien senior secured loan	L + 9.50%	9/27/2028		57,810		56,656			56,654			1.0	%
Premier Imaging, LLC (dba LucidHealth)(4)(5)(24)	First lien senior secured loan	L + 5.75%	1/2/2025		42,998		42,480			42,675			0.7	%
Quva Pharma, Inc.(4)(7)(24)	First lien senior secured loan	L + 5.50%	4/12/2028		40,000		38,864			38,900			0.7	%
Quva Pharma, Inc.(4)(18)(19)(24)	First lien senior secured revolving loan	L + 5.50%	4/10/2026		—		(109	)		(110	)		—	%
Refresh Parent Holdings, Inc.(4)(7)(24)	First lien senior secured loan	L + 6.50%	12/9/2026		89,198		88,008			88,530			1.5	%
Refresh Parent Holdings, Inc.(4)(7)(18)(20)(24)	First lien senior secured delayed draw term loan	L + 6.50%	6/9/2022		23,039		22,652			22,819			0.4	%
Refresh Parent Holdings, Inc.(4)(7)(18)(24)	First lien senior secured revolving loan	L + 6.50%	12/9/2026		3,664		3,524			3,583			0.1	%
TC Holdings, LLC (dba TrialCard)(4)(7)(24)	First lien senior secured loan	L + 4.50%	11/14/2023		73,271		72,681			73,270			1.2	%
TC Holdings, LLC (dba TrialCard)(4)(18)(19)(24)	First lien senior secured revolving loan	L + 4.50%	11/14/2022		—		(35	)		—			—	%
					814,254		802,584			806,741			13.8	%
Healthcare technology
BCPE Osprey Buyer, Inc. (dba PartsSource)(4)(7)(24)	First lien senior secured loan	L + 5.75%	8/23/2028		114,052		112,255			112,227			1.9	%
BCPE Osprey Buyer, Inc. (dba PartsSource)(4)(18)(19)(20)(24)	First lien senior secured delayed draw term loan	L + 5.75%	8/23/2023		—		(486	)		(310	)		—	%
BCPE Osprey Buyer, Inc. (dba PartsSource)(4)(18)(19)(24)	First lien senior secured revolving loan	L + 5.75%	8/21/2026		—		(153	)		(156	)		—	%
Bracket Intermediate Holding Corp.(4)(7)(24)	First lien senior secured loan	L + 4.25%	9/5/2025		517		486			516			—	%
Bracket Intermediate Holding Corp.(4)(7)(24)	Second lien senior secured loan	L + 8.13%	9/7/2026		26,250		25,881			26,119			0.4	%
Intelerad Medical Systems Incorporated (fka 11849573 Canada Inc.)(4)(7)(21)(24)	First lien senior secured loan	L + 6.25%	8/21/2026		115,683		114,468			115,394			2.0	%
Intelerad Medical Systems Incorporated (fka 11849573 Canada Inc.)(4)(7)(18)(21)(24)	First lien senior secured revolving loan	L + 6.25%	8/21/2026		914		872			902			—	%

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
Interoperability Bidco, Inc.(4)(8)(24)	First lien senior secured loan	L + 5.75%	6/25/2026		75,463		74,777			74,142			1.3	%
Interoperability Bidco, Inc.(4)(18)(19)(24)	First lien senior secured revolving loan	L + 5.75%	6/25/2024		—		(27	)		(70	)		—	%
					332,879		328,073			328,764			5.6	%
Household products
HGH Purchaser, Inc. (dba Horizon Services)(4)(7)(24)	First lien senior secured loan	L + 6.25%	11/3/2025		108,505		107,109			107,420			1.8	%
HGH Purchaser, Inc. (dba Horizon Services)(4)(7)(18)(20)(24)	First lien senior secured delayed draw term loan	L + 6.25%	2/10/2023		11,832		11,600			11,571			0.2	%
HGH Purchaser, Inc. (dba Horizon Services)(4)(18)(19)(24)	First lien senior secured revolving loan	L + 6.25%	11/3/2025		—		(99	)		(97	)		—	%
Walker Edison Furniture Company LLC(4)(8)(24)	First lien senior secured loan	L + 5.75%	3/31/2027		83,889		82,651			78,856			1.3	%
					204,226		201,261			197,750			3.3	%
Human resource support services
IG Investments Holdings, LLC (dba Insight Global)(4)(7)(24)	First lien senior secured loan	L + 6.00%	9/22/2028		51,026		50,010			50,005			0.9	%
IG Investments Holdings, LLC (dba Insight Global)(4)(18)(19)(24)	First lien senior secured revolving loan	L + 6.00%	9/22/2027		—		(79	)		(79	)		—	%
					51,026		49,931			49,926			0.9	%
Infrastructure and environmental services
FR Arsenal Holdings II Corp. (dba Applied-Cleveland Holdings, Inc.)(4)(8)	First lien senior secured loan	L + 7.50%	9/8/2022		119,165		119,148			113,803			1.9	%
LineStar Integrity Services LLC(4)(8)(24)	First lien senior secured loan	L + 7.25%	2/12/2024		83,865		83,423			72,124			1.2	%
					203,030		202,571			185,927			3.1	%
Insurance
Alera Group, Inc.(4)(5)(24)	First lien senior secured loan	L + 5.50%	10/2/2028		43,144		42,175			42,174			0.7	%
Alera Group, Inc.(4)(18)(19)(20)(24)	First lien senior secured delayed draw term loan	L + 5.50%	10/2/2023		—		(138	)		(153	)		—	%

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
Ardonagh Midco 3 PLC(4)(18)(20)(21)(24)	First lien senior secured USD delayed draw term loan	G + 6.00%	8/19/2023		—		—			—			—	%
Ardonagh Midco 3 PLC(4)(12)(21)(24)	First lien senior secured loan	E + 7.46% (incl. 2.20% PIK)	7/14/2026		10,586		10,001			10,586			0.2	%
Ardonagh Midco 3 PLC(4)(14)(21)(24)	First lien senior secured loan	G + 7.46% (incl. 2.20% PIK)	7/14/2026		116,846		106,576			116,846			2.0	%
Ardonagh Midco 3 PLC(4)(18)(20)(21)(24)	First lien senior secured GBP delayed draw term loan	L + 6.00%	8/19/2023		—		—			—			—	%
Ardonagh Midco 2 PLC(21)(24)(26)	Unsecured notes	L + 11.50%	1/15/2027		10,527		10,448			11,494			0.2	%
Evolution BuyerCo, Inc. (dba SIAA)(4)(7)(24)	First lien senior secured loan	L + 6.25%	4/28/2028		122,088		120,431			120,562			2.1	%
Evolution BuyerCo, Inc. (dba SIAA)(4)(18)(19)(20)(24)	First lien senior secured delayed draw term loan	L + 6.25%	4/28/2023		—		(43	)		(9	)		—	%
Evolution BuyerCo, Inc. (dba SIAA)(4)(18)(19)(24)	First lien senior secured revolving loan	L + 6.25%	4/30/2027		—		(142	)		(134	)		—	%
Integrity Marketing Acquisition, LLC(4)(8)(24)	First lien senior secured loan	L + 5.50%	8/27/2025		219,434		216,841			218,886			3.7	%
Integrity Marketing Acquisition, LLC(4)(18)(19)(24)	First lien senior secured revolving loan	L + 5.50%	8/27/2025		—		(145	)		(37	)		—	%
KWOR Acquisition, Inc. (dba Alacrity Solutions)(4)(5)(24)	First lien senior secured loan	L + 4.00%	6/3/2026		20,609		20,138			20,351			0.3	%
KWOR Acquisition, Inc. (dba Alacrity Solutions)(4)(10)(18)(24)	First lien senior secured revolving loan	P + 2.25%	6/3/2024		936		873			871			—	%
KWOR Acquisition, Inc. (dba Alacrity Solutions)(4)(5)(24)	Second lien senior secured loan	L + 7.75%	12/3/2026		62,000		61,269			61,690			1.0	%
Norvax, LLC (dba GoHealth)(4)(8)(24)	First lien senior secured loan	L + 6.50%	9/15/2025		77,573		75,199			77,961			1.3	%
Norvax, LLC (dba GoHealth)(4)(7)(18)(24)	First lien senior secured revolving loan	L + 6.50%	9/13/2024		1,534		1,425			1,542			—	%
Peter C. Foy & Associated Insurance Services, LLC(4)(8)(24)	First lien senior secured loan	L + 6.50%	3/31/2026		198,769		196,246			200,756			3.4	%
Peter C. Foy & Associated Insurance Services, LLC(4)(18)(19)(24)	First lien senior secured revolving loan	L + 6.50%	3/31/2026		—		(103	)		—			—	%
RSC Acquisition, Inc (dba Risk Strategies)(4)(7)(24)	First lien senior secured loan	L + 5.50%	10/30/2026		29,195		28,745			28,976			0.5	%
RSC Acquisition, Inc (dba Risk Strategies)(4)(18)(19)(24)	First lien senior secured revolving loan	L + 5.50%	10/30/2026		—		(14	)		(7	)		—	%
TEMPO BUYER CORP. (dba Global Claims Services)(4)(7)(24)	First lien senior secured loan	L + 5.50%	8/26/2028		1,089		1,067			1,067			—	%

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
TEMPO BUYER CORP. (dba Global Claims Services)(4)(18)(19)(20)(24)	First lien senior secured delayed draw term loan	L + 5.50%	8/26/2023		—		(3	)		(3	)		—	%
TEMPO BUYER CORP. (dba Global Claims Services)(4)(18)(19)(24)	First lien senior secured revolving loan	L + 5.50%	8/26/2027		—		(3	)		(3	)		—	%
THG Acquisition, LLC (dba Hilb)(4)(7)(24)	First lien senior secured loan	L + 5.75%	12/2/2026		97,992		96,008			96,933			1.6	%
THG Acquisition, LLC (dba Hilb)(4)(7)(18)(20)	First lien senior secured delayed draw term loan	L + 5.75%	12/2/2021		10,750		10,221			10,696			0.2	%
THG Acquisition, LLC (dba Hilb)(4)(18)(19)(24)	First lien senior secured revolving loan	L + 5.75%	12/2/2025		—		(162	)		(107	)		—	%
USRP Holdings, Inc. (dba U.S. Retirement and Benefits Partners)(4)(7)(24)	First lien senior secured loan	L + 5.50%	7/23/2027		51,636		50,628			50,603			0.9	%
USRP Holdings, Inc. (dba U.S. Retirement and Benefits Partners)(4)(18)(19)(20)(24)	First lien senior secured delayed draw term loan	L + 5.50%	7/23/2023		—		(65	)		(67	)		—	%
USRP Holdings, Inc. (dba U.S. Retirement and Benefits Partners)(4)(18)(19)(24)	First lien senior secured revolving loan	L + 5.50%	7/23/2027		—		(82	)		(85	)		—	%
KUSRP Intermediate, Inc. (dba U.S. Retirement and Benefits Partners)(4)(7)(24)	First lien senior secured loan	L + 9.50% PIK	7/24/2028		30,403		29,807			29,795			0.5	%
					1,105,111		1,077,198			1,101,184			18.6	%
Internet software and services
3ES Innovation Inc. (dba Aucerna)(4)(7)(21)(24)	First lien senior secured loan	L + 6.75%	5/13/2025		61,415		60,838			60,801			1.0	%
3ES Innovation Inc. (dba Aucerna)(4)(18)(19)(21)(24)	First lien senior secured revolving loan	L + 6.75%	5/13/2025		—		(29	)		(39	)		—	%
Accela, Inc.(4)(5)	First lien senior secured loan	L + 4.95% (incl. 1.70% PIK)	9/28/2023		22,373		22,211			22,373			0.4	%
Accela, Inc.(4)(18)	First lien senior secured revolving loan	L + 7.00%	9/28/2023		—		—			—			—	%
Apptio, Inc.(4)(8)(24)	First lien senior secured loan	L + 7.25%	1/10/2025		50,916		50,127			50,916			0.9	%
Apptio, Inc.(4)(7)(18)(24)	First lien senior secured revolving loan	L + 7.25%	1/10/2025		1,112		1,081			1,112			—	%
BCPE Nucleon (DE) SPV, LP(4)(8)(24)	First lien senior secured loan	L + 7.00%	9/24/2026		189,778		187,249			188,829			3.2	%
BCTO BSI Buyer, Inc. (dba Buildertrend)(4)(7)(24)	First lien senior secured loan	L + 7.00%	12/23/2026		44,643		44,243			44,420			0.8	%
BCTO BSI Buyer, Inc. (dba Buildertrend)(4)(7)(18)(24)	First lien senior secured revolving loan	L + 7.00%	12/23/2026		3,018		2,971			2,991			0.1	%

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
Centrify Corporation(4)(7)(24)	First lien senior secured loan	L + 6.00%	3/2/2028		67,070		65,498			65,729			1.1	%
Centrify Corporation(4)(18)(19)(24)	First lien senior secured revolving loan	L + 6.00%	3/2/2027		—		(181	)		(136	)		—	%
CivicPlus, LLC(4)(7)(24)	First lien senior secured loan	L + 6.25%	8/24/2027		14,236		14,096			14,094			0.2	%
CivicPlus, LLC(4)(18)(20)(24)	First lien senior secured delayed draw term loan	L + 6.25%	8/24/2023		—		—			—			—	%
CivicPlus, LLC(4)(18)(19)(24)	First lien senior secured revolving loan	L + 6.25%	8/24/2027		—		(13	)		(13	)		—	%
Delta TopCo, Inc. (dba Infoblox, Inc.)(4)(8)(24)	Second lien senior secured loan	L + 7.25%	12/1/2028		15,000		14,932			15,000			0.3	%
Forescout Technologies, Inc.(4)(7)(24)	First lien senior secured loan	L + 9.50% PIK	8/17/2026		53,511		52,791			53,378			0.9	%
Forescout Technologies, Inc.(4)(18)(19)(24)	First lien senior secured revolving loan	L + 8.50%	8/18/2025		—		(73	)		(13	)		—	%
Genesis Acquisition Co. (dba Procare Software)(4)(7)(24)	First lien senior secured loan	L + 4.00%	7/31/2024		18,175		17,991			17,675			0.3	%
Genesis Acquisition Co. (dba Procare Software)(4)(7)(24)	First lien senior secured revolving loan	L + 4.00%	7/31/2024		2,637		2,612			2,564			—	%
GovBrands Intermediate, Inc.(4)(7)(24)	First lien senior secured loan	L + 5.50%	8/4/2027		35,899		35,021			35,001			0.6	%
GovBrands Intermediate, Inc.(4)(18)(19)(20)(24)	First lien senior secured delayed draw term loan	L + 5.50%	8/4/2023		—		(144	)		(148	)		—	%
GovBrands Intermediate, Inc.(4)(10)(18)(24)	First lien senior secured revolving loan	P + 4.50%	8/4/2027		1,260		1,168			1,165			—	%
Granicus, Inc.(4)(7)(24)	First lien senior secured loan	L + 6.25%	1/29/2027		13,529		13,232			13,293			0.2	%
Granicus, Inc.(4)(7)(18)(20)(24)	First lien senior secured delayed draw term loan	L + 6.25%	4/23/2023		1,535		1,497			1,501			—	%
Granicus, Inc.(4)(18)(19)(24)	First lien senior secured revolving loan	L + 6.25%	1/29/2027		—		(26	)		(21	)		—	%
H&F Opportunities LUX III S.À R.L (dba Checkmarx)(4)(8)(21)(24)	First lien senior secured loan	L + 7.50%	4/16/2026		51,567		50,332			51,567			0.9	%
H&F Opportunities LUX III S.À R.L (dba Checkmarx)(4)(18)(19)(21)(24)	First lien senior secured revolving loan	L + 7.50%	4/16/2026		—		(369	)		-			—	%

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
Hyland Software, Inc.(4)(5)(24)	Second lien senior secured loan	L + 6.25%	7/7/2025		35,095		35,081			35,404			0.6	%
IQN Holding Corp. (dba Beeline)(4)(8)(24)	First lien senior secured loan	L + 5.50%	8/20/2024		162,205		160,906			162,205			2.8	%
IQN Holding Corp. (dba Beeline)(4)(18)(19)(24)	First lien senior secured revolving loan	L + 5.50%	8/21/2023		—		(128	)		—			—	%
Litera Bidco LLC(4)(5)(24)	First lien senior secured loan	L + 5.95%	5/29/2026		154,439		152,728			154,439			2.6	%
Litera Bidco LLC(4)(5)(18)(20)(24)	First lien senior secured delayed draw term loan	L + 6.00%	10/29/2022		2,003		1,945			2,003			—	%
Litera Bidco LLC(4)(18)(19)(24)	First lien senior secured revolving loan	L + 5.75%	5/30/2025		—		(47	)		—			—	%
MessageBird BidCo B.V.(4)(7)(21)(24)	First lien senior secured loan	L + 6.75%	5/6/2027		77,000		75,388			75,460			1.3	%
MINDBODY, Inc.(4)(8)(24)	First lien senior secured loan	L + 8.50% (incl. 1.50% PIK)	2/14/2025		58,854		58,496			58,265			1.0	%
MINDBODY, Inc.(4)(18)(20)(24)	First lien senior secured delayed draw term loan	L + 8.50% (incl. 1.50% PIK)	1/31/2022		—		—			—			—	%
MINDBODY, Inc.(4)(18)(19)(24)	First lien senior secured revolving loan	L + 7.00%	2/14/2025		—		(34	)		(61	)		—	%
Proofpoint, Inc.(4)(7)(24)	Second lien senior secured loan	L + 6.25%	8/31/2029		30,000		29,851			29,850			0.5	%
Thunder Purchaser, Inc. (dba Vector Solutions)(4)(8)(24)	First lien senior secured loan	L + 5.75%	6/30/2028		64,964		64,331			64,477			1.1	%
Thunder Purchaser, Inc. (dba Vector Solutions)(4)(18)(20)(24)	First lien senior secured delayed draw term loan	L + 5.75%	8/17/2023		—		—			—			—	%
Thunder Purchaser, Inc. (dba Vector Solutions)(4)(18)(19)(24)	First lien senior secured revolving loan	L + 5.75%	6/30/2027		—		(37	)		(29	)		—	%
					1,232,234		1,215,535			1,224,052			20.8	%
Leisure and entertainment
Troon Golf, L.L.C.(4)(7)(24)	First lien senior secured loan	L + 6.00%	8/5/2027		283,784		282,395			282,366			4.8	%
Troon Golf, L.L.C.(4)(18)(19)(24)	First lien senior secured revolving loan	L + 6.00%	8/5/2026		—		(105	)		(108	)		—	%
					283,784		282,290			282,258			4.8	%
Manufacturing
Gloves Buyer, Inc. (dba Protective Industrial Products)(4)(5)(24)	Second lien senior secured loan	L + 8.25%	12/29/2028		29,250		28,567			28,884			0.5	%
Ideal Tridon Holdings, Inc.(4)(7)(24)	First lien senior secured loan	L + 5.25%	7/31/2024		53,234		52,772			52,967			0.9	%

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
Ideal Tridon Holdings, Inc.(4)(5)(18)(24)	First lien senior secured revolving loan	L + 5.25%	7/31/2023		818		794			789			—	%
MHE Intermediate Holdings, LLC (dba OnPoint)(4)(7)(24)	First lien senior secured loan	L + 5.75%	7/21/2027		178,661		176,922			176,874			3.0	%
MHE Intermediate Holdings, LLC (dba OnPoint)(4)(7)(18)(20)(24)	First lien senior secured delayed draw term loan	L + 5.75%	7/21/2023		1,150		1,138			1,138			—	%
MHE Intermediate Holdings, LLC (dba OnPoint)(4)(18)(19)(24)	First lien senior secured revolving loan	L + 5.75%	7/21/2027		—		(150	)		(155	)		—	%
PHM Netherlands Midco B.V. (dba Loparex)(4)(7)(24)	First lien senior secured loan	L + 4.50%	7/31/2026		788		738			784			—	%
PHM Netherlands Midco B.V. (dba Loparex)(4)(5)(24)	Second lien senior secured loan	L + 8.75%	8/2/2027		112,000		105,710			110,040			1.9	%
Professional Plumbing Group, Inc.(4)(7)(24)	First lien senior secured loan	L + 6.75%	4/16/2024		51,283		51,002			49,488			0.8	%
Professional Plumbing Group, Inc.(4)(7)(18)(24)	First lien senior secured revolving loan	L + 6.75%	4/16/2023		6,643		6,632			6,209			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		13,959		13,860			12,843			0.2	%
Sonny's Enterprises LLC(4)(5)(24)	First lien senior secured loan	L + 6.75%	8/5/2026		232,845		229,005			232,845			4.0	%
Sonny's Enterprises LLC(4)(18)(19)(24)	First lien senior secured revolving loan	L + 6.75%	8/5/2025		—		(276	)		—			—	%
					680,631		666,714			672,706			11.4	%
Oil and gas
Black Mountain Sand Eagle Ford LLC(4)(7)(24)	First lien senior secured loan	L + 8.25%	8/17/2022		43,677		43,577			41,930			0.7	%
Project Power Buyer, LLC (dba PEC-Veriforce)(4)(7)(24)	First lien senior secured loan	L + 6.00%	5/14/2026		45,207		44,757			45,208			0.8	%
Project Power Buyer, LLC (dba PEC-Veriforce)(4)(18)(19)(24)	First lien senior secured revolving loan	L + 6.00%	5/14/2025		—		(24	)		—			—	%
Zenith Energy U.S. Logistics Holdings, LLC(4)(7)(24)	First lien senior secured loan	L + 6.00%	12/20/2024		95,365		94,227			95,365			1.6	%
					184,249		182,537			182,503			3.1	%

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
Professional services
Amspec Services Inc.(4)(7)(24)	First lien senior secured loan	L + 5.75%	7/2/2024		110,549		109,491			109,168			1.9	%
Amspec Services Inc.(4)(10)(18)(24)	First lien senior secured revolving loan	P + 3.75%	7/2/2024		2,169		2,053			1,988			—	%
Apex Group Treasury, LLC(4)(7)(21)(24)	Second lien senior secured loan	L + 6.75%	7/27/2029		19,000		18,813			18,810			0.3	%
Apex Group Treasury, LLC(4)(18)(20)(21)(24)	Second lien senior secured delayed draw term loan	L + 6.75%	6/30/2022		—		—			—			—	%
Gerson Lehrman Group, Inc.(4)(8)(24)	First lien senior secured loan	L + 5.25%	12/12/2024		186,179		184,946			186,179			3.2	%
Gerson Lehrman Group, Inc.(4)(18)(19)(24)	First lien senior secured revolving loan	L + 5.25%	12/12/2024		—		(115	)		—			—	%
Relativity ODA LLC(4)(5)(24)	First lien senior secured loan	L + 7.50% PIK	5/12/2027		75,555		74,511			74,611			1.3	%
Relativity ODA LLC(4)(18)(19)(24)	First lien senior secured revolving loan	L + 6.50%	5/12/2027		—		(103	)		(92	)		—	%
					393,452		389,596			390,664			6.7	%
Specialty retail
BIG Buyer, LLC(4)(8)(24)	First lien senior secured loan	L + 6.50%	11/20/2023		60,426		59,690			60,426			1.0	%
BIG Buyer, LLC(4)(18)(19)(20)(24)	First lien senior secured delayed draw term loan	L + 6.50%	4/28/2022		—		(77	)		—			—	%
BIG Buyer, LLC(4)(18)(19)(24)	First lien senior secured revolving loan	L + 6.50%	11/20/2023		—		(51	)		—			—	%
Galls, LLC(4)(7)(24)	First lien senior secured loan	L + 6.75% (incl. 0.50% PIK)	1/31/2025		104,875		104,058			97,533			1.7	%
Galls, LLC(4)(7)(18)(24)	First lien senior secured revolving loan	L + 6.75%	1/31/2024		11,351		11,006			9,082			0.2	%
Milan Laser Holdings LLC(4)(7)(24)	First lien senior secured loan	L + 5.00%	4/27/2027		24,361		24,132			24,178			0.4	%
Milan Laser Holdings LLC(4)(18)(19)(24)	First lien senior secured revolving loan	L + 5.00%	4/27/2026		—		(19	)		(16	)		—	%
					201,013		198,739			191,203			3.3	%

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
Transportation
Lazer Spot G B Holdings, Inc.(4)(7)(24)	First lien senior secured loan	L + 5.75%	12/9/2025		144,431		142,579			144,431		2.5	%
Lazer Spot G B Holdings, Inc.(4)(18)(19)(24)	First lien senior secured revolving loan	L + 5.75%	12/9/2025		—		(324	)		—		—	%
Lytx, Inc.(4)(5)(24)	First lien senior secured loan	L + 6.50%	2/28/2026		53,208		52,505			52,809		0.9	%
Lytx, Inc.(4)(5)(18)(20)(24)	First lien senior secured delayed draw term loan	L + 6.50%	2/28/2023		9,312		9,170			9,172		0.2	%
Motus, LLC and Runzheimer International LLC(4)(7)(15)(24)	First lien senior secured loan	L + 6.36%	1/17/2024		58,823		58,170			58,823		1.0	%
					265,774		262,100			265,235		4.6	%
Total non-controlled/non-affiliated portfolio company debt investments				$	11,432,323	$	11,232,436		$	11,213,700		190.8	%

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		153,977		149,063			151,667		2.6	%
							149,063			151,667		2.6	%
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 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
Business services
Denali Holding LP (dba Summit Companies)(24)(25)(31)	Class A Units	N/A	N/A		197,531		1,975		1,975		—
Hercules Buyer, LLC (dba The Vincit Group)(24)(25)(30)(31)	Common Units	N/A	N/A		2,190,000		2,192		2,192		—
							4,167		4,167		—
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)	Common Stock	N/A	N/A		216,953		1,000		907		—
Blend Labs, Inc.(24)(25)(31)	Warrants	N/A	N/A		179,529		975		1,022		—
							1,975		1,929		—
Food and beverage
H-Food Holdings, LLC(24)(25)(31)	LLC Interest	N/A	N/A		10,875		10,875		13,633		0.2
							10,875		13,633		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

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
Patriot Holdings SCSp (dba Corza Health, Inc.)(24)(25)(26)	Class A Units	8.00% PIK	N/A		96,205		7,367		7,367		0.1
Patriot Holdings SCSp (dba Corza Health, Inc.)(24)(25)(31)	Class B Units	N/A	N/A		6,986		—		—		—
							32,652		36,604		0.6
Healthcare providers and services
Ex Vivo Parent Inc. (dba OB Hospitalist)(24)(25)(31)	Class A Interests	N/A	N/A		6,670		6,670		6,670		0.1
Restore OMH Intermediate Holdings, Inc.(24)(25)(26)	Senior Preferred Stock	13.00% PIK	N/A		2,534		24,721		24,830		0.4
							31,391		31,500		0.5
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		5,140		0.1
							9,516		9,424		0.2
Internet and software services
MessageBird Holding B.V.(21)(24)(25)(31)	Extended Series C Preferred Equity 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		3,829,614		3,830		3,830		0.1
							4,583		4,583		0.1
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(21)(24)(25)(28)	LLC Units	N/A	N/A		31,822		56,944		103,561		1.8
							60,194		107,201		1.9
Total non-controlled/non-affiliated portfolio company equity investments						$	314,761	$	371,051		6.3
Total non-controlled/non-affiliated portfolio company investments						$	11,547,197	$	11,584,751		197.1

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
Controlled/affiliated portfolio company investments
Debt Investments
Advertising and media
Swipe Acquisition Corporation (dba PLI)(4)(7)(22)(24)	First lien senior secured loan	L + 8.00%	6/29/2024		50,045		49,253		49,419		0.8
Swipe Acquisition Corporation (dba PLI)(4)(7)(18)(20)(22)(24)	First lien senior secured delayed draw term loan	L + 8.00%	12/31/2021		9,564		9,564		9,300		0.2
Swipe Acquisition Corporation (dba PLI)(4)(18)(22)(24)	Letter of Credit	L + 8.00%	6/29/2024		—		3		—		—
					59,609		58,820		58,719		1.0
Total controlled/affiliated portfolio company debt investments				$	59,609	$	58,820	$	58,719		1.0

Equity Investments
Advertising and media
New PLI Holdings, LLC(22)(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(18)(22)(23)(25)	LLC Interest	N/A	N/A		193,038		193,038		193,038		3.3
							193,038		193,038		3.3
Investment funds and vehicles
ORCC Senior Loan Fund LLC (fka Sebago Lake LLC)(16)(21)(22)(23)(25)	LLC Interest	N/A	N/A		227,839		227,839		225,583		3.8
							227,839		225,583		3.8
Total controlled/affiliated portfolio company equity investments						$	468,884	$	466,628		7.9
Total controlled/affiliated portfolio company investments						$	527,704	$	525,347		8.9
Total Investments						$	12,074,901	$	12,110,098		206.0

Interest Rate Swaps as of September 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 September 30, 2021 was 0.08%.

(6)

The interest rate on these loans is subject to 2 month LIBOR, which as of September 30, 2021 was 0.11%.

Owl Rock Capital Corporation

Consolidated Schedule of Investments

As of September 30, 2021

(Amounts in thousands, except share amounts)

(Unaudited)

(7)

The interest rate on these loans is subject to 3 month LIBOR, which as of September 30, 2021 was 0.13%.

(8)

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

(9)

The interest rate on this loan is subject to 3 month Canadian Dollar Offered Rate (“CDOR” or “C”), which as of September 30, 2021 was 0.45%.

(10)

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

(11)

The interest rate on this loan is subject to 3 month EURIBOR, which as of September 30, 2021 was -0.55%.

(12)

The interest rate on this loan is subject to 6 month EURIBOR, which as of September 30, 2021 was -0.53%.

(13)

The interest rate on this loan is subject to 3 month GBPLIBOR, which as of September 30, 2021 was 0.08%.

(14)

The interest rate on this loan is subject to 6 month GBPLIBOR, which as of September 30, 2021 was 0.17%.

(15)

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.

(16)

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

(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)

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

(19)

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.

(20)

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.

(21)

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 September 30, 2021, non-qualifying assets represented 8.4% of total assets as calculated in accordance with the regulatory requirements.

(22)

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 nine months ended September 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 September 30, 2021		Interest Income		Dividend Income		Other Income
Controlled Affiliates
ORCC Senior Loan Fund LLC (fka Sebago Lake LLC)(c)	$	105,546	$	146,127	$	(26,125	)	$	35	$	225,583	$	—	$	10,469	$	—
Swipe Acquisition Corporation (dba PLI)		99,297		7,097		—			332		106,726		4,033		—		480
Wingspire Capital Holdings LLC		67,538		257,500		(132,000	)		—		193,038		—		3,000		—
Total Controlled Affiliates	$	272,381	$	410,724	$	(158,125	)	$	367	$	525,347	$	4,033	$	13,469	$	480

________________

(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."

(4)

Investment is not pledged as collateral for the credit facilities.

(5)

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.”

Owl Rock Capital Corporation

Consolidated Schedule of Investments

As of September 30, 2021

(Amounts in thousands, except share amounts)

(Unaudited)

(6)

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 September 30, 2021, the aggregate fair value of these securities is $832.5 million or 14.2% 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.	Common Stock	February 24, 2021
Blend Labs, Inc.	Warrants	July 2, 2021
Denali Holding LP (dba Summit Companies)	Class A Units	September 15, 2021
Evolution Parent, LP (dba SIAA)	LP Interest	April 30, 2021
Gloves Holdings, LP (dba Protective Industrial Products)	LP Interest	December 29, 2020
Hercules Buyer, LLC (dba The Vincit Group)	Common Units	December 15, 2020
Ex Vivo Parent Inc. (dba OB Hospitalist)	Class A Interests	September 27, 2021
H-Food Holdings, LLC	LLC Interest	November 23, 2018
MessageBird Holding B.V.	Extended Series C Preferred Equity Warrants	May 5, 2021
Metis HoldCo, Inc. (dba Mavis Tire Express Services)	Series A Convertible Preferred Stock	May 4, 2021
KPCI Holdings, LP	LP Interest	November 30, 2020
Patriot Holdings SCSp (dba Corza Health, Inc.)	Class B Units	January 29, 2021
Patriot Holdings SCSp (dba Corza Health, Inc.)	Class A Units	January 29, 2021
Restore OMH Intermediate Holdings, Inc.	Senior Preferred Stock	December 9, 2020
ORCC Senior Loan Fund LLC (fka Sebago Lake LLC)*	LLC Interest	June 20, 2017
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
New PLI Holdings, LLC	Class A Common Units	December 23, 2020
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”.

(7)

Contains a fixed-rate structure.

(8)

As of September 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 $12.2 billion. As of September 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.

(9)

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 $8.0 million as of September 30, 2021.

(10)

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

(11)

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.

(12)

Investment is non-income producing.

(13)

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