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 March 31, 2022

 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 May 4, 2022, the registrant had 394,580,939 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 March 31, 2022 (Unaudited) and December 31, 2021	2
	Consolidated Statements of Operations for the Three Months Ended March 31, 2022 and 2021 (Unaudited)	3
	Consolidated Schedules of Investments as of March 31, 2022 (Unaudited) and December 31, 2021	4
	Consolidated Statements of Changes in Net Assets for the Three Months Ended March 31, 2022 and 2021 (Unaudited)	51
	Consolidated Statements of Cash Flows for the Three Months Ended March 31, 2022 and 2021 (Unaudited)	52
	Notes to Consolidated Financial Statements (Unaudited)	54
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	104
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	160
Item 4.	Controls and Procedures	161

PART II	OTHER INFORMATION
Item 1.	Legal Proceedings	162
Item 1A.	Risk Factors	163
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	164
Item 3.	Defaults Upon Senior Securities	164
Item 4.	Mine Safety Disclosures	164
Item 5.	Other Information	164
Item 6.	Exhibits	165
Signatures		166

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 “COVID-19” pandemic and related changes in base interest rates and significant market volatility on our business, our portfolio companies, our industry and the global economy including as a result of recent supply chain disruptions;

•

interest rate volatility, including the decommissioning of LIBOR, could adversely affect our results, particularly because we 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;

•

the impact of geo-political conditions, including revolution, insurgency, terrorism or war, including those arising out of the ongoing conflict between Russia and Ukraine; 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)


	March 31, 2022 (Unaudited)			December 31, 2021
Assets
Investments at fair value
Non-controlled, non-affiliated investments (amortized cost of $12,056,205 and $12,073,126, respectively)	$	12,028,349		$	12,124,860
Controlled, affiliated investments (amortized cost of $698,379 and $575,427, respectively)		727,974			616,780
Total investments at fair value (amortized cost of $12,754,584 and $12,648,553, respectively)		12,756,323			12,741,640
Cash (restricted cash of $57,497 and $21,481, respectively)		326,378			431,442
Foreign cash (cost of $6,369 and $16,096, respectively)		6,387			15,703
Interest receivable		89,921			81,716
Receivable from a controlled affiliate		15,903			3,953
Prepaid expenses and other assets		8,785			23,716
Total Assets	$	13,203,697		$	13,298,170
Liabilities
Debt (net of unamortized debt issuance costs of $106,698 and $110,239, respectively)	$	7,034,218		$	7,079,326
Distribution payable		122,320			122,068
Management fee payable		47,413			46,770
Incentive fee payable		25,954			29,242
Payables to affiliates		2,843			5,802
Payables for investments purchased		867			—
Accrued expenses and other liabilities		98,588			77,085
Total Liabilities		7,332,203			7,360,293
Commitments and contingencies (Note 7)
Net Assets
Common shares $0.01 par value, 500,000,000 shares authorized; 394,580,939 and 393,766,855 shares issued and outstanding, respectively		3,946			3,938
Additional paid-in-capital		6,002,303			5,990,360
Total distributable earnings (losses)		(134,755	)		(56,421	)
Total Net Assets		5,871,494			5,937,877
Total Liabilities and Net Assets	$	13,203,697		$	13,298,170
Net Asset Value Per Share	$	14.88		$	15.08

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 March 31,
	2022			2021
Investment Income
Investment income from non-controlled, non-affiliated investments:
Interest income	$	208,599		$	200,305
Payment-in-kind interest income		22,411			10,727
Dividend income		11,728			3,559
Other income		3,848			3,154
Total investment income from non-controlled, non-affiliated investments		246,586			217,745
Investment income from controlled, affiliated investments:
Interest income		1,773			1,303
Dividend income		15,638			2,368
Other Income		162			157
Total investment income from controlled, affiliated investments		17,573			3,828
Total Investment Income		264,159			221,573
Expenses
Interest expense		61,378			48,076
Management fee		47,413			42,110
Performance based incentive fees		25,954			21,775
Professional fees		3,828			3,768
Directors' fees		290			244
Other general and administrative		2,132			1,818
Total Operating Expenses		140,995			117,791
Net Investment Income (Loss) Before Taxes		123,164			103,782
Income tax expense (benefit), including excise tax expense (benefit)		808			1,127
Net Investment Income (Loss) After Taxes	$	122,356		$	102,655
Net Realized and Change in Unrealized Gain (Loss)
Net change in unrealized gain (loss):
Non-controlled, non-affiliated investments	$	(69,948	)	$	57,079
Income tax (provision) benefit		—			(2,633	)
Controlled affiliated investments		(11,758	)		865
Translation of assets and liabilities in foreign currencies		(481	)		(2,432	)
Total Net Change in Unrealized Gain (Loss)		(82,187	)		52,879
Net realized gain (loss):
Non-controlled, non-affiliated investments		4,702			1,154
Foreign currency transactions		(885	)		1,157
Total Net Realized Gain (Loss)		3,817			2,311
Total Net Realized and Change in Unrealized Gain (Loss)		(78,370	)		55,190
Net Increase (Decrease) in Net Assets Resulting from Operations	$	43,986		$	157,845
Earnings Per Share - Basic and Diluted	$	0.11		$	0.40
Weighted Average Shares Outstanding - Basic and Diluted		394,309,578			391,114,767

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

Owl Rock Capital Corporation

Consolidated Schedule of Investments

As of March 31, 2022

(Amounts in thousands, except share amounts)

(Unaudited)


Company(1)(4)(8)	Investment	Interest	Maturity Date	Par / Units		Amortized Cost(2)(3)			Fair Value			Percentage of Net Assets
Non-controlled/non-affiliated portfolio company investments
Debt Investments
Advertising and media
Global Music Rights, LLC(10)(12)(27)	First lien senior secured loan	L + 5.75%	8/28/2028		7,481		7,342			7,332			0.1	%
Global Music Rights, LLC(10)(23)(24)(27)	First lien senior secured revolving loan	L + 5.75%	8/27/2027		—		(12	)		(13	)		—	%
					7,481		7,330			7,319			0.1	%
Aerospace and defense
Aviation Solutions Midco, LLC (dba STS Aviation)(10)(12)(27)	First lien senior secured loan	L + 7.25%	1/3/2025		214,152		211,983			202,373			3.4	%
Peraton Corp.(6)(10)(11)(27)	Second lien senior secured loan	L + 7.75%	2/1/2029		46,113		45,489			45,666			0.8	%
Valence Surface Technologies LLC(10)(12)(27)	First lien senior secured loan	L + 6.75% (incl. 1.00% PIK)	6/28/2025		123,319		122,245			109,138			1.9	%
Valence Surface Technologies LLC(10)(12)(23)(27)	First lien senior secured revolving loan	L + 6.75% (incl. 1.00% PIK)	6/28/2025		10,038		9,957			8,878			0.2	%
					393,622		389,674			366,055			6.3	%
Buildings and real estate
Associations, Inc.(10)(12)(27)	First lien senior secured loan	L + 6.50% (incl. 2.50% PIK)	7/2/2027		431,100		427,318			425,711			7.3	%
Associations, Inc.(10)(23)(24)(27)	First lien senior secured revolving loan	L + 6.50%	7/2/2027		—		(288	)		(412	)		—	%
REALPAGE, INC.(6)(10)(11)(27)	Second lien senior secured loan	L + 6.50%	4/23/2029		34,500		34,030			34,544			0.6	%
Reef Global Acquisition LLC (fka Cheese Acquisition, LLC)(10)(13)(27)	First lien senior secured loan	L + 6.00% (incl. 1.25% PIK)	11/28/2024		134,701		134,204			128,303			2.2	%
Imperial Parking Canada(10)(18)(27)	First lien senior secured loan	C + 6.00% (incl. 1.25% PIK)	11/28/2024		28,283		26,748			26,940			0.5	%
Reef Global Acquisition LLC (fka Cheese Acquisition, LLC)(10)(11)(23)(27)	First lien senior secured revolving loan	L + 4.75%	11/28/2023		10,052		10,069			9,275			0.2	%
					638,636		632,081			624,361			10.8	%

Owl Rock Capital Corporation

Consolidated Schedule of Investments

As of March 31, 2022

(Amounts in thousands, except share amounts)

(Unaudited)


Company(1)(4)(8)	Investment	Interest	Maturity Date	Par / Units		Amortized Cost(2)(3)			Fair Value			Percentage of Net Assets
Business services
Access CIG, LLC(10)(11)(27)	Second lien senior secured loan	L + 7.75%	2/27/2026		58,760		58,364			58,172			1.0	%
CIBT Global, Inc.(10)(12)(27)(30)	First lien senior secured loan	L + 5.25% (incl. 4.25% PIK)	6/3/2024		856		629			514			—	%
CIBT Global, Inc.(10)(14)(27)(30)	Second lien senior secured loan	L + 7.75% (incl. 6.75% PIK)	12/1/2025		63,678		26,745			13,054			0.2	%
Denali BuyerCo, LLC (dba Summit Companies)(10)(12)(27)	First lien senior secured loan	L + 6.00%	9/15/2028		43,668		43,040			43,013			0.7	%
Denali BuyerCo, LLC (dba Summit Companies)(10)(12)(23)(25)(27)	First lien senior secured delayed draw term loan	L + 6.00%	9/15/2023		1,685		1,634			1,618			—	%
Denali BuyerCo, LLC (dba Summit Companies)(10)(12)(23)(27)	First lien senior secured revolving loan	L + 6.00%	9/15/2027		800		772			755			—	%
Diamondback Acquisition, Inc. (dba Sphera)(10)(12)(27)	First lien senior secured loan	L + 5.50%	9/13/2028		5,393		5,292			5,258			0.1	%
Diamondback Acquisition, Inc. (dba Sphera)(10)(23)(24)(25)(27)	First lien senior secured delayed draw term loan	L + 5.50%	9/13/2023		—		(10	)		(16	)		—	%
Entertainment Benefits Group, LLC(10)(12)(27)	First lien senior secured loan	L + 5.75%	9/30/2025		83,662		82,906			83,662			1.4	%
Entertainment Benefits Group, LLC(10)(23)(24)(27)	First lien senior secured revolving loan	L + 8.25%	9/30/2024		—		(82	)		—			—	%
Gainsight, Inc.(10)(12)(27)	First lien senior secured loan	L + 6.75% PIK	7/30/2027		19,547		19,242			19,205			0.3	%
Gainsight, Inc.(10)(23)(24)(27)	First lien senior secured revolving loan	L + 6.00%	7/30/2027		—		(52	)		(59	)		—	%
Hercules Borrower, LLC (dba The Vincit Group)(10)(12)(27)	First lien senior secured loan	L + 6.50%	12/15/2026		178,243		176,048			178,243			3.0	%
Hercules Borrower, LLC (dba The Vincit Group)(10)(12)(23)(27)	First lien senior secured revolving loan	L + 6.50%	12/15/2026		2,231		1,985			2,231			—	%
Hercules Buyer, LLC (dba The Vincit Group)(22)(27)(33)	Unsecured notes	0.48% PIK	12/14/2029		5,135		5,135			5,135			0.1	%
KPSKY Acquisition, Inc. (dba BluSky)(10)(11)(27)	First lien senior secured loan	L + 5.50%	10/19/2028		4,465		4,380			4,353			0.1	%
KPSKY Acquisition, Inc. (dba BluSky)(10)(17)(23)(25)(27)	First lien senior secured delayed draw term loan	P + 4.50%	10/19/2023		255		248			245			—	%
					468,378		426,276			415,383			6.9	%

Owl Rock Capital Corporation

Consolidated Schedule of Investments

As of March 31, 2022

(Amounts in thousands, except share amounts)

(Unaudited)


Company(1)(4)(8)	Investment	Interest	Maturity Date	Par / Units		Amortized Cost(2)(3)			Fair Value			Percentage of Net Assets
Chemicals
Aruba Investments Holdings LLC (dba Angus Chemical Company)(10)(12)(27)	Second lien senior secured loan	L + 7.75%	11/24/2028		10,000		9,871			9,975			0.2	%
Douglas Products and Packaging Company LLC(10)(12)(27)	First lien senior secured loan	L + 5.75%	10/19/2022		105,905		105,751			104,846			1.8	%
Douglas Products and Packaging Company LLC(10)(17)(23)(27)	First lien senior secured revolving loan	P + 4.75%	10/19/2022		4,487		4,421			4,280			0.1	%
Gaylord Chemical Company, L.L.C.(10)(12)(27)	First lien senior secured loan	L + 6.50%	3/30/2027		152,260		150,949			151,118			2.6	%
Gaylord Chemical Company, L.L.C.(10)(23)(24)(27)	First lien senior secured revolving loan	L + 6.50%	3/30/2026		—		(105	)		(99	)		—	%
Velocity HoldCo III Inc. (dba VelocityEHS)(10)(12)(27)	First lien senior secured loan	L + 5.75%	4/22/2027		22,160		21,726			21,661			0.4	%
Velocity HoldCo III Inc. (dba VelocityEHS)(10)(23)(24)(27)	First lien senior secured revolving loan	L + 5.75%	4/22/2026		—		(24	)		(30	)		—	%
					294,812		292,589			291,751			5.1	%
Consumer products
Conair Holdings, LLC(10)(12)(27)	Second lien senior secured loan	L + 7.50%	5/17/2029		187,500		186,208			186,094			3.2	%
Feradyne Outdoors, LLC(10)(11)(27)	First lien senior secured loan	L + 6.25%	5/25/2023		86,667		86,432			86,667			1.5	%
Foundation Consumer Brands, LLC(10)(12)(27)	First lien senior secured loan	L + 5.50%	2/12/2027		4,000		4,000			4,000			0.1	%
Lignetics Investment Corp.(10)(12)(27)	First lien senior secured loan	L + 6.00%	11/1/2027		31,294		30,925			30,590			0.5	%
Lignetics Investment Corp.(10)(23)(24)(25)(27)	First lien senior secured delayed draw term loan	L + 6.00%	11/1/2023		—		(46	)		(88	)		—	%
Lignetics Investment Corp.(10)(12)(23)(27)	First lien senior secured revolving loan	L + 6.00%	11/2/2026		1,333		1,279			1,227			—	%
SWK BUYER, Inc. (dba Stonewall Kitchen)(10)(16)(27)	First lien senior secured loan	SR + 5.25%	3/12/2029		754		739			739			—	%
SWK BUYER, Inc. (dba Stonewall Kitchen)(10)(23)(24)(25)(27)	First lien senior secured delayed draw term loan	SR + 5.25%	3/11/2024		—		(2	)		(2	)		—	%
SWK BUYER, Inc. (dba Stonewall Kitchen)(10)(17)(23)(27)	First lien senior secured revolving loan	P + 4.25%	3/12/2029		7		6			6			—	%

Owl Rock Capital Corporation

Consolidated Schedule of Investments

As of March 31, 2022

(Amounts in thousands, except share amounts)

(Unaudited)


Company(1)(4)(8)	Investment	Interest	Maturity Date	Par / Units		Amortized Cost(2)(3)			Fair Value			Percentage of Net Assets
WU Holdco, Inc. (dba Weiman Products, LLC)(10)(12)(27)	First lien senior secured loan	L + 5.50%	3/26/2026		204,436		201,542			203,413			3.5	%
WU Holdco, Inc. (dba Weiman Products, LLC)(10)(17)(23)(27)	First lien senior secured revolving loan	P + 4.50%	3/26/2025		1,921		1,705			1,825			—	%
					517,912		512,788			514,471			8.8	%
Containers and packaging
Ascend Buyer, LLC (dba PPC Flexible Packaging)(10)(12)(27)	First lien senior secured loan	L + 5.75%	10/2/2028		5,540		5,487			5,457			0.1	%
Ascend Buyer, LLC (dba PPC Flexible Packaging)(10)(11)(23)(27)	First lien senior secured revolving loan	L + 5.75%	9/30/2027		94		89			86			—	%
Fortis Solutions Group, LLC(10)(12)(27)	First lien senior secured loan	L + 5.50%	10/13/2028		3,316		3,253			3,233			0.1	%
Fortis Solutions Group, LLC(10)(23)(24)(25)(27)	First lien senior secured delayed draw term loan	L + 5.50%	10/13/2023		—		(13	)		(20	)		—	%
Fortis Solutions Group, LLC(10)(23)(24)(27)	First lien senior secured revolving loan	L + 5.50%	10/15/2027		—		(9	)		(12	)		—	%
Pregis Topco LLC(10)(11)(27)	Second lien senior secured loan	L + 7.09%	8/1/2029		160,000		157,529			158,593			2.7	%
					168,950		166,336			167,337			2.9	%
Distribution
ABB/Con-cise Optical Group LLC(10)(12)(27)	First lien senior secured loan	L + 7.50%	2/23/2028		67,925		66,919			66,906			1.1	%
ABB/Con-cise Optical Group LLC(10)(17)(23)(27)	First lien senior secured revolving loan	P + 6.50%	2/23/2028		2,618		2,514			2,512			—	%
Aramsco, Inc.(10)(11)(27)	First lien senior secured loan	L + 5.25%	8/28/2024		55,755		55,140			55,616			0.9	%
Aramsco, Inc.(10)(11)(23)(27)	First lien senior secured revolving loan	L + 5.25%	8/28/2024		5,683		5,599			5,662			0.1	%
Endries Acquisition, Inc.(10)(12)(27)	First lien senior secured loan	L + 6.25%	12/10/2025		199,649		197,606			199,649			3.4	%
Individual Foodservice Holdings, LLC(10)(13)(27)	First lien senior secured loan	L + 6.25%	11/21/2025		175,387		173,001			174,071			3.0	%
Individual Foodservice Holdings, LLC(10)(11)(23)(27)	First lien senior secured revolving loan	L + 6.25%	11/22/2024		3,834		3,588			3,672			0.1	%
Offen, Inc.(10)(11)(27)	First lien senior secured loan	L + 5.00%	6/22/2026		18,734		18,615			18,734			0.3	%
					529,585		522,982			526,822			8.9	%

Owl Rock Capital Corporation

Consolidated Schedule of Investments

As of March 31, 2022

(Amounts in thousands, except share amounts)

(Unaudited)


Company(1)(4)(8)	Investment	Interest	Maturity Date	Par / Units		Amortized Cost(2)(3)			Fair Value			Percentage of Net Assets
Education
Learning Care Group (US) No. 2 Inc.(10)(12)(27)	Second lien senior secured loan	L + 7.50%	3/13/2026		26,967		26,678			26,293			0.4	%
Pluralsight, LLC(10)(13)(27)	First lien senior secured loan	L + 8.00%	4/6/2027		99,450		98,550			98,207			1.7	%
Pluralsight, LLC(10)(23)(24)(27)	First lien senior secured revolving loan	L + 8.00%	4/6/2027		—		(52	)		(78	)		—	%
					126,417		125,176			124,422			2.1	%
Financial services
AxiomSL Group, Inc.(10)(12)(27)	First lien senior secured loan	L + 6.00%	12/3/2027		202,266		200,183			199,232			3.4	%
AxiomSL Group, Inc.(10)(23)(24)(25)(27)	First lien senior secured delayed draw term loan	L + 6.00%	7/21/2023		—		(37	)		(42	)		—	%
AxiomSL Group, Inc.(10)(23)(24)(27)	First lien senior secured revolving loan	L + 6.00%	12/3/2025		—		(178	)		(273	)		—	%
Blackhawk Network Holdings, Inc.(10)(11)(27)	Second lien senior secured loan	L + 7.00%	6/15/2026		106,400		105,793			105,868			1.8	%
Blend Labs, Inc.(10)(12)(27)	First lien senior secured loan	L + 7.50%	7/1/2026		67,500		66,058			66,319			1.1	%
Blend Labs, Inc.(10)(23)(24)(27)	First lien senior secured revolving loan	L + 7.50%	7/1/2026		—		(64	)		(131	)		—	%
Hg Genesis 8 Sumoco Limited(10)(21)(27)(29)	Unsecured facility	SA + 7.50% PIK	8/28/2025		45,890		46,131			45,775			0.8	%
Hg Genesis 9 SumoCo Limited(10)(19)(27)(29)	Unsecured facility	E + 7.00% PIK	3/10/2027		70,319		69,396			69,792			1.2	%
Hg Saturn Luchaco Limited(10)(13)(27)(29)	Unsecured facility	L + 7.50% PIK	3/30/2026		135,317		140,769			133,626			2.3	%
Muine Gall, LLC(9)(10)(13)(27)(29)	First lien senior secured loan	L + 7.00% PIK	9/20/2024		239,896		240,518			239,296			4.1	%
NMI Acquisitionco, Inc. (dba Network Merchants)(10)(11)(27)	First lien senior secured loan	L + 5.75%	9/8/2025		25,247		25,103			24,931			0.4	%
NMI Acquisitionco, Inc. (dba Network Merchants)(10)(11)(23)(25)(27)	First lien senior secured delayed draw term loan	L + 5.75%	10/2/2023		4,965		4,872			4,883			0.1	%
NMI Acquisitionco, Inc. (dba Network Merchants)(10)(23)(24)(27)	First lien senior secured revolving loan	L + 5.75%	9/8/2025		—		(16	)		(21	)		—	%

Owl Rock Capital Corporation

Consolidated Schedule of Investments

As of March 31, 2022

(Amounts in thousands, except share amounts)

(Unaudited)


Company(1)(4)(8)	Investment	Interest	Maturity Date	Par / Units		Amortized Cost(2)(3)			Fair Value			Percentage of Net Assets
Smarsh Inc.(10)(12)(27)	First lien senior secured loan	L + 6.50%	2/19/2029		762		754			754			—	%
Smarsh Inc.(10)(23)(24)(25)(27)	First lien senior secured delayed draw term loan	SR + 6.50%	2/19/2024		—		(1	)		(2	)		—	%
Smarsh Inc.(10)(23)(27)	First lien senior secured revolving loan	SR + 6.50%	2/19/2029		—		—			—			—	%
					898,562		899,281			890,007			15.2	%
Food and beverage
Balrog Acquisition, Inc. (dba Bakemark)(10)(12)(27)	Second lien senior secured loan	L + 7.00%	9/3/2029		22,000		21,825			21,725			0.4	%
BP Veraison Buyer, LLC (dba Sun World)(10)(12)(27)	First lien senior secured loan	L + 5.75%	5/12/2027		69,207		68,454			68,169			1.2	%
BP Veraison Buyer, LLC (dba Sun World)(10)(23)(24)(25)(27)	First lien senior secured delayed draw term loan	L + 5.75%	5/12/2023		—		(31	)		(109	)		—	%
BP Veraison Buyer, LLC (dba Sun World)(10)(23)(24)(27)	First lien senior secured revolving loan	L + 5.75%	5/12/2027		—		(93	)		(131	)		—	%
H-Food Holdings, LLC(10)(11)(27)	Second lien senior secured loan	L + 7.00%	3/2/2026		121,800		120,017			118,146			2.0	%
Hometown Food Company(10)(11)(27)	First lien senior secured loan	L + 5.00%	8/31/2023		15,253		15,158			15,101			0.3	%
Hometown Food Company(10)(23)(24)(27)	First lien senior secured revolving loan	L + 5.00%	8/31/2023		—		(24	)		(42	)		—	%
Innovation Ventures HoldCo, LLC (dba 5 Hour Energy)(10)(16)(27)	First lien senior secured loan	SR + 6.00%	3/11/2027		75,000		73,886			73,875			1.3	%
Innovation Ventures HoldCo, LLC (dba 5 Hour Energy)(10)(23)(25)(27)	First lien senior secured delayed draw term loan A	SR + 6.00%	5/14/2022		—		—			—			—	%
Innovation Ventures HoldCo, LLC (dba 5 Hour Energy)(10)(23)(25)(27)	First lien senior secured delayed draw term loan B	SR + 6.00%	9/30/2022		—		—			—			—	%
Nellson Nutraceutical, LLC(10)(12)(27)	First lien senior secured loan	L + 5.25%	12/23/2023		27,208		26,597			26,596			0.5	%
Nutraceutical International Corporation(10)(11)(27)	First lien senior secured loan	L + 7.00%	9/30/2026		210,466		207,980			204,678			3.5	%
Nutraceutical International Corporation(10)(11)(27)	First lien senior secured revolving loan	L + 7.00%	9/30/2025		13,578		13,436			13,205			0.2	%
Ole Smoky Distillery, LLC(10)(15)(27)	First lien senior secured loan	SR + 5.25%	3/31/2028		884		866			866			—	%
Ole Smoky Distillery, LLC(10)(23)(24)(27)	First lien senior secured revolving loan	SR + 5.25%	3/31/2028		—		(2	)		(2	)		—	%

Owl Rock Capital Corporation

Consolidated Schedule of Investments

As of March 31, 2022

(Amounts in thousands, except share amounts)

(Unaudited)


Company(1)(4)(8)	Investment	Interest	Maturity Date	Par / Units		Amortized Cost(2)(3)			Fair Value			Percentage of Net Assets
Recipe Acquisition Corp. (dba Roland Corporation)(10)(12)	Second lien senior secured loan	L + 9.00%	12/1/2022		32,000		31,910			30,400			0.5	%
Sara Lee Frozen Bakery, LLC (fka KSLB Holdings, LLC)(10)(11)(27)	First lien senior secured loan	L + 4.50%	7/30/2025		43,748		43,296			41,123			0.7	%
Sara Lee Frozen Bakery, LLC (fka KSLB Holdings, LLC)(10)(11)(23)(27)	First lien senior secured revolving loan	L + 4.50%	7/30/2023		2,040		1,986			1,500			—	%
Shearer's Foods, LLC(10)(11)(27)	Second lien senior secured loan	L + 7.75%	9/22/2028		120,000		119,001			119,399			2.0	%
Tall Tree Foods, Inc.(10)(11)	First lien senior secured loan	L + 7.25%	8/12/2022		39,534		39,489			40,521			0.7	%
Ultimate Baked Goods Midco, LLC(10)(12)(27)	First lien senior secured loan	L + 6.25%	8/13/2027		81,849		79,978			79,393			1.4	%
Ultimate Baked Goods Midco, LLC(10)(13)(23)(27)	First lien senior secured revolving loan	L + 6.25%	8/13/2027		6,216		5,994			5,918			0.1	%
					880,783		869,723			860,331			14.8	%
Healthcare equipment and services
Confluent Medical Technologies, Inc.(10)(15)(27)	Second lien senior secured loan	SR + 6.50%	2/18/2030		1,000		981			980			—	%
CSC Mkg Topco LLC (dba Medical Knowledge Group)(10)(11)(27)	First lien senior secured loan	L + 5.75%	2/1/2029		1,281		1,256			1,255			—	%
CSC Mkg Topco LLC (dba Medical Knowledge Group)(10)(23)(24)(27)	First lien senior secured revolving loan	L + 5.75%	2/1/2029		—		(3	)		(3	)		—	%
Medline Borrower, LP(10)(23)(24)(27)	First lien senior secured revolving loan	L + 3.25%	10/21/2026		—		(147	)		(216	)		—	%
Nelipak Holding Company(10)(12)(27)	First lien senior secured loan	L + 4.25%	7/2/2026		24,697		24,374			24,264			0.4	%
Nelipak Holding Company(10)(12)(23)(27)	First lien senior secured revolving loan	L + 4.25%	7/2/2024		3,082		3,015			2,953			0.1	%
Nelipak Holding Company(10)(23)(24)(27)	First lien senior secured revolving loan	L + 4.50%	7/2/2024		—		(254	)		(129	)		—	%
Nelipak Holding Company(10)(12)(27)	Second lien senior secured loan	L + 8.25%	7/2/2027		67,006		66,265			66,001			1.1	%
Nelipak Holding Company(10)(19)(27)	Second lien senior secured loan	E + 8.50%	7/2/2027		66,871		66,524			65,533			1.1	%
Packaging Coordinators Midco, Inc.(10)(12)(27)	Second lien senior secured loan	L + 7.00%	11/30/2028		196,044		192,575			191,142			3.3	%

Owl Rock Capital Corporation

Consolidated Schedule of Investments

As of March 31, 2022

(Amounts in thousands, except share amounts)

(Unaudited)


Company(1)(4)(8)	Investment	Interest	Maturity Date	Par / Units		Amortized Cost(2)(3)			Fair Value			Percentage of Net Assets
Patriot Acquisition TopCo S.A.R.L (dba Corza Health, Inc.) (10)(11)(27)	First lien senior secured loan	L + 6.75%	1/31/2028		136,392		134,368			134,346			2.3	%
Patriot Acquisition TopCo S.A.R.L (dba Corza Health, Inc.) (10)(23)(24)(27)	First lien senior secured revolving loan	L + 6.75%	1/29/2026		—		(215	)		(203	)		—	%
Rhea Parent, Inc.(10)(15)(27)	First lien senior secured loan	SR + 5.75%	2/19/2029		774		759			758			—	%
					497,147		489,498			486,681			8.3	%
Healthcare providers and services
Diagnostic Service Holdings, Inc. (dba Rayus Radiology)(10)(11)(27)	First lien senior secured loan	L + 5.50%	3/17/2025		1,000		1,000			1,000			—	%
Ex Vivo Parent Inc. (dba OB Hospitalist)(10)(12)(27)	First lien senior secured loan	L + 9.50% PIK	9/27/2028		57,810		56,713			56,509			1.0	%
KS Management Services, L.L.C.(10)(11)(27)	First lien senior secured loan	L + 4.25%	1/9/2026		122,187		121,170			122,187			2.1	%
National Dentex Labs LLC (fka Barracuda Dental LLC)(10)(12)(27)	First lien senior secured loan	L + 7.00%	10/3/2025		70,544		69,610			69,310			1.2	%
National Dentex Labs LLC (fka Barracuda Dental LLC)(10)(12)(23)(25)(27)	First lien senior secured delayed draw term loan	L + 7.00%	6/30/2022		35,492		35,105			34,851			0.6	%
National Dentex Labs LLC (fka Barracuda Dental LLC)(10)(12)(23)(27)	First lien senior secured revolving loan	L + 7.00%	10/3/2025		6,790		6,612			6,626			0.1	%
Natural Partners, LLC(10)(11)(27)(29)	First lien senior secured loan	L + 6.00%	11/29/2027		931		913			913			—	%
Natural Partners, LLC(10)(23)(24)(27)(29)	First lien senior secured revolving loan	L + 6.00%	11/29/2027		—		(1	)		(1	)		—	%
OB Hospitalist Group, Inc.(10)(11)(27)	First lien senior secured loan	L + 5.50%	9/27/2027		116,562		114,396			113,648			1.9	%
OB Hospitalist Group, Inc.(10)(23)(24)(27)	First lien senior secured revolving loan	L + 5.50%	9/27/2027		—		(277	)		(379	)		—	%
Phoenix Newco, Inc. (dba Parexel)(10)(11)(27)	Second lien senior secured loan	L + 6.50%	11/15/2029		190,000		188,168			187,150			3.2	%
Premier Imaging, LLC (dba LucidHealth)(10)(11)(27)	First lien senior secured loan	L + 6.00%	1/2/2025		42,998		42,553			42,568			0.7	%
Quva Pharma, Inc.(10)(12)(27)	First lien senior secured loan	L + 5.50%	4/12/2028		39,800		38,739			38,506			0.7	%
Quva Pharma, Inc.(10)(13)(23)(27)	First lien senior secured revolving loan	L + 5.50%	4/10/2026		1,120		1,023			990			—	%

Owl Rock Capital Corporation

Consolidated Schedule of Investments

As of March 31, 2022

(Amounts in thousands, except share amounts)

(Unaudited)


Company(1)(4)(8)	Investment	Interest	Maturity Date	Par / Units		Amortized Cost(2)(3)			Fair Value			Percentage of Net Assets
TC Holdings, LLC (dba TrialCard)(10)(12)(27)	First lien senior secured loan	L + 4.50%	11/14/2023		72,892		72,439			72,892			1.2	%
TC Holdings, LLC (dba TrialCard)(10)(23)(24)(27)	First lien senior secured revolving loan	L + 4.50%	11/14/2022		—		(19	)		—			—	%
Vermont Aus Pty Ltd(10)(15)(27)(29)	First lien senior secured loan	SR + 5.50%	3/22/2028		1,000		975			975			—	%
					759,126		749,119			747,745			12.7	%
Healthcare technology
BCPE Osprey Buyer, Inc. (dba PartsSource)(10)(13)(27)	First lien senior secured loan	L + 5.75%	8/23/2028		113,767		112,078			111,491			1.9	%
BCPE Osprey Buyer, Inc. (dba PartsSource)(10)(23)(24)(25)(27)	First lien senior secured delayed draw term loan	L + 5.75%	8/23/2023		—		(260	)		(245	)		—	%
BCPE Osprey Buyer, Inc. (dba PartsSource)(10)(23)(24)(27)	First lien senior secured revolving loan	L + 5.75%	8/21/2026		—		(180	)		(237	)		—	%
Bracket Intermediate Holding Corp.(6)(10)(12)(27)	First lien senior secured loan	L + 4.25%	9/5/2025		514		487			509			—	%
Bracket Intermediate Holding Corp.(10)(12)(27)	Second lien senior secured loan	L + 8.13%	9/7/2026		26,250		25,911			25,988			0.4	%
GI Ranger Intermediate, LLC (dba Rectangle Health)(10)(15)(27)	First lien senior secured loan	SR + 6.00%	10/30/2028		4,620		4,532			4,516			0.1	%
GI Ranger Intermediate, LLC (dba Rectangle Health)(10)(15)(23)(27)	First lien senior secured revolving loan	SR + 6.00%	10/29/2027		37		30			29			—	%
Inovalon Holdings, Inc.(10)(12)(27)	First lien senior secured loan	L + 6.25% (incl. 2.75% PIK)	11/24/2028		178,976		174,710			174,054			3.0	%
Inovalon Holdings, Inc.(10)(23)(24)(25)(27)	First lien senior secured delayed draw term loan	L + 5.75%	5/24/2024		—		(225	)		(285	)		—	%
Inovalon Holdings, Inc.(10)(12)(27)	Second lien senior secured loan	L + 10.50% PIK	11/24/2033		87,095		85,426			85,135			1.4	%
Intelerad Medical Systems Incorporated (fka 11849573 Canada Inc.)(10)(12)(27)(29)	First lien senior secured loan	L + 6.25%	8/21/2026		115,395		114,282			114,818			2.0	%
Intelerad Medical Systems Incorporated (fka 11849573 Canada Inc.)(10)(12)(23)(27)(29)	First lien senior secured revolving loan	L + 6.25%	8/21/2026		2,983		2,946			2,960			0.1	%
Interoperability Bidco, Inc. (dba Lyniate)(10)(12)(27)	First lien senior secured loan	L + 6.25%	12/28/2026		66,956		66,528			66,535			1.1	%
Interoperability Bidco, Inc. (dba Lyniate)(10)(23)(24)(27)	First lien senior secured revolving loan	L + 6.25%	12/28/2026		—		(18	)		(19	)		—	%
					596,593		586,247			585,249			10.0	%

Owl Rock Capital Corporation

Consolidated Schedule of Investments

As of March 31, 2022

(Amounts in thousands, except share amounts)

(Unaudited)


Company(1)(4)(8)	Investment	Interest	Maturity Date	Par / Units		Amortized Cost(2)(3)			Fair Value			Percentage of Net Assets
Household products
HGH Purchaser, Inc. (dba Horizon Services)(10)(12)(27)	First lien senior secured loan	L + 5.75%	11/3/2025		107,954		106,722			106,875			1.8	%
HGH Purchaser, Inc. (dba Horizon Services)(10)(12)(23)(25)(27)	First lien senior secured delayed draw term loan	L + 5.75%	2/10/2023		33,614		33,312			33,138			0.6	%
HGH Purchaser, Inc. (dba Horizon Services)(10)(12)(23)(27)	First lien senior secured revolving loan	L + 5.75%	11/3/2025		12,507		12,352			12,341			0.2	%
Walker Edison Furniture Company LLC(10)(12)(27)	First lien senior secured loan	L + 8.75% (incl. 3.00% PIK)	3/31/2027		84,681		84,680			77,058			1.3	%
					238,756		237,066			229,412			3.9	%
Human resource support services
Cornerstone OnDemand, Inc.(10)(11)(27)	Second lien senior secured loan	L + 6.50%	10/15/2029		115,833		114,169			113,517			1.9	%
IG Investments Holdings, LLC (dba Insight Global)(10)(12)(27)	First lien senior secured loan	L + 6.00%	9/22/2028		50,771		49,818			49,755			0.8	%
IG Investments Holdings, LLC (dba Insight Global)(10)(17)(23)(27)	First lien senior secured revolving loan	P + 5.00%	9/22/2027		795		722			715			—	%
					167,399		164,709			163,987			2.7	%
Infrastructure and environmental services
FR Arsenal Holdings II Corp. (dba Applied-Cleveland Holdings, Inc.)(10)(13)	First lien senior secured loan	L + 7.50%	9/8/2022		117,341		117,791			102,674			1.7	%
LineStar Integrity Services LLC(10)(13)(27)	First lien senior secured loan	L + 7.25%	2/12/2024		80,346		80,185			71,508			1.2	%
Tamarack Intermediate, L.L.C. (dba Verisk 3E)(10)(15)(27)	First lien senior secured loan	SR + 5.75%	3/13/2028		859		842			842			—	%
Tamarack Intermediate, L.L.C. (dba Verisk 3E)(10)(23)(24)(27)	First lien senior secured revolving loan	SR + 5.75%	3/13/2028		—		(3	)		(3	)		—	%
					198,546		198,815			175,021			2.9	%
Insurance
Alera Group, Inc.(10)(11)(27)	First lien senior secured loan	L + 5.50%	10/2/2028		42,929		42,019			41,748			0.7	%
Alera Group, Inc.(10)(11)(23)(25)(27)	First lien senior secured delayed draw term loan	L + 5.50%	10/2/2023		11,781		11,527			11,450			0.2	%

Owl Rock Capital Corporation

Consolidated Schedule of Investments

As of March 31, 2022

(Amounts in thousands, except share amounts)

(Unaudited)


Company(1)(4)(8)	Investment	Interest	Maturity Date	Par / Units		Amortized Cost(2)(3)			Fair Value			Percentage of Net Assets
Ardonagh Midco 3 PLC(10)(13)(27)(29)	First lien senior secured USD term loan	L + 7.00%	7/14/2026		26,784		26,297			26,583			0.5	%
Ardonagh Midco 3 PLC(10)(20)(27)(29)	First lien senior secured EUR term loan	E + 7.00%	7/14/2026		10,164		10,024			10,138			0.2	%
Ardonagh Midco 3 PLC(10)(21)(27)(29)	First lien senior secured GBP term loan	SA + 7.00%	7/14/2026		114,099		106,832			114,099			1.9	%
Ardonagh Midco 3 PLC(10)(23)(25)(27)(29)	First lien senior secured GBP delayed draw term loan	L + 7.00%	8/19/2023		—		—			(80	)		—	%
Ardonagh Midco 2 PLC(22)(27)(29)	Unsecured notes	11.50%	1/15/2027		11,198		11,125			11,867			0.2	%
Brightway Holdings, LLC(10)(11)(27)	First lien senior secured loan	L + 6.50%	12/16/2027		26,842		26,520			26,439			0.5	%
Brightway Holdings, LLC(10)(23)(24)	First lien senior secured revolving loan	L + 6.50%	12/16/2027		—		(38	)		(47	)		—	%
Evolution BuyerCo, Inc. (dba SIAA)(10)(12)(27)	First lien senior secured loan	L + 6.25%	4/28/2028		142,791		140,959			140,649			2.4	%
Evolution BuyerCo, Inc. (dba SIAA)(10)(23)(24)(27)	First lien senior secured revolving loan	L + 6.25%	4/30/2027		—		(129	)		(161	)		—	%
Integrity Marketing Acquisition, LLC(10)(13)(27)	First lien senior secured loan	L + 5.75%	8/27/2025		218,318		216,048			218,318			3.7	%
Integrity Marketing Acquisition, LLC(10)(23)(24)(27)	First lien senior secured revolving loan	L + 5.75%	8/27/2025		—		(126	)		—			—	%
Norvax, LLC (dba GoHealth)(10)(12)(27)	First lien senior secured loan	L + 6.50%	9/15/2025		77,179		75,076			76,793			1.3	%
Norvax, LLC (dba GoHealth)(10)(11)(23)(27)	First lien senior secured revolving loan	L + 6.50%	9/13/2024		9,511		9,421			9,450			0.2	%
Peter C. Foy & Associates Insurance Services, LLC (dba PCF Insurance Services)(10)(12)(27)	First lien senior secured loan	L + 6.00%	11/1/2028		135,928		134,631			133,890			2.3	%
Peter C. Foy & Associates Insurance Services, LLC (dba PCF Insurance Services)(10)(23)(24)(27)	First lien senior secured revolving loan	L + 6.00%	11/1/2027		—		(57	)		(92	)		—	%
PCF Midco II, LLC (dba PCF Insurance Services)(22)(27)	First lien senior secured loan	9.00% PIK	10/31/2031		123,185		112,186			109,942			1.9	%
TEMPO BUYER CORP. (dba Global Claims Services)(10)(12)(27)	First lien senior secured loan	L + 5.50%	8/28/2028		1,086		1,066			1,059			—	%
TEMPO BUYER CORP. (dba Global Claims Services)(10)(23)(24)(25)(27)	First lien senior secured delayed draw term loan	L + 5.50%	8/26/2023		—		(3	)		(5	)		—	%
TEMPO BUYER CORP. (dba Global Claims Services)(10)(17)(23)(27)	First lien senior secured revolving loan	P + 4.50%	8/28/2028		6		3			2			—	%
THG Acquisition, LLC (dba Hilb)(10)(12)(27)	First lien senior secured loan	L + 5.75%	12/2/2026		75,321		73,968			74,191			1.3	%
THG Acquisition, LLC (dba Hilb)(10)(23)(24)(27)	First lien senior secured revolving loan	L + 5.75%	12/2/2025		—		(141	)		(129	)		—	%

Owl Rock Capital Corporation

Consolidated Schedule of Investments

As of March 31, 2022

(Amounts in thousands, except share amounts)

(Unaudited)


Company(1)(4)(8)	Investment	Interest	Maturity Date	Par / Units		Amortized Cost(2)(3)			Fair Value			Percentage of Net Assets
USRP Holdings, Inc. (dba U.S. Retirement and Benefits Partners)(10)(12)(27)	First lien senior secured loan	L + 5.50%	7/23/2027		38,989		38,280			38,014			0.6	%
USRP Holdings, Inc. (dba U.S. Retirement and Benefits Partners)(10)(12)(23)(24)(27)	First lien senior secured revolving loan	L + 5.50%	7/23/2027		71		(5	)		(35	)		—	%
KUSRP Intermediate, Inc. (dba U.S. Retirement and Benefits Partners)(10)(12)(27)	First lien senior secured loan	L + 9.50% PIK	7/24/2028		32,075		31,509			31,433			0.5	%
					1,098,257		1,066,992			1,075,516			18.4	%
Internet software and services
3ES Innovation Inc. (dba Aucerna)(10)(12)(27)(29)	First lien senior secured loan	L + 6.75%	5/13/2025		61,103		60,599			60,187			1.0	%
3ES Innovation Inc. (dba Aucerna)(10)(23)(24)(27)(29)	First lien senior secured revolving loan	L + 6.75%	5/13/2025		—		(25	)		(58	)		—	%
Accela, Inc.(10)(11)	First lien senior secured loan	L + 7.50% (incl. 4.25% PIK)	9/30/2024		24,187		24,040			24,127			0.4	%
Accela, Inc.(10)(11)(23)	First lien senior secured revolving loan	L + 7.00%	9/30/2024		1,500		1,500			1,493			—	%
Apptio, Inc.(10)(12)(27)	First lien senior secured loan	L + 7.25%	1/10/2025		50,916		50,233			50,916			0.9	%
Apptio, Inc.(10)(12)(23)(27)	First lien senior secured revolving loan	L + 7.25%	1/10/2025		1,112		1,086			1,112			—	%
Bayshore Intermediate #2, L.P. (dba Boomi)(10)(12)(27)	First lien senior secured loan	L + 7.75% PIK	10/2/2028		84,823		83,055			82,702			1.4	%
Bayshore Intermediate #2, L.P. (dba Boomi)(10)(23)(24)(27)	First lien senior secured revolving loan	L + 6.75%	10/1/2027		—		(143	)		(173	)		—	%
BCPE Nucleon (DE) SPV, LP(10)(13)(27)	First lien senior secured loan	L + 7.00%	9/24/2026		189,778		187,460			188,354			3.2	%
BCTO BSI Buyer, Inc. (dba Buildertrend)(10)(12)(27)	First lien senior secured loan	L + 7.00%	12/23/2026		44,643		44,274			44,308			0.8	%
BCTO BSI Buyer, Inc. (dba Buildertrend)(10)(12)(23)(27)	First lien senior secured revolving loan	L + 7.00%	12/23/2026		3,018		2,976			2,978			0.1	%
Centrify Corporation(10)(12)(27)	First lien senior secured loan	L + 5.75%	3/2/2028		66,734		65,267			65,233			1.1	%
Centrify Corporation(10)(23)(24)(27)	First lien senior secured revolving loan	L + 5.75%	3/2/2027		—		(165	)		(153	)		—	%
CivicPlus, LLC(10)(12)(27)	First lien senior secured loan	L + 6.00%	8/24/2027		14,236		14,106			14,023			0.2	%
CivicPlus, LLC(10)(23)(25)(27)	First lien senior secured delayed draw term loan	L + 6.00%	8/24/2023		—		—			(33	)		—	%
CivicPlus, LLC(10)(23)(24)(27)	First lien senior secured revolving loan	L + 6.00%	8/24/2027		—		(12	)		(20	)		—	%

Owl Rock Capital Corporation

Consolidated Schedule of Investments

As of March 31, 2022

(Amounts in thousands, except share amounts)

(Unaudited)


Company(1)(4)(8)	Investment	Interest	Maturity Date	Par / Units		Amortized Cost(2)(3)			Fair Value			Percentage of Net Assets
Delta TopCo, Inc. (dba Infoblox, Inc.)(10)(12)(27)	Second lien senior secured loan	L + 7.25%	12/1/2028		15,000		14,935			14,925			0.3	%
EET Buyer, Inc. (dba e-Emphasys)(10)(13)(27)	First lien senior secured loan	L + 5.75%	11/8/2027		4,545		4,503			4,477			0.1	%
EET Buyer, Inc. (dba e-Emphasys)(10)(23)(24)(27)	First lien senior secured revolving loan	L + 5.75%	11/8/2027		—		(4	)		(7	)		—	%
Forescout Technologies, Inc.(10)(12)(27)	First lien senior secured loan	L + 9.50% PIK	8/17/2026		56,112		55,449			56,112			1.0	%
Forescout Technologies, Inc.(10)(23)(24)(27)	First lien senior secured revolving loan	L + 8.50%	8/18/2025		—		(63	)		—			—	%
Genesis Acquisition Co. (dba Procare Software)(10)(12)(27)	First lien senior secured loan	L + 4.00%	7/31/2024		18,082		17,930			17,539			0.3	%
Genesis Acquisition Co. (dba Procare Software)(10)(12)(27)	First lien senior secured revolving loan	L + 4.00%	7/31/2024		2,637		2,617			2,558			—	%
GovBrands Intermediate, Inc.(10)(12)(27)	First lien senior secured loan	L + 5.50%	8/4/2027		10,631		10,390			10,259			0.2	%
GovBrands Intermediate, Inc.(10)(12)(23)(25)(27)	First lien senior secured delayed draw term loan	L + 5.50%	8/4/2023		2,392		2,325			2,283			—	%
GovBrands Intermediate, Inc.(10)(23)(24)(27)	First lien senior secured revolving loan	L + 5.50%	8/4/2027		—		(18	)		(28	)		—	%
Granicus, Inc.(10)(12)(27)	First lien senior secured loan	L + 6.50%	1/29/2027		13,461		13,189			13,159			0.2	%
Granicus, Inc.(10)(12)(23)(25)(27)	First lien senior secured delayed draw term loan	L + 6.00%	1/30/2023		1,531		1,496			1,484			—	%
Granicus, Inc.(10)(23)(24)(27)	First lien senior secured revolving loan	L + 6.00%	1/29/2027		—		(23	)		(27	)		—	%
H&F Opportunities LUX III S.À R.L (dba Checkmarx)(10)(13)(27)(29)	First lien senior secured loan	L + 7.50%	4/16/2026		51,567		50,444			51,567			0.9	%
H&F Opportunities LUX III S.À R.L (dba Checkmarx)(10)(23)(24)(27)(29)	First lien senior secured revolving loan	L + 7.50%	4/16/2026		—		(328	)		—			—	%
Hyland Software, Inc.(10)(11)(27)	Second lien senior secured loan	L + 6.25%	7/7/2025		15,482		15,469			15,327			0.3	%
IQN Holding Corp. (dba Beeline)(10)(13)(27)	First lien senior secured loan	L + 5.50%	8/20/2024		150,221		149,208			149,845			2.6	%
IQN Holding Corp. (dba Beeline)(10)(23)(24)(27)	First lien senior secured revolving loan	L + 5.50%	8/21/2023		—		(94	)		(57	)		—	%
Litera Bidco LLC(10)(11)(27)	First lien senior secured loan	L + 5.89%	5/29/2026		153,660		152,118			153,660			2.6	%
Litera Bidco LLC(10)(11)(23)(25)(27)	First lien senior secured delayed draw term loan	L + 6.00%	10/29/2022		1,993		1,941			1,993			—	%
Litera Bidco LLC(10)(23)(24)(27)	First lien senior secured revolving loan	L + 5.75%	5/29/2026		—		(41	)		—			—	%

Owl Rock Capital Corporation

Consolidated Schedule of Investments

As of March 31, 2022

(Amounts in thousands, except share amounts)

(Unaudited)


Company(1)(4)(8)	Investment	Interest	Maturity Date	Par / Units		Amortized Cost(2)(3)			Fair Value			Percentage of Net Assets
MessageBird BidCo B.V.(10)(13)(27)(29)	First lien senior secured loan	L + 6.75%	4/29/2027		77,000		75,505			75,268			1.3	%
MINDBODY, Inc.(10)(13)(27)	First lien senior secured loan	L + 8.50% (incl. 1.50% PIK)	2/14/2025		67,379		66,991			67,379			1.1	%
MINDBODY, Inc.(10)(23)(24)(27)	First lien senior secured revolving loan	L + 7.00%	2/14/2025		—		(29	)		—			—	%
Ministry Brands Holdings, LLC(10)(12)(27)	First lien senior secured loan	L + 5.50%	12/29/2028		706		693			689			—	%
Ministry Brands Holdings, LLC(10)(23)(24)(25)(27)	First lien senior secured delayed draw term loan	L + 5.50%	12/27/2023		—		(2	)		(3	)		—	%
Ministry Brands Holdings, LLC(10)(23)(24)(27)	First lien senior secured revolving loan	L + 5.50%	12/27/2027		—		(1	)		(2	)		—	%
Proofpoint, Inc.(6)(10)(12)(27)	Second lien senior secured loan	L + 6.25%	8/31/2029		19,600		19,507			19,484			0.3	%
QAD, Inc.(10)(12)(27)	First lien senior secured loan	L + 6.00%	11/5/2027		26,571		26,070			25,906			0.4	%
QAD, Inc.(10)(23)(24)(27)	First lien senior secured revolving loan	L + 6.00%	11/5/2027		—		(64	)		(86	)		—	%
Tahoe Finco, LLC(10)(12)(27)(29)	First lien senior secured loan	L + 6.00%	9/29/2028		123,256		122,093			121,406			2.1	%
Tahoe Finco, LLC(10)(23)(24)(27)(29)	First lien senior secured revolving loan	L + 6.00%	10/1/2027		—		(85	)		(139	)		—	%
Thunder Purchaser, Inc. (dba Vector Solutions)(10)(12)(27)	First lien senior secured loan	L + 5.75%	6/30/2028		64,639		64,048			63,831			1.1	%
Thunder Purchaser, Inc. (dba Vector Solutions)(10)(23)(25)(27)	First lien senior secured delayed draw term loan	L + 5.75%	8/17/2023		—		—			(27	)		—	%
Thunder Purchaser, Inc. (dba Vector Solutions)(10)(12)(23)(27)	First lien senior secured revolving loan	L + 5.75%	6/30/2027		827		794			779			—	%
When I Work, Inc.(10)(12)(27)	First lien senior secured loan	L + 7.00% PIK	11/2/2027		4,932		4,886			4,858			0.1	%
When I Work, Inc.(10)(23)(24)(27)	First lien senior secured revolving loan	L + 6.00%	11/2/2027		—		(9	)		(14	)		—	%
					1,424,274		1,406,091			1,409,394			24.0	%
Leisure and entertainment
Troon Golf, L.L.C.(10)(12)(27)	First lien senior secured loan	L + 6.00%	8/5/2027		282,365		281,079			280,952			4.8	%
Troon Golf, L.L.C.(10)(11)(23)(27)	First lien senior secured revolving loan	L + 6.00%	8/5/2026		4,054		3,960			3,946			0.1	%
					286,419		285,039			284,898			4.9	%

Owl Rock Capital Corporation

Consolidated Schedule of Investments

As of March 31, 2022

(Amounts in thousands, except share amounts)

(Unaudited)


Company(1)(4)(8)	Investment	Interest	Maturity Date	Par / Units		Amortized Cost(2)(3)			Fair Value			Percentage of Net Assets
Manufacturing
Gloves Buyer, Inc. (dba Protective Industrial Products)(10)(11)(27)	Second lien senior secured loan	L + 8.25%	12/29/2028		29,250		28,601			28,811			0.5	%
Ideal Tridon Holdings, Inc.(10)(12)(27)	First lien senior secured loan	L + 5.25%	7/31/2024		52,701		52,318			52,569			0.9	%
Ideal Tridon Holdings, Inc.(10)(23)(24)(27)	First lien senior secured revolving loan	L + 5.25%	7/31/2023		—		(12	)		(14	)		—	%
MHE Intermediate Holdings, LLC (dba OnPoint Group)(10)(13)(27)	First lien senior secured loan	L + 5.75%	7/21/2027		159,919		158,474			157,120			2.7	%
MHE Intermediate Holdings, LLC (dba OnPoint Group)(10)(12)(23)(25)(27)	First lien senior secured delayed draw term loan	L + 5.75%	7/21/2023		13,387		13,263			13,079			0.2	%
MHE Intermediate Holdings, LLC (dba OnPoint Group)(10)(11)(23)(27)	First lien senior secured revolving loan	L + 5.75%	7/21/2027		621		484			350			—	%
PHM Netherlands Midco B.V. (dba Loparex)(10)(11)(27)	First lien senior secured loan	L + 4.50%	7/31/2026		784		739			760			—	%
PHM Netherlands Midco B.V. (dba Loparex)(10)(11)(27)	Second lien senior secured loan	L + 8.75%	7/30/2027		112,000		106,124			108,920			1.9	%
Safety Products/JHC Acquisition Corp. (dba Justrite Safety Group)(10)(11)(27)	First lien senior secured loan	L + 4.50%	6/28/2026		13,887		13,799			12,846			0.2	%
Sonny's Enterprises LLC(10)(11)(27)	First lien senior secured loan	L + 6.75%	8/5/2026		231,670		228,196			231,670			3.9	%
Sonny's Enterprises LLC(10)(23)(24)(27)	First lien senior secured revolving loan	L + 6.75%	8/5/2025		—		(241	)		—			—	%
					614,219		601,745			606,111			10.3	%
Oil and gas
Black Mountain Sand Eagle Ford LLC(10)(12)(27)	First lien senior secured loan	L + 8.25%	8/17/2022		3,739		3,741			3,739			0.1	%
Project Power Buyer, LLC (dba PEC-Veriforce)(10)(12)(27)	First lien senior secured loan	L + 6.00%	5/14/2026		44,976		44,571			44,976			0.8	%
Project Power Buyer, LLC (dba PEC-Veriforce)(10)(23)(24)(27)	First lien senior secured revolving loan	L + 6.00%	5/14/2025		—		(21	)		—			—	%
Zenith Energy U.S. Logistics Holdings, LLC(10)(12)(27)	First lien senior secured loan	L + 5.50%	12/20/2024		64,476		63,783			64,476			1.1	%
					113,191		112,074			113,191			2.0	%

Owl Rock Capital Corporation

Consolidated Schedule of Investments

As of March 31, 2022

(Amounts in thousands, except share amounts)

(Unaudited)


Company(1)(4)(8)	Investment	Interest	Maturity Date	Par / Units		Amortized Cost(2)(3)			Fair Value			Percentage of Net Assets
Professional services
AmSpec Group, Inc. (fka AmSpec Services Inc.)(10)(12)(27)	First lien senior secured loan	L + 5.75%	7/2/2024		109,980		109,103			109,155			1.9	%
AmSpec Group, Inc. (fka AmSpec Services Inc.)(10)(23)(24)(27)	First lien senior secured revolving loan	L + 3.75%	7/2/2024		—		(95	)		(108	)		—	%
Apex Group Treasury, LLC(10)(12)(27)(29)	Second lien senior secured loan	L + 6.75%	7/27/2029		19,000		18,822			18,715			0.3	%
Apex Group Treasury, LLC(10)(23)(25)(27)(29)	Second lien senior secured delayed draw term loan	L + 6.75%	6/30/2022		—		—			—			—	%
Aptive Environmental, LLC(22)(27)	First lien senior secured loan	12.00% (incl. 6.00% PIK)	1/23/2026		10,110		8,300			8,209			0.1	%
Gerson Lehrman Group, Inc.(10)(12)(27)	First lien senior secured loan	L + 5.25%	12/12/2024		136,609		135,942			136,199			2.3	%
Gerson Lehrman Group, Inc.(10)(23)(24)(27)	First lien senior secured revolving loan	L + 5.25%	12/12/2024		—		(97	)		(65	)		—	%
Guidehouse Inc.(10)(11)(27)	First lien senior secured loan	L + 5.50%	10/16/2028		4,638		4,594			4,568			0.1	%
Relativity ODA LLC(10)(11)(27)	First lien senior secured loan	L + 7.50% PIK	5/12/2027		78,435		77,464			77,257			1.3	%
Relativity ODA LLC(10)(23)(24)(27)	First lien senior secured revolving loan	L + 6.50%	5/12/2027		—		(94	)		(110	)		—	%
					358,772		353,939			353,820			6.0	%
Specialty retail
Galls, LLC(10)(12)(27)	First lien senior secured loan	L + 6.75% (incl. 0.50% PIK)	1/31/2025		104,614		103,912			97,291			1.7	%
Galls, LLC(10)(12)(23)(27)	First lien senior secured revolving loan	L + 6.75%	1/31/2024		17,941		17,653			15,672			0.3	%
Milan Laser Holdings LLC(10)(12)(27)	First lien senior secured loan	L + 5.00%	4/27/2027		24,238		24,028			23,996			0.4	%
Milan Laser Holdings LLC(10)(23)(24)(27)	First lien senior secured revolving loan	L + 5.00%	4/27/2026		—		(17	)		(21	)		—	%
Notorious Topco, LLC (dba Beauty Industry Group)(10)(13)(27)	First lien senior secured loan	L + 6.50%	11/22/2027		110,184		108,610			108,256			1.8	%
Notorious Topco, LLC (dba Beauty Industry Group)(10)(23)(24)(25)(27)	First lien senior secured delayed draw term loan	L + 6.50%	11/23/2023		—		(94	)		(80	)		—	%
Notorious Topco, LLC (dba Beauty Industry Group)(10)(12)(23)(27)	First lien senior secured revolving loan	L + 6.50%	5/24/2027		2,554		2,420			2,386			—	%

Owl Rock Capital Corporation

Consolidated Schedule of Investments

As of March 31, 2022

(Amounts in thousands, except share amounts)

(Unaudited)


Company(1)(4)(8)	Investment	Interest	Maturity Date	Par / Units		Amortized Cost(2)(3)		Fair Value		Percentage of Net Assets
The Shade Store, LLC(10)(12)(27)	First lien senior secured loan	L + 6.00%	10/13/2027		9,068		8,962		8,909		0.2	%
The Shade Store, LLC(10)(13)(23)(27)	First lien senior secured revolving loan	L + 6.00%	10/13/2026		455		444		439		—	%
					269,054		265,918		256,848		4.4	%
Transportation
Lazer Spot G B Holdings, Inc.(10)(13)(27)	First lien senior secured loan	L + 5.75%	12/9/2025		143,698		142,050		143,698		2.4	%
Lazer Spot G B Holdings, Inc.(10)(17)(23)(27)	First lien senior secured revolving loan	P + 4.75%	12/9/2025		1,610		1,325		1,610		—	%
Lytx, Inc.(10)(11)(27)	First lien senior secured loan	L + 6.75%	2/28/2026		71,551		70,706		70,836		1.2	%
Motus Group, LLC(10)(12)(27)	Second lien senior secured loan	L + 6.50%	12/10/2029		10,810		10,705		10,675		0.2	%
					227,669		224,786		226,819		3.8	%
Total non-controlled/non-affiliated portfolio company debt investments				$	11,774,560	$	11,586,274	$	11,502,951		196.2	%

Equity Investments
Aerospace and defense
Space Exploration Technologies Corp.(27)(28)(31)	Class A Common Stock	N/A	N/A		3,232		1,557		1,810		—	%
Space Exploration Technologies Corp.(27)(28)(31)	Class C Common Stock	N/A	N/A		936		446		524		—	%
							2,003		2,334		—	%
Automotive
CD&R Value Building Partners I, L.P. (dba Belron)(27)(28)(29)(31)	LP Interest	N/A	N/A		33,000		33,108		33,000		0.6	%
Metis HoldCo, Inc. (dba Mavis Tire Express Services)(22)(27)(28)	Series A Convertible Preferred Stock	7.00% PIK	N/A		159,413		154,770		156,225		2.7	%
							187,878		189,225		3.3	%

Owl Rock Capital Corporation

Consolidated Schedule of Investments

As of March 31, 2022

(Amounts in thousands, except share amounts)

(Unaudited)


Company(1)(4)(8)	Investment	Interest	Maturity Date	Par / Units		Amortized Cost(2)(3)		Fair Value		Percentage of Net Assets
Buildings and real estate
Dodge Contruction Network Holdings, L.P.(22)(28)	Series A Preferred Units	8.25% PIK	N/A		0		45		45		—	%
Dodge Contruction Network Holdings, LP(28)(31)	Class A-2 Common Units	N/A	N/A		2,181,629		1,859		1,855		—	%
							1,904		1,900		—	%
Business services
Denali Holding, LP (dba Summit Companies)(27)(28)(31)	Class A Units	N/A	N/A		313,580		3,136		3,136		0.1	%
Hercules Buyer, LLC (dba The Vincit Group)(27)(28)(31)(33)	Common Units	N/A	N/A		2,190,000		2,192		2,192		—	%
							5,328		5,328		0.1	%
Consumer Products
ASP Conair Holdings LP(27)(28)(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.(5)(27)(31)	Common Stock	N/A	N/A		72,317		1,000		412		—	%
Blend Labs, Inc.(27)(28)(31)	Warrants	N/A	N/A		179,529		975		232		—	%
							1,975		644		—	%
Food and beverage
H-Food Holdings, LLC(27)(28)(31)	LLC Interest	N/A	N/A		10,875		10,875		12,263		0.2	%
							10,875		12,263		0.2	%
Healthcare equipment and services
KPCI Holdings, L.P.(27)(28)(31)	Class A Units	N/A	N/A		32,285		32,285		34,745		0.6	%
Maia Aggregator, LP(27)(28)(31)	Class A-2 Units	N/A	N/A		168,539		169		169		—	%

Owl Rock Capital Corporation

Consolidated Schedule of Investments

As of March 31, 2022

(Amounts in thousands, except share amounts)

(Unaudited)


Company(1)(4)(8)	Investment	Interest	Maturity Date	Par / Units		Amortized Cost(2)(3)		Fair Value		Percentage of Net Assets
Patriot Holdings SCSp (dba Corza Health, Inc.)(22)(27)(28)	Class A Units	8.00% PIK	N/A		7,787		7,787		7,787		0.1	%
Patriot Holdings SCSp (dba Corza Health, Inc.)(27)(28)(31)	Class B Units	N/A	N/A		16		18		1,109		—	%
Rhea Acquisition Holdings, LP(27)(28)(31)	Series A-2 Units	N/A	N/A		119,048		119		119		—	%
							40,378		43,929		0.7	%
Healthcare providers and services
KOBHG Holdings, L.P. (dba OB Hospitalist)(27)(28)(31)	Class A Interests	N/A	N/A		6,670		6,670		6,670		0.1	%
							6,670		6,670		0.1	%
Healthcare technology
Minerva Holdco, Inc.(22)(27)(28)	Series A Preferred Stock	10.75% PIK	N/A		7,094		6,956		6,953		0.1	%
							6,956		6,953		0.1	%
Human resource support services
Sunshine Software Holdings, Inc. (dba Cornerstone OnDemand, Inc.)(22)(27)(28)	Series A Preferred Stock	10.50% PIK	N/A		39,364		38,437		37,789		0.6	%
							38,437		37,789		0.6	%
Insurance
Evolution Parent, LP (dba SIAA)(27)(28)(31)	LP Interest	N/A	N/A		42,838		4,284		4,284		0.1	%
GrowthCurve Capital Sunrise Co-Invest LP (dba Brightway)(27)(28)(31)	LP Interest	N/A	N/A		632		633		632		—	%
Norvax, LLC (dba GoHealth)(5)(27)(31)	Common Stock	N/A	N/A		1,021,885		5,232		1,206		—	%
PCF Holdco, LLC (dba PCF Insurance Services)(27)(28)(31)	Class A Units	N/A	N/A		11,028		27,968		34,284		0.6	%
PCF Holdco, LLC (dba PCF Insurance Services)(27)(28)(31)	Class A Warrants	N/A	N/A		3,744		9,496		11,650		0.2	%
							47,613		52,056		0.9	%

Owl Rock Capital Corporation

Consolidated Schedule of Investments

As of March 31, 2022

(Amounts in thousands, except share amounts)

(Unaudited)


Company(1)(4)(8)	Investment	Interest	Maturity Date	Par / Units		Amortized Cost(2)(3)		Fair Value		Percentage of Net Assets
Internet and software services
BCTO WIW Holdings, Inc. (dba When I Work)(27)(28)(31)	Class A Common Stock	N/A	N/A		13		1,300		1,300		—	%
Brooklyn Lender Co-Invest 2, L.P. (dba Boomi)(27)(28)(31)	Common Units	N/A	N/A		7,503,843		7,504		7,504		0.1	%
MessageBird Holding B.V.(27)(28)(29)(31)	Extended Series C Warrants	N/A	N/A		122,890		753		484		—	%
Thunder Topco L.P. (dba Vector Solutions)(27)(28)(31)	Common Units	N/A	N/A		3,829,614		3,830		4,081		0.1	%
VEPF Torreys Aggregator, LLC (dba MINDBODY, Inc.)(22)(27)(28)	Series A Preferred Stock	6.00% PIK	N/A		21,250		21,571		21,250		0.4	%
							34,958		34,619		0.6	%
Manufacturing
Gloves Holdings, LP (dba Protective Industrial Products)(27)(28)(31)	LP Interest	N/A	N/A		3,250		3,250		3,640		0.1	%
Windows Entities(27)(28)(29)(31)(32)	LLC Units	N/A	N/A		31,826		56,944		103,561		1.8	%
							60,194		107,201		1.9	%
Professional services
Evology LLC(27)(28)(31)	Class B Units	N/A	N/A		351		1,680		1,680		—	%
WMC Bidco, Inc. (dba West Monroe)(22)(27)(28)	Senior Preferred Stock	11.25% PIK	N/A		17,433		17,011		16,736		0.3	%
							18,691		18,416		0.3	%
Total non-controlled/non-affiliated portfolio company equity investments							469,931		525,398		8.9	%
Total non-controlled/non-affiliated portfolio company investments						$	12,056,205	$	12,028,349		205.1	%

Owl Rock Capital Corporation

Consolidated Schedule of Investments

As of March 31, 2022

(Amounts in thousands, except share amounts)

(Unaudited)


Company(1)(4)(8)	Investment	Interest	Maturity Date	Par / Units		Amortized Cost(2)(3)		Fair Value		Percentage of Net Assets
Controlled/affiliated portfolio company investments
Debt Investments
Advertising and media
Swipe Acquisition Corporation (dba PLI)(10)(11)(26)(27)	First lien senior secured loan	L + 8.00%	6/29/2024		50,045		49,383		49,419		0.8	%
Swipe Acquisition Corporation (dba PLI)(10)(11)(23)(25)(26)(27)	First lien senior secured delayed draw term loan	L + 8.00%	12/30/2022		14,902		14,902		14,638		0.2	%
Swipe Acquisition Corporation (dba PLI)(10)(23)(26)(27)	Letter of Credit	L + 8.00%	6/29/2024		—		2		—		—	%
					64,947		64,287		64,057		1.0	%
Distribution
PS Operating Company LLC (fka QC Supply, LLC)(10)(12)(26)	First lien senior secured loan	L + 6.00%	12/31/2024		13,241		12,976		12,910		0.2	%
PS Operating Company LLC (fka QC Supply, LLC)(10)(12)(23)(26)	First lien senior secured revolving loan	L + 6.00%	12/31/2024		2,317		2,182		2,193		—	%
					15,558		15,158		15,103		0.2	%
Total controlled/affiliated portfolio company debt investments				$	80,505	$	79,445	$	79,160		1.2	%

Equity Investments
Advertising and media
New PLI Holdings, LLC (dba PLI)(26)(27)(28)(31)	Class A Common Units	N/A	N/A		86,745		48,007		48,007		0.8	%
							48,007		48,007		0.8	%
Distribution
PS Op Holdings LLC (fka QC Supply, LLC)(26)(28)(31)	Class A Common Units	N/A	N/A		248,271		4,300		4,300		0.1	%
							4,300		4,300		0.1	%

Owl Rock Capital Corporation

Consolidated Schedule of Investments

As of March 31, 2022

(Amounts in thousands, except share amounts)

(Unaudited)


Company(1)(4)(8)	Investment	Interest	Maturity Date	Par / Units		Amortized Cost(2)(3)		Fair Value		Percentage of Net Assets
Financial services
Wingspire Capital Holdings LLC(9)(23)(26)(28)(31)	LLC Interest	N/A	N/A		272,288		272,288		308,418		5.3	%
							272,288		308,418		5.3	%
Investment funds and vehicles
ORCC Senior Loan Fund LLC (fka Sebago Lake LLC)(7)(9)(26)(28)(29)(31)	LLC Interest	N/A	N/A		294,339		294,339		288,089		4.9	%
							294,339		288,089		4.9	%
Total controlled/affiliated portfolio company equity investments						$	618,934	$	648,814		11.1	%
Total controlled/affiliated portfolio company investments						$	698,379	$	727,974		12.3	%
Total Investments						$	12,754,584	$	12,756,323		217.4	%

Interest Rate Swaps as of March 31, 2022

Company Receives

Company Pays

Maturity Date

Notional Amount

Hedged Instrument

Footnote Reference

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

900,000

________________

(1)

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

(2)

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.

(3)

As of March 31, 2022, the net estimated unrealized loss for U.S. federal income tax purposes was $117.3 million based on a tax cost basis of $12.9 billion. As of March 31, 2022, the estimated aggregate gross unrealized loss for U.S. federal income tax purposes was $262.1 million and the estimated aggregate gross unrealized gain for U.S. federal income tax purposes was $144.8 million.

(4)

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

(5)

Level 1 investment.

(6)

Level 2 investment.

(7)

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

(8)

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”.

(9)

Investment is not pledged as collateral for the credit facilities.

(10)

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-, three-, six- ot twelve- month LIBOR), Secured Overnight Financing Rate ("SOFR" or "SR," which can include one-, three- or six- month SOFR), Euro Interbank Offered Rate (“EURIBOR” or “E”, which can include three- or six-month EURIBOR), SONIA ("SONIA” or "SA") 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.

(11)

The interest rate on these loans is subject to 1 month LIBOR, which as of March 31, 2022 was 0.45%.

(12)

The interest rate on these loans is subject to 3 month LIBOR, which as of March 31, 2022 was 0.96%.

(13)

The interest rate on these loans is subject to 6 month LIBOR, which as of March 31, 2022 was 1.47%.

(14)

The interest rate on these loans is subject to 12 month LIBOR, which as of March 31, 2022 was 2.10%.

(15)

The interest rate on these loans is subject to 3 month SOFR, which as of March 31, 2022 was 0.67%.

(16)

The interest rate on these loans is subject to 6 month SOFR, which as of March 31, 2022 was 1.07%.

(17)

The interest rate on these loans is subject to Prime, which as of March 31, 2022 was 3.50%.

(18)

The interest rate on this loan is subject to 6 month Canadian Dollar Offered Rate (“CDOR” or “C”), which as of March 31, 2022 was 0.55%.

(19)

The interest rate on this loan is subject to 3 month EURIBOR, which as of March 31, 2022 was (0.46)%.

(20)

The interest rate on this loan is subject to 6 month EURIBOR, which as of March 31, 2022 was (0.37)%.

(21)

The interest rate on this loan is subject to SONIA, which as of March 31, 2022 was 0.69%.

(22)

Contains a fixed-rate structure.

Owl Rock Capital Corporation

Consolidated Schedule of Investments

As of March 31, 2022

(Amounts in thousands, except share amounts)

(Unaudited)

(23)

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

(24)

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.

(25)

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.

(26)

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 three months ended March 31, 2022, were as follows:


($ in thousands)	Fair value as of December 31, 2021		Gross Additions (a)		Gross Reductions(b)			Change in Unrealized Gains (Losses)			Fair value as of March 31, 2022		Interest Income		Dividend Income		Other Income
Controlled Affiliates
ORCC Senior Loan Fund LLC (fka Sebago Lake LLC)(c)	$	247,061	$	44,625	$	—		$	(3,597	)	$	288,089	$	—	$	6,138	$	—
PS Operating Company LLC (fka QC Supply, LLC)		19,495		343		(335	)		(100	)		19,403		285		—		3
Swipe Acquisition Corporation (dba PLI)		108,061		4,069		—			(66	)		112,064		1,488		—		159
Wingspire Capital Holdings LLC		242,163		74,250		—			(7,995	)		308,418		—		9,500		—
Total Controlled Affiliates	$	616,780	$	123,287	$	(335	)	$	(11,758	)	$	727,974	$	1,773	$	15,638	$	162

________________

(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."

(27)

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 March 31, 2022

(Amounts in thousands, except share amounts)

(Unaudited)

(28)

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 March 31, 2022, the aggregate fair value of these securities is $1.2 billion or 20.0% 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
BCTO WIW Holdings, Inc. (dba When I Work)	Class A Common Stock	November 2, 2021
Blend Labs, Inc.	Warrants	July 2, 2021
Brooklyn Lender Co-Invest 2, L.P. (dba Boomi)	Common Units	October 1, 2021
CD&R Value Building Partners I, L.P. (dba Belron)	LP Interest	December 2, 2021
Denali Holding, LP (dba Summit Companies)	Class A Units	September 15, 2021
Dodge Contruction Network Holdings, L.P.	Series A Preferred Units	February 23, 2022
Dodge Contruction Network Holdings, LP	Class A-2 Common Units	February 23, 2022
Evology LLC	Class B Units	January 24, 2022
Evolution Parent, LP (dba SIAA)	LP Interest	April 30, 2021
Gloves Holdings, LP (dba Protective Industrial Products)	LP Interest	December 29, 2020
GrowthCurve Capital Sunrise Co-Invest LP (dba Brightway)	LP Interest	December 16, 2021
Hercules Buyer, LLC (dba The Vincit Group)	Common Units	December 15, 2020
H-Food Holdings, LLC	LLC Interest	November 23, 2018
KOBHG Holdings, L.P. (dba OB Hospitalist)	Class A Interests	September 27, 2021
KPCI Holdings, L.P.	Class A Units	November 30, 2020
Maia Aggregator, LP	Class A-2 Units	February 1, 2022
MessageBird Holding B.V.	Extended Series C Warrants	May 5, 2021
Metis HoldCo, Inc. (dba Mavis Tire Express Services)	Series A Convertible Preferred Stock	May 4, 2021
Minerva Holdco, Inc.	Series A Preferred Stock	February 15, 2022
New PLI Holdings, LLC (dba PLI)	Class A Common Units	December 23, 2020
ORCC Senior Loan Fund LLC (fka Sebago Lake LLC)*	LLC Interest	June 20, 2017
Patriot Holdings SCSp (dba Corza Health, Inc.)	Class A Units	January 29, 2021
Patriot Holdings SCSp (dba Corza Health, Inc.)	Class B Units	January 29, 2021
PCF Holdco, LLC (dba PCF Insurance Services)	Class A Units	November 1, 2021
PCF Holdco, LLC (dba PCF Insurance Services)	Class A Warrants	October 29, 2021
PS Op Holdings LLC (fka QC Supply, LLC)	Class A Common Units	December 21, 2021
Rhea Acquisition Holdings, LP	Series A-2 Units	February 18, 2022
Space Exploration Technologies Corp.	Class A Common Stock	March 25, 2021
Space Exploration Technologies Corp.	Class C Common Stock	March 25, 2021
Sunshine Software Holdings, Inc. (dba Cornerstone OnDemand, Inc.)	Series A Preferred Stock	October 14, 2021
Thunder Topco L.P. (dba Vector Solutions)	Common Units	June 30, 2021
VEPF Torreys Aggregator, LLC (dba MINDBODY, Inc.)	Series A Preferred Stock	October 15, 2021
Windows Entities	LLC Units	January 16, 2020
Wingspire Capital Holdings LLC**	LLC Interest	September 24, 2019
WMC Bidco, Inc. (dba West Monroe)	Senior Preferred Stock	November 9, 2021

* 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”.

(29)

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 March 31, 2022, non-qualifying assets represented 10.7% of total assets as calculated in accordance with the regulatory requirements.

(30)

Loan was on non-accrual status as of March 31, 2022.

(31)

Investment is non-income producing.

(32)

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 March 31, 2022.

(33)

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.

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

Owl Rock Capital Corporation

Consolidated Schedule of Investments

As of December 31, 2021

(Amounts in thousands, except share amounts)


Company(1)(4)(7)	Investment	Interest	Maturity Date	Par / Units		Amortized Cost(2)(3)			Fair Value			Percentage of Net Assets
Non-controlled/non-affiliated portfolio company investments
Debt Investments
Advertising and media
Global Music Rights, LLC(9)(12)(25)	First lien senior secured loan	L + 5.75%	8/28/2028		7,500		7,356			7,350			0.1	%
Global Music Rights, LLC(9)(21)(22)(25)	First lien senior secured revolving loan	L + 5.75%	8/27/2027		—		(13	)		(13	)		—	%
					7,500		7,343			7,337			0.1	%
Aerospace and defense
Aviation Solutions Midco, LLC (dba STS Aviation)(9)(12)(25)	First lien senior secured loan	L + 7.25%	1/3/2025		214,643		212,314			202,838			3.4	%
Peraton Corp.(9)(10)(25)	Second lien senior secured loan	L + 7.75%	2/1/2029		47,500		46,840			47,263			0.8	%
Valence Surface Technologies LLC(9)(13)(25)	First lien senior secured loan	L + 6.75% (incl. 1.00% PIK)	6/28/2025		121,823		120,674			110,249			1.9	%
Valence Surface Technologies LLC(9)(12)(21)(25)	First lien senior secured revolving loan	L + 6.75% (incl. 1.00% PIK)	6/28/2025		9,984		9,897			9,031			0.2	%
					393,950		389,725			369,381			6.3	%
Buildings and real estate
Associations, Inc.(9)(12)(25)	First lien senior secured loan	L + 6.50% (incl. 2.50% PIK)	7/2/2027		452,630		448,461			448,102			7.5	%
Associations, Inc.(9)(21)(22)(25)	First lien senior secured revolving loan	L + 6.50%	7/2/2027		—		(302	)		(329	)		—	%
Dodge Data & Analytics LLC(9)(12)(25)	First lien senior secured loan	L + 7.50%	4/14/2026		32,561		31,987			33,538			0.6	%
Dodge Data & Analytics LLC(9)(21)(22)(25)	First lien senior secured revolving loan	L + 7.50%	4/14/2026		—		(32	)		-			—	%
REALPAGE, INC.(9)(10)(25)	Second lien senior secured loan	L + 6.50%	4/23/2029		34,500		34,017			34,897			0.6	%
Reef Global Acquisition LLC (fka Cheese Acquisition, LLC)(9)(13)(25)	First lien senior secured loan	L + 6.00% (incl. 1.25% PIK)	11/28/2024		134,585		133,921			128,528			2.2	%
Imperial Parking Canada(9)(16)(25)	First lien senior secured loan	C + 6.00% (incl. 1.25% PIK)	11/28/2024		27,966		26,705			26,707			0.4	%
Reef Global Acquisition LLC (fka Cheese Acquisition, LLC)(9)(10)(21)(25)	First lien senior secured revolving loan	L + 4.75%	11/28/2023		10,987		10,982			10,251			0.2	%
					693,229		685,739			681,694			11.5	%

Owl Rock Capital Corporation

Consolidated Schedule of Investments

As of December 31, 2021

(Amounts in thousands, except share amounts)

Company(1)(4)(7)

Investment

Interest

Maturity Date

Par / Units

Amortized Cost(2)(3)

Fair Value

Percentage of Net Assets

Business services

Access CIG, LLC(9)(10)(25)

Second lien senior secured loan

L + 7.75%

2/27/2026

58,760

58,343

58,466

1.0

CIBT Global, Inc.(9)(12)(25)(28)

First lien senior secured loan

L + 5.25% (incl. 4.25% PIK)

6/3/2024

856

629

531

—

CIBT Global, Inc.(9)(14)(25)(28)

Second lien senior secured loan

L + 7.75% (incl. 6.75% PIK)

12/1/2025

63,678

26,745

15,919

0.3

Denali BuyerCo, LLC (dba Summit Companies)(9)(12)(25)

First lien senior secured loan

L + 6.00%

9/15/2028