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

OR

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

Commission File Number 814-01190

 

OWL ROCK CAPITAL CORPORATION

(Exact name of Registrant as specified in its Charter)

 

Maryland

 

47-5402460

(State or other jurisdiction of

incorporation or organization)

 

(I.R.S. Employer

Identification No.)

 

 

 

399 Park Avenue, 38th Floor, New York, New York

 

10022

(Address of principal executive offices)

 

(Zip Code)

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

 

 

 

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

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Common Stock, $0.01 par value per share

ORCC

The New York Stock Exchange

 

 

 

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

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

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

Large accelerated filer

 

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.

 

i

 

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

 

 

ii

 

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS

 

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

 

•
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”).

1

 

PART I. CONSOLIDATED FINANCIAL INFORMATION

 

Item 1. Consolidated Financial Statements

Owl Rock Capital Corporation

Consolidated Statements of Assets and Liabilities

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

 

 

 

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.

2

 

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.

 

 

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

 

 

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

 

%

 

 

 

4

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

 

%

 

 

 

 

5

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

 

 

 

—

 

%

 

 

 

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