UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 10-Q

 

(Mark One)

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

For the quarterly period ended March 31, 2018

OR

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

For the transition period from                      to                      

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.)

 

 

 

245 Park Avenue, 41st Floor

New York, New York

 

10167

(Address of principal executive offices)

 

(Zip Code)

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

 

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 and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted 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 and post such files).    YES   NO 

Indicate by check mark whether the Registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting 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. (Check one):

 

Large accelerated filer

 

Accelerated filer

 

 

 

 

 

Non-accelerated filer

(Do not check if a small reporting company)

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 8, 2018 the registrant had 124,997,818 shares of common stock, $0.01 par value per share, outstanding.

 

 

i


Table of Contents

 

 

 

 

 

Page

PART I

 

FINANCIAL INFORMATION

 

4

Item 1.

 

Consolidation Financial Statements

 

4

 

 

Consolidated Statements of Assets and Liabilities as of March 31, 2018 (Unaudited) and December 31,

2017

 

4

 

 

Consolidated Statements of Operations for the Three Months Ended March 31, 2018 and 2017

(Unaudited)

 

5

 

 

Consolidated Schedules of Investments as of March 31, 2018 (Unaudited) and December 31, 2017

 

6

 

 

Consolidated Statements of Changes in Net Assets for the Three Months Ended March 31, 2018 and 2017 (Unaudited)

 

17

 

 

Consolidated Statements of Cash Flows for the Three Months Ended March 31, 2018 and 2017 (Unaudited)

 

18

 

 

Notes to Consolidated Financial Statements (Unaudited)

 

19

Item 2.

 

Management’s Discussion and Analysis of Financial Condition and Results of Operations

 

44

Item 3.

 

Quantitative and Qualitative Disclosures About Market Risk

 

73

Item 4.

 

Controls and Procedures

 

74

 

 

 

 

 

PART II

 

OTHER INFORMATION

 

75

Item 1.

 

Legal Proceedings

 

75

Item 1A.

 

Risk Factors

 

75

Item 2.

 

Unregistered Sales of Equity Securities and Use of Proceeds

 

76

Item 3.

 

Defaults Upon Senior Securities

 

76

Item 4.

 

Mine Safety Disclosures

 

76

Item 5.

 

Other Information

 

76

Item 6.

 

Exhibits

 

77

Signatures

 

 

 

78

 

 

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,” “Owl Rock,” “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;

 

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

 

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

 

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

 

our future operating results;

 

our business prospects and the prospects of our portfolio companies;

 

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; 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 “1934 Act”).

3


 

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, 2018 (Unaudited)

 

 

December 31, 2017

 

Assets

 

 

 

 

 

 

 

 

Investments at fair value

 

 

 

 

 

 

 

 

Non-controlled/non-affiliated investments (amortized cost of $2,933,142 and

     $2,307,886, respectively)

 

$

2,954,918

 

 

$

2,324,157

 

Controlled affiliated investments (amortized cost of $73,821 and $65,028,

     respectively)

 

 

74,328

 

 

 

65,599

 

Total investments at fair value (amortized cost of $3,006,963 and $2,372,914, respectively)

 

 

3,029,246

 

 

 

2,389,756

 

Cash (restricted cash of $3,321 and $2,638, respectively)

 

 

25,900

 

 

 

20,071

 

Receivable for investments sold

 

 

 

 

 

19,900

 

Interest receivable

 

 

12,689

 

 

 

8,984

 

Receivable from a controlled affiliate

 

 

2,505

 

 

 

3,503

 

Prepaid expenses and other assets

 

 

1,626

 

 

 

1,333

 

Total Assets

 

$

3,071,966

 

 

$

2,443,547

 

Liabilities

 

 

 

 

 

 

 

 

Debt (net of unamortized debt issuance costs of $14,505 and $12,568, respectively)

 

$

1,338,495

 

 

$

919,432

 

Management fee payable

 

 

12,035

 

 

 

11,152

 

Distribution payable

 

 

36,382

 

 

 

33,545

 

Payables to affiliates

 

 

1,062

 

 

 

2,330

 

Payable for investments purchased

 

 

350

 

 

 

 

Accrued expenses and other liabilities

 

 

9,684

 

 

 

4,509

 

Total Liabilities

 

 

1,398,008

 

 

 

970,968

 

Commitments and contingencies (Note 7)

 

 

 

 

 

 

 

 

Net Assets

 

 

 

 

 

 

 

 

Common shares $0.01 par value, 500,000,000 shares authorized; 110,538,421 and

     97,959,595 shares issued and outstanding, respectively

 

 

1,105

 

 

 

980

 

Additional paid-in-capital

 

 

1,645,245

 

 

 

1,451,886

 

Accumulated undistributed net investment income

 

 

3,493

 

 

 

1,197

 

Net unrealized gain (loss) on investments

 

 

22,283

 

 

 

16,842

 

Undistributed net realized gains (losses)

 

 

1,832

 

 

 

1,674

 

Total Net Assets

 

 

1,673,958

 

 

 

1,472,579

 

Total Liabilities and Net Assets

 

$

3,071,966

 

 

$

2,443,547

 

Net Asset Value Per Share

 

$

15.14

 

 

$

15.03

 

 

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

 


4


 

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,

 

 

 

 

2018

 

 

2017

 

 

Investment Income

 

 

 

 

 

 

 

 

 

Investment income from non-controlled, non-affiliated investments:

 

 

 

 

 

 

 

 

 

Interest income

 

$

61,289

 

 

$

23,151

 

 

Other income

 

 

1,650

 

 

 

162

 

 

Total investment income from non-controlled, non-affiliated investments

 

 

62,939

 

 

 

23,313

 

 

Investment income from controlled, affiliated investments:

 

 

 

 

 

 

 

 

 

Dividend income

 

 

1,322

 

 

 

 

 

Other income

 

 

1,183

 

 

 

 

 

Total investment income from controlled, affiliated investments

 

 

2,505

 

 

 

 

 

Total Investment Income

 

 

65,444

 

 

 

23,313

 

 

Expenses

 

 

 

 

 

 

 

 

 

Interest expense

 

 

12,057

 

 

 

3,029

 

 

Management fee

 

 

12,035

 

 

 

5,011

 

 

Professional fees

 

 

1,412

 

 

 

1,259

 

 

Directors' fees

 

 

138

 

 

 

111

 

 

Other general and administrative

 

 

1,073

 

 

 

1,119

 

 

Total Expenses

 

 

26,715

 

 

 

10,529

 

 

Net Investment Income (Loss) Before Taxes

 

 

38,729

 

 

 

12,784

 

 

Excise tax expense

 

 

52

 

 

 

 

 

Net Investment Income (Loss) After Taxes

 

$

38,677

 

 

$

12,784

 

 

Net Realized and Unrealized Gain (Loss) on Investments

 

 

 

 

 

 

 

 

 

Net change in unrealized gain (loss):

 

 

 

 

 

 

 

 

 

Non-controlled, non-affiliated investments

 

$

5,505

 

 

 

5,434

 

 

Controlled affiliated investments

 

 

(64

)

 

 

 

 

Total Net Change in Unrealized Gain (Loss)

 

 

5,441

 

 

 

5,434

 

 

Net realized gain (loss):

 

 

 

 

 

 

 

 

 

Non-controlled, non-affiliated investments

 

 

158

 

 

 

 

 

Total Net Realized Gain (Loss)

 

 

158

 

 

 

 

 

Total Net Realized and Unrealized Gain (Loss) on Investments

 

 

5,599

 

 

 

5,434

 

 

Net Increase (Decrease) in Net Assets Resulting from Operations

 

$

44,276

 

 

$

18,218

 

 

Earnings Per Share - Basic and Diluted

 

$

0.44

 

 

$

0.40

 

 

Weighted Average Shares Outstanding - Basic and Diluted

 

 

100,924,120

 

 

 

45,884,347

 

 

 

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

 

 

 

 

 

 

 

5


Owl Rock Capital Corporation

Consolidated Schedules of Investments

As of March 31, 2018

(Amounts in thousands, except share amounts)

(Unaudited)

 

 

 

 

Company(1)(14)

 

Investment

 

Interest

 

Maturity Date

 

Par / Units

 

 

Amortized Cost(3)(21)

 

 

Fair Value

 

 

Percentage of Net Assets

 

 

Non-controlled/non-affiliated company investments(2)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Debt Investments

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Advertising and media

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PAK Acquisition Corporation (dba Valpak)(4)(5)

 

First lien senior secured loan

 

L + 8.00%

 

6/30/2022

 

$

76,875

 

 

$

75,625

 

 

$

77,644

 

 

 

4.6

 

%

Aerospace and defense

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Vencore, Inc.(4)(5)

 

Second lien senior secured loan

 

L + 8.75%

 

5/23/2020

 

 

50,000

 

 

 

49,408

 

 

 

50,500

 

 

 

3.0

 

%

Automotive

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Mavis Tire Express Services Corp.(4)(5)(20)

 

Second lien senior secured loan

 

L + 7.50%

 

3/20/2026

 

 

155,000

 

 

 

151,565

 

 

 

151,513

 

 

 

9.1

 

%

Mavis Tire Express Services Corp.(4)(10)(11)(12)(20)

 

Second lien senior secured delayed draw term loan

 

L + 7.50%

 

3/20/2020

 

 

-

 

 

 

(279

)

 

 

(280

)

 

 

-

 

%

 

 

 

 

 

 

 

 

 

155,000

 

 

 

151,286

 

 

 

151,233

 

 

 

9.1

 

%

Buildings and real estate

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

DTZ U.S. Borrower, LLC (dba Cushman & Wakefield)(4)(6)(20)

 

Second lien senior secured loan

 

L + 7.75%

 

11/4/2022

 

 

125,000

 

 

 

123,912

 

 

 

124,063

 

 

 

7.4

 

%

Business services

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Access CIG, LLC(4)(5)(20)

 

Second lien senior secured loan

 

L + 7.75%

 

2/27/2026

 

 

29,510

 

 

 

29,225

 

 

 

29,215

 

 

 

1.6

 

%

Access CIG, LLC(4)(10)(12)(20)

 

Second lien senior secured delayed draw term loan

 

L + 7.75%

 

8/27/2019

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

%

CIBT Global, Inc.(4)(6)(20)

 

Second lien senior secured loan

 

L + 7.75%

 

6/1/2025

 

 

49,000

 

 

 

47,881

 

 

 

48,265

 

 

 

2.8

 

%

GC Agile Holdings Limited (dba Apex Fund Services)(4)(5)(13)(20)

 

First lien senior secured loan

 

L + 6.50%

 

8/29/2023

 

 

38,329

 

 

 

37,624

 

 

 

38,329

 

 

 

2.3

 

%

GC Agile Holdings Limited (dba Apex Fund Services)(4)(10)(11)(12)(13)(20)

 

First lien senior secured multi draw term loan

 

L + 6.50%

 

8/29/2019

 

 

-

 

 

 

(140

)

 

 

-

 

 

 

-

 

%

GC Agile Holdings Limited (dba Apex Fund Services)(4)(5)(10)(13)(20)

 

First lien senior secured revolving loan

 

L + 6.50%

 

8/29/2023

 

 

1,946

 

 

 

1,910

 

 

 

1,946

 

 

 

0.1

 

%

Vistage International, Inc.(4)(5)(20)

 

Second lien senior secured loan

 

L + 8.00%

 

2/8/2026

 

 

43,500

 

 

 

43,137

 

 

 

43,064

 

 

 

2.6

 

%

Vestcom Parent Holdings, Inc.(4)(5)

 

Second lien senior secured loan

 

L + 8.50%

 

6/19/2024

 

 

65,000

 

 

 

64,147

 

 

 

65,000

 

 

 

3.9

 

%

 

 

 

 

 

 

 

 

 

227,285

 

 

 

223,784

 

 

 

225,819

 

 

 

13.3

 

%

Chemicals

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Douglas Products and Packaging Company LLC(4)(6)(20)

 

First lien senior secured loan

 

L + 5.75%

 

3/29/2022

 

 

57,725

 

 

 

57,293

 

 

 

57,293

 

 

 

3.3

 

%

Douglas Products and Packaging Company LLC(4)(10)(11)(20)

 

First lien senior secured revolving loan

 

L + 5.75%

 

3/29/2022

 

 

-

 

 

 

(47

)

 

 

(47

)

 

 

-

 

%

 

 

 

 

 

 

 

 

 

57,725

 

 

 

57,246

 

 

 

57,246

 

 

 

3.3

 

%

Consumer products

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Feradyne Outdoors, LLC(4)(6)(20)

 

First lien senior secured loan

 

L + 6.25%

 

5/25/2023

 

 

114,634

 

 

 

113,403

 

 

 

113,487

 

 

 

6.8

 

%

Containers and packaging

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ring Container Technologies Group, LLC(4)(5)(20)

 

Second lien senior secured loan

 

L + 7.50%

 

10/31/2025

 

 

55,000

 

 

 

53,941

 

 

 

54,450

 

 

 

3.3

 

%

6


Owl Rock Capital Corporation

Consolidated Schedules of Investments

As of March 31, 2018

(Amounts in thousands, except share amounts)

(Unaudited)

 

 

 

 

Company(1)(14)

 

Investment

 

Interest

 

Maturity Date

 

Par / Units

 

 

Amortized Cost(3)(21)

 

 

Fair Value

 

 

Percentage of Net Assets

 

 

Distribution

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

ABB/Con-cise Optical Group LLC(4)(6)(16)

 

First lien senior secured loan

 

L + 5.00%

 

6/15/2023

 

 

59,547

 

 

 

59,685

 

 

 

59,695

 

 

 

3.6

 

%

ABB/Con-cise Optical Group LLC(4)(5)

 

Second lien senior secured loan

 

L + 9.00%

 

6/17/2024

 

 

25,000

 

 

 

24,367

 

 

 

24,750

 

 

 

1.5

 

%

Dade Paper & Bag, LLC (dba Imperial-Dade)(4)(5)(20)

 

First lien senior secured loan

 

L + 7.44%

 

6/9/2024

 

 

37,490

 

 

 

36,861

 

 

 

37,447

 

 

 

2.2

 

%

JM Swank, LLC(4)(6)

 

First lien senior secured loan

 

L + 7.50%

 

7/25/2022

 

 

118,274

 

 

 

116,266

 

 

 

118,274

 

 

 

7.1

 

%

Medical Specialties Distributors, LLC(4)(6)

 

First lien senior secured loan

 

L + 5.75%

 

12/6/2022

 

 

95,870

 

 

 

95,074

 

 

 

95,870

 

 

 

5.7

 

%

QC Supply, LLC(4)(5)

 

First lien senior secured loan

 

L + 6.00%

 

12/29/2022

 

 

26,169

 

 

 

25,630

 

 

 

25,907

 

 

 

1.5

 

%

QC Supply, LLC(4)(5)(10)(12)

 

First lien senior secured delayed draw term loan

 

L + 6.00%

 

12/29/2018

 

 

8,689

 

 

 

8,421

 

 

 

8,602

 

 

 

0.5

 

%

QC Supply, LLC(4)(5)(10)

 

First lien senior secured revolving loan

 

L + 6.00%

 

12/29/2021

 

 

1,988

 

 

 

1,894

 

 

 

1,938

 

 

 

0.1

 

%

 

 

 

 

 

 

 

 

 

373,027

 

 

 

368,198

 

 

 

372,483

 

 

 

22.2

 

%

Education

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Learning Care Group (US) No. 2 Inc.(4)(6)(20)

 

Second lien senior secured loan

 

L + 7.50%

 

3/13/2026

 

 

25,000

 

 

 

24,502

 

 

 

24,500

 

 

 

1.5

 

%

Energy equipment and services

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Keane Group Holdings, LLC(4)(6)(13)

 

First lien senior secured loan

 

L + 7.25%

 

8/18/2022

 

 

123,814

 

 

 

122,137

 

 

 

124,433

 

 

 

7.4

 

%

Liberty Oilfield Services LLC(4)(5)(20)

 

First lien senior secured loan

 

L + 7.63%

 

9/19/2022

 

 

14,426

 

 

 

14,187

 

 

 

14,498

 

 

 

0.9

 

%

 

 

 

 

 

 

 

 

 

138,240

 

 

 

136,324

 

 

 

138,931

 

 

 

8.3

 

%

Financial services

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cardinal US Holdings, Inc.(4)(6)(13)(20)

 

First lien senior secured loan

 

L + 5.00%

 

7/31/2023

 

 

64,178

 

 

 

59,949

 

 

 

60,327

 

 

 

3.6

 

%

NMI Acquisitionco, Inc. (dba Network Merchants)(4)(5)(20)

 

First lien senior secured loan

 

L + 6.75%

 

9/6/2022

 

 

28,697

 

 

 

28,044

 

 

 

28,268

 

 

 

1.7

 

%

NMI Acquisitionco, Inc. (dba Network Merchants)(4)(10)(11)(20)

 

First lien senior secured revolving loan

 

L + 6.75%

 

9/6/2022

 

 

-

 

 

 

(15

)

 

 

(10

)

 

 

-

 

%

 

 

 

 

 

 

 

 

 

92,875

 

 

 

87,978

 

 

 

88,585

 

 

 

5.3

 

%

Food and beverage

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Give and Go Prepared Foods Corp.(4)(6)(13)

 

Second lien senior secured loan

 

L + 8.50%

 

1/29/2024

 

 

42,000

 

 

 

41,609

 

 

 

41,580

 

 

 

2.5

 

%

Recipe Acquisition Corp. (dba Roland Corporation)(4)(6)

 

Second lien senior secured loan

 

L + 9.00%

 

12/1/2022

 

 

32,000

 

 

 

31,506

 

 

 

32,000

 

 

 

1.9

 

%

Tall Tree Foods, Inc.(4)(5)

 

First lien senior secured loan

 

L + 7.25%

 

8/12/2022

 

 

52,600

 

 

 

51,990

 

 

 

51,548

 

 

 

3.1

 

%

 

 

 

 

 

 

 

 

 

126,600

 

 

 

125,105

 

 

 

125,128

 

 

 

7.5

 

%

Healthcare providers and services

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Geodigm Corporation (dba National Dentex)(4)(6)(18)(20)

 

First lien senior secured loan

 

L + 6.54%

 

12/1/2021

 

 

78,430

 

 

 

77,753

 

 

 

78,430

 

 

 

4.7

 

%

7


Owl Rock Capital Corporation

Consolidated Schedules of Investments

As of March 31, 2018

(Amounts in thousands, except share amounts)

(Unaudited)

 

 

 

 

Company(1)(14)

 

Investment

 

Interest

 

Maturity Date

 

Par / Units

 

 

Amortized Cost(3)(21)

 

 

Fair Value

 

 

Percentage of Net Assets

 

 

TC Holdings, LLC (dba TrialCard)(4)(5)(20)

 

First lien senior secured loan

 

L + 4.50%

 

11/14/2023

 

 

62,064

 

 

 

60,769

 

 

 

60,823

 

 

 

3.6

 

%

TC Holdings, LLC (dba TrialCard)(4)(10)(11)(12)(20)

 

First lien senior secured delayed draw term loan

 

L + 4.50%

 

6/30/2019

 

 

-

 

 

 

(501

)

 

 

(484

)

 

 

-

 

%

TC Holdings, LLC (dba TrialCard)(4)(10)(11)(20)

 

First lien senior secured revolving loan

 

L + 4.50%

 

11/14/2022

 

 

-

 

 

 

(103

)

 

 

(100

)

 

 

-

 

%

 

 

 

 

 

 

 

 

 

140,494

 

 

 

137,918

 

 

 

138,669

 

 

 

8.3

 

%

Household products

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Hayward Industries, Inc.(4)(5)(20)

 

Second lien senior secured loan

 

L + 8.25%

 

8/4/2025

 

 

72,500

 

 

 

71,133

 

 

 

71,775

 

 

 

4.3

 

%

Human resource support services

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

SABA Software, Inc.(4)(5)(20)

 

First lien senior secured loan

 

L + 5.50%

 

5/1/2023

 

 

44,711

 

 

 

44,238

 

 

 

44,711

 

 

 

2.7

 

%

SABA Software, Inc.(4)(10)(11)(20)

 

First lien senior secured revolving loan

 

L + 5.50%

 

5/1/2023

 

 

-

 

 

 

(52

)

 

 

-

 

 

 

-

 

%

 

 

 

 

 

 

 

 

 

44,711

 

 

 

44,186

 

 

 

44,711

 

 

 

2.7

 

%

Infrastructure and environmental services

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

FR Arsenal Holdings II Corp. (dba Applied-Cleveland Holdings, Inc.)(4)(6)

 

First lien senior secured loan

 

L + 7.25%

 

9/8/2022

 

 

103,350

 

 

 

101,566

 

 

 

103,350

 

 

 

6.2

 

%

LineStar Integrity Services LLC(4)(6)(20)

 

First lien senior secured loan

 

L + 7.25%

 

2/12/2024

 

 

51,667

 

 

 

50,651

 

 

 

50,633

 

 

 

3.0

 

%

LineStar Integrity Services LLC(4)(10)(11)(12)(20)

 

First lien senior secured delayed draw term loan

 

L + 7.25%

 

8/12/2019

 

 

-

 

 

 

(253

)

 

 

(258

)

 

 

-

 

%

 

 

 

 

 

 

 

 

 

155,017

 

 

 

151,964

 

 

 

153,725

 

 

 

9.2

 

%

Insurance