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 quarter ended March 31, 2020

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 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.

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.    

Large accelerated filer

 

Accelerated filer

 

 

 

 

 

Non-accelerated filer

 

Small reporting company

 

 

 

 

 

Emerging growth company

 

 

 

 

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 5, 2020 the registrant had 383,797,977 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, 2020 (Unaudited) and December 31, 2019

 

2

 

 

Consolidated Statements of Operations for the Three Months Ended March 31, 2020 and 2019 (Unaudited)

 

3

 

 

Consolidated Schedules of Investments as of March 31, 2020 (Unaudited) and December 31, 2019

 

4

 

 

Consolidated Statements of Changes in Net Assets for the Three Months Ended March 31, 2020 and 2019 (Unaudited)

 

26

 

 

Consolidated Statements of Cash Flows for the Three Months Ended March 31, 2020 and 2019 (Unaudited)

 

27

 

 

Notes to Consolidated Financial Statements (Unaudited)

 

29

Item 2.

 

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

 

65

Item 3.

 

Quantitative and Qualitative Disclosures About Market Risk

 

105

Item 4.

 

Controls and Procedures

 

106

 

 

 

 

 

PART II

 

OTHER INFORMATION

 

 

Item 1.

 

Legal Proceedings

 

107

Item 1A.

 

Risk Factors

 

107

Item 2.

 

Unregistered Sales of Equity Securities and Use of Proceeds

 

115

Item 3.

 

Defaults Upon Senior Securities

 

115

Item 4.

 

Mine Safety Disclosures

 

115

Item 5.

 

Other Information

 

115

Item 6.

 

Exhibits

 

116

Signatures

 

 

 

117

 

 

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;

 

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

 

the impact of the novel strain of coronavirus known as “COVID-19” and related changes in base interest rates and significant market volatility on our business, our portfolio companies, our industry and the global economy;

 

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

 

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

 

our future operating results;

 

our business prospects and the prospects of our portfolio companies including our and their ability to achieve our respective objectives as a result of the current COVID-19 pandemic;

 

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 “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, 2020 (Unaudited)

 

 

December 31, 2019

 

Assets

 

 

 

 

 

 

 

 

Investments at fair value

 

 

 

 

 

 

 

 

Non-controlled, non-affiliated investments (amortized cost of $9,274,197 and

     $8,738,520, respectively)

 

$

8,797,303

 

 

$

8,709,700

 

Controlled, affiliated investments (amortized cost of $156,752 and $90,336,

     respectively)

 

 

141,042

 

 

 

89,525

 

Total investments at fair value (amortized cost of $9,430,949 and $8,828,856, respectively)

 

 

8,938,345

 

 

 

8,799,225

 

Cash (restricted cash of $4,414 and $7,587, respectively)

 

 

382,923

 

 

 

317,159

 

Interest receivable

 

 

53,867

 

 

 

57,632

 

Receivable for investments sold

 

 

 

 

 

9,250

 

Receivable from a controlled affiliate

 

 

2,188

 

 

 

2,475

 

Prepaid expenses and other assets

 

 

40,970

 

 

 

17,878

 

Total Assets

 

$

9,418,293

 

 

$

9,203,619

 

Liabilities

 

 

 

 

 

 

 

 

Debt (net of unamortized debt issuance costs of $55,003 and $44,302, respectively)

 

$

3,638,573

 

 

$

3,038,232

 

Distribution payable

 

 

152,434

 

 

 

137,245

 

Management fee payable

 

 

16,895

 

 

 

16,256

 

Payables to affiliates

 

 

3,065

 

 

 

5,775

 

Payable for investments purchased

 

 

49,116

 

 

 

 

Accrued expenses and other liabilities

 

 

50,948

 

 

 

28,828

 

Total Liabilities

 

 

3,911,031

 

 

 

3,226,336

 

Commitments and contingencies (Note 7)

 

 

 

 

 

 

 

 

Net Assets

 

 

 

 

 

 

 

 

Common shares $0.01 par value, 500,000,000 shares authorized; 390,856,121 and

     392,129,619 shares issued and outstanding, respectively

 

 

3,909

 

 

 

3,921

 

Additional paid-in-capital

 

 

5,950,625

 

 

 

5,955,610

 

Total distributable earnings (losses)

 

 

(447,272

)

 

 

17,752

 

Total Net Assets

 

 

5,507,262

 

 

 

5,977,283

 

Total Liabilities and Net Assets

 

$

9,418,293

 

 

$

9,203,619

 

Net Asset Value Per Share

 

$

14.09

 

 

$

15.24

 

 

 

 

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,

 

 

 

2020

 

 

2019

 

Investment Income

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

 

 

Interest income

 

$

198,393

 

 

$

146,439

 

Other income

 

 

4,151

 

 

 

2,339

 

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

 

 

202,544

 

 

 

148,778

 

Investment income from controlled, affiliated investments:

 

 

 

 

 

 

 

 

Dividend income

 

 

2,188

 

 

 

2,697

 

Other income

 

 

 

 

 

 

Total investment income from controlled, affiliated investments

 

 

2,188

 

 

 

2,697

 

Total Investment Income

 

 

204,732

 

 

 

151,475

 

Expenses

 

 

 

 

 

 

 

 

Interest expense

 

 

33,957

 

 

 

34,729

 

Management fee

 

 

33,790

 

 

 

15,187

 

Performance based incentive fees

 

 

25,595

 

 

 

 

Professional fees

 

 

3,152

 

 

 

2,124

 

Directors' fees

 

 

233

 

 

 

143

 

Other general and administrative

 

 

2,164

 

 

 

1,614

 

Total Operating Expenses

 

 

98,891

 

 

 

53,797

 

Management and incentive fees waived (Note 3)

 

 

(42,490

)

 

 

 

Net Operating Expenses

 

 

56,401

 

 

 

53,797

 

Net Investment Income (Loss) Before Taxes

 

 

148,331

 

 

 

97,678

 

Excise tax expense (benefit)

 

 

2,075

 

 

 

1,673

 

Net Investment Income (Loss) After Taxes

 

$

146,256

 

 

$

96,005

 

Net Realized and Change in Unrealized Gain (Loss)

 

 

 

 

 

 

 

 

Net change in unrealized gain (loss):

 

 

 

 

 

 

 

 

Non-controlled, non-affiliated investments

 

$

(444,135

)

 

$

16,428

 

Controlled affiliated investments

 

 

(14,899

)

 

 

2,046

 

Translation of assets and liabilities in foreign currencies

 

 

(81

)

 

 

(22

)

Total Net Change in Unrealized Gain (Loss)

 

 

(459,115

)

 

 

18,452

 

Net realized gain (loss):

 

 

 

 

 

 

 

 

Non-controlled, non-affiliated investments

 

 

348

 

 

 

(4

)

Foreign currency transactions

 

 

(79

)

 

 

34

 

Total Net Realized Gain (Loss)

 

 

269

 

 

 

30

 

Total Net Realized and Change in Unrealized Gain (Loss)

 

 

(458,846

)

 

 

18,482

 

Net Increase (Decrease) in Net Assets Resulting from Operations

 

$

(312,590

)

 

$

114,487

 

Earnings Per Share - Basic and Diluted

 

$

(0.79

)

 

$

0.49

 

Weighted Average Shares Outstanding - Basic and Diluted

 

 

393,441,711

 

 

 

235,886,358

 

 

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

 

 

 

3


Owl Rock Capital Corporation

Consolidated Schedules of Investments

As of March 31, 2020

(Amounts in thousands, except share amounts)

(Unaudited)

 

Company(1)(17)

 

Investment

 

Interest

 

Maturity Date

 

Par / Units

 

 

Amortized Cost(3)(27)

 

 

Fair Value

 

 

Percentage of Net Assets

 

 

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Debt Investments

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Advertising and media

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

IRI Holdings, Inc.(4)(7)(24)

 

First lien senior secured loan

 

L + 4.50%

 

12/1/2025

 

$

14,813

 

 

$

14,688

 

 

$

13,998

 

 

 

0.3

 

%

PAK Acquisition Corporation (dba Valpak)(4)(7)

 

First lien senior secured loan

 

L + 8.00%

 

6/30/2022

 

 

61,725

 

 

 

61,145

 

 

 

60,336

 

 

 

1.1

 

%

Swipe Acquisition Corporation (dba PLI)(4)(7)(24)

 

First lien senior secured loan

 

L + 8.00%

 

6/29/2024

 

 

157,697

 

 

 

155,264

 

 

 

141,927

 

 

 

2.6

 

%

 

 

 

 

 

 

 

 

 

234,235

 

 

 

231,097

 

 

 

216,261

 

 

 

4.0

 

%

Aerospace and defense

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Aviation Solutions Midco, LLC (dba STS Aviation)(4)(7)(24)

 

First lien senior secured loan

 

L + 6.25%

 

1/6/2025

 

 

195,562

 

 

 

192,097

 

 

 

171,605

 

 

 

3.1

 

%

Valence Surface Technologies LLC(4)(7)(24)

 

First lien senior secured loan

 

L + 5.75%

 

6/28/2025

 

 

99,500

 

 

 

98,162

 

 

 

90,048

 

 

 

1.6

 

%

Valence Surface Technologies LLC(4)(8)(16)(19)(24)

 

First lien senior secured delayed draw term loan

 

L + 5.75%

 

6/28/2021

 

 

24,000

 

 

 

23,642

 

 

 

21,150

 

 

 

0.4

 

%

Valence Surface Technologies LLC(4)(8)(16)(24)

 

First lien senior secured revolving loan

 

L + 5.75%

 

6/28/2025

 

 

9,951

 

 

 

9,820

 

 

 

9,001

 

 

 

0.2

 

%

 

 

 

 

 

 

 

 

 

329,013

 

 

 

323,721

 

 

 

291,804

 

 

 

5.3

 

%

Automotive

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Mavis Tire Express Services Corp.(4)(7)(24)

 

Second lien senior secured loan

 

L + 8.00%

 

3/20/2026

 

 

179,905

 

 

 

176,839

 

 

 

164,613

 

 

 

3.0

 

%

Mavis Tire Express Services Corp.(4)(7)(16)(18)(19)(24)

 

Second lien senior secured delayed draw term loan

 

L + 8.00%

 

3/20/2021

 

 

 

 

 

-

 

 

 

(796

)

 

 

 

%

 

 

 

 

 

 

 

 

 

179,905

 

 

 

176,839

 

 

 

163,817

 

 

 

3.0

 

%

Buildings and real estate

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Associations, Inc.(4)(7)(24)

 

First lien senior secured loan

 

L + 4.00%  (3.00% PIK)

 

7/30/2024

 

 

261,295

 

 

 

258,883

 

 

 

252,803

 

 

 

4.6

 

%

Associations, Inc.(4)(7)(16)(19)(24)

 

First lien senior secured delayed draw term loan

 

L + 4.00%  (3.00% PIK)

 

7/30/2021

 

 

42,199

 

 

 

41,679

 

 

 

40,200

 

 

 

0.7

 

%

Associations, Inc.(4)(11)(24)

 

First lien senior secured revolving loan

 

P + 5.00%

 

7/30/2024

 

 

11,543

 

 

 

11,439

 

 

 

11,110

 

 

 

0.2

 

%

Reef Global, Inc. (fka Cheese Acquisition, LLC)(4)(7)(24)

 

First lien senior secured loan

 

L + 4.75%

 

11/28/2024

 

 

134,672

 

 

 

133,027

 

 

 

127,266

 

 

 

2.3

 

%

Imperial Parking Canada(4)(10)(24)

 

First lien senior secured loan

 

C + 5.00%

 

11/28/2024

 

 

24,974

 

 

 

26,649

 

 

 

23,601

 

 

 

0.4

 

%

Reef Global, Inc. (fka Cheese Acquisition, LLC)(4)(11)(16)(24)

 

First lien senior secured revolving loan

 

P + 3.75%

 

11/28/2023

 

 

10,987

 

 

 

10,835

 

 

 

10,087

 

 

 

0.2

 

%

Velocity Commercial Capital, LLC(4)(8)(24)

 

First lien senior secured loan

 

L + 7.50%

 

8/29/2024

 

 

63,980

 

 

 

63,258

 

 

 

60,621

 

 

 

1.1

 

%

 

 

 

 

 

 

 

 

 

549,650

 

 

 

545,770

 

 

 

525,688

 

 

 

9.5

 

%

Business services

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Access CIG, LLC(4)(7)(24)

 

Second lien senior secured loan

 

L + 7.75%

 

2/27/2026

 

 

58,760

 

 

 

58,202

 

 

 

55,234

 

 

 

1.0

 

%

CIBT Global, Inc.(4)(7)(24)

 

Second lien senior secured loan

 

L + 7.75%

 

6/2/2025

 

 

59,500

 

 

 

58,393

 

 

 

49,236

 

 

 

0.9

 

%

4


Owl Rock Capital Corporation

Consolidated Schedules of Investments

As of March 31, 2020

(Amounts in thousands, except share amounts)

(Unaudited)

 

Company(1)(17)

 

Investment

 

Interest

 

Maturity Date

 

Par / Units

 

 

Amortized Cost(3)(27)

 

 

Fair Value

 

 

Percentage of Net Assets

 

 

ConnectWise, LLC(4)(8)(24)

 

First lien senior secured loan

 

L + 6.00%

 

2/28/2025

 

 

180,013

 

 

 

178,071

 

 

 

171,462

 

 

 

3.1

 

%

ConnectWise, LLC(4)(16)(18)(24)

 

First lien senior secured revolving loan

 

L + 6.00%

 

2/28/2025

 

 

 

 

 

(209

)

 

 

(950

)

 

 

 

%

Entertainment Benefits Group, LLC(4)(5)(24)

 

First lien senior secured loan

 

L + 5.75%

 

9/30/2025

 

 

81,590

 

 

 

80,452

 

 

 

73,839

 

 

 

1.3

 

%

Entertainment Benefits Group, LLC(4)(5)(16)(24)

 

First lien senior secured revolving loan

 

L + 5.75%

 

9/30/2024

 

 

10,360

 

 

 

10,198

 

 

 

9,220

 

 

 

0.2

 

%

Vestcom Parent Holdings, Inc.(4)(8)

 

Second lien senior secured loan

 

L + 8.00%

 

12/19/2024

 

 

78,987

 

 

 

78,219

 

 

 

76,025

 

 

 

1.4

 

%

 

 

 

 

 

 

 

 

 

469,210

 

 

 

463,326

 

 

 

434,066

 

 

 

7.9

 

%

Chemicals

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Douglas Products and Packaging Company LLC(4)(7)(24)

 

First lien senior secured loan

 

L + 5.75%

 

10/19/2022

 

 

98,691

 

 

 

98,113

 

 

 

93,511

 

 

 

1.7

 

%

Douglas Products and Packaging Company LLC(4)(11)(24)

 

First lien senior secured revolving loan

 

P + 4.75%

 

10/19/2022

 

 

9,083

 

 

 

9,043

 

 

 

8,606

 

 

 

0.2

 

%

Innovative Water Care Global Corporation(4)(7)(24)

 

First lien senior secured loan

 

L + 5.00%

 

2/27/2026

 

 

148,500

 

 

 

139,320

 

 

 

123,255

 

 

 

2.2

 

%

 

 

 

 

 

 

 

 

 

256,274

 

 

 

246,476

 

 

 

225,372

 

 

 

4.1

 

%

Consumer products

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Feradyne Outdoors, LLC(4)(7)(24)

 

First lien senior secured loan

 

L + 6.25%

 

5/25/2023

 

 

112,324

 

 

 

111,530

 

 

 

95,475

 

 

 

1.7

 

%

WU Holdco, Inc. (dba Weiman Products, LLC)(4)(7)(24)

 

First lien senior secured loan

 

L + 5.50%

 

3/26/2026

 

 

159,702

 

 

 

156,863

 

 

 

151,317

 

 

 

2.7

 

%

WU Holdco, Inc. (dba Weiman Products, LLC)(4)(7)(16)(24)

 

First lien senior secured revolving loan

 

L + 5.50%

 

3/26/2025

 

 

13,829

 

 

 

13,598

 

 

 

13,098

 

 

 

0.2

 

%

 

 

 

 

 

 

 

 

 

285,855

 

 

 

281,991

 

 

 

259,890

 

 

 

4.6

 

%

Containers and packaging

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pregis Topco LLC(4)(5)(24)

 

Second lien senior secured loan

 

L + 8.00%

 

7/30/2027

 

 

186,333

 

 

 

182,819

 

 

 

172,824

 

 

 

3.1

 

%

 

 

 

 

 

 

 

 

 

186,333

 

 

 

182,819

 

 

 

172,824

 

 

 

3.1

 

%

Distribution

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

ABB/Con-cise Optical Group LLC(4)(8)

 

First lien senior secured loan

 

L + 5.00%

 

6/15/2023

 

 

76,213

 

 

 

75,486

 

 

 

70,116

 

 

 

1.3

 

%

ABB/Con-cise Optical Group LLC(4)(8)

 

Second lien senior secured loan

 

L + 9.00%

 

6/17/2024

 

 

25,000

 

 

 

24,528

 

 

 

22,500

 

 

 

0.4

 

%

Aramsco, Inc.(4)(5)(24)

 

First lien senior secured loan

 

L + 5.25%

 

8/28/2024

 

 

56,910

 

 

 

55,819

 

 

 

53,496

 

 

 

1.0

 

%

Aramsco, Inc.(4)(11)(16)(24)

 

First lien senior secured revolving loan

 

P + 4.25%

 

8/28/2024

 

 

4,468

 

 

 

4,315

 

 

 

3,966

 

 

 

0.1

 

%

Endries Acquisition, Inc.(4)(9)(24)

 

First lien senior secured loan

 

L + 6.25%

 

12/10/2025

 

 

178,200

 

 

 

175,539

 

 

 

167,954

 

 

 

3.0

 

%

Endries Acquisition, Inc.(4)(9)(16)(19)(24)

 

First lien senior secured delayed draw term loan

 

L + 6.25%

 

12/10/2020

 

 

21,428

 

 

 

20,540

 

 

 

17,837

 

 

 

0.3

 

%

Endries Acquisition, Inc.(4)(16)(18)(24)

 

First lien senior secured revolving loan

 

L + 6.25%

 

12/10/2024

 

 

 

 

 

(369

)

 

 

(1,553

)

 

 

 

%

Individual Foodservice Holdings, LLC(4)(8)(24)

 

First lien senior secured loan

 

L + 5.75%

 

11/22/2025

 

 

121,077

 

 

 

118,559

 

 

 

113,509

 

 

 

2.1

 

%

5


Owl Rock Capital Corporation

Consolidated Schedules of Investments

As of March 31, 2020

(Amounts in thousands, except share amounts)

(Unaudited)

 

Company(1)(17)

 

Investment

 

Interest

 

Maturity Date

 

Par / Units

 

 

Amortized Cost(3)(27)

 

 

Fair Value

 

 

Percentage of Net Assets

 

 

Individual Foodservice Holdings, LLC(4)(8)(16)(19)(24)

 

First lien senior secured delayed draw term loan

 

L + 5.75%

 

5/22/2021

 

 

9,104

 

 

 

8,370

 

 

 

6,872

 

 

 

0.1

 

%

Individual Foodservice Holdings, LLC(4)(8)(16)(24)

 

First lien senior secured revolving loan

 

L + 5.75%

 

11/22/2024

 

 

7,140

 

 

 

6,706

 

 

 

5,801

 

 

 

0.1

 

%

JM Swank, LLC(4)(7)

 

First lien senior secured loan

 

L + 7.50%

 

7/25/2022

 

 

115,866

 

 

 

114,714

 

 

 

111,811

 

 

 

2.0

 

%

Offen, Inc.(4)(8)(24)

 

First lien senior secured loan

 

L + 5.00%

 

6/22/2026

 

 

14,580

 

 

 

14,447

 

 

 

13,304

 

 

 

0.2

 

%

Offen, Inc.(4)(16)(18)(19)(24)

 

First lien senior secured delayed draw term loan

 

L + 5.00%

 

12/21/2020

 

 

 

 

 

(48

)

 

 

(465

)

 

 

 

%

QC Supply, LLC(4)(5)

 

First lien senior secured loan

 

L + 6.50%  (1.00% PIK)

 

12/29/2022

 

 

34,486

 

 

 

34,050

 

 

 

31,727

 

 

 

0.6

 

%

QC Supply, LLC(4)(5)

 

First lien senior secured revolving loan

 

L + 6.50%

 

12/29/2021

 

 

4,969

 

 

 

4,925

 

 

 

4,571

 

 

 

0.1

 

%

 

 

 

 

 

 

 

 

 

669,441

 

 

 

657,581

 

 

 

621,446

 

 

 

11.3

 

%

Education

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2U, Inc.(4)(5)(20)(24)

 

First lien senior secured loan

 

L + 6.75%

 

5/22/2024

 

 

115,000

 

 

 

113,528

 

 

 

110,688

 

 

 

2.0

 

%

Instructure, Inc.(4)(7)(24)

 

First lien senior secured loan

 

L + 7.00%

 

3/24/2026

 

 

71,761

 

 

 

70,867

 

 

 

70,864

 

 

 

1.3

 

%

Instructure, Inc.(4)(16)(18)(24)

 

First lien senior secured revolving loan

 

L + 7.00%

 

3/24/2026

 

 

-

 

 

 

(69

)

 

 

(69

)

 

 

-

 

%

Learning Care Group (US) No. 2 Inc.(4)(7)(24)

 

Second lien senior secured loan

 

L + 7.50%

 

3/13/2026

 

 

26,967

 

 

 

26,552

 

 

 

26,090

 

 

 

0.5

 

%

Severin Acquisition, LLC (dba PowerSchool)(4)(7)(24)

 

Second lien senior secured loan

 

L + 6.75%

 

8/3/2026

 

 

112,000

 

 

 

111,180

 

 

 

102,760

 

 

 

1.9

 

%

TSB Purchaser, Inc. (dba Teaching Strategies, Inc.)(4)(7)(24)

 

First lien senior secured loan

 

L + 6.00%

 

5/14/2024

 

 

62,055

 

 

 

60,917

 

 

 

59,883

 

 

 

1.0

 

%

TSB Purchaser, Inc. (dba Teaching Strategies, Inc.)(4)(7)(16)(24)

 

First lien senior secured revolving loan

 

L + 6.00%

 

5/14/2024

 

 

1,229

 

 

 

1,157

 

 

 

1,081