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 September 30, 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 November 4, 2020 the registrant had 388,227,871 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 September 30, 2020 (Unaudited) and December 31, 2019

 

2

 

 

Consolidated Statements of Operations for the Three and Nine Months Ended September 30, 2020 and 2019 (Unaudited)

 

3

 

 

Consolidated Schedules of Investments as of September 30, 2020 (Unaudited) and December 31, 2019

 

4

 

 

Consolidated Statements of Changes in Net Assets for the Three and Nine Months Ended September 30, 2020 and 2019 (Unaudited)

 

27

 

 

Consolidated Statements of Cash Flows for the Nine Months Ended September 30, 2020 and 2019 (Unaudited)

 

28

 

 

Notes to Consolidated Financial Statements (Unaudited)

 

30

Item 2.

 

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

 

70

Item 3.

 

Quantitative and Qualitative Disclosures About Market Risk

 

114

Item 4.

 

Controls and Procedures

 

115

 

 

 

 

 

PART II

 

OTHER INFORMATION

 

 

Item 1.

 

Legal Proceedings

 

116

Item 1A.

 

Risk Factors

 

116

Item 2.

 

Unregistered Sales of Equity Securities and Use of Proceeds

 

123

Item 3.

 

Defaults Upon Senior Securities

 

123

Item 4.

 

Mine Safety Disclosures

 

123

Item 5.

 

Other Information

 

123

Item 6.

 

Exhibits

 

124

Signatures

 

 

 

125

 

 

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)

 

 

 

September 30, 2020

(Unaudited)

 

 

December 31, 2019

 

Assets

 

 

 

 

 

 

 

 

Investments at fair value

 

 

 

 

 

 

 

 

Non-controlled, non-affiliated investments (amortized cost of $9,929,182 and

     $8,738,520, respectively)

 

$

9,711,690

 

 

$

8,709,700

 

Controlled, affiliated investments (amortized cost of $210,959 and $90,336,

     respectively)

 

 

206,612

 

 

 

89,525

 

Total investments at fair value (amortized cost of $10,140,141 and $8,828,856, respectively)

 

 

9,918,302

 

 

 

8,799,225

 

Cash (restricted cash of $6,824 and $7,587, respectively)

 

 

220,466

 

 

 

317,159

 

Interest receivable

 

 

49,634

 

 

 

57,632

 

Receivable for investments sold

 

 

653

 

 

 

9,250

 

Receivable from a controlled affiliate

 

 

2,267

 

 

 

2,475

 

Prepaid expenses and other assets

 

 

42,939

 

 

 

17,878

 

Total Assets

 

$

10,234,261

 

 

$

9,203,619

 

Liabilities

 

 

 

 

 

 

 

 

Debt (net of unamortized debt issuance costs of $67,017 and $44,302, respectively)

 

$

4,305,643

 

 

$

3,038,232

 

Distribution payable

 

 

151,409

 

 

 

137,245

 

Management fee payable

 

 

18,230

 

 

 

16,256

 

Payables to affiliates

 

 

4,321

 

 

 

5,775

 

Payable for investments purchased

 

 

26,537

 

 

 

 

Accrued expenses and other liabilities

 

 

33,773

 

 

 

28,828

 

Total Liabilities

 

 

4,539,913

 

 

 

3,226,336

 

Commitments and contingencies (Note 7)

 

 

 

 

 

 

 

 

Net Assets

 

 

 

 

 

 

 

 

Common shares $0.01 par value, 500,000,000 shares authorized; 388,227,871 and

     392,129,619 shares issued and outstanding, respectively

 

 

3,882

 

 

 

3,921

 

Additional paid-in-capital

 

 

5,919,509

 

 

 

5,955,610

 

Total distributable earnings (losses)

 

 

(229,043

)

 

 

17,752

 

Total Net Assets

 

 

5,694,348

 

 

 

5,977,283

 

Total Liabilities and Net Assets

 

$

10,234,261

 

 

$

9,203,619

 

Net Asset Value Per Share

 

$

14.67

 

 

$

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 September 30,

 

 

For the Nine Months Ended September 30,

 

 

 

2020

 

 

2019

 

 

2020

 

 

2019

 

Investment Income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest income

 

$

179,597

 

 

$

180,944

 

 

$

561,236

 

 

$

498,747

 

Dividend Income

 

 

2,688

 

 

 

 

 

 

3,608

 

 

 

 

Other income

 

 

2,507

 

 

 

4,921

 

 

 

10,473

 

 

 

9,447

 

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

 

 

184,792

 

 

 

185,865

 

 

 

575,317

 

 

 

508,194

 

Investment income from controlled, affiliated investments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Dividend income

 

 

2,267

 

 

 

2,289

 

 

 

6,716

 

 

 

7,570

 

Total investment income from controlled, affiliated investments

 

 

2,267

 

 

 

2,289

 

 

 

6,716

 

 

 

7,570

 

Total Investment Income

 

 

187,059

 

 

 

188,154

 

 

 

582,033

 

 

 

515,764

 

Expenses

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense

 

 

37,391

 

 

 

29,434

 

 

 

110,533

 

 

 

101,021

 

Management fee

 

 

36,460

 

 

 

26,793

 

 

 

104,852

 

 

 

57,434

 

Performance based incentive fees

 

 

22,302

 

 

 

19,674

 

 

 

70,500

 

 

 

19,674

 

Professional fees

 

 

3,330

 

 

 

2,886

 

 

 

9,782

 

 

 

7,361

 

Directors' fees

 

 

179

 

 

 

169

 

 

 

633

 

 

 

445

 

Other general and administrative

 

 

1,659

 

 

 

2,697

 

 

 

5,564

 

 

 

6,248

 

Total Operating Expenses

 

 

101,321

 

 

 

81,653

 

 

 

301,864

 

 

 

192,183

 

Management and incentive fees waived (Note 3)

 

 

(40,531

)

 

 

(31,707

)

 

 

(122,925

)

 

 

(31,707

)

Net Operating Expenses

 

 

60,790

 

 

 

49,946

 

 

 

178,939

 

 

 

160,476

 

Net Investment Income (Loss) Before Taxes

 

 

126,269

 

 

 

138,208

 

 

 

403,094

 

 

 

355,288

 

Excise tax expense (benefit)

 

 

(1,168

)

 

 

302

 

 

 

239

 

 

 

1,754

 

Net Investment Income (Loss) After Taxes

 

$

127,437

 

 

$

137,906

 

 

$

402,855

 

 

$

353,534

 

Net Realized and Change in Unrealized Gain (Loss)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net change in unrealized gain (loss):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-controlled, non-affiliated investments

 

$

80,619

 

 

$

(20,846

)

 

$

(196,001

)

 

$

(376

)

Controlled affiliated investments

 

 

4,615

 

 

 

284

 

 

 

(3,536

)

 

 

3,346

 

Translation of assets and liabilities in foreign currencies

 

 

3,113

 

 

 

(146

)

 

 

3,237

 

 

 

(168

)

Total Net Change in Unrealized Gain (Loss)

 

 

88,347

 

 

 

(20,708

)

 

 

(196,300

)

 

 

2,802

 

Net realized gain (loss):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-controlled, non-affiliated investments

 

 

2,537

 

 

 

1,285

 

 

 

2,885

 

 

 

1,102

 

Foreign currency transactions

 

 

(2,274

)

 

 

169

 

 

 

(2,364

)

 

 

372

 

Total Net Realized Gain (Loss)

 

 

263

 

 

 

1,454

 

 

 

521

 

 

 

1,474

 

Total Net Realized and Change in Unrealized Gain (Loss)

 

 

88,610

 

 

 

(19,254

)

 

 

(195,779

)

 

 

4,276

 

Net Increase (Decrease) in Net Assets Resulting from Operations

 

$

216,047

 

 

$

118,652

 

 

$

207,076

 

 

$

357,810

 

Earnings Per Share - Basic and Diluted

 

$

0.56

 

 

$

0.31

 

 

$

0.53

 

 

$

1.18

 

Weighted Average Shares Outstanding - Basic and Diluted

 

 

386,534,213

 

 

 

384,846,445

 

 

 

388,474,850

 

 

 

302,373,486

 

 

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

 

 

 

 

 

3


Owl Rock Capital Corporation

Consolidated Schedules of Investments

As of September 30, 2020

(Amounts in thousands, except share amounts)

(Unaudited)

 

Company(1)(2)(17)

 

Investment

 

Interest

 

 

Maturity Date

 

Par / Units

 

 

Amortized Cost(3)(27)

 

 

Fair Value

 

 

Percentage of Net Assets

 

 

Non-controlled/non-affiliated portfolio company investments

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Debt Investments

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Advertising and media

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

IRI Holdings, Inc.(4)(5)(25)

 

First lien senior secured loan

 

L + 4.25%

 

 

12/1/2025

 

$

14,080

 

 

$

13,971

 

 

$

13,940

 

 

 

0.2

 

%

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

 

First lien senior secured loan

 

L + 8.00%

 

 

6/30/2022

 

 

28,475

 

 

 

28,263

 

 

 

28,475

 

 

 

0.5

 

%

Swipe Acquisition Corporation (dba PLI)(4)(7)(25)(30)

 

First lien senior secured loan

 

L + 8.00%

 

 

6/29/2024

 

 

155,640

 

 

 

153,490

 

 

 

96,497

 

 

 

1.7

 

%

Swipe Acquisition Corporation (dba PLI)(4)(5)(18)(20)(25)(30)

 

First lien senior secured delayed draw term loan

 

L + 8.00%

 

 

11/13/2020

 

 

3,114

 

 

 

2,910

 

 

 

1,931

 

 

 

-

 

%

 

 

 

 

 

 

 

 

 

 

 

201,309

 

 

 

198,634

 

 

 

140,843

 

 

 

2.4

 

%

Aerospace and defense

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Aviation Solutions Midco, LLC (dba STS Aviation)(4)(7)(25)

 

First lien senior secured loan

 

L + 9.25% (incl. 9.25% PIK)

 

 

1/6/2025

 

 

205,340

 

 

 

202,207

 

 

 

174,540

 

 

 

3.1

 

%

Valence Surface Technologies LLC(4)(8)(25)

 

First lien senior secured loan

 

L + 5.75%

 

 

6/30/2025

 

 

98,750

 

 

 

97,529

 

 

 

89,369

 

 

 

1.6

 

%

Valence Surface Technologies LLC(4)(7)(18)(20)(25)

 

First lien senior secured delayed draw term loan

 

L + 5.75%

 

 

6/28/2021

 

 

23,880

 

 

 

23,558

 

 

 

21,041

 

 

 

0.4

 

%

Valence Surface Technologies LLC(4)(18)(19)(25)

 

First lien senior secured revolving loan

 

L + 5.75%

 

 

6/30/2025

 

 

 

 

 

(118

)

 

 

(950

)

 

 

 

%

 

 

 

 

 

 

 

 

 

 

 

327,970

 

 

 

323,176

 

 

 

284,000

 

 

 

5.1

 

%

Automotive

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Mavis Tire Express Services Corp.(4)(7)(23)(25)

 

First lien senior secured loan

 

L + 3.25%

 

 

3/20/2025

 

 

866

 

 

 

813

 

 

 

820

 

 

 

 

%

Mavis Tire Express Services Corp.(4)(7)(25)

 

Second lien senior secured loan

 

L + 7.57%

 

 

3/20/2026

 

 

179,905

 

 

 

177,040

 

 

 

172,447

 

 

 

3.0

 

%

Mavis Tire Express Services Corp.(4)(18)(19)(20)(25)

 

Second lien senior secured delayed draw term loan

 

L + 8.00%

 

 

3/20/2021

 

 

 

 

 

-

 

 

 

(402

)

 

 

 

%

 

 

 

 

 

 

 

 

 

 

 

180,771

 

 

 

177,853

 

 

 

172,865

 

 

 

3.0

 

%

Buildings and real estate

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Associations, Inc.(4)(7)(25)

 

First lien senior secured loan

 

L + 7.00% (incl. 3.00% PIK)

 

 

7/30/2024

 

 

265,273

 

 

 

263,117

 

 

 

262,619

 

 

 

4.6

 

%

Associations, Inc.(4)(7)(18)(20)(25)

 

First lien senior secured delayed draw term loan

 

L + 7.00% (incl. 3.00% PIK)

 

 

7/30/2021

 

 

58,822

 

 

 

58,362

 

 

 

58,225

 

 

 

1.0

 

%

Associations, Inc.(4)(7)(25)

 

First lien senior secured revolving loan

 

L + 6.00%

 

 

7/30/2024

 

 

11,543

 

 

 

11,451

 

 

 

11,370

 

 

 

0.2

 

%

4


Owl Rock Capital Corporation

Consolidated Schedules of Investments

As of September 30, 2020

(Amounts in thousands, except share amounts)

(Unaudited)

 

Company(1)(2)(17)

 

Investment

 

Interest

 

 

Maturity Date

 

Par / Units

 

 

Amortized Cost(3)(27)

 

 

Fair Value

 

 

Percentage of Net Assets

 

 

Reef Global, Inc. (fka Cheese Acquisition, LLC)(4)(8)(25)

 

First lien senior secured loan

 

L + 5.75%  (incl. 1.00% PIK)

 

 

11/28/2024

 

 

134,232

 

 

 

132,829

 

 

 

128,192

 

 

 

2.3

 

%

Imperial Parking Canada(4)(10)(25)

 

First lien senior secured loan

 

C + 6.00%  (incl. 1.00% PIK)

 

 

11/28/2024

 

 

26,483

 

 

 

26,558

 

 

 

25,292

 

 

 

0.4

 

%

Reef Global, Inc. (fka Cheese Acquisition, LLC)(4)(5)(18)(25)

 

First lien senior secured revolving loan

 

L + 4.75%

 

 

11/28/2023

 

 

10,987

 

 

 

10,871

 

 

 

10,251

 

 

 

0.2

 

%

Velocity Commercial Capital, LLC(4)(7)(25)

 

First lien senior secured loan

 

L + 7.50%

 

 

8/29/2024

 

 

63,980

 

 

 

63,327

 

 

 

62,861

 

 

 

1.1

 

%

 

 

 

 

 

 

 

 

 

 

 

571,320

 

 

 

566,515

 

 

 

558,810

 

 

 

9.8

 

%

Business services

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Access CIG, LLC(4)(7)(25)

 

Second lien senior secured loan

 

L + 7.75%

 

 

2/27/2026

 

 

58,760

 

 

 

58,240

 

 

 

57,291

 

 

 

1.0

 

%

CIBT Global, Inc.(4)(7)(25)

 

First lien senior secured loan

 

L + 3.75%

 

 

6/3/2024

 

 

846

 

 

 

651

 

 

 

617

 

 

 

 

%

CIBT Global, Inc.(4)(7)(25)(30)

 

Second lien senior secured loan

 

L + 7.75% (incl. 6.75% PIK)

 

 

6/2/2025

 

 

61,559

 

 

 

58,356

 

 

 

40,013

 

 

 

0.7

 

%

ConnectWise, LLC(4)(7)(25)

 

First lien senior secured loan

 

L + 5.50%

 

 

2/28/2025

 

 

179,106

 

 

 

177,341

 

 

 

178,211

 

 

 

3.1

 

%

ConnectWise, LLC(4)(18)(19)(25)

 

First lien senior secured revolving loan

 

L + 5.50%

 

 

2/28/2025

 

 

 

 

 

(188

)

 

 

(100

)

 

 

 

%

Entertainment Benefits Group, LLC(4)(7)(25)

 

First lien senior secured loan

 

L + 8.25% (incl. 2.50% PIK)

 

 

9/30/2025

 

 

80,619

 

 

 

79,585

 

 

 

70,945

 

 

 

1.2

 

%

Entertainment Benefits Group, LLC(4)(7)(18)(25)

 

First lien senior secured revolving loan

 

L + 8.25% (incl. 2.50% PIK)

 

 

9/30/2024

 

 

10,146

 

 

 

10,012

 

 

 

8,796

 

 

 

0.2

 

%

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

 

Second lien senior secured loan

 

L + 8.25%

 

 

12/19/2024

 

 

78,987

 

 

 

78,286

 

 

 

78,592

 

 

 

1.4

 

%

 

 

 

 

 

 

 

 

 

 

 

470,023

 

 

 

462,283

 

 

 

434,365

 

 

 

7.6

 

%

Chemicals

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Douglas Products and Packaging Company LLC(4)(7)(25)

 

First lien senior secured loan

 

L + 5.75%

 

 

10/19/2022

 

 

98,190

 

 

 

97,724

 

 

 

96,716

 

 

 

1.7

 

%

Douglas Products and Packaging Company LLC(4)(11)(18)(25)

 

First lien senior secured revolving loan

 

P + 4.75%

 

 

10/19/2022

 

 

6,661

 

 

 

6,629

 

 

 

6,525

 

 

 

0.1

 

%

Innovative Water Care Global Corporation(4)(7)(25)

 

First lien senior secured loan

 

L + 5.00%

 

 

2/27/2026

 

 

147,750

 

 

 

139,253

 

 

 

124,110

 

 

 

2.2

 

%

 

 

 

 

 

 

 

 

 

 

 

252,601

 

 

 

243,606

 

 

 

227,351

 

 

 

4.0

 

%

Consumer products

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

CD&R Smokey Buyer (fka Radio Systems)(23)(25)(28)

 

First lien senior secured note

 

6.75%

 

 

7/15/2025

 

 

103,250

 

 

 

103,304

 

 

 

109,042

 

 

 

1.9

 

%

5


Owl Rock Capital Corporation

Consolidated Schedules of Investments

As of September 30, 2020

(Amounts in thousands, except share amounts)

(Unaudited)

 

Company(1)(2)(17)

 

Investment

 

Interest

 

 

Maturity Date

 

Par / Units

 

 

Amortized Cost(3)(27)

 

 

Fair Value

 

 

Percentage of Net Assets

 

 

Feradyne Outdoors, LLC(4)(7)(25)

 

First lien senior secured loan

 

L + 8.25% (incl. 2.00% PIK)

 

 

5/25/2023

 

 

112,890

 

 

 

112,214

 

 

 

101,601

 

 

 

1.8

 

%

WU Holdco, Inc. (dba Weiman Products, LLC)(4)(7)(25)

 

First lien senior secured loan

 

L + 5.25%

 

 

3/26/2026

 

 

158,897

 

 

 

156,272

 

 

 

157,307

 

 

 

2.8

 

%

WU Holdco, Inc. (dba Weiman Products, LLC)(4)(18)(19)(25)

 

First lien senior secured revolving loan

 

L + 5.25%

 

 

3/26/2025

 

 

 

 

 

(208

)

 

 

(139

)

 

 

 

%

 

 

 

 

 

 

 

 

 

 

 

375,037

 

 

 

371,582

 

 

 

367,811

 

 

 

6.5

 

%

Containers and packaging

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pregis Topco LLC(4)(5)(23)(25)

 

First lien senior secured loan

 

L + 3.75%

 

 

7/31/2026

 

 

866

 

 

 

819

 

 

 

852

 

 

 

-

 

%

Pregis Topco LLC(4)(5)(25)

 

Second lien senior secured loan

 

L + 7.75%

 

 

7/30/2027

 

 

186,333

 

 

 

183,000

 

 

 

184,470

 

 

 

3.2

 

%

 

 

 

 

 

 

 

 

 

 

 

187,199

 

 

 

183,819

 

 

 

185,322

 

 

 

3.2

 

%

Distribution

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

First lien senior secured loan

 

L + 5.00%

 

 

6/15/2023

 

 

75,818

 

 

 

75,196

 

 

 

68,236

 

 

 

1.2

 

%

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

 

Second lien senior secured loan

 

L + 9.00%

 

 

6/17/2024

 

 

25,000

 

 

 

24,579

 

 

 

21,500

 

 

 

0.4

 

%

Aramsco, Inc.(4)(5)(25)

 

First lien senior secured loan

 

L + 5.25%

 

 

8/28/2024