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) |
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(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 |
☐ |
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Non-accelerated filer |
☒ |
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Small reporting company |
☐ |
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|
Emerging growth company |
☐ |
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|
|
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
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Page |
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PART I |
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FINANCIAL INFORMATION |
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Item 1. |
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2 |
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2 |
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3 |
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Consolidated Schedules of Investments as of September 30, 2020 (Unaudited) and December 31, 2019 |
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4 |
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27 |
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28 |
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30 |
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Item 2. |
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Management’s Discussion and Analysis of Financial Condition and Results of Operations |
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70 |
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Item 3. |
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114 |
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Item 4. |
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115 |
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PART II |
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OTHER INFORMATION |
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Item 1. |
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116 |
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Item 1A. |
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116 |
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Item 2. |
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123 |
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Item 3. |
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123 |
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Item 4. |
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123 |
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Item 5. |
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123 |
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Item 6. |
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124 |
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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:
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• |
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; |
|
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• |
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; |
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• |
an economic downturn could also impact availability and pricing of our financing; |
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|
• |
a contraction of available credit and/or an inability to access the equity markets could impair our lending and investment activities; |
|
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• |
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; |
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• |
our future operating results; |
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• |
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; |
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• |
the ability of our portfolio companies to achieve their objectives; |
|
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• |
competition with other entities and our affiliates for investment opportunities; |
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• |
the speculative and illiquid nature of our investments; |
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• |
the use of borrowed money to finance a portion of our investments as well as any estimates regarding potential use of leverage; |
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• |
the adequacy of our financing sources and working capital; |
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• |
the loss of key personnel; |
|
|
• |
the timing of cash flows, if any, from the operations of our portfolio companies; |
|
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• |
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; |
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|
• |
the ability of the Adviser to attract and retain highly talented professionals; |
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|
• |
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
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) |
|
|
|
|
|
|
|
|
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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
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)
|
|
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)
|
|
Investment |
|
Interest |
|
|
Maturity Date |
|
Par / Units |
|
|
Amortized Cost(3)(27) |
|
|
Fair Value |
|
|
Percentage of Net Assets |
|
|
||||||
|
|
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)
|
|
Investment |
|
Interest |
|
|
Maturity Date |
|
Par / Units |
|
|
Amortized Cost(3)(27) |
|
|
Fair Value |
|
|
Percentage of Net Assets |
|
|
||||||
|
|
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 |
|
|
56,622 |
|
|
|
55,647 |
|
|
|
55,489 |
|
|
|
1.0 |
|
% |
|
|
Aramsco, Inc.(4)(5)(18)(25) |
|
First lien senior secured revolving loan |
|
L + 5.25% |
|
|
8/28/2024 |
|
|
4,468 |
|
|
|
4,332 |
|
|
|
4,301 |
|
|
|
0.1 |
|
% |
|
|
Endries Acquisition, Inc.(4)(9)(25) |
|
First lien senior secured loan |
|
L + 6.25% |
|
|
12/10/2025 |
|
|
177,300 |
|
|
|
174,845 |
|
|
|
173,311 |
|
|
|
3.0 |
|
% |
|
|
Endries Acquisition, Inc.(4)(9)(18)(20)(25) |
|
First lien senior secured delayed draw term loan |
|
L + 6.25% |
|
|
12/10/2020 |
|
|
25,433 |
|
|
|
24,624 |
|
|
|
24,030 |
|
|
|
0.4 |
|
% |
|
|
Endries Acquisition, Inc.(4)(18)(19)(25) |
|
First lien senior secured revolving loan |
|
L + 6.25% |
|
|
12/10/2024 |
|
|
— |
|
|
|
(330 |
) |
|
|
(608 |
) |
|
|
— |
|
% |
|
|
Individual Foodservice Holdings, LLC(4)(8)(25) |
|
First lien senior secured loan |
|
L + 5.75% |
|
|
11/22/2025 |
|
|
120,470 |
|
|
|
118,149 |
|
|
|
115,651 |
|
|
|
2.0 |
|
% |
|
|
Individual Foodservice Holdings, LLC(4)(8)(18)(20)(25) |
|
First lien senior secured delayed draw term loan |
|
L + 5.75% |
|
|
5/22/2021 |
|
|
12,619 |
|
|
|
11,952 |
|
|
|
11,193 |
|
|
|
0.2 |
|
% |
|
|
Individual Foodservice Holdings, LLC(4)(5)(18)(25) |
|
First lien senior secured revolving loan |
|
L + 5.75% |
|
|
11/22/2024 |
|
|
7,140 |
|
|
|
6,752 |
|
|
|
6,283 |
|
|
|
0.1 |
|
% |
|
|
JM Swank, LLC(4)(7) |
|
First lien senior secured loan |
|
L + 7.50% |
|
|
7/25/2022 |
|
|
115,265 |
|
|
|
114,349 |
|
|
|
114,688 |
|
|
|
2.0 |
|
% |
|
|
Offen, Inc.(4)(5)(25) |
|
First lien senior secured loan |
|
L + 5.00% |
|
|
6/22/2026 |
|
|
14,507 |
|
|
|
14,383 |
|
|
|
13,999 |
|
|
|
0.2 |
|
% |
|
|
Offen, Inc.(4)(18)(19)(20)(25) |
|
First lien senior secured delayed draw term loan |
|
L + 5.00% |
|
|
12/21/2020 |
|
|
— |
|
|
|
(44 |
) |
|
|
(186 |
) |
|
|
— |
|
% |
|
|
QC Supply, LLC(4)(5) |
|
First lien senior secured loan |
|
L + 6.50% (incl. 0.50% PIK) |
|
|
12/29/2022 |
|
|
34,560 |
|
|
|
34,201 |
|
|
|
31,104 |
|
|
|
0.5 |
|
% |
|
6
Owl Rock Capital Corporation
Consolidated Schedules of Investments
As of September 30, 2020
(Amounts in thousands, except share amounts)
(Unaudited)
|
|
Investment |
|
Interest |
|
|
Maturity Date |
|
Par / Units |
|
|
Amortized Cost(3)(27) |
|
|
Fair Value |
|
|
Percentage of Net Assets |
|
|
||||||
|
|
First lien senior secured revolving loan |
|
L + 6.50% (incl. 0.50% PIK) |
|
|
12/29/2021 |
|
|
4,366 |
|
|
|
4,335 |
|
|
|
3,869 |
|
|
|
0.1 |
|
% |
||
|
|
|
|
|
|
|
|
|
|
|
|
673,568 |
|
|
|
662,970 |
|
|
|
642,860 |
|
|
|
11.2 |
|
% |
|
Education |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Instructure, Inc.(4)(7)(25) |
|
First lien senior secured loan |
|
L + 7.00% |
|
|
3/24/2026 |
|
|
77,799 |
|
|
|
76,723 |
|
|
|
77,799 |
|
|
|
1.4 |
|
% |
|
|
Instructure, Inc.(4)(18)(19)(25) |
|
First lien senior secured revolving loan |
|
L + 7.00% |
|
|
3/24/2026 |
|
|
- |
|
|
|
(63 |
) |
|
|
- |
|
|
|
- |
|
% |
|
|
Learning Care Group (US) No. 2 Inc.(4)(8)(25) |
|
Second lien senior secured loan |
|
L + 7.50% |
|
|
3/13/2026 |
|
|
26,967 |
|
|
|
26,592 |
|
|
|
22,787 |
|
|
|
0.4 |
|
% |
|
|
Severin Acquisition, LLC (dba PowerSchool)(4)(5)(25) |
|
Second lien senior secured loan |
|
L + 6.75% |
|
|
8/3/2026 |
|
|
112,000 |
|
|
|
111,232 |
|
|
|
108,640 |
|
|
|
1.9 |
|
% |
|
|
TSB Purchaser, Inc. (dba Teaching Strategies, Inc.)(4)(7)(25) |
|
First lien senior secured loan |
|
L + 6.00% |
|
|
5/14/2024 |
|
|
61,740 |
|
|
|
60,727 |
|
|
|
61,122 |
|
|
|
1.1 |
|
% |
|
|
TSB Purchaser, Inc. (dba Teaching Strategies, Inc.)(4)(7)(18)(25) |
|
First lien senior secured revolving loan |
|
L + 6.00% |
|
|
5/14/2024 |
|
|
1,229 |
|
|
|
1,165 |
|
|
|
1,187 |
|
|
|
— |
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
279,735 |
|
|
|
276,376 |
|
|
|
271,535 |
|
|
|
4.8 |
|
% |
|
Energy equipment and services |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liberty Oilfield Services LLC(4)(5)(21)(25) |
|
First lien senior secured loan |
|
L + 7.63% |
|
|
9/19/2022 |
|
|
13,814 |
|
|
|
13,703 |
|
|
|
13,573 |
|
|
|
0.2 |
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
13,814 |
|
|
|
13,703 |
|
|
|
13,573 |
|
|
|
0.2 |
|
% |
|
Financial services |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Blackhawk Network Holdings, Inc.(4)(5)(25) |
|
Second lien senior secured loan |
|
L + 7.00% |
|
|
6/15/2026 |
|
|
106,400 |
|
|
|
105,617 |
|
|
|
98,686 |
|
|
|
1.7 |
|
% |
|
|
Hg Genesis 8 Sumoco Limited(4)(13)(21)(25) |
|
Unsecured facility |
|
G + 7.50% (incl. 7.50% PIK) |
|
|
8/28/2025 |
|
|
41,463 |
|
|
|
42,121 |
|
|
|
40,841 |
|
|
|
0.7 |
|
% |
|
|
NMI Acquisitionco, Inc. (dba Network Merchants)(4)(5)(25) |
|
First lien senior secured loan |
|
L + 5.50% |
|
|
9/6/2022 |
|
|
27,977 |
|
|
|
27,673 |
|
|
|
27,557 |
|
|
|
0.5 |
|
% |
|
|
NMI Acquisitionco, Inc. (dba Network Merchants)(4)(18)(19)(25) |
|
First lien senior secured revolving loan |
|
L + 5.50% |
|
|
9/6/2022 |
|
|
- |
|
|
|
(6 |
) |
|
|
(10 |
) |
|
|
— |
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
175,840 |
|
|
|
175,405 |
|
|
|
167,074 |
|
|
|
2.9 |
|
% |
|
Food and beverage |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Caiman Merger Sub LLC (dba City Brewing)(4)(5)(25) |
|
First lien senior secured loan |
|
L + 5.75% |
|
|
11/3/2025 |
|
|
175,790 |
|
|
|
174,257 |
|
|
|
175,790 |
|
|
|
3.1 |
|
% |
|
|
Caiman Merger Sub LLC (dba City Brewing)(4)(18)(19)(25) |
|
First lien senior secured revolving loan |
|
L + 5.75% |
|
|
11/1/2024 |
|
|
— |
|
|
|
(105 |
) |
|
|
- |
|
|
|
— |
|
% |
|
|
CM7 Restaurant Holdings, LLC(4)(5)(25) |
|
First lien senior secured loan |
|
L + 8.75% |
|
|
5/22/2023 |
|
|
38,410 |
|
|
|
38,016 |
|
|
|
36,489 |
|
|
|
0.6 |
|
% |
|
|
H-Food Holdings, LLC(4)(5)(23)(25) |
|
First lien senior secured loan |
|
L + 4.00% |
|
|
5/23/2025 |
|
|
14,840 |
|
|
|
14,728 |
|
|
|
14,460 |
|
|
|
0.3 |
|
% |
|
|
H-Food Holdings, LLC(4)(5)(25) |
|
Second lien senior secured loan |
|
L + 7.00% |
|
|
3/2/2026 |
|
|
121,800 |
|
|
|
119,450 |
|
|
|
118,146 |
|
|
|
2.1 |
|
% |
|
|
Hometown Food Company(4)(5)(25) |
|
First lien senior secured loan |
|
L + 5.00% |
|
|
8/31/2023 |
|
|
21,388 |
|
|
|
21,124 |
|
|
|
21,388 |
|
|
|
0.4 |
|
% |
|
7
Owl Rock Capital Corporation
Consolidated Schedules of Investments
As of September 30, 2020
(Amounts in thousands, except share amounts)
(Unaudited)
|
|
Investment |
|
Interest |
|
|
Maturity Date |
|
Par / Units |
|
|
Amortized Cost(3)(27) |
|
|
Fair Value |
|
|
Percentage of Net Assets |
|
|
||||||
|
|
First lien senior secured revolving loan |
|
L + 5.00% |
|
|
8/31/2023 |
|
|
1,129 |
|
|
|
1,080 |
|
|
|
1,129 |
|
|
|
— |
|
% |
||
|
Manna Development Group, LLC(4)(5)(25) |
|
First lien senior secured loan |
|
L + 6.75% |
|
|
10/24/2022 |
|
|
53,571 |
|
|
|
53,183 |
|
|
|
49,286 |
|
|
|
0.9 |
|
% |
|
|
Manna Development Group, LLC(4)(5)(25) |
|
First lien senior secured revolving loan |
|
L + 6.75% |
|
|
10/24/2022 |
|
|
3,223 |
|
|
|
3,164 |
|
|
|
2,965 |
|
|
|
0.1 |
|
% |
|
|
Nellson Nutraceutical, LLC(4)(7)(25) |
|
First lien senior secured loan |
|
L + 5.25% |
|
|
12/23/2023 |
|
|
27,644 |
|
|
|
26,537 |
|
|
|
26,537 |
|
|
|
0.5 |
|
% |
|
|
Nutraceutical International Corporation(4)(5)(25) |
|
First lien senior secured loan |
|
L + 7.00% |
|
|
9/30/2026 |
|
|
188,740 |
|
|
|
185,909 |
|
|
|
185,909 |
|
|
|
3.3 |
|
% |
|
|
Nutraceutical International Corporation(4)(18)(19)(20)(25) |
|
First lien senior secured delayed draw term loan |
|
L + 7.00% |
|
|
12/30/2021 |
|
|
— |
|
|
|
(428 |
) |
|
|
(428 |
) |
|
|
— |
|
% |
|
|
Nutraceutical International Corporation(4)(18)(19)(25) |
|
First lien senior secured revolving loan |
|
L + 7.00% |
|
|
9/30/2025 |
|
|
— |
|
|
|
(204 |
) |
|
|
(204 |
) |
|
|
— |
|
% |
|
|
Recipe Acquisition Corp. (dba Roland Corporation)(4)(7) |
|
Second lien senior secured loan |
|
L + 9.00% |
|
|
12/1/2022 |
|
|
32,000 |
|
|
|
31,744 |
|
|
|
27,200 |
|
|
|
0.5 |
|
% |
|
|
Sara Lee Frozen Bakery, LLC (fka KSLB Holdings, LLC)(4)(5)(25) |
|
First lien senior secured loan |
|
L + 4.50% |
|
|
7/30/2025 |
|
|
44,427 |
|
|
|
43,788 |
|
|
|
42,427 |
|
|
|
0.7 |
|
% |
|
|
Sara Lee Frozen Bakery, LLC (fka KSLB Holdings, LLC)(4)(5)(18)(25) |
|
First lien senior secured revolving loan |
|
L + 4.50% |
|
|
7/30/2023 |
|
|
4,320 |
|
|
|
4,206 |
|
|
|
3,915 |
|
|
|
0.1 |
|
% |
|
|
Shearer's Foods, LLC(4)(7)(25) |
|
Second lien senior secured loan |
|
L + 7.75% |
|
|
9/22/2028 |
|
|
120,000 |
|
|
|
118,802 |
|
|
|
118,800 |
|
|
|
2.1 |
|
% |
|
|
Tall Tree Foods, Inc.(4)(5) |
|
First lien senior secured loan |
|
L + 7.25% |
|
|
8/12/2022 |
|
|
51,100 |
|
|
|
50,850 |
|
|
|
49,695 |
|
|
|
0.9 |
|
% |
|
|
Ultimate Baked Goods Midco, LLC(4)(5)(25) |
|
First lien senior secured loan |
|
L + 4.00% |
|
|
8/11/2025 |
|
|
26,528 |
|
|
|
26,090 |
|
|
|
25,997 |
|
|
|
0.5 |
|
% |
|
|
Ultimate Baked Goods Midco, LLC(4)(5)(18)(25) |
|
First lien senior secured revolving loan |
|
L + 4.00% |
|
|
8/9/2023 |
|
|
381 |
|
|
|
316 |
|
|
|
280 |
|
|
|
— |
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
925,291 |
|
|
|
912,507 |
|
|
|
899,781 |
|
|
|
16.1 |
|
% |
|
Healthcare providers and services |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Confluent Health, LLC.(4)(5)(25) |
|
First lien senior secured loan |
|
L + 5.00% |
|
|
6/24/2026 |
|
|
17,775 |
|
|
|
17,628 |
|
|
|
17,153 |
|
|
|
0.3 |
|
% |
|
|
Geodigm Corporation (dba National Dentex)(4)(11)(14)(25) |
|
First lien senior secured loan |
|
P + 5.87% |
|
|
12/1/2021 |
|
|
143,470 |
|
|
|
133,887 |
|
|
|
142,036 |
|
|
|
2.5 |
|
% |
|
|
GI CCLS Acquisition LLC (fka GI Chill Acquisition LLC)(4)(7)(25) |
|
Second lien senior secured loan |
|
L + 7.50% |
|
|
8/6/2026 |
|
|
135,400 |
|
|
|
134,320 |
|
|
|
133,031 |
|
|
|
2.3 |
|
% |
|
|
KS Management Services, L.L.C.(4)(5)(25) |
|
First lien senior secured loan |
|
L + 4.25% |
|
|
1/9/2026 |
|
|
124,062 |
|
|
|
122,675 |
|
|
|
124,062 |
|
|
|
2.2 |
|
% |
|
|
Nelipak Holding Company(4)(8)(25) |
|
First lien senior secured loan |
|
L + 4.25% |
|
|
7/2/2026 |
|
|
47,641 |
|
|
|
46,830 |
|
|
|
46,212 |
|
|
|
0.8 |
|
% |
|
|
Nelipak Holding Company(4)(8)(18)(25) |
|
First lien senior secured revolving loan |
|
L + 4.25% |
|
|
7/2/2024 |
|
|
4,422 |
|
|
|
4,311 |
|
|
|
4,201 |
|
|
|
0.1 |
|
% |
|
|
Nelipak Holding Company(4)(12)(18)(25) |
|
First lien senior secured revolving loan |
|
E + 4.50% |
|
|
7/2/2024 |
|
|
3,143 |
|
|
|
2,792 |
|
|
|
2,910 |
|
|
|
0.1 |
|
% |
|
|
Nelipak Holding Company(4)(8)(25) |
|
Second lien senior secured loan |
|
L + 8.25% |
|
|
7/2/2027 |
|
|
67,006 |
|
|
|
66,111 |
|
|
|
64,996 |
|
|
|
1.1 |
|
% |
|
|
Nelipak Holding Company(4)(12)(25) |
|
Second lien senior secured loan |
|
E + 8.50% |
|
|
7/2/2027 |
|
|
70,477 |
|
|
|
66,359 |
|
|
|
67,305 |
|
|
|
1.2 |
|
% |
|
8
Owl Rock Capital Corporation
Consolidated Schedules of Investments
As of September 30, 2020
(Amounts in thousands, except share amounts)
(Unaudited)
|
|
Investment |
|
Interest |
|
|
Maturity Date |
|
Par / Units |
|
|
Amortized Cost(3)(27) |
|
|
Fair Value |
|
|
Percentage of Net Assets |
|
|
||||||
|
|
First lien senior secured loan |
|
L + 5.75% |
|
|
1/2/2025 |
|
|
33,405 |
|
|
|
32,909 |
|
|
|
32,570 |
|
|
|
0.6 |
|
% |
||
|
TC Holdings, LLC (dba TrialCard)(4)(7)(25) |
|
First lien senior secured loan |
|
L + 4.50% |
|
|
11/14/2023 |
|
|
83,537 |
|
|
|
82,565 |
|
|
|
83,537 |
|
|
|
1.5 |
|
% |
|
|
TC Holdings, LLC (dba TrialCard)(4)(18)(19)(25) |
|
First lien senior secured revolving loan |
|
L + 4.50% |
|
|
11/14/2022 |
|
|
— |
|
|
|
(66 |
) |
|
|
— |
|
|
|
— |
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
730,338 |
|
|
|
710,321 |
|
|
|
718,013 |
|
|
|
12.7 |
|
% |
|
Healthcare technology |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
11849573 Canada Inc. (dba Intelerad Medical Systems Incorporated)(4)(8)(21)(25) |
|
First lien senior secured loan |
|
L + 6.25% |
|
|
2/20/2026 |
|
|
56,420 |
|
|
|
55,773 |
|
|
|
55,291 |
|
|
|
1.0 |
|
% |
|
|
11849573 Canada Inc. (dba Intelerad Medical Systems Incorporated)(4)(7)(18)(20)(21)(25) |
|
First lien senior secured delayed draw term loan |
|
L + 6.25% |
|
|
2/21/2021 |
|
|
930 |
|
|
|
905 |
|
|
|
885 |
|
|
|
— |
|
% |
|
|
11849573 Canada Inc. (dba Intelerad Medical Systems Incorporated)(4)(7)(18)(21)(25) |
|
First lien senior secured revolving loan |
|
L + 6.25% |
|
|
2/20/2026 |
|
|
1,126 |
|
|
|
1,063 |
|
|
|
1,013 |
|
|
|
— |
|
% |
|
|
Bracket Intermediate Holding Corp.(4)(7)(25) |
|
First lien senior secured loan |
|
L + 4.25% |
|
|
9/5/2025 |
|
|
522 |
|
|
|
484 |
|
|
|
512 |
|
|
|
— |
|
% |
|
|
Bracket Intermediate Holding Corp.(4)(7)(25) |
|
Second lien senior secured loan |
|
L + 8.13% |
|
|
9/7/2026 |
|
|
26,250 |
|
|
|
25,824 |
|
|
|
25,528 |
|
|
|
0.4 |
|
% |
|
|
Definitive Healthcare Holdings, LLC(4)(5)(25) |
|
First lien senior secured loan |
|
L + 5.50% |
|
|
7/16/2026 |
|
|
198,222 |
|
|
|
196,556 |
|
|
|
194,753 |
|
|
|
3.4 |
|
% |
|
|
Definitive Healthcare Holdings, LLC(4)(18)(19)(25) |
|
First lien senior secured delayed draw term loan |
|
L + 5.50% |
|
|
7/16/2026 |
|
|
— |
|
|
|
(180 |
) |
|
|
(217 |
) |
|
|
— |
|
% |
|
|
Definitive Healthcare Holdings, LLC(4)(7)(25) |
|
First lien senior secured revolving loan |
|
L + 5.50% |
|
|
7/16/2024 |
|
|
10,870 |
|
|
|
10,787 |
|
|
|
10,679 |
|
|
|
0.2 |
|
% |
|
|
Interoperability Bidco, Inc.(4)(7)(25) |
|
First lien senior secured loan |
|
L + 5.75% |
|
|
6/25/2026 |
|
|
76,235 |
|
|
|
75,422 |
|
|
|
73,376 |
|
|
|
1.3 |
|
% |
|
|
Interoperability Bidco, Inc.(4)(18)(19)(20)(25) |
|
First lien senior secured delayed draw term loan |
|
L + 5.75% |
|
|
6/25/2021 |
|
|
— |
|
|
|
(8 |
) |
|
|
(210 |
) |
|
|
— |
|
% |
|
|
Interoperability Bidco, Inc.(4)(8)(25) |
|
First lien senior secured revolving loan |
|
L + 5.75% |
|
|
6/25/2024 |
|
|
4,000 |
|
|
|
3,963 |
|
|
|
3,850 |
|
|
|
0.1 |
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
374,575 |
|
|
|
370,589 |
|
|
|
365,460 |
|
|
|
6.4 |
|
% |
|
Household products |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Hayward Industries, Inc.(4)(5)(23)(25) |
|
First lien senior secured loan |
|
L + 3.50% |
|
|
8/5/2024 |
|
|
918 |
|
|
|
898 |
|
|
|
892 |
|
|
|
— |
|
% |
|
|
Hayward Industries, Inc.(4)(5)(25) |
|
Second lien senior secured loan |
|
L + 8.25% |
|
|
8/4/2025 |
|
|
52,149 |
|
|
|
51,427 |
|
|
|
51,106 |
|
|
|
0.9 |
|
% |
|
|
HGH Purchaser, Inc. (dba Horizon Services)(4)(7)(25) |
|
First lien senior secured loan |
|
L + 6.75% |
|
|
11/3/2025 |
|
|
77,177 |
|
|
|
76,165 |
|
|
|
74,090 |
|
|
|
1.3 |
|
% |
|
|
HGH Purchaser, Inc. (dba Horizon Services)(4)(7)(18)(25) |
|
First lien senior secured revolving loan |
|
L + 6.75% |
|
|
11/3/2025 |
|
|
1,782 |
|
|
|
1,658 |
|
|
|
1,393 |
|
|
|
— |
|
% |
|
|
HGH Purchaser, Inc. (dba Horizon Services)(4)(7)(18)(20)(25) |
|
First lien senior secured delayed draw term loan |
|
L + 6.75% |
|
|
11/1/2021 |
|
|
14,710 |
|
|
|
14,312 |
|
|
|
13,635 |
|
|
|
0.2 |
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
146,736 |
|
|
|
144,460 |
|
|
|
141,116 |
|
|
|
2.4 |
|
% |
|
Human resource support services |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The Ultimate Software Group, Inc.(4)(7)(25) |
|
Second lien senior secured loan |
|
L + 6.75% |
|
|
5/3/2027 |
|
|
1,592 |
|
|
|
1,577 |
|
|
|
1,608 |
|
|
|
— |
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
1,592 |
|
|
|
1,577 |
|
|
|
1,608 |
|
|
|
- |
|
% |
9
Owl Rock Capital Corporation
Consolidated Schedules of Investments
As of September 30, 2020
(Amounts in thousands, except share amounts)
(Unaudited)
|
|
Investment |
|
Interest |
|
|
Maturity Date |
|
Par / Units |
|
|
Amortized Cost(3)(27) |
|
|
Fair Value |
|
|
Percentage of Net Assets |
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FR Arsenal Holdings II Corp. (dba Applied-Cleveland Holdings, Inc.)(4)(8) |
|
First lien senior secured loan |
|
L + 7.25% |
|
|
9/8/2022 |
|
|
144,696 |
|
|
|
143,382 |
|
|
|
137,461 |
|
|
|
2.4 |
|
% |
|
|
LineStar Integrity Services LLC(4)(8)(25) |
|
First lien senior secured loan |
|
L + 7.25% |
|
|
2/12/2024 |
|
|
89,079 |
|
|
|
88,022 |
|
|
|
78,389 |
|
|
|
1.4 |
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
233,775 |
|
|
|
231,404 |
|
|
|
215,850 |
|
|
|
3.8 |
|
% |
|
Insurance |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ardonagh Midco 2 PLC(21)(25)(28) |
|
Unsecured notes |
|
11.50% |
|
|
1/15/2027 |
|
|
9,300 |
|
|
|
9,211 |
|
|
|
9,370 |
|
|
|
0.2 |
|
% |
|
|
Ardonagh Midco 3 PLC(4)(13)(21)(25) |
|
First lien senior secured loan |
|
G + 7.50% |
|
|
7/14/2026 |
|
|
90,595 |
|
|
|
83,803 |
|
|
|
88,784 |
|
|
|
1.6 |
|
% |
|
|
Ardonagh Midco 3 PLC(4)(12)(21)(25) |
|
First lien senior secured loan |
|
E + 7.50% |
|
|
7/14/2026 |
|
|
10,469 |
|
|
|
9,710 |
|
|
|
10,260 |
|
|
|
0.2 |
|
% |
|
|
Ardonagh Midco 3 PLC(4)(13)(18)(19)(20)(21)(25) |
|
First lien senior secured delayed draw term loan |
|
G + 7.50% |
|
|
6/26/2022 |
|
|
— |
|
|
|
(538 |
) |
|
|
(384 |
) |
|
|
— |
|
% |
|
|
Asurion, LLC(4)(5)(23)(25) |
|
Second lien senior secured loan |
|
L + 6.50% |
|
|
8/4/2025 |
|
|
57,450 |
|
|
|
57,306 |
|
|
|
57,462 |
|
|
|
1.0 |
|
% |
|
|
Integrity Marketing Acquisition, LLC(4)(8)(25) |
|
First lien senior secured loan |
|
L + 5.50% |
|
|
8/27/2025 |
|
|
221,667 |
|
|
|
218,431 |
|
|
|
217,235 |
|
|
|
3.8 |
|
% |
|
|
Integrity Marketing Acquisition, LLC(4)(18)(19)(25) |
|
First lien senior secured revolving loan |
|
L + 5.50% |
|
|
8/27/2025 |
|
|
— |
|
|
|
(182 |
) |
|
|
(297 |
) |
|
|
— |
|
% |
|
|
KWOR Acquisition, Inc. (dba Worley Claims Services)(4)(5)(25) |
|
First lien senior secured loan |
|
L + 4.00% |
|
|
6/3/2026 |
|
|
20,364 |
|
|
|
19,809 |
|
|
|
19,702 |
|
|
|
0.3 |
|
% |
|
|
KWOR Acquisition, Inc. (dba Worley Claims Services)(4)(18)(19)(20)(25) |
|
First lien senior secured delayed draw term loan |
|
L + 4.00% |
|
|
6/3/2021 |
|
|
— |
|
|
|
(54 |
) |
|
|
(67 |
) |
|
|
— |
|
% |
|
|
KWOR Acquisition, Inc. (dba Worley Claims Services)(4)(18)(19)(25) |
|
First lien senior secured revolving loan |
|
L + 4.00% |
|
|
6/3/2024 |
|
|
— |
|
|
|
(86 |
) |
|
|
(169 |
) |
|
|
— |
|
% |
|
|
KWOR Acquisition, Inc. (dba Worley Claims Services)(4)(5)(25) |
|
Second lien senior secured loan |
|
L + 7.75% |
|
|
12/3/2026 |
|
|
49,600 |
|
|
|
48,955 |
|
|
|
48,360 |
|
|
|
0.8 |
|
% |
|
|
Norvax, LLC (dba GoHealth)(4)(7)(25) |
|
First lien senior secured loan |
|
L + 6.50% |
|
|
9/15/2025 |
|
|
199,860 |
|
|
|
195,399 |
|
|
|
199,860 |
|
|
|
3.5 |
|
% |
|
|
Norvax, LLC (dba GoHealth)(4)(18)(19)(25) |
|
First lien senior secured revolving loan |
|
L + 6.50% |
|
|
9/13/2024 |
|
|
— |
|
|
|
(145 |
) |
|
|
— |
|
|
|
— |
|
% |
|
|
Peter C. Foy & Associated Insurance Services, LLC(4)(8)(25) |
|
First lien senior secured loan |
|
L + 6.25% |
|
|
3/31/2026 |
|
|
83,445 |
|
|
|
82,379 |
|
|
|
83,238 |
|
|
|
1.5 |
|
% |
|
|
Peter C. Foy & Associated Insurance Services, LLC(4)(8)(18)(20)(25) |
|
First lien senior secured delayed draw term loan |
|
L + 6.25% |
|
|
9/30/2021 |
|
|
343 |
|
|
|
129 |
|
|
|
308 |
|
|
|
— |
|
% |
|
|
Peter C. Foy & Associated Insurance Services, LLC(4)(8)(18)(25) |
|
First lien senior secured revolving loan |
|
L + 6.25% |
|
|
3/31/2026 |
|
|
3,389 |
|
|
|
3,266 |
|
|
|
3,362 |
|
|
|
0.1 |
|
% |
|
|
RSC Acquisition, Inc (dba Risk Strategies)(4)(5)(25) |
|
First lien senior secured loan |
|
L + 5.50% |
|
|
10/30/2026 |
|
|
51,529 |
|
|
|
50,733 |
|
|
|
49,983 |
|
|
|
0.9 |
|
% |
|
|
RSC Acquisition, Inc (dba Risk Strategies)(4)(18)(19)(25) |
|
First lien senior secured revolving loan |
|
L + 5.50% |
|
|
10/30/2026 |
|
|
— |
|
|
|
(30 |
) |
|
|
(51 |
) |
|
|
— |
|
% |
|
|
RSC Acquisition, Inc (dba Risk Strategies)(4)(18)(19)(25) |
|
First lien senior secured delayed draw term loan |
|
L + 5.50% |
|
|
10/30/2026 |
|
|
— |
|
|
|
(40 |
) |
|
|
(68 |
) |
|
|
— |
|
% |
|
|
THG Acquisition, LLC (dba Hilb)(4)(7)(25) |
|
First lien senior secured loan |
|
L + 5.75% |
|
|
12/2/2026 |
|
|
59,617 |
|
|
|
58,266 |
|
|
|
57,828 |
|
|
|
1.0 |
|
% |
|
10
Owl Rock Capital Corporation
Consolidated Schedules of Investments
As of September 30, 2020
(Amounts in thousands, except share amounts)
(Unaudited)
|
|
Investment |
|
Interest |
|
|
Maturity Date |
|
Par / Units |
|
|
Amortized Cost(3)(27) |
|
|
Fair Value |
|
|
Percentage of Net Assets |
|
|
||||||
|
|
First lien senior secured delayed draw term loan |
|
L + 5.75% |
|
|
12/2/2021 |
|
|
4,251 |
|
|
|
4,017 |
|
|
|
3,904 |
|
|
|
0.1 |
|
% |
||
|
THG Acquisition, LLC (dba Hilb)(4)(7)(18)(25) |
|
First lien senior secured revolving loan |
|
L + 5.75% |
|
|
12/2/2025 |
|
|
3,817 |
|
|
|
3,696 |
|
|
|
3,649 |
|
|
|
0.1 |
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
865,696 |
|
|
|
844,035 |
|
|
|
852,269 |
|
|
|
15.1 |
|
% |
|
Internet software and services |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accela, Inc.(4)(5) |
|
First lien senior secured loan |
|
L + 4.91% (incl. 1.66% PIK) |
|
|
9/28/2023 |
|
|
21,996 |
|
|
|
21,758 |
|
|
|
21,996 |
|
|
|
0.4 |
|
% |
|
|
Accela, Inc.(4)(18)(19) |
|
First lien senior secured revolving loan |
|
L + 7.00% |
|
|
9/28/2023 |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
% |
|
|
Apptio, Inc.(4)(8)(25) |
|
First lien senior secured loan |
|
L + 7.25% |
|
|
1/10/2025 |
|
|
50,916 |
|
|
|
49,927 |
|
|
|
50,534 |
|
|
|
0.9 |
|
% |
|
|
Apptio, Inc.(4)(18)(19)(25) |
|
First lien senior secured revolving loan |
|
L + 7.25% |
|
|
1/10/2025 |
|
|
— |
|
|
|
(40 |
) |
|
|
(21 |
) |
|
|
— |
|
% |
|
|
3ES Innovation Inc. (dba Aucerna)(4)(7)(21)(25) |
|
First lien senior secured loan |
|
L + 5.75% |
|
|
5/13/2025 |
|
|
39,829 |
|
|
|
39,427 |
|
|
|
38,336 |
|
|
|
0.7 |
|
% |
|
|
3ES Innovation Inc. (dba Aucerna)(4)(18)(19)(21)(25) |
|
First lien senior secured revolving loan |
|
L + 5.75% |
|
|
5/13/2025 |
|
|
— |
|
|
|
(37 |
) |
|
|
(146 |
) |
|
|
— |
|
% |
|
|
Forescout Technologies, Inc.(4)(7)(25) |
|
First lien senior secured loan |
|
L + 9.50% (9.50% PIK) |
|
|
8/17/2026 |
|
|
48,108 |
|
|
|
47,283 |
|
|
|
47,266 |
|
|
|
0.8 |
|
% |
|
|
Forescout Technologies, Inc.(4)(18)(19)(25) |
|
First lien senior secured revolving loan |
|
L + 8.50% |
|
|
8/18/2025 |
|
|
— |
|
|
|
(91 |
) |
|
|
(94 |
) |
|
|
— |
|
% |
|
|
Genesis Acquisition Co. (dba Procare Software)(4)(7)(25) |
|
First lien senior secured loan |
|
L + 4.00% |
|
|
7/31/2024 |
|
|
18,362 |
|
|
|
18,116 |
|
|
|
17,628 |
|
|
|
0.3 |
|
% |
|
|
Genesis Acquisition Co. (dba Procare Software)(4)(7)(25) |
|
First lien senior secured revolving loan |
|
L + 4.00% |
|
|
7/31/2024 |
|
|
2,637 |
|
|
|
2,603 |
|
|
|
2,532 |
|
|
|
— |
|
% |
|
|
Granicus, Inc.(4)(8)(25) |
|
First lien senior secured loan |
|
L + 7.00% |
|
|
8/21/2026 |
|
|
38,486 |
|
|
|
37,538 |
|
|
|
37,524 |
|
|
|
0.7 |
|
% |
|
|
Granicus, Inc.(4)(18)(19)(25) |
|
First lien senior secured revolving loan |
|
L + 7.00% |
|
|
8/21/2026 |
|
|
— |
|
|
|
(65 |
) |
|
|
(66 |
) |
|
|
— |
|
% |
|
|
H&F Opportunities LUX III S.À R.L (dba Checkmarx)(4)(7)(21)(25) |
|
First lien senior secured loan |
|
L + 7.75% |
|
|
4/16/2026 |
|
|
42,250 |
|
|
|
41,057 |
|
|
|
41,933 |
|
|
|
0.7 |
|
% |
|
|
H&F Opportunities LUX III S.À R.L (dba Checkmarx)(4)(18)(19)(21)(25) |
|
First lien senior secured revolving loan |
|
L + 7.75% |
|
|
4/16/2026 |
|
|
— |
|
|
|
(450 |
) |
|
|
(122 |
) |
|
|
— |
|
% |
|
|
Hyland Software, Inc.(4)(5)(25) |
|
Second lien senior secured loan |
|
L + 7.00% |
|
|
7/7/2025 |
|
|
28,074 |
|
|
|
27,718 |
|
|
|
27,874 |
|
|
|
0.5 |
|
% |
|
|
IQN Holding Corp. (dba Beeline)(4)(7)(25) |
|
First lien senior secured loan |
|
L + 5.50% |
|
|
8/20/2024 |
|
|
190,442 |
|
|
|
188,453 |
|
|
|
188,061 |
|
|
|
3.3 |
|
% |
|
|
IQN Holding Corp. (dba Beeline)(4)(18)(19)(25) |
|
First lien senior secured revolving loan |
|
L + 5.50% |
|
|
8/21/2023 |
|
|
— |
|
|
|
(196 |
) |
|
|
(283 |
) |
|
|
— |
|
% |
|
11
Owl Rock Capital Corporation
Consolidated Schedules of Investments
As of September 30, 2020
(Amounts in thousands, except share amounts)
(Unaudited)
|
|
Investment |
|
Interest |
|
|
Maturity Date |
|
Par / Units |
|
|
Amortized Cost(3)(27) |
|
|
Fair Value |
|
|
Percentage of Net Assets |
|
|
||||||
|
|
First lien senior secured loan |
|
L + 5.50% |
|
|
11/21/2025 |
|
|
139,258 |
|
|
|
138,188 |
|
|
|
137,866 |
|
|
|
2.4 |
|
% |
||
|
Lightning Midco, LLC (dba Vector Solutions)(4)(7)(18)(25) |
|
First lien senior secured revolving loan |
|
L + 5.50% |
|
|
11/21/2023 |
|
|
12,427 |
|
|
|
12,343 |
|
|
|
12,293 |
|
|
|
0.2 |
|
% |
|
|
Litera Bidco LLC(4)(5)(25) |
|
First lien senior secured loan |
|
L + 5.25% |
|
|
5/29/2026 |
|
|
66,280 |
|
|
|
65,468 |
|
|
|
65,615 |
|
|
|
1.2 |
|
% |
|
|
Litera Bidco LLC(4)(5)(18)(25) |
|
First lien senior secured revolving loan |
|
L + 5.25% |
|
|
5/30/2025 |
|
|
1,434 |
|
|
|
1,376 |
|
|
|
1,377 |
|
|
|
— |
|
% |
|
|
MINDBODY, Inc.(4)(8)(25) |
|
First lien senior secured loan |
|
L + 8.50% (incl. 1.50% PIK) |
|
|
2/14/2025 |
|
|
57,967 |
|
|
|
57,520 |
|
|
|
52,750 |
|
|
|
0.9 |
|
% |
|
|
MINDBODY, Inc.(4)(18)(19)(25) |
|
First lien senior secured revolving loan |
|
L + 8.00% |
|
|
2/14/2025 |
|
|
— |
|
|
|
(44 |
) |
|
|
(546 |
) |
|
|
— |
|
% |
|
|
SURF HOLDINGS, LLC (dba Sophos Group plc)(4)(7)(21)(25) |
|
Second lien senior secured loan |
|
L + 8.00% |
|
|
3/6/2028 |
|
|
40,385 |
|
|
|
39,435 |
|
|
|
39,577 |
|
|
|
0.7 |
|
% |
|
|
Trader Interactive, LLC (fka Dominion Web Solutions, LLC)(4)(7)(25) |
|
First lien senior secured loan |
|
L + 6.50% |
|
|
6/17/2024 |
|
|
132,909 |
|
|
|
131,779 |
|
|
|
130,915 |
|
|
|
2.3 |
|
% |
|
|
Trader Interactive, LLC (fka Dominion Web Solutions, LLC)(4)(18)(19)(25) |
|
First lien senior secured revolving loan |
|
L + 6.50% |
|
|
6/15/2023 |
|
|
— |
|
|
|
(44 |
) |
|
|
(96 |
) |
|
|
— |
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
931,760 |
|
|
|
919,022 |
|
|
|
912,703 |
|
|
|
16.0 |
|
% |
|
Leisure and entertainment |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Troon Golf, L.L.C.(4)(7)(16)(25) |
|
First lien senior secured term loan A and B |
|
L + 5.50% (TLA: L + 3.5%; TLB: L + 5.98%) |
|
|
3/29/2025 |
|
|
175,820 |
|
|
|
174,132 |
|
|
|
174,501 |
|
|
|
3.1 |
|
% |
|
|
Troon Golf, L.L.C.(4)(18)(19)(25) |
|
First lien senior secured revolving loan |
|
L + 5.50% |
|
|
3/29/2025 |
|
|
— |
|
|
|
(108 |
) |
|
|
(108 |
) |
|
|
— |
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
175,820 |
|
|
|
174,024 |
|
|
|
174,393 |
|
|
|
3.1 |
|
% |
|
Manufacturing |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ideal Tridon Holdings, Inc.(4)(7)(25) |
|
First lien senior secured loan |
|
L + 5.75% |
|
|
7/31/2024 |
|
|
55,225 |
|
|
|
54,609 |
|
|
|
53,707 |
|
|
|
0.9 |
|
% |
|
|
Ideal Tridon Holdings, Inc.(4)(7)(18)(20)(25) |
|
First lien senior secured delayed draw term loan |
|
L + 5.75% |
|
|
12/25/2020 |
|
|
520 |
|
|
|
509 |
|
|
|
499 |
|
|
|
— |
|
% |
|
|
Ideal Tridon Holdings, Inc.(4)(5)(18)(25) |
|
First lien senior secured revolving loan |
|
L + 5.75% |
|
|
7/31/2023 |
|
|
2,291 |
|
|
|
2,243 |
|
|
|
2,134 |
|
|
|
— |
|
% |
|
|
MHE Intermediate Holdings, LLC(dba Material Handling Services)(4)(7)(25) |
|
First lien senior secured loan |
|
L + 5.00% |
|
|
3/8/2024 |
|
|
23,778 |
|
|
|
23,610 |
|
|
|
22,827 |
|
|
|
0.4 |
|
% |
|
|
PHM Netherlands Midco B.V. (dba Loparex)(4)(7)(25) |
|
First lien senior secured loan |
|
L + 4.50% |
|
|
8/3/2026 |
|
|
796 |
|
|
|
737 |
|
|
|
766 |
|
|
|
- |
|
% |
|
|
PHM Netherlands Midco B.V. (dba Loparex)(4)(7)(25) |
|
Second lien senior secured loan |
|
L + 8.75% |
|
|
8/2/2027 |
|
|
112,000 |
|
|
|
104,942 |
|
|
|
104,720 |
|
|
|
1.8 |
|
% |
|
|
Professional Plumbing Group, Inc.(4)(7)(25) |
|
First lien senior secured loan |
|
L + 6.75% |
|
|
4/16/2024 |
|
|
51,814 |
|
|
|
51,309 |
|
|
|
49,742 |
|
|
|
0.9 |
|
% |
|
12
Owl Rock Capital Corporation
Consolidated Schedules of Investments
As of September 30, 2020
(Amounts in thousands, except share amounts)
(Unaudited)
|
|
Investment |
|
Interest |
|
|
Maturity Date |
|
Par / Units |
|
|
Amortized Cost(3)(27) |
|
|
Fair Value |
|
|
Percentage of Net Assets |
|
|
||||||
|
|
First lien senior secured revolving loan |
|
L + 6.75% |
|
|
4/16/2023 |
|
|
11,071 |
|
|
|
11,004 |
|
|
|
10,575 |
|
|
|
0.2 |
|
% |
||
|
Safety Products/JHC Acquisition Corp.(dba Justrite Safety Group)(4)(5)(25) |
|
First lien senior secured loan |
|
L + 4.50% |
|
|
6/28/2026 |
|
|
13,378 |
|
|
|
13,266 |
|
|
|
12,140 |
|
|
|
0.2 |
|
% |
|
|
Safety Products/JHC Acquisition Corp.(dba Justrite Safety Group)(4)(5)(18)(20)(25) |
|
First lien senior secured delayed draw term loan |
|
L + 4.50% |
|
|
6/28/2021 |
|
|
723 |
|
|
|
709 |
|
|
|
571 |
|
|
|
— |
|
% |
|
|
Sonny's Enterprises LLC(4)(5)(25) |
|
First lien senior secured loan |
|
L + 7.00% |
|
|
8/5/2026 |
|
|
162,500 |
|
|
|
159,317 |
|
|
|
159,250 |
|
|
|
2.8 |
|
% |
|
|
Sonny's Enterprises LLC(4)(18)(19)(20)(25) |
|
First lien senior secured delayed draw term loan |
|
L + 7.00% |
|
|
8/5/2021 |
|
|
— |
|
|
|
(478 |
) |
|
|
(491 |
) |
|
|
— |
|
% |
|
|
Sonny's Enterprises LLC(4)(18)(19)(25) |
|
First lien senior secured revolving loan |
|
L + 7.00% |
|
|
8/5/2025 |
|
|
— |
|
|
|
(348 |
) |
|
|
(359 |
) |
|
|
— |
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
434,096 |
|
|
|
421,429 |
|
|
|
416,081 |
|
|
|
7.2 |
|
% |
|
Oil and gas |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Black Mountain Sand Eagle Ford LLC(4)(7)(25) |
|
First lien senior secured loan |
|
L + 8.25% |
|
|
8/17/2022 |
|
|
73,152 |
|
|
|
72,770 |
|
|
|
67,482 |
|
|
|
1.2 |
|
% |
|
|
Project Power Buyer, LLC (dba PEC-Veriforce)(4)(7)(25) |
|
First lien senior secured loan |
|
L + 6.25% |
|
|
5/14/2026 |
|
|
45,668 |
|
|
|
45,132 |
|
|
|
44,983 |
|
|
|
0.8 |
|
% |
|
|
Project Power Buyer, LLC (dba PEC-Veriforce)(4)(18)(19)(25) |
|
First lien senior secured revolving loan |
|
L + 6.25% |
|
|
5/14/2025 |
|
|
— |
|
|
|
(31 |
) |
|
|
(48 |
) |
|
|
— |
|
% |
|
|
Zenith Energy U.S. Logistics Holdings, LLC(4)(7)(25) |
|
First lien senior secured loan |
|
L + 6.50% |
|
|
12/20/2024 |
|
|
85,365 |
|
|
|
84,200 |
|
|
|
84,084 |
|
|
|
1.5 |
|
% |
|
|
Zenith Energy U.S. Logistics Holdings, LLC(4)(18)(19)(20)(25) |
|
First lien senior secured delayed draw term loan |
|
L + 6.50% |
|
|
1/9/2021 |
|
|
— |
|
|
|
(85 |
) |
|
|
— |
|
|
|
— |
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
204,185 |
|
|
|
201,986 |
|
|
|
196,501 |
|
|
|
3.5 |
|
% |
|
Professional services |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AmSpec Services Inc.(4)(7)(25) |
|
First lien senior secured loan |
|
L + 5.75% |
|
|
7/2/2024 |
|
|
111,688 |
|
|
|
110,280 |
|
|
|
108,338 |
|
|
|
1.9 |
|
% |
|
|
AmSpec Services Inc.(4)(7)(18)(25) |
|
First lien senior secured revolving loan |
|
L + 4.75% |
|
|
7/2/2024 |
|
|
10,499 |
|
|
|
10,341 |
|
|
|
10,065 |
|
|
|
0.2 |
|
% |
|
|
Cardinal US Holdings, Inc.(4)(7)(21)(25) |
|
First lien senior secured loan |
|
L + 5.00% |
|
|
7/31/2023 |
|
|
89,504 |
|
|
|
87,024 |
|
|
|
88,609 |
|
|
|
1.6 |
|
% |
|
|
DMT Solutions Global Corporation(4)(7)(25) |
|
First lien senior secured loan |
|
L + 7.00% |
|
|
7/2/2024 |
|
|
57,966 |
|
|
|
56,380 |
|
|
|
56,082 |
|
|
|
1.0 |
|
% |
|
|
GC Agile Holdings Limited (dba Apex Fund Services)(4)(7)(21)(25) |
|
First lien senior secured loan |
|
L + 7.00% |
|
|
6/15/2025 |
|
|
159,268 |
|
|
|
157,011 |
|
|
|
155,684 |
|
|
|
2.7 |
|
% |
|
|
GC Agile Holdings Limited (dba Apex Fund Services)(4)(7)(21)(25) |
|
First lien senior secured revolving loan |
|
L + 7.00% |
|
|
6/15/2023 |
|
|
10,386 |
|
|
|
10,206 |
|
|
|
10,152 |
|
|
|
0.2 |
|
% |
|
|
Gerson Lehrman Group, Inc.(4)(9)(25) |
|
First lien senior secured loan |
|
L + 4.25% |
|
|
12/12/2024 |
|
|
295,960 |
|
|
|
293,793 |
|
|
|
295,960 |
|
|
|
5.2 |
|
% |
|
|
Gerson Lehrman Group, Inc.(4)(18)(19)(25) |
|
First lien senior secured revolving loan |
|
L + 4.25% |
|
|
12/12/2024 |
|
|
— |
|
|
|
(151 |
) |
|
|
- |
|
|
|
— |
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
735,271 |
|
|
|
724,884 |
|
|
|
724,890 |
|
|
|
12.8 |
|
% |
|
Specialty retail |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BIG Buyer, LLC(4)(8)(25) |
|
First lien senior secured loan |
|
L + 6.50% |
|
|
11/20/2023 |
|
|
50,079 |
|
|
|
49,303 |
|
|
|
48,702 |
|
|
|
0.9 |
|
% |
|
13
Owl Rock Capital Corporation
Consolidated Schedules of Investments
As of September 30, 2020
(Amounts in thousands, except share amounts)
(Unaudited)
|
|
Investment |
|
Interest |
|
|
Maturity Date |
|
Par / Units |
|
|
Amortized Cost(3)(27) |
|
|
Fair Value |
|
|
Percentage of Net Assets |
|
|
||||||
|
|
First lien senior secured delayed draw term loan |
|
L + 6.50% |
|
|
12/18/2020 |
|
|
- |
|
|
|
(79 |
) |
|
|
(56 |
) |
|
|
— |
|
% |
||
|
BIG Buyer, LLC(4)(8)(18)(25) |
|
First lien senior secured revolving loan |
|
L + 6.50% |
|
|
11/20/2023 |
|
|
1,250 |
|
|
|
1,175 |
|
|
|
1,147 |
|
|
|
— |
|
% |
|
|
EW Holdco, LLC (dba European Wax)(4)(5)(25) |
|
First lien senior secured loan |
|
L + 5.50% |
|
|
9/25/2024 |
|
|
71,477 |
|
|
|
70,969 |
|
|
|
68,618 |
|
|
|
1.2 |
|
% |
|
|
Galls, LLC(4)(7)(25) |
|
First lien senior secured loan |
|
L + 6.50% (incl. 0.25% PIK) |
|
|
1/31/2025 |
|
|
105,347 |
|
|
|
104,308 |
|
|
|
100,606 |
|
|
|
1.8 |
|
% |
|
|
Galls, LLC(4)(7)(18)(25) |
|
First lien senior secured revolving loan |
|
L + 6.50% (incl. 0.25% PIK) |
|
|
1/31/2024 |
|
|
11,104 |
|
|
|
10,915 |
|
|
|
10,156 |
|
|
|
0.2 |
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
239,257 |
|
|
|
236,591 |
|
|
|
229,173 |
|
|
|
4.1 |
|
% |
|
Telecommunications |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DB Datacenter Holdings Inc.(4)(5)(25) |
|
Second lien senior secured loan |
|
L + 8.00% |
|
|
4/3/2025 |
|
|
47,409 |
|
|
|
46,896 |
|
|
|
47,054 |
|
|
|
0.8 |
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
47,409 |
|
|
|
46,896 |
|
|
|
47,054 |
|
|
|
0.8 |
|
% |
|
Transportation |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Lazer Spot G B Holdings, Inc.(4)(7)(25) |
|
First lien senior secured loan |
|
L + 6.00% |
|
|
12/9/2025 |
|
|
132,534 |
|
|
|
130,492 |
|
|
|
130,877 |
|
|
|
2.3 |
|
% |
|
|
Lazer Spot G B Holdings, Inc.(4)(8)(18)(20)(25) |
|
First lien senior secured delayed draw term loan |
|
L + 6.00% |
|
|
6/9/2021 |
|
|
11,806 |
|
|
|
11,618 |
|
|
|
11,659 |
|
|
|
0.2 |
|
% |
|
|
Lazer Spot G B Holdings, Inc.(4)(18)(19)(25) |
|
First lien senior secured revolving loan |
|
L + 6.00% |
|
|
12/9/2025 |
|
|
- |
|
|
|
(401 |
) |
|
|
(335 |
) |
|
|
— |
|
% |
|
|
Lytx, Inc.(4)(5)(25) |
|
First lien senior secured loan |
|
L + 6.00% |
|
|
2/28/2026 |
|
|
53,749 |
|
|
|
52,892 |
|
|
|
52,540 |
|
|
|
0.9 |
|
% |
|
|
Lytx, Inc.(4)(5)(18)(20)(25) |
|
First lien senior secured delayed draw term loan |
|
L + 6.00% |
|
|
2/28/2022 |
|
|
4,674 |
|
|
|
4,505 |
|
|
|
4,252 |
|
|
|
0.1 |
|
% |
|
|
Motus, LLC and Runzheimer International LLC(4)(7)(14)(25) |
|
First lien senior secured loan |
|
L + 6.36% |
|
|
1/17/2024 |
|
|
59,435 |
|
|
|
58,518 |
|
|
|
59,435 |
|
|
|
1.0 |
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
262,198 |
|
|
|
257,624 |
|
|
|
258,428 |
|
|
|
4.5 |
|
% |
|
Total non-controlled/non-affiliated portfolio company debt investments |
|
|
|
|
|
|
|
|
|
|
10,017,186 |
|
|
|
9,853,271 |
|
|
|
9,619,729 |
|
|
|
169.2 |
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity Investments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Food and beverage |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CM7 Restaurant Holdings, LLC(25)(26) |
|
LLC Interest |
|
N/A |
|
|
N/A |
|
|
340 |
|
|
|
340 |
|
|
|
64 |
|
|
|
— |
|
% |
|
|
H-Food Holdings, LLC(25)(26) |
|
LLC Interest |
|
N/A |
|
|
N/A |
|
|
10,875 |
|
|
|
10,875 |
|
|
|
11,159 |
|
|
|
0.2 |
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
11,215 |
|
|
|
11,215 |
|
|
|
11,223 |
|
|
|
0.2 |
|
% |
|
Insurance |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
% |
|
Norvax, LLC (dba GoHealth)(25)(26) |
|
Common stock |
|
N/A |
|
|
N/A |
|
|
1,439,481 |
|
|
|
7,315 |
|
|
|
17,619 |
|
|
|
0.3 |
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
1,439,481 |
|
|
|
7,315 |
|
|
|
17,619 |
|
|
|
0.3 |
|
% |
14
Owl Rock Capital Corporation
Consolidated Schedules of Investments
As of September 30, 2020
(Amounts in thousands, except share amounts)
(Unaudited)
|
|
Investment |
|
Interest |
|
|
Maturity Date |
|
Par / Units |
|
|
Amortized Cost(3)(27) |
|
|
Fair Value |
|
|
Percentage of Net Assets |
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
% |
|
|
Moore Holdings, LLC(21)(25)(26)(29) |
|
LLC Interest |
|
N/A |
|
|
N/A |
|
|
31,822 |
|
|
|
57,381 |
|
|
|
63,119 |
|
|
|
1.1 |
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
31,822 |
|
|
|
57,381 |
|
|
|
63,119 |
|
|
|
1.1 |
|
% |
|
Total non-controlled/non-affiliated portfolio company equity investments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
75,911 |
|
|
|
91,961 |
|
|
|
1.6 |
|
% |
|
Total non-controlled/non-affiliated portfolio company investments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
9,929,182 |
|
|
|
9,711,690 |
|
|
|
170.8 |
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Controlled/affiliated portfolio company investments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity Investments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Financial services |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Wingspire Capital Holdings LLC(18)(22)(24)(26) |
|
LLC Interest |
|
N/A |
|
|
N/A |
|
|
103,121 |
|
|
|
103,121 |
|
|
|
103,121 |
|
|
|
1.8 |
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
103,121 |
|
|
|
103,121 |
|
|
|
103,121 |
|
|
|
1.8 |
|
% |
|
Investment funds and vehicles |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sebago Lake LLC(15)(21)(22)(24)(26) |
|
LLC Interest |
|
N/A |
|
|
N/A |
|
|
107,838 |
|
|
|
107,838 |
|
|
|
103,491 |
|
|
|
1.8 |
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
107,838 |
|
|
|
107,838 |
|
|
|
103,491 |
|
|
|
1.8 |
|
% |
|
Total controlled/affiliated portfolio company investments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
210,959 |
|
|
|
206,612 |
|
|
|
3.6 |
|
% |
|
Total Investments |
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
10,140,141 |
|
|
$ |
9,918,302 |
|
|
|
174.4 |
|
% |
|
|
|
Interest Rate Swaps as of September 30, 2020 |
||||||||||||||
|
|
|
Company Receives |
|
|
Company Pays |
|
Maturity Date |
|
Notional Amount |
|
|
Hedged Instrument |
|
Footnote Reference |
||
|
Interest rate swap |
|
4.75% |
|
|
L + 2.545% |
|
12/21/2021 |
|
$ |
150,000 |
|
|
2023 Notes |
|
Note 6 |
|
|
Interest rate swap |
|
5.25% |
|
|
L + 2.937% |
|
4/10/2024 |
|
|
400,000 |
|
|
2024 Notes |
|
Note 6 |
|
|
Total |
|
|
|
|
|
|
|
|
|
$ |
550,000 |
|
|
|
|
|
________________
|
|
(1) |
Certain portfolio company investments are subject to contractual restrictions on sales. |
|
|
(2) |
Unless otherwise indicated, all investments are considered Level 3 investments. |
|
|
(3) |
The amortized cost represents the original cost adjusted for the amortization of discounts and premiums, as applicable, on debt investments using the effective interest method. |
|
|
(4) |
Loan contains a variable rate structure and may be subject to an interest rate floor. Variable rate loans bear interest at a rate that may be determined by reference to either the London Interbank Offered Rate (“LIBOR” or “L”) (which can include one-, two-, three- or six-month LIBOR), Euro Interbank Offered Rate (“EURIBOR” or “E”), British pound sterling LIBOR (“GBPLIBOR” or “G”), or an alternate base rate (which can include the Federal Funds Effective Rate or the Prime Rate), at the borrower’s option, and which reset periodically based on the terms of the loan agreement. |
|
|
(5) |
The interest rate on these loans is subject to 1 month LIBOR, which as of September 30, 2020 was 0.15%. |
|
|
(6) |
The interest rate on these loans is subject to 2 month LIBOR, which as of September 30, 2020 was 0.19%. |
|
|
(7) |
The interest rate on these loans is subject to 3 month LIBOR, which as of September 30, 2020 was 0.23%. |
|
|
(8) |
The interest rate on these loans is subject to 6 month LIBOR, which as of September 30, 2020 was 0.26%. |
|
|
(9) |
The interest rate on these loans is subject to 12 month LIBOR, which as of September 30, 2020 was 0.36%. |
|
|
(10) |
The interest rate on this loan is subject to 3 month Canadian Dollar Offered Rate (“CDOR” or “C”), which as of September 30, 2020 was 0.51%. |
|
|
(11) |
The interest rate on these loans is subject to Prime, which as of September 30, 2020 was 3.25%. |
|
|
(12) |
The interest rate on this loan is subject to 6 month EURIBOR, which as of September 30, 2020 was (0.50)%. |
|
|
(13) |
The interest rate on this loan is subject to 6 month GBPLIBOR, which as of September 30, 2020 was 0.06%. |
|
|
(14) |
The Company may be entitled to receive additional interest as a result of an arrangement with other lenders in the syndication. In exchange for the higher interest rate, the “last-out” portion is at a greater risk of loss. |
|
|
(15) |
Investment measured at NAV. |
15
Owl Rock Capital Corporation
Consolidated Schedules of Investments
As of September 30, 2020
(Amounts in thousands, except share amounts)
(Unaudited)
|
|
represents a ‘last out’ tranche. The ‘first out’ tranche has priority as to the ‘last out’ tranche with respect to payments of principal, interest and any amounts due thereunder. |
|
|
(17) |
Unless otherwise indicated, the Company’s portfolio companies are pledged as collateral supporting the amounts outstanding under the Revolving Credit Facility, SPV Asset Facilities and CLOs. See Note 6 “Debt”. |
|
|
(18) |
Position or portion thereof is an unfunded loan commitment. See Note 7 “Commitments and Contingencies”. |
|
|
(19) |
The negative cost is the result of the capitalized discount being greater than the principal amount outstanding on the loan. The negative fair value is the result of the capitalized discount on the loan. |
|
|
(20) |
The date disclosed represents the commitment period of the unfunded term loan. Upon expiration of the commitment period, the funded portion of the term loan may be subject to a longer maturity date. |
|
|
(21) |
This portfolio company is not a qualifying asset under Section 55(a) of the 1940 Act. Under the 1940 Act, the Company may not acquire any non-qualifying asset unless, at the time such acquisition is made, qualifying assets represent at least 70% of total assets. As of September 30, 2020, non-qualifying assets represented 6.8% of total assets as calculated in accordance with the regulatory requirements. |
|
|
(22) |
As defined in the 1940 Act, the Company is deemed to be both an "Affiliated Person" and has "Control" of this portfolio company as the Company owns more than 25% of the portfolio company's outstanding voting securities or has the power to exercise control over management or policies of such portfolio company (including through a management agreement). The Company’s investment in affiliates for the nine months ended September 30, 2020, were as follows: |
|
($ in thousands) |
|
Fair value as of December 31, 2019 |
|
|
Gross Additions |
|
|
Gross Reductions |
|
|
Change in Unrealized Gains (Losses) |
|
|
Fair value as of September 30, 2020 |
|
|
Dividend Income |
|
|
Other Income |
|
|||||||
|
Controlled Affiliates |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sebago Lake LLC |
|
$ |
88,077 |
|
|
$ |
18,950 |
|
|
$ |
— |
|
|
$ |
(3,536 |
) |
|
$ |
103,491 |
|
|
$ |
6,716 |
|
|
$ |
— |
|
|
Wingspire Capital Holdings LLC |
|
|
1,448 |
|
|
|
114,673 |
|
|
|
(13,000 |
) |
|
|
— |
|
|
|
103,121 |
|
|
|
— |
|
|
|
— |
|
|
Total Controlled Affiliates |
|
$ |
89,525 |
|
|
$ |
133,623 |
|
|
$ |
(13,000 |
) |
|
$ |
(3,536 |
) |
|
$ |
206,612 |
|
|
$ |
6,716 |
|
|
$ |
— |
|
|
|
(23) |
Level 2 investment. |
|
|
(24) |
Investment is not pledged as collateral for the credit facilities. |
|
|
(25) |
Represents co-investment made with the Company’s affiliates in accordance with the terms of the exemptive relief that the Company received from the U.S. Securities and Exchange Commission. See Note 3 “Agreements and Related Party Transactions.” |
|
|
(26) |
Securities acquired in transactions exempt from registration under the Securities Act and may be deemed to be “restricted securities” under the Securities Act. As of September 30, 2020, the aggregate fair value of these securities is $298.6 million or 5.2% of the Company’s net assets. The acquisition dates of the restricted securities are as follows: |
|
Portfolio Company |
|
Investment |
|
Acquisition Date |
|
CM7 Restaurant Holdings, LLC |
|
LLC Interest |
|
May 21, 2018 |
|
H-Food Holdings, LLC |
|
LLC Interest |
|
November 23, 2018 |
|
Moore Holdings, LLC |
|
LLC Interest |
|
January 16 2020 |
|
Norvax, LLC (dba GoHealth) |
|
Common Stock |
|
March 23, 2020 |
|
Sebago Lake LLC* |
|
LLC Interest |
|
June 20, 2017 |
|
Wingspire Capital Holdings LLC** |
|
LLC Interest |
|
September 24, 2019 |
* Refer to Note 4 “Investments – Sebago Lake LLC,” for further information.
** Refer to Note 3 “Agreements and Related Party Transactions – Controlled/Affiliated Portfolio Companies”.
|
|
(27) |
As of September 30, 2020, the net estimated unrealized loss for U.S. federal income tax purposes was $0.2 billion based on a tax cost basis of $10.2 billion. As of September 30, 2020, the estimated aggregate gross unrealized loss for U.S. federal income tax purposes was $0.3 billion and the estimated aggregate gross unrealized gain for U.S. federal income tax purposes was $61.9 million. |
|
|
(28) |
Loan contains a fixed-rate structure. |
|
|
(29) |
Investment represents multiple underlying investments, one of which is considered a non-qualifying asset, with a fair value of $4.9 million as of September 30, 2020. |
|
|
(30) |
Loan was on non-accrual status as of September 30, 2020 |
The accompanying notes are an integral part of these consolidated financial statements.
16
Owl Rock Capital Corporation
Consolidated Schedules of Investments
As of December 31, 2019
(Amounts in thousands, except share amounts)
|
|
Investment |
|
Interest |
|
Maturity Date |
|
Par / Units |
|
|
Amortized Cost(3)(24) |
|
|
Fair Value |
|
|
Percentage of Net Assets |
|
|
|||||
|
Non-controlled/non-affiliated portfolio company investments(2) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt Investments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Advertising and media |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
IRI Holdings, Inc.(4)(7)(22) |
|
First lien senior secured loan |
|
L + 4.50% |
|
11/28/2025 |
|
$ |
14,850 |
|
|
$ |
14,721 |
|
|
$ |
14,541 |
|
|
|
0.2 |
|
% |
|
PAK Acquisition Corporation (dba Valpak)(4)(7) |
|
First lien senior secured loan |
|
L + 8.00% |
|
6/30/2022 |
|
|
61,725 |
|
|
|
61,087 |
|
|
|
61,725 |
|
|
|
1.0 |
|
% |
|
Swipe Acquisition Corporation (dba PLI)(4)(5)(22) |
|
First lien senior secured loan |
|
L + 7.75% |
|
6/29/2024 |
|
|
158,726 |
|
|
|
156,160 |
|
|
|
154,361 |
|
|
|
2.7 |
|
% |
|
|
|
|
|
|
|
|
|
|
235,301 |
|
|
|
231,968 |
|
|
|
230,627 |
|
|
|
3.9 |
|
% |
|
Aerospace and defense |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Aviation Solutions Midco, LLC (dba STS Aviation)(4)(7)(22) |
|
First lien senior secured loan |
|
L + 6.25% |
|
1/3/2025 |
|
|
195,562 |
|
|
|
191,944 |
|
|
|
192,824 |
|
|
|
3.2 |
|
% |
|
Valence Surface Technologies LLC(4)(7)(22) |
|
First lien senior secured loan |
|
L + 5.75% |
|
6/28/2025 |
|
|
99,500 |
|
|
|
98,110 |
|
|
|
98,008 |
|
|
|
1.6 |
|
% |
|
Valence Surface Technologies LLC(4)(14)(15)(16)(22) |
|
First lien senior secured delayed draw term loan |
|
L + 5.75% |
|
6/28/2021 |
|
|
— |
|
|
|
(69 |
) |
|
|
(450 |
) |
|
|
— |
|
% |
|
Valence Surface Technologies LLC(4)(14)(15)(22) |
|
First lien senior secured revolving loan |
|
L + 5.75% |
|
6/28/2025 |
|
|
— |
|
|
|
(137 |
) |
|
|
(150 |
) |
|
|
— |
|
% |
|
|
|
|
|
|
|
|
|
|
295,062 |
|
|
|
289,848 |
|
|
|
290,232 |
|
|
|
4.8 |
|
% |
|
Automotive |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mavis Tire Express Services Corp.(4)(5)(22) |
|
Second lien senior secured loan |
|
L + 7.50% |
|
3/20/2026 |
|
|
155,000 |
|
|
|
152,119 |
|
|
|
150,350 |
|
|
|
2.5 |
|
% |
|
Mavis Tire Express Services Corp.(4)(5)(14)(16)(22) |
|
Second lien senior secured delayed draw term loan |
|
L + 8.00% |
|
3/20/2020 |
|
|
1,449 |
|
|
|
1,218 |
|
|
|
884 |
|
|
|
— |
|
% |
|
|
|
|
|
|
|
|
|
|
156,449 |
|
|
|
153,337 |
|
|
|
151,234 |
|
|
|
2.5 |
|
% |
|
Buildings and real estate |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Associations, Inc.(4)(7)(22) |
|
First lien senior secured loan |
|
L + 4.00% (3.00% PIK) |
|
7/30/2024 |
|
|
259,307 |
|
|
|
256,774 |
|
|
|
256,714 |
|
|
|
4.3 |
|
% |
|
Associations, Inc.(4)(7)(14)(16)(22) |
|
First lien senior secured delayed draw term loan |
|
L + 4.00% (3.00% PIK) |
|
7/30/2021 |
|
|
40,708 |
|
|
|
40,158 |
|
|
|
40,122 |
|
|
|
0.7 |
|
% |
|
Associations, Inc.(4)(14)(15)(22) |
|
First lien senior secured revolving loan |
|
L + 6.00% |
|
7/30/2024 |
|
|
— |
|
|
|
(110 |
) |
|
|
(173 |
) |
|
|
— |
|
% |
|
Reef (fka Cheese Acquisition, LLC(4)(7)(22) |
|
First lien senior secured loan |
|
L + 4.75% |
|
11/28/2024 |
|
|
134,995 |
|
|
|
133,263 |
|
|
|
132,970 |
|
|
|
2.2 |
|
% |
|
Imperial Parking Canada(4)(8)(22) |
|
First lien senior secured loan |
|
C + 5.00% |
|
11/28/2024 |
|
|
27,500 |
|
|
|
26,717 |
|
|
|
27,086 |
|
|
|
0.5 |
|
% |
|
Reef (fka Cheese Acquisition, LLC)(4)(14)(15)(22) |
|
First lien senior secured revolving loan |
|
L + 4.75% |
|
11/28/2023 |
|
|
— |
|
|
|
(160 |
) |
|
|
(245 |
) |
|
|
— |
|
% |
|
Velocity Commercial Capital, LLC(4)(7)(22) |
|
First lien senior secured loan |
|
L + 7.50% |
|
8/29/2024 |
|
|
125,500 |
|
|
|
124,018 |
|
|
|
124,245 |
|
|
|
2.1 |
|
% |
|
|
|
|
|
|
|
|
|
|
588,010 |
|
|
|
580,660 |
|
|
|
580,719 |
|
|
|
9.8 |
|
% |
|
Business services |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Access CIG, LLC(4)(5)(22) |
|
Second lien senior secured loan |
|
L + 7.75% |
|
2/27/2026 |
|
|
44,637 |
|
|
|
44,329 |
|
|
|
44,414 |
|
|
|
0.7 |
|
% |
|
CIBT Global, Inc.(4)(7)(22) |
|
Second lien senior secured loan |
|
L + 7.75% |
|
6/2/2025 |
|
|
59,500 |
|
|
|
58,352 |
|
|
|
58,756 |
|
|
|
1.0 |
|
% |
|
ConnectWise, LLC(4)(7)(22) |
|
First lien senior secured loan |
|
L + 6.00% |
|
2/28/2025 |
|
|
180,466 |
|
|
|
178,439 |
|
|
|
178,210 |
|
|
|
3.0 |
|
% |
|
ConnectWise, LLC(4)(14)(15)(22) |
|
First lien senior secured revolving loan |
|
L + 6.00% |
|
2/28/2025 |
|
|
— |
|
|
|
(220 |
) |
|
|
(250 |
) |
|
|
— |
|
% |
|
Entertainment Benefits Group, LLC(4)(5)(22) |
|
First lien senior secured loan |
|
L + 5.75% |
|
9/27/2025 |
|
|
81,795 |
|
|
|
80,612 |
|
|
|
80,568 |
|
|
|
1.3 |
|
% |
17
Owl Rock Capital Corporation
Consolidated Schedules of Investments
As of December 31, 2019
(Amounts in thousands, except share amounts)
|
|
Investment |
|
Interest |
|
Maturity Date |
|
Par / Units |
|
|
Amortized Cost(3)(24) |
|
|
Fair Value |
|
|
Percentage of Net Assets |
|
|
|||||
|
|
First lien senior secured revolving loan |
|
L + 5.75% |
|
9/27/2024 |
|
|
2,400 |
|
|
|
2,229 |
|
|
|
2,220 |
|
|
|
— |
|
% |
|
|
Vistage International, Inc.(4)(5)(22) |
|
Second lien senior secured loan |
|
L + 8.00% |
|
2/9/2026 |
|
|
34,800 |
|
|
|
34,557 |
|
|
|
34,626 |
|
|
|
0.6 |
|
% |
|
Vestcom Parent Holdings, Inc.(4)(5) |
|
Second lien senior secured loan |
|
L + 8.00% |
|
12/19/2024 |
|
|
78,987 |
|
|
|
78,186 |
|
|
|
78,395 |
|
|
|
1.3 |
|
% |
|
|
|
|
|
|
|
|
|
|
482,585 |
|
|
|
476,484 |
|
|
|
476,939 |
|
|
|
7.9 |
|
% |
|
Chemicals |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Douglas Products and Packaging Company LLC(4)(7)(22) |
|
First lien senior secured loan |
|
L + 5.75% |
|
10/19/2022 |
|
|
98,942 |
|
|
|
98,308 |
|
|
|
97,459 |
|
|
|
1.6 |
|
% |
|
Douglas Products and Packaging Company LLC(4)(9)(14)(22) |
|
First lien senior secured revolving loan |
|
P + 4.75% |
|
10/19/2022 |
|
|
1,211 |
|
|
|
1,167 |
|
|
|
1,075 |
|
|
|
— |
|
% |
|
Innovative Water Care Global Corporation(4)(7)(22) |
|
First lien senior secured loan |
|
L + 5.00% |
|
2/27/2026 |
|
|
148,875 |
|
|
|
139,368 |
|
|
|
131,010 |
|
|
|
2.2 |
|
% |
|
|
|
|
|
|
|
|
|
|
249,028 |
|
|
|
238,843 |
|
|
|
229,544 |
|
|
|
3.8 |
|
% |
|
Consumer products |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Feradyne Outdoors, LLC(4)(7)(22) |
|
First lien senior secured loan |
|
L + 6.25% |
|
5/25/2023 |
|
|
112,613 |
|
|
|
111,761 |
|
|
|
99,099 |
|
|
|
1.7 |
|
% |
|
WU Holdco, Inc. (dba Weiman Products, LLC)(4)(7)(22) |
|
First lien senior secured loan |
|
L + 5.25% |
|
3/26/2026 |
|
|
140,134 |
|
|
|
137,569 |
|
|
|
137,332 |
|
|
|
2.3 |
|
% |
|
WU Holdco, Inc. (dba Weiman Products, LLC)(4)(7)(14)(16)(22) |
|
First lien senior secured delayed draw term loan |
|
L + 5.25% |
|
3/26/2021 |
|
|
2,936 |
|
|
|
2,731 |
|
|
|
2,707 |
|
|
|
— |
|
% |
|
WU Holdco, Inc. (dba Weiman Products, LLC)(4)(14)(15)(22) |
|
First lien senior secured revolving loan |
|
L + 5.25% |
|
3/26/2025 |
|
|
— |
|
|
|
(243 |
) |
|
|
(278 |
) |
|
|
— |
|
% |
|
|
|
|
|
|
|
|
|
|
255,683 |
|
|
|
251,818 |
|
|
|
238,860 |
|
|
|
4.0 |
|
% |
|
Containers and packaging |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pregis Topco LLC(4)(5)(22) |
|
Second lien senior secured loan |
|
L + 8.00% |
|
7/30/2027 |
|
|
186,333 |
|
|
|
182,737 |
|
|
|
182,607 |
|
|
|
3.1 |
|
% |
|
|
|
|
|
|
|
|
|
|
186,333 |
|
|
|
182,737 |
|
|
|
182,607 |
|
|
|
3.1 |
|
% |
|
Distribution |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ABB/Con-cise Optical Group LLC(4)(7) |
|
First lien senior secured loan |
|
L + 5.00% |
|
6/15/2023 |
|
|
76,410 |
|
|
|
75,632 |
|
|
|
72,590 |
|
|
|
1.2 |
|
% |
|
ABB/Con-cise Optical Group LLC(4)(7) |
|
Second lien senior secured loan |
|
L + 9.00% |
|
6/17/2024 |
|
|
25,000 |
|
|
|
24,506 |
|
|
|
23,375 |
|
|
|
0.4 |
|
% |
|
Aramsco, Inc.(4)(5)(22) |
|
First lien senior secured loan |
|
L + 5.25% |
|
8/28/2024 |
|
|
57,055 |
|
|
|
55,908 |
|
|
|
55,771 |
|
|
|
0.9 |
|
% |
|
Aramsco, Inc.(4)(5)(14)(22) |
|
First lien senior secured revolving loan |
|
L + 5.25% |
|
8/28/2024 |
|
|
1,536 |
|
|
|
1,373 |
|
|
|
1,348 |
|
|
|
— |
|
% |
|
Dealer Tire, LLC(4)(5)(20)(22) |
|
First lien senior secured loan |
|
L + 5.50% |
|
12/15/2025 |
|
|
113,889 |
|
|
|
108,862 |
|
|
|
113,958 |
|
|
|
1.9 |
|
% |
|
Endries Acquisition, Inc.(4)(5)(22) |
|
First lien senior secured loan |
|
L + 6.25% |
|
12/10/2025 |
|
|
178,650 |
|
|
|
175,890 |
|
|
|
175,524 |
|
|
|
2.9 |
|
% |
|
Endries Acquisition, Inc.(4)(5)(14)(16)(22) |
|
First lien senior secured delayed draw term loan |
|
L + 6.25% |
|
12/10/2020 |
|
|
10,834 |
|
|
|
9,906 |
|
|
|
9,741 |
|
|
|
0.2 |
|
% |
|
Endries Acquisition, Inc.(4)(14)(15)(22) |
|
First lien senior secured revolving loan |
|
L + 6.25% |
|
12/10/2024 |
|
|
— |
|
|
|
(389 |
) |
|
|
(473 |
) |
|
|
— |
|
% |
|
Individual Foodservice Holdings, LLC(4)(7)(22) |
|
First lien senior secured loan |
|
L + 5.75% |
|
11/22/2025 |
|
|
144,500 |
|
|
|
141,389 |
|
|
|
141,350 |
|
|
|
2.4 |
|
% |
|
Individual Foodservice Holdings, LLC(4)(14)(15)(16)(22) |
|
First lien senior secured delayed draw term loan |
|
L + 5.75% |
|
5/22/2021 |
|
|
— |
|
|
|
(912 |
) |
|
|
(927 |
) |
|
|
— |
|
% |
|
Individual Foodservice Holdings, LLC(4)(5)(14)(22) |
|
First lien senior secured revolving loan |
|
L + 5.75% |
|
11/22/2024 |
|
|
1,275 |
|
|
|
730 |
|
|
|
719 |
|
|
|
— |
|
% |
|
JM Swank, LLC(4)(7) |
|
First lien senior secured loan |
|
L + 7.50% |
|
7/25/2022 |
|
|
116,167 |
|
|
|
114,901 |
|
|
|
114,715 |
|
|
|
1.9 |
|
% |
|
Offen, Inc.(4)(7)(22) |
|
First lien senior secured loan |
|
L + 5.00% |
|
6/22/2026 |
|
|
14,617 |
|
|
|
14,478 |
|
|
|
14,434 |
|
|
|
0.2 |
|
% |
18
Owl Rock Capital Corporation
Consolidated Schedules of Investments
As of December 31, 2019
(Amounts in thousands, except share amounts)
|
|
Investment |
|
Interest |
|
Maturity Date |
|
Par / Units |
|
|
Amortized Cost(3)(24) |
|
|
Fair Value |
|
|
Percentage of Net Assets |
|
|
|||||
|
|
First lien senior secured delayed draw term loan |
|
L + 5.00% |
|
12/21/2020 |
|
|
— |
|
|
|
(50 |
) |
|
|
(66 |
) |
|
|
— |
|
% |
|
|
QC Supply, LLC(4)(5) |
|
First lien senior secured loan |
|
L + 5.50% (1.00% PIK) |
|
12/29/2022 |
|
|
34,465 |
|
|
|
33,992 |
|
|
|
33,001 |
|
|
|
0.6 |
|
% |
|
QC Supply, LLC(4)(5) |
|
First lien senior secured revolving loan |
|
L + 6.50% |
|
12/29/2021 |
|
|
4,969 |
|
|
|
4,919 |
|
|
|
4,758 |
|
|
|
0.1 |
|
% |
|
|
|
|
|
|
|
|
|
|
779,367 |
|
|
|
761,135 |
|
|
|
759,818 |
|
|
|
12.7 |
|
% |
|
Education |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2U, Inc.(4)(5)(18)(22) |
|
First lien senior secured loan |
|
L + 5.75% |
|
5/22/2024 |
|
|
115,000 |
|
|
|
113,453 |
|
|
|
112,700 |
|
|
|
1.9 |
|
% |
|
Learning Care Group (US) No. 2 Inc.(4)(7)(22) |
|
Second lien senior secured loan |
|
L + 7.50% |
|
3/13/2026 |
|
|
26,967 |
|
|
|
26,539 |
|
|
|
26,832 |
|
|
|
0.4 |
|
% |
|
Severin Acquisition, LLC (dba PowerSchool)(4)(7)(22) |
|
Second lien senior secured loan |
|
L + 6.75% |
|
8/3/2026 |
|
|
108,000 |
|
|
|
107,176 |
|
|
|
107,460 |
|
|
|
1.8 |
|
% |
|
TSB Purchaser, Inc. (dba Teaching Strategies, Inc.)(4)(7)(22) |
|
First lien senior secured loan |
|
L + 6.00% |
|
5/14/2024 |
|
|
62,213 |
|
|
|
61,013 |
|
|
|
61,435 |
|
|
|
1.0 |
|
% |
|
TSB Purchaser, Inc. (dba Teaching Strategies, Inc.)(4)(7)(14)(22) |
|
First lien senior secured revolving loan |
|
L + 6.00% |
|
5/14/2024 |
|
|
1,229 |
|
|
|
1,152 |
|
|
|
1,176 |
|
|
|
— |
|
% |
|
|
|
|
|
|
|
|
|
|
313,409 |
|
|
|
309,333 |
|
|
|
309,603 |
|
|
|
5.1 |
|
% |
|
Energy equipment and services |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liberty Oilfield Services LLC(4)(5)(18)(22) |
|
First lien senior secured loan |
|
L + 7.63% |
|
9/19/2022 |
|
|
13,981 |
|
|
|
13,830 |
|
|
|
14,050 |
|
|
|
0.2 |
|
% |
|
|
|
|
|
|
|
|
|
|
13,981 |
|
|
|
13,830 |
|
|
|
14,050 |
|
|
|
0.2 |
|
% |
|
Financial services |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Blackhawk Network Holdings, Inc.(4)(5)(22) |
|
Second lien senior secured loan |
|
L + 7.00% |
|
6/15/2026 |
|
|
104,700 |
|
|
|
103,837 |
|
|
|
104,439 |
|
|
|
1.7 |
|
% |
|
NMI Acquisitionco, Inc. (dba Network Merchants)(4)(5)(22) |
|
First lien senior secured loan |
|
L + 5.75% |
|
9/6/2022 |
|
|
28,193 |
|
|
|
27,778 |
|
|
|
27,770 |
|
|
|
0.5 |
|
% |
|
NMI Acquisitionco, Inc. (dba Network Merchants)(4)(14)(15)(22) |
|
First lien senior secured revolving loan |
|
L + 5.75% |
|
9/6/2022 |
|
|
- |
|
|
|
(9 |
) |
|
|
(10 |
) |
|
|
— |
|
% |
|
|
|
|
|
|
|
|
|
|
132,893 |
|
|
|
131,606 |
|
|
|
132,199 |
|
|
|
2.2 |
|
% |
|
Food and beverage |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Caiman Merger Sub LLC (dba City Brewing)(4)(5)(22) |
|
First lien senior secured loan |
|
L + 5.75% |
|
11/3/2025 |
|
|
177,119 |
|
|
|
175,387 |
|
|
|
175,347 |
|
|
|
2.9 |
|
% |
|
Caiman Merger Sub LLC (dba City Brewing)(4)(14)(15)(22) |
|
First lien senior secured revolving loan |
|
L + 5.75% |
|
11/1/2024 |
|
|
— |
|
|
|
(125 |
) |
|
|
(129 |
) |
|
|
— |
|
% |
|
CM7 Restaurant Holdings, LLC(4)(5)(22) |
|
First lien senior secured loan |
|
L + 8.00% |
|
5/22/2023 |
|
|
37,232 |
|
|
|
36,738 |
|
|
|
36,674 |
|
|
|
0.6 |
|
% |
|
Give and Go Prepared Foods Corp.(4)(7)(18) |
|
Second lien senior secured loan |
|
L + 8.50% |
|
1/29/2024 |
|
|
42,000 |
|
|
|
41,704 |
|
|
|
38,430 |
|
|
|
0.6 |
|
% |
|
H-Food Holdings, LLC(4)(5)(22) |
|
Second lien senior secured loan |
|
L + 7.00% |
|
3/2/2026 |
|
|
121,800 |
|
|
|
119,175 |
|
|
|
119,364 |
|
|
|
2.0 |
|
% |
|
H-Food Holdings, LLC(4)(5)(20)(22) |
|
First lien senior secured loan |
|
L + 4.00% |
|
5/23/2025 |
|
|
23,515 |
|
|
|
23,314 |
|
|
|
23,384 |
|
|
|
0.4 |
|
% |
|
Hometown Food Company(4)(5)(22) |
|
First lien senior secured loan |
|
L + 5.00% |
|
8/31/2023 |
|
|
28,825 |
|
|
|
28,388 |
|
|
|
28,465 |
|
|
|
0.5 |
|
% |
|
Hometown Food Company(4)(14)(15)(22) |
|
First lien senior secured revolving loan |
|
L + 5.00% |
|
8/31/2023 |
|
|
— |
|
|
|
(62 |
) |
|
|
(53 |
) |
|
|
— |
|
% |
|
Manna Development Group, LLC(4)(5)(22) |
|
First lien senior secured loan |
|
L + 6.00% |
|
10/24/2022 |
|
|
56,655 |
|
|
|
56,092 |
|
|
|
55,947 |
|
|
|
0.9 |
|
% |
|
Manna Development Group, LLC(4)(5)(14)(22) |
|
First lien senior secured revolving loan |
|
L + 6.00% |
|
10/24/2022 |
|
|
867 |
|
|
|
759 |
|
|
|
813 |
|
|
|
— |
|
% |
|
Recipe Acquisition Corp. (dba Roland Corporation)(4)(7) |
|
Second lien senior secured loan |
|
L + 8.00% |
|
12/1/2022 |
|
|
32,000 |
|
|
|
31,666 |
|
|
|
31,760 |
|
|
|
0.5 |
|
% |
|
Sara Lee Frozen Bakery, LLC (fka KSLB Holdings, LLC)(4)(5)(22) |
|
First lien senior secured loan |
|
L + 4.50% |
|
7/30/2025 |
|
|
38,595 |
|
|
|
37,930 |
|
|
|
37,823 |
|
|
|
0.6 |
|
% |
19
Owl Rock Capital Corporation
Consolidated Schedules of Investments
As of December 31, 2019
(Amounts in thousands, except share amounts)
20
Owl Rock Capital Corporation
Consolidated Schedules of Investments
As of December 31, 2019
(Amounts in thousands, except share amounts)
|
|
Investment |
|
Interest |
|
Maturity Date |
|
Par / Units |
|
|
Amortized Cost(3)(24) |
|
|
Fair Value |
|
|
Percentage of Net Assets |
|
|
|||||
|
|
First lien senior secured revolving loan |
|
L + 5.75% |
|
6/25/2024 |
|
|
— |
|
|
|
(45 |
) |
|
|
(60 |
) |
|
|
— |
|
% |
|
|
|
|
|
|
|
|
|
|
|
299,549 |
|
|
|
295,971 |
|
|
|
295,708 |
|
|
|
5.1 |
|
% |
|
Household products |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Hayward Industries, Inc.(4)(5)(22) |
|
Second lien senior secured loan |
|
L + 8.25% |
|
8/4/2025 |
|
|
52,149 |
|
|
|
51,340 |
|
|
|
51,628 |
|
|
|
0.9 |
|
% |
|
HGH Purchaser, Inc. (dba Horizon Services)(4)(5)(22) |
|
First lien senior secured loan |
|
L + 6.00% |
|
11/3/2025 |
|
|
77,760 |
|
|
|
76,620 |
|
|
|
76,594 |
|
|
|
1.4 |
|
% |
|
HGH Purchaser, Inc. (dba Horizon Services)(4)(9)(14)(22) |
|
First lien senior secured revolving loan |
|
P + 5.00% |
|
11/3/2025 |
|
|
1,782 |
|
|
|
1,640 |
|
|
|
1,636 |
|
|
|
— |
|
% |
|
HGH Purchaser, Inc. (dba Horizon Services)(4)(14)(15)(16)(22) |
|
First lien senior secured delayed draw term loan |
|
L + 6.00% |
|
11/1/2021 |
|
|
— |
|
|
|
(79 |
) |
|
|
(81 |
) |
|
|
— |
|
% |
|
|
|
|
|
|
|
|
|
|
131,691 |
|
|
|
129,521 |
|
|
|
129,777 |
|
|
|
2.3 |
|
% |
|
Infrastructure and environmental services |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FR Arsenal Holdings II Corp. (dba Applied-Cleveland Holdings, Inc.)(4)(7) |
|
First lien senior secured loan |
|
L + 7.25% |
|
9/8/2022 |
|
|
145,827 |
|
|
|
144,048 |
|
|
|
145,827 |
|
|
|
2.4 |
|
% |
|
LineStar Integrity Services LLC(4)(7)(22) |
|
First lien senior secured loan |
|
L + 7.25% |
|
2/12/2024 |
|
|
89,759 |
|
|
|
88,357 |
|
|
|
88,638 |
|
|
|
1.5 |
|
% |
|
|
|
|
|
|
|
|
|
|
235,586 |
|
|
|
232,405 |
|
|
|
234,465 |
|
|
|
3.9 |
|
% |
|
Insurance |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Asurion, LLC(4)(5)(20)(22) |
|
Second lien senior secured loan |
|
L + 6.50% |
|
8/4/2025 |
|
|
40,000 |
|
|
|
40,518 |
|
|
|
40,460 |
|
|
|
0.7 |
|
% |
|
Integrity Marketing Acquisition, LLC(4)(7)(22) |
|
First lien senior secured loan |
|
L + 5.75% |
|
8/27/2025 |
|
|
136,900 |
|
|
|
134,941 |
|
|
|
134,846 |
|
|
|
2.3 |
|
% |
|
Integrity Marketing Acquisition, LLC(4)(7)(14)(16)(22) |
|
First lien senior secured delayed draw term loan |
|
L + 5.75% |
|
2/29/2020 |
|
|
37,283 |
|
|
|
36,447 |
|
|
|
36,724 |
|
|
|
0.6 |
|
% |
|
Integrity Marketing Acquisition, LLC(4)(14)(15)(16)(22) |
|
First lien senior secured delayed draw term loan |
|
L + 5.75% |
|
2/27/2021 |
|
|
— |
|
|
|
(192 |
) |
|
|
— |
|
|
|
— |
|
% |
|
Integrity Marketing Acquisition, LLC(4)(14)(15)(22) |
|
First lien senior secured revolving loan |
|
L + 5.75% |
|
8/27/2025 |
|
|
— |
|
|
|
(210 |
) |
|
|
(222 |
) |
|
|
— |
|
% |
|
KWOR Acquisition, Inc. (dba Worley Claims Services)(4)(5)(22) |
|
First lien senior secured loan |
|
L + 4.00% |
|
6/3/2026 |
|
|
24,153 |
|
|
|
23,421 |
|
|
|
23,489 |
|
|
|
0.4 |
|
% |
|
KWOR Acquisition, Inc. (dba Worley Claims Services)(4)(14)(15)(16)(22) |
|
First lien senior secured delayed draw term loan |
|
L + 4.00% |
|
6/3/2021 |
|
|
— |
|
|
|
(72 |
) |
|
|
(67 |
) |
|
|
— |
|
% |
|
KWOR Acquisition, Inc. (dba Worley Claims Services)(4)(14)(15)(22) |
|
First lien senior secured revolving loan |
|
L + 4.00% |
|
6/3/2024 |
|
|
— |
|
|
|
(103 |
) |
|
|
(143 |
) |
|
|
— |
|
% |
|
KWOR Acquisition, Inc. (dba Worley Claims Services)(4)(5)(22) |
|
Second lien senior secured loan |
|
L + 7.75% |
|
12/3/2026 |
|
|
49,600 |
|
|
|
48,897 |
|
|
|
48,608 |
|
|
|
0.8 |
|
% |
|
Norvax, LLC (dba GoHealth)(4)(7)(22) |
|
First lien senior secured loan |
|
L + 6.50% |
|
9/15/2025 |
|
|
122,420 |
|
|
|
120,657 |
|
|
|
120,584 |
|
|
|
2.0 |
|
% |
|
Norvax, LLC (dba GoHealth)(4)(14)(15)(22) |
|
First lien senior secured revolving loan |
|
L + 6.50% |
|
9/13/2024 |
|
|
— |
|
|
|
(173 |
) |
|
|
(184 |
) |
|
|
— |
|
% |
|
RSC Acquisition, Inc (dba Risk Strategies)(4)(7)(22) |
|
First lien senior secured loan |
|
L + 5.50% |
|
10/30/2026 |
|
|
40,783 |
|
|
|
39,982 |
|
|
|
39,967 |
|
|
|
0.7 |
|
% |
|
RSC Acquisition, Inc (dba Risk Strategies)(4)(14)(15)(22) |
|
First lien senior secured revolving loan |
|
L + 5.50% |
|
10/30/2026 |
|
|
— |
|
|
|
(33 |
) |
|
|
(34 |
) |
|
|
— |
|
% |
|
RSC Acquisition, Inc (dba Risk Strategies)(4)(7)(14)(22) |
|
First lien senior secured delayed draw term loan |
|
L + 5.50% |
|
10/30/2026 |
|
|
2,451 |
|
|
|
2,191 |
|
|
|
2,184 |
|
|
|
— |
|
% |
|
THG Acquisition, LLC (dba Hilb)(4)(7)(22) |
|
First lien senior secured loan |
|
L + 5.75% |
|
12/2/2026 |
|
|
60,067 |
|
|
|
58,579 |
|
|
|
58,565 |
|
|
|
1.0 |
|
% |
|
THG Acquisition, LLC (dba Hilb)(4)(14)(15)(16)(22) |
|
First lien senior secured delayed draw term loan |
|
L + 5.75% |
|
12/2/2021 |
|
|
— |
|
|
|
(208 |
) |
|
|
(211 |
) |
|
|
— |
|
% |
|
THG Acquisition, LLC (dba Hilb)(4)(14)(15)(22) |
|
First lien senior secured revolving loan |
|
L + 5.75% |
|
12/2/2025 |
|
|
— |
|
|
|
(138 |
) |
|
|
(140 |
) |
|
|
— |
|
% |
|
|
|
|
|
|
|
|
|
|
513,657 |
|
|
|
504,504 |
|
|
|
504,426 |
|
|
|
8.5 |
|
% |
21
Owl Rock Capital Corporation
Consolidated Schedules of Investments
As of December 31, 2019
(Amounts in thousands, except share amounts)
|
|
Investment |
|
Interest |
|
Maturity Date |
|
Par / Units |
|
|
Amortized Cost(3)(24) |
|
|
Fair Value |
|
|
Percentage of Net Assets |
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accela, Inc.(4)(7) |
|
First lien senior secured loan |
|
L + 3.25% (1.64% PIK) |
|
9/28/2023 |
|
|
21,714 |
|
|
|
21,422 |
|
|
|
21,714 |
|
|
|
0.4 |
|
% |
|
Apptio, Inc.(4)(5)(22) |
|
First lien senior secured loan |
|
L + 7.25% |
|
1/10/2025 |
|
|
41,727 |
|
|
|
40,992 |
|
|
|
41,205 |
|
|
|
0.7 |
|
% |
|
Apptio, Inc.(4)(14)(15)(22) |
|
First lien senior secured revolving loan |
|
L + 7.25% |
|
1/10/2025 |
|
|
— |
|
|
|
(47 |
) |
|
|
(35 |
) |
|
|
— |
|
% |
|
3ES Innovation Inc. (dba Aucerna)(4)(7)(18)(22) |
|
First lien senior secured loan |
|
L + 5.75% |
|
5/13/2025 |
|
|
40,132 |
|
|
|
39,672 |
|
|
|
39,329 |
|
|
|
0.7 |
|
% |
|
3ES Innovation Inc. (dba Aucerna)(4)(14)(15)(18)(22) |
|
First lien senior secured revolving loan |
|
L + 5.75% |
|
5/13/2025 |
|
|
— |
|
|
|
(43 |
) |
|
|
(78 |
) |
|
|
— |
|
% |
|
Genesis Acquisition Co. (dba Procare Software)(4)(7)(22) |
|
First lien senior secured loan |
|
L + 3.75% |
|
7/31/2024 |
|
|
17,974 |
|
|
|
17,690 |
|
|
|
17,614 |
|
|
|
0.3 |
|
% |
|
Genesis Acquisition Co. (dba Procare Software)(4)(14)(15)(16)(22) |
|
First lien senior secured delayed draw term loan |
|
L + 3.75% |
|
7/31/2020 |
|
|
— |
|
|
|
(36 |
) |
|
|
(47 |
) |
|
|
— |
|
% |
|
Genesis Acquisition Co. (dba Procare Software)(4)(7)(14)(22) |
|
First lien senior secured revolving loan |
|
L + 3.75% |
|
7/31/2024 |
|
|
923 |
|
|
|
883 |
|
|
|
870 |
|
|
|
— |
|
% |
|
IQN Holding Corp. (dba Beeline)(4)(7)(22) |
|
First lien senior secured loan |
|
L + 5.50% |
|
8/20/2024 |
|
|
191,899 |
|
|
|
189,564 |
|
|
|
189,501 |
|
|
|
3.2 |
|
% |
|
IQN Holding Corp. (dba Beeline)(4)(7)(14)(22) |
|
First lien senior secured revolving loan |
|
L + 5.50% |
|
8/21/2023 |
|
|
7,139 |
|
|
|
6,892 |
|
|
|
6,856 |
|
|
|
0.1 |
|
% |
|
Lightning Midco, LLC (dba Vector Solutions)(4)(7)(22) |
|
First lien senior secured loan |
|
L + 5.50% |
|
11/21/2025 |
|
|
113,765 |
|
|
|
112,777 |
|
|
|
112,058 |
|
|
|
1.9 |
|
% |
|
Lightning Midco, LLC (dba Vector Solutions)(4)(9)(14)(16)(22) |
|
First lien senior secured delayed draw term loan |
|
P + 4.50% |
|
11/23/2020 |
|
|
24,788 |
|
|
|
24,565 |
|
|
|
24,390 |
|
|
|
0.4 |
|
% |
|
Lightning Midco, LLC (dba Vector Solutions)(4)(7)(14)(22) |
|
First lien senior secured revolving loan |
|
L + 5.50% |
|
11/21/2023 |
|
|
8,044 |
|
|
|
7,940 |
|
|
|
7,844 |
|
|
|
0.1 |
|
% |
|
Litera Bidco LLC(4)(7)(22) |
|
First lien senior secured loan |
|
L + 5.75% |
|
5/29/2026 |
|
|
60,245 |
|
|
|
59,449 |
|
|
|
59,490 |
|
|
|
1.0 |
|
% |
|
Litera Bidco LLC(4)(14)(15)(22) |
|
First lien senior secured revolving loan |
|
L + 5.75% |
|
5/30/2025 |
|
|
— |
|
|
|
(66 |
) |
|
|
(72 |
) |
|
|
— |
|
% |
|
MINDBODY, Inc.(4)(5)(22) |
|
First lien senior secured loan |
|
L + 7.00% |
|
2/14/2025 |
|
|
57,679 |
|
|
|
57,168 |
|
|
|
57,102 |
|
|
|
1.0 |
|
% |
|
MINDBODY, Inc.(4)(14)(15)(22) |
|
First lien senior secured revolving loan |
|
L + 7.00% |
|
2/14/2025 |
|
|
— |
|
|
|
(52 |
) |
|
|
(61 |
) |
|
|
— |
|
% |
|
Trader Interactive, LLC (fka Dominion Web Solutions, LLC)(4)(5)(22) |
|
First lien senior secured loan |
|
L + 6.50% |
|
6/17/2024 |
|
|
133,936 |
|
|
|
132,603 |
|
|
|
132,597 |
|
|
|
2.2 |
|
% |
|
Trader Interactive, LLC (fka Dominion Web Solutions, LLC)(4)(14)(15)(22) |
|
First lien senior secured revolving loan |
|
L + 6.50% |
|
6/15/2023 |
|
|
— |
|
|
|
(56 |
) |
|
|
(64 |
) |
|
|
— |
|
% |
|
|
|
|
|
|
|
|
|
|
719,965 |
|
|
|
711,317 |
|
|
|
710,213 |
|
|
|
12.0 |
|
% |
|
Leisure and entertainment |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Troon Golf, L.L.C.(4)(7)(11)(13)(22) |
|
First lien senior secured term loan A and B |
|
L + 5.50% (TLA: L + 3.5%; TLB: L + 5.98%) |
|
3/29/2025 |
|
|
177,718 |
|
|
|
175,774 |
|
|
|
177,718 |
|
|
|
3.0 |
||