owl-10q_20210331.htm

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

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

For the fiscal quarter ended March 31, 2021

☐	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, 38^th Floor, New York, New York		10022
(Address of principal executive offices)		(Zip Code)

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

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


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, $0.01 par value per share	ORCC	The New York Stock Exchange

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

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

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


Large accelerated filer	☒	Accelerated filer	☐

Non-accelerated filer	☐	Small reporting company	☐

Emerging growth company	☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the Registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). YES ☐ NO ☒

As of May 5, 2021, the registrant had 391,401,787 shares of common stock, $0.01 par value per share, outstanding.

Table of Contents

		Page
PART I	FINANCIAL INFORMATION
Item 1.	Consolidated Financial Statements	2
	Consolidated Statements of Assets and Liabilities as of March 31, 2021 (Unaudited) and December 31, 2020	2
	Consolidated Statements of Operations for the Three Months Ended March 31, 2021 and 2020 (Unaudited)	3
	Consolidated Schedules of Investments as of March 31, 2021 (Unaudited) and December 31, 2020	4
	Consolidated Statements of Changes in Net Assets for the Three Months Ended March 31, 2021 and 2020 (Unaudited)	33
	Consolidated Statements of Cash Flows for the Three Months Ended March 31, 2021 and 2020 (Unaudited)	34
	Notes to Consolidated Financial Statements (Unaudited)	36
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	79
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	125
Item 4.	Controls and Procedures	126

PART II	OTHER INFORMATION
Item 1.	Legal Proceedings	127
Item 1A.	Risk Factors	128
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	129
Item 3.	Defaults Upon Senior Securities	129
Item 4.	Mine Safety Disclosures	129
Item 5.	Other Information	129
Item 6.	Exhibits	130
Signatures		131

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS

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

•

an economic downturn could impair our portfolio companies’ ability to continue to operate, which could lead to the loss of some or all of our investments in such portfolio companies;

•

an economic downturn could disproportionately impact the companies that we intend to target for investment, potentially causing us to experience a decrease in investment opportunities and diminished demand for capital from these companies;

•

an economic downturn could also impact availability and pricing of our financing and our ability to access the debt and equity capital markets;

•

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

•

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

•

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

•

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

•

our future operating results;

•

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

•

our contractual arrangements and relationships with third parties;

•

the ability of our portfolio companies to achieve their objectives;

•

competition with other entities and our affiliates for investment opportunities;

•

the speculative and illiquid nature of our investments;

•

the use of borrowed money to finance a portion of our investments as well as any estimates regarding potential use of leverage;

•

the adequacy of our financing sources and working capital;

•

the loss of key personnel;

•

the timing of cash flows, if any, from the operations of our portfolio companies;

•

the ability of Owl Rock Capital Advisors LLC (“the Adviser” or “our Adviser”) to locate suitable investments for us and to monitor and administer our investments;

•

the ability of the Adviser to attract and retain highly talented professionals;

•

our ability to qualify for and maintain our tax treatment as a regulated investment company (“RIC”) under Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”), and as a business development company (“BDC”);

•

the effect of legal, tax and regulatory changes, including the Coronavirus Aid, Relief and Economic Security Act signed into law in December 2020 and the American Rescue Plan Act of 2021, signed into law in March 2021; 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”).

PART I. CONSOLIDATED FINANCIAL INFORMATION

Item 1. Consolidated Financial Statements

Owl Rock Capital Corporation

Consolidated Statements of Assets and Liabilities

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

	March 31, 2021 (Unaudited)			December 31, 2020
Assets
Investments at fair value
Non-controlled, non-affiliated investments (amortized cost of $10,892,469 and $10,653,613, respectively)	$	10,862,051		$	10,569,691
Controlled, affiliated investments (amortized cost of $380,280 and $275,105, respectively)		378,421			272,381
Total investments at fair value (amortized cost of $11,272,749 and $10,928,718, respectively)		11,240,472			10,842,072
Cash (restricted cash of $7,699 and $8,841, respectively)		244,159			347,917
Foreign cash (cost of $11,037 and $9,641, respectively)		11,106			9,994
Interest receivable		55,854			57,108
Receivable for investments sold		4,355			6,316
Receivable from a controlled affiliate		2,367			2,347
Prepaid expenses and other assets		29,929			38,603
Total Assets	$	11,588,242		$	11,304,357
Liabilities
Debt (net of unamortized debt issuance costs of $88,161 and $91,085, respectively)	$	5,545,891		$	5,292,722
Distribution payable		121,335			152,087
Management fee payable		42,107			35,936
Incentive fee payable		21,776			19,070
Payables to affiliates		2,587			6,527
Accrued expenses and other liabilities		52,458			51,581
Total Liabilities		5,786,154			5,557,923
Commitments and contingencies (Note 7)
Net Assets
Common shares $0.01 par value, 500,000,000 shares authorized; 391,401,787 and 389,966,688 shares issued and outstanding, respectively		3,914			3,900
Additional paid-in-capital		5,960,109			5,940,979
Total distributable earnings (losses)		(161,935	)		(198,445	)
Total Net Assets		5,802,088			5,746,434
Total Liabilities and Net Assets	$	11,588,242		$	11,304,357
Net Asset Value Per Share	$	14.82		$	14.74

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

Owl Rock Capital Corporation

Consolidated Statements of Operations

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

(Unaudited)

	For the Three Months Ended March 31,
	2021			2020
Investment Income
Investment income from non-controlled, non-affiliated investments:
Interest income		211,032		$	198,393
Dividend Income		3,559			—
Other income		3,154			4,151
Total investment income from non-controlled, non-affiliated investments		217,745			202,544
Investment income from controlled, affiliated investments:
Interest income		1,303			—
Dividend income		2,368			2,188
Other Income		157			—
Total investment income from controlled, affiliated investments		3,828			2,188
Total Investment Income		221,573			204,732
Expenses
Interest expense		48,076			33,957
Management fee		42,110			33,790
Performance based incentive fees		21,775			25,595
Professional fees		3,768			3,152
Directors' fees		244			233
Other general and administrative		1,818			2,164
Total Operating Expenses		117,791			98,891
Management and incentive fees waived (Note 3)		—			(42,490	)
Net Operating Expenses		117,791			56,401
Net Investment Income (Loss) Before Taxes		103,782			148,331
Income taxes, including excise tax expense (benefit)		1,127			2,075
Net Investment Income (Loss) After Taxes	$	102,655		$	146,256
Net Realized and Change in Unrealized Gain (Loss)
Net change in unrealized gain (loss):
Non-controlled, non-affiliated investments	$	57,079		$	(444,135	)
Income tax (provision) benefit		(2,633	)		—
Controlled affiliated investments		865			(14,899	)
Translation of assets and liabilities in foreign currencies		(2,432	)		(81	)
Total Net Change in Unrealized Gain (Loss)		52,879			(459,115	)
Net realized gain (loss):
Non-controlled, non-affiliated investments		1,154			348
Foreign currency transactions		1,157			(79	)
Total Net Realized Gain (Loss)		2,311			269
Total Net Realized and Change in Unrealized Gain (Loss)		55,190			(458,846	)
Net Increase (Decrease) in Net Assets Resulting from Operations	$	157,845		$	(312,590	)
Earnings Per Share - Basic and Diluted	$	0.40		$	(0.79	)
Weighted Average Shares Outstanding - Basic and Diluted		391,114,767			393,441,711

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

Owl Rock Capital Corporation

Consolidated Schedule of Investments

As of March 31, 2021

(Amounts in thousands, except share amounts)

(Unaudited)

Company⁽^1)(2)(17)	Investment	Interest	Maturity Date	Par / Units		Amortized Cost⁽³⁾⁽²⁷⁾		Fair Value		Percentage of Net Assets
Non-controlled/non-affiliated portfolio company investments
Debt Investments
Aerospace and defense
Aviation Solutions Midco, LLC (dba STS Aviation)⁽^4)(6)(24)	First lien senior secured loan	L + 9.25% (incl. 9.25% PIK)	1/3/2025		216,119		213,306		192,346		3.3	%
Valence Surface Technologies LLC⁽^4)(7)(24)	First lien senior secured loan	L + 5.75%	6/28/2025		98,250		97,148		89,899		1.5	%
Valence Surface Technologies LLC⁽^{4)(7)(16)(19)(24)}	First lien senior secured delayed draw term loan	L + 5.75%	6/28/2021		23,760		23,473		21,230		0.4	%
Valence Surface Technologies LLC⁽^{4)(7)(16)(24)}	First lien senior secured revolving loan	L + 5.75%	6/28/2025		6,000		5,894		5,150		0.1	%
					344,129		339,821		308,625		5.3	%
Automotive
Mavis Tire Express Services Corp.⁽^4)(5)(24)	First lien senior secured loan	L + 3.25%	3/20/2025		862		814		862		—	%
Mavis Tire Express Services Corp.⁽^4)(5)(24)	Second lien senior secured loan	L + 7.59%	3/20/2026		191,281		188,505		191,281		3.3	%
					192,143		189,319		192,143		3.3	%
Buildings and real estate
Associations, Inc.⁽^4)(6)(24)	First lien senior secured loan	L + 7.00% (incl. 3.00% PIK)	7/30/2024		309,140		306,574		309,140		5.3	%
Associations, Inc.⁽^{4)(6)(16)(19)(24)}	First lien senior secured delayed draw term loan	L + 7.00% (incl. 3.00% PIK)	7/30/2021		59,617		59,217		59,612		1.0	%
Associations, Inc.⁽^4)(6)(24)	First lien senior secured revolving loan	L + 6.00%	7/30/2024		11,543		11,463		11,485		0.2	%
Reef Global, Inc. (fka Cheese Acquisition, LLC)⁽^4)(7)(24)	First lien senior secured loan	L + 6.00% (incl. 1.25% PIK)	11/28/2024		134,289		133,106		128,246		2.2	%
Imperial Parking Canada⁽^4)(8)(24)	First lien senior secured loan	C + 6.00% (incl. 1.25% PIK)	11/28/2024		28,112		26,569		26,847		0.5	%
Reef Global, Inc. (fka Cheese Acquisition, LLC)⁽^{4)(6)(16)(24)}	First lien senior secured revolving loan	L + 4.75%	11/28/2023		10,987		10,915		10,251		0.2	%
					553,688		547,844		545,581		9.4	%
Business services
Access CIG, LLC⁽^4)(5)(24)	Second lien senior secured loan	L + 7.75%	2/27/2026		58,760		58,280		58,025		1.0	%

Owl Rock Capital Corporation

Consolidated Schedule of Investments

As of March 31, 2021

(Amounts in thousands, except share amounts)

(Unaudited)

Company⁽^1)(2)(17)	Investment	Interest	Maturity Date	Par / Units		Amortized Cost⁽³⁾⁽²⁷⁾			Fair Value			Percentage of Net Assets
CIBT Global, Inc.⁽^4)(6)(24)	First lien senior secured loan	L + 3.75%	6/3/2024		841		670			597			—	%
CIBT Global, Inc.⁽^{4)(6)(24)(29)}	Second lien senior secured loan	L + 7.75% (incl. 6.75% PIK)	6/2/2025		63,678		57,051			25,153			0.4	%
ConnectWise, LLC⁽^4)(6)(24)	First lien senior secured loan	L + 5.25%	2/28/2025		178,200		176,620			178,200			3.1	%
ConnectWise, LLC⁽^{4)(5)(16)(24)}	First lien senior secured revolving loan	L + 5.25%	2/28/2025		1,250		1,084			1,250			—	%
Entertainment Benefits Group, LLC⁽^4)(6)(24)	First lien senior secured loan	L + 8.25% (incl. 2.50% PIK)	9/30/2025		81,818		80,873			72,818			1.3	%
Entertainment Benefits Group, LLC⁽^{4)(6)(16)(24)}	First lien senior secured revolving loan	L + 8.25% (incl. 2.50% PIK)	9/30/2024		10,096		9,980			8,864			0.2	%
Hercules Borrower, LLC (dba The Vincit Group)⁽^4)(7)(24)	First lien senior secured loan	L + 6.50%	12/15/2026		180,043		177,449			178,243			3.1	%
Hercules Borrower, LLC (dba The Vincit Group)⁽^{4)(16)(18)(24)}	First lien senior secured revolving loan	L + 6.50%	12/15/2026		-		(298	)		(209	)		—	%
Hercules Buyer, LLC (dba The Vincit Group)⁽^24)(26)(30)	Unsecured notes	0.48% (incl. 0.48% PIK)	12/14/2029		5,112		5,112			5,112			0.1	%
Vestcom Parent Holdings, Inc.⁽⁴⁾⁽⁵⁾	Second lien senior secured loan	L + 8.00%	12/19/2024		78,987		78,356			78,987			1.4	%
					658,785		645,177			607,040			10.6	%
Chemicals
Aruba Investments Holdings LLC (dba Angus Chemical Company)⁽^4)(7)(24)	Second lien senior secured loan	L + 7.75%	11/24/2028		10,000		9,857			9,900			0.2	%
Douglas Products and Packaging Company LLC⁽^4)(6)(24)	First lien senior secured loan	L + 5.75%	10/19/2022		97,687		97,334			96,223			1.7	%
Douglas Products and Packaging Company LLC⁽^{4)(9)(16)(24)}	First lien senior secured revolving loan	P + 4.75%	10/19/2022		4,239		4,215			4,103			0.1	%
Gaylord Chemical Company, L.L.C^(4)(5)(24)	First lien senior secured loan	L + 6.00%	3/30/2027		153,798		152,262			152,260			2.6	%
Gaylord Chemical Company, L.L.C^{(4)(16)(18)(24)}	First lien senior secured revolving loan	L + 6.00%	3/30/2026		-		(132	)		(132	)		—	%
Innovative Water Care Global Corporation⁽^4)(6)(24)	First lien senior secured loan	L + 5.00%	2/27/2026		147,000		139,193			136,710			2.4	%
					412,724		402,729			399,064			7.0	%
Consumer products
Feradyne Outdoors, LLC⁽^4)(6)(24)	First lien senior secured loan	L + 6.25%	5/25/2023		88,400		87,966			88,400			1.5	%
WU Holdco, Inc. (dba Weiman Products, LLC)⁽^4)(6)(24)	First lien senior secured loan	L + 5.25%	3/26/2026		158,092		155,688			157,697			2.7	%

Owl Rock Capital Corporation

Consolidated Schedule of Investments

As of March 31, 2021

(Amounts in thousands, except share amounts)

(Unaudited)

Company⁽^1)(2)(17)	Investment	Interest	Maturity Date	Par / Units		Amortized Cost⁽³⁾⁽²⁷⁾			Fair Value			Percentage of Net Assets
WU Holdco, Inc. (dba Weiman Products, LLC)⁽^{4)(6)(16)(24)}	First lien senior secured revolving loan	L + 5.25%	3/26/2025		5,378		5,091			5,330			0.1	%
					251,870		248,745			251,427			4.3	%
Containers and packaging
Pregis Topco LLC⁽^{4)(5)(22)(24)}	First lien senior secured loan	L + 3.75%	7/31/2026		861		818			854			—	%
Pregis Topco LLC⁽^4)(5)(24)	Second lien senior secured loan	L + 7.75%	7/30/2027		215,033		211,334			213,959			3.7	%
					215,894		212,152			214,813			3.7	%
Distribution
ABB/Con-cise Optical Group LLC⁽⁴⁾⁽⁷⁾	First lien senior secured loan	L + 5.00%	6/15/2023		75,423		74,909			71,652			1.2	%
ABB/Con-cise Optical Group LLC⁽⁴⁾⁽⁷⁾	Second lien senior secured loan	L + 9.00%	6/17/2024		25,000		24,629			23,000			0.4	%
Aramsco, Inc.⁽^4)(5)(24)	First lien senior secured loan	L + 5.25%	8/28/2024		56,333		55,475			56,051			1.0	%
Aramsco, Inc.⁽^{4)(16)(18)(24)}	First lien senior secured revolving loan	L + 5.25%	8/28/2024		-		(119	)		(42	)		—	%
Endries Acquisition, Inc.⁽^4)(7)(24)	First lien senior secured loan	L + 6.25%	12/10/2025		201,705		199,163			199,183			3.4	%
Endries Acquisition, Inc.⁽^{4)(16)(18)(24)}	First lien senior secured revolving loan	L + 6.25%	12/10/2024		-		(291	)		(338	)		—	%
Individual Foodservice Holdings, LLC⁽^4)(7)(24)	First lien senior secured loan	L + 6.25%	11/22/2025		141,936		139,537			140,517			2.4	%
Individual Foodservice Holdings, LLC⁽^{4)(7)(16)(19)(24)}	First lien senior secured delayed draw term loan	L + 6.25%	6/30/2022		13,664		13,078			13,312			0.2	%
Individual Foodservice Holdings, LLC⁽^{4)(5)(16)(24)}	First lien senior secured revolving loan	L + 6.25%	11/22/2024		3,834		3,495			3,619			0.1	%
JM Swank, LLC⁽⁴⁾⁽⁶⁾	First lien senior secured loan	L + 7.50%	7/25/2022		114,663		113,986			114,663			2.0	%
Offen, Inc.⁽^4)(5)(24)	First lien senior secured loan	L + 5.00%	6/22/2026		19,729		19,577			19,336			0.3	%
QC Supply, LLC⁽⁴⁾⁽⁵⁾	First lien senior secured loan	L + 7.00% (incl. 1.00% PIK)	12/29/2022		34,397		34,118			28,893			0.5	%
QC Supply, LLC⁽^4)(5)(16)	First lien senior secured revolving loan	L + 7.00%	12/29/2021		4,336		4,318			3,541			0.1	%
					691,020		681,875			673,387			11.6	%
Education
Instructure, Inc.⁽^4)(6)(24)	First lien senior secured loan	L + 7.00%	3/24/2026		79,663		78,512			79,663			1.4	%
Instructure, Inc.⁽^{4)(16)(18)(24)}	First lien senior secured revolving loan	L + 7.00%	3/24/2026		-		(58	)		-			—	%

Owl Rock Capital Corporation

Consolidated Schedule of Investments

As of March 31, 2021

(Amounts in thousands, except share amounts)

(Unaudited)

Company⁽^1)(2)(17)	Investment	Interest	Maturity Date	Par / Units		Amortized Cost⁽³⁾⁽²⁷⁾			Fair Value			Percentage of Net Assets
Learning Care Group (US) No. 2 Inc.⁽^4)(7)(24)	Second lien senior secured loan	L + 7.50%	3/13/2026		26,967		26,620			25,281			0.4	%
Severin Acquisition, LLC (dba PowerSchool)⁽^4)(5)(24)	Second lien senior secured loan	L + 6.75%	8/3/2026		87,000		86,471			85,913			1.5	%
TSB Purchaser, Inc. (dba Teaching Strategies, Inc.)⁽^4)(6)(24)	First lien senior secured loan	L + 6.00%	5/14/2024		61,423		60,540			61,116			1.1	%
TSB Purchaser, Inc. (dba Teaching Strategies, Inc.)⁽^{4)(16)(18)(24)}	First lien senior secured revolving loan	L + 6.00%	5/14/2024		-		(55	)		(21	)		—	%
					255,053		252,030			251,952			4.4	%
Energy equipment and services
Liberty Oilfield Services LLC⁽^{4)(5)(20)(24)}	First lien senior secured loan	L + 7.63%	9/19/2022		13,703		13,619			13,703			0.2	%
					13,703		13,619			13,703			0.2	%
Financial services
AxiomSL Group, Inc.⁽^4)(6)(24)	First lien senior secured loan	L + 6.50%	12/3/2027		78,463		77,328			78,070			1.3	%
AxiomSL Group, Inc.⁽^{4)(16)(18)(24)}	First lien senior secured revolving loan	L + 6.50%	12/3/2025		-		(131	)		(47	)		—	%
Blackhawk Network Holdings, Inc.⁽^4)(5)(24)	Second lien senior secured loan	L + 7.00%	6/15/2026		106,400		105,674			103,740			1.8	%
Hg Genesis 8 Sumoco Limited⁽^{4)(12)(20)(24)}	Unsecured facility	G + 7.50% (incl. 7.50% PIK)	8/28/2025		45,922		43,872			46,037			0.8	%
Hg Saturn Luchaco Limited⁽^{4)(12)(20)(24)}	Unsecured facility	G + 7.50% (incl. 7.50% PIK)	3/30/2026		131,072		130,139			129,433			2.2	%
NMI Acquisitionco, Inc. (dba Network Merchants)⁽^4)(5)(24)	First lien senior secured loan	L + 5.00%	9/6/2023		35,589		35,165			35,322			0.6	%
NMI Acquisitionco, Inc. (dba Network Merchants)⁽^{4)(16)(18)(24)}	First lien senior secured revolving loan	L + 5.00%	9/6/2023		-		(5	)		(5	)		—	%
					397,446		392,042			392,550			6.7	%
Food and beverage
Caiman Merger Sub LLC (dba City Brewing)⁽^4)(6)(24)	First lien senior secured loan	L + 5.25%	11/3/2025		174,905		173,508			176,654			3.0	%
Caiman Merger Sub LLC (dba City Brewing)⁽^{4)(16)(18)(24)}	First lien senior secured revolving loan	L + 5.25%	11/1/2024		-		(92	)		-			—	%
CM7 Restaurant Holdings, LLC⁽^4)(5)(24)	First lien senior secured loan	L + 8.00%	5/22/2023		38,507		37,991			37,930			0.7	%
H-Food Holdings, LLC⁽^4)(5)(24)	Second lien senior secured loan	L + 7.00%	3/2/2026		121,800		119,633			121,800			2.1	%
Hometown Food Company⁽^4)(5)(24)	First lien senior secured loan	L + 5.00%	8/31/2023		21,041		20,823			21,041			0.4	%
Hometown Food Company⁽^{4)(16)(18)(24)}	First lien senior secured revolving loan	L + 5.00%	8/31/2023		-		(41	)		-			—	%

Owl Rock Capital Corporation

Consolidated Schedule of Investments

As of March 31, 2021

(Amounts in thousands, except share amounts)

(Unaudited)

Company⁽^1)(2)(17)	Investment	Interest	Maturity Date	Par / Units		Amortized Cost⁽³⁾⁽²⁷⁾			Fair Value			Percentage of Net Assets
Manna Development Group, LLC⁽^4)(5)(24)	First lien senior secured loan	L + 6.75%	10/24/2022		51,957		51,666			49,359			0.9	%
Manna Development Group, LLC⁽^4)(5)(24)	First lien senior secured revolving loan	L + 6.75%	10/24/2022		3,143		3,099			2,986			0.1	%
Nellson Nutraceutical, LLC⁽^4)(6)(24)	First lien senior secured loan	L + 5.25%	12/23/2023		27,498		26,557			26,673			0.5	%
Nutraceutical International Corporation⁽^4)(5)(24)	First lien senior secured loan	L + 7.00%	9/30/2026		215,897		212,881			214,818			3.7	%
Nutraceutical International Corporation⁽^{4)(16)(18)(24)}	First lien senior secured revolving loan	L + 7.00%	9/30/2025		-		(183	)		(68	)		—	%
Recipe Acquisition Corp. (dba Roland Corporation)⁽⁴⁾⁽⁶⁾	Second lien senior secured loan	L + 9.00%	12/1/2022		32,000		31,798			25,920			0.4	%
Sara Lee Frozen Bakery, LLC (fka KSLB Holdings, LLC)⁽^4)(5)(24)	First lien senior secured loan	L + 4.50%	7/30/2025		44,200		43,623			42,321			0.7	%
Sara Lee Frozen Bakery, LLC (fka KSLB Holdings, LLC)⁽^{4)(5)(16)(24)}	First lien senior secured revolving loan	L + 4.50%	7/30/2023		5,640		5,546			5,258			0.1	%
Shearer's Foods, LLC⁽^4)(5)(24)	Second lien senior secured loan	L + 7.75%	9/22/2028		120,000		118,855			119,699			2.1	%
Tall Tree Foods, Inc.⁽⁴⁾⁽⁵⁾	First lien senior secured loan	L + 7.25%	8/12/2022		48,134		47,993			48,134			0.8	%
Ultimate Baked Goods Midco, LLC⁽^4)(5)(24)	First lien senior secured loan	L + 4.00%	8/11/2025		26,392		25,996			25,997			0.4	%
Ultimate Baked Goods Midco, LLC⁽^{4)(5)(16)(24)}	First lien senior secured revolving loan	L + 4.00%	8/9/2023		635		581			559			—	%
					931,749		920,234			919,081			15.9	%
Healthcare equipment and services
PATRIOT ACQUISITION TOPCO S.À R.L. (dba Corza Health, Inc.)⁽^4)(6)(24)	First lien senior secured loan	L + 6.75%	1/29/2028		132,476		130,191			130,092			2.2	%
PATRIOT ACQUISITION TOPCO S.À R.L. (dba Corza Health, Inc.)⁽^{4)(16)(18)(24)}	First lien senior secured revolving loan	L + 6.75%	1/29/2026		-		(271	)		(244	)		—	%
Nelipak Holding Company⁽^4)(7)(24)	First lien senior secured loan	L + 4.25%	7/2/2026		47,400		46,653			46,215			0.8	%
Nelipak Holding Company⁽^{4)(6)(16)(24)}	First lien senior secured revolving loan	L + 4.25%	7/2/2024		4,422		4,326			4,238			0.1	%
Nelipak Holding Company⁽^{4)(16)(18)(24)}	First lien senior secured revolving loan	L + 4.50%	7/2/2024		-		(283	)		(194	)		—	%
Nelipak Holding Company⁽^4)(7)(24)	Second lien senior secured loan	L + 8.25%	7/2/2027		67,006		66,160			65,331			1.1	%
Nelipak Holding Company⁽^4)(10)(24)	Second lien senior secured loan	E + 8.50%	7/2/2027		70,636		66,412			67,810			1.2	%
Packaging Coordinators Midco, Inc.⁽^4)(7)(24)	Second lien senior secured loan	L + 8.25%	11/30/2028		195,044		191,257			192,117			3.3	%
					516,984		504,445			505,365			8.7

Owl Rock Capital Corporation

Consolidated Schedule of Investments

As of March 31, 2021

(Amounts in thousands, except share amounts)

(Unaudited)

Company⁽^1)(2)(17)	Investment	Interest	Maturity Date	Par / Units		Amortized Cost⁽³⁾⁽²⁷⁾			Fair Value			Percentage of Net Assets
Healthcare providers and services
Barracuda Dental LLC (dba National Dentex)⁽^4)(6)(24)	First lien senior secured loan	L + 7.00%	10/27/2025		61,893		60,867			61,119			1.1	%
Barracuda Dental LLC (dba National Dentex)⁽^{4)(16)(18)(19)(24)}	First lien senior secured delayed draw term loan	L + 7.00%	6/30/2022		-		(100	)		-			—	%
Barracuda Dental LLC (dba National Dentex)⁽^{4)(6)(16)(24)}	First lien senior secured revolving loan	L + 7.00%	10/27/2025		5,385		5,232			5,268			0.1	%
Confluent Health, LLC.⁽^4)(5)(24)	First lien senior secured loan	L + 5.00%	6/24/2026		17,685		17,550			17,464			0.3	%
GI CCLS Acquisition LLC (fka GI Chill Acquisition LLC)⁽^4)(6)(24)	Second lien senior secured loan	L + 7.50%	8/6/2026		135,400		134,395			134,385			2.3	%
KS Management Services, L.L.C.⁽^4)(5)(24)	First lien senior secured loan	L + 4.25%	1/9/2026		123,437		122,170			123,437			2.1	%
Premier Imaging, LLC (dba LucidHealth)⁽^4)(5)(24)	First lien senior secured loan	L + 5.75%	1/2/2025		43,827		43,228			43,280			0.7	%
Refresh Parent Holdings, Inc.⁽^4)(6)(24)	First lien senior secured loan	L + 6.50%	12/9/2026		89,648		88,359			88,751			1.5	%
Refresh Parent Holdings, Inc.⁽^{4)(6)(16)(19)(24)}	First lien senior secured delayed draw term loan	L + 6.50%	6/9/2022		16,038		15,608			15,877			0.3	%
Refresh Parent Holdings, Inc.⁽^{4)(16)(18)(24)}	First lien senior secured revolving loan	L + 6.50%	12/9/2026		-		(153	)		(108	)		—	%
TC Holdings, LLC (dba TrialCard)⁽^4)(6)(24)	First lien senior secured loan	L + 4.50%	11/14/2023		83,110		82,287			83,110			1.4	%
TC Holdings, LLC (dba TrialCard)⁽^{4)(16)(18)(24)}	First lien senior secured revolving loan	L + 4.50%	11/14/2022		-		(50	)		-			—	%
					576,423		569,393			572,583			9.8	%
Healthcare technology
Bracket Intermediate Holding Corp.⁽^4)(6)(24)	First lien senior secured loan	L + 4.25%	9/5/2025		520		485			517			—	%
Bracket Intermediate Holding Corp.⁽^4)(6)(24)	Second lien senior secured loan	L + 8.13%	9/7/2026		26,250		25,852			25,922			0.4	%
Definitive Healthcare Holdings, LLC⁽^4)(6)(24)	First lien senior secured loan	L + 5.50%	7/16/2026		169,856		168,536			169,007			2.9	%
Definitive Healthcare Holdings, LLC⁽^{4)(6)(16)(19)(24)}	First lien senior secured delayed draw term loan	L + 5.50%	7/16/2021		6,706		6,465			6,672			0.1	%
Definitive Healthcare Holdings, LLC⁽^{4)(16)(18)(24)}	First lien senior secured revolving loan	L + 5.50%	7/16/2024		-		(62	)		(47	)		—	%
Intelerad Medical Systems Incorporated (fka 11849573 Canada Inc.)⁽^{4)(6)(20)(24)}	First lien senior secured loan	L + 6.25%	2/20/2026		90,762		89,753			89,854			1.5	%
Intelerad Medical Systems Incorporated (fka 11849573 Canada Inc.)⁽^{4)(16)(18)(19)(20)(24)}	First lien senior secured delayed draw term loan	L + 6.25%	8/16/2021		-		(75	)		(62	)		—	%

Owl Rock Capital Corporation

Consolidated Schedule of Investments

As of March 31, 2021

(Amounts in thousands, except share amounts)

(Unaudited)

Company⁽^1)(2)(17)	Investment	Interest	Maturity Date	Par / Units		Amortized Cost⁽³⁾⁽²⁷⁾			Fair Value			Percentage of Net Assets
Intelerad Medical Systems Incorporated (fka 11849573 Canada Inc.)⁽^{4)(6)(16)(20)(24)}	First lien senior secured revolving loan	L + 6.25%	2/20/2026		1,126		1,068			1,070			—	%
Interoperability Bidco, Inc.⁽^4)(7)(24)	First lien senior secured loan	L + 5.75%	6/25/2026		75,849		75,098			73,763			1.3	%
Interoperability Bidco, Inc.⁽^{4)(16)(18)(19)(24)}	First lien senior secured delayed draw term loan	L + 5.75%	6/25/2021		-		(7	)		(130	)		—	%
Interoperability Bidco, Inc.⁽^{4)(16)(18)(24)}	First lien senior secured revolving loan	L + 5.75%	6/25/2024		-		(32	)		(110	)		—	%
					371,069		367,081			366,456			6.2	%
Household products
Hayward Industries, Inc.⁽^{4)(5)(22)(24)}	First lien senior secured loan	L + 3.50%	8/5/2024		785		771			784			—	%
HGH Purchaser, Inc. (dba Horizon Services)⁽^4)(6)(24)	First lien senior secured loan	L + 6.75%	11/3/2025		76,788		75,864			75,252			1.3	%
HGH Purchaser, Inc. (dba Horizon Services)⁽^{4)(6)(16)(19)(24)}	First lien senior secured delayed draw term loan	L + 6.75%	2/10/2023		28,250		27,470			27,351			0.5	%
HGH Purchaser, Inc. (dba Horizon Services)⁽^{4)(6)(16)(24)}	First lien senior secured revolving loan	L + 6.75%	11/3/2025		486		375			292			—	%
Walker Edison Furniture Company LLC⁽^4)(6)(24)	First lien senior secured loan	L + 5.75%	3/31/2027		125,000		123,125			123,124			2.1	%
					231,309		227,605			226,803			3.9	%
Human resource support services
The Ultimate Software Group, Inc.⁽^4)(6)(24)	Second lien senior secured loan	L + 6.75%	5/3/2027		1,592		1,578			1,624			—	%
					1,592		1,578			1,624			—	%
Infrastructure and environmental services
FR Arsenal Holdings II Corp. (dba Applied-Cleveland Holdings, Inc.)⁽⁴⁾⁽⁷⁾	First lien senior secured loan	L + 7.50%	9/8/2022		120,989		120,340			115,544			2.0	%
LineStar Integrity Services LLC⁽^4)(7)(24)	First lien senior secured loan	L + 7.25%	2/12/2024		88,625		87,868			77,989			1.3	%
					209,614		208,208			193,533			3.3	%
Insurance
Ardonagh Midco 3 PLC⁽^{4)(11)(20)(24)}	First lien senior secured loan	E + 7.71% (incl. 2.27% PIK)	7/14/2026		10,615		9,856			10,615			0.2	%
Ardonagh Midco 3 PLC⁽^{4)(12)(20)(24)}	First lien senior secured loan	G + 7.71% (incl. 2.27% PIK)	7/14/2026		97,791		85,091			97,791			1.7	%
Ardonagh Midco 3 PLC⁽^{4)(12)(16)(19)(20)(24)}	First lien senior secured delayed draw term loan	G + 7.71% (incl. 2.27% PIK)	7/14/2022		13,687		13,127			13,687			0.2	%
Ardonagh Midco 2 PLC⁽^20)(24)(26)	Unsecured notes	11.50%	1/15/2027		9,896		9,812			10,629			0.2	%

Owl Rock Capital Corporation

Consolidated Schedule of Investments

As of March 31, 2021

(Amounts in thousands, except share amounts)

(Unaudited)

Company⁽^1)(2)(17)	Investment	Interest	Maturity Date	Par / Units		Amortized Cost⁽³⁾⁽²⁷⁾			Fair Value			Percentage of Net Assets
Integrity Marketing Acquisition, LLC⁽^4)(7)(24)	First lien senior secured loan	L + 5.75%	8/27/2025		220,551		217,633			218,346			3.8	%
Integrity Marketing Acquisition, LLC⁽^{4)(16)(18)(24)}	First lien senior secured revolving loan	L + 5.75%	8/27/2025		-		(163	)		(148	)		—	%
KWOR Acquisition, Inc. (dba Alacrity Solutions)⁽^4)(5)(24)	First lien senior secured loan	L + 4.00%	6/3/2026		22,318		21,760			21,872			0.4	%
KWOR Acquisition, Inc. (dba Alacrity Solutions)⁽^{4)(9)(16)(24)}	First lien senior secured revolving loan	P + 2.25%	6/3/2024		1,040		966			936			—	%
KWOR Acquisition, Inc. (dba Alacrity Solutions)⁽^4)(5)(24)	Second lien senior secured loan	L + 7.75%	12/3/2026		62,000		61,213			61,225			1.1	%
Norvax, LLC (dba GoHealth)⁽^4)(6)(24)	First lien senior secured loan	L + 6.50%	9/15/2025		198,853		194,777			199,846			3.4	%
Norvax, LLC (dba GoHealth)⁽^{4)(16)(18)(24)}	First lien senior secured revolving loan	L + 6.50%	9/13/2024		-		(127	)		-			—	%
Peter C. Foy & Associated Insurance Services, LLC⁽^4)(7)(24)	First lien senior secured loan	L + 6.50%	3/31/2026		131,598		129,967			131,598			2.3	%
Peter C. Foy & Associated Insurance Services, LLC⁽^{4)(6)(16)(19)(24)}	First lien senior secured delayed draw term loan C	L + 6.50%	9/30/2021		30,602		30,004			30,602			0.5	%
Peter C. Foy & Associated Insurance Services, LLC⁽^{4)(16)(18)(19)(24)}	First lien senior secured delayed draw term loan D	L + 6.50%	9/12/2022		-		(141	)		-			—	%
Peter C. Foy & Associated Insurance Services, LLC⁽^{4)(7)(16)(24)}	First lien senior secured revolving loan	L + 6.50%	3/31/2026		2,551		2,436			2,551			—	%
RSC Acquisition, Inc (dba Risk Strategies)⁽^4)(6)(24)	First lien senior secured loan	L + 5.50%	10/30/2026		29,343		28,854			28,976			0.5	%
RSC Acquisition, Inc (dba Risk Strategies)⁽^{4)(16)(18)(24)}	First lien senior secured revolving loan	L + 5.50%	10/30/2026		-		(15	)		(12	)		—	%
THG Acquisition, LLC (dba Hilb)⁽^4)(6)(24)	First lien senior secured loan	L + 5.95%	12/2/2026		98,488		96,333			96,877			1.7	%
THG Acquisition, LLC (dba Hilb)⁽^{4)(6)(16)(19)}	First lien senior secured delayed draw term loan	L + 6.25%	12/2/2021		4,002		3,508			3,952			0.1	%
THG Acquisition, LLC (dba Hilb)⁽^{4)(16)(18)(24)}	First lien senior secured revolving loan	L + 5.75%	12/2/2025		-		(179	)		(150	)		—	%
					933,335		904,712			929,193			16.1	%
Internet software and services
3ES Innovation Inc. (dba Aucerna)⁽^{4)(6)(20)(24)}	First lien senior secured loan	L + 5.75%	5/13/2025		39,627		39,265			38,637			0.7	%
3ES Innovation Inc. (dba Aucerna)⁽^{4)(16)(18)(20)(24)}	First lien senior secured revolving loan	L + 5.75%	5/13/2025		-		(33	)		(97	)		—	%
Accela, Inc.⁽⁴⁾⁽⁵⁾	First lien senior secured loan	L + 4.93% (incl. 1.68% PIK)	9/28/2023		22,183		21,982			22,183			0.4	%

Owl Rock Capital Corporation

Consolidated Schedule of Investments

As of March 31, 2021

(Amounts in thousands, except share amounts)

(Unaudited)

Company⁽^1)(2)(17)	Investment	Interest	Maturity Date	Par / Units		Amortized Cost⁽³⁾⁽²⁷⁾			Fair Value			Percentage of Net Assets
Accela, Inc.⁽⁴⁾⁽¹⁶⁾	First lien senior secured revolving loan	L + 7.00%	9/28/2023		-		-			-			—	%
Apptio, Inc.⁽^4)(7)(24)	First lien senior secured loan	L + 7.25%	1/10/2025		50,916		50,024			50,789			0.9	%
Apptio, Inc.⁽^{4)(7)(16)(24)}	First lien senior secured revolving loan	L + 7.25%	1/10/2025		1,112		1,077			1,105			—	%
BCPE Nucleon (DE) SPV, LP⁽^4)(7)(24)	First lien senior secured loan	L + 7.00%	9/24/2026		189,778		187,048			187,880			3.2	%
BCTO BSI Buyer, Inc. (dba Buildertrend)⁽^4)(6)(24)	First lien senior secured loan	L + 7.00%	12/23/2026		44,643		44,212			44,420			0.8	%
BCTO BSI Buyer, Inc. (dba Buildertrend)⁽^{4)(16)(18)(24)}	First lien senior secured revolving loan	L + 7.00%	12/23/2026		-		(51	)		(27	)		—	%
Centrify Corporation⁽^4)(6)(24)	First lien senior secured loan	L + 6.00%	3/2/2028		34,346		33,499			33,488			0.6	%
Centrify Corporation⁽^{4)(16)(18)(24)}	First lien senior secured revolving loan	L + 6.00%	3/2/2027		-		(90	)		(91	)		—	%
Delta TopCo, Inc. (dba Infoblox, Inc.)⁽^4)(7)(24)	Second lien senior secured loan	L + 7.25%	12/1/2028		15,000		14,928			15,000			0.3	%
Forescout Technologies, Inc.⁽^4)(6)(24)	First lien senior secured loan	L + 9.50% (incl. 9.50% PIK)	8/17/2026		51,018		50,241			50,635			0.9	%
Forescout Technologies, Inc.⁽^{4)(16)(18)(24)}	First lien senior secured revolving loan	L + 8.50%	8/18/2025		-		(82	)		(40	)		—	%
Genesis Acquisition Co. (dba Procare Software)⁽^4)(6)(24)	First lien senior secured loan	L + 4.00%	7/31/2024		18,269		18,054			17,583			0.3	%
Genesis Acquisition Co. (dba Procare Software)⁽^4)(6)(24)	First lien senior secured revolving loan	L + 4.00%	7/31/2024		2,637		2,608			2,538			—	%
Granicus, Inc.⁽^4)(7)(24)	First lien senior secured loan	L + 6.50%	1/29/2027		10,596		10,346			10,358			0.2	%
Granicus, Inc.⁽^{4)(16)(18)(19)(24)}	First lien senior secured delayed draw term loan	L + 6.50%	1/30/2023		-		(48	)		(45	)		—	%
Granicus, Inc.⁽^{4)(16)(18)(24)}	First lien senior secured revolving loan	L + 6.50%	1/29/2027		-		(28	)		(27	)		—	%
H&F Opportunities LUX III S.À R.L (dba Checkmarx)^{(4)(7)(20)(24)}	First lien senior secured loan	L + 7.75%	4/16/2026		42,250		41,142			42,250			0.7	%
H&F Opportunities LUX III S.À R.L (dba Checkmarx)^{(4)(16)(18)(20)(24)}	First lien senior secured revolving loan	L + 7.75%	4/16/2026		-		(409	)		-			—	%
Hyland Software, Inc.⁽^4)(5)(24)	Second lien senior secured loan	L + 7.00%	7/7/2025		24,705		24,387			24,705			0.4	%
IQN Holding Corp. (dba Beeline)⁽^4)(6)(24)	First lien senior secured loan	L + 5.50%	8/20/2024		189,470		187,715			188,996			3.3	%

Owl Rock Capital Corporation

Consolidated Schedule of Investments

As of March 31, 2021

(Amounts in thousands, except share amounts)

(Unaudited)

Company⁽^1)(2)(17)	Investment	Interest	Maturity Date	Par / Units		Amortized Cost⁽³⁾⁽²⁷⁾			Fair Value			Percentage of Net Assets
IQN Holding Corp. (dba Beeline)⁽^{4)(16)(18)(24)}	First lien senior secured revolving loan	L + 5.50%	8/21/2023		-		(162	)		(57	)		—	%
Lightning Midco, LLC (dba Vector Solutions)⁽^4)(7)(24)	First lien senior secured loan	L + 5.50%	11/21/2025		138,550		137,577			138,204			2.4	%
Lightning Midco, LLC (dba Vector Solutions)⁽^{4)(7)(16)(24)}	First lien senior secured revolving loan	L + 5.50%	11/21/2023		4,409		4,339			4,376			0.1	%
Litera Bidco LLC⁽^4)(5)(24)	First lien senior secured loan	L + 5.85%	5/29/2026		106,925		105,680			106,658			1.8	%
Litera Bidco LLC⁽^{4)(16)(18)(24)}	First lien senior secured revolving loan	L + 5.75%	5/30/2025		-		(53	)		(14	)		—	%
MINDBODY, Inc.⁽^4)(7)(24)	First lien senior secured loan	L + 8.50% (incl. 1.50% PIK)	2/14/2025		58,405		58,001			54,317			0.9	%
MINDBODY, Inc.⁽^{4)(16)(18)(24)}	First lien senior secured revolving loan	L + 7.00%	2/14/2025		-		(39	)		(425	)		—	%
Trader Interactive, LLC (fka Dominion Web Solutions, LLC)⁽^4)(6)(24)	First lien senior secured loan	L + 6.25%	6/17/2024		132,224		131,234			131,561			2.3	%
Trader Interactive, LLC (fka Dominion Web Solutions, LLC)⁽^{4)(5)(16)(24)}	First lien senior secured revolving loan	L + 6.25%	6/15/2023		426		390			394			—	%
					1,177,489		1,162,754			1,165,254			20.2	%
Leisure and entertainment
Troon Golf, L.L.C.⁽^{4)(6)(15)(24)}	First lien senior secured term loan A and B	L + 5.50% (TLA: L + 3.5%; TLB: L + 5.98%)	3/29/2025		213,812		211,721			213,812			3.7	%
Troon Golf, L.L.C.⁽^{4)(16)(18)(24)}	First lien senior secured revolving loan	L + 5.50%	3/29/2025		-		(90	)		-			—	%
					213,812		211,631			213,812			3.7	%
Manufacturing
Gloves Buyer, Inc. (dba Protective Industrial Products)⁽^4)(5)(24)	Second lien senior secured loan	L + 8.25%	12/29/2028		29,250		28,535			28,665			0.5	%
Ideal Tridon Holdings, Inc.⁽^4)(6)(24)	First lien senior secured loan	L + 5.75%	7/31/2024		53,285		52,777			52,751			0.9	%
Ideal Tridon Holdings, Inc.⁽^{4)(5)(16)(24)}	First lien senior secured revolving loan	L + 5.75%	7/31/2023		900		864			842			—	%
MHE Intermediate Holdings, LLC (dba Material Handling Services)⁽^4)(6)(24)	First lien senior secured loan	L + 5.00%	3/8/2024		23,674		23,531			23,082			0.4	%
PHM Netherlands Midco B.V. (dba Loparex)⁽^4)(6)(24)	Second lien senior secured loan	L + 8.75%	8/2/2027		112,000		105,313			108,079			1.9	%
PHM Netherlands Midco B.V. (dba Loparex)⁽^4)(6)(24)	First lien senior secured loan	L + 4.50%	7/31/2026		792		737			784			—	%
Professional Plumbing Group, Inc.⁽^4)(6)(24)	First lien senior secured loan	L + 6.75%	4/16/2024		51,549		51,110			49,229			0.8	%

Owl Rock Capital Corporation

Consolidated Schedule of Investments

As of March 31, 2021

(Amounts in thousands, except share amounts)

(Unaudited)

Company⁽^1)(2)(17)	Investment	Interest	Maturity Date	Par / Units		Amortized Cost⁽³⁾⁽²⁷⁾			Fair Value			Percentage of Net Assets
Professional Plumbing Group, Inc.⁽^{4)(6)(16)(24)}	First lien senior secured revolving loan	L + 6.75%	4/16/2023		6,643		6,589			6,085			0.1	%
Safety Products/JHC Acquisition Corp. (dba Justrite Safety Group)⁽^4)(5)(24)	First lien senior secured loan	L + 4.50%	6/28/2026		13,311		13,207			12,079			0.2	%
Safety Products/JHC Acquisition Corp. (dba Justrite Safety Group)⁽^{4)(5)(16)(19)(24)}	First lien senior secured delayed draw term loan	L + 4.50%	6/28/2021		720		707			568			—	%
Sonny's Enterprises LLC⁽^4)(5)(24)	First lien senior secured loan	L + 7.00%	8/5/2026		226,057		221,932			226,057			3.9	%
Sonny's Enterprises LLC⁽^{4)(16)(18)(24)}	First lien senior secured revolving loan	L + 7.00%	8/5/2025		-		(312	)		-			—	%
					518,181		504,990			508,221			8.7	%
Oil and gas
Black Mountain Sand Eagle Ford LLC⁽^4)(6)(24)	First lien senior secured loan	L + 8.25%	8/17/2022		45,814		45,649			41,462			0.7	%
Project Power Buyer, LLC (dba PEC-Veriforce)⁽^4)(6)(24)	First lien senior secured loan	L + 6.25%	5/14/2026		45,437		44,945			45,210			0.8	%
Project Power Buyer, LLC (dba PEC-Veriforce)⁽^{4)(16)(18)(24)}	First lien senior secured revolving loan	L + 6.25%	5/14/2025		-		(27	)		(16	)		—	%
Zenith Energy U.S. Logistics Holdings, LLC⁽^4)(6)(24)	First lien senior secured loan	L + 6.50%	12/20/2024		95,365		94,068			94,649			1.6	%
					186,616		184,635			181,305			3.1	%
Professional services
Amspec Services Inc.⁽^4)(6)(24)	First lien senior secured loan	L + 5.75%	7/2/2024		111,119		109,883			109,174			1.9	%
Amspec Services Inc.⁽^{4)(16)(18)(24)}	First lien senior secured revolving loan	L + 4.75%	7/2/2024		-		(137	)		(253	)		—	%
Cardinal US Holdings, Inc.⁽^{4)(5)(20)(24)}	First lien senior secured loan	L + 5.00%	7/31/2023		89,042		86,974			89,042			1.5	%
DMT Solutions Global Corporation⁽^4)(6)(24)	First lien senior secured loan	L + 7.50%	7/2/2024		56,333		54,974			54,502			0.9	%
GC Agile Holdings Limited (dba Apex Fund Services)⁽^{4)(6)(20)(24)}	First lien senior secured loan	L + 7.00%	6/15/2025		158,455		156,423			156,475			2.7	%
GC Agile Holdings Limited (dba Apex Fund Services)⁽^{4)(16)(18)(20)(24)}	First lien senior secured revolving loan	L + 7.00%	6/15/2023		-		(147	)		(130	)		—	%
Gerson Lehrman Group, Inc.⁽^4)(7)(24)	First lien senior secured loan	L + 4.75%	12/12/2024		145,527		144,575			145,527			2.5	%
Gerson Lehrman Group, Inc.⁽^{4)(16)(18)(24)}	First lien senior secured revolving loan	L + 4.75%	12/12/2024		-		(133	)		-			—	%
					560,476		552,412			554,337			9.5	%
Specialty retail
BIG Buyer, LLC⁽^4)(7)(24)	First lien senior secured loan	L + 6.50%	11/20/2023		48,931		48,214			48,196			0.8	%
BIG Buyer, LLC⁽^{4)(5)(16)(24)}	First lien senior secured revolving loan	L + 6.50%	11/20/2023		1,500		1,437			1,444			—	%
EW Holdco, LLC (dba European Wax)⁽^4)(5)(24)	First lien senior secured loan	L + 5.50%	9/25/2024		71,116		70,667			68,272			1.2	%

Owl Rock Capital Corporation

Consolidated Schedule of Investments

As of March 31, 2021

(Amounts in thousands, except share amounts)

(Unaudited)

Company⁽^1)(2)(17)	Investment	Interest	Maturity Date	Par / Units		Amortized Cost⁽³⁾⁽²⁷⁾			Fair Value			Percentage of Net Assets
Galls, LLC⁽^4)(6)(24)	First lien senior secured loan	L + 6.75% (incl. 0.50% PIK)	1/31/2025		105,139		104,210			97,780			1.7	%
Galls, LLC⁽^{4)(6)(16)(24)}	First lien senior secured revolving loan	L + 6.75% (incl. 0.50% PIK)	1/31/2024		16,558		16,396			15,079			0.3	%
					243,244		240,924			230,771			4.0	%
Telecommunications
Park Place Technologies, LLC⁽^4)(5)(24)	First lien senior secured loan	L + 5.00%	11/10/2027		9,000		8,656			8,730			0.2	%
					9,000		8,656			8,730			0.2	%
Transportation
Lazer Spot G B Holdings, Inc.⁽^4)(6)(24)	First lien senior secured loan	L + 5.75%	12/9/2025		145,164		143,109			144,800			2.5	%
Lazer Spot G B Holdings, Inc.⁽^{4)(16)(18)(24)}	First lien senior secured revolving loan	L + 5.75%	12/9/2025		-		(362	)		(67	)		—	%
Lytx, Inc.⁽^4)(5)(24)	First lien senior secured loan	L + 6.00%	2/28/2026		53,478		52,704			52,810			0.9	%
Lytx, Inc.⁽^{4)(6)(16)(19)(24)}	First lien senior secured delayed draw term loan	L + 6.00%	2/28/2023		4,650		4,542			4,416			0.1	%
Motus, LLC and Runzheimer International LLC⁽^{4)(6)(13)(24)}	First lien senior secured loan	L + 6.36%	1/17/2024		59,129		58,342			59,129			1.0	%
					262,421		258,335			261,088			4.5	%
Total non-controlled/non-affiliated portfolio company debt investments				$	10,929,769	$	10,752,946		$	10,688,441			184.3	%

Equity Investments
Aerospace and defense
Space Exploration Technologies Corp.⁽^24)(25)(31)	Class A Common Stock	N/A	N/A		823		346			346			—	%
Space Exploration Technologies Corp.⁽^24)(25)(31)	Class C Common Stock	N/A	N/A		561		236			236			—	%
							582			582			—	%
Business services
Hercules Buyer, LLC (dba The Vincit Group)⁽^{24)(25)(30)(31)}	Common Units	N/A	N/A		2,190,000		2,192			2,192			—	%
							2,192			2,192			—	%
Financial services
Blend Labs, Inc.⁽^24)(25)(31)	Preferred Stock	N/A	N/A		216,953		1,000			1,000			—	%
							1,000			1,000			—	%
Food and beverage
CM7 Restaurant Holdings, LLC⁽^24)(25)(31)	LLC Interest	N/A	N/A		340		340			607			—	%
H-Food Holdings, LLC⁽^24)(25)(31)	LLC Interest	N/A	N/A		10,875		10,875			11,159			0.2	%
							11,215			11,766			0.2	%
Healthcare equipment and services
KPCI Holdings, LP⁽^24)(25)(31)	LP Interest	N/A	N/A		25,285		25,285			25,285			0.4	%
Patriot Holdings SCSp (dba Corza Health, Inc.)⁽^24)(25)	Class A Units	8.0% PIK	N/A		96,205		7,081			7,081			0.1	%

Owl Rock Capital Corporation

Consolidated Schedule of Investments

As of March 31, 2021

(Amounts in thousands, except share amounts)

(Unaudited)

Company⁽^1)(2)(17)	Investment	Interest	Maturity Date	Par / Units		Amortized Cost⁽³⁾⁽²⁷⁾		Fair Value		Percentage of Net Assets
Patriot Holdings SCSp (dba Corza Health, Inc.)⁽^24)(25)(31)	Class B Units	N/A	N/A		6,986		-		-		—	%
							32,366		32,366		0.5	%
Healthcare providers and services
Restore OMH Intermediate Holdings, Inc.⁽^24)(25)	Senior Preferred Stock	13.0% PIK	N/A		2,284		23,108		23,054		0.4	%
							23,108		23,054		0.4	%
Insurance
Norvax, LLC (dba GoHealth)⁽^{24)(25)(31)(32)}	Common Stock	N/A	N/A		1,439,481		7,315		16,828		0.3	%
PCF Holdco, LLC⁽^{16)(24)(25)(31)}	Class A Units	N/A	9/30/2021		-		-		-		—	%
							7,315		16,828		0.3	%
Manufacturing
Gloves Holdings, LP (dba Protective Industrial Products)⁽^24)(25)(31)	LP Interest	N/A	N/A		3,250		3,250		3,250		0.1	%
Windows Entities⁽^24)(25)(28)	LLC Units	N/A	N/A		31,822		58,495		82,572		1.4	%
							61,745		85,822		1.5	%
Total non-controlled/non-affiliated portfolio company equity investments						$	139,523	$	173,610		2.9	%
Total non-controlled/non-affiliated portfolio company investments						$	10,892,469	$	10,862,051		187.2	%

Controlled/affiliated portfolio company investments
Debt Investments
Advertising and media
Swipe Acquisition Corporation (dba PLI)⁽^{4)(6)(21)(24)}	First lien senior secured loan	L + 8.00%	6/29/2024		50,045		49,111		49,294		0.8	%
Swipe Acquisition Corporation (dba PLI)⁽^{4)(6)(16)(19)(21)(24)}	First lien senior secured delayed draw term loan	L + 8.00%	12/31/2021		5,783		5,783		5,466		0.1	%
Swipe Acquisition Corporation (dba PLI)⁽^4)(16)(21)(24)	Letter of credit	L + 8.00%	6/29/2024		-		3		-		—	%
					55,828		54,897		54,760		0.9	%
Total controlled/affiliated portfolio company debt investments				$	55,828	$	54,897	$	54,760		0.9	%

Equity Investments
Advertising and media
New PLI Holdings, LLC⁽^{21)(24)(25)(31)}	Class A Common Units	N/A	N/A		86,745		48,007		48,007		0.8	%
							48,007		48,007		0.8	%
Financial services
Wingspire Capital Holdings LLC⁽^{16)(21)(23)(25)(31)}	LLC Interest	N/A	N/A		167,538		167,538		167,538		2.9	%
							167,538		167,538		2.9	%
Investment funds and vehicles
Sebago Lake LLC⁽^{14)(20)(21)(23)(25)}	LLC Interest	N/A	N/A		109,838		109,838		108,116		1.9	%
							109,838		108,116		1.9	%
Total controlled/affiliated portfolio company equity investments						$	325,383	$	323,661		5.6	%
Total controlled/affiliated portfolio company investments						$	380,280	$	378,421		6.5	%
Total Investments						$	11,272,749	$	11,240,472		193.7	%

Owl Rock Capital Corporation

Consolidated Schedule of Investments

As of March 31, 2021

(Amounts in thousands, except share amounts)

(Unaudited)

Interest Rate Swaps as of March 31, 2021

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”, which can include one-, two-, three- or six-month EURIBOR), 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 March 31, 2021 was 0.11%.

(6)

The interest rate on these loans is subject to 3 month LIBOR, which as of March 31, 2021 was 0.19%.

(7)

The interest rate on these loans is subject to 6 month LIBOR, which as of March 31, 2021 was 0.21%.

(8)

The interest rate on this loan is subject to 6 month Canadian Dollar Offered Rate (“CDOR” or “C”), which as of March 31, 2021 was 0.55%.

(9)

The interest rate on these loans is subject to Prime, which as of March 31, 2021 was 3.25%.

(10)

The interest rate on this loan is subject to 3 month EURIBOR, which as of March 31, 2021 was (0.54)%.

(11)

The interest rate on this loan is subject to 6 month EURIBOR, which as of March 31, 2021 was (0.51)%.

(12)

The interest rate on this loan is subject to 6 month GBPLIBOR, which as of March 31, 2021 was 0.11%.

(13)

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.

(14)

Investment measured at net asset value (“NAV”).

(15)

The first lien term loan is comprised of two components: Term Loan A and Term Loan B. The Company’s Term Loan A and Term Loan B principal amounts are $41.4 million and $172.4 million, respectively. Both Term Loan A and Term Loan B have the same maturity date. Interest disclosed reflects the blended rate of the first lien term loan. The Term Loan A represents a ‘first out’ tranche and the Term Loan B 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.

(16)

Position or portion thereof is an unfunded loan or equity commitment. See Note 7 “Commitments and Contingencies”.

(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)

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.

(19)

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.

(20)

This portfolio company is not a qualifying asset under Section 55(a) of the Investment Company Act of 1940, as amended (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 March 31, 2021, non-qualifying assets represented 7.3% of total assets as calculated in accordance with the regulatory requirements.

Owl Rock Capital Corporation

Consolidated Schedule of Investments

As of March 31, 2021

(Amounts in thousands, except share amounts)

(Unaudited)

(21)

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 year ended March 31, 2021, were as follows:

($ in thousands)	Fair value as of December 31, 2020		Gross Additions^(a)		Gross Reductions^(b)		Change in Unrealized Gains (Losses)		Fair value as of March 31, 2021		Interest Income		Dividend Income		Other Income
Controlled Affiliates
Sebago Lake LLC	$	105,546	$	2,000	$	—	$	570	$	108,116	$	—	$	2,368	$	—
Swipe Acquisition Corporation (dba PLI)		99,297		3,175		—		295		102,767		1,303		—		157
Wingspire Capital Holdings LLC		67,538		100,000		—		—		167,538		—		—		—
Total Controlled Affiliates	$	272,381	$	105,175	$	—	$	865	$	378,421	$	1,303	$	2,368	$	157

(a)

Gross additions may include increases in the cost basis of investments resulting from new investments, amounts related to payment-in-kind (“PIK”) interest capitalized and added to the principal balance of the respective loans, the accretion of discounts, the exchange of one or more existing investments for one or more new investments and the movement at fair value of an existing portfolio company into this controlled affiliated category from a different category.

(b)

Gross reductions may include decreases in the cost basis of investments resulting from principal collections related to investment repayments and sales, return of capital, the amortization of premiums and the exchange of one or more existing securities for one or more new securities.

(22)

Level 2 investment.

(23)

Investment is not pledged as collateral for the credit facilities.

(24)

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.”

(25)

Securities acquired in transactions exempt from registration under the Securities Act of 1933, as amended (the “Securities Act”) and may be deemed to be “restricted securities” under the Securities Act. As of March 31, 2021, the aggregate fair value of these securities is $497.3 million or 8.6% of the Company’s net assets. The acquisition dates of the restricted securities are as follows:

Owl Rock Capital Corporation

Consolidated Schedule of Investments

As of March 31, 2021

(Amounts in thousands, except share amounts)

(Unaudited)

Portfolio Company	Investment	Acquisition Date
Blend Labs, Inc.	Preferred Stock	February 24, 2021
CM7 Restaurant Holdings, LLC	LLC Interest	May 21, 2018
Gloves Holdings, LP (dba Protective Industrial Products)	LP Interest	December 29, 2020
H-Food Holdings, LLC	LLC Interest	November 23, 2018
Hercules Buyer, LLC (dba The Vincit Group)	Common Units	December 15, 2020
KPCI Holdings, LP	LP Interest	November 30, 2020
New PLI Holdings, LLC	Class A Common Units	December 23, 2020
Norvax, LLC (dba GoHealth)	Common Stock	March 23, 2020
Patriot Holdings SCSp (dba Corza Health, Inc.)	Class A Units	January 29, 2021
Patriot Holdings SCSp (dba Corza Health, Inc.)	Class B Units	January 29, 2021
PCF Holdco, LLC	Class A Units	March 30, 2021
Restore OMH Intermediate Holdings, Inc.	Senior Preferred Stock	December 9, 2020
Sebago Lake LLC*	LLC Interest	June 20, 2017
Space Exploration Technologies Corp.	Class A Common Stock	March 25, 2021
Space Exploration Technologies Corp.	Class C Common Stock	March 25, 2021
Windows Entities	LLC Units	January 16, 2020
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”.

(26)

Loan contains a fixed-rate structure.

(27)

As of March 31, 2021, the net estimated unrealized loss for U.S. federal income tax purposes was $0.1 billion based on a tax cost basis of $11.4 billion. As of March 31, 2021, the estimated aggregate gross unrealized loss for U.S. federal income tax purposes was $0.2 billion and the estimated aggregate gross unrealized gain for U.S. federal income tax purposes was $0.1 billion.

(28)

Investment represents multiple underlying investments, including Midwest Custom Windows, LLC, Greater Toronto Custom Windows, Corp., Garden State Custom Windows, LLC, Long Island Custom Windows, LLC, Jemico, LLC and Atlanta Custom Windows, LLC. Greater Toronto Custom Windows, Corp. is considered a non-qualifying asset, with a fair value of $6.3 million as of March 31, 2021.

(29)

Loan was on non-accrual status as of March 31, 2021.

(30)

We invest in this portfolio company through underlying blocker entities Hercules Blocker 1 LLC, Hercules Blocker 2 LLC, Hercules Blocker 3 LLC, Hercules Blocker 4 LLC, and Hercules Blocker 5 LLC.

(31)

Investment is non-income producing.

(32)

Level 1 investment.

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

Owl Rock Capital Corporation

Consolidated Schedule of Investments

As of December 31, 2020

(Amounts in thousands, except share amounts)

Company⁽^1)(2)(17)	Investment	Interest	Maturity Date	Par / Units		Amortized Cost⁽³⁾⁽²⁷⁾			Fair Value			Percentage of Net Assets
Non-controlled/non-affiliated portfolio company investments
Debt Investments
Advertising and media
IRI Holdings, Inc.⁽^4)(5)(26)	First lien senior secured loan	L + 4.25%	12/1/2025	$	7,130	$	7,076		$	7,058			0.1	%
					7,130		7,076			7,058			0.1	%
Aerospace and defense
Aviation Solutions Midco, LLC (dba STS Aviation)⁽^4)(7)(26)	First lien senior secured loan	L + 9.25% (incl. 9.25% PIK)	1/3/2025		210,719		207,743			183,326			3.2	%
Valence Surface Technologies LLC⁽^4)(8)(26)	First lien senior secured loan	L + 5.75%	6/28/2025		98,500		97,340			90,129			1.6	%
Valence Surface Technologies LLC⁽^{4)(7)(19)(21)(26)}	First lien senior secured delayed draw term loan	L + 5.75%	6/28/2021		23,820		23,515			21,285			0.4	%
Valence Surface Technologies LLC⁽^{4)(19)(20)(26)}	First lien senior secured revolving loan	L + 5.75%	6/28/2025		—		(112	)		(850	)		—	%
					333,039		328,486			293,890			5.2	%
Automotive
Mavis Tire Express Services Corp.⁽^{4)(7)(24)(26)}	First lien senior secured loan	L + 3.25%	3/20/2025		864		813			847			—	%
Mavis Tire Express Services Corp.⁽^4)(7)(26)	Second lien senior secured loan	L + 7.57%	3/20/2026		179,905		177,149			176,776			3.1	%
Mavis Tire Express Services Corp.⁽^{4)(19)(20)(21)(26)}	Second lien senior secured delayed draw term loan	L + 8.00%	3/20/2021		—		-			(48	)		—	%
					180,769		177,962			177,575			3.1	%
Buildings and real estate
Associations, Inc.⁽^4)(7)(26)	First lien senior secured loan	L + 7.00% (incl. 3.00% PIK)	7/30/2024		307,333		304,807			305,795			5.3	%
Associations, Inc.⁽^{4)(7)(19)(21)(26)}	First lien senior secured delayed draw term loan	L + 7.00% (incl. 3.00% PIK)	7/30/2021		59,153		58,724			58,849			1.0	%
Associations, Inc.⁽^4)(7)(26)	First lien senior secured revolving loan	L + 6.00%	7/30/2024		11,543		11,457			11,427			0.2	%
Reef Global, Inc. (fka Cheese Acquisition, LLC)⁽^4)(8)(26)	First lien senior secured loan	L + 5.75% (incl. 1.00% PIK)	11/28/2024		134,253		132,953			128,212			2.2	%
Imperial Parking Canada⁽^4)(10)(26)	First lien senior secured loan	C + 6.25% (incl. 1.25% PIK)	11/28/2024		27,749		26,561			26,501			0.5	%
Reef Global, Inc. (fka Cheese Acquisition, LLC)⁽^{4)(5)(19)(26)}	First lien senior secured revolving loan	L + 4.75%	11/28/2023		10,987		10,893			10,251			0.2	%
Velocity Commercial Capital, LLC⁽^4)(7)(26)	First lien senior secured loan	L + 7.50%	8/29/2024		63,980		63,369			63,181			1.1	%
					614,998		608,764			604,216			10.5	%
Business services
Access CIG, LLC⁽^4)(5)(26)	Second lien senior secured loan	L + 7.75%	2/27/2026		58,760		58,260			57,732			1.0	%
CIBT Global, Inc.⁽^4)(7)(26)	First lien senior secured loan	L + 3.75%	6/3/2024		843		660			599			—	%
CIBT Global, Inc.⁽^{4)(7)(26)(31)}	Second lien senior secured loan	L + 7.75% (incl. 6.75% PIK)	6/2/2025		62,621		57,364			32,563			0.6	%

Owl Rock Capital Corporation

Consolidated Schedule of Investments

As of December 31, 2020

(Amounts in thousands, except share amounts)

Company⁽^1)(2)(17)	Investment	Interest	Maturity Date	Par / Units		Amortized Cost⁽³⁾⁽²⁷⁾			Fair Value			Percentage of Net Assets
ConnectWise, LLC⁽^4)(7)(26)	First lien senior secured loan	L + 5.25%	2/28/2025		178,653		176,981			178,653			3.1	%
ConnectWise, LLC⁽^{4)(5)(19)(26)}	First lien senior secured revolving loan	L + 5.25%	2/28/2025		5,001		4,824			5,001			0.1	%
Entertainment Benefits Group, LLC⁽^4)(7)(26)	First lien senior secured loan	L + 8.25% (incl. 2.50% PIK)	9/30/2025		81,250		80,262			71,500			1.2	%
Entertainment Benefits Group, LLC⁽^{4)(7)(19)(26)}	First lien senior secured revolving loan	L + 8.25% (incl. 2.50% PIK)	9/30/2024		10,096		9,971			8,752			0.2	%
Hercules Borrower, LLC (dba The Vincit Group)⁽^4)(8)(26)	First lien senior secured loan	L + 6.50%	12/15/2026		180,043		177,358			177,343			3.1	%
Hercules Borrower, LLC (dba The Vincit Group)⁽^{4)(19)(20)(26)}	First lien senior secured revolving loan	L + 6.50%	12/15/2026		—		(311	)		(314	)		—	%
Hercules Buyer, LLC (dba The Vincit Group)⁽^26)(29)(32)	Unsecured notes	0.48% (inc. 0.48% PIK)	12/14/2029		5,112		5,112			5,112			0.1	%
Vestcom Parent Holdings, Inc.⁽⁴⁾⁽⁵⁾	Second lien senior secured loan	L + 8.00%	12/19/2024		78,987		78,321			78,987			1.4	%
					661,366		648,802			615,928			10.8	%
Chemicals
Aruba Investments Holdings LLC (dba Angus Chemical Company)⁽^4)(8)(26)	Second lien senior secured loan	L + 7.75%	11/24/2028		10,000		9,854			9,850			0.2	%
Douglas Products and Packaging Company LLC⁽^4)(7)(26)	First lien senior secured loan	L + 5.75%	10/19/2022		97,939		97,530			95,980			1.7	%
Douglas Products and Packaging Company LLC⁽^{4)(11)(19)(26)}	First lien senior secured revolving loan	P + 4.75%	10/19/2022		3,028		3,000			2,846			—	%
Innovative Water Care Global Corporation⁽^4)(7)(26)	First lien senior secured loan	L + 5.00%	2/27/2026		147,375		139,223			129,690			2.3	%
					258,342		249,607			238,366			4.2	%
Consumer products
Feradyne Outdoors, LLC⁽^4)(7)(26)	First lien senior secured loan	L + 6.25%	5/25/2023		88,400		87,920			86,632			1.5	%
WU Holdco, Inc. (dba Weiman Products, LLC)⁽^4)(7)(26)	First lien senior secured loan	L + 5.25%	3/26/2026		158,495		155,981			157,702			2.7	%
WU Holdco, Inc. (dba Weiman Products, LLC)⁽^{4)(7)(19)(26)}	First lien senior secured revolving loan	L + 5.25%	3/26/2025		3,182		2,986			3,112			0.1	%
					250,077		246,887			247,446			4.3	%
Containers and packaging
Pregis Topco LLC⁽^{4)(5)(24)(26)}	First lien senior secured loan	L + 3.75%	7/31/2026		863		819			859			-	%
Pregis Topco LLC⁽^4)(5)(26)	Second lien senior secured loan	L + 7.75%	7/30/2027		215,033		211,223			213,959			3.6	%
					215,896		212,042			214,818			3.6	%
Distribution
ABB/Con-cise Optical Group LLC⁽⁴⁾⁽⁸⁾	First lien senior secured loan	L + 5.00%	6/15/2023		75,620		75,053			68,815			1.2	%
ABB/Con-cise Optical Group LLC⁽⁴⁾⁽⁸⁾	Second lien senior secured loan	L + 9.00%	6/17/2024		25,000		24,604			21,875			0.4	%
Aramsco, Inc.⁽^4)(5)(26)	First lien senior secured loan	L + 5.25%	8/28/2024		56,477		55,561			55,912			1.0	%

Owl Rock Capital Corporation

Consolidated Schedule of Investments

As of December 31, 2020

(Amounts in thousands, except share amounts)

Company⁽^1)(2)(17)	Investment	Interest	Maturity Date	Par / Units		Amortized Cost⁽³⁾⁽²⁷⁾			Fair Value			Percentage of Net Assets
Aramsco, Inc.⁽^{4)(19)(20)(26)}	First lien senior secured revolving loan	L + 5.25%	8/28/2024		-		(128	)		(84	)		—	%
Endries Acquisition, Inc.⁽^4)(9)(26)	First lien senior secured loan	L + 6.25%	12/10/2025		202,219		199,557			198,680			3.5	%
Endries Acquisition, Inc.⁽^{4)(19)(20)(26)}	First lien senior secured revolving loan	L + 6.25%	12/10/2024		—		(310	)		(473	)		—	%
Individual Foodservice Holdings, LLC⁽^4)(8)(26)	First lien senior secured loan	L + 6.25%	11/22/2025		156,900		154,129			154,547			2.7	%
Individual Foodservice Holdings, LLC⁽^{4)(8)(19)(21)(26)}	First lien senior secured delayed draw term loan	L + 6.25%	6/30/2022		12,587		11,912			12,012			0.2	%
Individual Foodservice Holdings, LLC⁽^{4)(5)(19)(26)}	First lien senior secured revolving loan	L + 6.25%	11/22/2024		5,276		4,877			4,919			0.1	%
Storm Chaser Intermediate II Holding Corporation (dba JM Swank, LLC)⁽⁴⁾⁽⁷⁾	First lien senior secured loan	L + 7.50%	7/25/2022		114,964		114,167			114,676			2.0	%
Offen, Inc.⁽^4)(5)(26)	First lien senior secured loan	L + 5.00%	6/22/2026		19,780		19,620			19,285			0.3	%
QC Supply, LLC⁽⁴⁾⁽⁵⁾	First lien senior secured loan	L + 7.00% (incl. 1.00% PIK)	12/29/2022		34,568		34,248			29,037			0.5	%
QC Supply, LLC⁽^4)(5)(19)	First lien senior secured revolving loan	L + 7.00%	12/29/2021		4,336		4,311			3,541			0.1	%
					707,727		697,601			682,742			12.0	%
Education
Instructure, Inc.⁽^4)(7)(26)	First lien senior secured loan	L + 7.00%	3/24/2026		84,660		83,400			84,660			1.5	%
Instructure, Inc.⁽^{4)(19)(20)(26)}	First lien senior secured revolving loan	L + 7.00%	3/24/2026		-		(60	)		-			-	%
Learning Care Group (US) No. 2 Inc.⁽^4)(8)(26)	Second lien senior secured loan	L + 7.50%	3/13/2026		26,967		26,606			23,731			0.4	%
Severin Acquisition, LLC (dba PowerSchool)⁽^4)(5)(26)	Second lien senior secured loan	L + 6.75%	8/3/2026		112,000		111,259			109,480			1.9	%
TSB Purchaser, Inc. (dba Teaching Strategies, Inc.)⁽^4)(7)(26)	First lien senior secured loan	L + 6.00%	5/14/2024		61,581		60,634			61,120			1.0	%
TSB Purchaser, Inc. (dba Teaching Strategies, Inc.)⁽^{4)(19)(20)(26)}	First lien senior secured revolving loan	L + 6.00%	5/14/2024		—		(59	)		(32	)		—	%
					285,208		281,780			278,959			4.8	%
Energy equipment and services
Liberty Oilfield Services LLC⁽^{4)(5)(22)(26)}	First lien senior secured loan	L + 7.63%	9/19/2022		13,759		13,661			13,587			0.2	%
					13,759		13,661			13,587			0.2	%
Financial services
AxiomSL Group, Inc.⁽^4)(7)(26)	First lien senior secured loan	L + 6.50%	12/3/2027		78,659		77,490			77,479			1.3	%
AxiomSL Group, Inc.⁽^{4)(19)(20)(26)}	First lien senior secured revolving loan	L + 6.50%	12/3/2025		-		(138	)		(140	)		—	%
Blackhawk Network Holdings, Inc.⁽^4)(5)(26)	Second lien senior secured loan	L + 7.00%	6/15/2026		106,400		105,644			99,750			1.7	%
Hg Genesis 8 Sumoco Limited⁽^{4)(14)(22)(26)}	Unsecured facility	G + 7.50% (incl. 7.50% PIK)	8/28/2025		43,841		42,148			44,499			0.8	%
NMI Acquisitionco, Inc. (dba Network Merchants)⁽^4)(5)(26)	First lien senior secured loan	L + 5.00%	9/6/2022		27,904		27,640			27,625			0.5	%

Owl Rock Capital Corporation

Consolidated Schedule of Investments

As of December 31, 2020

(Amounts in thousands, except share amounts)

Company⁽^1)(2)(17)	Investment	Interest	Maturity Date	Par / Units		Amortized Cost⁽³⁾⁽²⁷⁾			Fair Value			Percentage of Net Assets
NMI Acquisitionco, Inc. (dba Network Merchants)⁽^{4)(19)(20)(26)}	First lien senior secured revolving loan	L + 5.00%	9/6/2022		-		(6	)		(6	)		—	%
					256,804		252,778			249,207			4.3	%
Food and beverage
Caiman Merger Sub LLC (dba City Brewing)⁽^4)(5)(26)	First lien senior secured loan	L + 5.75%	11/3/2025		175,347		173,881			176,224			3.1	%
Caiman Merger Sub LLC (dba City Brewing)⁽^{4)(19)(20)(26)}	First lien senior secured revolving loan	L + 5.75%	11/1/2024		—		(99	)		-			—	%
CM7 Restaurant Holdings, LLC⁽^4)(5)(26)	First lien senior secured loan	L + 8.00%	5/22/2023		38,507		37,937			37,352			0.7	%
H-Food Holdings, LLC⁽^{4)(5)(24)(26)}	First lien senior secured loan	L + 4.00%	5/23/2025		12,861		12,768			12,656			0.2	%
H-Food Holdings, LLC⁽^4)(5)(26)	Second lien senior secured loan	L + 7.00%	3/2/2026		121,800		119,542			119,060			2.1	%
Hometown Food Company⁽^4)(5)(26)	First lien senior secured loan	L + 5.00%	8/31/2023		21,388		21,145			21,388			0.4	%
Hometown Food Company⁽^{4)(5)(19)(26)}	First lien senior secured revolving loan	L + 5.00%	8/31/2023		565		520			565			—	%
Manna Development Group, LLC⁽^4)(5)(26)	First lien senior secured loan	L + 6.75%	10/24/2022		52,764		52,426			49,598			0.9	%
Manna Development Group, LLC⁽^4)(5)(26)	First lien senior secured revolving loan	L + 6.75%	10/24/2022		3,183		3,132			2,992			0.1	%
Nellson Nutraceutical, LLC⁽^4)(7)(26)	First lien senior secured loan	L + 5.25%	12/23/2023		27,498		26,480			26,536			0.5	%
Nutraceutical International Corporation⁽^4)(5)(26)	First lien senior secured loan	L + 7.00%	9/30/2026		217,255		214,110			215,083			3.6	%
Nutraceutical International Corporation⁽^{4)(19)(20)(26)}	First lien senior secured revolving loan	L + 7.00%	9/30/2025		—		(193	)		(136	)		—	%
Recipe Acquisition Corp. (dba Roland Corporation)⁽⁴⁾⁽⁷⁾	Second lien senior secured loan	L + 9.00%	12/1/2022		32,000		31,771			26,560			0.5	%
Sara Lee Frozen Bakery, LLC (fka KSLB Holdings, LLC)⁽^4)(5)(26)	First lien senior secured loan	L + 4.50%	7/30/2025		44,313		43,705			42,430			0.7	%
Sara Lee Frozen Bakery, LLC (fka KSLB Holdings, LLC)⁽^{4)(5)(19)(26)}	First lien senior secured revolving loan	L + 4.50%	7/30/2023		4,560		4,456			4,178			0.1	%
Shearer's Foods, LLC⁽^4)(7)(26)	Second lien senior secured loan	L + 7.75%	9/22/2028		120,000		118,829			119,400			2.1	%
Tall Tree Foods, Inc.⁽⁴⁾⁽⁵⁾	First lien senior secured loan	L + 7.25%	8/12/2022		48,284		48,103			47,438			0.8	%
Ultimate Baked Goods Midco, LLC⁽^4)(5)(26)	First lien senior secured loan	L + 4.00%	8/11/2025		26,460		26,043			26,064			0.5	%
Ultimate Baked Goods Midco, LLC⁽^{4)(5)(19)(26)}	First lien senior secured revolving loan	L + 4.00%	8/9/2023		445		385			368			—	%
					947,230		934,941			927,756			16.3	%
Healthcare equipment and services
Nelipak Holding Company⁽^4)(8)(26)	First lien senior secured loan	L + 4.25%	7/2/2026		47,521		46,742			46,333			0.8	%
Nelipak Holding Company⁽^{4)(7)(19)(26)}	First lien senior secured revolving loan	L + 4.25%	7/2/2024		4,422		4,319			4,238			0.1	%
Nelipak Holding Company⁽^{4)(12)(19)(26)}	First lien senior secured revolving loan	E + 4.50%	7/2/2024		492		147			290			—	%
Nelipak Holding Company⁽^4)(8)(26)	Second lien senior secured loan	L + 8.25%	7/2/2027		67,006		66,135			65,331			1.1	%

Owl Rock Capital Corporation

Consolidated Schedule of Investments

As of December 31, 2020

(Amounts in thousands, except share amounts)

Company⁽^1)(2)(17)	Investment	Interest	Maturity Date	Par / Units		Amortized Cost⁽³⁾⁽²⁷⁾			Fair Value			Percentage of Net Assets
Nelipak Holding Company⁽^4)(12)(26)	Second lien senior secured loan	E + 8.50%	7/2/2027		73,536		66,385			70,595			1.2	%
Packaging Coordinators Midco, Inc.⁽^4)(8)(26)	Second lien senior secured loan	L + 8.25%	11/30/2028		195,044		191,173			191,143			3.3	%
					388,021		374,901			377,930			6.5
Healthcare providers and services
Barracuda Dental LLC (dba National Dentex)⁽^4)(7)(26)	First lien senior secured loan	L + 7.00%	10/27/2025		62,048		60,974			60,937			1.1	%
Barracuda Dental LLC (dba National Dentex)⁽^{4)(19)(20)(21)(26)}	First lien senior secured delayed draw term loan	L + 7.00%	6/30/2022		-		(105	)		(164	)		—	%
Barracuda Dental LLC (dba National Dentex)⁽^{4)(7)(19)(26)}	First lien senior secured revolving loan	L + 7.00%	10/27/2025		3,512		3,351			3,344			0.1	%
Confluent Health, LLC.⁽^4)(5)(26)	First lien senior secured loan	L + 5.00%	6/24/2026		17,730		17,589			17,331			0.3	%
GI CCLS Acquisition LLC (fka GI Chill Acquisition LLC)⁽^4)(7)(26)	Second lien senior secured loan	L + 7.50%	8/6/2026		135,400		134,357			133,708			2.3	%
KS Management Services, L.L.C.⁽^4)(5)(26)	First lien senior secured loan	L + 4.25%	1/9/2026		123,750		122,422			123,751			2.2	%
Premier Imaging, LLC (dba LucidHealth)⁽^4)(5)(26)	First lien senior secured loan	L + 5.50%	1/2/2025		33,320		32,851			32,737			0.6	%
Refresh Parent Holdings, Inc.⁽^4)(7)(26)	First lien senior secured loan	L + 6.50%	12/9/2026		89,872		88,536			88,524			1.4	%
Refresh Parent Holdings, Inc.⁽^{4)(19)(20)(21)(26)}	First lien senior secured delayed draw term loan	L + 6.50%	6/9/2022		-		(73	)		(74	)		—	%
Refresh Parent Holdings, Inc.⁽^{4)(7)(19)(26)}	First lien senior secured revolving loan	L + 6.50%	12/9/2026		3,060		2,900			2,899			0.1	%
TC Holdings, LLC (dba TrialCard)⁽^4)(7)(26)	First lien senior secured loan	L + 4.50%	11/14/2023		83,324		82,427			83,324			1.5	%
TC Holdings, LLC (dba TrialCard)⁽^{4)(19)(20)(26)}	First lien senior secured revolving loan	L + 4.50%	11/14/2022		—		(58	)		—			—	%
					552,016		545,171			546,317			9.6	%
Healthcare technology
Bracket Intermediate Holding Corp.⁽^4)(7)(26)	First lien senior secured loan	L + 4.25%	9/5/2025		521		485			512			—	%
Bracket Intermediate Holding Corp.⁽^4)(7)(26)	Second lien senior secured loan	L + 8.13%	9/7/2026		26,250		25,838			25,594			0.4	%
Definitive Healthcare Holdings, LLC⁽^4)(7)(26)	First lien senior secured loan	L + 5.50%	7/16/2026		197,734		196,131			195,756			3.4	%
Definitive Healthcare Holdings, LLC⁽^{4)(7)(19)(21)(26)}	First lien senior secured delayed draw term loan	L + 5.50%	7/16/2021		7,807		7,531			7,728			0.1	%
Definitive Healthcare Holdings, LLC⁽^{4)(19)(20)(26)}	First lien senior secured revolving loan	L + 5.50%	7/16/2024		—		(77	)		(109	)		—	%
Intelerad Medical Systems Incorporated (fka 11849573 Canada Inc.)⁽^{4)(7)(22)(26)}	First lien senior secured loan	L + 6.25%	2/20/2026		67,852		67,092			66,834			1.2	%
Intelerad Medical Systems Incorporated(fka 11849573 Canada Inc.)^{(4)(7)(19)(22)(26)}	First lien senior secured revolving loan	L + 6.25%	2/20/2026		1,126		1,066			1,041			—	%
Interoperability Bidco, Inc.⁽^4)(7)(26)	First lien senior secured loan	L + 5.75%	6/25/2026		76,042		75,260			73,571			1.3	%
Interoperability Bidco, Inc.⁽^{4)(19)(20)(21)(26)}	First lien senior secured delayed draw term loan	L + 5.75%	6/25/2021		—		(8	)		(170	)		—	%
Interoperability Bidco, Inc.⁽^4)(7)(26)	First lien senior secured revolving loan	L + 5.75%	6/25/2024		4,000		3,965			3,870			0.1	%

Owl Rock Capital Corporation

Consolidated Schedule of Investments

As of December 31, 2020

(Amounts in thousands, except share amounts)

Company⁽^1)(2)(17)

Investment

Interest

Maturity Date

Par / Units

Amortized Cost⁽³⁾⁽²⁷⁾

Fair Value

Percentage of Net Assets

Project Ruby Ultimate Parent Corp. (dba Wellsky)⁽^4)(5)(26)

First lien senior secured loan

L + 4.25%