(State or Other Jurisdiction of Incorporation) | (Commission File Number) | (IRS Employer Identification No.) | ||||||
(Address of Principal Executive Offices) | (Zip Code) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||
Exhibit Number | Description | |||||||
99.1 |
Owl Rock Capital Corporation | |||||||||||
August 3, 2022 | By: | /s/ Jonathan Lamm | |||||||||
Name: Jonathan Lamm | |||||||||||
Title: Chief Operating Officer and Chief Financial Officer |
For the three months ended | ||||||||||||||
($ in thousands, except per share amounts) | June 30, 2022 | March 31, 2022 | June 30, 2021 | |||||||||||
Investments at Fair Value | $ | 12,648,126 | $ | 12,756,323 | $ | 11,906,872 | ||||||||
Total Assets | $ | 13,088,383 | $ | 13,203,697 | $ | 12,635,426 | ||||||||
Net Asset Value Per Share | $ | 14.48 | $ | 14.88 | $ | 14.90 | ||||||||
Investment Income | $ | 273,286 | $ | 264,159 | $ | 249,015 | ||||||||
Net Investment Income | $ | 125,124 | $ | 122,356 | $ | 119,129 | ||||||||
Net Income | $ | (34,946) | $ | 43,986 | $ | 150,180 | ||||||||
Net Investment Income Per Share | $ | 0.32 | $ | 0.31 | $ | 0.30 | ||||||||
Net Realized and Unrealized Gains (and Losses) Per Share | $ | (0.41) | $ | (0.20) | $ | 0.08 | ||||||||
Net Income Per Share | $ | (0.09) | $ | 0.11 | $ | 0.38 | ||||||||
Distributions Declared from Net Investment Income Per Share | $ | 0.31 | $ | 0.31 | $ | 0.31 | ||||||||
Weighted Average Yield of Accruing Debt and Income Producing Securities at Fair Value | 8.9 | % | 7.9 | % | 8.3 | % | ||||||||
Weighted Average Yield of Accruing Debt and Income Producing Securities at Amortized Cost | 8.8 | % | 8.0 | % | 8.2 | % | ||||||||
Percentage of Debt Investment Commitments at Floating Rates | 98.8 | % | 98.8 | % | 99.9 | % |
June 30, 2022 (Unaudited) | December 31, 2021 | |||||||||||||
Assets | ||||||||||||||
Investments at fair value | ||||||||||||||
Non-controlled, non-affiliated investments (amortized cost of $12,060,161 and $12,073,126, respectively) | $ | 11,845,687 | $ | 12,124,860 | ||||||||||
Controlled, affiliated investments (amortized cost of $776,480, and $575,427, respectively) | 802,439 | 616,780 | ||||||||||||
Total investments at fair value (amortized cost of $12,836,641 and $12,648,553, respectively) | 12,648,126 | 12,741,640 | ||||||||||||
Cash (restricted cash of $97,374 and $21,481, respectively) | 341,104 | 431,442 | ||||||||||||
Foreign cash (cost of $2,176 and $16,096, respectively) | 2,155 | 15,703 | ||||||||||||
Interest receivable | 69,062 | 81,716 | ||||||||||||
Receivable from a controlled affiliate | 23,195 | 3,953 | ||||||||||||
Prepaid expenses and other assets | 4,741 | 23,716 | ||||||||||||
Total Assets | $ | 13,088,383 | $ | 13,298,170 | ||||||||||
Liabilities | ||||||||||||||
Debt (net of unamortized debt issuance costs of $102,090 and $110,239, respectively) | $ | 7,053,497 | $ | 7,079,326 | ||||||||||
Distribution payable | 122,085 | 122,068 | ||||||||||||
Management fee payable | 46,873 | 46,770 | ||||||||||||
Incentive fee payable | 26,541 | 29,242 | ||||||||||||
Payables to affiliates | 4,312 | 5,802 | ||||||||||||
Accrued expenses and other liabilities | 130,629 | 77,085 | ||||||||||||
Total Liabilities | 7,383,937 | 7,360,293 | ||||||||||||
Commitments and contingencies | ||||||||||||||
Net Assets | ||||||||||||||
Common shares $0.01 par value, 500,000,000 shares authorized; 393,823,013 and 393,766,855 shares issued and outstanding, respectively | 3,938 | 3,938 | ||||||||||||
Additional paid-in-capital | 5,992,296 | 5,990,360 | ||||||||||||
Total distributable earnings (losses) | (291,788) | (56,421) | ||||||||||||
Total Net Assets | 5,704,446 | 5,937,877 | ||||||||||||
Total Liabilities and Net Assets | $ | 13,088,383 | $ | 13,298,170 | ||||||||||
Net Asset Value Per Share | $ | 14.48 | 15.08 |
For the Three Months Ended June 30, | For the Years Ended | For the Six Months Ended June 30, | |||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
Investment Income | |||||||||||||||||||||||
Investment income from non-controlled, non-affiliated investments: | |||||||||||||||||||||||
Interest income | $ | 206,103 | $ | 225,242 | $ | 414,704 | $ | 425,547 | |||||||||||||||
Payment-in-kind interest income(1) | 26,748 | 8,074 | 49,159 | 18,801 | |||||||||||||||||||
Dividend income | 9,685 | 5,765 | 21,413 | 9,324 | |||||||||||||||||||
Other income | 5,538 | 4,463 | 9,386 | 7,617 | |||||||||||||||||||
Total investment income from non-controlled, non-affiliated investments | 248,074 | 243,544 | 494,662 | 461,289 | |||||||||||||||||||
Investment income from controlled, affiliated investments: | |||||||||||||||||||||||
Interest income | 1,854 | 1,338 | 3,627 | 2,641 | |||||||||||||||||||
Dividend income | 23,195 | 3,973 | 38,833 | 6,341 | |||||||||||||||||||
Other Income | 163 | 160 | 325 | 317 | |||||||||||||||||||
Total investment income from controlled, affiliated investments | 25,212 | 5,471 | 42,785 | 9,299 | |||||||||||||||||||
Total Investment Income | 273,286 | 249,015 | 537,447 | 470,588 | |||||||||||||||||||
Expenses | |||||||||||||||||||||||
Interest expense | 67,347 | 54,445 | 128,726 | 102,521 | |||||||||||||||||||
Management fee | 46,873 | 44,007 | 94,286 | 86,117 | |||||||||||||||||||
Performance based incentive fees | 26,541 | 25,270 | 52,495 | 47,045 | |||||||||||||||||||
Professional fees | 3,406 | 3,349 | 7,235 | 7,117 | |||||||||||||||||||
Directors' fees | 266 | 274 | 556 | 518 | |||||||||||||||||||
Other general and administrative | 2,143 | 2,344 | 4,276 | 4,162 | |||||||||||||||||||
Total Operating Expenses | 146,576 | 129,689 | 287,574 | 247,480 | |||||||||||||||||||
Net Investment Income (Loss) Before Taxes | 126,710 | 119,326 | 249,873 | 223,108 | |||||||||||||||||||
Income tax expense (benefit), including excise tax expense (benefit) | 1,586 | 197 | 2,394 | 1,324 | |||||||||||||||||||
Net Investment Income (Loss) After Taxes | $ | 125,124 | $ | 119,129 | $ | 247,479 | $ | 221,784 | |||||||||||||||
Net Realized and Change in Unrealized Gain (Loss) | |||||||||||||||||||||||
Net change in unrealized gain (loss): | |||||||||||||||||||||||
Non-controlled, non-affiliated investments | $ | (152,965) | $ | 62,407 | $ | (222,913) | $ | 119,486 | |||||||||||||||
Income tax (provision) benefit | — | (1,589) | — | (4,222) | |||||||||||||||||||
Controlled affiliated investments | (3,636) | (1,483) | (15,394) | (618) | |||||||||||||||||||
Translation of assets and liabilities in foreign currencies | (3,221) | (488) | (3,702) | (2,920) | |||||||||||||||||||
Total Net Change in Unrealized Gain (Loss) | (159,822) | 58,847 | (242,009) | 111,726 | |||||||||||||||||||
Net realized gain (loss): | |||||||||||||||||||||||
Non-controlled, non-affiliated investments | (51) | (27,828) | 4,651 | (26,674) | |||||||||||||||||||
Foreign currency transactions | (197) | 32 | (1,082) | 1,189 | |||||||||||||||||||
Total Net Realized Gain (Loss) | (248) | (27,796) | 3,569 | (25,485) | |||||||||||||||||||
Total Net Realized and Change in Unrealized Gain (Loss) | (160,070) | 31,051 | (238,440) | 86,241 | |||||||||||||||||||
Net Increase (Decrease) in Net Assets Resulting from Operations | $ | (34,946) | $ | 150,180 | $ | 9,039 | $ | 308,025 | |||||||||||||||
Earnings Per Share - Basic and Diluted | $ | (0.09) | $ | 0.38 | $ | 0.02 | $ | 0.79 | |||||||||||||||
Weighted Average Shares Outstanding - Basic and Diluted | 394,184,560 | 391,832,048 | 394,246,724 | 391,475,389 |
Three Months Ended June 30, | ||||||||||||||
($ in thousands) | 2022 | 2021 | ||||||||||||
New investment commitments | ||||||||||||||
Gross originations | $ | 824,641 | $ | 1,623,008 | ||||||||||
Less: Sell downs | (221,256) | (44,875) | ||||||||||||
Total new investment commitments | $ | 603,385 | $ | 1,578,133 | ||||||||||
Principal amount of investments funded: | ||||||||||||||
First-lien senior secured debt investments | $ | 242,916 | $ | 816,633 | ||||||||||
Second-lien senior secured debt investments | 883 | 360,595 | ||||||||||||
Unsecured debt investments | 20,462 | — | ||||||||||||
Preferred equity investments | 42,665 | 152,964 | ||||||||||||
Common equity investments | 15,120 | 15,182 | ||||||||||||
Investment funds and vehicles | 19,250 | 60,251 | ||||||||||||
Total principal amount of investments funded | $ | 341,296 | $ | 1,405,625 | ||||||||||
Principal amount of investments sold or repaid: | ||||||||||||||
First-lien senior secured debt investments | $ | (488,251) | $ | (558,122) | ||||||||||
Second-lien senior secured debt investments | — | (179,705) | ||||||||||||
Unsecured debt investments | — | — | ||||||||||||
Preferred equity investments | — | — | ||||||||||||
Common equity investments | — | (4,827) | ||||||||||||
Investment funds and vehicles | — | — | ||||||||||||
Total principal amount of investments sold or repaid | $ | (488,251) | $ | (742,654) | ||||||||||
Number of new investment commitments in new portfolio companies(1) | 16 | 16 | ||||||||||||
Average new investment commitment amount | $ | 15,432 | $ | 75,769 | ||||||||||
Weighted average term for new debt investment commitments (in years) | 5.9 | 6.4 | ||||||||||||
Percentage of new debt investment commitments at floating rates | 100.0 | % | 100.0 | % | ||||||||||
Percentage of new debt investment commitments at fixed rates | — | % | — | % | ||||||||||
Weighted average interest rate of new debt investment commitments(2)(3) | 9.5 | % | 7.6 | % | ||||||||||
Weighted average spread over applicable base rate of new floating rate debt investment commitments | 7.2 | % | 6.7 | % |
Cover |
Aug. 03, 2022 |
---|---|
Cover [Abstract] | |
Document Type | 8-K |
Document Period End Date | Aug. 03, 2022 |
Entity Registrant Name | OWL ROCK CAPITAL CORP |
Entity Incorporation, State or Country Code | MD |
Entity File Number | 814-01190 |
Entity Tax Identification Number | 47-5402460 |
Entity Address, Address Line One | 399 Park Avenue |
Entity Address, Address Line Two | 38th Floor |
Entity Address, City or Town | New York |
Entity Address, State or Province | NY |
Entity Address, Postal Zip Code | 10022 |
City Area Code | 212 |
Local Phone Number | 419-3000 |
Written Communications | false |
Soliciting Material | false |
Pre-commencement Tender Offer | false |
Pre-commencement Issuer Tender Offer | false |
Title of 12(b) Security | Common Stock, par value $0.01 per share |
Trading Symbol | ORCC |
Security Exchange Name | NYSE |
Entity Emerging Growth Company | false |
Amendment Flag | false |
Entity Central Index Key | 0001655888 |
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