10-Q 1 orcci_10q_2021-09-30.htm 10-Q 10-Q

 

 

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 September 30, 2021

OR

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

Commission File Number 814-01190

 

OWL ROCK CAPITAL CORPORATION

(Exact name of Registrant as specified in its Charter)

 

Maryland

 

47-5402460

(State or other jurisdiction of

incorporation or organization)

 

(I.R.S. Employer

Identification No.)

 

 

 

399 Park Avenue, 38th Floor, New York, New York

 

10022

(Address of principal executive offices)

 

(Zip Code)

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

 

 

 

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

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Common Stock, $0.01 par value per share

ORCC

The New York Stock Exchange

 

 

 

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

Indicate by check mark whether the Registrant has submitted 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 November 3, 2021, the registrant had 393,152,554 shares of common stock, $0.01 par value per share, outstanding.

 

i


 

Table of Contents

 

 

 

 

 

Page

PART I

 

FINANCIAL INFORMATION

 

 

Item 1.

 

Consolidated Financial Statements

 

2

 

 

Consolidated Statements of Assets and Liabilities as of September 30, 2021 (Unaudited) and December 31, 2020

 

2

 

 

Consolidated Statements of Operations for the Three and Nine Months Ended September 30, 2021 and 2020 (Unaudited)

 

3

 

 

Consolidated Schedules of Investments as of September 30, 2021 (Unaudited) and December 31, 2020

 

4

 

 

Consolidated Statements of Changes in Net Assets for the Three and Nine Months Ended September 30, 2021 and 2020 (Unaudited)

 

40

 

 

Consolidated Statements of Cash Flows for the Nine Months Ended September 30, 2021 and 2020 (Unaudited)

 

41

 

 

Notes to Consolidated Financial Statements (Unaudited)

 

43

Item 2.

 

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

 

91

Item 3.

 

Quantitative and Qualitative Disclosures About Market Risk

 

143

Item 4.

 

Controls and Procedures

 

144

 

 

 

 

 

PART II

 

OTHER INFORMATION

 

 

Item 1.

 

Legal Proceedings

 

145

Item 1A.

 

Risk Factors

 

146

Item 2.

 

Unregistered Sales of Equity Securities and Use of Proceeds

 

148

Item 3.

 

Defaults Upon Senior Securities

 

148

Item 4.

 

Mine Safety Disclosures

 

148

Item 5.

 

Other Information

 

148

Item 6.

 

Exhibits

 

149

Signatures

 

 

 

150

 

 

ii


 

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS

 

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

 

an economic downturn could impair our portfolio companies’ ability to continue to operate, which could lead to the loss of some or all of our investments in such portfolio companies;
an economic downturn could disproportionately impact the companies that we intend to target for investment, potentially causing us to experience a decrease in investment opportunities and diminished demand for capital from these companies;
an economic downturn could also impact availability and pricing of our financing 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;
the impact of interest and inflation rates on our business prospects and the prospects of our portfolio companies;
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”).

1


 

PART I. CONSOLIDATED FINANCIAL INFORMATION

 

Item 1. Consolidated Financial Statements

Owl Rock Capital Corporation

Consolidated Statements of Assets and Liabilities

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

 

 

 

September 30, 2021
(Unaudited)

 

 

December 31, 2020

 

Assets

 

 

 

 

 

 

Investments at fair value

 

 

 

 

 

 

Non-controlled, non-affiliated investments (amortized cost of $11,547,197 and
     $10,653,613, respectively)

 

$

11,584,751

 

 

$

10,569,691

 

Controlled, affiliated investments (amortized cost of $527,704 and $275,105,
     respectively)

 

 

525,347

 

 

 

272,381

 

Total investments at fair value (amortized cost of $12,074,901 and $10,928,718,
        respectively)

 

 

12,110,098

 

 

 

10,842,072

 

Cash (restricted cash of $14,217 and $8,841, respectively)

 

 

779,581

 

 

 

347,917

 

Foreign cash (cost of $15,326 and $9,641, respectively)

 

 

15,148

 

 

 

9,994

 

Interest receivable

 

 

62,377

 

 

 

57,108

 

Receivable for investments sold

 

 

77,426

 

 

 

6,316

 

Receivable from a controlled affiliate

 

 

4,127

 

 

 

2,347

 

Prepaid expenses and other assets

 

 

27,121

 

 

 

38,603

 

Total Assets

 

$

13,075,878

 

 

$

11,304,357

 

Liabilities

 

 

 

 

 

 

Debt (net of unamortized debt issuance costs of $114,874 and $91,085, respectively)

 

$

6,934,942

 

 

$

5,292,722

 

Distribution payable

 

 

121,877

 

 

 

152,087

 

Management fee payable

 

 

45,583

 

 

 

35,936

 

Incentive fee payable

 

 

27,682

 

 

 

19,070

 

Payables to affiliates

 

 

5,399

 

 

 

6,527

 

Accrued expenses and other liabilities

 

 

63,403

 

 

 

51,581

 

Total Liabilities

 

 

7,198,886

 

 

 

5,557,923

 

Commitments and contingencies (Note 7)

 

 

 

 

 

 

Net Assets

 

 

 

 

 

 

Common shares $0.01 par value, 500,000,000 shares authorized; 393,152,554 and
     389,966,688 shares issued and outstanding, respectively

 

 

3,931

 

 

 

3,900

 

Additional paid-in-capital

 

 

5,985,429

 

 

 

5,940,979

 

Total distributable earnings (losses)

 

 

(112,368

)

 

 

(198,445

)

Total Net Assets

 

 

5,876,992

 

 

 

5,746,434

 

Total Liabilities and Net Assets

 

$

13,075,878

 

 

$

11,304,357

 

Net Asset Value Per Share

 

$

14.95

 

 

$

14.74

 

 

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

2


 

Owl Rock Capital Corporation

Consolidated Statements of Operations

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

(Unaudited)

 

 

 

For the Three Months Ended September 30,

 

 

For the Nine Months Ended September 30,

 

 

 

2021

 

 

2020

 

 

2021

 

 

2020

 

Investment Income

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

 

 

 

 

 

 

Interest income

 

$

241,966

 

 

$

179,597

 

 

$

686,314

 

 

$

561,236

 

Dividend Income

 

 

10,600

 

 

 

2,688

 

 

 

19,924

 

 

 

3,608

 

Other income

 

 

7,942

 

 

 

2,507

 

 

 

15,559

 

 

 

10,473

 

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

 

 

260,508

 

 

 

184,792

 

 

 

721,797

 

 

 

575,317

 

Investment income from controlled, affiliated investments:

 

 

 

 

 

 

 

 

 

 

 

 

Interest income

 

 

1,392

 

 

 

 

 

 

4,033

 

 

 

 

Dividend income

 

 

7,128

 

 

 

2,267

 

 

 

13,469

 

 

 

6,716

 

Other Income

 

 

163

 

 

 

 

 

 

480

 

 

 

 

Total investment income from controlled, affiliated investments

 

 

8,683

 

 

 

2,267

 

 

 

17,982

 

 

 

6,716

 

Total Investment Income

 

 

269,191

 

 

 

187,059

 

 

 

739,779

 

 

 

582,033

 

Expenses

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense

 

 

56,516

 

 

 

37,391

 

 

 

159,037

 

 

 

110,533

 

Management fee

 

 

45,586

 

 

 

36,460

 

 

 

131,703

 

 

 

104,852

 

Performance based incentive fees

 

 

27,682

 

 

 

22,302

 

 

 

74,727

 

 

 

70,500

 

Professional fees

 

 

3,849

 

 

 

3,330

 

 

 

10,966

 

 

 

9,782

 

Directors' fees

 

 

239

 

 

 

179

 

 

 

757

 

 

 

633

 

Other general and administrative

 

 

3,140

 

 

 

1,659

 

 

 

7,302

 

 

 

5,564

 

Total Operating Expenses

 

 

137,012

 

 

 

101,321

 

 

 

384,492

 

 

 

301,864

 

Management and incentive fees waived (Note 3)

 

 

 

 

 

(40,531

)

 

 

 

 

 

(122,925

)

Net Operating Expenses

 

 

137,012

 

 

 

60,790

 

 

 

384,492

 

 

 

178,939

 

Net Investment Income (Loss) Before Taxes

 

 

132,179

 

 

 

126,269

 

 

 

355,287

 

 

 

403,094

 

Income tax expense (benefit), including excise tax expense (benefit)

 

 

1,680

 

 

 

(1,168

)

 

 

3,004

 

 

 

239

 

Net Investment Income (Loss) After Taxes

 

$

130,499

 

 

$

127,437

 

 

$

352,283

 

 

$

402,855

 

Net Realized and Change in Unrealized Gain (Loss)

 

 

 

 

 

 

 

 

 

 

 

 

Net change in unrealized gain (loss):

 

 

 

 

 

 

 

 

 

 

 

 

Non-controlled, non-affiliated investments

 

$

14,475

 

 

$

80,619

 

 

$

133,961

 

 

$

(196,001

)

Income tax (provision) benefit

 

 

(4,383

)

 

 

 

 

 

(8,605

)

 

 

 

Controlled affiliated investments

 

 

985

 

 

 

4,615

 

 

 

367

 

 

 

(3,536

)

Translation of assets and liabilities in foreign currencies

 

 

(796

)

 

 

3,113

 

 

 

(3,716

)

 

 

3,237

 

Total Net Change in Unrealized Gain (Loss)

 

 

10,281

 

 

 

88,347

 

 

 

122,007

 

 

 

(196,300

)

Net realized gain (loss):

 

 

 

 

 

 

 

 

 

 

 

 

Non-controlled, non-affiliated investments

 

 

2,018

 

 

 

2,537

 

 

 

(24,656

)

 

 

2,885

 

Foreign currency transactions

 

 

53

 

 

 

(2,274

)

 

 

1,242

 

 

 

(2,364

)

Total Net Realized Gain (Loss)

 

 

2,071

 

 

 

263

 

 

 

(23,414

)

 

 

521

 

Total Net Realized and Change in Unrealized Gain (Loss)

 

 

12,352

 

 

 

88,610

 

 

 

98,593

 

 

 

(195,779

)

Net Increase (Decrease) in Net Assets Resulting from Operations

 

$

142,851

 

 

$

216,047

 

 

$

450,876

 

 

$

207,076

 

Earnings Per Share - Basic and Diluted

 

$

0.36

 

 

$

0.56

 

 

$

1.15

 

 

$

0.53

 

Weighted Average Shares Outstanding - Basic and Diluted

 

 

392,715,513

 

 

 

386,534,213

 

 

 

391,893,306

 

 

 

388,474,850

 

 

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

 

 

3


Owl Rock Capital Corporation

Consolidated Schedule of Investments

As of September 30, 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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Advertising and media

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Global Music Rights, LLC(4)(7)(24)

 

First lien senior secured loan

 

L + 5.75%

 

8/28/2028

 

 

7,500

 

 

 

7,352

 

 

 

7,350

 

 

 

0.1

 

%

Global Music Rights, LLC(4)(18)(19)(24)

 

First lien senior secured revolving loan

 

L + 5.75%

 

8/27/2027

 

 

 

 

 

(13

)

 

 

(13

)

 

 

 

%

 

 

 

 

 

 

 

 

 

7,500

 

 

 

7,339

 

 

 

7,337

 

 

 

0.1

 

%

Aerospace and defense

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

First lien senior secured loan

 

L + 7.25%

 

1/3/2025

 

 

215,136

 

 

 

212,649

 

 

 

195,775

 

 

 

3.3

 

%

Peraton Corp.(4)(5)(24)

 

Second lien senior secured loan

 

L + 7.75%

 

2/1/2029

 

 

47,500

 

 

 

46,823

 

 

 

47,144

 

 

 

0.8

 

%

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

 

First lien senior secured loan

 

L + 6.75% (incl. 1.00% PIK)

 

6/28/2025

 

 

121,821

 

 

 

120,594

 

 

 

111,465

 

 

 

1.9

 

%

Valence Surface Technologies LLC(4)(8)(18)(24)

 

First lien senior secured revolving loan

 

L + 6.75% (incl. 1.00% PIK)

 

6/28/2025

 

 

6,018

 

 

 

5,925

 

 

 

5,166

 

 

 

0.1

 

%

 

 

 

 

 

 

 

 

 

390,475

 

 

 

385,991

 

 

 

359,550

 

 

 

6.1

 

%

Buildings and real estate

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

First lien senior secured loan

 

L + 6.50% (incl. 2.50% PIK)

 

7/2/2027

 

 

389,625

 

 

 

385,869

 

 

 

385,729

 

 

 

6.6

 

%

Associations, Inc.(4)(7)(18)(20)(24)

 

First lien senior secured delayed draw term loan A

 

L + 6.50% (incl. 2.50% PIK)

 

7/2/2022

 

 

1,755

 

 

 

1,643

 

 

 

1,638

 

 

 

 

%

Associations, Inc.(4)(18)(19)(20)(24)

 

First lien senior secured delayed draw term loan B

 

L + 6.50% (incl. 2.50% PIK)

 

1/2/2023

 

 

 

 

 

(234

)

 

 

(244

)

 

 

 

%

Associations, Inc.(4)(18)(19)(20)(24)

 

First lien senior secured delayed draw term loan C

 

L + 6.50% (incl. 2.50% PIK)

 

7/2/2023

 

 

 

 

 

(234

)

 

 

(244

)

 

 

 

%

Associations, Inc.(4)(18)(19)(24)

 

First lien senior secured revolving loan

 

L + 6.50%

 

7/2/2027

 

 

 

 

 

(316

)

 

 

(329

)

 

 

 

%

Dodge Data & Analytics LLC(4)(5)(24)

 

First lien senior secured loan

 

L + 7.50%

 

4/14/2026

 

 

32,643

 

 

 

32,039

 

 

 

32,072

 

 

 

0.5

 

%

Dodge Data & Analytics LLC(4)(18)(19)(24)

 

First lien senior secured revolving loan

 

L + 7.50%

 

4/14/2026

 

 

 

 

 

(34

)

 

 

(33

)

 

 

 

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

4


Owl Rock Capital Corporation

Consolidated Schedule of Investments

As of September 30, 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

 

 

REALPAGE, INC.(4)(5)(24)

 

Second lien senior secured loan

 

L + 6.50%

 

4/23/2029

 

 

34,500

 

 

 

34,005

 

 

 

35,190

 

 

 

0.6

 

%

Reef Global, Inc. (fka Cheese Acquisition, LLC)(4)(8)(24)

 

First lien senior secured loan

 

L + 6.00% (incl. 1.25% PIK)

 

11/28/2024

 

 

134,470

 

 

 

133,637

 

 

 

128,418

 

 

 

2.2

 

%

Imperial Parking Canada(4)(9)(24)

 

First lien senior secured loan

 

C + 6.25% (incl. 1.25% PIK)

 

11/28/2024

 

 

27,885

 

 

 

26,663

 

 

 

26,630

 

 

 

0.5

 

%

Reef Global, Inc. (fka Cheese Acquisition, LLC)(4)(5)(18)(24)

 

First lien senior secured revolving loan

 

L + 4.75%

 

11/28/2023

 

 

10,987

 

 

 

10,960

 

 

 

10,251

 

 

 

0.2

 

%

 

 

 

 

 

 

 

 

 

631,865

 

 

 

623,998

 

 

 

619,078

 

 

 

10.6

 

%

Business services

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Access CIG, LLC(4)(5)(24)

 

Second lien senior secured loan

 

L + 7.75%

 

2/27/2026

 

 

58,760

 

 

 

58,321

 

 

 

58,466

 

 

 

1.0

 

%

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

 

First lien senior secured loan

 

L + 5.25% (incl. 4.25% PIK)

 

6/3/2024

 

 

856

 

 

 

629

 

 

 

599

 

 

 

 

%

CIBT Global, Inc.(4)(7)(24)(29)

 

Second lien senior secured loan

 

L + 7.75% (incl. 6.75% PIK)

 

12/1/2025

 

 

63,678

 

 

 

26,745

 

 

 

24,038

 

 

 

0.4

 

%

Denali BuyerCo, LLC (dba Summit Companies)(4)(7)(24)

 

First lien senior secured loan

 

L + 5.75%

 

9/15/2028

 

 

32,593

 

 

 

32,269

 

 

 

32,267

 

 

 

0.5

 

%

Denali BuyerCo, LLC (dba Summit Companies)(4)(18)(19)(24)

 

First lien senior secured delayed draw term loan

 

L + 5.75%

 

9/15/2028

 

 

 

 

 

(59

)

 

 

 

 

 

 

%

Denali BuyerCo, LLC (dba Summit Companies)(4)(18)(19)(24)

 

First lien senior secured revolving loan

 

L + 5.75%

 

9/15/2027

 

 

 

 

 

(35

)

 

 

(36

)

 

 

 

%

Diamondback Acquisition, Inc. (dba Sphera)(4)(7)(24)

 

First lien senior secured loan

 

L + 5.50%

 

9/13/2028

 

 

5,420

 

 

 

5,312

 

 

 

5,312

 

 

 

0.1

 

%

Diamondback Acquisition, Inc. (dba Sphera)(4)(18)(19)(20)(24)

 

First lien senior secured delayed draw term loan

 

L + 5.50%

 

9/13/2023

 

 

 

 

 

(11

)

 

 

(11

)

 

 

 

%

Entertainment Benefits Group, LLC(4)(7)(24)

 

First lien senior secured loan

 

L + 8.25% (incl. 2.50% PIK)

 

9/30/2025

 

 

83,019

 

 

 

82,166

 

 

 

77,208

 

 

 

1.3

 

%

Entertainment Benefits Group, LLC(4)(7)(18)(24)

 

First lien senior secured revolving loan

 

L + 8.25% (incl. 2.50% PIK)

 

9/30/2024

 

 

9,896

 

 

 

9,797

 

 

 

9,112

 

 

 

0.2

 

%

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

 

First lien senior secured loan

 

L + 6.25%

 

7/30/2027

 

 

19,183

 

 

 

18,856

 

 

 

18,848

 

 

 

0.3

 

%

Gainsight, Inc.(4)(18)(19)(24)

 

First lien senior secured revolving loan

 

L + 6.25%

 

7/30/2027

 

 

 

 

 

(57

)

 

 

(59

)

 

 

 

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

5


Owl Rock Capital Corporation

Consolidated Schedule of Investments

As of September 30, 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

 

 

Hercules Borrower, LLC (dba The Vincit Group)(4)(7)(24)

 

First lien senior secured loan

 

L + 6.50%

 

12/15/2026

 

 

179,143

 

 

 

176,746

 

 

 

179,143

 

 

 

3.0

 

%

Hercules Borrower, LLC (dba The Vincit Group)(4)(18)(19)(24)

 

First lien senior secured revolving loan

 

L + 6.50%

 

12/15/2026

 

 

 

 

 

(272

)

 

 

 

 

 

 

%

Hercules Buyer, LLC (dba The Vincit Group)(24)(26)(30)

 

Unsecured notes

 

0.48% PIK

 

12/14/2029

 

 

5,112

 

 

 

5,112

 

 

 

5,112

 

 

 

0.1

 

%

 

 

 

 

 

 

 

 

 

457,660

 

 

 

415,519

 

 

 

409,999

 

 

 

6.9

 

%

Chemicals

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Aruba Investments Holdings LLC (dba Angus Chemical Company)(4)(8)(24)

 

Second lien senior secured loan

 

L + 7.75%

 

11/24/2028

 

 

10,000

 

 

 

9,864

 

 

 

10,000

 

 

 

0.2

 

%

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

 

First lien senior secured loan

 

L + 5.75%

 

10/19/2022

 

 

106,453

 

 

 

106,154

 

 

 

105,389

 

 

 

1.8

 

%

Douglas Products and Packaging Company LLC(4)(10)(18)(24)

 

First lien senior secured revolving loan

 

P + 4.75%

 

10/19/2022

 

 

6,055

 

 

 

6,039

 

 

 

5,965

 

 

 

0.1

 

%

Gaylord Chemical Company, L.L.C.(4)(7)(24)

 

First lien senior secured loan

 

L + 6.00%

 

3/30/2027

 

 

153,029

 

 

 

151,604

 

 

 

151,882

 

 

 

2.6

 

%

Gaylord Chemical Company, L.L.C.(4)(18)(19)(24)

 

First lien senior secured revolving loan

 

L + 6.00%

 

3/30/2026

 

 

 

 

 

(119

)

 

 

(99

)

 

 

 

%

Innovative Water Care Global Corporation(4)(10)(24)

 

First lien senior secured loan

 

P + 4.00%

 

2/27/2026

 

 

146,250

 

 

 

139,160

 

 

 

146,250

 

 

 

2.5

 

%

Velocity HoldCo III Inc(4)(7)(24)

 

First lien senior secured loan

 

L + 5.75%

 

4/22/2027

 

 

22,271

 

 

 

21,800

 

 

 

21,826

 

 

 

0.4

 

%

Velocity HoldCo III Inc(4)(18)(19)(24)

 

First lien senior secured revolving loan

 

L + 5.75%

 

4/22/2026

 

 

 

 

 

(27

)

 

 

(27

)

 

 

 

%

 

 

 

 

 

 

 

 

 

444,058

 

 

 

434,475

 

 

 

441,186

 

 

 

7.6

 

%

Consumer products

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Conair Holdings, LLC(4)(7)(24)

 

Second lien senior secured loan

 

L + 7.50%

 

5/17/2029

 

 

187,500

 

 

 

186,141

 

 

 

186,563

 

 

 

3.2

 

%

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

 

First lien senior secured loan

 

L + 6.25%

 

5/25/2023

 

 

87,245

 

 

 

86,910

 

 

 

87,245