Company Quick10K Filing
Quick10K
Owl Rock Capital
10-Q 2019-06-30 Quarter: 2019-06-30
10-Q 2019-03-31 Quarter: 2019-03-31
10-K 2018-12-31 Annual: 2018-12-31
8-K 2019-10-01 Earnings, Exhibits
8-K 2019-08-02 Enter Agreement, Off-BS Arrangement, Exhibits
8-K 2019-07-30 Earnings, Exhibits
8-K 2019-07-22 Shareholder Rights, Other Events, Exhibits
8-K 2019-07-18 Earnings, Exhibits
8-K 2019-07-07 Earnings, Other Events
8-K 2019-06-04 Earnings, Sale of Shares
8-K 2019-05-28 Enter Agreement, Off-BS Arrangement, Exhibits
8-K 2019-04-29 Amend Bylaw, Shareholder Vote, Exhibits
8-K 2019-04-02 Enter Agreement, Off-BS Arrangement, Exhibits
8-K 2019-03-08 Sale of Shares
8-K 2019-01-30 Sale of Shares
8-K 2019-01-16 Earnings
JMDA Jerrick Media Holdings 453
HLIX Helix TCS 60
UMED Greenway Technologies 32
FNHI Franchise Holdings International 3
DSGT DSG Global 1
XSNX Xsunx 0
MLWF ML Winton Futuresaccess 0
MBHC Mercantil Bank Holding 0
ADMG Adamant Dri Processing & Minerals Group 0
ASFT Appsoft Technologies 0
ORCC 2019-06-30
Part I. Consolidated Financial Information
Item 1. Consolidated Financial Statements
Note 1. Organization
Note 2. Significant Accounting Policies
Note 3. Agreements and Related Party Transactions
Note 4. Investments
Note 5. Fair Value of Investments
Note 6. Debt
Note 7. Commitments and Contingencies
Note 8. Net Assets
Note 9. Earnings per Share
Note 10. Financial Highlights
Note 11. Subsequent Events
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations.
Item 3. Quantitative and Qualitative Disclosures About Market Risk.
Item 4. Controls and Procedures.
Part II - Other Information
Item 1. Legal Proceedings
Item 1A. Risk Factors.
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.
Item 3. Defaults Upon Senior Securities.
Item 4. Mine Safety Disclosures.
Item 5. Other Information.
Item 6. Exhibits.
EX-31.1 owl-ex311_11.htm
EX-31.2 owl-ex312_9.htm
EX-32.1 owl-ex321_7.htm
EX-32.2 owl-ex322_8.htm

Owl Rock Capital Earnings 2019-06-30

ORCC 10Q Quarterly Report

Balance SheetIncome StatementCash Flow

10-Q 1 owl-10q_20190630.htm 10-Q owl-10q_20190630.htm

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 10-Q

 

(Mark One)

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

 

For the quarterly period ended June 30, 2019

OR

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

For the transition period from                      to                      

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

 

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

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

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

 

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 

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

As of July 30, 2019 the registrant had 383,689,762 shares of common stock, $0.01 par value per share, outstanding.

 

 

i


 

Table of Contents

 

 

 

 

 

Page

PART I

 

FINANCIAL INFORMATION

 

2

Item 1.

 

Consolidated Financial Statements

 

2

 

 

Consolidated Statements of Assets and Liabilities as of June 30, 2019 (Unaudited) and December 31,

2018

 

2

 

 

Consolidated Statements of Operations for the Three and Six Months Ended June 30, 2019 and 2018 (Unaudited)

 

3

 

 

Consolidated Schedules of Investments as of June 30, 2019 (Unaudited) and December 31, 2018

 

4

 

 

Consolidated Statements of Changes in Net Assets for the Three and Six Months Ended June 30, 2019 and 2018 (Unaudited)

 

22

 

 

Consolidated Statements of Cash Flows for the Six Months Ended June 30, 2019 and 2018 (Unaudited)

 

23

 

 

Notes to Consolidated Financial Statements (Unaudited)

 

25

Item 2.

 

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

 

57

Item 3.

 

Quantitative and Qualitative Disclosures About Market Risk

 

91

Item 4.

 

Controls and Procedures

 

92

 

 

 

 

 

 

 

 

 

 

PART II

 

OTHER INFORMATION

 

93

Item 1.

 

Legal Proceedings

 

93

Item 1A.

 

Risk Factors

 

93

Item 2.

 

Unregistered Sales of Equity Securities and Use of Proceeds

 

95

Item 3.

 

Defaults Upon Senior Securities

 

95

Item 4.

 

Mine Safety Disclosures

 

95

Item 5.

 

Other Information

 

95

Item 6.

 

Exhibits

 

96

Signatures

 

 

 

97

 

 

ii


 

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS

 

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

 

 

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

 

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

 

an economic downturn could also impact availability and pricing of our financing;

 

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

 

interest rate volatility 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;

 

our contractual arrangements and relationships with third parties;

 

the ability of our portfolio companies to achieve their objectives;

 

competition with other entities and our affiliates for investment opportunities;

 

the speculative and illiquid nature of our investments;

 

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

 

the adequacy of our financing sources and working capital;

 

the loss of key personnel;

 

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

 

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

 

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

 

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

 

the effect of legal, tax and regulatory changes; and

 

other risks, uncertainties and other factors previously identified in the reports and other documents we have filed with the Securities and Exchange Commission (“SEC”).

 

Although we believe that the assumptions on which these forward-looking statements are based are reasonable, any of those assumptions could prove to be inaccurate, and as a result, the forward-looking statements based on those assumptions also could be inaccurate. In light of these and other uncertainties, the inclusion of a projection or forward-looking statement in this report should not be regarded as a representation by us that our plans and objectives will be achieved. These forward-looking statements apply only as of the date of this report. Moreover, we assume no duty and do not undertake to update the forward-looking statements. Because we are an investment company, the forward-looking statements and projections contained in this report are excluded from the safe harbor protection provided by Section 21E of the U.S. Securities Exchange Act of 1934, as amended (the “1934 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)

 

 

 

June 30, 2019 (Unaudited)

 

 

December 31, 2018

 

Assets

 

 

 

 

 

 

 

 

Investments at fair value

 

 

 

 

 

 

 

 

Non-controlled, non-affiliated investments (amortized cost of $7,152,114 and

     $5,720,295, respectively)

 

$

7,150,570

 

 

$

5,697,447

 

Controlled, affiliated investments (amortized cost of $91,638 and $91,138,

     respectively)

 

 

90,185

 

 

 

86,622

 

Total investments at fair value (amortized cost of $7,243,752 and $5,811,433, respectively)

 

 

7,240,755

 

 

 

5,784,069

 

Cash (restricted cash of $18,916 and $6,013, respectively)

 

 

247,845

 

 

 

127,603

 

Interest receivable

 

 

40,661

 

 

 

29,680

 

Receivable from a controlled affiliate

 

 

2,584

 

 

 

8,100

 

Prepaid expenses and other assets

 

 

15,958

 

 

 

1,590

 

Total Assets

 

$

7,547,803

 

 

$

5,951,042

 

Liabilities

 

 

 

 

 

 

 

 

Debt (net of unamortized debt issuance costs of $35,708 and $22,335, respectively)

 

$

1,570,621

 

 

$

2,567,717

 

Management fee payable

 

 

15,455

 

 

 

14,049

 

Distribution payable

 

 

119,622

 

 

 

78,350

 

Payables to affiliates

 

 

2,970

 

 

 

2,847

 

Payable for investments purchased

 

 

106,176

 

 

 

3,180

 

Accrued expenses and other liabilities

 

 

23,103

 

 

 

20,054

 

Total Liabilities

 

 

1,837,947

 

 

 

2,686,197

 

Commitments and contingencies (Note 7)

 

 

 

 

 

 

 

 

Net Assets

 

 

 

 

 

 

 

 

Common shares $0.01 par value, 500,000,000 shares authorized; 373,693,244 and

     216,204,837 shares issued and outstanding, respectively

 

 

3,737

 

 

 

2,162

 

Additional paid-in-capital

 

 

5,683,541

 

 

 

3,271,162

 

Total distributable earnings (losses)

 

 

22,578

 

 

 

(8,479

)

Total Net Assets

 

 

5,709,856

 

 

 

3,264,845

 

Total Liabilities and Net Assets

 

$

7,547,803

 

 

$

5,951,042

 

Net Asset Value Per Share

 

$

15.28

 

 

$

15.10

 

 

 

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 June 30,

 

 

For the Six Months Ended June 30,

 

 

 

2019

 

 

2018

 

 

2019

 

 

2018

 

Investment Income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest income

 

$

171,364

 

 

$

79,907

 

 

$

317,803

 

 

$

141,196

 

Other income

 

 

2,187

 

 

 

2,956

 

 

 

4,526

 

 

 

4,606

 

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

 

 

173,551

 

 

 

82,863

 

 

 

322,329

 

 

 

145,802

 

Investment income from controlled, affiliated investments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Dividend income

 

 

2,584

 

 

 

1,601

 

 

 

5,281

 

 

 

2,923

 

Other income

 

 

 

 

 

1,636

 

 

 

 

 

 

2,819

 

Total investment income from controlled, affiliated investments

 

 

2,584

 

 

 

3,237

 

 

 

5,281

 

 

 

5,742

 

Total Investment Income

 

 

176,135

 

 

 

86,100

 

 

 

327,610

 

 

 

151,544

 

Expenses

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense

 

 

36,858

 

 

 

17,102

 

 

 

71,587

 

 

 

29,159

 

Management fee

 

 

15,455

 

 

 

12,742

 

 

 

30,641

 

 

 

24,777

 

Professional fees

 

 

2,342

 

 

 

1,631

 

 

 

4,475

 

 

 

3,043

 

Directors' fees

 

 

133

 

 

 

128

 

 

 

276

 

 

 

266

 

Other general and administrative

 

 

1,946

 

 

 

1,625

 

 

 

3,551

 

 

 

2,698

 

Total Expenses

 

 

56,734

 

 

 

33,228

 

 

 

110,530

 

 

 

59,943

 

Net Investment Income (Loss) Before Taxes

 

 

119,401

 

 

 

52,872

 

 

 

217,080

 

 

 

91,601

 

Excise tax expense (benefit)

 

 

(221

)

 

 

531

 

 

 

1,452

 

 

 

583

 

Net Investment Income (Loss) After Taxes

 

$

119,622

 

 

$

52,341

 

 

$

215,628

 

 

$

91,018

 

Net Realized and Unrealized Gain (Loss)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net change in unrealized gain (loss):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-controlled, non-affiliated investments

 

$

4,042

 

 

$

3,443

 

 

$

20,470

 

 

$

8,948

 

Controlled affiliated investments

 

 

1,016

 

 

 

(1,118

)

 

 

3,062

 

 

 

(1,182

)

Translation of assets and liabilities in foreign currencies

 

 

 

 

 

 

 

 

(22

)

 

 

 

Total Net Change in Unrealized Gain (Loss)

 

 

5,058

 

 

 

2,325

 

 

 

23,510

 

 

 

7,766

 

Net realized gain (loss):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-controlled, non-affiliated investments

 

 

(179

)

 

 

(3,951

)

 

 

(183

)

 

 

(3,793

)

Foreign currency transactions

 

 

169

 

 

 

 

 

 

203

 

 

 

 

Total Net Realized Gain (Loss)

 

 

(10

)

 

 

(3,951

)

 

 

20

 

 

 

(3,793

)

Total Net Realized and Unrealized Gain (Loss)

 

 

5,048

 

 

 

(1,626

)

 

 

23,530

 

 

 

3,973

 

Net Increase (Decrease) in Net Assets Resulting from Operations

 

$

124,670

 

 

$

50,715

 

 

$

239,158

 

 

$

94,991

 

Earnings Per Share - Basic and Diluted

 

$

0.44

 

 

$

0.41

 

 

$

0.92

 

 

$

0.85

 

Weighted Average Shares Outstanding - Basic and Diluted

 

 

284,750,731

 

 

 

122,691,019

 

 

 

260,453,529

 

 

 

111,867,699

 

 

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

 

 

3


Owl Rock Capital Corporation

Consolidated Schedules of Investments

As of June 30, 2019

(Amounts in thousands, except share amounts)

(Unaudited)

 

 

Company(1)(17)

 

Investment

 

Interest

 

Maturity Date

 

Par / Units

 

 

Amortized Cost(3)(24)

 

 

Fair Value

 

 

Percentage of Net Assets

 

 

Non-controlled/non-affiliated portfolio company investments(2)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Debt Investments

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Advertising and media

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

IRI Holdings, Inc.(4)(7)(20)(22)

 

First lien senior secured loan

 

L + 4.50%

 

11/28/2025

 

$

14,925

 

 

$

14,786

 

 

$

14,870

 

 

 

0.3

 

%

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

 

First lien senior secured loan

 

L + 8.00%

 

6/30/2022

 

 

70,725

 

 

 

69,867

 

 

 

70,725

 

 

 

1.2

 

%

Swipe Acquisition Corporation (dba PLI)(4)(5)(22)

 

First lien senior secured loan

 

L + 7.75%

 

6/29/2024

 

 

160,783

 

 

 

157,950

 

 

 

157,567

 

 

 

2.8

 

%

Swipe Acquisition Corporation (dba PLI)(4)(14)(15)(16)(22)

 

First lien senior secured delayed draw term loan

 

L + 7.75%

 

9/30/2019

 

 

 

 

 

(161

)

 

 

(65

)

 

 

 

%

 

 

 

 

 

 

 

 

 

246,433

 

 

 

242,442

 

 

 

243,097

 

 

 

4.3

 

%

Aerospace and defense

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Aviation Solutions Midco, LLC (dba STS Aviation)(4)(7)(22)

 

First lien senior secured loan

 

L + 5.50%

 

1/4/2025

 

 

101,788

 

 

 

100,364

 

 

 

100,770

 

 

 

1.8

 

%

Valence Surface Technologies LLC(4)(8)(22)

 

First lien senior secured loan

 

L + 5.75%

 

6/28/2025

 

 

100,000

 

 

 

98,502

 

 

 

98,500

 

 

 

1.7

 

%

Valence Surface Technologies LLC(4)(14)(15)(16)(22)

 

First lien senior secured delayed draw term loan

 

L + 5.75%

 

6/28/2021

 

 

 

 

 

(75

)

 

 

(75

)

 

 

 

%

Valence Surface Technologies LLC(4)(14)(15)(22)

 

First lien senior secured revolving loan

 

L + 5.75%

 

6/28/2025

 

 

 

 

 

(150

)

 

 

(150

)

 

 

 

%

 

 

 

 

 

 

 

 

 

201,788

 

 

 

198,641

 

 

 

199,045

 

 

 

3.5

 

%

Automotive

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Mavis Tire Express Services Corp.(4)(5)(22)

 

Second lien senior secured loan

 

L + 7.50%

 

3/20/2026

 

 

155,000

 

 

 

151,950

 

 

 

151,900

 

 

 

2.7

 

%

Mavis Tire Express Services Corp.(4)(5)(14)(16)(22)

 

Second lien senior secured delayed draw term loan

 

L + 7.50%

 

3/20/2020

 

 

1,449

 

 

 

1,199

 

 

 

1,215

 

 

 

 

%

 

 

 

 

 

 

 

 

 

156,449

 

 

 

153,149

 

 

 

153,115

 

 

 

2.7

 

%

Buildings and real estate

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Associations, Inc.(4)(7)(22)

 

First lien senior secured loan

 

L + 4.00%  (3.00% PIK)

 

7/30/2024

 

 

275,688

 

 

 

272,665

 

 

 

273,620

 

 

 

4.8

 

%

Associations, Inc.(4)(6)(14)(16)(22)

 

First lien senior secured delayed draw term loan

 

L + 4.00%  (3.00% PIK)

 

7/30/2021

 

 

33,743

 

 

 

33,132

 

 

 

33,307

 

 

 

0.6

 

%

Associations, Inc.(4)(14)(15)(22)

 

First lien senior secured revolving loan

 

L + 6.00%

 

7/30/2024

 

 

 

 

 

(122

)

 

 

(173

)

 

 

 

%

Cheese Acquisition, LLC(4)(7)(22)

 

First lien senior secured loan

 

L + 4.75%

 

11/28/2024

 

 

135,642

 

 

 

133,731

 

 

 

133,946

 

 

 

2.3

 

%

Imperial Parking Canada(4)(9)(22)

 

First lien senior secured loan

 

C + 5.00%

 

11/28/2024

 

 

27,462

 

 

 

26,846

 

 

 

27,119

 

 

 

0.5

 

%

Cheese Acquisition, LLC(4)(14)(15)(22)

 

First lien senior secured revolving loan

 

L + 4.75%

 

11/28/2023

 

 

 

 

 

(180

)

 

 

(205

)

 

 

 

%

 

 

 

 

 

 

 

 

 

472,535

 

 

 

466,072

 

 

 

467,614

 

 

 

8.2

 

%

4


Owl Rock Capital Corporation

Consolidated Schedules of Investments

As of June 30, 2019

(Amounts in thousands, except share amounts)

(Unaudited)

 

Company(1)(17)

 

Investment

 

Interest

 

Maturity Date

 

Par / Units

 

 

Amortized Cost(3)(24)

 

 

Fair Value

 

 

Percentage of Net Assets

 

 

Business services

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Access CIG, LLC(4)(5)(22)

 

Second lien senior secured loan

 

L + 7.75%

 

2/27/2026

 

 

44,637

 

 

 

44,311

 

 

 

44,525

 

 

 

0.8

 

%

CIBT Global, Inc.(4)(7)(22)

 

Second lien senior secured loan

 

L + 7.75%

 

6/2/2025

 

 

59,500

 

 

 

58,273

 

 

 

58,756

 

 

 

1.0

 

%

ConnectWise, LLC(4)(7)(22)

 

First lien senior secured loan

 

L + 5.50%

 

2/28/2025

 

 

154,763

 

 

 

152,914

 

 

 

152,828

 

 

 

2.7

 

%

ConnectWise, LLC(4)(14)(15)(22)

 

First lien senior secured revolving loan

 

L + 5.50%

 

2/28/2025

 

 

 

 

 

(195

)

 

 

(207

)

 

 

 

%

Vistage International, Inc.(4)(5)(22)

 

Second lien senior secured loan

 

L + 8.00%

 

2/8/2026

 

 

34,800

 

 

 

34,543

 

 

 

34,452

 

 

 

0.6

 

%

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

 

Second lien senior secured loan

 

L + 8.25%

 

12/19/2024

 

 

78,987

 

 

 

78,124

 

 

 

78,592

 

 

 

1.4

 

%

 

 

 

 

 

 

 

 

 

372,687

 

 

 

367,970

 

 

 

368,946

 

 

 

6.5

 

%

Chemicals

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Douglas Products and Packaging Company LLC(4)(7)(22)

 

First lien senior secured loan

 

L + 5.75%

 

10/19/2022

 

 

99,445

 

 

 

98,698

 

 

 

98,450

 

 

 

1.7

 

%

Douglas Products and Packaging Company LLC(4)(7)(14)(22)

 

First lien senior secured revolving loan

 

L + 5.75%

 

10/19/2022

 

 

2,725

 

 

 

2,673

 

 

 

2,634

 

 

 

 

%

Innovative Water Care Global Corporation(4)(7)(22)

 

First lien senior secured loan

 

L + 5.00%

 

2/27/2026

 

 

149,625

 

 

 

139,480

 

 

 

139,899

 

 

 

2.5

 

%

 

 

 

 

 

 

 

 

 

251,795

 

 

 

240,851

 

 

 

240,983

 

 

 

4.2

 

%

Consumer products

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Feradyne Outdoors, LLC(4)(7)(22)

 

First lien senior secured loan

 

L + 6.25%

 

5/25/2023

 

 

113,190

 

 

 

112,226

 

 

 

101,305

 

 

 

1.8

 

%

WU Holdco, Inc. (dba Weiman Products, LLC)(4)(7)(22)

 

First lien senior secured loan

 

L + 5.50%

 

3/26/2026

 

 

140,840

 

 

 

138,103

 

 

 

138,023

 

 

 

2.4

 

%

WU Holdco, Inc. (dba Weiman Products, LLC)(4)(14)(15)(16)(22)

 

First lien senior secured delayed draw term loan

 

L + 5.50%

 

3/26/2021

 

 

 

 

 

(191

)

 

 

(199

)

 

 

 

%

WU Holdco, Inc. (dba Weiman Products, LLC)(4)(14)(15)(22)

 

First lien senior secured revolving loan

 

L + 5.50%

 

3/26/2025

 

 

 

 

 

(266

)

 

 

(278

)

 

 

 

%

 

 

 

 

 

 

 

 

 

254,030

 

 

 

249,872

 

 

 

238,851

 

 

 

4.2

 

%

Containers and packaging

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pregis Holding I Corporation(4)(7)(22)

 

Second lien senior secured loan

 

L + 7.25%

 

5/20/2022

 

 

43,000

 

 

 

42,362

 

 

 

43,430

 

 

 

0.7

 

%

 

 

 

 

 

 

 

 

 

43,000

 

 

 

42,362

 

 

 

43,430

 

 

 

0.7

 

%

Distribution

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

First lien senior secured loan

 

L + 5.00%

 

6/15/2023

 

 

58,791

 

 

 

58,898

 

 

 

55,557

 

 

 

1.0

 

%

ABB/Con-cise Optical Group LLC(4)(7)

 

Second lien senior secured loan

 

L + 9.00%

 

6/17/2024

 

 

25,000

 

 

 

24,463

 

 

 

23,250

 

 

 

0.4

 

%

Aramsco, Inc.(4)(5)(22)

 

First lien senior secured loan

 

L + 5.25%

 

8/28/2024

 

 

57,344

 

 

 

56,088

 

 

 

55,910

 

 

 

1.0

 

%

Aramsco, Inc.(4)(10)(14)(22)

 

First lien senior secured revolving loan

 

P + 4.25%

 

8/28/2024

 

 

838

 

 

 

658

 

 

 

628

 

 

 

 

%

BCPE Empire Holdings, Inc. (dba Imperial-Dade)(4)(5)(20)(22)

 

First lien senior secured loan

 

L + 4.00%

 

6/11/2026

 

 

20,051

 

 

 

19,850

 

 

 

19,850

 

 

 

0.3

 

%

BCPE Empire Holdings, Inc. (dba Imperial-Dade)(4)(14)(16)(20)(22)

 

First lien senior secured delayed draw term loan

 

L + 4.00%

 

6/11/2021

 

 

 

 

 

 

 

 

 

 

 

 

%

5


Owl Rock Capital Corporation

Consolidated Schedules of Investments

As of June 30, 2019

(Amounts in thousands, except share amounts)

(Unaudited)

 

Company(1)(17)

 

Investment

 

Interest

 

Maturity Date

 

Par / Units

 

 

Amortized Cost(3)(24)

 

 

Fair Value

 

 

Percentage of Net Assets

 

 

Dealer Tire, LLC(4)(5)(22)

 

First lien senior secured loan

 

L + 5.50%

 

12/15/2025

 

 

114,463

 

 

 

109,081

 

 

 

111,602

 

 

 

2.0

 

%

Endries Acquisition, Inc.(4)(7)(22)

 

First lien senior secured loan

 

L + 6.25%

 

12/10/2025

 

 

179,550

 

 

 

176,596

 

 

 

176,857

 

 

 

3.1

 

%

Endries Acquisition, Inc.(4)(7)(14)(16)(22)

 

First lien senior secured delayed draw term loan

 

L + 6.25%

 

12/10/2020

 

 

10,414

 

 

 

9,407

 

 

 

9,476

 

 

 

0.2

 

%