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Owl Rock Capital Corp (ORCC) SEC Filing 10-Q Quarterly Report for the period ending Thursday, September 30, 2021

Owl Rock Capital Corp

CIK: 1655888 Ticker: ORCC

 

Exhibit 99.1

 

Owl Rock Capital Corp. Reports Third Quarter Net Investment Income Per Share of $0.33 and
NAV Per Share of $14.95

 

NEW YORK — November 3, 2021 — Owl Rock Capital Corporation (NYSE: ORCC, or the “Company”) today reported net investment income of $130.5 million, or $0.33 per share, and net income of $142.9 million, or $0.36 per share, for the third quarter ended September 30, 2021. Reported net asset value per share was $14.95 at September 30, 2021 as compared to $14.90 at June 30, 2021.

 

“We are very pleased to report strong results this quarter. We experienced a record level of both originations and repayments and were able to seamlessly redeploy capital from those repaid investments into equally attractive new investments,” commented Craig W. Packer, Chief Executive Officer of Owl Rock Capital Corporation. “We are very proud of where our portfolio stands today and to achieve the important milestone of earning our dividend from net investment income this quarter with continued strong credit performance.”

 

The Company’s Board of Directors has declared a fourth quarter 2021 dividend of $0.31 per share for stockholders of record as of December 31, 2021, payable on or before January 31, 2022.

 

PORTFOLIO AND INVESTING ACTIVITY

 

For the three months ended September 30, 2021, new investment commitments totaled $2,794.0 million across 21 new portfolio companies and 13 existing portfolio companies. This compares to $1,578.1 million for the three months ended June 30, 2021 across 16 new portfolio companies and 12 existing portfolio companies.

 

For the three months ended September 30, 2021, the principal amount of new investments funded was $2,292.6 million. For this period, the Company had $2,094.4 million aggregate principal amount in exits and repayments.

 

For the three months ended June 30, 2021, the principal amount of new investments funded was $1,405.6 million. For this period, the Company had $742.7 million aggregate principal amount in exits and repayments.

 

As of September 30, 2021 and June 30, 2021, the Company had investments in 130 and 129 portfolio companies with an aggregate fair value of $12.1 billion and $11.9 billion, respectively. As of September 30, 2021, the average investment size in each portfolio company was $93.2 million based on fair value.

 

As of September 30, 2021, based on fair value, our portfolio consisted of 77.0% first lien senior secured debt investments, 14.5% second lien senior secured debt investments, 1.6% unsecured notes, 1.5% preferred equity investments, 3.5% common equity investments and 1.9% investment funds and vehicles.

 

As of June 30, 2021, based on fair value, our portfolio consisted of 76.2% first lien senior secured debt investments, 16.5% second lien senior secured debt investments, 1.6% unsecured notes, 1.5% preferred equity investments, 2.8% common equity investments and 1.4% investment funds and vehicles.

 

As of September 30, 2021 and June 30, 2021, based on fair value, approximately 91.5% and 92.7% of the portfolio was invested in secured debt, respectively. As of September 30, 2021, 99.9% of our debt investments based on fair value in our portfolio were at floating rates.

 

As of September 30, 2021 and June 30, 2021, the weighted average total yield of accruing debt and income-producing securities at fair value (which includes interest income and amortization of fees and discounts)1 was 7.9% and 8.0%, respectively, and the weighted average total yield of accruing debt and income-producing securities at amortized cost (which includes interest income and amortization of fees and discounts)1 was 7.9% and 8.0%, respectively.

 

1 

For non-stated rate income producing investments, computed based on (a) the dividend or interest income earned for the respective trailing twelve months ended on the measurement date, divided by (b) the ending cost or fair value.  In instances where historical dividend or interest income data is not available or not representative for the trailing twelve months ended, the dividend or interest income is annualized. Prior to 9/30/2021, non-stated rate income producing investments were computed based on (a) the IRR on the measurement date, divided by (b) the ending cost or fair value. As of June 30, 2021, weighted average total yield of accruing debt and income producing securities at fair value and cost was reported at 8.3% and 8.2%, respectively.

 


The following information was filed by Owl Rock Capital Corp (ORCC) on Wednesday, November 3, 2021 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside Owl Rock Capital Corp's 10-Q Quarterly Report:
Ticker: ORCC
CIK: 1655888
Form Type: 10-Q Quarterly Report
Accession Number: 0000950170-21-002848
Submitted to the SEC: Wed Nov 03 2021 5:03:23 PM EST
Accepted by the SEC: Wed Nov 03 2021
Period: Thursday, September 30, 2021

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