Please wait while we load the requested 10-Q report or click the link below:
https://last10k.com/sec-filings/report/1655888/000095017021002848/orcci_10q_2021-09-30.htm
June 2022
May 2022
May 2022
April 2022
April 2022
March 2022
March 2022
March 2022
February 2022
January 2022
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. |
Please wait while we load the requested 10-Q report or click the link below:
https://last10k.com/sec-filings/report/1655888/000095017021002848/orcci_10q_2021-09-30.htm
Compare this 10-Q Quarterly Report to its predecessor by reading our highlights to see what text and tables were removed , added and changed by Owl Rock Capital Corp.
Owl Rock Capital Corp's Definitive Proxy Statement (Form DEF 14A) filed after their 2021 10-K Annual Report includes:
Rating
Learn More![]()
The Note Purchase Agreement for the 2023 Notes contains customary terms and conditions for unsecured notes issued in a private placement, including, without limitation, affirmative and negative covenants such as information reporting, maintenance of our status as a BDC within the meaning of the 1940 Act and a RIC under the Code, minimum shareholders equity, minimum asset coverage ratio and prohibitions on certain fundamental changes at us or any subsidiary guarantor, as well as customary events of default with customary cure and notice, including, without limitation, nonpayment, misrepresentation in a material respect, breach of covenant, cross-default under other indebtedness of us or certain significant subsidiaries, certain judgments and orders, and certain events of bankruptcy.
In connection with the IPO, on July 22, 2019, we entered into a stock repurchase plan (the Company 10b5-1 Plan), to acquire up to $150 million in the aggregate of our common stock at prices below its net asset value per share over a specified period, in accordance with the guidelines specified in Rule 10b-18 and Rule 10b5-1 of the Securities Exchange Act of 1934, as amended (the "Exchange Act").
The following table reflects the common stock issued pursuant to the dividend reinvestment plan during the nine months ended September 30, 2021: The following table reflects the common stock issued pursuant to the dividend reinvestment plan during the nine months ended September 30, 2020: Stock Repurchase Plans On July 7, 2019, our Board approved a stock repurchase plan (the Company 10b5-1 Plan), to acquire up to $150 million in the aggregate of our common stock at prices below our net asset value per share over a specified period, in accordance with the guidelines specified in Rule 10b-18 and Rule 10b5-1 of the Exchange Act.
The following table provides information regarding purchases of our common stock by Goldman, Sachs & Co., as agent, pursuant to the 10b5-1 plan for each month in the year ended December 31, 2020: On November 3, 2020, the Board approved a repurchase program (the Repurchase Plan) under which we may repurchase up to $100 million of our outstanding common stock and on November 2, 2021, the Board extended the Repurchase Plan.
137 Other Commitments and Contingencies In connection with the IPO, on July 22, 2019, we entered into a stock repurchase plan ("the Company 10b5-1 Plan"), to acquire up to $150 million in the aggregate of our common stock at prices below its net asset value per share over a specified period, in accordance with the guidelines specified in Rule 10b-18 and Rule 10b5-1 of the Exchange Act.
The agreement requires a minimum...Read more
The Board undertakes a multi-step...Read more
The maximum principal amount of...Read more
The maximum principal amount of...Read more
The Revolving Credit Facility includes...Read more
Tax positions not deemed to...Read more
For the nine months ended...Read more
Our primary operating expenses include...Read more
The ten largest contributors to...Read more
Pursuant to our second amended...Read more
The weighted average yield was...Read more
(3)Includes the unrealized translation gain...Read more
(3)Includes the unrealized translation gain...Read more
The primary driver of our...Read more
Effective June 19, 2019, the...Read more
For the three months ended...Read more
On June 22, 2021, Sebago...Read more
The primary driver of our...Read more
Variable rate loans bear interest...Read more
Variable rate loans bear interest...Read more
As a result of the...Read more
If we were required to...Read more
116 Aggregate Borrowings Debt obligations...Read more
With respect to revolving loans,...Read more
In order for us to...Read more
No gain or loss is...Read more
No gain or loss was...Read more
No gain or loss will...Read more
No gain or loss will...Read more
The weighted average yields and...Read more
Included in investment income is...Read more
Included in investment income is...Read more
On November 3, 2020, our...Read more
For the three and nine...Read more
(11)The negative cost is the...Read more
(12)The negative cost is the...Read more
For further details, see ??...Read more
138 A summary of our...Read more
120 Our credit facilities contain...Read more
The SPV Asset Facilities contain...Read more
This system is intended primarily...Read more
We own all of the...Read more
Effective as of June 30,...Read more
For the three and nine...Read more
From time to time, we...Read more
During the Revolving Period, if...Read more
Proceeds of the Revolving Credit...Read more
The proceeds from the CLO...Read more
Our investment objective is to...Read more
Our investment objective is to...Read more
In addition, gross IRR does...Read more
We may elect the currency...Read more
As of September 30, 2021...Read more
On the SPV Asset Facility...Read more
On October 10, 2026, ORCC...Read more
On the SPV Asset Facility...Read more
Management fees increased period over...Read more
Management fees increased from $104.9...Read more
The ten largest contributors to...Read more
The ten largest contributors to...Read more
The maximum principal amount of...Read more
We invest in senior secured...Read more
Under the Company 10b5-1 Plan,...Read more
Under the Company 10b5-1 Plan,...Read more
We 113 may also generate...Read more
In addition, changes in the...Read more
We may from time to...Read more
(4)Inclusive of change in fair...Read more
(4)Inclusive of change in fair...Read more
Rule 2a-5 under the 1940...Read more
Discounts to par value on...Read more
We evaluate tax positions taken...Read more
To the extent our current...Read more
Dividend income on preferred equity...Read more
The borrower is performing above...Read more
On the SPV Asset Facility...Read more
Depending on the level of...Read more
Amounts drawn bear interest at...Read more
Currently, the strength of the...Read more
Interest payments received on non-accrual...Read more
The CLO I Notes have...Read more
Interest payments received on non-accrual...Read more
In any period, our interest...Read more
The Adviser has waived its...Read more
The Adviser has waived its...Read more
The Adviser has waived its...Read more
The Adviser has waived its...Read more
The Adviser has waived its...Read more
The Adviser has waived its...Read more
The Adviser has waived its...Read more
The swap adjusted interest expense...Read more
The swap adjusted interest expense...Read more
The swap adjusted interest expense...Read more
Except as specifically provided below,...Read more
(5)The amount available is reduced...Read more
(5)The amount available is reduced...Read more
We believe this is likely...Read more
To obtain and maintain our...Read more
Realized returns, with respect to...Read more
Through August 20, 2025, a...Read more
Through July 20, 2022, a...Read more
Through June 20, 2024, a...Read more
As part of the CLO...Read more
As part of the CLO...Read more
As part of the CLO...Read more
Concurrently with the issuance of...Read more
We own all of the...Read more
Concurrently with the issuance of...Read more
Concurrently with the issuance of...Read more
We purchased all of the...Read more
Concurrently with the issuance of...Read more
We purchased all of the...Read more
For the three and nine...Read more
If the most recently computed...Read more
In addition to the borrower...Read more
All distributions will be paid...Read more
Material Contracts, Statements, Certifications & more
Owl Rock Capital Corp provided additional information to their SEC Filing as exhibits
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