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Exhibit 99.1
Owl Rock Capital Corporation Schedules Earnings Release and Quarterly Earnings Call to Discuss its First Quarter Ended March 31, 2022 Financial Results
NEW YORK (April 6, 2022) Owl Rock Capital Corporation (NYSE: ORCC) (ORCC) today announced it will release its financial results for the first quarter ended March 31, 2022 on Wednesday, May 4, 2022 after market close. ORCC invites all interested persons to its webcast / conference call on Thursday, May 5, 2022 at 10:00 a.m. Eastern Time to discuss its first quarter ended March 31, 2022 financial results.
Conference Call Information:
The conference call will be broadcast live at 10:00 a.m. Eastern Time on the Investor Resources section of ORCCs website at www.owlrockcapitalcorporation.com. Please visit the website to test your connection before the webcast.
Participants are also invited to access the conference call by dialing one of the following numbers:
Domestic: 1 (888) 440-4182
International: (646) 960-0653
Conference ID: 7406736
All callers will need to enter the Conference ID followed by the # sign and reference Owl Rock Capital Corporation once connected with the operator. All callers are asked to dial in 10-15 minutes prior to the call so that name and company information can be collected.
Replay Information:
An archived replay will be available for 14 days via a webcast link located on the Investor Resources section of ORCCs website, and via the dial-in numbers listed below:
Domestic: 1 (800) 770-2030
International: (647) 362-9199
Conference ID: 7406736
About Owl Rock Capital Corporation
Owl Rock Capital Corporation (ORCC) is a specialty finance company focused on lending to U.S. middle-market companies. As of December 31, 2021, ORCC had investments in 143 portfolio companies with an aggregate fair value of $12.7 billion. ORCC has elected to be regulated as a business development company under the Investment Company Act of 1940, as amended. ORCC is externally managed by Owl Rock Capital Advisors LLC, an SEC-registered investment adviser that is an indirect affiliate of Blue Owl Capital Inc. (Blue Owl) (NYSE: OWL) and part of Owl Rock, a division of Blue Owl. Owl Rock, together with its subsidiaries, is a New York based direct lending platform with approximately $39.2 billion of assets under management as of December 31, 2021.
Certain information contained herein may constitute 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 ORCC, its current and prospective portfolio investments, its industry, its beliefs and opinions, and its 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
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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 2022 10-K Annual Report includes:
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The Note Purchase Agreement for the 2023 Notes contained 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.
The amendment also changed the applicable interest rate from LIBOR plus an applicable margin of 2.15% during the reinvestment period and LIBOR plus an applicable margin of 2.40% after the reinvestment period to term SOFR plus an applicable margin of 2.30% during the reinvestment period and term SOFR plus an applicable margin of 2.55% after the reinvestment period.
The following table reflects the common stock issued pursuant to the dividend reinvestment plan during the three months ended March 31, 2022: 131 The following table reflects the common stock issued pursuant to the dividend reinvestment plan during the three months ended March 31, 2021: Stock Repurchase Plan 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.
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 $150 million in the aggregate of our common stock at prices below its net asset value per share over a specified period, in accordance with the guidelines specified in Rule 10b-18 and Rule 10b5-1 of the Securities Exchange Act of 1934, as amended (the "Exchange Act").
During the three months ended March 31, 2022 and 2021, net unrealized gains (losses) were comprised of the following: ($ in millions) Net change in unrealized gain (loss) on investments (81.7 57.9 Income tax (provision) benefit (2.6 Net change in translation of assets and liabilities in foreign currencies (0.5 (2.4 (82.2 52.9 For the three months ended March 31, 2022 and 2021 For the three months ended March 31, 2022, the net unrealized loss was primarily driven by a decrease in the fair value of our debt investments as compared to December 31, 2021.
The agreement requires a minimum...Read more
The Board undertakes a multi-step...Read more
In addition to portfolio growth,...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
Our primary operating expenses include...Read more
However, there have been headwinds...Read more
The following table provides information...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
First lien senior secured revolving...Read more
For the three months ended...Read more
With respect to revolving loans,...Read more
On June 22, 2021, Sebago...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
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 table below describes investments...Read more
154 Other Commitments and Contingencies...Read more
(12)The negative cost is the...Read more
(12)The negative cost is the...Read more
For further details, see ??...Read more
155 A summary of our...Read more
Our credit facilities contain customary...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
127 For the three months...Read more
For the three months ended...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 March 31, 2022...Read more
On the SPV Asset Facility...Read more
On October 10, 2026, ORCC...Read more
On the SPV Asset Facility...Read more
As part of the refinancing,...Read more
However, it is not possible...Read more
The maximum principal amount of...Read more
We invest in senior secured...Read more
Under the Company 10b5-1 Plan,...Read more
As of March 31, 2022,...Read more
As of December 31, 2021,...Read more
These investments may include high-yield...Read more
We may also generate cash...Read more
157 In addition, changes in...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 cannot, however, be certain...Read more
We evaluate tax positions taken...Read more
To the extent our current...Read more
In addition, temporary investments, such...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
The strength of the financing...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
Except as specifically provided below,...Read more
The swap adjusted interest expense...Read more
The swap adjusted interest expense...Read more
The swap adjusted interest expense...Read more
(5)The amount available is reduced...Read more
(5)The amount available is reduced...Read more
For the quarter ended March...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
The changes in net unrealized...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
Macro trends in base interest...Read more
If the most recently computed...Read more
In addition to the borrower...Read more
All distributions will be paid...Read more
Period over period, income generated...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: 0000950170-22-007370
Submitted to the SEC: Wed May 04 2022 4:01:48 PM EST
Accepted by the SEC: Wed May 04 2022
Period: Thursday, March 31, 2022