[Part I: Financial Information](index=4&type=section&id=PART%20I%20FINANCIAL%20INFORMATION) This section presents the company's consolidated financial statements, management's discussion and analysis, and market risk disclosures [Consolidated Financial Statements](index=4&type=section&id=Item%201.%20Consolidated%20Financial%20Statements) This section presents the unaudited consolidated financial statements, including balance sheets, statements of operations, and investment schedules [Consolidated Statements of Assets and Liabilities](index=4&type=section&id=Consolidated%20Statements%20of%20Assets%20and%20Liabilities) As of March 31, 2021, total assets were $11.59 billion, total net assets $5.80 billion, and NAV per share $14.82 Consolidated Statements of Assets and Liabilities (in thousands USD) | Account | March 31, 2021 (Unaudited) | December 31, 2020 | | :--- | :--- | :--- | | **Assets** | | | | Total investments at fair value | $11,240,472 | $10,842,072 | | Cash and Foreign cash | $255,265 | $357,911 | | Total Assets | **$11,588,242** | **$11,304,357** | | **Liabilities** | | | | Debt (net) | $5,545,891 | $5,292,722 | | Total Liabilities | **$5,786,154** | **$5,557,923** | | **Net Assets** | | | | Total Net Assets | **$5,802,088** | **$5,746,434** | | Net Asset Value Per Share | **$14.82** | **$14.74** | [Consolidated Statements of Operations](index=5&type=section&id=Consolidated%20Statements%20of%20Operations) For the three months ended March 31, 2021, net assets increased by $157.8 million, a turnaround from a $312.6 million decrease in the prior year Consolidated Statements of Operations (in thousands USD) | Account | Three Months Ended March 31, 2021 | Three Months Ended March 31, 2020 | | :--- | :--- | :--- | | Total Investment Income | $221,573 | $204,732 | | Net Operating Expenses | $117,791 | $56,401 | | Net Investment Income After Taxes | $102,655 | $146,256 | | Total Net Realized and Change in Unrealized Gain (Loss) | $55,190 | $(458,846) | | **Net Increase (Decrease) in Net Assets** | **$157,845** | **$(312,590)** | | Earnings Per Share - Basic and Diluted | $0.40 | $(0.79) | - Net operating expenses in Q1 2020 were significantly lower due to a **$42.5 million** waiver of management and incentive fees, which did not occur in Q1 2021[14](index=14&type=chunk) [Consolidated Schedules of Investments](index=6&type=section&id=Consolidated%20Schedules%20of%20Investments) As of March 31, 2021, total investments at fair value were $11.24 billion, primarily concentrated in first and second lien senior secured loans Total Investments by Type (in thousands USD) | Investment Type | March 31, 2021 (Fair Value) | December 31, 2020 (Fair Value) | | :--- | :--- | :--- | | First-lien senior secured debt | $8,744,469 | $8,404,754 | | Second-lien senior secured debt | $1,807,521 | $2,000,471 | | Unsecured debt | $191,211 | $59,562 | | Equity investments | $389,155 | $271,739 | | Investment funds and vehicles | $108,116 | $105,546 | | **Total Investments** | **$11,240,472** | **$10,842,072** | - As of March 31, 2021, one investment, CIBT Global, Inc., with an amortized cost of **$57.1 million**, was on non-accrual status[18](index=18&type=chunk)[54](index=54&type=chunk) [Notes to Consolidated Financial Statements](index=38&type=section&id=Notes%20to%20Consolidated%20Financial%20Statements) The notes detail accounting policies, investment valuation, debt facilities, and shareholder equity, emphasizing the company's BDC and RIC regulatory status - The company is regulated as a Business Development Company (BDC) and a Regulated Investment Company (RIC), subject to specific diversification, income, and distribution requirements[103](index=103&type=chunk) - The company's adviser, Owl Rock Capital Advisors LLC, is part of a planned merger to form Blue Owl Capital Inc., with shareholders approving a new advisory agreement[106](index=106&type=chunk)[161](index=161&type=chunk) - The company uses a multi-step process involving its Adviser, an audit committee, and independent third-party firms to determine the fair value of its illiquid Level 3 investments[114](index=114&type=chunk)[222](index=222&type=chunk) [Management's Discussion and Analysis (MD&A)](index=81&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses the company's performance, financial condition, and outlook, covering investment framework, portfolio activity, operating results, and capital resources [Overview](index=81&type=section&id=MD%26A%20Overview) Owl Rock Capital Corporation is a BDC focused on direct lending to U.S. middle-market companies, with its Adviser's parent company undergoing a merger - The company's investment objective is to generate current income and capital appreciation through investments in various loan types and equity[403](index=403&type=chunk) - The Adviser's parent company is merging to form Blue Owl Capital Inc., resulting in a change of control for the Adviser, with shareholders approving a new advisory agreement[407](index=407&type=chunk) [Portfolio and Investment Activity](index=86&type=section&id=Portfolio%20and%20Investment%20Activity) The portfolio's fair value was $11.2 billion across 120 companies, primarily first lien senior secured debt, with a weighted average yield of 8.3% and stable credit quality Portfolio Composition by Fair Value | Investment Type | March 31, 2021 | December 31, 2020 | | :--- | :--- | :--- | | First lien senior secured debt | 77.8% | 77.5% | | Second lien senior secured debt | 16.0% | 18.5% | | Unsecured investments | 1.7% | 0.5% | | Equity investments | 3.5% | 2.5% | | Investment funds and vehicles | 1.0% | 1.0% | Investment Activity for the Three Months Ended March 31 (in millions USD) | Activity | 2021 | 2020 | | :--- | :--- | :--- | | Total new investment commitments | $863.5 | $731.0 | | Total principal funded | $684.4 | $615.8 | | Total principal sold or repaid | $(512.2) | $(417.9) | Portfolio Credit Quality by Fair Value | Investment Rating | March 31, 2021 | December 31, 2020 | | :--- | :--- | :--- | | 1 (Lowest Risk) | 12.6% | 10.1% | | 2 (Stable) | 77.8% | 79.6% | | 3 (Increased Risk) | 7.7% | 8.3% | | 4 (Materially Increased Risk) | 1.9% | 2.0% | | 5 (Substantial Risk) | 0.0% | 0.0% | - As of March 31, 2021, loans on non-accrual status represented **0.5%** of the total debt portfolio at amortized cost, consistent with the prior quarter[459](index=459&type=chunk) [Results of Operations](index=97&type=section&id=Results%20of%20Operations) For Q1 2021, the company reported a net increase in net assets of $157.8 million, a significant turnaround from a $312.6 million net decrease in Q1 2020 Operating Results Comparison (in millions USD) | Metric | Q1 2021 | Q1 2020 | | :--- | :--- | :--- | | Total Investment Income | $221.5 | $204.7 | | Net Operating Expenses | $117.8 | $56.4 | | Net Investment Income After Taxes | $102.6 | $146.3 | | Net Change in Unrealized Gain (Loss) | $52.9 | $(459.2) | | **Net Increase (Decrease) in Net Assets** | **$157.8** | **$(312.6)** | - The increase in net operating expenses was primarily due to the expiration of management and incentive fee waivers in October 2020, with **$42.5 million** waived in Q1 2020[492](index=492&type=chunk)[493](index=493&type=chunk) - The net unrealized gain of **$57.9 million** in Q1 2021 was driven by improved valuations across the debt portfolio, with fair value as a percentage of principal increasing to **97.8%**[499](index=499&type=chunk) - Since inception through March 31, 2021, the company's exited investments have generated an aggregate cash flow realized gross internal rate of return (IRR) of over **11.8%**[503](index=503&type=chunk) [Financial Condition, Liquidity and Capital Resources](index=100&type=section&id=Financial%20Condition%2C%20Liquidity%20and%20Capital%20Resources) As of March 31, 2021, the company had $5.6 billion in total debt outstanding and $1.4 billion in available borrowing capacity, with an asset coverage ratio of 202% - As of March 31, 2021, the company had **$255.3 million** in cash and restricted cash and **$1.4 billion** available under its credit facilities[514](index=514&type=chunk)[515](index=515&type=chunk) Debt Obligations as of March 31, 2021 (in millions USD) | Debt Type | Committed | Outstanding Principal | Available | | :--- | :--- | :--- | :--- | | Revolving Credit Facility | $1,455.0 | $553.5 | $870.3 | | SPV Asset Facilities | $1,300.0 | $725.0 | $575.0 | | CLOs | $1,658.0 | $1,658.0 | $0 | | Unsecured Notes | $3,025.0 | $3,025.0 | $0 | | **Total Debt** | **$7,088.0** | **$5,611.5** | **$1,445.3** | - The Board approved a **$100 million** stock repurchase program in November 2020, set to terminate in November 2021, with no repurchases made as of March 31, 2021[531](index=531&type=chunk)[653](index=653&type=chunk) - On May 5, 2021, the Board declared a Q2 distribution of **$0.31 per share**[521](index=521&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=127&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company is subject to valuation risk for illiquid private investments and interest rate risk, with 99.9% of debt investments having floating rates - The company's primary market risks are valuation risk for its illiquid portfolio and interest rate risk[686](index=686&type=chunk) Hypothetical Annualized Impact of Interest Rate Changes on Net Income (in millions USD) | Basis Point Change | Impact on Net Income | | :--- | :--- | | +300 | $158.4 | | +200 | $79.4 | | +100 | $0.9 | | +50 | $(9.2) | | -25 | $4.0 | - The company may use hedging instruments like interest rate swaps and foreign currency forwards to mitigate market risks[690](index=690&type=chunk)[691](index=691&type=chunk) [Controls and Procedures](index=128&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that the company's disclosure controls and procedures were effective as of March 31, 2021, with no material changes to internal controls during the quarter - The CEO and CFO concluded that the company's disclosure controls and procedures were effective as of the end of the quarter[693](index=693&type=chunk) - No material changes were made to the company's internal control over financial reporting during the quarter ended March 31, 2021[694](index=694&type=chunk) [Part II: Other Information](index=129&type=section&id=PART%20II%20OTHER%20INFORMATION) This section covers legal proceedings, risk factors, unregistered equity sales, and other miscellaneous disclosures [Legal Proceedings](index=129&type=section&id=Item%201.%20Legal%20Proceedings) The company is not currently subject to any material legal proceedings, nor is it aware of any material threatened legal proceedings - As of the filing date, neither the company nor its Adviser was subject to any material legal proceedings[697](index=697&type=chunk) [Risk Factors](index=130&type=section&id=Item%201A.%20Risk%20Factors) The company highlights the significant risk associated with the upcoming decommissioning of LIBOR, which will require renegotiation of credit agreements - A key risk is the planned cessation of LIBOR, with most USD LIBOR tenors ceasing after June 30, 2023, as announced by the FCA[701](index=701&type=chunk) - The transition from LIBOR to an alternative rate like SOFR will require renegotiation of credit agreements, potentially adversely affecting the company's financial condition and results of operations[702](index=702&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=131&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) On January 19, 2021, the company issued 1,435,099 unregistered shares of common stock at $13.34 per share via its dividend reinvestment plan - In Q1 2021, the company issued **1,435,099** unregistered shares at **$13.34 per share** to satisfy the reinvestment portion of its dividend[705](index=705&type=chunk) [Other Disclosures](index=131&type=section&id=Other%20Disclosures) The company reported no defaults upon senior securities, no mine safety disclosures, and no other material information required to be disclosed under Item 5 for the quarter - The company reported no defaults upon senior securities for the period[706](index=706&type=chunk)

Financial Performance - Net income per share decreased to $0.46, from $0.56 as of September 30, 2020[4] - The Q4'20 dividend per share was $0.31, along with a special dividend of $0.08 per share[5] - The Q4'20 dividend yield was 10.6% based on net asset value per share[6] - Net investment income per share decreased to $0.29, from $0.33 as of September 30, 2020[14] Portfolio Update - The total portfolio at fair value increased to $10.8 billion across 119 portfolio companies, up from $9.9 billion across 110 portfolio companies at September 30, 2020[7] - One name was removed from non-accrual, leaving one name on non-accrual (CIBT 2nd lien), representing 0.5% and 0.3% of the portfolio at cost and fair value, respectively[11] - New investment commitments totaled $1,527 million, with net fundings of $755 million[13] Liquidity and Debt - Net asset value per share increased to $14.74, from $14.67 as of September 30, 2020[14] - The company had $2.1 billion of liquidity in cash and undrawn debt[14] - Debt to equity increased quarter over quarter to 0.87x, with 56% of debt funding mix comprised of unsecured debt[14] - Completed fifth CLO financing transaction with net proceeds of $196 million[14] - Issued $1 billion in unsecured debt in November[14] Portfolio Composition - 96% of the portfolio is senior secured, with 78% in first lien investments and 99% in floating rate debt investments[25]

Owl Rock Capital Corporation (ORCC) Q4 2020 Earnings Conference Call February 24, 2020 10:00 AM ET Company Participants Dana Sclafani - Head of IR Craig Packer - CEO Alan Kirshenbaum - CFO, COO Conference Call Participants Robert Dodd - Raymond James Ryan Lynch - KBW Mickey Schleien - Ladenburg Devin Ryan - JMP Securities Casey Alexander - Compass Point Finian O'Shea - Wells Fargo Securities Kenneth Lee - RBC Capital Markets Mickey Schleien - Ladenburg Operator Good morning, and welcome to Owl Rock Capital ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2020 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) 399 P ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q | OWL ROCK CAPITAL CORPORATION (Exact name of Registrant as specified in its Charter) | | | | --- | --- | --- | | Maryland | | 47-5402460 | | (State or other jurisdiction of | | (I.R.S. Employer | | incorporation or organization) | | 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 ...

Owl Rock Capital Corporation (ORCC) Q2 2020 Earnings Conference Call August 5, 2020 10:00 AM ET Company Participants Craig Packer - Chief Executive Officer Alan Kirshenbaum - Chief Financial Officer and Chief Operating Dana Sclafani - Head of Investor Relations Conference Call Participants Chris York - JMP Securities Ryan Lynch - KBW Robert Dodd - Raymond James Mickey Schleien - Ladenburg Casey Alexander - Compass Point Kenneth Lee - RBC Capital Markets Operator Good morning and welcome to Owl Rock Capital ...

OWL ROCK CAPITAL CORPORATION Quarterly Earnings Presentation June 30, 2020 REVIEW OF 2Q 2020 Net asset value per share of $14.52, up from $14.09 as of 3/31/20 Net investment income per share of $0.34, down from $0.37 as of 3/31/20 Earnings Summary Net income per share of $0.79, up from ($0.79) as of 3/31/20 2Q'20 dividend per share of $0.31, and an $0.08 per share special dividend 2Q'20 dividend yield of 10.7%6 As expected, origination activity was more muted in the quarter with light repayment activity New ...

[PART I FINANCIAL INFORMATION](index=4&type=section&id=PART%20I%20FINANCIAL%20INFORMATION) This section provides the unaudited consolidated financial statements and related disclosures for Owl Rock Capital Corporation [Item 1. Consolidated Financial Statements](index=4&type=section&id=Item%201.%20Consolidated%20Financial%20Statements) This section presents the unaudited consolidated financial statements, including balance sheets, statements of operations, changes in net assets, cash flows, and detailed investment schedules [Consolidated Statements of Assets and Liabilities](index=4&type=section&id=Consolidated%20Statements%20of%20Assets%20and%20Liabilities) As of June 30, 2020, total assets increased to $9.50 billion, total liabilities rose to $3.91 billion, and net assets decreased to $5.59 billion Consolidated Balance Sheet Summary (in thousands) | Metric | June 30, 2020 (Unaudited) | December 31, 2019 | | :--- | :--- | :--- | | **Total Investments at Fair Value** | $9,210,730 | $8,799,225 | | **Total Assets** | $9,497,126 | $9,203,619 | | **Total Debt (net)** | $3,494,872 | $3,038,232 | | **Total Liabilities** | $3,911,363 | $3,226,336 | | **Total Net Assets** | $5,585,763 | $5,977,283 | | **Net Asset Value Per Share** | $14.52 | $15.24 | [Consolidated Statements of Operations](index=5&type=section&id=Consolidated%20Statements%20of%20Operations) For Q2 2020, total investment income was $190.2 million, leading to a net increase in net assets of $303.6 million, or $0.79 per share Consolidated Statements of Operations Summary (in thousands, except per share data) | Metric | Q2 2020 | Q2 2019 | H1 2020 | H1 2019 | | :--- | :--- | :--- | :--- | :--- | | **Total Investment Income** | $190,242 | $176,135 | $394,974 | $327,610 | | **Net Operating Expenses** | $61,748 | $56,734 | $118,149 | $110,530 | | **Net Investment Income After Taxes** | $129,162 | $119,622 | $275,418 | $215,628 | | **Total Net Realized and Change in Unrealized Gain (Loss)** | $174,457 | $5,048 | $(284,389) | $23,530 | | **Net Increase (Decrease) in Net Assets** | $303,619 | $124,670 | $(8,971) | $239,158 | | **Earnings Per Share - Basic and Diluted** | $0.79 | $0.44 | $(0.02) | $0.92 | - Management and incentive fees of **$39.9 million** for Q2 2020 and **$82.4 million** for H1 2020 were waived by the Adviser[11](index=11&type=chunk) [Consolidated Schedules of Investments](index=6&type=section&id=Consolidated%20Schedules%20of%20Investments) As of June 30, 2020, the total investment portfolio had a fair value of $9.21 billion, primarily composed of senior secured debt diversified across various industries Total Investments by Type (June 30, 2020) | Investment Type | Fair Value (in thousands) | % of Portfolio | | :--- | :--- | :--- | | First-lien senior secured debt | $7,394,315 | 80.3% | | Second-lien senior secured debt | $1,570,925 | 17.1% | | Unsecured debt | $9,207 | 0.1% | | Equity investments | $137,407 | 1.5% | | Investment funds and vehicles | $98,876 | 1.1% | | **Total Investments** | **$9,210,730** | **100.0%** | Top 5 Industry Concentrations by Fair Value (June 30, 2020) | Industry | % of Portfolio | | :--- | :--- | | Professional services | 13.2% | | Insurance | 14.9% | | Internet software and services | 14.9% | | Healthcare providers and services | 12.5% | | Distribution | 11.3% | - The company holds investments in two controlled/affiliated entities: Wingspire Capital Holdings LLC and Sebago Lake LLC, with a combined fair value of **$158.7 million**[33](index=33&type=chunk) [Consolidated Statements of Changes in Net Assets](index=32&type=section&id=Consolidated%20Statements%20of%20Changes%20in%20Net%20Assets) For the six months ended June 30, 2020, net assets decreased by $391.5 million due to operating losses, shareholder distributions, and share repurchases Changes in Net Assets (in thousands) | Metric | H1 2020 | H1 2019 | | :--- | :--- | :--- | | Net Assets, beginning of period | $5,977,283 | $3,264,845 | | Net (Decrease) Increase from Operations | $(8,971) | $239,158 | | Distributions to Shareholders | $(302,462) | $(208,101) | | Net (Decrease) Increase from Capital Share Transactions | $(80,087) | $2,413,954 | | **Total (Decrease) Increase in Net Assets** | **$(391,520)** | **$2,445,011** | | **Net Assets, end of period** | **$5,585,763** | **$5,709,856** | [Consolidated Statements of Cash Flows](index=33&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) For the six months ended June 30, 2020, net cash used in operating activities was $186.5 million, offset by $57.3 million provided by financing activities Cash Flow Summary for the Six Months Ended June 30 (in thousands) | Activity | 2020 | 2019 | | :--- | :--- | :--- | | Net cash used in operating activities | $(186,455) | $(1,109,883) | | Net cash provided by financing activities | $57,281 | $1,230,125 | | **Net (decrease) increase in cash and restricted cash** | **$(129,174)** | **$120,242** | [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=75&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses financial performance, portfolio activity, and liquidity, highlighting COVID-19 impacts, portfolio composition, and capital structure [COVID-19 Developments](index=76&type=section&id=COVID-19%20Developments) Management acknowledges the significant adverse impact of the COVID-19 pandemic on portfolio companies, leading to business disruptions and decreased origination activity - The company expects portfolio companies to be adversely impacted by COVID-19, potentially leading to financial distress, defaults, and a decrease in the value of investments[356](index=356&type=chunk) - The company has executed loan amendments to provide covenant modifications or additional liquidity, sometimes allowing for Payment-in-Kind (PIK) interest instead of cash[357](index=357&type=chunk) - Origination activity decreased during Q2 2020, reflecting lower levels of private equity deal activity during the period[358](index=358&type=chunk) [Portfolio and Investment Activity](index=81&type=section&id=Portfolio%20and%20Investment%20Activity) As of June 30, 2020, the investment portfolio fair value was $9.2 billion, primarily in senior secured debt, with new investment commitments significantly decreasing in Q2 2020 Investment Activity for the Three Months Ended June 30 (at par, in thousands) | Activity | 2020 | 2019 | | :--- | :--- | :--- | | Total new investment commitments | $342,702 | $953,381 | | Total principal amount of investments funded | $308,011 | $772,888 | | Total principal amount of investments sold or repaid | $(165,519) | $(465,160) | - As of June 30, 2020, **98.7%** of debt investments by fair value had floating rates, and the weighted average yield of accruing debt was **7.9%**[369](index=369&type=chunk)[392](index=392&type=chunk) - The portion of the portfolio rated 3 or 4 (indicating increased risk) grew to **13.0%** of fair value as of June 30, 2020, up from **5.3%** at year-end 2019, attributed to COVID-19 and underlying performance issues[404](index=404&type=chunk) - As of June 30, 2020, loans on non-accrual status represented **2.1%** of the debt portfolio at amortized cost, compared to **0%** at the end of 2019[405](index=405&type=chunk) [Results of Operations](index=91&type=section&id=Results%20of%20Operations) Q2 2020 saw total investment income rise to $190.2 million, with a significant net unrealized gain of $174.5 million, partially reversing prior losses - The increase in Q2 2020 investment income was primarily due to a larger average portfolio size (**$9.7 billion** at par vs. **$7.4 billion** in Q2 2019), partially offset by a lower weighted average yield (**7.5%** vs. **9.1%**)[427](index=427&type=chunk) - The net unrealized gain of **$174.3 million** in Q2 2020 was driven by improved market conditions and tightening credit spreads, with the fair value of debt investments rising to **95.1%** of principal from **93.5%** at the end of Q1 2020[436](index=436&type=chunk) - For the six months ended June 30, 2020, the company recorded a net unrealized loss of **$284.8 million**, primarily due to market conditions and credit spread widening related to COVID-19[437](index=437&type=chunk) [Financial Condition, Liquidity and Capital Resources](index=95&type=section&id=Financial%20Condition%2C%20Liquidity%20and%20Capital%20Resources) As of June 30, 2020, the company had $1.7 billion in available liquidity and $3.5 billion in total debt, with its asset coverage requirement reduced to 150% - As of June 30, 2020, the company had **$1.7 billion** of available capacity under its debt facilities[450](index=450&type=chunk) - Effective June 9, 2020, the company's minimum asset coverage ratio was reduced from **200%** to **150%**, allowing for higher leverage, with the actual ratio at **247%** as of June 30, 2020[448](index=448&type=chunk)[449](index=449&type=chunk) - The company's **$150 million** stock repurchase plan was fully utilized, with **12,515,624 shares** repurchased as of June 30, 2020, and the plan exhausted on August 4, 2020[316](index=316&type=chunk)[468](index=468&type=chunk) Debt Obligations as of June 30, 2020 (in thousands) | Facility Type | Committed | Outstanding Principal | Net Carrying Value | | :--- | :--- | :--- | :--- | | Revolving Credit Facility | $1,335,000 | $164,571 | $157,952 | | SPV Asset Facilities | $1,300,000 | $715,250 | $704,301 | | CLOs | $1,162,000 | $1,162,000 | $1,149,961 | | Unsecured Notes | $1,475,000 | $1,475,000 | $1,502,658 | | **Total Debt** | **$5,272,000** | **$3,516,821** | **$3,494,872** | [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=115&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company faces significant valuation and interest rate risks, exacerbated by COVID-19, with a hypothetical 100 basis point interest rate increase estimated to boost net income by $14.2 million annually - The company's primary market risks are valuation risk for its illiquid private investments and interest rate risk due to its floating-rate assets and liabilities[592](index=592&type=chunk)[593](index=593&type=chunk)[594](index=594&type=chunk) Annualized Impact on Net Income of Hypothetical Base Rate Changes (in millions) | Change in Basis Points | Impact on Net Income | | :--- | :--- | | Up 300 | $145.4 | | Up 200 | $79.0 | | Up 100 | $14.2 | | Up 50 | $(4.4) | | Down 25 | $2.3 | - As of June 30, 2020, **98.7%** of the company's debt investments by fair value were at floating rates, with a weighted average LIBOR floor of **0.85%**[595](index=595&type=chunk) [Item 4. Controls and Procedures](index=120&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that the company's disclosure controls and procedures were effective as of June 30, 2020, with no material changes to internal controls - The company's disclosure controls and procedures were deemed effective as of the end of the quarter[598](index=598&type=chunk) - No material changes were made to internal controls over financial reporting during the quarter ended June 30, 2020[599](index=599&type=chunk) [PART II OTHER INFORMATION](index=121&type=section&id=PART%20II%20OTHER%20INFORMATION) This section covers legal proceedings, risk factors, and unregistered sales of equity securities [Item 1. Legal Proceedings](index=121&type=section&id=Item%201.%20Legal%20Proceedings) The company is not currently subject to any material legal proceedings, nor is it aware of any material threatened legal proceedings - As of the filing date, the company reports no material pending or threatened legal proceedings[602](index=602&type=chunk) [Item 1A. Risk Factors](index=121&type=section&id=Item%201A.%20Risk%20Factors) This section highlights significant risks, emphasizing the adverse impacts of the COVID-19 pandemic, LIBOR transition, and increased leverage from reduced asset coverage - The COVID-19 pandemic has created significant economic uncertainty, adversely impacting portfolio companies through business disruptions, which could lead to increased defaults and write-downs[606](index=606&type=chunk)[608](index=608&type=chunk) - Capital market volatility caused by the pandemic has negatively affected debt and equity markets, which could impact the company's ability to raise capital, the valuation of its investments, and the pace of investment activity[615](index=615&type=chunk)[617](index=617&type=chunk) - The company faces risks from the planned cessation of LIBOR after 2021, which will require renegotiating credit agreements with portfolio companies and its own credit facilities, potentially impacting interest income and borrowing costs[629](index=629&type=chunk)[630](index=630&type=chunk) - Following shareholder approval, the company's asset coverage requirement was reduced from **200%** to **150%** effective June 9, 2020, which allows for increased leverage and magnifies the potential for gain or loss[633](index=633&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=129&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) On May 15, 2020, the company issued approximately 2.25 million shares of common stock through its dividend reinvestment plan, which was not registered under the Securities Act of 1933 - The company issued approximately **2.25 million shares** of common stock on May 15, 2020, pursuant to its dividend reinvestment plan[646](index=646&type=chunk)

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 quarter ended March 31, 2020 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. E ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K | 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 (I.R.S. Employer | | incorporation or organization) Identification No.) | | 399 Park Avenue, 38th Floor, New York, New York 10022 | | ...