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 fiscal quarter ended September 30, 2022 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 ...

Company and Industry Overview * **Company**: Owl Rock Capital Corporation (ORCC) * **Industry**: Business Development Companies (BDCs), Direct Lending * **Focus**: ORCC specializes in providing senior secured loans to middle market companies, particularly in non-cyclical sectors such as software, insurance, and healthcare. Key Financial Results * **Net Asset Value (NAV) Per Share**: $14.48 (down from $14.88 in Q1 2022) * **Net Investment Income (NII) Per Share**: $0.32 (up from $0.31 in Q1 2022) * **Total Portfolio Investments**: $12.6 billion * **Outstanding Debt**: $7.1 billion * **Total Net Assets**: $5.7 billion * **Net Leverage**: 1.2 times debt to equity Market Environment and Strategy * **Market Volatility**: ORCC views market volatility as an opportunity due to increased demand for private credit solutions as banks pull back. * **Specialized Lending**: ORCC is actively seeking opportunities in specialized lending verticals, such as asset-based lending and senior loan funds, to enhance returns. * **Credit Quality**: ORCC maintains a strong credit quality with only one company on non-accrual status and an annualized loss ratio of approximately 15 basis points. Portfolio Composition * **Sector Allocation**: Software, insurance, healthcare, and food and beverage are the primary sectors in ORCC's portfolio. * **Loan Structure**: Senior secured first lien loans with an average loan-to-value ratio of approximately 45%. Future Outlook * **NII Growth**: ORCC expects NII to grow in Q3 2022 based on interest rate elections and potentially in Q4 2022 if rates continue to rise or repayment activity increases. * **Specialized Lending**: ORCC plans to continue growing its specialized lending investments, targeting a mid-single-digit increase in the next few years. * **Dividend Payout**: ORCC is considering increasing its dividend payout if earnings continue to be strong and the rate environment remains favorable. Risks and Uncertainties * **Economic Uncertainty**: ORCC is monitoring economic conditions and preparing for a potential recession. * **Credit Risk**: While ORCC maintains a strong credit quality, there is always a risk of credit issues in the portfolio. * **Market Conditions**: Changes in market conditions could impact ORCC's ability to originate new loans and invest in specialized lending verticals.

| --- | --- | --- | |-----------------------------------------------|-------|-------| | | | | | | | | | | | | | | | | | | | | | Owl Rock Capital Corporation | | | | Quarterly Earnings Presentation June 30, 2022 | | | | | | | | | | | | | | | | | | | NYSE: ORCC Review of Q2 2022 Earnings Summary | --- | --- | |-------|-------| | | | | • | | | • | | | • | | | • | | | • | | Net asset value per share of $14.48, down from $14.88 as of 3/31/22 Net investment income per share of $0.32, up from $0.31 as of 3/31/22 N ...

PART I FINANCIAL INFORMATION [Consolidated Financial Statements](index=4&type=section&id=Item%201.%20Consolidated%20Financial%20Statements) This section presents Owl Rock Capital Corporation's unaudited consolidated financial statements for Q2 2022, detailing assets, operations, cash flows, and investment schedules, noting a NAV per share decrease to $14.48 driven by net unrealized losses [Consolidated Statements of Assets and Liabilities](index=4&type=section&id=Consolidated%20Statements%20of%20Assets%20and%20Liabilities) - Total net assets decreased to **$5.70 billion** as of June 30, 2022, from **$5.94 billion** as of December 31, 2021, resulting in a decline in Net Asset Value (NAV) per share from **$15.08** to **$14.48**[12](index=12&type=chunk) Consolidated Statements of Assets and Liabilities Highlights (in thousands) | Metric | June 30, 2022 (Unaudited) | December 31, 2021 | | :--- | :--- | :--- | | Total Investments at Fair Value | $12,648,126 | $12,741,640 | | Total Assets | $13,088,383 | $13,298,170 | | Total Liabilities | $7,383,937 | $7,360,293 | | Total Net Assets | $5,704,446 | $5,937,877 | | **Net Asset Value Per Share** | **$14.48** | **$15.08** | [Consolidated Statements of Operations](index=5&type=section&id=Consolidated%20Statements%20of%20Operations) - For the three months ended June 30, 2022, the company reported a Net Decrease in Net Assets of **$34.9 million**, or **($0.09) per share**, a significant shift from a Net Increase of **$150.2 million**, or **$0.38 per share**, in the prior year's quarter, primarily driven by a **$160.1 million** net unrealized loss on investments, compared to a **$31.1 million** gain in Q2 2021[15](index=15&type=chunk) Key Operating Results (in thousands, except per share data) | Metric | Q2 2022 | Q2 2021 | Six Months 2022 | Six Months 2021 | | :--- | :--- | :--- | :--- | :--- | | Total Investment Income | $273,286 | $249,015 | $537,447 | $470,588 | | Net Investment Income After Taxes | $125,124 | $119,129 | $247,479 | $221,784 | | Total Net Realized and Change in Unrealized Gain (Loss) | ($160,070) | $31,051 | ($238,440) | $86,241 | | **Net Increase (Decrease) in Net Assets** | **($34,946)** | **$150,180** | **$9,039** | **$308,025** | | **Earnings Per Share** | **($0.09)** | **$0.38** | **$0.02** | **$0.79** | [Consolidated Schedules of Investments](index=6&type=section&id=Consolidated%20Schedules%20of%20Investments) - As of June 30, 2022, total investments at fair value were **$12.65 billion**, slightly down from **$12.74 billion** at year-end 2021, with the portfolio diversified across numerous industries, including Internet Software & Services, Insurance, and Financial Services as the largest concentrations[12](index=12&type=chunk)[193](index=193&type=chunk) Total Investments by Type (June 30, 2022, Fair Value in thousands) | Investment Type | Fair Value (in thousands) | Percentage of Portfolio | | :--- | :--- | :--- | | First-lien senior secured debt | $9,243,181 | 73.1% | | Second-lien senior secured debt | $1,825,467 | 14.5% | | Unsecured debt | $269,752 | 2.1% | | Preferred equity | $296,766 | 2.3% | | Common equity | $731,108 | 5.8% | | Investment funds and vehicles | $281,852 | 2.2% | | **Total Investments** | **$12,648,126** | **100.0%** | [Consolidated Statements of Changes in Net Assets](index=42&type=section&id=Consolidated%20Statements%20of%20Changes%20in%20Net%20Assets) - For the six months ended June 30, 2022, net assets decreased by **$233.4 million**, driven by **$244.4 million** in distributions to shareholders, which offset the modest **$9.0 million** net increase from operations[112](index=112&type=chunk) Changes in Net Assets for the Six Months Ended June 30, 2022 (in thousands) | Description | Amount | | :--- | :--- | | Net Assets, beginning of period | $5,937,877 | | Net Increase from Operations | $9,039 | | Distributions to Shareholders | ($244,404) | | Net Increase from Capital Share Transactions | $1,934 | | **Net Assets, end of period** | **$5,704,446** | [Consolidated Statements of Cash Flows](index=43&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) - For the six months ended June 30, 2022, the company experienced a net decrease in cash of **$103.9 million**, with **$74.7 million** provided by operating activities and **$178.6 million** used in financing activities, primarily for shareholder distributions[116](index=116&type=chunk) Cash Flow Summary for the Six Months Ended June 30, 2022 (in thousands) | Activity | Amount | | :--- | :--- | | Net cash provided by operating activities | $74,742 | | Net cash used in financing activities | ($178,628) | | **Net decrease in cash and restricted cash** | **($103,886)** | | Cash and restricted cash, beginning of period | $447,145 | | **Cash and restricted cash, end of period** | **$343,259** | [Notes to Consolidated Financial Statements (Unaudited)](index=45&type=section&id=Notes%20to%20Consolidated%20Financial%20Statements%20(Unaudited)) - The company is regulated as a Business Development Company (BDC) and a Regulated Investment Company (RIC), requiring it to distribute at least **90%** of its taxable income to shareholders[121](index=121&type=chunk)[153](index=153&type=chunk) - Substantially all of the company's investments are not publicly traded and are valued in good faith by the Board (Level 3 assets), based on input from the Adviser and third-party valuation firms[130](index=130&type=chunk)[131](index=131&type=chunk)[132](index=132&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=91&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses financial performance, portfolio activity, and market outlook, highlighting the impact of rising interest rates and market volatility on unrealized losses, while maintaining focus on direct origination of senior secured loans to U.S. middle-market companies and a target leverage ratio of 0.90x-1.25x [Portfolio and Investment Activity](index=103&type=section&id=Portfolio%20and%20Investment%20Activity) - As of June 30, 2022, the investment portfolio totaled **$12.6 billion** at fair value across **168** portfolio companies, with **73.1%** weighted towards first-lien senior secured debt[447](index=447&type=chunk)[448](index=448&type=chunk) Investment Activity for Q2 2022 (in thousands) | Activity | Amount | | :--- | :--- | | Gross Originations | $824,641 | | Less: Sell downs | ($221,256) | | **Total new investment commitments** | **$603,385** | | Total principal amount of investments funded | $341,296 | | Total principal amount of investments sold or repaid | ($488,251) | Portfolio Yields as of June 30, 2022 | Metric | Yield | | :--- | :--- | | Weighted average total yield of portfolio | 8.7% | | Weighted average total yield of debt and income producing securities | 8.9% | | Weighted average spread over base rate of all floating rate investments | 6.6% | - As of June 30, 2022, **99.8%** of the debt portfolio was performing, with only **0.2%** on non-accrual status based on amortized cost[462](index=462&type=chunk) [Results of Operations](index=109&type=section&id=Results%20of%20Operations) - Total investment income for Q2 2022 increased to **$273.3 million** from **$249.0 million** in Q2 2021, driven by a larger debt portfolio and higher dividend income, particularly from controlled affiliates Wingspire Capital and ORCC SLF[491](index=491&type=chunk)[492](index=492&type=chunk) - Total operating expenses rose to **$146.6 million** in Q2 2022 from **$129.7 million** in Q2 2021, primarily due to higher interest expense on increased average borrowings and higher management and incentive fees[495](index=495&type=chunk)[496](index=496&type=chunk) - The company recorded a net unrealized loss of **$156.6 million** in Q2 2022, a sharp reversal from a **$60.9 million** gain in Q2 2021, primarily attributed to widening credit spreads across broader markets[502](index=502&type=chunk)[503](index=503&type=chunk) [Financial Condition, Liquidity and Capital Resources](index=120&type=section&id=Financial%20Condition,%20Liquidity%20and%20Capital%20Resources) - As of June 30, 2022, the company had **$1.4 billion** in available liquidity under its credit facilities and an asset coverage ratio of **179%**, well above the regulatory requirement of **150%**[520](index=520&type=chunk)[521](index=521&type=chunk) - The company's target leverage ratio is **0.90x-1.25x** debt-to-equity, with net leverage at **1.20x** as of June 30, 2022[437](index=437&type=chunk)[448](index=448&type=chunk) - The Board declared a quarterly distribution of **$0.31 per share** for Q1 and Q2 2022[526](index=526&type=chunk) - Under its stock repurchase plan, the company repurchased **757,926 shares** for **$10.0 million** during May 2022, with approximately **$87.4 million** remaining available under the plan as of June 30, 2022[533](index=533&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=144&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company faces valuation risk from its illiquid private securities portfolio and interest rate risk, with **98.8%** of debt investments being floating rate, making net investment income sensitive to base rate changes, and uses interest rate swaps to hedge fixed-rate debt - The company's investments are primarily in illiquid debt and equity of private companies, which are valued in good faith by the Board and subject to valuation risk[703](index=703&type=chunk) Annualized Impact of Hypothetical Interest Rate Changes on Net Income (in millions) | Basis Point Change | Impact on Interest Income | Impact on Interest Expense | Impact on Net Income | | :--- | :--- | :--- | :--- | | +300 bps | $347.5 | $113.5 | $234.0 | | +200 bps | $231.6 | $75.7 | $156.0 | | +100 bps | $115.8 | $37.8 | $78.0 | | +50 bps | $57.9 | $18.9 | $39.0 | [Controls and Procedures](index=145&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded the company's disclosure controls and procedures were effective as of June 30, 2022, with no material changes in internal control over financial reporting during the quarter - The company's management concluded that its disclosure controls and procedures were effective as of the end of the quarter[713](index=713&type=chunk) - No material changes to the company's internal control over financial reporting occurred during the quarter ended June 30, 2022[714](index=714&type=chunk) PART II OTHER INFORMATION [Legal Proceedings](index=146&type=section&id=Item%201.%20Legal%20Proceedings) The company is not currently subject to any material legal proceedings, nor is it aware of any threatened against it - As of the report date, neither the company nor its Adviser were subject to any material legal proceedings[717](index=717&type=chunk) [Risk Factors](index=146&type=section&id=Item%201A.%20Risk%20Factors) There have been no material changes to the risk factors previously disclosed in the company's 2021 Form 10-K and Q1 2022 Form 10-Q - The company refers investors to the risk factors discussed in its 2021 Form 10-K and Q1 2022 Form 10-Q, indicating no material changes during the second quarter[718](index=718&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=146&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) The company did not sell unregistered equity securities, except for dividend reinvestment plan shares, and repurchased **757,926 shares** for **$10.0 million** in May 2022 under its stock repurchase plan - In May 2022, the company purchased **830,764 shares** in the open market at an average price of **$13.36 per share** to satisfy its dividend reinvestment plan obligations[720](index=720&type=chunk) Stock Repurchases for the Quarter Ended June 30, 2022 | Period | Total Shares Repurchased | Average Price Paid per Share | Total Value (in millions) | Approx. Value Remaining (in millions) | | :--- | :--- | :--- | :--- | :--- | | May 2022 | 757,926 | $13.21 | $10.0 | $87.4 | [Defaults Upon Senior Securities](index=146&type=section&id=Item%203.%20Defaults%20Upon%20Senior%20Securities) The company reported no defaults upon its senior securities during the period - None[722](index=722&type=chunk)

Owl Rock Capital Corporation (ORCC) Q1 2022 Earnings Conference Call May 5, 2022 10:00 AM ET Company Participants Dana Sclafani - Head of Investor Relations Craig Packer - Chief Executive Officer Jonathan Lamm - Chief Financial Officer & Chief Operating Officer Conference Call Participants Mickey Schleien - Ladenburg Robert Dodd - Raymond James Finian O'Shea - Wells Fargo Securities Kevin Fultz - JMP Securities Kenneth Lee - RBC Operator Good morning. My name is Rob, and I will be your conference operator ...

| --- | --- | --- | |---------------------------------|-------|-------| | | | | | | | | | | | | | | | | | Owl Rock | | | | Capital Corporation | | | | Quarterly Earnings Presentation | | | | March 31, 2022 | | | | | | | | | | | | | | | | | | | NYSE: ORCC Review of Q1 2022 Earnings Summary | --- | --- | |-------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

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 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. Employer Identification No.) 399 Park Aven ...

| --- | --- | --- | |---------------------------------------------------------------------------------|-------|-------| | | | | | | | | | | | | | | | | | Owl Rock Capital Corporation Quarterly Earnings Presentation December 31, 2021 | | | | | | | | | | | | | | | | | | | NYSE: ORCC | --- | --- | |-------|-----------------------------------------------------------------------| | | | | • | Net asset value per share of $15.08, up from $14.95 as of 9/30/21 | | • | Net investment income per share of $0.35, up fro ...

Owl Rock Capital Corporation (ORCC) Q4 2021 Earnings Conference Call February 24, 2022 10:00 AM ET Company Participants Dana Sclafani – Head of Investor Relations Craig Packer – Chief Executive Officer Jonathan Lamm – Chief Financial Officer and Chief Operating Officer Conference Call Participants Kevin Fultz – JMP Securities Robert Dodd – Raymond James Ryan Lynch – KBW Mickey Schleien – Ladenburg Casey Alexander – Compass Point Kenneth Lee – RBC Capital Markets Operator Good morning, and welcome to the Owl ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION 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) (State or other jurisdiction of 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, 2021 incorporation or organization) Maryland 47-5402460 (I.R.S. E ...