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 ...

Owl Rock Capital Corporation (ORCC) Q3 2021 Earnings Conference Call November 4, 2021 10:00 AM ET Company Participants Dana Sclafani - Head-Investor Relations Craig Packer - Co-Founder & Chief Executive Officer Jonathan Lamm - Chief Financial Officer & Chief Operating Officer Conference Call Participants Devin Ryan - JMP Securities Robert Dodd - Raymond James Ryan Lynch - KBW Mickey Schleien - Ladenburg Kenneth Lee - RBC Capital Markets Operator Good morning and welcome to the Owl Rock Capital Corporation's ...

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, 2021 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 ...

Owl Rock Capital Corporation (ORCC) Q2 2021 Earnings Conference Call August 5, 2021 10:00 AM ET Company Participants Dana Sclafani - Head of IR Craig Packer - CEO Alan Kirshenbaum - CFO, COO Jonathan Lamm - Managing Director, Chief Operating Officer and Chief Financial Officer at GSAM Credit Alternatives at Goldman Sachs Conference Call Participants Devin Ryan - JPM Securities Robert Dodd - Raymond James Mickey Schleien - Ladenburg Casey Alexander - Compass Point Kenneth Lee - RBC Capital Markets Finian O'S ...

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 June 30, 2021 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. ...

[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 ...