f

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-Q

(Mark One)

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2020

OR  

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

Commission File Number: 814-01219

OWL ROCK CAPITAL CORPORATION II

(Exact Name of Registrant as Specified in its Charter)

Maryland	47-5416332
(State or other jurisdiction of incorporation or organization)	(I.R.S. Employer 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: (212) 419-3000

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
None	None	None

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.     YES ☒    NO  ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes  ☐    No  ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer”, “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer	☐	Accelerated filer	☐
Non-accelerated filer	☒	Small reporting company	☐
Emerging growth company	☒

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.☐

The aggregate market value of common stock held by non-affiliates as of December 31, 2019 has not been provided because there is no established market for the registrant’s shares of common stock.

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    YES ☐  NO ☒

As of November 10, 2020, the registrant had 138,990,222 shares of common stock, $0.01 par value per share, outstanding.

i

Table of Contents

		Page
PART I.	CONSOLIDATED FINANCIAL INFORMATION
Item 1.	Consolidated Financial Statements	4
	Consolidated Statements of Assets and Liabilities as of September 30, 2020 (Unaudited) and December 31, 2019	4
	Consolidated Statements of Operations for the Three and Nine Months Ended September 30, 2020 and 2019 (Unaudited)	5
	Consolidated Schedules of Investments as of September 30, 2020 (Unaudited) and December 31, 2019	6
	Consolidated Statements of Changes in Net Assets for the Three and Nine Months Ended September 30, 2020 and 2019 (Unaudited)	28
	Consolidated Statements of Cash Flows for the Nine Months Ended September 30, 2020 and 2019 (Unaudited)	29
	Notes to Consolidated Financial Statements (Unaudited)	30
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	65
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	103
Item 4.	Controls and Procedures	104
PART II.	OTHER INFORMATION
Item 1.	Legal Proceedings	105
Item 1A.	Risk Factors	105
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	111
Item 3.	Defaults Upon Senior Securities	112
Item 4.	Mine Safety Disclosures	112
Item 5.	Other Information	112
Item 6.	Exhibits	113
Signatures		114

ii

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS

This report contains 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 Owl Rock Capital Corporation II (the “Company,” “we” or “our”), our current and prospective portfolio investments, our industry, our beliefs and opinions, and our 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 factors, some of which are beyond our control and difficult to predict and could cause actual results to differ materially from those expressed or forecasted in the forward-looking statements, including without limitation:

• an economic downturn could impair our portfolio companies’ ability to continue to operate, which could lead to the loss of some or all of our investments in such portfolio companies;

• an economic downturn could disproportionately impact the companies that we intend to target for investment, potentially causing us to experience a decrease in investment opportunities and diminished demand for capital from these companies;

• an economic downturn could also impact availability and pricing of our financing;

• a contraction of available credit and/or an inability to access the equity markets could impair our lending and investment activities;

• the impact of the novel strain of coronavirus known as “COVID-19” and related changes in base interest rates and significant market volatility on our business, our portfolio companies, our industry and the global economy;

• interest rate volatility, including the decommissioning of LIBOR, could adversely affect our results, particularly if we elect to use leverage as part of our investment strategy;

• currency fluctuations could adversely affect the results of our investments in foreign companies, particularly to the extent that we receive payments denominated in foreign currency rather than U.S. dollars;

• our future operating results;

• our business prospects and the prospects of our portfolio companies including our and their ability to achieve our respective objectives as a result of the current COVID-19 pandemic;

• our contractual arrangements and relationships with third parties;

• the ability of our portfolio companies to achieve their objectives;

• competition with other entities and our affiliates for investment opportunities;

• the speculative and illiquid nature of our investments;

• the use of borrowed money to finance a portion of our investments as well as any estimates regarding potential use of leverage;

• the adequacy of our financing sources and working capital;

• the loss of key personnel;

• the timing of cash flows, if any, from the operations of our portfolio companies;

• the ability of Owl Rock Capital Advisors LLC (“the Adviser” or “our Adviser”) to locate suitable investments for us and to monitor and administer our investments;

• the ability of the Adviser to attract and retain highly talented professionals;

• our ability to qualify for and maintain our tax treatment as a regulated investment company (“RIC”) under Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”), and as a business development company (“BDC”);

• the effect of legal, tax and regulatory changes; and

• other risks, uncertainties and other factors previously identified in the reports and other documents we have filed with the Securities and Exchange Commission (“SEC”).

Although we believe that the assumptions on which these forward-looking statements are based are reasonable, any of those assumptions could prove to be inaccurate, and as a result, the forward-looking statements based on those assumptions also could be inaccurate. In light of these and other uncertainties, the inclusion of a projection or forward-looking statement in this report should not be regarded as a representation by us that our plans and objectives will be achieved. These forward-looking statements apply only as of the date of this report. Moreover, we assume no duty and do not undertake to update the forward-looking statements. Because we are an investment company, the forward-looking statements and projections contained in this report are excluded from the safe harbor protection provided by Section 21E of the U.S. Securities Exchange Act of 1934, as amended (the “Exchange Act”).

3

PART I. CONSOLIDATED FINANCIAL INFORMATION

Item 1. Consolidated Financial Statements

Owl Rock Capital Corporation II

Consolidated Statements of Assets and Liabilities

(Amounts in thousands, except share and per share amounts)

	September 30, 2020 (Unaudited)			December 31, 2019
Assets
Investments at fair value (amortized cost of $1,883,299 and $1,443,007, respectively)	$	1,851,842		$	1,441,526
Cash		61,782			73,117
Interest receivable		8,714			9,031
Receivable for investments sold		1,088			2,309
Subscription receivable		4,040			—
Prepaid expenses and other assets		2,764			2,294
Total Assets	$	1,930,230		$	1,528,277
Liabilities
Debt (net of deferred unamortized debt issuance costs of $8,609 and $10,447, respectively)		704,950			555,225
Distribution payable		—			5,266
Payable for investments purchased		26,537			—
Payables to affiliates		4,927			7,219
Accrued expenses and other liabilities		7,984			3,288
Total Liabilities		744,398			570,998
Commitments and contingencies (Note 7)
Net Assets
Common shares $0.01 par value, 450,000,000 shares authorized; 135,616,457 and 106,034,790 shares issued and outstanding, respectively		1,356			1,060
Additional paid-in-capital		1,219,745			959,247
Distributable earnings		(35,269	)		(3,028	)
Total Net Assets		1,185,832			957,279
Total Liabilities and Net Assets	$	1,930,230		$	1,528,277
Net Asset Value Per Share	$	8.74		$	9.03

________________

The accompanying notes are an integral part of these consolidated financial statements.

4

Owl Rock Capital Corporation II

Consolidated Statements of Operations

(Amounts in thousands, except share and per share amounts)

(Unaudited)

	For the Three Months Ended September 30,						For the Nine Months Ended September 30,
	2020			2019			2020			2019
Investment Income
Investment income from non-controlled, non-affiliated investments:
Interest income	$	32,195		$	27,123		$	98,591		$	68,876
Dividend income		896			—			1,203			—
Other income		422			601			1,591			1,275
Total investment income from non-controlled, non-affiliated investments		33,513			27,724			101,385			70,151
Total Investment Income		33,513			27,724			101,385			70,151
Operating Expenses
Offering costs		563			919			2,001			2,918
Interest expense		6,765			6,704			26,598			17,041
Management fee		6,692			5,302			19,325			13,458
Performance based incentive fees		150			1,864			2,178			6,956
Professional fees		1,043			764			2,957			2,240
Directors' fees		206			162			714			464
Other general and administrative		604			514			1,935			1,387
Total Operating Expenses		16,023			16,229			55,708			44,464
Management and incentive fees waived (Note 3)		—			(991	)		(506	)		(2,792	)
Expense support		(3,079	)		(1,081	)		(15,460	)		(4,692	)
Net Operating Expenses		12,944			14,157			39,742			36,980
Net Investment Income (Loss)	$	20,569		$	13,567		$	61,643		$	33,171
Net Realized and Change in Unrealized Gain (Loss)
Net change in unrealized gain (loss):
Non-controlled, non-affiliated investments	$	21,728		$	(5,551	)	$	(30,483	)	$	1,709
Translation of assets and liabilities in foreign currencies		504			(354	)		531			(379	)
Total Net Change in Unrealized Gain (Loss)		22,232			(5,905	)		(29,952	)		1,330
Net realized gain (loss):
Non-controlled, non-affiliated investments		570			1,112			692			1,322
Foreign currency transactions		(105	)		(4	)		(117	)		(8	)
Total Net Realized Gain (Loss)		465			1,108			575			1,314
Total Net Realized and Change in Unrealized Gain (Loss)		22,697			(4,797	)		(29,377	)		2,644
Net Increase (Decrease) in Net Assets Resulting from Operations	$	43,266		$	8,770		$	32,266		$	35,815
Earnings Per Share - Basic and Diluted	$	0.32		$	0.11		$	0.26		$	0.52
Weighted Average Shares Outstanding - Basic and Diluted		133,227,122			81,841,262			125,863,005			68,895,710

The accompanying notes are an integral part of these consolidated financial statements.

5

Owl Rock Capital Corporation II

Consolidated Schedule of Investments

As of September 30, 2020

(Amounts in thousands, except share amounts)

(Unaudited)

Company(1)(2)(3)(22)	Investment	Interest	Maturity Date	Par / Units		Amortized Cost(4)(30)			Fair Value			Percentage of Net Assets
Debt Investments(5)
Advertising and media
IRI Holdings, Inc.(6)(24)	First lien senior secured loan	L + 4.25%	12/1/2025	$	23,467	$	23,285		$	23,233			2.0	%
Swipe Acquisition Corporation (dba PLI)(8)(23)(24)(29)	First lien senior secured loan	L + 8.00%	6/29/2024		19,297		19,034			11,964			1.0	%
Swipe Acquisition Corporation (dba PLI)(6)(16)(18)(23)(24)(29)	First lien senior secured delayed draw term loan	L + 8.00%	11/13/2020		386		361			239			—	%
					43,150		42,680			35,436			3.0	%
Aerospace and defense
Aviation Solutions Midco, LLC (dba STS Aviation)(8)(24)	First lien senior secured loan	L + 9.25% (incl. 9.25% PIK)	1/6/2025		36,236		35,683			30,801			2.6	%
Propulsion Acquisition, LLC (dba Belcan, Inc.)(8)	First lien senior secured loan	L + 6.00%	7/13/2021		27,225		27,114			26,545			2.2	%
Valence Surface Technologies LLC(9)(24)	First lien senior secured loan	L + 5.75%	6/30/2025		24,688		24,382			22,343			1.9	%
Valence Surface Technologies LLC(8)(16)(18)(23)(24)	First lien senior secured delayed draw term loan	L + 5.75%	6/28/2021		5,970		5,889			5,260			0.4	%
Valence Surface Technologies LLC(16)(17)(23)(24)	First lien senior secured revolving loan	L + 5.75%	6/30/2025		—		(30	)		(238	)		—	%
					94,119		93,038			84,711			7.1	%
Automotive
Mavis Tire Express Services Corp.(8)(23)(24)(25)	First lien senior secured loan	L + 3.25%	3/20/2025		129		121			122			—	%
Mavis Tire Express Services Corp.(8)(24)	Second lien senior secured loan	L + 7.57%	3/20/2026		26,695		26,274			25,628			2.2	%
Mavis Tire Express Services Corp.(16)(17)(18)(23)(24)	Second lien senior secured delayed draw term loan	L + 8.00%	3/20/2021		—		—			(42	)		—	%
					26,824		26,395			25,708			2.2	%
Buildings and real estate
Associations, Inc.(8)(24)	First lien senior secured loan	L + 7.00%  (incl. 3.00% PIK)	7/30/2024		28,416		28,178			28,133			2.5	%
Associations, Inc.(8)(16)(18)(24)	First lien senior secured delayed draw term loan	L + 7.00%  (incl. 3.00% PIK)	7/30/2021		5,098		5,058			5,046			0.4	%
Associations, Inc.(8)(23)(24)	First lien senior secured revolving loan	L + 6.00%	7/30/2024		1,000		992			985			0.1	%
Reef Global, Inc. (fka Cheese Acquisition, LLC)(9)(24)	First lien senior secured loan	L + 5.75%  (incl. 1.00% PIK)	11/28/2024		18,644		18,444			17,804			1.5	%
Imperial Parking Canada(11)(24)	First lien senior secured loan	C + 6.00% (incl. 1.00% PIK)	11/28/2024		3,678		3,689			3,513			0.3	%
Reef Global, Inc. (fka Cheese Acquisition, LLC)(6)(16)(23)(24)	First lien senior secured revolving loan	L + 4.75%	11/28/2023		1,526		1,509			1,424			0.1	%
Velocity Commercial Capital, LLC(8)(24)	First lien senior secured loan	L + 7.50%	8/29/2024		14,020		13,877			13,774			1.2	%
					72,382		71,747			70,679			6.1	%

6

Owl Rock Capital Corporation II

Consolidated Schedule of Investments (Continued)

As of September 30, 2020

(Amounts in thousands, except share amounts)

(Unaudited)

Company(1)(2)(3)(22)	Investment	Interest	Maturity Date	Par / Units		Amortized Cost(4)(30)			Fair Value			Percentage of Net Assets
Business services
Access CIG, LLC(8)(24)	Second lien senior secured loan	L + 7.75%	2/27/2026		24,564		24,464			23,949			2.0	%
CIBT Global, Inc.(8)(23)(24)	First lien senior secured loan	L + 3.75%	6/3/2024		149		114			109			—	%
CIBT Global, Inc.(8)(23)(24)(29)	Second lien senior secured loan	L + 7.75% (incl. 6.75% PIK)	6/2/2025		10,863		10,223			7,061			0.6	%
ConnectWise, LLC(8)(24)	First lien senior secured loan	L + 5.50%	2/28/2025		33,427		33,093			33,260			2.8	%
ConnectWise, LLC(16)(17)(23)(24)	First lien senior secured revolving loan	L + 5.50%	2/28/2025		—		(34	)		(18	)		—	%
Entertainment Benefits Group, LLC(8)(24)	First lien senior secured loan	L + 8.25% (incl. 2.50% PIK)	9/30/2025		20,155		19,896			17,736			1.5	%
Entertainment Benefits Group, LLC(8)(16)(23)(24)	First lien senior secured revolving loan	L + 8.25% (incl. 2.50% PIK)	9/30/2024		2,536		2,503			2,199			0.2	%
					91,694		90,259			84,296			7.1	%
Chemicals
Douglas Products and Packaging Company LLC(8)(24)	First lien senior secured loan	L + 5.75%	10/19/2022		18,097		18,002			17,826			1.5	%
Douglas Products and Packaging Company LLC(12)(16)(24)	First lien senior secured revolving loan	P + 4.75%	10/19/2022		1,119		1,113			1,096			0.1	%
Innovative Water Care Global Corporation(8)(24)	First lien senior secured loan	L + 5.00%	2/27/2026		24,625		23,201			20,685			1.7	%
					43,841		42,316			39,607			3.3	%
Consumer products
CD&R Smokey Buyer (fka Radio Systems)(23)(24)(25)(26)	First lien senior secured note	6.75%	7/15/2025		18,750		18,760			19,802			1.7	%
Feradyne Outdoors, LLC(8)(23)(24)	First lien senior secured loan	L + 8.25% (incl. 2.00% PIK)	5/25/2023		977		972			880			0.1	%
WU Holdco, Inc. (dba Weiman Products, LLC)(8)(24)	First lien senior secured loan	L + 5.25%	3/26/2026		48,152		47,311			47,670			4.1	%
WU Holdco, Inc. (dba Weiman Products, LLC)(16)(17)(23)(24)	First lien senior secured revolving loan	L + 5.25%	3/26/2025		—		(30	)		(20	)		—	%
					67,879		67,013			68,332			5.9	%
Containers and packaging
Pregis Topco LLC(6)(23)(24)(25)	First lien senior secured loan	L + 3.75%	7/31/2026		129		122			127			—	%
Pregis Topco LLC(6)(24)	Second lien senior secured loan	L + 7.75%	7/30/2027		28,667		28,154			28,380			2.4	%
					28,796		28,276			28,507			2.4	%

7

Owl Rock Capital Corporation II

Consolidated Schedule of Investments (Continued)

As of September 30, 2020

(Amounts in thousands, except share amounts)

(Unaudited)

Company(1)(2)(3)(22)	Investment	Interest	Maturity Date	Par / Units		Amortized Cost(4)(30)			Fair Value			Percentage of Net Assets
Distribution
Aramsco, Inc.(6)(24)	First lien senior secured loan	L + 5.25%	8/28/2024		10,435		10,274			10,226			0.9	%
Aramsco, Inc.(6)(16)(23)(24)	First lien senior secured revolving loan	L + 5.25%	8/28/2024		557		540			536			—	%
Dealer Tire, LLC(6)(23)(24)(25)	First lien senior secured loan	L + 4.25%	12/12/2025		29,775		29,714			29,031			2.5	%
Endries Acquisition, Inc.(10)(24)	First lien senior secured loan	L + 6.25%	12/10/2025		19,700		19,427			19,257			1.6	%
Endries Acquisition, Inc.(10)(16)(18)(24)	First lien senior secured delayed draw term loan	L + 6.25%	12/10/2020		2,826		2,736			2,670			0.2	%
Endries Acquisition, Inc.(16)(17)(23)(24)	First lien senior secured revolving loan	L + 6.25%	12/10/2024		—		(37	)		(68	)		—	%
Individual Foodservice Holdings, LLC(9)(24)	First lien senior secured loan	L + 5.75%	11/22/2025		21,259		20,850			20,409			1.7	%
Individual Foodservice Holdings, LLC(9)(16)(18)(23)(24)	First lien senior secured delayed draw term loan	L + 5.75%	5/22/2021		2,227		2,109			1,975			0.2	%
Individual Foodservice Holdings, LLC(6)(16)(23)(24)	First lien senior secured revolving loan	L + 5.75%	11/22/2024		1,260		1,192			1,109			0.1	%
Offen, Inc.(6)(24)	First lien senior secured loan	L + 5.00%	6/22/2026		3,627		3,596			3,500			0.3	%
Offen, Inc.(16)(17)(18)(23)(24)	First lien senior secured delayed draw term loan	L + 5.00%	12/21/2020		—		(11	)		(46	)		—	%
					91,666		90,390			88,599			7.5	%
Education
Instructure, Inc.(8)(23)(24)	First lien senior secured loan	L + 7.00%	3/24/2026		23,801		23,524			23,801			2.0	%
Instructure, Inc.(16)(17)(23)(24)	First lien senior secured revolving loan	L + 7.00%	3/24/2026		—		(21	)		—			—	%
Learning Care Group (US) No. 2 Inc.(9)(24)	Second lien senior secured loan	L + 7.50%	3/13/2026		5,393		5,318			4,557			0.4	%
Severin Acquisition, LLC (dba PowerSchool)(6)(24)	Second lien senior secured loan	L + 6.75%	8/3/2026		28,000		27,915			27,160			2.3	%
TSB Purchaser, Inc. (dba Teaching Strategies, Inc.)(8)(24)	First lien senior secured loan	L + 6.00%	5/14/2024		9,618		9,461			9,522			0.8	%
TSB Purchaser, Inc. (dba Teaching Strategies, Inc.)(8)(16)(23)(24)	First lien senior secured revolving loan	L + 6.00%	5/14/2024		192		182			185			—	%
					67,004		66,379			65,225			5.5	%
Energy equipment and services
Liberty Oilfield Services LLC(6)(21)(24)	First lien senior secured loan	L + 7.63%	9/19/2022		1,087		1,078			1,068			0.1	%
					1,087		1,078			1,068			0.1	%

8

Owl Rock Capital Corporation II

Consolidated Schedule of Investments (Continued)

As of September 30, 2020

(Amounts in thousands, except share amounts)

(Unaudited)

Company(1)(2)(3)(22)	Investment	Interest	Maturity Date	Par / Units		Amortized Cost(4)(30)			Fair Value			Percentage of Net Assets
Financial services
Blackhawk Network Holdings, Inc.(6)(24)	Second lien senior secured loan	L + 7.00%	6/15/2026		18,777		18,656			17,415			1.5	%
Hg Genesis 8 Sumoco Limited(15)(21)(23)(24)	Unsecured facility	G + 7.50% (incl. 7.50% PIK)	8/28/2025		5,432		5,519			5,351			0.5	%
NMI Acquisitionco, Inc. (dba Network Merchants)(6)(24)	First lien senior secured loan	L + 5.50%	9/6/2022		3,695		3,655			3,640			0.3	%
NMI Acquisitionco, Inc. (dba Network Merchants)(16)(17)(23)(24)	First lien senior secured revolving loan	L + 5.50%	9/6/2022		—		(1	)		(1	)		—	%
Transact Holdings, Inc.(6)(24)	First lien senior secured loan	L + 4.75%	4/30/2026		8,910		8,800			8,665			0.7	%
					36,814		36,629			35,070			3.0	%
Food and beverage
Caiman Merger Sub LLC (dba City Brewing)(6)(24)	First lien senior secured loan	L + 5.75%	11/3/2025		27,756		27,514			27,756			2.3	%
Caiman Merger Sub LLC (dba City Brewing)(16)(17)(23)(24)	First lien senior secured revolving loan	L + 5.75%	11/1/2024		—		(17	)		—			—	%
CM7 Restaurant Holdings, LLC(6)(24)	First lien senior secured loan	L + 8.75%	5/22/2023		6,101		6,037			5,796			0.5	%
H-Food Holdings, LLC(6)(24)(25)	First lien senior secured loan	L + 4.00%	5/23/2025		4,224		4,187			4,116			0.3	%
H-Food Holdings, LLC(6)(24)	Second lien senior secured loan	L + 7.00%	3/2/2026		18,200		17,849			17,654			1.5	%
Hometown Food Company(6)(24)	First lien senior secured loan	L + 5.00%	8/31/2023		2,376		2,347			2,376			0.2	%
Hometown Food Company(7)(16)(23)(24)	First lien senior secured revolving loan	L + 5.00%	8/31/2023		125		120			125			—	%
Manna Development Group, LLC(6)(24)	First lien senior secured loan	L + 6.75%	10/24/2022		8,209		8,149			7,552			0.6	%
Manna Development Group, LLC(6)(23)(24)	First lien senior secured revolving loan	L + 6.75%	10/24/2022		494		485			454			—	%
Nellson Nutraceutical, LLC(8)(23)(24)	First lien senior secured loan	L + 5.25%	12/23/2023		27,644		26,537			26,537			2.2	%
Nutraceutical International Corporation(6)(23)(24)	First lien senior secured loan	L + 7.00%	9/30/2026		32,706		32,215			32,215			2.7	%
Nutraceutical International Corporation(16)(17)(18)(23)(24)	First lien senior secured delayed draw term loan	L + 7.00%	12/30/2021		—		(74	)		(74	)		—	%
Nutraceutical International Corporation(16)(17)(23)(24)	First lien senior secured revolving loan	L + 7.00%	9/30/2025		—		(35	)		(35	)		—	%
Sara Lee Frozen Bakery, LLC (fka KSLB Holdings, LLC)(6)(24)	First lien senior secured loan	L + 4.50%	7/30/2025		4,936		4,865			4,714			0.4	%
Sara Lee Frozen Bakery, LLC (fka KSLB Holdings, LLC)(6)(16)(23)(24)	First lien senior secured revolving loan	L + 4.50%	7/30/2023		480		467			435			—	%
Shearer's Foods, LLC(8)(23)(24)	Second lien senior secured loan	L + 7.75%	9/22/2028		50,000		49,501			49,500			4.2	%
Ultimate Baked Goods Midco, LLC(6)(24)	First lien senior secured loan	L + 4.00%	8/11/2025		2,948		2,906			2,889			0.2	%
Ultimate Baked Goods Midco, LLC(6)(16)(23)(24)	First lien senior secured revolving loan	L + 4.00%	8/9/2023		42		35			31			—	%
					186,241		183,088			182,041			15.1	%

9

Owl Rock Capital Corporation II

Consolidated Schedule of Investments (Continued)

As of September 30, 2020

(Amounts in thousands, except share amounts)

(Unaudited)

Company(1)(2)(3)(22)	Investment	Interest	Maturity Date	Par / Units		Amortized Cost(4)(30)			Fair Value			Percentage of Net Assets
Healthcare providers and services
Confluent Health, LLC.(6)(24)	First lien senior secured loan	L + 5.00%	6/24/2026		4,444		4,407			4,288			0.4	%
Geodigm Corporation (dba National Dentex)(12)(19)(23)(24)	First lien senior secured loan	P + 5.87%	12/1/2021		22,925		21,380			22,696			1.9	%
GI CCLS Acquisition LLC (fka GI Chill Acquisition LLC)(8)(24)	Second lien senior secured loan	L + 7.50%	8/6/2026		12,375		12,276			12,158			1.0	%
KS Management Services, L.L.C.(6)(24)	First lien senior secured loan	L + 4.25%	1/9/2026		49,625		49,070			49,626			4.2	%
Nelipak Holding Company(9)(24)	First lien senior secured loan	L + 4.25%	7/2/2026		5,684		5,587			5,513			0.5	%
Nelipak Holding Company(9)(16)(23)(24)	First lien senior secured revolving loan	L + 4.25%	7/2/2024		528		514			501			—	%
Nelipak Holding Company(13)(16)(23)(24)	First lien senior secured revolving loan	E + 4.50%	7/2/2024		375		333			347			—	%
Nelipak Holding Company(9)(24)	Second lien senior secured loan	L + 8.25%	7/2/2027		7,994		7,887			7,754			0.7	%
Nelipak Holding Company(14)(23)(24)	Second lien senior secured loan	E + 8.50%	7/2/2027		8,408		7,917			8,030			0.7	%
Premier Imaging, LLC (dba LucidHealth)(6)(24)	First lien senior secured loan	L + 5.75%	1/2/2025		5,895		5,808			5,748			0.5	%
TC Holdings, LLC (dba TrialCard)(8)(24)	First lien senior secured loan	L + 4.50%	11/14/2023		20,995		20,799			20,995			1.8	%
TC Holdings, LLC (dba TrialCard)(16)(17)(23)(24)	First lien senior secured revolving loan	L + 4.50%	11/14/2022		—		(25	)		—			—	%
					139,248		135,953			137,656			11.7	%
Healthcare technology
11849573 Canada Inc. (dba Intelerad Medical Systems Incorporated)(9)(21)(24)	First lien senior secured loan	L + 6.25%	2/20/2026		18,807		18,591			18,430			1.6	%
11849573 Canada Inc. (dba Intelerad Medical Systems Incorporated)(8)(16)(18)(21)(23)(24)	First lien senior secured delayed draw term loan	L + 6.25%	2/21/2021		310		302			295			—	%
11849573 Canada Inc. (dba Intelerad Medical Systems Incorporated)(8)(16)(21)(23)(24)	First lien senior secured revolving loan	L + 6.25%	2/20/2026		375		354			338			—	%
Bracket Intermediate Holding Corp.(8)(23)(24)	First lien senior secured loan	L + 4.25%	9/5/2025		75		69			73			—	%
Bracket Intermediate Holding Corp.(8)(24)	Second lien senior secured loan	L + 8.13%	9/7/2026		3,750		3,689			3,647			0.3	%
Datix Bidco Limited (dba RLDatix)(16)(18)(21)(23)(24)	First lien senior secured delayed draw term loan	L + 5.00%	1/2/2021		—		—			—			—	%
Datix Bidco Limited (dba RLDatix)(16)(18)(21)(23)(24)	Second lien senior secured delayed draw term loan	L + 8.50%	1/2/2021		—		—			—			—	%
Definitive Healthcare Holdings, LLC(6)(24)	First lien senior secured loan	L + 5.50%	7/16/2026		27,751		27,518			27,266			2.3	%
Definitive Healthcare Holdings, LLC(16)(17)(18)(23)(24)	First lien senior secured delayed draw term loan	L + 5.50%	7/16/2021		—		(25	)		(30	)		—	%
Definitive Healthcare Holdings, LLC(8)(23)(24)	First lien senior secured revolving loan	L + 5.50%	7/16/2024		1,522		1,510			1,495			0.1	%

10

Owl Rock Capital Corporation II

Consolidated Schedule of Investments (Continued)

As of September 30, 2020

(Amounts in thousands, except share amounts)

(Unaudited)

Company(1)(2)(3)(22)	Investment	Interest	Maturity Date	Par / Units		Amortized Cost(4)(30)			Fair Value			Percentage of Net Assets
Interoperability Bidco, Inc.(8)(24)	First lien senior secured loan	L + 5.75%	6/25/2026		19,059		18,855			18,344			1.5	%
Interoperability Bidco, Inc.(16)(17)(18)(24)	First lien senior secured delayed draw term loan	L + 5.75%	6/25/2021		—		(2	)		(53	)		—	%
Interoperability Bidco, Inc.(9)(24)	First lien senior secured revolving loan	L + 5.75%	6/25/2024		1,000		991			963			0.1	%
VVC Holding Corp. (dba Athenahealth, Inc.)(8)(24)(25)	First lien senior secured loan	L + 4.50%	2/11/2026		21,691		21,341			21,312			1.8	%
					94,340		93,193			92,080			7.7	%
Household products
Hayward Industries, Inc.(6)(23)(24)(25)	First lien senior secured loan	L + 3.50%	8/5/2024		82		81			80			—	%
Hayward Industries, Inc.(6)(24)	Second lien senior secured loan	L + 8.25%	8/4/2025		4,675		4,611			4,582			0.4	%
HGH Purchaser, Inc. (dba Horizon Services)(8)(24)	First lien senior secured loan	L + 6.75%	11/3/2025		19,294		19,041			18,522			1.6	%
HGH Purchaser, Inc. (dba Horizon Services)(8)(16)(18)(23)(24)	First lien senior secured delayed draw term loan	L + 6.75%	11/1/2021		3,677		3,578			3,409			0.3	%
HGH Purchaser, Inc. (dba Horizon Services)(8)(16)(23)(24)	First lien senior secured revolving loan	L + 6.75%	11/3/2025		446		415			348			—	%
					28,174		27,726			26,941			2.3	%
Human resource support services
The Ultimate Software Group, Inc.(8)(23)(24)	Second lien senior secured loan	L + 6.75%	5/3/2027		262		260			265			—	%
					262		260			265			—
Infrastructure and environmental services
LineStar Integrity Services LLC(9)(24)	First lien senior secured loan	L + 7.25%	2/12/2024		14,367		14,197			12,643			1.1	%
					14,367		14,197			12,643			1.1	%
Insurance
Ardonagh Midco 2 PLC(21)(23)(24)(26)	Unsecured notes	11.50%	1/15/2027		500		495			504			—	%
Ardonagh Midco 3 PLC(15)(21)(23)(24)	First lien senior secured loan	G + 7.50%	7/14/2026		4,871		4,506			4,773			0.4	%
Ardonagh Midco 3 PLC(14)(21)(23)(24)	First lien senior secured loan	E + 7.50%	7/14/2026		563		522			551			—	%
Ardonagh Midco 3 PLC(16)(17)(18)(21)(23)(24)	First lien senior secured delayed draw term loan	G + 7.50%	7/14/2022		—		(29	)		(21	)		—	%
Asurion, LLC(6)(24)(25)	Second lien senior secured loan	L + 6.50%	8/4/2025		15,273		15,192			15,276			1.3	%
Integrity Marketing Acquisition, LLC(9)(24)	First lien senior secured loan	L + 5.50%	8/27/2025		27,920		27,513			27,363			2.3	%
Integrity Marketing Acquisition, LLC(16)(17)(23)(24)	First lien senior secured revolving loan	L + 5.50%	8/27/2025		—		(23	)		(37	)		—	%
KWOR Acquisition, Inc. (dba Worley Claims Services)(6)(24)	First lien senior secured loan	L + 4.00%	6/3/2026		5,091		4,952			4,925			0.4	%
KWOR Acquisition, Inc. (dba Worley Claims Services)(16)(17)(18)(24)	First lien senior secured delayed draw term loan	L + 4.00%	6/3/2021		—		(14	)		(17	)		—	%

11

Owl Rock Capital Corporation II

Consolidated Schedule of Investments (Continued)

As of September 30, 2020

(Amounts in thousands, except share amounts)

(Unaudited)

Company(1)(2)(3)(22)	Investment	Interest	Maturity Date	Par / Units		Amortized Cost(4)(30)			Fair Value			Percentage of Net Assets
KWOR Acquisition, Inc. (dba Worley Claims Services)(16)(17)(23)(24)	First lien senior secured revolving loan	L + 4.00%	6/3/2024		—		(21	)		(42	)		—	%
KWOR Acquisition, Inc. (dba Worley Claims Services)(6)(24)	Second lien senior secured loan	L + 7.75%	12/3/2026		12,400		12,239			12,090			1.0	%
Norvax, LLC (dba GoHealth)(8)(24)	First lien senior secured loan	L + 6.50%	9/15/2025		44,413		43,422			44,413			3.7	%
Norvax, LLC (dba GoHealth)(16)(17)(23)(24)	First lien senior secured revolving loan	L + 6.50%	9/13/2024		—		(32	)		—			—	%
Peter C. Foy & Associated Insurance Services, LLC(9)(23)(24)	First lien senior secured loan	L + 6.25%	3/31/2026		17,501		17,297			17,457			1.5	%
Peter C. Foy & Associated Insurance Services, LLC(9)(16)(18)(23)(24)	First lien senior secured delayed draw term loan	L + 6.25%	9/30/2021		6,132		5,974			6,107			0.5	%
Peter C. Foy & Associated Insurance Services, LLC(9)(16)(23)(24)	First lien senior secured revolving loan	L + 6.25%	3/31/2026		956		921			948			0.1	%
RSC Acquisition, Inc (dba Risk Strategies)(6)(24)	First lien senior secured loan	L + 5.50%	10/30/2026		12,882		12,683			12,496			1.1	%
RSC Acquisition, Inc (dba Risk Strategies)(16)(17)(23)(24)	First lien senior secured delayed draw term loan	L + 5.50%	10/30/2026		—		(10	)		(17	)		—	%
RSC Acquisition, Inc (dba Risk Strategies)(16)(17)(23)(24)	First lien senior secured revolving loan	L + 5.50%	10/30/2026		—		(7	)		(13	)		—	%
THG Acquisition, LLC (dba Hilb)(8)(24)	First lien senior secured loan	L + 5.75%	12/2/2026		19,872		19,422			19,276			1.6	%
THG Acquisition, LLC (dba Hilb)(8)(16)(18)(23)(24)	First lien senior secured delayed draw term loan	L + 5.75%	12/2/2021		1,417		1,339			1,301			0.1	%
THG Acquisition, LLC (dba Hilb)(8)(16)(23)(24)	First lien senior secured revolving loan	L + 5.75%	12/2/2025		1,272		1,232			1,216			0.1	%
					171,063		167,573			168,549			14.1	%
Internet software and services
3ES Innovation Inc. (dba Aucerna)(8)(21)(24)	First lien senior secured loan	L + 5.75%	5/13/2025		7,029		6,958			6,765			0.6	%
3ES Innovation Inc. (dba Aucerna)(16)(17)(21)(23)(24)	First lien senior secured revolving loan	L + 5.75%	5/13/2025		—		(7	)		(26	)		—	%
Apptio, Inc.(9)(23)(24)	First lien senior secured loan	L + 7.25%	1/10/2025		7,364		7,250			7,308			0.6	%
Apptio, Inc.(16)(17)(23)(24)	First lien senior secured revolving loan	L + 7.25%	1/10/2025		—		(7	)		(4	)		—	%
Forescout Technologies, Inc.(8)(23)(24)	First lien senior secured loan	L + 9.50% (incl. 9.50% PIK)	8/17/2026		6,303		6,195			6,192			0.5	%
Forescout Technologies, Inc.(16)(17)(23)(24)	First lien senior secured revolving loan	L + 8.50%	8/18/2025		—		(12	)		(12	)		—	%
Genesis Acquisition Co. (dba Procare Software)(8)(24)	First lien senior secured loan	L + 4.00%	7/31/2024		2,040		2,012			1,959			0.2	%
Genesis Acquisition Co. (dba Procare Software)(8)(23)(24)	First lien senior secured revolving loan	L + 4.00%	7/31/2024		293		289			281			—	%
Granicus, Inc.(9)(23)(24)	First lien senior secured loan	L + 7.00%	8/21/2026		5,042		4,918			4,916			0.4	%
Granicus, Inc.(16)(17)(23)(24)	First lien senior secured revolving loan	L + 7.00%	8/21/2026		—		(8	)		(9	)		—	%

12

Owl Rock Capital Corporation II

Consolidated Schedule of Investments (Continued)

As of September 30, 2020

(Amounts in thousands, except share amounts)

(Unaudited)

Company(1)(2)(3)(22)	Investment	Interest	Maturity Date	Par / Units		Amortized Cost(4)(30)			Fair Value			Percentage of Net Assets
H&F Opportunities LUX III S.À R.L (dba Checkmarx)(8)(21)(23)(24)	First lien senior secured loan	L + 7.75%	4/16/2026		11,917		11,580			11,827			1.0	%
H&F Opportunities LUX III S.À R.L (dba Checkmarx)(16)(17)(21)(23)(24)	First lien senior secured revolving loan	L + 7.75%	4/16/2026		—		(127	)		(34	)		—	%
Hyland Software, Inc.(6)(23)(24)	Second lien senior secured loan	L + 7.00%	7/7/2025		9,358		9,239			9,291			0.8	%
Informatica LLC (fka Informatica Corporation)(23)(26)	Second lien senior secured loan	7.13%	2/25/2025		42,000		41,898			42,000			3.5	%
IQN Holding Corp. (dba Beeline)(8)(24)	First lien senior secured loan	L + 5.50%	8/20/2024		26,285		26,007			25,957			2.2	%
IQN Holding Corp. (dba Beeline)(16)(17)(23)(24)	First lien senior secured revolving loan	L + 5.50%	8/21/2023		—		(23	)		(33	)		—	%
Lightning Midco, LLC (dba Vector Solutions)(8)(24)	First lien senior secured loan	L + 5.50%	11/21/2025		17,969		17,831			17,789			1.5	%
Lightning Midco, LLC (dba Vector Solutions)(8)(16)(24)	First lien senior secured revolving loan	L + 5.50%	11/21/2023		1,603		1,593			1,586			0.1	%
Litera Bidco LLC(6)(24)	First lien senior secured loan	L + 5.25%	5/29/2026		11,696		11,554			11,579			1.0	%
Litera Bidco LLC(6)(16)(23)(24)	First lien senior secured revolving loan	L + 5.25%	5/30/2025		253		243			243			—	%
MINDBODY, Inc.(9)(24)	First lien senior secured loan	L + 8.50% (incl. 1.50% PIK)	2/14/2025		10,230		10,151			9,309			0.8	%
MINDBODY, Inc.(16)(17)(23)(24)	First lien senior secured revolving loan	L + 8.00%	2/14/2025		—		(8	)		(96	)		—	%
SURF HOLDINGS, LLC (dba Sophos Group plc)(8)(21)(24)	Second lien senior secured loan	L + 8.00%	3/6/2028		10,096		9,859			9,894			0.8	%
Trader Interactive, LLC (fka Dominion Web Solutions, LLC)(8)(23)(24)	First lien senior secured loan	L + 6.50%	6/17/2024		23,352		23,188			23,003			1.9	%
Trader Interactive, LLC (fka Dominion Web Solutions, LLC)(16)(17)(23)(24)	First lien senior secured revolving loan	L + 6.50%	6/15/2023		—		(1	)		(2	)		—	%
					192,830		190,572			189,683			15.9	%
Leisure and entertainment
Troon Golf, L.L.C.(8)(20)(24)	First lien senior secured term loan A and B	L + 5.50% (TLA: L + 3.5%; TLB: L + 5.98%)	3/29/2025		26,628		26,359			26,428			2.2	%
Troon Golf, L.L.C.(16)(17)(23)(24)	First lien senior secured revolving loan	L + 5.50%	3/29/2025		—		(4	)		(4	)		—	%
					26,628		26,355			26,424			2.2	%

13

Owl Rock Capital Corporation II

Consolidated Schedule of Investments (Continued)

As of September 30, 2020

(Amounts in thousands, except share amounts)

(Unaudited)

Company(1)(2)(3)(22)	Investment	Interest	Maturity Date	Par / Units		Amortized Cost(4)(30)			Fair Value			Percentage of Net Assets
Manufacturing
Ideal Tridon Holdings, Inc.(8)(24)	First lien senior secured loan	L + 5.75%	7/31/2024		13,134		12,937			12,773			1.1	%
Ideal Tridon Holdings, Inc.(8)(16)(18)(24)	First lien senior secured delayed draw term loan	L + 5.75%	12/25/2020		628		615			603			0.1	%
Ideal Tridon Holdings, Inc.(6)(16)(24)	First lien senior secured revolving loan	L + 5.75%	7/31/2023		509		490			474			—	%
MHE Intermediate Holdings, LLC(dba Material Handling Services)(8)(24)	First lien senior secured loan	L + 5.00%	3/8/2024		5,944		5,903			5,707			0.5	%
PHM Netherlands Midco B.V. (dba Loparex)(8)(23)(24)	First lien senior secured loan	L + 4.50%	8/3/2026		199		184			192			—	%
PHM Netherlands Midco B.V. (dba Loparex)(8)(24)	Second lien senior secured loan	L + 8.75%	8/2/2027		28,000		26,236			26,180			2.2	%
Professional Plumbing Group, Inc.(8)(24)	First lien senior secured loan	L + 6.75%	4/16/2024		6,686		6,621			6,418			0.5	%
Professional Plumbing Group, Inc.(8)(16)(23)(24)	First lien senior secured revolving loan	L + 6.75%	4/16/2023		1,429		1,420			1,365			0.1	%
Safety Products/JHC Acquisition Corp. (dba Justrite Safety Group)(6)(24)	First lien senior secured loan	L + 4.50%	6/28/2026		3,345		3,316			3,035			0.3	%
Safety Products/JHC Acquisition Corp. (dba Justrite Safety Group)(6)(16)(18)(24)	First lien senior secured delayed draw term loan	L + 4.50%	6/28/2021		181		177			143			—	%
Sonny's Enterprises LLC(6)(23)(24)	First lien senior secured loan	L + 7.00%	8/5/2026		23,780		23,315			23,305			2.0	%
Sonny's Enterprises LLC(16)(17)(18)(23)(24)	First lien senior secured delayed draw term loan	L + 7.00%	8/5/2021		—		(70	)		(72	)		—	%
Sonny's Enterprises LLC(16)(17)(23)(24)	First lien senior secured revolving loan	L + 7.00%	8/5/2025		—		(51	)		(53	)		—	%
					83,835		81,093			80,070			6.8	%
Oil and gas
Black Mountain Sand Eagle Ford LLC(8)(23)(24)	First lien senior secured loan	L + 8.25%	8/17/2022		8,128		8,086			7,498			0.6	%
Project Power Buyer, LLC (dba PEC-Veriforce)(8)(24)	First lien senior secured loan	L + 6.25%	5/14/2026		8,059		7,965			7,938			0.7	%
Project Power Buyer, LLC (dba PEC-Veriforce)(16)(17)(23)(24)	First lien senior secured revolving loan	L + 6.25%	5/14/2025		—		(5	)		(8	)		—	%
Zenith Energy U.S. Logistics Holdings, LLC(8)(24)	First lien senior secured loan	L + 6.50%	12/20/2024		13,133		12,954			12,936			1.1	%
Zenith Energy U.S. Logistics Holdings, LLC(16)(17)(18)(23)(24)	First lien senior secured delayed draw term loan	L + 6.50%	1/9/2021		—		(128	)		—			—	%
					29,320		28,872			28,364			2.4	%

14

Owl Rock Capital Corporation II

Consolidated Schedule of Investments (Continued)

As of September 30, 2020

(Amounts in thousands, except share amounts)

(Unaudited)

Company(1)(2)(3)(22)	Investment	Interest	Maturity Date	Par / Units		Amortized Cost(4)(30)			Fair Value			Percentage of Net Assets
Professional services
AmSpec Services Inc.(8)(24)	First lien senior secured loan	L + 5.75%	7/2/2024		19,011		18,771			18,440			1.6	%
AmSpec Services Inc.(8)(16)(23)(24)	First lien senior secured revolving loan	L + 4.75%	7/2/2024		1,787		1,760			1,713			0.1	%
Cardinal US Holdings, Inc.(8)(21)(24)	First lien senior secured loan	L + 5.00%	7/31/2023		30,800		30,518			30,492			2.6	%
DMT Solutions Global Corporation(8)(24)	First lien senior secured loan	L + 7.00%	7/2/2024		9,316		9,061			9,013			0.8	%
GC Agile Holdings Limited (dba Apex Fund Services)(8)(21)(24)	First lien senior secured loan	L + 7.00%	6/15/2025		26,360		25,986			25,767			2.2	%
GC Agile Holdings Limited (dba Apex Fund Services)(8)(21)(23)(24)	First lien senior secured revolving loan	L + 7.00%	6/15/2023		1,718		1,689			1,680			0.1	%
Gerson Lehrman Group, Inc.(10)(24)	First lien senior secured loan	L + 4.25%	12/12/2024		28,788		28,578			28,788			2.4	%
Gerson Lehrman Group, Inc. (16)(17)(23)(24)	First lien senior secured revolving loan	L + 4.25%	12/12/2024		—		(14	)		—			—	%
					117,780		116,349			115,893			9.8	%
Specialty retail
BIG Buyer, LLC(9)(23)(24)	First lien senior secured loan	L + 6.50%	11/20/2023		16,694		16,434			16,234			1.4	%
BIG Buyer, LLC(16)(17)(18)(23)(24)	First lien senior secured delayed draw term loan	L + 6.50%	12/18/2020		—		(26	)		(19	)		—	%
BIG Buyer, LLC(9)(16)(23)(24)	First lien senior secured revolving loan	L + 6.50%	11/20/2023		417		392			382			—	%
EW Holdco, LLC (dba European Wax)(6)(24)	First lien senior secured loan	L + 5.50%	9/25/2024		32,026		31,755			30,745			2.6	%
Galls, LLC(8)(24)	First lien senior secured loan	L + 6.50% (incl. 0.25% PIK)	1/31/2025		17,170		16,999			16,398			1.4	%
Galls, LLC(8)(16)(23)(24)	First lien senior secured revolving loan	L + 6.50% (incl. 0.25% PIK)	1/31/2024		1,810		1,779			1,655			0.1	%
					68,117		67,333			65,395			5.5	%
Telecommunications
DB Datacenter Holdings Inc.(6)(24)	Second lien senior secured loan	L + 8.00%	4/3/2025		6,773		6,699			6,722			0.6	%
					6,773		6,699			6,722			0.6	%

15

Owl Rock Capital Corporation II

Consolidated Schedule of Investments (Continued)

As of September 30, 2020

(Amounts in thousands, except share amounts)

(Unaudited)

Company(1)(2)(3)(22)	Investment	Interest	Maturity Date	Par / Units		Amortized Cost(4)(30)			Fair Value			Percentage of Net Assets
Transportation
Lazer Spot G B Holdings, Inc.(8)(24)	First lien senior secured loan	L + 6.00%	12/9/2025		37,250		36,676			36,785			3.1	%
Lazer Spot G B Holdings, Inc.(9)(16)(18)(23)(24)	First lien senior secured delayed draw term loan	L + 6.00%	6/9/2021		3,318		3,265			3,277			0.3	%
Lazer Spot G B Holdings, Inc.(16)(17)(23)(24)	First lien senior secured revolving loan	L + 6.00%	12/9/2025		—		(113	)		(94	)		—	%
Lytx, Inc.(6)(24)	First lien senior secured loan	L + 6.00%	2/28/2026		17,916		17,668			17,513			1.5	%
Lytx, Inc.(6)(16)(18)(23)(24)	First lien senior secured delayed draw term loan	L + 6.00%	2/28/2022		1,558		1,502			1,417			0.1	%
Motus, LLC and Runzheimer International LLC(8)(19)(24)	First lien senior secured loan	L + 6.36%	1/17/2024		6,506		6,406			6,506			0.5	%
					66,548		65,404			65,404			5.5	%
Total Debt Investments				$	1,890,782	$	1,860,867		$	1,825,368			153.9	%
Equity Investments
Food and beverage
CM7 Restaurant Holdings, LLC(23)(24)(27)	LLC Interest	N/A	N/A		54		54			10			—	%
H-Food Holdings, LLC(23)(24)(27)	LLC Interest	N/A	N/A		1,625		1,625			1,667			0.1	%
					1,679		1,679			1,677			0.1
Insurance
Norvax, LLC (dba GoHealth)(23)(24)(25)(27)	Common Stock	N/A	N/A		320		1,626			3,915			0.3	%
					320		1,626			3,915			0.3	%
Manufacturing
Moore Holdings(21)(23)(24)(27)(28)	LLC Interest	N/A	N/A		10,607		19,127			20,882			1.8	%
					10,607		19,127			20,882			1.8	%
Total Equity Investments						$	22,432		$	26,474			2.2	%
Total Investments						$	1,883,299		$	1,851,842			156.1	%

________________

⁽¹⁾ Certain portfolio company investments are subject to contractual restrictions on sales.

⁽²⁾ Unless otherwise indicated, all investments are non-controlled, non-affiliated investments.  Non-controlled, non-affiliated investments are defined as investments in which the Company owns less than 5% of the portfolio company’s outstanding voting securities and does not have the power to exercise control over the management or policies of such portfolio company.

⁽³⁾ Unless otherwise indicated, all investments are considered Level 3 investments.

⁽⁴⁾ The amortized cost represents the original cost adjusted for the amortization of discounts and premiums, as applicable, on debt investments using the effective interest method.

⁽⁵⁾ Unless otherwise indicated, loan contains a variable rate structure, and may be subject to an interest rate floor. Variable rate loans bear interest at a rate that may be determined by reference to either the London Interbank Offered Rate (“LIBOR” or “L”) (which can include one-, two-, three-, six- or twelve-month LIBOR) or an alternate base rate (which can include the Federal Funds Effective Rate or the Prime Rate), at the borrower’s option, and which reset periodically based on the terms of the loan agreement.

⁽⁶⁾ The interest rate on these loans is subject to 1 month LIBOR, which as of September 30, 2020 was 0.15%.

⁽⁷⁾ The interest rate on these loans is subject to 2 month LIBOR, which as of September 30, 2020 was 0.19%.

⁽⁸⁾ The interest rate on these loans is subject to 3 month LIBOR, which as of September 30, 2020 was 0.23%.

⁽⁹⁾ The interest rate on these loans is subject to 6 month LIBOR, which as of September 30, 2020 was 0.26%.

⁽¹⁰⁾ The interest rate on these loans is subject to 12 month LIBOR, which as of September 30, 2020 was 0.36%.

⁽¹¹⁾ The interest rate on this loan is subject to 3 month Canadian Dollar Offered Rate (“CDOR” or “C”), which as of September 30, 2020 was 0.51%.

⁽¹²⁾ The interest rate on these loans is subject to Prime, which as of September 30, 2020 was 3.25%.

⁽¹³⁾ The interest rate on this loan is subject to 3 month EURIBOR, which as of September 30, 2020 was (0.50)%.

⁽¹⁴⁾ The interest rate on this loan is subject to 6 month EURIBOR, which as of September 30, 2020 was (0.48)%.

16

Owl Rock Capital Corporation II

Consolidated Schedule of Investments (Continued)

As of September 30, 2020

(Amounts in thousands, except share amounts)

(Unaudited)

⁽¹⁵⁾ The interest rate on this loan is subject to 6 month GBPLIBOR, which as of September 30, 2020 was 0.09%.

⁽¹⁶⁾ Position or portion thereof is an unfunded loan commitment. See Note 7 “Commitments and Contingencies”.

⁽¹⁷⁾ The negative cost is the result of the capitalized discount being greater than the principal amount outstanding on the loan. The negative fair value is the result of the capitalized discount on the loan.

⁽¹⁸⁾ The date disclosed represents the commitment period of the unfunded term loan. Upon expiration of the commitment period, the funded portion of the term loan may be subject to a longer maturity date.

⁽¹⁹⁾ The Company may be entitled to receive additional interest as a result of an arrangement with other lenders in the syndication. In exchange for the higher interest rate, the “last-out” portion is at a greater risk of loss.

⁽²⁰⁾ The first lien term loan is comprised of two components: Term Loan A and Term Loan B. The Company's Term Loan A and Term Loan B principal amounts are $5.2 million and $21.4 million, respectively. Both Term Loan A and Term Loan B have the same maturity date. Interest disclosed reflects the blended rate of the first lien term loan. The Term Loan A represents a ‘first-out’ tranche and the Term Loan B represents a ‘last-out’ tranche. The ‘first-out’ tranche has priority as to the ‘last-out’ tranche with respect to payments of principal, interest and any amounts due thereunder.

⁽²¹⁾ This portfolio company is not a qualifying asset under Section 55(a) of the 1940 Act. Under the 1940 Act, the Company may not acquire any non-qualifying asset unless, at the time such acquisition is made, qualifying assets represent at least 70% of total assets. As of September 30, 2020, non-qualifying assets represented 6.1% of total assets as calculated in accordance with the regulatory requirements.

⁽²²⁾ Unless otherwise indicated, all or a portion of the Company’s portfolio companies are pledged as collateral supporting the available capacity under the SPV Asset Facilities. See Note 6 “Debt.”

⁽²³⁾ Investment is not pledged as collateral for the credit facilities.

⁽²⁴⁾ Represents co-investment made with the Company’s affiliates in accordance with the terms of exemptive relief that the Company received from the U.S. Securities and Exchange Commission.  See Note 3 “Agreements and Related Party Transactions.”

⁽²⁵⁾ Level 2 investment.

⁽²⁶⁾ Investment does not contain a variable rate structure.

⁽²⁷⁾ Securities acquired in transactions exempt from registration under the Securities Act of 1933, and may be deemed to be “restricted securities” under the Securities Act. As of September 30, 2020, the aggregate fair value of these securities is $26.5 million, or 2.2% of the Company’s net assets. The acquisition dates of the restricted securities are as follows:

Portfolio Company	Investment	Acquisition Date
CM7 Restaurant Holdings, LLC	LLC Interest	May 21, 2018
H-Food Holdings, LLC	LLC Interest	November 23, 2018
Moore Holdings, LLC	LLC Interest	January 16, 2020
Norvax, LLC (dba GoHealth)	Common Stock	March 23, 2020

⁽²⁸⁾ Investment represents multiple underlying investments, one of which is considered a non-qualifying asset, with a fair value of $1.6 million as of September 30, 2020.

⁽²⁹⁾ Loan was on non-accrual status as of September 30, 2020.

⁽³⁰⁾ As of September 30, 2020, the net estimated unrealized loss for U.S. federal income tax purposes was $35.1 million based on a tax cost basis of $1.9 billion. As of September 30, 2020, the estimated aggregate gross unrealized loss for U.S. federal income tax purposes was $47.0 million and the estimated aggregate gross unrealized gain for U.S. federal income tax purposes was $11.9 million.

The accompanying notes are an integral part of these consolidated financial statements.

17

Owl Rock Capital Corporation II

Consolidated Schedule of Investments

As of December 31, 2019

(Amounts in thousands, except share amounts)

Company(1)(2)(3)(19)	Investment	Interest	Maturity Date	Par / Units		Amortized Cost(4)(12)			Fair Value			Percentage of Net Assets
Debt Investments(5)
Advertising and media
IRI Holdings, Inc.(8)(21)	First lien senior secured loan	L + 4.50%	11/28/2025	$	24,750	$	24,534		$	24,235			2.5	%
Swipe Acquisition Corporation (dba PLI)(6)(21)	First lien senior secured loan	L + 7.75%	6/29/2024		19,680		19,365			19,139			2.0	%
					44,430		43,899			43,374			4.5	%
Aerospace and defense
Aviation Solutions Midco, LLC (dba STS Aviation)(8)(21)	First lien senior secured loan	L + 6.25%	1/4/2025		34,511		33,873			34,028			3.6	%
Propulsion Acquisition, LLC (dba Belcan, Inc.)(6)	First lien senior secured loan	L + 6.00%	7/13/2021		27,263		27,051			26,992			2.8	%
Valence Surface Technologies LLC(8)(21)	First lien senior secured loan	L + 5.75%	6/28/2025		24,875		24,528			24,502			2.6	%
Valence Surface Technologies LLC(13)(14)(15)(20)(21)	First lien senior secured delayed draw term loan	L + 5.75%	6/28/2021		—		(17	)		(113	)		—	%
Valence Surface Technologies LLC(13)(14)(20)(21)	First lien senior secured revolving loan	L + 5.75%	6/28/2025		—		(34	)		(38	)		—	%
					86,649		85,401			85,371			9.0	%
Automotive
Mavis Tire Express Services Corp.(6)(21)	Second lien senior secured loan	L + 7.50%	3/20/2026		23,000		22,574			22,310			2.3	%
Mavis Tire Express Services Corp.(6)(13)(15)(21)	Second lien senior secured delayed draw term loan	L + 8.00%	3/20/2020		215		181			131			—	%
					23,215		22,755			22,441			2.3	%
Buildings and real estate
Associations, Inc.(8)(21)	First lien senior secured loan	L + 4.00%  (incl. 3.00% PIK)	7/30/2024		27,776		27,497			27,500			2.9	%
Associations, Inc.(8)(13)(15)(20)(21)	First lien senior secured delayed draw term loan	L + 4.00%  (incl. 3.00% PIK)	7/30/2021		3,528		3,480			3,477			0.4	%
Associations, Inc.(13)(14)(20)(21)	First lien senior secured revolving loan	L + 6.00%	7/30/2024		—		(10	)		(15	)		—	%
Reef Global, Inc. (fka Cheese Acquisition, LLC)(8)(21)	First lien senior secured loan	L + 4.75%	11/28/2024		18,750		18,509			18,468			1.9	%
Imperial Parking Canada(9)(21)	First lien senior secured loan	C + 5.00%	11/28/2024		3,819		3,711			3,763			0.4	%
Reef Global, Inc. (fka Cheese Acquisition, LLC)(13)(14)(20)(21)	First lien senior secured revolving loan	L + 4.75%	11/28/2023		—		(22	)		(34	)		—	%
Velocity Commercial Capital, LLC(8)(21)	First lien senior secured loan	L + 7.50%	8/29/2024		27,500		27,176			27,225			2.9	%
					81,373		80,341			80,384			8.5	%

18

Owl Rock Capital Corporation II

Consolidated Schedule of Investments (Continued)

As of December 31, 2019

(Amounts in thousands, except share amounts)

Company(1)(2)(3)(19)	Investment	Interest	Maturity Date	Par / Units		Amortized Cost(4)(12)			Fair Value			Percentage of Net Assets
Business services
Access CIG, LLC(6)(21)	Second lien senior secured loan	L + 7.75%	2/27/2026		22,486		22,380			22,374			2.3	%
CIBT Global, Inc.(8)(21)	Second lien senior secured loan	L + 7.75%	6/2/2025		10,500		10,270			10,369			1.1	%
ConnectWise, LLC(8)(21)	First lien senior secured loan	L + 6.00%	2/28/2025		33,680		33,298			33,259			3.5	%
ConnectWise, LLC(13)(14)(20)(21)	First lien senior secured revolving loan	L + 6.00%	2/28/2025		—		(40	)		(45	)		—	%
Entertainment Benefits Group, LLC(6)(21)	First lien senior secured loan	L + 5.75%	9/27/2025		20,449		20,153			20,142			2.1	%
Entertainment Benefits Group, LLC(6)(13)(20)(21)	First lien senior secured revolving loan	L + 5.75%	9/27/2024		600		557			555			0.1	%
Vistage International, Inc.(6)(21)	Second lien senior secured loan	L + 8.00%	2/8/2026		5,200		5,164			5,174			0.5	%
					92,915		91,782			91,828			9.6	%
Chemicals
Douglas Products and Packaging Company LLC(8)(21)	First lien senior secured loan	L + 5.75%	10/19/2022		18,234		18,106			17,962			1.9	%
Douglas Products and Packaging Company LLC(13)(20)(21)	First lien senior secured revolving loan	P + 4.75%	10/19/2022		203		196			181			—	%
Innovative Water Care Global Corporation(8)(21)	First lien senior secured loan	L + 5.00%	2/27/2026		24,813		23,220			21,835			2.3	%
					43,250		41,522			39,978			4.2	%
Consumer products
Feradyne Outdoors, LLC(8)(20)(21)	First lien senior secured loan	L + 6.25%	5/25/2023		975		968			858			0.1	%
WU Holdco, Inc. (dba Weiman Products, LLC)(8)(21)	First lien senior secured loan	L + 5.25%	3/26/2026		20,019		19,653			19,619			2.1	%
WU Holdco, Inc. (dba Weiman Products, LLC)(8)(13)(15)(20)(21)	First lien senior secured delayed draw term loan	L + 5.25%	3/26/2021		419		390			387			—	%
WU Holdco, Inc. (dba Weiman Products, LLC)(13)(14)(20)(21)	First lien senior secured revolving loan	L + 5.25%	3/26/2025		—		(35	)		(40	)		—	%
					21,413		20,976			20,824			2.2	%
Containers and packaging
Pregis Topco LLC(6)(21)	Second lien senior secured loan	L + 8.00%	7/30/2027		28,667		28,113			28,093			2.9	%
					28,667		28,113			28,093			2.9	%
Distribution
Aramsco, Inc.(6)(21)	First lien senior secured loan	L + 5.25%	8/28/2024		10,515		10,325			10,278			1.1	%
Aramsco, Inc.(6)(13)(20)(21)	First lien senior secured revolving loan	L + 5.25%	8/28/2024		191		171			168			—	%
Dealer Tire, LLC(6)(21)(22)	First lien senior secured loan	L + 5.50%	12/15/2025		20,098		19,211			20,110			2.1	%
Endries Acquisition, Inc.(6)(21)	First lien senior secured loan	L + 6.25%	12/10/2025		19,850		19,543			19,503			2.0	%
Endries Acquisition, Inc.(6)(13)(15)(20)(21)	First lien senior secured delayed draw term loan	L + 6.25%	12/10/2020		1,204		1,101			1,082			0.1	%
Endries Acquisition, Inc.(13)(14)(20)(21)	First lien senior secured revolving loan	L + 6.25%	12/10/2024		—		(43	)		(53	)		—	%
Individual Foodservice Holdings, LLC(8)(20)(21)	First lien senior secured loan	L + 5.75%	11/22/2025		25,500		24,951			24,944			2.6	%

19

Owl Rock Capital Corporation II

Consolidated Schedule of Investments (Continued)

As of December 31, 2019

(Amounts in thousands, except share amounts)

Company(1)(2)(3)(19)	Investment	Interest	Maturity Date	Par / Units		Amortized Cost(4)(12)			Fair Value			Percentage of Net Assets
Individual Foodservice Holdings, LLC(13)(14)(15)(20)(21)	First lien senior secured delayed draw term loan	L + 5.75%	5/22/2021		—		(161	)		(164	)		—	%
Individual Foodservice Holdings, LLC(6)(13)(20)(21)	First lien senior secured revolving loan	L + 5.75%	11/22/2024		225		129			127			—	%
Offen, Inc.(8)(21)	First lien senior secured loan	L + 5.00%	6/22/2026		3,654		3,620			3,609			0.4	%
Offen, Inc.(13)(14)(15)(20)(21)	First lien senior secured delayed draw term loan	L + 5.00%	12/21/2020		—		(12	)		(17	)		—	%
					81,237		78,835			79,587			8.3	%
Education
2U, Inc.(6)(18)(21)	First lien senior secured loan	L + 5.75%	5/22/2024		20,000		19,731			19,600			2.0	%
Learning Care Group (US) No. 2 Inc.(8)(21)	Second lien senior secured loan	L + 7.50%	3/13/2026		5,393		5,308			5,366			0.6	%
Severin Acquisition, LLC (dba PowerSchool)(8)(21)	Second lien senior secured loan	L + 6.75%	8/3/2026		27,000		26,912			26,865			2.8	%
TSB Purchaser, Inc. (dba Teaching Strategies, Inc.)(8)(21)	First lien senior secured loan	L + 6.00%	5/14/2024		9,692		9,505			9,571			1.0	%
TSB Purchaser, Inc. (dba Teaching Strategies, Inc.)(8)(13)(20)(21)	First lien senior secured revolving loan	L + 6.00%	5/14/2024		192		179			183			—	%
					62,277		61,635			61,585			6.4	%
Energy equipment and services
Liberty Oilfield Services LLC(6)(18)(21)	First lien senior secured loan	L + 7.63%	9/19/2022		1,100		1,088			1,105			0.1	%
					1,100		1,088			1,105			0.1	%
Financial services
Blackhawk Network Holdings, Inc.(6)(21)	Second lien senior secured loan	L + 7.00%	6/15/2026		18,477		18,343			18,430			1.9	%
NMI Acquisitionco, Inc. (dba Network Merchants)(6)(21)	First lien senior secured loan	L + 5.75%	9/6/2022		3,724		3,669			3,668			0.4	%
NMI Acquisitionco, Inc. (dba Network Merchants)(13)(14)(20)(21)	First lien senior secured revolving loan	L + 5.75%	9/6/2022		—		(1	)		(1	)		—	%
Transact Holdings, Inc.(6)(20)(21)	First lien senior secured loan	L + 4.75%	4/30/2026		8,978		8,853			8,798			0.9	%
					31,179		30,864			30,895			3.2	%
Food and beverage
Caiman Merger Sub LLC (dba City Brewing)(6)(21)	First lien senior secured loan	L + 5.75%	11/1/2025		27,966		27,692			27,686			2.9	%
Caiman Merger Sub LLC (dba City Brewing)(13)(14)(20)(21)	First lien senior secured revolving loan	L + 5.75%	11/1/2024		—		(20	)		(20	)		—	%
CM7 Restaurant Holdings, LLC(6)(21)	First lien senior secured loan	L + 8.00%	5/22/2023		5,913		5,834			5,824			0.6	%
H-Food Holdings, LLC(6)(21)(22)	First lien senior secured loan	L + 4.00%	5/23/2025		6,694		6,587			6,656			0.7	%
H-Food Holdings, LLC(6)(21)	Second lien senior secured loan	L + 7.00%	3/2/2026		18,200		17,807			17,836			2.0	%
Hometown Food Company(6)(21)	First lien senior secured loan	L + 5.00%	8/31/2023		3,203		3,154			3,163			0.3	%
Hometown Food Company(13)(14)(20)(21)	First lien senior secured revolving loan	L + 5.00%	8/31/2023		—		(7	)		(6	)		—	%
Manna Development Group, LLC(6)(21)	First lien senior secured loan	L + 6.00%	10/24/2022		8,681		8,595			8,573			0.9	%

20

Owl Rock Capital Corporation II

Consolidated Schedule of Investments (Continued)

As of December 31, 2019

(Amounts in thousands, except share amounts)

Company(1)(2)(3)(19)	Investment	Interest	Maturity Date	Par / Units		Amortized Cost(4)(12)			Fair Value			Percentage of Net Assets
Manna Development Group, LLC(6)(13)(20)(21)	First lien senior secured revolving loan	L + 6.00%	10/24/2022		133		116			125			—	%
Sara Lee Frozen Bakery, LLC (fka KSLB Holdings, LLC)(6)(21)	First lien senior secured loan	L + 4.50%	7/30/2025		4,288		4,214			4,203			0.4	%
Sara Lee Frozen Bakery, LLC (fka KSLB Holdings, LLC)(6)(13)(20)(21)	First lien senior secured revolving loan	L + 4.50%	7/30/2023		613		597			593			0.1	%
Ultimate Baked Goods Midco, LLC(8)(21)	First lien senior secured loan	L + 4.00%	8/11/2025		2,970		2,922			2,911			0.3	%
Ultimate Baked Goods Midco, LLC(6)(13)(20)(21)	First lien senior secured revolving loan	L + 4.00%	8/9/2023		113		104			102			—	%
					78,774		77,595			77,646			8.2	%
Healthcare providers and services
Confluent Health, LLC.(6)(21)	First lien senior secured loan	L + 5.00%	6/24/2026		4,478		4,436			4,410			0.5	%
Covenant Surgical Partners, Inc.(6)(21)	First lien senior secured loan	L + 4.00%	7/1/2026		3,491		3,458			3,465			0.4	%
Covenant Surgical Partners, Inc.(13)(14)(15)(20)(21)	First lien senior secured delayed draw term loan	L + 4.00%	7/1/2021		—		(7	)		(5	)		—	%
Geodigm Corporation (dba National Dentex)(6)(16)(21)	First lien senior secured loan	L + 6.87%	12/1/2021		19,738		19,615			19,343			2.0	%
GI CCLS Acquisition LLC (fka GI Chill Acquisition LLC)(8)(20)(21)	First lien senior secured loan	L + 4.00%	8/6/2025		1,128		1,123			1,124			0.1	%
GI CCLS Acquisition LLC (fka GI Chill Acquisition LLC)(8)(21)	Second lien senior secured loan	L + 7.50%	8/6/2026		12,375		12,266			12,220			1.3	%
Nelipak Holding Company(6)(21)	First lien senior secured loan	L + 4.25%	7/2/2026		5,727		5,619			5,670			0.6	%
Nelipak Holding Company(6)(13)(20)(21)	First lien senior secured revolving loan	L + 4.25%	7/2/2024		320		304			311			—	%
Nelipak Holding Company(13)(20)(21)(23)	First lien senior secured revolving loan	E + 4.50%	7/2/2024		54		37			40			—	%
Nelipak Holding Company(6)(21)	Second lien senior secured loan	L + 8.25%	7/2/2027		7,994		7,879			7,874			0.8	%
Nelipak Holding Company(20)(21)(23)	Second lien senior secured loan	E + 8.50%	7/2/2027		8,049		7,908			7,908			0.8	%
Premier Imaging, LLC (dba LucidHealth)(6)(21)	First lien senior secured loan	L + 5.75%	1/2/2025		5,940		5,839			5,821			0.6	%
RxSense Holdings, LLC(6)(21)	First lien senior secured loan	L + 6.00%	2/15/2024		24,517		24,203			24,087			2.5	%
RxSense Holdings, LLC(8)(13)(20)(21)	First lien senior secured revolving loan	L + 6.00%	2/15/2024		764		745			737			0.1	%
TC Holdings, LLC (dba TrialCard)(8)(21)	First lien senior secured loan	L + 4.50%	11/14/2023		21,155		20,913			21,155			2.2	%
TC Holdings, LLC (dba TrialCard)(13)(14)(20)(21)	First lien senior secured revolving loan	L + 4.50%	11/14/2022		—		(33	)		—			—	%
					115,730		114,305			114,160			11.9	%

21

Owl Rock Capital Corporation II

Consolidated Schedule of Investments (Continued)

As of December 31, 2019

(Amounts in thousands, except share amounts)

Company(1)(2)(3)(19)	Investment	Interest	Maturity Date	Par / Units		Amortized Cost(4)(12)			Fair Value			Percentage of Net Assets
Healthcare technology
Bracket Intermediate Holding Corp.(8)(21)	Second lien senior secured loan	L + 8.13%	9/5/2026		3,750		3,684			3,675			0.4	%
Definitive Healthcare Holdings, LLC(8)(21)	First lien senior secured loan	L + 5.50%	7/16/2026		27,508		27,249			27,233			2.8	%
Definitive Healthcare Holdings, LLC(13)(14)(20)(21)	First lien senior secured delayed draw term loan	L + 5.50%	7/16/2026		—		(28	)		—			—	%
Definitive Healthcare Holdings, LLC(13)(14)(20)(21)	First lien senior secured revolving loan	L + 5.50%	7/16/2024		—		(14	)		(15	)		—	%
Interoperability Bidco, Inc.(6)(21)	First lien senior secured loan	L + 5.75%	6/25/2026		19,204		18,977			18,915			2.0	%
Interoperability Bidco, Inc.(13)(14)(15)(20)(21)	First lien senior secured delayed draw term loan	L + 5.75%	6/25/2021		—		(2	)		(8	)		—	%
Interoperability Bidco, Inc.(13)(14)(20)(21)	First lien senior secured revolving loan	L + 5.75%	6/25/2024		—		(11	)		(15	)		—	%
VVC Holding Corp. (dba athenahealth, Inc.)(8)(21)(22)	First lien senior secured loan	L + 4.50%	2/11/2026		24,812		24,363			24,907			2.6	%
					75,274		74,218			74,692			7.8	%
Household products
Hayward Industries, Inc.(6)(21)	Second lien senior secured loan	L + 8.25%	8/4/2025		4,675		4,603			4,629			0.5	%
HGH Purchaser, Inc. (dba Horizon Services)(6)(21)	First lien senior secured loan	L + 6.00%	11/1/2025		19,440		19,155			19,148			2.0	%
HGH Purchaser, Inc. (dba Horizon Services)(13)(14)(15)(20)(21)	First lien senior secured delayed draw term loan	L + 6.00%	11/1/2021		—		(20	)		(20	)		—	%
HGH Purchaser, Inc. (dba Horizon Services)(10)(13)(20)(21)	First lien senior secured revolving loan	P + 5.00%	11/1/2025		446		410			409			—	%
					24,561		24,148			24,166			2.5	%
Infrastructure and environmental services
LineStar Integrity Services LLC(8)(21)	First lien senior secured loan	L + 7.25%	2/12/2024		14,477		14,251			14,296			1.5	%
					14,477		14,251			14,296			1.5	%
Insurance
Asurion, LLC(6)(21)(22)	Second lien senior secured loan	L + 6.50%	8/4/2025		10,000		10,130			10,115			1.1	%
Integrity Marketing Acquisition, LLC(8)(21)	First lien senior secured loan	L + 5.75%	8/27/2025		17,244		16,997			16,985			1.8	%
Integrity Marketing Acquisition, LLC(8)(13)(15)(20)(21)	First lien senior secured delayed draw term loan	L + 5.75%	2/29/2020		4,696		4,591			4,626			0.5	%
Integrity Marketing Acquisition, LLC(13)(14)(15)(20)(21)	First lien senior secured delayed draw term loan	L + 5.75%	2/27/2021		—		(24	)		—			—	%
Integrity Marketing Acquisition, LLC(13)(14)(20)(21)	First lien senior secured revolving loan	L + 5.75%	8/27/2025		—		(26	)		(28	)		—	%
KWOR Acquisition, Inc. (dba Worley Claims Services)(6)(21)	First lien senior secured loan	L + 4.00%	6/3/2026		6,038		5,855			5,872			0.6	%
KWOR Acquisition, Inc. (dba Worley Claims Services)(13)(14)(15)(20)(21)	First lien senior secured delayed draw term loan	L + 4.00%	6/3/2021		—		(18	)		(17	)		—	%
KWOR Acquisition, Inc. (dba Worley Claims Services)(13)(14)(20)(21)	First lien senior secured revolving loan	L + 4.00%	6/3/2024		—		(26	)		(36	)		—	%
KWOR Acquisition, Inc. (dba Worley Claims Services)(6)(21)	Second lien senior secured loan	L + 7.75%	11/30/2026		12,400		12,224			12,152			1.3	%

22

Owl Rock Capital Corporation II

Consolidated Schedule of Investments (Continued)

As of December 31, 2019

(Amounts in thousands, except share amounts)

Company(1)(2)(3)(19)	Investment	Interest	Maturity Date	Par / Units		Amortized Cost(4)(12)			Fair Value			Percentage of Net Assets
Norvax, LLC (dba GoHealth)(8)(21)	First lien senior secured loan	L + 6.50%	9/12/2025		27,205		26,813			26,796			2.8	%
Norvax, LLC (dba GoHealth)(13)(14)(20)(21)	First lien senior secured revolving loan	L + 6.50%	9/13/2024		—		(38	)		(41	)		—	%
RSC Acquisition, Inc (dba Risk Strategies)(8)(21)	First lien senior secured loan	L + 5.50%	11/1/2026		10,196		9,996			9,992			1.0	%
RSC Acquisition, Inc (dba Risk Strategies)(8)(13)(20)(21)	First lien senior secured delayed draw term loan	L + 5.50%	11/1/2026		613		548			546			0.1	%
RSC Acquisition, Inc (dba Risk Strategies)(13)(14)(20)(21)	First lien senior secured revolving loan	L + 5.50%	11/1/2026		—		(8	)		(9	)		—	%
THG Acquisition, LLC (dba Hilb)(8)(20)(21)	First lien senior secured loan	L + 5.75%	12/2/2026		20,022		19,526			19,522			2.0	%
THG Acquisition, LLC (dba Hilb)(13)(14)(15)(20)(21)	First lien senior secured delayed draw term loan	L + 5.75%	12/2/2021		—		(69	)		(70	)		—	%
THG Acquisition, LLC (dba Hilb)(13)(14)(20)(21)	First lien senior secured revolving loan	L + 5.75%	12/2/2025		—		(46	)		(47	)		—	%
					108,414		106,425			106,358			11.2	%
Internet software and services
3ES Innovation Inc. (dba Aucerna)(8)(18)(21)	First lien senior secured loan	L + 5.75%	5/13/2025		7,082		7,001			6,940			0.7	%
3ES Innovation Inc. (dba Aucerna)(13)(14)(18)(20)(21)	First lien senior secured revolving loan	L + 5.75%	5/13/2025		—		(8	)		(14	)		—	%
Apptio, Inc.(6)(20)(21)	First lien senior secured loan	L + 7.25%	1/10/2025		7,364		7,234			7,272			0.8	%
Apptio, Inc.(13)(14)(20)(21)	First lien senior secured revolving loan	L + 7.25%	1/10/2025		—		(8	)		(6	)		—	%
Genesis Acquisition Co. (dba Procare Software)(8)(21)	First lien senior secured loan	L + 3.75%	7/31/2024		1,997		1,965			1,957			0.2	%
Genesis Acquisition Co. (dba Procare Software)(13)(14)(15)(20)(21)	First lien senior secured delayed draw term loan	L + 3.75%	7/31/2020		—		(4	)		(5	)		—	%
Genesis Acquisition Co. (dba Procare Software)(8)(13)(20)(21)	First lien senior secured revolving loan	L + 3.75%	7/31/2024		103		98			97			—	%
IQN Holding Corp. (dba Beeline)(8)(21)	First lien senior secured loan	L + 5.50%	8/20/2024		26,487		26,159			26,155			2.7	%
IQN Holding Corp. (dba Beeline)(8)(13)(20)(21)	First lien senior secured revolving loan	L + 5.50%	8/20/2023		822		794			790			0.1	%
Lightning Midco, LLC (dba Vector Solutions)(8)(21)	First lien senior secured loan	L + 5.50%	11/21/2025		14,679		14,552			14,459			1.5	%
Lightning Midco, LLC (dba Vector Solutions)(10)(13)(15)(20)(21)	First lien senior secured delayed draw term loan	P + 4.50%	11/23/2020		3,198		3,170			3,147			0.3	%
Lightning Midco, LLC (dba Vector Solutions)(8)(13)(20)(21)	First lien senior secured revolving loan	L + 5.50%	11/21/2023		1,038		1,025			1,012			0.1	%
Litera Bidco LLC(8)(21)	First lien senior secured loan	L + 5.75%	5/31/2026		10,632		10,491			10,499			1.1	%
Litera Bidco LLC(13)(14)(20)(21)	First lien senior secured revolving loan	L + 5.75%	5/31/2025		—		(12	)		(13	)		—	%

23

Owl Rock Capital Corporation II

Consolidated Schedule of Investments (Continued)

As of December 31, 2019

(Amounts in thousands, except share amounts)

Company(1)(2)(3)(19)	Investment	Interest	Maturity Date	Par / Units		Amortized Cost(4)(12)			Fair Value			Percentage of Net Assets
MINDBODY, Inc.(6)(21)	First lien senior secured loan	L + 7.00%	2/14/2025		10,179		10,089			10,077			1.1	%
MINDBODY, Inc.(13)(14)(20)(21)	First lien senior secured revolving loan	L + 7.00%	2/14/2025		—		(9	)		(11	)		—	%
Trader Interactive, LLC (fka Dominion Web Solutions, LLC)(6)(20)(21)	First lien senior secured loan	L + 6.50%	6/17/2024		23,532		23,337			23,296			2.4	%
Trader Interactive, LLC (fka Dominion Web Solutions, LLC)(13)(14)(20)(21)	First lien senior secured revolving loan	L + 6.50%	6/15/2023		—		(2	)		(2	)		—	%
					107,113		105,872			105,650			11.0	%
Leisure and entertainment
Troon Golf, L.L.C.(8)(16)(17)(21)	First lien senior secured term loan A and B	L + 5.50% (TLA: L + 3.5%; TLB: L + 5.98%)	3/29/2025		26,914		26,606			26,914			2.8	%
Troon Golf, L.L.C.(13)(14)(20)(21)	First lien senior secured revolving loan	L + 5.50%	3/29/2025		—		(5	)		—			—	%
					26,914		26,601			26,914			2.8	%
Manufacturing
Ideal Tridon Holdings, Inc.(8)(21)	First lien senior secured loan	L + 5.75%	7/31/2024		13,235		13,002			13,168			1.4	%
Ideal Tridon Holdings, Inc.(8)(13)(15)(20)(21)	First lien senior secured delayed draw term loan	L + 5.75%	12/25/2020		634		618			631			0.1	%
Ideal Tridon Holdings, Inc.(6)(13)(20)(21)	First lien senior secured revolving loan	L + 5.75%	7/31/2023		73		52			67			—	%
MHE Intermediate Holdings, LLC(dba Material Handling Services)(8)(13)(15)(20)(21)	First lien senior secured delayed draw term loan	L + 5.00%	4/26/2020		5,983		5,932			5,864			0.6	%
PHM Netherlands Midco B.V. (dba Loparex)(8)(21)	Second lien senior secured loan	L + 8.75%	8/2/2027		28,000		26,106			25,970			2.7	%
Professional Plumbing Group, Inc.(8)(21)	First lien senior secured loan	L + 6.75%	4/16/2024		6,737		6,660			6,586			0.7	%
Professional Plumbing Group, Inc.(8)(13)(20)(21)	First lien senior secured revolving loan	L + 6.75%	4/16/2023		857		846			821			0.1	%
Safety Products/JHC Acquisition Corp. (dba Justrite Safety Group)(6)(21)	First lien senior secured loan	L + 4.50%	6/28/2026		3,370		3,338			3,319			0.3	%
Safety Products/JHC Acquisition Corp. (dba Justrite Safety Group)(6)(13)(15)(20)(21)	First lien senior secured delayed draw term loan	L + 4.50%	6/28/2021		182		178			176			—	%
					59,071		56,732			56,602			5.9	%
Oil and gas
Black Mountain Sand Eagle Ford LLC(8)(20)(21)	First lien senior secured loan	L + 8.25%	8/17/2022		9,805		9,730			9,756			1.0	%
Project Power Buyer, LLC (dba PEC-Veriforce)(8)(21)	First lien senior secured loan	L + 5.75%	5/14/2026		5,783		5,716			5,682			0.6	%
Project Power Buyer, LLC (dba PEC-Veriforce)(13)(14)(20)(21)	First lien senior secured revolving loan	L + 5.75%	5/14/2025		—		(6	)		(10	)		—	%
Zenith Energy U.S. Logistics Holdings, LLC(6)(21)	First lien senior secured loan	L + 5.50%	12/21/2024		13,133		12,926			12,739			1.3	%
					28,721		28,366			28,167			2.9	%

24

Owl Rock Capital Corporation II

Consolidated Schedule of Investments (Continued)

As of December 31, 2019

(Amounts in thousands, except share amounts)

Company(1)(2)(3)(19)	Investment	Interest	Maturity Date	Par / Units		Amortized Cost(4)(12)			Fair Value			Percentage of Net Assets
Professional services
AmSpec Services Inc.(8)(21)	First lien senior secured loan	L + 6.25%	7/2/2024		19,156		18,874			18,773			2.0	%
AmSpec Services Inc.(13)(20)(21)	First lien senior secured revolving loan	P + 4.25%	7/2/2024		923		891			874			0.1	%
Cardinal US Holdings, Inc.(8)(18)(21)	First lien senior secured loan	L + 5.00%	7/31/2023		31,039		30,682			31,039			3.2	%
DMT Solutions Global Corporation(8)(21)	First lien senior secured loan	L + 7.00%	7/2/2024		8,325		8,058			8,096			0.8	%
GC Agile Holdings Limited (dba Apex Fund Services)(8)(18)(21)	First lien senior secured loan	L + 7.00%	6/15/2025		26,561		26,133			26,029			2.7	%
GC Agile Holdings Limited (dba Apex Fund Services)(13)(14)(18)(20)(21)	First lien senior secured revolving loan	L + 7.00%	6/15/2023		—		(38	)		(34	)		—	%
Gerson Lehrman Group, Inc.(6)(21)	First lien senior secured loan	L + 4.25%	12/12/2024		29,008		28,762			28,647			3.0	%
Gerson Lehrman Group, Inc.(13)(14)(20)(21)	First lien senior secured revolving loan	L + 4.25%	12/12/2024		—		(17	)		(25	)		—	%
					115,012		113,345			113,399			11.8	%
Specialty retail
BIG Buyer, LLC(8)(20)(21)	First lien senior secured loan	L + 6.50%	11/20/2023		16,819		16,496			16,441			1.7	%
BIG Buyer, LLC(13)(14)(15)(20)(21)	First lien senior secured delayed draw term loan	L + 6.50%	12/18/2020		—		(65	)		(19	)		—	%
BIG Buyer, LLC(13)(14)(20)(21)	First lien senior secured revolving loan	L + 6.50%	11/20/2023		—		(31	)		(28	)		—	%
EW Holdco, LLC (dba European Wax)(6)(21)	First lien senior secured loan	L + 4.50%	9/25/2024		24,769		24,541			24,583			2.6	%
Galls, LLC(7)(21)	First lien senior secured loan	L + 6.25%	1/31/2025		14,831		14,687			14,572			1.5	%
Galls, LLC(7)(13)(15)(20)(21)	First lien senior secured delayed draw term loan	L + 6.25%	1/31/2020		1,690		1,620			1,660			0.2	%
Galls, LLC(6)(13)(20)(21)	First lien senior secured revolving loan	L + 6.25%	1/31/2024		2,898		2,852			2,825			0.3	%
					61,007		60,100			60,034			6.3	%
Telecommunications
DB Datacenter Holdings Inc.(6)(21)	Second lien senior secured loan	L + 8.00%	4/3/2025		6,773		6,689			6,705			0.7	%
					6,773		6,689			6,705			0.7	%
Transportation
Lazer Spot G B Holdings, Inc.(6)(20)(21)	First lien senior secured loan	L + 6.00%	12/9/2025		37,437		36,788			36,790			3.8	%
Lazer Spot G B Holdings, Inc.(13)(14)(15)(20)(21)