10-Q 1 owl-10q_20190331.htm 10-Q owl-10q_20190331.htm

 

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 March 31, 2019

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 814-01190

 

OWL ROCK CAPITAL CORPORATION

(Exact name of Registrant as specified in its Charter)

 

Maryland

 

47-5402460

(State or other jurisdiction of

incorporation or organization)

 

(I.R.S. Employer

Identification No.)

 

 

 

399 Park 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

 

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 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 definition 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.    

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

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

As of May 8, 2019 the registrant had 267,306,663 shares of common stock, $0.01 par value per share, outstanding.

 

 

i


 

Table of Contents

 

 

 

 

 

Page

PART I

 

FINANCIAL INFORMATION

 

2

Item 1.

 

Consolidated Financial Statements

 

2

 

 

Consolidated Statements of Assets and Liabilities as of March 31, 2019 (Unaudited) and December 31,

2018

 

2

 

 

Consolidated Statements of Operations for the Three Months Ended March 31, 2019 and 2018 (Unaudited)

 

3

 

 

Consolidated Schedules of Investments as of March 31, 2019 (Unaudited) and December 31, 2018

 

4

 

 

Consolidated Statements of Changes in Net Assets for the Three Months Ended March 31, 2019 and 2018 (Unaudited)

 

21

 

 

Consolidated Statements of Cash Flows for the Three Months Ended March 31, 2019 and 2018 (Unaudited)

 

22

 

 

Notes to Consolidated Financial Statements (Unaudited)

 

24

Item 2.

 

Management’s Discussion and Analysis of Financial Condition and Results of Operations

 

53

Item 3.

 

Quantitative and Qualitative Disclosures About Market Risk

 

84

Item 4.

 

Controls and Procedures

 

85

 

 

 

 

 

 

 

 

 

 

PART II

 

OTHER INFORMATION

 

86

Item 1.

 

Legal Proceedings

 

86

Item 1A.

 

Risk Factors

 

86

Item 2.

 

Unregistered Sales of Equity Securities and Use of Proceeds

 

86

Item 3.

 

Defaults Upon Senior Securities

 

86

Item 4.

 

Mine Safety Disclosures

 

86

Item 5.

 

Other Information

 

86

Item 6.

 

Exhibits

 

87

Signatures

 

 

 

88

 

 

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 (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;

 

interest rate volatility 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;

 

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 “1934 Act”).

1


PART I. CONSOLIDATED FINANCIAL INFORMATION

 

Item 1. Consolidated Financial Statements

 

Owl Rock Capital Corporation

Consolidated Statements of Assets and Liabilities

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

 

 

 

March 31, 2019 (Unaudited)

 

 

December 31, 2018

 

Assets

 

 

 

 

 

 

 

 

Investments at fair value

 

 

 

 

 

 

 

 

Non-controlled, non-affiliated investments (amortized cost of $6,747,155 and

     $5,720,295, respectively)

 

$

6,740,544

 

 

$

5,697,447

 

Controlled, affiliated investments (amortized cost of $93,638 and $91,138,

     respectively)

 

 

91,168

 

 

 

86,622

 

Total investments at fair value (amortized cost of $6,840,793 and $5,811,433, respectively)

 

 

6,831,712

 

 

 

5,784,069

 

Cash (restricted cash of $4,119 and $6,013, respectively)

 

 

98,773

 

 

 

127,603

 

Interest receivable

 

 

43,153

 

 

 

29,680

 

Receivable from a controlled affiliate

 

 

2,697

 

 

 

8,100

 

Prepaid expenses and other assets

 

 

3,650

 

 

 

1,590

 

Total Assets

 

$

6,979,985

 

 

$

5,951,042

 

Liabilities

 

 

 

 

 

 

 

 

Debt (net of unamortized debt issuance costs of $20,671 and $22,335, respectively)

 

$

2,769,805

 

 

$

2,567,717

 

Management fee payable

 

 

15,186

 

 

 

14,049

 

Distribution payable

 

 

88,479

 

 

 

78,350

 

Payables to affiliates

 

 

1,975

 

 

 

2,847

 

Payable for investments purchased

 

 

 

 

 

3,180

 

Accrued expenses and other liabilities

 

 

24,226

 

 

 

20,054

 

Total Liabilities

 

 

2,899,671

 

 

 

2,686,197

 

Commitments and contingencies (Note 7)

 

 

 

 

 

 

 

 

Net Assets

 

 

 

 

 

 

 

 

Common shares $0.01 par value, 500,000,000 shares authorized; 267,306,663 and

     216,204,837 shares issued and outstanding, respectively

 

 

2,673

 

 

 

2,162

 

Additional paid-in-capital

 

 

4,060,110

 

 

 

3,271,162

 

Total distributable earnings (losses)

 

 

17,531

 

 

 

(8,479

)

Total Net Assets

 

 

4,080,314

 

 

 

3,264,845

 

Total Liabilities and Net Assets

 

$

6,979,985

 

 

$

5,951,042

 

Net Asset Value Per Share

 

$

15.26

 

 

$

15.10

 

 

 

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

 


2


Owl Rock Capital Corporation

Consolidated Statements of Operations

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

(Unaudited)

 

 

 

 

For the Three Months Ended March 31,

 

 

 

2019

 

 

2018

 

Investment Income

 

 

 

 

 

 

 

 

Investment income from non-controlled, non-affiliated investments:

 

 

 

 

 

 

 

 

Interest income

 

$

146,439

 

 

$

61,289

 

Other income

 

 

2,339

 

 

 

1,650

 

Total investment income from non-controlled, non-affiliated investments

 

 

148,778

 

 

 

62,939

 

Investment income from controlled, affiliated investments:

 

 

 

 

 

 

 

 

Dividend income

 

 

2,697

 

 

 

1,322

 

Other income

 

 

 

 

 

1,183

 

Total investment income from controlled, affiliated investments

 

 

2,697

 

 

 

2,505

 

Total Investment Income

 

 

151,475

 

 

 

65,444

 

Expenses

 

 

 

 

 

 

 

 

Interest expense

 

 

34,729

 

 

 

12,057

 

Management fee

 

 

15,187

 

 

 

12,035

 

Professional fees

 

 

2,124

 

 

 

1,412

 

Directors' fees

 

 

143

 

 

 

138

 

Other general and administrative

 

 

1,614

 

 

 

1,073

 

Total Expenses

 

 

53,797

 

 

 

26,715

 

Net Investment Income (Loss) Before Taxes

 

 

97,678

 

 

 

38,729

 

Excise tax expense

 

 

1,673

 

 

 

52

 

Net Investment Income (Loss) After Taxes

 

$

96,005

 

 

$

38,677

 

Net Realized and Unrealized Gain (Loss)

 

 

 

 

 

 

 

 

Net change in unrealized gain (loss):

 

 

 

 

 

 

 

 

Non-controlled, non-affiliated investments

 

$

16,428

 

 

$

5,505

 

Controlled affiliated investments

 

 

2,046

 

 

 

(64

)

Translation of assets and liabilities in foreign currencies

 

 

(22

)

 

 

 

Total Net Change in Unrealized Gain (Loss)

 

 

18,452

 

 

 

5,441

 

Net realized gain (loss):

 

 

 

 

 

 

 

 

Non-controlled, non-affiliated investments

 

 

(4

)

 

 

158

 

Foreign currency transactions

 

 

34

 

 

 

 

Total Net Realized Gain (Loss)

 

 

30

 

 

 

158

 

Total Net Realized and Unrealized Gain (Loss)

 

 

18,482

 

 

 

5,599

 

Net Increase (Decrease) in Net Assets Resulting from Operations

 

$

114,487

 

 

$

44,276

 

Earnings Per Share - Basic and Diluted

 

$

0.49

 

 

$

0.44

 

Weighted Average Shares Outstanding - Basic and Diluted

 

 

235,886,358

 

 

 

100,924,120

 

 

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

 

 

3


Owl Rock Capital Corporation

Consolidated Schedules of Investments

As of March 31, 2019

(Amounts in thousands, except share amounts)

(Unaudited)

 

 

Company(1)(17)

 

Investment

 

Interest

 

Maturity Date

 

Par / Units

 

 

Amortized Cost(3)(23)

 

 

Fair Value

 

 

Percentage of Net Assets

 

 

Non-controlled/non-affiliated portfolio company investments(2)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Debt Investments

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Aerospace and defense

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Aviation Solutions Midco, LLC (dba STS Aviation)(4)(7)(21)

 

First lien senior secured loan

 

L + 5.50%

 

1/4/2025

 

$

102,000

 

 

$

100,520

 

 

$

100,470

 

 

 

2.5

 

%

Advertising and media

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

IRI Holdings, Inc.(4)(7)(19)(21)

 

First lien senior secured loan

 

L + 4.50%

 

11/28/2025

 

 

14,963

 

 

 

14,819

 

 

 

14,726

 

 

 

0.4

 

%

PAK Acquisition Corporation (dba Valpak)(4)(7)

 

First lien senior secured loan

 

L + 8.00%

 

6/30/2022

 

 

70,775

 

 

 

69,855

 

 

 

71,128

 

 

 

1.7

 

%

Swipe Acquisition Corporation (dba PLI)(4)(5)(21)

 

First lien senior secured loan

 

L + 7.75%

 

6/29/2024

 

 

161,811

 

 

 

158,851

 

 

 

158,575

 

 

 

3.9

 

%

Swipe Acquisition Corporation (dba PLI)(4)(13)(14)(15)(21)

 

First lien senior secured delayed draw term loan

 

L + 7.75%

 

9/30/2019

 

 

-

 

 

 

(170

)

 

 

(65

)

 

 

-

 

%

 

 

 

 

 

 

 

 

 

247,549

 

 

 

243,355

 

 

 

244,364

 

 

 

6.0

 

%

Automotive

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Mavis Tire Express Services Corp.(4)(5)(21)

 

Second lien senior secured loan

 

L + 7.50%

 

3/20/2026

 

 

155,000

 

 

 

151,871

 

 

 

151,125

 

 

 

3.7

 

%

Mavis Tire Express Services Corp.(4)(5)(13)(15)(21)

 

Second lien senior secured delayed draw term loan

 

L + 7.50%

 

3/20/2020

 

 

1,449

 

 

 

1,190

 

 

 

1,090

 

 

 

-

 

%

 

 

 

 

 

 

 

 

 

156,449

 

 

 

153,061

 

 

 

152,215

 

 

 

3.7

 

%

Buildings and real estate

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Associations, Inc.(4)(7)(21)

 

First lien senior secured loan

 

L + 4.00%  (3.00% PIK)

 

7/30/2024

 

 

233,734

 

 

 

231,113

 

 

 

231,981

 

 

 

5.7

 

%

Associations, Inc.(4)(7)(13)(15)(21)

 

First lien senior secured delayed draw term loan

 

L + 4.00%  (3.00% PIK)

 

7/30/2021

 

 

28,183

 

 

 

27,542

 

 

 

27,749

 

 

 

0.7

 

%

Associations, Inc.(4)(13)(14)(21)

 

First lien senior secured revolving loan

 

L + 6.00%

 

7/30/2024

 

 

-

 

 

 

(128

)

 

 

(173

)

 

 

-

 

%

Cheese Acquisition, LLC(4)(7)(21)

 

First lien senior secured loan

 

L + 4.75%

 

11/28/2024

 

 

129,040

 

 

 

127,156

 

 

 

127,427

 

 

 

3.1

 

%

Imperial Parking Canada(4)(9)(21)

 

First lien senior secured loan

 

C + 5.00%

 

11/28/2024

 

 

33,945

 

 

 

33,902

 

 

 

33,523

 

 

 

0.8

 

%

Cheese Acquisition, LLC(4)(13)(14)(21)

 

First lien senior secured revolving loan

 

L + 4.75%

 

11/28/2023

 

 

-

 

 

 

(191

)

 

 

(205

)

 

 

-

 

%

 

 

 

 

 

 

 

 

 

424,902

 

 

 

419,394

 

 

 

420,302

 

 

 

10.3

 

%

Business services

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Access CIG, LLC(4)(5)(21)

 

Second lien senior secured loan

 

L + 7.75%

 

2/27/2026

 

 

37,756

 

 

 

37,439

 

 

 

37,379

 

 

 

0.9

 

%

CIBT Global, Inc.(4)(7)(21)

 

Second lien senior secured loan

 

L + 7.75%

 

6/2/2025

 

 

59,500

 

 

 

58,236

 

 

 

58,637

 

 

 

1.4

 

%

ConnectWise, LLC(4)(7)(21)

 

First lien senior secured loan

 

L + 5.50%

 

2/28/2025

 

 

155,151

 

 

 

153,233

 

 

 

153,211

 

 

 

3.8

 

%

ConnectWise, LLC(4)(13)(14)(21)

 

First lien senior secured revolving loan

 

L + 5.50%

 

2/28/2025

 

 

-

 

 

 

(204

)

 

 

(207

)

 

 

-

 

%

4


Owl Rock Capital Corporation

Consolidated Schedules of Investments

As of March 31, 2019

(Amounts in thousands, except share amounts)

(Unaudited)

 

Company(1)(17)

 

Investment

 

Interest

 

Maturity Date

 

Par / Units

 

 

Amortized Cost(3)(23)

 

 

Fair Value

 

 

Percentage of Net Assets

 

 

Transperfect Global, Inc.(4)(5)(21)

 

First lien senior secured loan

 

L + 6.75%

 

5/7/2024

 

 

230,670

 

 

 

226,606

 

 

 

231,823

 

 

 

5.7

 

%

Vistage International, Inc.(4)(5)(21)

 

Second lien senior secured loan

 

L + 8.00%

 

2/8/2026

 

 

43,500

 

 

 

43,170

 

 

 

43,065

 

 

 

1.1

 

%

Vestcom Parent Holdings, Inc.(4)(5)

 

Second lien senior secured loan

 

L + 8.25%

 

12/19/2024

 

 

78,987

 

 

 

78,095

 

 

 

78,592

 

 

 

1.9

 

%

 

 

 

 

 

 

 

 

 

605,564

 

 

 

596,575

 

 

 

602,500

 

 

 

14.8

 

%

Chemicals

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Douglas Products and Packaging Company LLC(4)(7)(21)

 

First lien senior secured loan

 

L + 5.75%

 

10/19/2022

 

 

99,695

 

 

 

98,894

 

 

 

98,699

 

 

 

2.4

 

%

Douglas Products and Packaging Company LLC(4)(7)(13)(21)

 

First lien senior secured revolving loan

 

L + 5.75%

 

10/19/2022

 

 

2,725

 

 

 

2,670

 

 

 

2,634

 

 

 

0.1

 

%

Innovative Water Care Global Corporation(4)(7)(21)

 

First lien senior secured loan

 

L + 5.00%

 

2/27/2026

 

 

150,000

 

 

 

139,546

 

 

 

139,500

 

 

 

3.4

 

%

 

 

 

 

 

 

 

 

 

252,420

 

 

 

241,110

 

 

 

240,833

 

 

 

5.9

 

%

Consumer products

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Feradyne Outdoors, LLC(4)(7)(21)

 

First lien senior secured loan

 

L + 6.25%

 

5/25/2023

 

 

113,479

 

 

 

112,460

 

 

 

101,563

 

 

 

2.5

 

%

WU Holdco, Inc. (dba Weiman Products, LLC)(4)(7)(21)

 

First lien senior secured loan

 

L + 5.50%

 

3/26/2026

 

 

141,193

 

 

 

138,374

 

 

 

138,370

 

 

 

3.4

 

%

WU Holdco, Inc. (dba Weiman Products, LLC)(4)(13)(14)(15)(21)

 

First lien senior secured delayed draw term loan

 

L + 5.50%

 

3/26/2021

 

 

-

 

 

 

(198

)

 

 

(199

)

 

 

-

 

%

WU Holdco, Inc. (dba Weiman Products, LLC)(4)(13)(14)(21)

 

First lien senior secured revolving loan

 

L + 5.50%

 

3/26/2025

 

 

-

 

 

 

(278

)

 

 

(278

)

 

 

-

 

%

 

 

 

 

 

 

 

 

 

254,672

 

 

 

250,358

 

 

 

239,456

 

 

 

5.9

 

%

Containers and packaging

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pregis Holding I Corporation(4)(7)(21)

 

Second lien senior secured loan

 

L + 7.25%

 

5/20/2022

 

 

43,000

 

 

 

42,315

 

 

 

42,570

 

 

 

1.0

 

%

Distribution

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

ABB/Con-cise Optical Group LLC(4)(5)

 

First lien senior secured loan

 

L + 5.00%

 

6/15/2023

 

 

58,942

 

 

 

59,056

 

 

 

56,584

 

 

 

1.4

 

%

ABB/Con-cise Optical Group LLC(4)(5)

 

Second lien senior secured loan

 

L + 9.00%

 

6/17/2024

 

 

25,000

 

 

 

24,443

 

 

 

23,750

 

 

 

0.6

 

%

Aramsco, Inc.(4)(5)(21)

 

First lien senior secured loan

 

L + 5.25%

 

8/28/2024

 

 

55,578

 

 

 

54,299

 

 

 

54,188

 

 

 

1.3

 

%

Aramsco, Inc.(4)(5)(13)(21)

 

First lien senior secured revolving loan

 

L + 5.25%

 

8/28/2024

 

 

279

 

 

 

90

 

 

 

70

 

 

 

-

 

%

Dade Paper & Bag, LLC (dba Imperial-Dade)(4)(5)(21)

 

First lien senior secured loan

 

L + 7.44%

 

6/10/2024

 

 

37,112

 

 

 

36,568

 

 

 

37,091

 

 

 

0.9

 

%

Dealer Tire, LLC(4)(5)(21)

 

First lien senior secured loan

 

L + 5.50%

 

12/15/2025

 

 

114,750

 

 

 

109,197

 

 

 

111,881

 

 

 

2.8

 

%

Endries Acquisition, Inc.(4)(5)(21)

 

First lien senior secured loan

 

L + 6.25%

 

12/10/2025

 

 

180,000

 

 

 

176,953

 

 

 

176,850

 

 

 

4.3

 

%

Endries Acquisition, Inc.(4)(5)(13)(15)(21)

 

First lien senior secured delayed draw term loan

 

L + 6.25%

 

12/10/2020

 

 

10,440

 

 

 

9,393

 

 

 

9,345

 

 

 

0.2

 

%

Endries Acquisition, Inc.(4)(5)(13)(21)

 

First lien senior secured revolving loan

 

L + 6.25%

 

12/10/2024

 

 

6,300

 

 

 

5,852

 

 

 

5,828

 

 

 

0.1

 

%

JM Swank, LLC(4)(7)

 

First lien senior secured loan

 

L + 7.50%

 

7/25/2022

 

 

117,070

 

 

 

115,474

 

 

 

114,143

 

 

 

2.8

 

%

5


Owl Rock Capital Corporation

Consolidated Schedules of Investments

As of March 31, 2019

(Amounts in thousands, except share amounts)

(Unaudited)

 

Company(1)(17)

 

Investment

 

Interest

 

Maturity Date

 

Par / Units

 

 

Amortized Cost(3)(23)

 

 

Fair Value

 

 

Percentage of Net Assets

 

 

QC Supply, LLC(4)(5)

 

First lien senior secured loan

 

L + 6.00%

 

12/29/2022

 

 

34,506

 

 

 

33,920

 

 

 

32,953

 

 

 

0.8

 

%

QC Supply, LLC(4)(5)(13)

 

First lien senior secured revolving loan

 

L + 6.00%

 

12/29/2021

 

 

4,969

 

 

 

4,901

 

 

 

4,745

 

 

 

0.1

 

%

 

 

 

 

 

 

 

 

 

644,946

 

 

 

630,146

 

 

 

627,428

 

 

 

15.3

 

%

Education

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Learning Care Group (US) No. 2 Inc.(4)(7)(21)

 

Second lien senior secured loan

 

L + 7.50%

 

3/13/2026

 

 

25,000

 

 

 

24,547

 

 

 

24,500

 

 

 

0.6

 

%

Severin Acquisition, LLC (dba PowerSchool)(4)(7)(21)

 

Second lien senior secured loan

 

L + 6.75%

 

8/3/2026

 

 

92,500

 

 

 

91,628

 

 

 

91,113

 

 

 

2.2

 

%

TSB Purchaser, Inc. (dba Teaching Strategies, Inc.)(4)(7)(21)

 

First lien senior secured loan

 

L + 6.00%

 

5/14/2024

 

 

62,687

 

 

 

61,310

 

 

 

61,121

 

 

 

1.5

 

%

TSB Purchaser, Inc. (dba Teaching Strategies, Inc.)(4)(13)(14)(21)

 

First lien senior secured revolving loan

 

L + 6.00%

 

5/14/2024

 

 

-

 

 

 

(90

)

 

 

(106

)

 

 

-

 

%

 

 

 

 

 

 

 

 

 

180,187

 

 

 

177,395

 

 

 

176,628

 

 

 

4.3

 

%

Energy equipment and services

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Hillstone Environmental Partners, LLC(4)(7)(21)

 

First lien senior secured loan

 

L + 7.75%

 

4/25/2023

 

 

84,708

 

 

 

83,598

 

 

 

84,708

 

 

 

2.1

 

%

Hillstone Environmental Partners, LLC(4)(13)(14)(21)

 

First lien senior secured revolving loan

 

L + 7.75%

 

4/25/2023

 

 

-

 

 

 

(54

)

 

 

-

 

 

 

-

 

%

Liberty Oilfield Services LLC(4)(5)(16)(21)

 

First lien senior secured loan

 

L + 7.63%

 

9/19/2022

 

 

14,148

 

 

 

13,958

 

 

 

14,219

 

 

 

0.3

 

%

 

 

 

 

 

 

 

 

 

98,856

 

 

 

97,502

 

 

 

98,927

 

 

 

2.4

 

%

Financial services

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Blackhawk Network Holdings, Inc.(4)(5)(21)

 

Second lien senior secured loan

 

L + 7.00%

 

6/15/2026

 

 

75,998

 

 

 

75,134

 

 

 

74,478

 

 

 

1.8

 

%

NMI Acquisitionco, Inc. (dba Network Merchants)(4)(5)(21)

 

First lien senior secured loan

 

L + 6.75%

 

9/6/2022

 

 

28,409

 

 

 

27,889

 

 

 

27,415

 

 

 

0.7

 

%

NMI Acquisitionco, Inc. (dba Network Merchants)(4)(5)(13)(21)

 

First lien senior secured revolving loan

 

L + 6.75%

 

9/6/2022

 

 

427

 

 

 

415

 

 

 

404

 

 

 

-

 

%

 

 

 

 

 

 

 

 

 

104,834

 

 

 

103,438

 

 

 

102,297

 

 

 

2.5

 

%

Food and beverage

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Carolina Beverage Group (fka Cold Spring Brewing Company)(4)(5)(21)

 

First lien senior secured loan