10-Q 1 owl-10q_20210331.htm 10-Q owl-10q_20210331.htm

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 10-Q

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

For the fiscal quarter ended March 31, 2021

OR

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

Commission File Number 814-01190

 

OWL ROCK CAPITAL CORPORATION

(Exact name of Registrant as specified in its Charter)

 

Maryland

 

47-5402460

(State or other jurisdiction of

incorporation or organization)

 

(I.R.S. 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

Common Stock, $0.01 par value per share

ORCC

The New York Stock Exchange

 

 

 

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 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 

As of May 5, 2021, the registrant had 391,401,787 shares of common stock, $0.01 par value per share, outstanding.

 

i


 

Table of Contents

 

 

 

 

 

Page

PART I

 

FINANCIAL INFORMATION

 

 

Item 1.

 

Consolidated Financial Statements

 

2

 

 

Consolidated Statements of Assets and Liabilities as of March 31, 2021 (Unaudited) and December 31, 2020

 

2

 

 

Consolidated Statements of Operations for the Three Months Ended March 31, 2021 and 2020 (Unaudited)

 

3

 

 

Consolidated Schedules of Investments as of March 31, 2021 (Unaudited) and December 31, 2020

 

4

 

 

Consolidated Statements of Changes in Net Assets for the Three Months Ended March 31, 2021 and 2020 (Unaudited)

 

33

 

 

Consolidated Statements of Cash Flows for the Three Months Ended March 31, 2021 and 2020 (Unaudited)

 

34

 

 

Notes to Consolidated Financial Statements (Unaudited)

 

36

Item 2.

 

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

 

79

Item 3.

 

Quantitative and Qualitative Disclosures About Market Risk

 

125

Item 4.

 

Controls and Procedures

 

126

 

 

 

 

 

PART II

 

OTHER INFORMATION

 

 

Item 1.

 

Legal Proceedings

 

127

Item 1A.

 

Risk Factors

 

128

Item 2.

 

Unregistered Sales of Equity Securities and Use of Proceeds

 

129

Item 3.

 

Defaults Upon Senior Securities

 

129

Item 4.

 

Mine Safety Disclosures

 

129

Item 5.

 

Other Information

 

129

Item 6.

 

Exhibits

 

130

Signatures

 

 

 

131

 

 

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 and our ability to access the debt and equity capital markets;

 

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, including the Coronavirus Aid, Relief and Economic Security Act signed into law in December 2020 and the American Rescue Plan Act of 2021, signed into law in March 2021; 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”).


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, 2021

(Unaudited)

 

 

December 31, 2020

 

Assets

 

 

 

 

 

 

 

 

Investments at fair value

 

 

 

 

 

 

 

 

Non-controlled, non-affiliated investments (amortized cost of $10,892,469 and

     $10,653,613, respectively)

 

$

10,862,051

 

 

$

10,569,691

 

Controlled, affiliated investments (amortized cost of $380,280 and $275,105,

     respectively)

 

 

378,421

 

 

 

272,381

 

Total investments at fair value (amortized cost of $11,272,749 and $10,928,718, respectively)

 

 

11,240,472

 

 

 

10,842,072

 

Cash (restricted cash of $7,699 and $8,841, respectively)

 

 

244,159

 

 

 

347,917

 

Foreign cash (cost of $11,037 and $9,641, respectively)

 

 

11,106

 

 

 

9,994

 

Interest receivable

 

 

55,854

 

 

 

57,108

 

Receivable for investments sold

 

 

4,355

 

 

 

6,316

 

Receivable from a controlled affiliate

 

 

2,367

 

 

 

2,347

 

Prepaid expenses and other assets

 

 

29,929

 

 

 

38,603

 

Total Assets

 

$

11,588,242

 

 

$

11,304,357

 

Liabilities

 

 

 

 

 

 

 

 

Debt (net of unamortized debt issuance costs of $88,161 and $91,085, respectively)

 

$

5,545,891

 

 

$

5,292,722

 

Distribution payable

 

 

121,335

 

 

 

152,087

 

Management fee payable

 

 

42,107

 

 

 

35,936

 

Incentive fee payable

 

 

21,776

 

 

 

19,070

 

Payables to affiliates

 

 

2,587

 

 

 

6,527

 

Accrued expenses and other liabilities

 

 

52,458

 

 

 

51,581

 

Total Liabilities

 

 

5,786,154

 

 

 

5,557,923

 

Commitments and contingencies (Note 7)

 

 

 

 

 

 

 

 

Net Assets

 

 

 

 

 

 

 

 

Common shares $0.01 par value, 500,000,000 shares authorized; 391,401,787 and

     389,966,688 shares issued and outstanding, respectively

 

 

3,914

 

 

 

3,900

 

Additional paid-in-capital

 

 

5,960,109

 

 

 

5,940,979

 

Total distributable earnings (losses)

 

 

(161,935

)

 

 

(198,445

)

Total Net Assets

 

 

5,802,088

 

 

 

5,746,434

 

Total Liabilities and Net Assets

 

$

11,588,242

 

 

$

11,304,357

 

Net Asset Value Per Share

 

$

14.82

 

 

$

14.74

 

 

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,

 

 

 

2021

 

 

2020

 

Investment Income

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

 

 

Interest income

 

 

211,032

 

 

$

198,393

 

Dividend Income

 

 

3,559

 

 

 

 

Other income

 

 

3,154

 

 

 

4,151

 

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

 

 

217,745

 

 

 

202,544

 

Investment income from controlled, affiliated investments:

 

 

 

 

 

 

 

 

Interest income

 

 

1,303

 

 

 

 

Dividend income

 

 

2,368

 

 

 

2,188

 

Other Income

 

 

157

 

 

 

 

Total investment income from controlled, affiliated investments

 

 

3,828

 

 

 

2,188

 

Total Investment Income

 

 

221,573

 

 

 

204,732

 

Expenses

 

 

 

 

 

 

 

 

Interest expense

 

 

48,076

 

 

 

33,957

 

Management fee

 

 

42,110

 

 

 

33,790

 

Performance based incentive fees

 

 

21,775

 

 

 

25,595

 

Professional fees

 

 

3,768

 

 

 

3,152

 

Directors' fees

 

 

244

 

 

 

233

 

Other general and administrative

 

 

1,818

 

 

 

2,164

 

Total Operating Expenses

 

 

117,791

 

 

 

98,891

 

Management and incentive fees waived (Note 3)

 

 

 

 

 

(42,490

)

Net Operating Expenses

 

 

117,791

 

 

 

56,401

 

Net Investment Income (Loss) Before Taxes

 

 

103,782

 

 

 

148,331

 

Income taxes, including excise tax expense (benefit)

 

 

1,127

 

 

 

2,075

 

Net Investment Income (Loss) After Taxes

 

$

102,655

 

 

$

146,256

 

Net Realized and Change in Unrealized Gain (Loss)

 

 

 

 

 

 

 

 

Net change in unrealized gain (loss):

 

 

 

 

 

 

 

 

Non-controlled, non-affiliated investments

 

$

57,079

 

 

$

(444,135

)

Income tax (provision) benefit

 

 

(2,633

)

 

 

 

Controlled affiliated investments

 

 

865

 

 

 

(14,899

)

Translation of assets and liabilities in foreign currencies

 

 

(2,432

)

 

 

(81

)

Total Net Change in Unrealized Gain (Loss)

 

 

52,879

 

 

 

(459,115

)

Net realized gain (loss):

 

 

 

 

 

 

 

 

Non-controlled, non-affiliated investments

 

 

1,154

 

 

 

348

 

Foreign currency transactions

 

 

1,157

 

 

 

(79

)

Total Net Realized Gain (Loss)

 

 

2,311

 

 

 

269

 

Total Net Realized and Change in Unrealized Gain (Loss)

 

 

55,190

 

 

 

(458,846

)

Net Increase (Decrease) in Net Assets Resulting from Operations

 

$

157,845

 

 

$

(312,590

)

Earnings Per Share - Basic and Diluted

 

$

0.40

 

 

$

(0.79

)

Weighted Average Shares Outstanding - Basic and Diluted

 

 

391,114,767

 

 

 

393,441,711

 

 

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

 

 

3


Owl Rock Capital Corporation

Consolidated Schedule of Investments

As of March 31, 2021

(Amounts in thousands, except share amounts)

(Unaudited)

 

 

Company(1)(2)(17)

 

Investment

 

Interest

 

 

Maturity Date

 

Par / Units

 

 

Amortized Cost(3)(27)

 

 

Fair Value

 

 

Percentage of Net Assets

 

 

Non-controlled/non-affiliated portfolio company investments

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Debt Investments

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Aerospace and defense

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Aviation Solutions Midco, LLC (dba STS Aviation)(4)(6)(24)

 

First lien senior secured loan

 

L + 9.25% (incl. 9.25% PIK)

 

 

1/3/2025

 

 

216,119

 

 

 

213,306

 

 

 

192,346

 

 

 

3.3

 

%

Valence Surface Technologies LLC(4)(7)(24)

 

First lien senior secured loan

 

L + 5.75%

 

 

6/28/2025

 

 

98,250

 

 

 

97,148

 

 

 

89,899

 

 

 

1.5

 

%

Valence Surface Technologies LLC(4)(7)(16)(19)(24)

 

First lien senior secured delayed draw term loan

 

L + 5.75%

 

 

6/28/2021

 

 

23,760

 

 

 

23,473

 

 

 

21,230

 

 

 

0.4

 

%

Valence Surface Technologies LLC(4)(7)(16)(24)

 

First lien senior secured revolving loan

 

L + 5.75%

 

 

6/28/2025

 

 

6,000

 

 

 

5,894

 

 

 

5,150

 

 

 

0.1

 

%

 

 

 

 

 

 

 

 

 

 

 

344,129

 

 

 

339,821

 

 

 

308,625

 

 

 

5.3

 

%

Automotive

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Mavis Tire Express Services Corp.(4)(5)(24)

 

First lien senior secured loan

 

L + 3.25%

 

 

3/20/2025

 

 

862

 

 

 

814

 

 

 

862

 

 

 

 

%

Mavis Tire Express Services Corp.(4)(5)(24)

 

Second lien senior secured loan

 

L + 7.59%

 

 

3/20/2026

 

 

191,281

 

 

 

188,505

 

 

 

191,281

 

 

 

3.3

 

%

 

 

 

 

 

 

 

 

 

 

 

192,143

 

 

 

189,319

 

 

 

192,143

 

 

 

3.3

 

%

Buildings and real estate

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Associations, Inc.(4)(6)(24)

 

First lien senior secured loan

 

L + 7.00% (incl. 3.00% PIK)

 

 

7/30/2024

 

 

309,140

 

 

 

306,574

 

 

 

309,140

 

 

 

5.3

 

%

Associations, Inc.(4)(6)(16)(19)(24)

 

First lien senior secured delayed draw term loan

 

L + 7.00% (incl. 3.00% PIK)

 

 

7/30/2021

 

 

59,617

 

 

 

59,217

 

 

 

59,612

 

 

 

1.0

 

%

Associations, Inc.(4)(6)(24)

 

First lien senior secured revolving loan

 

L + 6.00%

 

 

7/30/2024

 

 

11,543

 

 

 

11,463

 

 

 

11,485

 

 

 

0.2

 

%

Reef Global, Inc. (fka Cheese Acquisition, LLC)(4)(7)(24)

 

First lien senior secured loan

 

L + 6.00% (incl. 1.25% PIK)

 

 

11/28/2024

 

 

134,289

 

 

 

133,106

 

 

 

128,246

 

 

 

2.2

 

%

Imperial Parking Canada(4)(8)(24)

 

First lien senior secured loan

 

C + 6.00% (incl. 1.25% PIK)

 

 

11/28/2024

 

 

28,112

 

 

 

26,569

 

 

 

26,847

 

 

 

0.5

 

%

Reef Global, Inc. (fka Cheese Acquisition, LLC)(4)(6)(16)(24)

 

First lien senior secured revolving loan

 

L + 4.75%

 

 

11/28/2023

 

 

10,987

 

 

 

10,915

 

 

 

10,251

 

 

 

0.2

 

%

 

 

 

 

 

 

 

 

 

 

 

553,688

 

 

 

547,844

 

 

 

545,581

 

 

 

9.4

 

%

Business services

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Access CIG, LLC(4)(5)(24)

 

Second lien senior secured loan

 

L + 7.75%

 

 

2/27/2026

 

 

58,760

 

 

 

58,280

 

 

 

58,025

 

 

 

1.0

 

%

4


Owl Rock Capital Corporation

Consolidated Schedule of Investments

As of March 31, 2021

(Amounts in thousands, except share amounts)

(Unaudited)

 

Company(1)(2)(17)

 

Investment

 

Interest

 

 

Maturity Date

 

Par / Units

 

 

Amortized Cost(3)(27)

 

 

Fair Value

 

 

Percentage of Net Assets

 

 

CIBT Global, Inc.(4)(6)(24)

 

First lien senior secured loan

 

L + 3.75%

 

 

6/3/2024

 

 

841

 

 

 

670

 

 

 

597

 

 

 

 

%

CIBT Global, Inc.(4)(6)(24)(29)

 

Second lien senior secured loan

 

L + 7.75% (incl. 6.75% PIK)

 

 

6/2/2025

 

 

63,678

 

 

 

57,051

 

 

 

25,153

 

 

 

0.4

 

%

ConnectWise, LLC(4)(6)(24)

 

First lien senior secured loan

 

L + 5.25%

 

 

2/28/2025

 

 

178,200

 

 

 

176,620

 

 

 

178,200

 

 

 

3.1

 

%

ConnectWise, LLC(4)(5)(16)(24)

 

First lien senior secured revolving loan

 

L + 5.25%

 

 

2/28/2025

 

 

1,250

 

 

 

1,084

 

 

 

1,250

 

 

 

 

%

Entertainment Benefits Group, LLC(4)(6)(24)

 

First lien senior secured loan

 

L + 8.25% (incl. 2.50% PIK)

 

 

9/30/2025

 

 

81,818

 

 

 

80,873

 

 

 

72,818

 

 

 

1.3

 

%

Entertainment Benefits Group, LLC(4)(6)(16)(24)

 

First lien senior secured revolving loan

 

L + 8.25% (incl. 2.50% PIK)

 

 

9/30/2024

 

 

10,096

 

 

 

9,980

 

 

 

8,864

 

 

 

0.2

 

%

Hercules Borrower, LLC (dba The Vincit Group)(4)(7)(24)

 

First lien senior secured loan

 

L + 6.50%

 

 

12/15/2026

 

 

180,043

 

 

 

177,449

 

 

 

178,243

 

 

 

3.1

 

%

Hercules Borrower, LLC (dba The Vincit Group)(4)(16)(18)(24)

 

First lien senior secured revolving loan

 

L + 6.50%

 

 

12/15/2026

 

 

-

 

 

 

(298

)

 

 

(209

)

 

 

 

%

Hercules Buyer, LLC (dba The Vincit Group)(24)(26)(30)

 

Unsecured notes

 

0.48% (incl. 0.48% PIK)

 

 

12/14/2029

 

 

5,112

 

 

 

5,112

 

 

 

5,112

 

 

 

0.1

 

%

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

 

Second lien senior secured loan

 

L + 8.00%

 

 

12/19/2024

 

 

78,987

 

 

 

78,356

 

 

 

78,987

 

 

 

1.4

 

%

 

 

 

 

 

 

 

 

 

 

 

658,785

 

 

 

645,177

 

 

 

607,040

 

 

 

10.6

 

%

Chemicals

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Aruba Investments Holdings LLC (dba Angus Chemical Company)(4)(7)(24)

 

Second lien senior secured loan

 

L + 7.75%

 

 

11/24/2028

 

 

10,000

 

 

 

9,857

 

 

 

9,900

 

 

 

0.2

 

%

Douglas Products and Packaging Company LLC(4)(6)(24)

 

First lien senior secured loan

 

L + 5.75%

 

 

10/19/2022

 

 

97,687

 

 

 

97,334

 

 

 

96,223

 

 

 

1.7

 

%

Douglas Products and Packaging Company LLC(4)(9)(16)(24)

 

First lien senior secured revolving loan

 

P + 4.75%

 

 

10/19/2022

 

 

4,239

 

 

 

4,215

 

 

 

4,103

 

 

 

0.1

 

%

Gaylord Chemical Company, L.L.C(4)(5)(24)

 

First lien senior secured loan

 

L + 6.00%

 

 

3/30/2027

 

 

153,798

 

 

 

152,262

 

 

 

152,260

 

 

 

2.6

 

%

Gaylord Chemical Company, L.L.C(4)(16)(18)(24)

 

First lien senior secured revolving loan

 

L + 6.00%

 

 

3/30/2026

 

 

-

 

 

 

(132

)

 

 

(132

)

 

 

 

%

Innovative Water Care Global Corporation(4)(6)(24)

 

First lien senior secured loan

 

L + 5.00%

 

 

2/27/2026

 

 

147,000

 

 

 

139,193

 

 

 

136,710

 

 

 

2.4

 

%

 

 

 

 

 

 

 

 

 

 

 

412,724

 

 

 

402,729

 

 

 

399,064

 

 

 

7.0

 

%

Consumer products

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Feradyne Outdoors, LLC(4)(6)(24)

 

First lien senior secured loan

 

L + 6.25%

 

 

5/25/2023

 

 

88,400

 

 

 

87,966

 

 

 

88,400

 

 

 

1.5

 

%

WU Holdco, Inc. (dba Weiman Products, LLC)(4)(6)(24)

 

First lien senior secured loan

 

L + 5.25%

 

 

3/26/2026

 

 

158,092

 

 

 

155,688

 

 

 

157,697

 

 

 

2.7

 

%

5


Owl Rock Capital Corporation

Consolidated Schedule of Investments

As of March 31, 2021

(Amounts in thousands, except share amounts)

(Unaudited)

 

Company(1)(2)(17)

 

Investment

 

Interest

 

 

Maturity Date

 

Par / Units

 

 

Amortized Cost(3)(27)

 

 

Fair Value

 

 

Percentage of Net Assets

 

 

WU Holdco, Inc. (dba Weiman Products, LLC)(4)(6)(16)(24)

 

First lien senior secured revolving loan

 

L + 5.25%

 

 

3/26/2025

 

 

5,378

 

 

 

5,091

 

 

 

5,330

 

 

 

0.1

 

%

 

 

 

 

 

 

 

 

 

 

 

251,870

 

 

 

248,745

 

 

 

251,427

 

 

 

4.3

 

%

Containers and packaging

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pregis Topco LLC(4)(5)(22)(24)

 

First lien senior secured loan

 

L + 3.75%

 

 

7/31/2026

 

 

861

 

 

 

818

 

 

 

854

 

 

 

 

%

Pregis Topco LLC(4)(5)(24)

 

Second lien senior secured loan

 

L + 7.75%

 

 

7/30/2027

 

 

215,033

 

 

 

211,334

 

 

 

213,959

 

 

 

3.7

 

%

 

 

 

 

 

 

 

 

 

 

 

215,894

 

 

 

212,152

 

 

 

214,813

 

 

 

3.7

 

%

Distribution

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

ABB/Con-cise Optical Group LLC(4)(7)

 

First lien senior secured loan

 

L + 5.00%

 

 

6/15/2023

 

 

75,423

 

 

 

74,909

 

 

 

71,652

 

 

 

1.2

 

%

ABB/Con-cise Optical Group LLC(4)(7)

 

Second lien senior secured loan

 

L + 9.00%

 

 

6/17/2024

 

 

25,000

 

 

 

24,629

 

 

 

23,000

 

 

 

0.4

 

%

Aramsco, Inc.(4)(5)(24)

 

First lien senior secured loan

 

L + 5.25%

 

 

8/28/2024

 

 

56,333

 

 

 

55,475

 

 

 

56,051

 

 

 

1.0

 

%

Aramsco, Inc.(4)(16)(18)(24)

 

First lien senior secured revolving loan

 

L + 5.25%

 

 

8/28/2024

 

 

-

 

 

 

(119

)

 

 

(42

)

 

 

 

%

Endries Acquisition, Inc.(4)(7)(24)

 

First lien senior secured loan

 

L + 6.25%

 

 

12/10/2025

 

 

201,705

 

 

 

199,163

 

 

 

199,183

 

 

 

3.4

 

%

Endries Acquisition, Inc.(4)(16)(18)(24)

 

First lien senior secured revolving loan

 

L + 6.25%

 

 

12/10/2024

 

 

-

 

 

 

(291

)

 

 

(338

)

 

 

 

%

Individual Foodservice Holdings, LLC(4)(7)(24)

 

First lien senior secured loan

 

L + 6.25%

 

 

11/22/2025

 

 

141,936

 

 

 

139,537

 

 

 

140,517

 

 

 

2.4

 

%

Individual Foodservice Holdings, LLC(4)(7)(16)(19)(24)

 

First lien senior secured delayed draw term loan

 

L + 6.25%

 

 

6/30/2022

 

 

13,664

 

 

 

13,078

 

 

 

13,312

 

 

 

0.2

 

%

Individual Foodservice Holdings, LLC(4)(5)(16)(24)

 

First lien senior secured revolving loan

 

L + 6.25%

 

 

11/22/2024

 

 

3,834

 

 

 

3,495

 

 

 

3,619

 

 

 

0.1

 

%

JM Swank, LLC(4)(6)

 

First lien senior secured loan

 

L + 7.50%

 

 

7/25/2022

 

 

114,663

 

 

 

113,986

 

 

 

114,663

 

 

 

2.0

 

%

Offen, Inc.(4)(5)(24)

 

First lien senior secured loan

 

L + 5.00%

 

 

6/22/2026

 

 

19,729

 

 

 

19,577

 

 

 

19,336

 

 

 

0.3

 

%

QC Supply, LLC(4)(5)

 

First lien senior secured loan

 

L + 7.00% (incl. 1.00% PIK)

 

 

12/29/2022

 

 

34,397

 

 

 

34,118

 

 

 

28,893

 

 

 

0.5

 

%

QC Supply, LLC(4)(5)(16)

 

First lien senior secured revolving loan

 

L + 7.00%

 

 

12/29/2021

 

 

4,336

 

 

 

4,318

 

 

 

3,541

 

 

 

0.1

 

%

 

 

 

 

 

 

 

 

 

 

 

691,020

 

 

 

681,875

 

 

 

673,387

 

 

 

11.6

 

%

Education

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Instructure, Inc.(4)(6)(24)

 

First lien senior secured loan

 

L + 7.00%

 

 

3/24/2026

 

 

79,663

 

 

 

78,512

 

 

 

79,663