NEW YORK, Feb. 23, 2022 /PRNewswire/ -- Owl Rock Capital
Corporation (NYSE: ORCC, or the "Company") today reported net
investment income of $137.9 million, or $0.35 per share, and net income of
$174.0 million, or $0.44 per share, for the fourth
quarter ended December 31, 2021.
Reported net asset value per share was $15.08 at December
31, 2021 as compared to $14.95 at September
30, 2021.
"2021 was a milestone year for us," commented Craig W. Packer, Chief Executive Officer of Owl
Rock Capital Corporation. "We fully deployed our portfolio,
increased our leverage to comfortably within our target range,
maintained very strong credit performance and continued to optimize
our balance sheet. It culminated in our highest quarterly net
investment income for the year, representing an annualized ROE of
approximately 9%. We're extremely pleased with this quarter's
results and we look forward to continuing to deliver for our
shareholders in 2022."
The Company's Board of Directors has declared a first quarter
2022 dividend of $0.31 per share for
stockholders of record as of March 31,
2022, payable on or before May 13,
2022.
PORTFOLIO AND INVESTING ACTIVITY
For the full year ended December 31,
2021, new investment commitments totaled $6,824.8 million. This compares to
$3,444.8 million for year ended
December 31, 2020.
For the full year ended December 31,
2021, the principal amount of new investments funded was
$5,842.4 million and the Company
had $4,258.8 million aggregate
principal amount in exits and repayments.
For the full year ended December 31,
2020, the principal amount of new investments funded was
$2,845.5 million and the Company
had $1,151.9 million aggregate
principal amount in exits and repayments.
For the three months ended December 31,
2021, new investment commitments totaled $1,589.2 million. This compares to
$1,527.4 million for the three months
ended December 31, 2020.
For the three months ended December 31,
2021, the principal amount of new investments funded was
$1,459.8 million across
22 new portfolio companies and 9 existing portfolio companies.
For this period, the Company had $909.6 million aggregate principal amount in
exits and repayments.
For the three months ended December 31,
2020, the principal amount of new investments funded was
$1,274.9 million across 12 new
portfolio companies and 14 existing portfolio companies. For this
period, the Company had $520.3
million aggregate principal amount in exits and
repayments.
As of December 31, 2021 and
December 31, 2020, the Company had
investments in 143 and 119 portfolio companies with an
aggregate fair value of $12.7 billion and $10.8 billion, respectively. As of
December 31, 2021, the average
investment size in each portfolio company was $89.1 million based on fair value.
As of December 31, 2021, based on
fair value, our portfolio consisted of 74.9% first lien senior
secured debt investments, 15.1% second lien senior secured debt
investments, 1.5% unsecured debt investments, 1.9% investment funds
and vehicles, 2.1% preferred equity investments and 4.5% common
equity investments.
As of December 31, 2020, based on
fair value, our portfolio consisted of 77.5% first lien senior
secured debt investments, 18.5% second lien senior secured debt
investments, 0.5% unsecured debt investments, 1.0% investment funds
and vehicles, 0.2% preferred equity investments and 2.3% common
equity investments.
As of December 31, 2021 and
December 31, 2020, approximately
90.0% and 96.0% of the portfolio was invested in secured debt,
respectively. As of December 31,
2021, 98.9% of our debt investments based on fair value in
our portfolio were at floating rates.
As of December 31, 2021 and
December 31, 2020, the weighted
average total yield of accruing debt and income-producing
securities at fair value (which includes interest income and
amortization of fees and discounts)1 was 7.9% and
8.1%, respectively, and the weighted average total yield of
accruing debt and income-producing securities at amortized cost
(which includes interest income and amortization of fees and
discounts)1 was 7.9% and 8.0%, respectively.
As of December 31, 2021, one
portfolio company with an aggregate fair value of $16.5 million was on non-accrual status,
representing 0.1% of the total fair value of the portfolio.
RESULTS OF OPERATIONS FOR THE FULL YEAR AND QUARTER ENDED
DECEMBER 31, 2021
Investment Income
Investment income increased to $1,021.4 million for the full year ended
December 31, 2021 from
$803.3 million for the full year
ended December 31, 2020. The increase
was primarily due to an increase in our debt investment portfolio,
partially offset by a decrease in our portfolio's weighted average
yield period over period.
Investment income increased to $281.6 million for the three months ended
December 31, 2021 from
$221.3 million for the three
months ended December 31, 2020. The
increase was primarily due to an increase in our debt investment
portfolio, partially offset by a decrease in our portfolio's
weighted average yield period over period.
Expenses
Total expenses increased to $527.3 million for the full year ended
December 31, 2021 from
$283.8 million for the full year
ended December 31, 2020, primarily
due to an increase in interest expense and increase in gross
management fees and incentive fees, coupled with the expiration of
the management fee and incentive fee waivers in October 2020. The increase in interest expense
was primarily driven by an increase in average daily borrowings,
partially offset by a decrease in the average interest rate period
over period.
Total expenses increased to $143.8 million for the three months ended
December 31, 2021 from
$106.7 million for the three
months ended December 31, 2020,
primarily due to an increase in interest expense and increase in
gross management fees and incentive fees, coupled with the
expiration of the management fee and incentive fee waivers. The
increase in interest expense was primarily driven by an increase in
average daily borrowings, partially offset by a decrease in the
average interest rate period over period.
Liquidity and Capital Resources
As of December 31, 2021, we had
$447.1 million in cash and
restricted cash, $7.2 billion in
total principal value of debt outstanding, and $1.4 billion of undrawn capacity on our
credit facilities. The Company's weighted average interest rate on
debt outstanding was 2.9% and 3.2% for the three months ended
December 31, 2021 and
December 31, 2020, respectively.
Ending debt to equity was 1.13x and 0.87x for the periods ended
December 31, 2021 and
December 31, 2020, respectively.
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1 For
non-stated rate income producing investments, computed based on (a)
the dividend or interest income earned for the respective trailing
twelve months ended on the measurement date, divided by (b) the
ending cost or fair value. In instances where historical
dividend or interest income data is not available or not
representative for the trailing twelve months ended, the dividend
or interest income is annualized. Prior to September 30, 2021,
non-stated rate income producing investments were computed based on
(a) the IRR on the measurement date, divided by (b) the ending cost
or fair value. Prior to September 30, 2021, the weighted average
total yield of accruing debt and income producing securities at
fair value and cost as of December 31, 2020 was reported as 8.3%
and 8.2%, respectively.
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Conference Call and Webcast Information
Conference Call Information:
The conference call will be broadcast live on February 24, 2022 at 10:00
a.m. Eastern Time on the Investor Resources section of
ORCC's website at www.OwlRockCapitalCorporation.com. Please visit
the website to test your connection before the webcast.
Participants are also invited to access the conference call by
dialing one of the following numbers:
- Domestic: 1 (888) 440-4182
- International: (646) 960-0653
- Conference ID: 7406736
All callers will need to enter the Conference ID followed by the
# sign and reference "Owl Rock Capital Corporation" once connected
with the operator. All callers are asked to dial in 10-15 minutes
prior to the call so that name and company information can be
collected.
Replay Information:
An archived replay will be available for 14 days via a webcast link
located on the Investor Resources section of ORCC's website, and
via the dial-in numbers listed below:
- Domestic: 1 (800) 770-2030
- International: (647) 362-9199
- Conference ID: 7406736
Financial
Highlights
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For the three
months ended
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($ in
thousands, except per share amounts)
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December 31,
2021
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September 30,
2021
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|
December 31,
2020
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Investments at Fair
Value
|
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$
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12,741,640
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$
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12,110,098
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$
|
10,842,072
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Total
Assets
|
|
$
|
13,298,170
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|
$
|
13,075,878
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$
|
11,304,357
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Net Asset Value Per
Share
|
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$
|
15.08
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$
|
14.95
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$
|
14.74
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Investment
Income
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$
|
281,624
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$
|
269,191
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|
|
$
|
221,254
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Net Investment
Income
|
|
$
|
137,854
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|
$
|
130,499
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|
|
$
|
114,601
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Net Income
|
|
$
|
174,006
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|
$
|
142,851
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$
|
180,664
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Net Investment Income
Per Share
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$
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0.35
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$
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0.33
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$
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0.29
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Net Realized and
Unrealized Gains (and Losses) Per Share
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$
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0.09
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$
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0.03
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$
|
0.17
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Net Income Per
Share
|
|
$
|
0.44
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$
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0.36
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$
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0.46
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Distributions
Declared from Net Investment Income Per Share
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$
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0.31
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$
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0.31
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$
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0.39
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Weighted Average
Yield of Accruing Debt and Income Producing Securities at Fair
Value1
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7.9
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%
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7.9
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%
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8.1
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%
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Weighted Average
Yield of Accruing Debt and Income Producing Securities at Amortized
Cost1
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7.9
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%
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7.9
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%
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8.0
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%
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Percentage of Debt
Investment Commitments at Floating Rates
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98.9
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%
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99.9
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%
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99.9
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%
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1.
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For non-stated rate
income producing investments, computed based on (a) the dividend or
interest income earned for the respective trailing twelve months
ended on the measurement date, divided by (b) the ending cost or
fair value. In instances where historical dividend or
interest income data is not available or not representative for the
trailing twelve months ended, the dividend or interest income is
annualized. Prior to September 30, 2021, non-stated rate income
producing investments were computed based on (a) the IRR on the
measurement date, divided by (b) the ending cost or fair value.
Prior to September 30, 2021, the weighted average total yield of
accruing debt and income producing securities at fair value and
cost as of December 31, 2020 was reported as 8.3% and 8.2%,
respectively.
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CONSOLIDATED
STATEMENTS OF ASSETS AND LIABILITIES
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($ in
thousands, except per share amounts)
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December 31,
2021
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December 31,
2020
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Assets
|
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Investments at fair
value
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Non-controlled,
non-affiliated investments (amortized cost of $12,073,126 and
$10,653,613, respectively)
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$
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12,124,860
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$
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10,569,691
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Controlled, affiliated
investments (amortized cost of $575,427 and $275,105,
respectively)
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616,780
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272,381
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Total investments at
fair value (amortized cost of $12,648,553 and $10,928,718,
respectively)
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12,741,640
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10,842,072
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Cash (restricted cash
of $21,481 and $8,841, respectively)
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431,442
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347,917
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Foreign cash (cost of
$16,096 and $9,641, respectively)
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15,703
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9,994
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Interest
receivable
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81,716
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57,108
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Receivable for
investments sold
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—
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6,316
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Receivable from a
controlled affiliate
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|
3,953
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2,347
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Prepaid expenses and
other assets
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23,716
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|
38,603
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Total
Assets
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$
|
13,298,170
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$
|
11,304,357
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Liabilities
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Debt (net of
unamortized debt issuance costs of $110,239 and $91,085,
respectively)
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$
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7,079,326
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$
|
5,292,722
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Distribution
payable
|
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|
122,068
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|
152,087
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Management fee
payable
|
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|
46,770
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35,936
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Incentive fee
payable
|
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|
29,242
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|
19,070
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Payables to
affiliates
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|
5,802
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|
6,527
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Accrued expenses and
other liabilities
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77,085
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|
51,581
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Total
Liabilities
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|
7,360,293
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|
5,557,923
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Commitments and
contingencies
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Net
Assets
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Common shares $0.01
par value, 500,000,000 shares authorized; 393,766,855 and
389,966,688 shares issued and outstanding, respectively
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3,938
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|
|
3,900
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Additional
paid-in-capital
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|
5,990,360
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|
|
|
5,940,979
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Total distributable
earnings (losses)
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|
|
(56,421)
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|
|
|
(198,445)
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Total Net
Assets
|
|
|
5,937,877
|
|
|
|
5,746,434
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Total
Liabilities and Net Assets
|
|
$
|
13,298,170
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$
|
11,304,357
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Net Asset
Value Per Share
|
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$
|
15.08
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|
$
|
14.74
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CONSOLIDATED
STATEMENTS OF OPERATIONS
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For the Years
Ended December 31,
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($ in
thousands, except per share amounts)
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2021
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2020
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2019
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Investment
Income
|
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|
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Investment income
from non-controlled, non-affiliated investments:
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|
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Interest
income
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|
$
|
887,753
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$
|
732,309
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$
|
674,949
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Payment-in-kind
interest income
|
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53,185
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|
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|
36,408
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|
|
|
16,905
|
|
|
Dividend
income
|
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|
28,052
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|
|
|
10,409
|
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|
|
—
|
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Other
income
|
|
|
25,845
|
|
|
|
14,736
|
|
|
|
16,119
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|
|
Total investment
income from non-controlled, non-affiliated investments
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|
|
994,835
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|
793,862
|
|
|
|
707,973
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|
|
Investment income
from controlled, affiliated investments:
|
|
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Interest
income
|
|
|
5,531
|
|
|
|
327
|
|
|
|
—
|
|
|
Dividend
income
|
|
|
20,394
|
|
|
|
9,063
|
|
|
|
10,046
|
|
|
Other
Income
|
|
|
643
|
|
|
|
35
|
|
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—
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Total investment
income from controlled, affiliated investments
|
|
|
26,568
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|
|
|
9,425
|
|
|
|
10,046
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|
|
Total Investment
Income
|
|
|
1,021,403
|
|
|
|
803,287
|
|
|
|
718,019
|
|
|
Expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
expense
|
|
|
219,132
|
|
|
|
152,939
|
|
|
|
136,445
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|
|
Management
fee
|
|
|
178,472
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|
|
|
144,448
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|
|
|
89,947
|
|
|
Performance based
incentive fees
|
|
|
103,968
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|
|
|
93,892
|
|
|
|
45,114
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|
|
Professional
fees
|
|
|
15,071
|
|
|
|
14,654
|
|
|
|
10,029
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|
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Directors'
fees
|
|
|
1,021
|
|
|
|
849
|
|
|
|
623
|
|
|
Other general and
administrative
|
|
|
9,593
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|
|
|
7,936
|
|
|
|
8,374
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|
|
Total Operating
Expenses
|
|
|
527,257
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|
|
|
414,718
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|
|
|
290,532
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|
|
Management and
incentive fees waived
|
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|
—
|
|
|
|
(130,906)
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|
|
|
(73,403)
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|
|
Net Operating
Expenses
|
|
|
527,257
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|
|
|
283,812
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|
|
|
217,129
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|
Net Investment
Income (Loss) Before Taxes
|
|
|
494,146
|
|
|
|
519,475
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|
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|
500,890
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|
|
Income tax expense
(benefit), including excise tax expense (benefit)
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|
|
4,009
|
|
|
|
2,019
|
|
|
|
1,984
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Net Investment
Income (Loss) After Taxes
|
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$
|
490,137
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$
|
517,456
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$
|
498,906
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|
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Net Realized and
Change in Unrealized Gain (Loss)
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Net change in
unrealized gain (loss):
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|
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Non-controlled,
non-affiliated investments
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$
|
148,300
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|
$
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(75,039)
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$
|
(7,235)
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|
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Income tax (provision)
benefit
|
|
|
(8,604)
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|
|
(3,686)
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|
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—
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Controlled affiliated
investments
|
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44,081
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|
(1,913)
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|
|
3,705
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|
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Translation of assets
and liabilities in foreign currencies
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(3,953)
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|
4,634
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|
(222)
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Total Net Change
in Unrealized Gain (Loss)
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179,824
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(76,004)
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|
|
(3,752)
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|
|
Net realized gain
(loss):
|
|
|
|
|
|
|
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|
|
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Non-controlled,
non-affiliated investments
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|
|
(46,332)
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|
|
(51,376)
|
|
|
|
2,633
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|
|
Foreign currency
transactions
|
|
|
1,253
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|
|
|
(2,336)
|
|
|
|
214
|
|
|
Total Net Realized
Gain (Loss)
|
|
|
(45,079)
|
|
|
|
(53,712)
|
|
|
|
2,847
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|
|
Total Net Realized
and Change in Unrealized Gain (Loss)
|
|
|
134,745
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|
|
|
(129,716)
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|
|
|
(905)
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|
|
Net Increase
(Decrease) in Net Assets Resulting from Operations
|
|
$
|
624,882
|
|
|
$
|
387,740
|
|
|
$
|
498,001
|
|
|
Earnings Per Share
- Basic and Diluted
|
|
$
|
1.59
|
|
|
$
|
1.00
|
|
|
$
|
1.53
|
|
|
Weighted Average
Shares Outstanding - Basic and Diluted
|
|
|
392,297,907
|
|
|
|
388,645,561
|
|
|
|
324,630,279
|
|
|
PORTFOLIO AND
INVESTMENT ACTIVITY
|
|
|
|
For the Years
Ended December 31,
|
|
($ in
thousands)
|
|
2021
|
|
|
2020
|
|
|
2019
|
|
New investment
commitments
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross
originations
|
|
$
|
7,456,901
|
|
|
|
3,667,048
|
|
|
|
4,625,939
|
|
Less: Sell
downs
|
|
|
(632,072)
|
|
|
|
(222,276)
|
|
|
|
(191,277)
|
|
Total new investment
commitments
|
|
$
|
6,824,829
|
|
|
$
|
3,444,772
|
|
|
$
|
4,434,662
|
|
Principal amount
of investments funded:
|
|
|
|
|
|
|
|
|
|
|
|
|
First-lien senior
secured debt investments
|
|
$
|
4,369,794
|
|
|
$
|
2,132,417
|
|
|
|
3,083,777
|
|
Second-lien senior
secured debt investments
|
|
|
846,299
|
|
|
|
518,480
|
|
|
|
596,421
|
|
Unsecured debt
investments
|
|
|
132,288
|
|
|
|
55,873
|
|
|
|
—
|
|
Preferred equity
investments3
|
|
|
238,367
|
|
|
|
22,163
|
|
|
|
—
|
|
Common equity
investments3
|
|
|
113,780
|
|
|
|
97,617
|
|
|
|
1,991
|
|
Investment funds and
vehicles
|
|
|
141,876
|
|
|
|
18,950
|
|
|
|
—
|
|
Total principal amount
of investments funded
|
|
$
|
5,842,404
|
|
|
$
|
2,845,500
|
|
|
$
|
3,682,189
|
|
Principal amount
of investments sold or repaid:
|
|
|
|
|
|
|
|
|
|
|
|
|
First-lien senior
secured debt investments
|
|
$
|
(3,343,381)
|
|
|
$
|
(1,060,352)
|
|
|
$
|
(820,602)
|
|
Second-lien senior
secured debt investments
|
|
|
(910,582)
|
|
|
|
(90,686)
|
|
|
|
(116,700)
|
|
Unsecured debt
investments
|
|
|
—
|
|
|
|
—
|
|
|
|
(23,000)
|
|
Preferred equity
investments3
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
Common equity
investments3
|
|
|
(4,827)
|
|
|
|
(867)
|
|
|
|
(1,991)
|
|
Investment funds and
vehicles
|
|
|
—
|
|
|
|
—
|
|
|
|
(2,250)
|
|
Total principal amount
of investments sold or repaid
|
|
$
|
(4,258,790)
|
|
|
$
|
(1,151,905)
|
|
|
$
|
(964,543)
|
|
Number of new
investment commitments in new portfolio
companies1
|
|
|
67
|
|
|
30
|
|
|
38
|
|
Average new
investment commitment amount
|
|
|
82,831
|
|
|
$
|
84,891
|
|
|
$
|
107,981
|
|
Weighted average
term for new debt investment commitments (in years)
|
|
|
6.3
|
|
|
|
5.9
|
|
|
|
6.3
|
|
Percentage of new
debt investment commitments at floating rates
|
|
|
98.1
|
%
|
|
|
96.3
|
%
|
|
|
100.0
|
%
|
Percentage of new
debt investment commitments at fixed rates
|
|
|
1.9
|
%
|
|
|
3.7
|
%
|
|
|
0.0
|
%
|
Weighted average
interest rate of new debt investment
commitments2
|
|
|
7.3
|
%
|
|
|
7.8
|
%
|
|
|
8.0
|
%
|
Weighted average
spread over LIBOR of new floating rate debt investment
commitments
|
|
|
6.4
|
%
|
|
|
6.9
|
%
|
|
|
6.1
|
%
|
|
|
1.
|
Number of new
investment commitments represents commitments to a particular
portfolio company.
|
2.
|
Assumes each floating
rate commitment is subject to the greater of the interest rate
floor (if applicable) or 3-month LIBOR, which was 0.21%, 0.24% and
1.91% as of December 31, 2021, 2020 and 2019,
respectively.
|
3.
|
As of December 30,
2020 and 2019, preferred equity investments and common equity
investments were reported in aggregate as equity
investments.
|
ABOUT OWL ROCK CAPITAL CORPORATION
Owl Rock Capital Corporation (ORCC) is a specialty finance
company focused on lending to U.S. middle-market companies. As of
December 31, 2021, ORCC had
investments in 143 portfolio companies with an aggregate fair
value of $12.7 billion. ORCC has
elected to be regulated as a business development company under the
Investment Company Act of 1940, as amended. ORCC is externally
managed by Owl Rock Capital Advisors LLC, an SEC-registered
investment adviser that is an indirect affiliate of Blue Owl
Capital Inc. ("Blue Owl") (NYSE: OWL) and part of Owl Rock, a
division of Blue Owl. Owl Rock, together with its subsidiaries, is
a New York based direct lending
platform with approximately $39.2
billion of assets under management as of December 31, 2021.
Certain information contained herein may constitute
"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 ORCC, its current and prospective portfolio
investments, its industry, its beliefs and opinions, and its
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 ORCC's 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, the risks, uncertainties and other
factors identified in ORCC's filings with the SEC. Investors should
not place undue reliance on these forward-looking statements, which
apply only as of the date on which ORCC makes them. ORCC does not
undertake any obligation to update or revise any forward-looking
statements or any other information contained herein, except as
required by applicable law.
INVESTOR CONTACTS
Investor Contact:
Dana Sclafani
212-651-4705
owlrockir@blueowl.com
Media Contact:
Prosek Partners
David Wells / Josh Clarkson
pro-owlrock@prosek.com
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content:https://www.prnewswire.com/news-releases/owl-rock-capital-corp-reports-full-year-results-and-fourth-quarter-net-investment-income-per-share-of-0-35-and-nav-per-share-of-15-08--301489072.html
SOURCE Owl Rock Capital Corporation