{"id":523633,"date":"2021-08-04T17:29:49","date_gmt":"2021-08-04T21:29:49","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/owl-rock-capital-corp-reports-second-quarter-net-investment-income-per-share-of-0-30-and-nav-per-share-of-14-90\/"},"modified":"2021-08-04T17:29:49","modified_gmt":"2021-08-04T21:29:49","slug":"owl-rock-capital-corp-reports-second-quarter-net-investment-income-per-share-of-0-30-and-nav-per-share-of-14-90","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/owl-rock-capital-corp-reports-second-quarter-net-investment-income-per-share-of-0-30-and-nav-per-share-of-14-90\/","title":{"rendered":"Owl Rock Capital Corp. Reports Second Quarter Net Investment Income Per Share of $0.30 and NAV Per Share of $14.90"},"content":{"rendered":"
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PR Newswire<\/p>\n<\/p><\/div>\n

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\n NEW YORK<\/span>, Aug. 4, 2021<\/span> \/PRNewswire\/ —\u00a0Owl Rock Capital Corporation (NYSE: ORCC, or the “Company”) today reported net investment income of $119<\/span>.1\u00a0million, or $0<\/span>.30\u00a0per share, and net income of $150<\/span>.2\u00a0million, or $0<\/span>.38\u00a0per share, for the second quarter\u00a0ended June 30, 2021<\/span>. Reported net asset value per share was $14<\/span>.90\u00a0at June 30<\/span>, 2021\u00a0as compared to $14<\/span>.82\u00a0at March 31, 2021<\/span>.<\/p>\n

\n Craig W. Packer<\/span>, Chief Executive Officer of Owl Rock Capital Corporation commented, “We are extremely pleased to deliver on a number of the objectives we have discussed in prior quarters. We are now well within our target leverage range and continue to grow the portfolio, and our earnings benefited from an increase in prepayment-related income. This quarter was also our third most active quarter of originations since inception, underscoring the strength of our platform.”<\/p>\n

The Company’s Board of Directors has declared a third quarter 2021 dividend of $0.31<\/span> per share for stockholders of record as of September 30, 2021<\/span>, payable on or before November 15, 2021<\/span>. <\/p>\n

\n PORTFOLIO AND INVESTING ACTIVITY<\/b>\n <\/p>\n

For the three months ended June 30, 2021<\/span>, new investment commitments totaled $1,578<\/span>.1\u00a0million across 16\u00a0new portfolio companies and 12 existing portfolio companies. This compares to $863<\/span>.5\u00a0million for the three months ended March 31<\/span>, 2021\u00a0across 8\u00a0new portfolio companies and 11 existing portfolio companies.<\/p>\n

For the three months ended June 30, 2021<\/span>, the principal amount of new investments funded was $1,405<\/span>.6\u00a0million. For this period, the Company had $742<\/span>.7\u00a0million aggregate principal amount in exits and repayments.<\/p>\n

For the three months ended March 31, 2021<\/span>, the principal amount of new investments funded was $684<\/span>.4\u00a0million. For this period, the Company had $512<\/span>.2\u00a0million aggregate principal amount in exits and repayments.<\/p>\n

As of June 30<\/span>, 2021\u00a0and March 31, 2021<\/span>, the Company had investments in 129\u00a0and 120\u00a0portfolio companies with an aggregate fair value of $11<\/span>.9\u00a0billion and $11<\/span>.2\u00a0billion, respectively. As of June 30, 2021<\/span>, the average investment size in each portfolio company was $92.3 million<\/span> based on fair value.<\/p>\n

As of June 30, 2021<\/span>, based on fair value, our portfolio consisted of 76.2% first lien senior secured debt investments, 16.5% second lien senior secured debt investments, 1.6% unsecured notes, 1.5% preferred equity investments, 2.8% common equity investments and 1.4% investment funds and vehicles.<\/p>\n

As of March 31, 2021<\/span>, based on fair value, our portfolio consisted of 77.8% first lien senior secured debt investments, 16.0% second lien senior secured debt investments, 1.7% unsecured notes, 3.5% equity investments(1)<\/sup> and 1.0% investment funds and vehicles.<\/p>\n

As of June 30<\/span>, 2021\u00a0and March 31, 2021<\/span>, based on fair value, approximately 92.7% and 93.8% of the portfolio was invested in secured debt, respectively. As of June 30, 2021<\/span>, 99.9% of our debt investments based on fair value in our portfolio were at floating rates. <\/p>\n

As of June 30<\/span>, 2021\u00a0and March 31, 2021<\/span>, 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) remained at 8.3% 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) remained at 8.2%. <\/p>\n

As of June 30, 2021<\/span>, 2 investments with an aggregate fair value of $54.0 million<\/span> were on non-accrual status, representing 0.5% of the total fair value of the portfolio.<\/p>\n

\n (1)<\/sup> As of March 31, 2021<\/span>, preferred equity investments and common equity investments were reported in aggregate as equity investments.<\/p>\n

\n RESULTS OF OPERATIONS FOR THE QUARTER ENDED JUNE 30, 2021<\/span><\/b>\n <\/p>\n

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\n Investment Income
<\/i>
\n <\/b>Investment income increased to $249<\/span>.0\u00a0million for the three months ended June 30<\/span>, 2021\u00a0from $190<\/span>.2\u00a0million for the three months ended June 30, 2020<\/span>. In addition to the growth in the portfolio, the incremental increase in investment income compared to the same period in the prior year was primarily due to an increase in dividend income.<\/p>\n

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\n Expenses
<\/i>
\n <\/b>Total expenses, after the effect of management and incentive fee waivers, increased to $129.7 million<\/span> for the three months ended June 30<\/span>, 2021\u00a0from $61<\/span>.7\u00a0million for the three months ended June 30, 2020<\/span>, which was primarily due to expiration of the management and incentive fee waiver in October 2020<\/span> and an increase in management fees and interest expense. Management fees increased period over period due to an increase in assets. The increase in interest expense was primarily driven by an increase in average daily borrowings, offset by a decrease in the average interest rate period over period.<\/p>\n

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\n Liquidity and Capital Resources
<\/i>
\n <\/b>As of June 30, 2021<\/span>, we had $627<\/span>.2\u00a0million in cash and restricted cash, $6<\/span>.5\u00a0billion in total principal value of debt outstanding, and $1<\/span>.6\u00a0billion of undrawn capacity on our credit facilities. The Company’s weighted average interest rate on debt outstanding was 3.0% and 3.2% for the three months ended June 30<\/span>, 2021\u00a0and March 31, 2021<\/span>, respectively. Ending debt to equity was 1.00x and 0.92x during the three months ended June 30<\/span>, 2021\u00a0and March 31, 2021<\/span>, respectively.<\/p>\n

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\n COVID-19 Developments
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\n <\/b>We continue to assess the impact of COVID-19 on our portfolio companies. For additional information about the COVID-19 pandemic and its potential impact on our results of operations and financial condition, please refer to the “COVID-19 Developments” section and additional disclosure in our Form 10-Q for the quarter ended June 30, 2021<\/span>.<\/p>\n

\n Conference Call and Webcast Information<\/b>\n <\/p>\n

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\n Conference Call Information:
<\/i>
\n <\/b>The conference call will be broadcast live on August 5, 2021<\/span> at 10:00 a.m. Eastern Time<\/span> on the Investor Resources section of ORCC’s website at www.OwlRockCapitalCorporation.com<\/a>. Please visit the website to test your connection before the webcast. For a slide presentation that complements the earnings conference call, please visit the Events & Presentations page of the Investor Resources section of ORCC’s website.<\/p>\n

Participants are also invited to access the conference call by dialing one of the following numbers:<\/p>\n