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Owl Rock Capital Corp. Reports Third Quarter Net Investment Income Per Share of $0.33 and
NAV Per Share of $14.95

NEW YORK — November 3, 2021 — Owl Rock Capital Corporation (NYSE: ORCC, or the “Company”) today reported net investment income of $130.5 million, or $0.33 per share, and net income of $142.9 million, or $0.36 per share, for the third quarter ended September 30, 2021. Reported net asset value per share was $14.95 at September 30, 2021 as compared to $14.90 at June 30, 2021.

“We are very pleased to report strong results this quarter. We experienced a record level of both originations and repayments and were able to seamlessly redeploy capital from those repaid investments into equally attractive new investments,” commented Craig W. Packer, Chief Executive Officer of Owl Rock Capital Corporation. “We are very proud of where our portfolio stands today and to achieve the important milestone of earning our dividend from net investment income this quarter with continued strong credit performance.”

The Company’s Board of Directors has declared a fourth quarter 2021 dividend of $0.31 per share for stockholders of record as of December 31, 2021, payable on or before January 31, 2022.

For the three months ended September 30, 2021, new investment commitments totaled $2,794.0 million across 21 new portfolio companies and 13 existing portfolio companies. This compares to $1,578.1 million for the three months ended June 30, 2021 across 16 new portfolio companies and 12 existing portfolio companies.

For the three months ended September 30, 2021, the principal amount of new investments funded was $2,292.6 million. For this period, the Company had $2,094.4 million aggregate principal amount in exits and repayments.

For the three months ended June 30, 2021, the principal amount of new investments funded was $1,405.6 million. For this period, the Company had $742.7 million aggregate principal amount in exits and repayments.

As of September 30, 2021 and June 30, 2021, the Company had investments in 130 and 129 portfolio companies with an aggregate fair value of $12.1 billion and $11.9 billion, respectively. As of September 30, 2021, the average investment size in each portfolio company was $93.2 million based on fair value.

As of September 30, 2021, based on fair value, our portfolio consisted of 77.0% first lien senior secured debt investments, 14.5% second lien senior secured debt investments, 1.6% unsecured notes, 1.5% preferred equity investments, 3.5% common equity investments and 1.9% investment funds and vehicles.

As of June 30, 2021, 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.

As of September 30, 2021 and June 30, 2021, based on fair value, approximately 91.5% and 92.7% of the portfolio was invested in secured debt, respectively. As of September 30, 2021, 99.9% of our debt investments based on fair value in our portfolio were at floating rates.

As of September 30, 2021 and June 30, 2021, 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 8.0%, 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)¹was 7.9% and 8.0%, respectively.

As of September 30, 2021, 2 investments with an aggregate fair value of $44.6 million were on non-accrual status, representing 0.4% of the total fair value of the portfolio.

Investment income increased to $269.2 million for the three months ended September 30, 2021 from $187.1 million for the three months ended September 30, 2020, primarily due to an increase in our investment portfolio. Included in interest income is dividend income, which increased period over period, and other fees such as prepayment fees and accelerated amortization of upfront fees from unscheduled paydowns. Period over period, income generated from these other fees also increased, which is attributed to the increase in repayment activity.

Total expenses increased to $137.0 million for the three months ended September 30, 2021 from $60.8 million, after the effect of the management and incentive fee waivers, for the three months ended September 30, 2020, primarily due to expiration of the management and incentive fee waivers in October 2020 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.

As of September 30, 2021, we had $794.7 million in cash and restricted cash, $7.0 billion in total principal value of debt outstanding, and $1.6 billion of undrawn capacity on our credit facilities. The Company’s weighted average interest rate on debt outstanding was 2.9% and 3.0% for the three months ended September 30, 2021 and June 30, 2021, respectively. Ending debt to equity was 1.06x and 1.00x for the three months ended September 30, 2021 and June 30, 2021, respectively.

The conference call will be broadcast live on November 4, 2021 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. 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.

Participants are also invited to access the conference call by dialing one of the following numbers:

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.

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:

	For the three months ended
($ in thousands except per share data)	September 30, 2021			June 30, 2021			September 30, 2020
Investments at Fair Value	$	12,110,098		$	11,906,872		$	9,918,302
Total Assets	$	13,075,878		$	12,635,426		$	10,234,261
Net Asset Value Per Share	$	14.95		$	14.90		$	14.67

Investment Income	$	269,191		$	249,015		$	187,059
Net Investment Income	$	130,499		$	119,129		$	127,437
Net Income	$	142,851		$	150,180		$	216,047

Net Investment Income Per Share	$	0.33		$	0.30		$	0.33
Net Realized and Unrealized Gains (and Losses) Per Share	$	0.03		$	0.08		$	0.23
Net Income Per Share	$	0.36		$	0.38		$	0.56
Distributions Declared from Net Investment Income Per Share	$	0.31		$	0.31		$	0.39

Weighted Average Yield of Accruing Debt and Income Producing Securities at Fair Value⁽¹⁾		7.9	%		8.0	%		8.0	%
Weighted Average Yield of Accruing Debt and Income Producing Securities at Amortized Cost⁽¹⁾		7.9	%		8.0	%		7.9	%
Percentage of Debt Investment Commitments at Floating Rates		99.9	%		99.9	%		98.8	%

($ in thousands except per share data)	September 30, 2021 (Unaudited)			December 31, 2020
Assets
Investments at fair value
Non-controlled, non-affiliated investments (amortized cost of $11,547,197 and $10,653,613, respectively)	$	11,584,751		$	10,569,691
Controlled, affiliated investments (amortized cost of $527,704 and $275,105, respectively)		525,347			272,381
Total investments at fair value (amortized cost of $12,074,901 and $10,928,718, respectively)		12,110,098			10,842,072
Cash (restricted cash of $14,217 and $8,841, respectively)		779,581			347,917
Foreign cash (cost of $15,326 and $9,641, respectively)		15,148			9,994
Interest receivable		62,377			57,108
Receivable for investments sold		77,426			6,316
Receivable from a controlled affiliate		4,127			2,347
Prepaid expenses and other assets		27,121			38,603
Total Assets	$	13,075,878		$	11,304,357
Liabilities
Debt (net of unamortized debt issuance costs of $114,874 and $91,085, respectively)	$	6,934,942		$	5,292,722
Distribution payable		121,877			152,087
Management fee payable		45,583			35,936
Incentive fee payable		27,682			19,070
Payables to affiliates		5,399			6,527
Accrued expenses and other liabilities		63,403			51,581
Total Liabilities		7,198,886			5,557,923
Commitments and contingencies
Net Assets
Common shares $0.01 par value, 500,000,000 shares authorized; 393,152,554 and 389,966,688 shares issued and outstanding, respectively		3,931			3,900
Additional paid-in-capital		5,985,429			5,940,979
Total distributable earnings (losses)		(112,368	)		(198,445	)
Total Net Assets		5,876,992			5,746,434
Total Liabilities and Net Assets	$	13,075,878		$	11,304,357
Net Asset Value Per Share	$	14.95		$	14.74

	For the Three Months Ended September 30,						For the Nine Months Ended September 30,
($ in thousands except per share data)	2021			2020			2021			2020
Investment Income
Investment income from non-controlled, non-affiliated investments:
Interest income	$	241,966		$	179,597		$	686,314		$	561,236
Dividend Income		10,600			2,688			19,924			3,608
Other income		7,942			2,507			15,559			10,473
Total investment income from non-controlled, non-affiliated investments		260,508			184,792			721,797			575,317
Investment income from controlled, affiliated investments:
Interest income		1,392			—			4,033			—
Dividend income		7,128			2,267			13,469			6,716
Other Income		163			—			480			—
Total investment income from controlled, affiliated investments		8,683			2,267			17,982			6,716
Total Investment Income		269,191			187,059			739,779			582,033
Expenses
Interest expense		56,516			37,391			159,037			110,533
Management fee		45,586			36,460			131,703			104,852
Performance based incentive fees		27,682			22,302			74,727			70,500
Professional fees		3,849			3,330			10,966			9,782
Directors' fees		239			179			757			633
Other general and administrative		3,140			1,659			7,302			5,564
Total Operating Expenses		137,012			101,321			384,492			301,864
Management and incentive fees waived		—			(40,531	)		—			(122,925	)
Net Operating Expenses		137,012			60,790			384,492			178,939
Net Investment Income (Loss) Before Taxes		132,179			126,269			355,287			403,094
Income tax expense (benefit), including excise tax expense (benefit)		1,680			(1,168	)		3,004			239
Net Investment Income (Loss) After Taxes	$	130,499		$	127,437		$	352,283		$	402,855
Net Realized and Change in Unrealized Gain (Loss)
Net change in unrealized gain (loss):
Non-controlled, non-affiliated investments	$	14,475		$	80,619		$	133,961		$	(196,001	)
Income tax (provision) benefit		(4,383	)		—			(8,605	)		—
Controlled affiliated investments		985			4,615			367			(3,536	)
Translation of assets and liabilities in foreign currencies		(796	)		3,113			(3,716	)		3,237
Total Net Change in Unrealized Gain (Loss)		10,281			88,347			122,007			(196,300	)
Net realized gain (loss):
Non-controlled, non-affiliated investments		2,018			2,537			(24,656	)		2,885
Foreign currency transactions		53			(2,274	)		1,242			(2,364	)
Total Net Realized Gain (Loss)		2,071			263			(23,414	)		521
Total Net Realized and Change in Unrealized Gain (Loss)		12,352			88,610			98,593			(195,779	)
Net Increase (Decrease) in Net Assets Resulting from Operations	$	142,851		$	216,047		$	450,876		$	207,076
Earnings Per Share - Basic and Diluted	$	0.36		$	0.56		$	1.15		$	0.53
Weighted Average Shares Outstanding - Basic and Diluted		392,715,513			386,534,213			391,893,306			388,474,850

	For the Three Months Ended September 30,
($ in thousands)	2021			2020⁽³⁾
New investment commitments
Gross originations	$	3,257,404			957,015
Less: Sell downs		(463,419	)		(113,404	)
Total new investment commitments	$	2,793,985		$	843,611
Principal amount of investments funded:
First-lien senior secured debt investments	$	2,154,036		$	483,756
Second-lien senior secured debt investments		71,000			121,592
Unsecured debt investments		—			41,463
Preferred equity investments		975			—
Common equity investments		8,820			—
Investment funds and vehicles		57,750			—
Total principal amount of investments funded	$	2,292,581		$	646,811
Principal amount of investments sold or repaid:
First-lien senior secured debt investments	$	(1,815,765	)	$	(44,711	)
Second-lien senior secured debt investments		(278,613	)		(3,517	)
Unsecured debt investments		—			—
Preferred Equity investments		—			—
Common Equity investments		—			—
Investment funds and vehicles		—			—
Total principal amount of investments sold or repaid	$	(2,094,378	)	$	(48,228	)
Number of new investment commitments in new portfolio companies⁽¹⁾		21		8
Average new investment commitment amount		104,913		$	90,138
Weighted average term for new debt investment commitments (in years)		5.7			6.1
Percentage of new debt investment commitments at floating rates		100.0	%		100.0	%
Percentage of new debt investment commitments at fixed rates		0.0	%		0.0	%
Weighted average interest rate of new debt investment commitments⁽²⁾		7.1	%		8.2	%
Weighted average spread over LIBOR of new floating rate debt investment commitments		6.2	%		7.2	%

Owl Rock Capital Corporation (NYSE: ORCC) is a specialty finance company focused on lending to U.S. middle-market companies. As of September 30, 2021, ORCC had investments in 130 portfolio companies with an aggregate fair value of $12.1 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.

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.