Exhibit 99.1

Owl Rock Capital Corp. Reports Second Quarter Net Investment Income Per Share of $0.32 and
NAV Per Share of $14.48

NEW YORK — August 3, 2022 — Owl Rock Capital Corporation (NYSE: ORCC, or the “Company”) today reported net investment income of $125.1 million, or $0.32 per share, and net loss of $34.9 million, or $(0.09) per share, for the second quarter ended June 30, 2022. Reported net asset value per share was $14.48 at June 30, 2022 as compared to $14.88 at March 31, 2022.

Craig W. Packer, Chief Executive Officer of Owl Rock Capital Corporation commented, “The second quarter was another strong quarter for our business. Our earnings exceeded our dividend, our borrowers continued to perform well with only one name on non-accrual, and more volatile market conditions are creating attractive direct lending opportunities for which we are well positioned. Importantly, we also expect our earnings to benefit from rising interest rates beginning next quarter.”

The Company’s Board of Directors has declared a third quarter 2022 dividend of $0.31 per share for stockholders of record as of September 30, 2022, payable on or before November 15, 2022.

PORTFOLIO AND INVESTING ACTIVITY

For the three months ended June 30, 2022, new investment commitments totaled $603.4 million across 16 new portfolio companies and 10 existing portfolio companies. This compares to $530.4 million for the three months ended March 31, 2022 across 17 new portfolio companies and 4 existing portfolio companies.

For the three months ended June 30, 2022, the principal amount of new investments funded was $341.3 million. For this period, the Company had $488.3 million aggregate principal amount in sales and repayments.

For the three months ended March 31, 2022, the principal amount of new investments funded was $347.9 million. For this period, the Company had $374.8 million aggregate principal amount in sales and repayments.

As of June 30, 2022 and March 31, 2022, the Company had investments in 168 and 157 portfolio companies with an aggregate fair value of $12.6 billion and $12.8 billion, respectively. As of June 30, 2022, the average investment size in each portfolio company was $75.3 million based on fair value.

As of June 30, 2022, based on fair value, our portfolio consisted of 73.1% first lien senior secured debt investments, 14.5% second lien senior secured debt investments, 2.1% unsecured debt investments, 2.2% investment funds and vehicles, 2.3% preferred equity investments, and 5.8% common equity investments.

As of March 31, 2022, based on fair value, our portfolio consisted of 74.0% first lien senior secured debt investments, 14.7% second lien senior secured debt investments, 2.1% unsecured debt investments, 2.3% investment funds and vehicles, 1.9% preferred equity investments, and 5.0% common equity investments.

As of June 30, 2022 and March 31, 2022, approximately 87.6% and 88.7% of the portfolio was invested in secured debt, respectively. As of June 30, 2022, 98.8% of our debt investments based on fair value in our portfolio were at floating rates.

As of June 30, 2022 and March 31, 2022, 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) was 8.9% and 7.9%, 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) was 8.8% and 8.0%, respectively.

As of June 30, 2022, 1 portfolio company with an aggregate fair value of $11.0 million was on non-accrual status, representing 0.1% of the total fair value of the debt portfolio.



RESULTS OF OPERATIONS FOR THE QUARTER ENDED JUNE 30, 2022

Investment Income
Investment income increased to $273.3 million for the three months ended June 30, 2022 from $249.0 million for the three months ended June 30, 2021. In addition to the growth in the portfolio, the incremental increase in investment income was primarily due to an increase in dividend income. Included in interest income are other fees such as prepayment fees and accelerated amortization of upfront fees from unscheduled paydowns. Period over period, income generated from these fees decreased. Other income increased period-over-period due to an increase in incremental fee income, which are fees that are generally available to us as a result of closing investments and generally paid at the time of closing. We expect that investment income will vary based on a variety of factors including the pace of our originations and repayments.

Expenses
Total expenses increased to $146.6 million for the three months ended June 30, 2022 from $129.7 million for the three months ended June 30, 2021, which was primarily due to an increase in interest expense and management and incentive fees. The increase in interest expense was primarily driven by an increase in the average daily borrowings as well as an increase in the average interest rate. Management and incentive fees increased primarily due to an increase in our investment portfolio and dividend income.

Liquidity and Capital Resources
As of June 30, 2022, we had $0.3 billion 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 3.2% and 2.9% for the three months ended June 30, 2022 and March 31, 2022, respectively. Ending net debt to equity was 1.20x and 1.17x as of June 30, 2022 and March 31, 2022, respectively.

CONFERENCE CALL AND WEBCAST INFORMATION

Conference Call Information:
The conference call will be broadcast live on August 4, 2022 at 10:00 a.m. Eastern Time on the Events 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: (877) 737-7048
International: +1 (201) 689-8523

All callers will need to 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 Events section of ORCC’s website, and via the dial-in numbers listed below:
Domestic: (877) 660-6853
International: +1 (201) 612-7415
Conference ID: 13731354




FINANCIAL HIGHLIGHTS
For the three months ended
($ in thousands, except per share amounts)June 30, 2022March 31, 2022June 30, 2021
Investments at Fair Value$12,648,126 $12,756,323 $11,906,872 
Total Assets$13,088,383 $13,203,697 $12,635,426 
Net Asset Value Per Share$14.48 $14.88 $14.90 
Investment Income$273,286 $264,159 $249,015 
Net Investment Income$125,124 $122,356 $119,129 
Net Income$(34,946)$43,986 $150,180 
Net Investment Income Per Share$0.32 $0.31 $0.30 
Net Realized and Unrealized Gains (and Losses) Per Share$(0.41)$(0.20)$0.08 
Net Income Per Share$(0.09)$0.11 $0.38 
Distributions Declared from Net Investment Income Per Share$0.31 $0.31 $0.31 
Weighted Average Yield of Accruing Debt and Income Producing Securities at Fair Value8.9 %7.9 %8.3 %
Weighted Average Yield of Accruing Debt and Income Producing Securities at Amortized Cost8.8 %8.0 %8.2 %
Percentage of Debt Investment Commitments at Floating Rates98.8 %98.8 %99.9 %







CONSOLIDATED STATEMENTS OF ASSETS AND LIABILITIES
(Amounts in thousands, except share and per share amounts)
June 30, 2022
(Unaudited)
December 31, 2021
Assets
Investments at fair value
Non-controlled, non-affiliated investments (amortized cost of $12,060,161 and $12,073,126, respectively)
$11,845,687 $12,124,860 
Controlled, affiliated investments (amortized cost of $776,480, and $575,427, respectively)
802,439616,780
Total investments at fair value (amortized cost of $12,836,641 and $12,648,553, respectively)
12,648,12612,741,640
Cash (restricted cash of $97,374 and $21,481, respectively)
341,104431,442
Foreign cash (cost of $2,176 and $16,096, respectively)
2,15515,703
Interest receivable69,06281,716
Receivable from a controlled affiliate23,1953,953
Prepaid expenses and other assets4,74123,716
Total Assets$13,088,383 $13,298,170 
Liabilities
Debt (net of unamortized debt issuance costs of $102,090 and $110,239, respectively)
$7,053,497 $7,079,326 
Distribution payable122,085 122,068 
Management fee payable46,873 46,770 
Incentive fee payable26,541 29,242 
Payables to affiliates4,312 5,802 
Accrued expenses and other liabilities130,629 77,085 
Total Liabilities7,383,937 7,360,293 
Commitments and contingencies
Net Assets
Common shares $0.01 par value, 500,000,000 shares authorized; 393,823,013 and 393,766,855 shares issued and outstanding, respectively
3,938 3,938 
Additional paid-in-capital5,992,296 5,990,360 
Total distributable earnings (losses)(291,788)(56,421)
Total Net Assets5,704,4465,937,877
Total Liabilities and Net Assets$13,088,383 $13,298,170 
Net Asset Value Per Share$14.48 15.08



CONSOLIDATED STATEMENTS OF OPERATIONS
(Amounts in thousands, except share amounts)
For the Three Months Ended June 30,For the Years Ended For the Six Months Ended June 30,
2022202120222021
Investment Income
Investment income from non-controlled, non-affiliated investments:
Interest income$206,103 $225,242 $414,704 $425,547 
Payment-in-kind interest income(1)26,7488,074 49,15918,801 
Dividend income9,6855,76521,4139,324
Other income5,5384,4639,3867,617
Total investment income from non-controlled, non-affiliated investments248,074243,544494,662461,289
Investment income from controlled, affiliated investments:
Interest income1,8541,3383,6272,641
Dividend income23,1953,97338,8336,341
Other Income163160325317
Total investment income from controlled, affiliated investments25,2125,47142,7859,299
Total Investment Income273,286249,015537,447470,588
Expenses
Interest expense67,34754,445128,726102,521
Management fee46,87344,00794,28686,117
Performance based incentive fees26,54125,27052,49547,045
Professional fees3,4063,3497,2357,117
Directors' fees266274556518
Other general and administrative2,1432,3444,2764,162
Total Operating Expenses146,576129,689287,574247,480
Net Investment Income (Loss) Before Taxes126,710119,326249,873223,108
Income tax expense (benefit), including excise tax expense (benefit)1,5861972,3941,324
Net Investment Income (Loss) After Taxes$125,124 $119,129 $247,479 $221,784 
Net Realized and Change in Unrealized Gain (Loss)
Net change in unrealized gain (loss):
Non-controlled, non-affiliated investments$(152,965)$62,407 $(222,913)$119,486 
Income tax (provision) benefit— (1,589)— (4,222)
Controlled affiliated investments(3,636)(1,483)(15,394)(618)
Translation of assets and liabilities in foreign currencies(3,221)(488)(3,702)(2,920)
Total Net Change in Unrealized Gain (Loss)(159,822)58,847 (242,009)111,726 
Net realized gain (loss):
Non-controlled, non-affiliated investments(51)(27,828)4,651 (26,674)
Foreign currency transactions(197)32 (1,082)1,189 
Total Net Realized Gain (Loss)(248)(27,796)3,569 (25,485)
Total Net Realized and Change in Unrealized Gain (Loss)(160,070)31,051 (238,440)86,241 
Net Increase (Decrease) in Net Assets Resulting from Operations$(34,946)$150,180 $9,039 $308,025 
Earnings Per Share - Basic and Diluted$(0.09)$0.38 $0.02 $0.79 
Weighted Average Shares Outstanding - Basic and Diluted394,184,560 391,832,048 394,246,724 391,475,389 
________________
(1)For the three and six months ended June 30, 2021, interest income and payment-in-kind interest income were reported in aggregate as interest income.



PORTFOLIO AND INVESTMENT ACTIVITY
Three Months Ended June 30,
($ in thousands)20222021
New investment commitments
Gross originations$824,641 $1,623,008 
Less: Sell downs(221,256)(44,875)
Total new investment commitments$603,385 $1,578,133 
Principal amount of investments funded:
First-lien senior secured debt investments$242,916 $816,633 
Second-lien senior secured debt investments883 360,595 
Unsecured debt investments20,462 — 
Preferred equity investments42,665 152,964 
Common equity investments15,120 15,182 
Investment funds and vehicles19,250 60,251 
Total principal amount of investments funded$341,296 $1,405,625 
Principal amount of investments sold or repaid:
First-lien senior secured debt investments$(488,251)$(558,122)
Second-lien senior secured debt investments— (179,705)
Unsecured debt investments— — 
Preferred equity investments— — 
Common equity investments— (4,827)
Investment funds and vehicles— — 
Total principal amount of investments sold or repaid$(488,251)$(742,654)
Number of new investment commitments in new portfolio companies(1)16 16 
Average new investment commitment amount$15,432 $75,769 
Weighted average term for new debt investment commitments (in years)5.9 6.4 
Percentage of new debt investment commitments at
   floating rates
100.0 %100.0 %
Percentage of new debt investment commitments at
   fixed rates
— %— %
Weighted average interest rate of new debt investment
   commitments(2)(3)
9.5 %7.6 %
Weighted average spread over applicable base rate of new floating rate debt investment commitments7.2 %6.7 %
________________
(1)Number of new investment commitments represents commitments to a particular portfolio company.
(2)For the three months ended June 30, 2021, assumes each floating rate commitment is subject to the greater of the interest rate floor (if applicable) or 3-month LIBOR, which was 0.15% as of June 30, 2021.
(3)For the three months ended June 30, 2022, assumes each floating rate commitment is subject to the greater of the interest rate floor (if applicable) or 3-month SOFR, which was 2.12% as of June 30, 2022.



ABOUT OWL ROCK CAPITAL CORPORATION

Owl Rock Capital Corporation (NYSE: ORCC) is a specialty finance company focused on lending to U.S. middle-market companies. As of June 30, 2022, ORCC had investments in 168 portfolio companies with an aggregate fair value of $12.6 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.

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
212-419-3000
owlrockir@blueowl.com

Media Contact:
Prosek Partners
David Wells / Josh Clarkson
pro-owlrock@prosek.com