Blue Owl Capital Corporation · NYSE:OBDC
Blue Owl Capital — Owl Rock Capital — Q1 2023 Earnings Presentation
18 slides from Blue Owl Capital's earnings presentation, Mar 31, 2023
Slide 1: Owl Rock Capital Corporation Quarterly Earnings Presentation
Owl Rock Capital Corporation Quarterly Earnings Presentation March 31, 2023 NYSE: ORCC
Slide 2: Review of Q1 2023
Review of Q1 2023 • Net asset value per share of $15.15, up from $14.99 as of 12/31/22 • Net investment income per share of $0.45, up from $0.41 as of 12/31/22 Earnings • Net income per share of $0.52, up from $0.49 as of 12/31/22 Summary • Q1’23 total dividends per share of $0.39 and annualized div
Slide 3: Overview of Owl Rock Capital Corporation (NYSE: ORCC)
Overview of Owl Rock Capital Corporation (NYSE: ORCC) Publicly traded specialty finance company focused on lending to upper middle-market companies #3 Public Market Player1 Well-Positioned in Current Environment Annualized Current Credit Ratings Market Cap1 Leverage11 Liquidity Dividend Yield Profil
Slide 4: Financial Highlights
Financial Highlights (Dollar amounts in thousands, except per share data; per share data is based on weighted average shares outstanding during the period, except as otherwise noted) Q1 2022 Q2 2022 Q3 2022 Q4 2022 Q1 2023 Net investment income per share $0.31 $0.32 $0.37 $0.41 $0.45 Net realized an
Slide 5: Portfolio Highlights - Selected Metrics
Portfolio Highlights - Selected Metrics As of and For Three Months Ended (Dollar amounts in thousands) June 30, 2022 September 30, 2022 December 31, 2022 March 31, 2023 Investments at Fair Value $12,648,126 $12,835,918 $13,010,345 $13,157,251 Number of Portfolio Companies 168 180 184 187 Average Inv
Slide 6: Quarterly Statements of Financial Condition
Quarterly Statements of Financial Condition As of (Dollar amounts in thousands, except per share data; per share data is based period end shares, except as otherwise noted) June 30, 2022 September 30, 2022 December 31, 2022 March 31, 2023 Assets Investments at Fair Value $12,648,126 $12,835,918 $13,
Slide 7: Quarterly Operating Results Detail
Quarterly Operating Results Detail For the Three Months Ended (Dollar amounts in thousands) June 30, 2022 September 30, 2022 December 31, 2022 March 31, 2023 Investment Income Interest From Investments – Interest Income14 $264,261 $306,331 $346,483 $373,901 Interest From Investments – Other Fees15 $
Slide 8: Net Asset Value Per Share Bridge
Net Asset Value Per Share Bridge ($0.33) $0.45 $0.08 $15.15 $14.99 ($0.04) 12/31/22 Q4'22 Q1'23 Q1'23 Realized & Change in 3/31/23 NAV per Share Supplemental Net Investment Regular Unrealized Gain (Loss) NAV per Share Dividend Income Dividend and Other (Paid in Q1'23) Note: Per share data was derive
Slide 9: Portfolio Highlights - Originations
Portfolio Highlights - Originations Originations and Net Funds Growth17 • New investment commitments and fundings totaled $175 million and $94 million respectively, for the quarter. The commitments were distributed across 12 investments in 11 portfolio companies, 3 of which were new portfolio compan
Slide 10: Portfolio Highlights - Asset Mix
Portfolio Highlights - Asset Mix New Investment Fundings End of Period Investments (At par value, Dollar amounts in millions) (At fair value, Dollar amounts in millions) $13,010 $13,157 $12,756 $12,648 $12,836 2% 2% 2% 2% $348 $342 2% 8% 8% 5% 6% 7% 6% 2% 3% 2% 2% 3% 3% 13% 2% 2% 2% 2% 4% $303 1% 2%
Slide 11: Portfolio Highlights - Diversification
Portfolio Highlights - Diversification Borrower Diversification Industry Diversification Top 10 positions Internet software and services 13.3% represent 23% of the Insurance 9.5% portfolio at FV Food and beverage 6.5% Manufacturing 5.8% Asset based lending and fund finance 5.1% Financial services 5.
Slide 12: Portfolio Highlights - Net Interest Margin
Portfolio Highlights - Net Interest Margin 14.0% 12.0% 12.0% 11.5% 10.2% 10.0% 8.9% 7.9% 8.0% 6.6% 6.6% 6.7% 6.7% 6.7% 6.0% 5.2% 4.8% 3.9% 5.2% 4.0% 3.2% 4.7% 2.9% 3.8% 2.0% 2.3% 0.0% 1.0% Q1’22 Q2’22 Q3’22 Q4’22 Q1’23 Weighted Average Total Yield of Accruing Debt and Income Producing Securities 5,1
Slide 13: Portfolio Highlights - Internal Portfolio Ratings
Portfolio Highlights - Internal Portfolio Ratings Non-accrual investments at 3/31/23 as a percentage of total debt investments at cost and fair value were 0.5% and 0.3%, respectively. At quarter end 3/31/23, there were 3 investments in 2 portfolio companies on non-accrual. (Dollar amounts in thousan
Slide 14: Diverse Access To Financing With Well Laddered Maturities
Diverse Access To Financing With Well Laddered Maturities Aggregate Principal Amount Principal Committed / Amount Maturity Outstanding Outstanding Interest Rate Date Debt Maturities23 ($mm) Secured Revolver $1,855 million $634 million SOFR + 188 08/26/27 23 SPV Asset Facility 2 $350 million $250 mil
Slide 15: Distribution Information
Distribution Information Dividend Yield Based on NAV per Share24 7 9.9% 10.3% 8.6% 9.2% 8.2% 8.3% $0.03 $0.04 $0.06 $0.31 $0.31 $0.31 $0.31 $0.33 $0.33 Quarterly Dividend Supplemental Dividend Q4’21 Q1’22 Q2’22 Q3’22 Q4’22 Q1’23 Distribution Data Total Total Date Record Payment Dividend Distribution
Slide 16: Endnotes
Endnotes Note: Figures are as of the quarter-ended 3/31/23 unless otherwise noted. Past performance is not a guarantee of future results. 1. Source: S&P Market Intelligence as of 5/8/23. 2. Borrower financials are derived from the most recently available portfolio company financial statements, have
Slide 17: Important Information
Important Information The information contained in this presentation should be viewed in conjunction with the Company’s most recently-filed Quarterly Report on Form 10-Q or Annual Report on Form 10-K. The information contained herein may not be used, reproduced or distributed to others, in whole or
Slide 18: For questions please contact ORCC Investor Relations
For questions please contact ORCC Investor Relations: owlrockir@blueowl.com 212 419 3000 www.OwlRockCapitalCorporation.com NYSE: ORCC