Blue Owl Capital Corporation · NYSE:OBDC
Blue Owl Capital — Owl Rock Capital — Q2 2019 Earnings Presentation
17 slides from Blue Owl Capital's earnings presentation, Jul 30, 2019
Slide 1: Owl Rock Capital Corporation Quarterly Earnings Presentation
OWL ROCK CAPITAL CORPORATION Quarterly Earnings Presentation June 30, 2019 www.OwlRockCapitalCorporation.com
Slide 2: Overview of Owl Rock Capital Corporation
OVERVIEW OF OWL ROCK CAPITAL CORPORATION Listed on the New York Stock Exchange under the symbol “ORCC” 2nd largest publicly traded BDC $7,241 $6,832 Specialty finance company focused on lending to middle market companies $5,784 Borrower weighted average revenue and EBITDA of $444MM and $79MM
Slide 3: Key Highlights
KEY HIGHLIGHTS Directly originated upper middle market portfolio Scaled and Target EBITDA: $10 million − $250 million Diversified, Borrower weighted average EBITDA of $79 million with portfolio company leverage of 5.5x1,4 Senior Secured Diversified portfolio of investments in 90 portfolio co
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) Q2 2018 Q3 2018 Q4 2018 Q1 2019 Q2 2019 Net investment income per share $0.42 $0.44 $0.42 $0.41 $0.42 Net realized an
Slide 5: Portfolio Highlights – Selected Metrics
PORTFOLIO HIGHLIGHTS – SELECTED METRICS As of and For Three Months Ended (Dollar amounts in thousands) September 30, 2018 December 31, 2018 March 31, 2019 June 30, 2019 Investments at Fair Value $4,692,912 $5,784,069 $6,831,712 $7,240,755 Number of Portfolio Companies 65 73 81 90 Average Investment
Slide 6: Quarterly Statements of Financial Condition
QUARTERLY STATEMENTS OF FINANCIAL CONDITION 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 As of September 30, 2018 December 31, 2018 March 31, 2019 June 30, 2019 Assets Investments at Fa
Slide 7: Quarterly Operating Results Detail
QUARTERLY OPERATING RESULTS DETAIL (Amounts in thousands) For the Three Months Ended September 30, 2018 December 31, 2018 March 31, 2019 June 30, 2019 Investment Income: Interest From Investments – Interest Income13 $101,040 $121,959 $148,736 $162,334 Interest From Investments – Other Fees14 $6,054
Slide 8: Portfolio Highlights – Originations
PORTFOLIO HIGHLIGHTS – ORIGINATIONS (Dollar amounts in millions) Originations and Net Funds Growth16 Gross originations were $2,091.3 for the quarter2 New investment commitments and fundings totaled $953.4 and $772.9 respectively, for the quarter. The commitments were distributed across 28 inves
Slide 9: Portfolio Highlights – Asset Mix
PORTFOLIO HIGHLIGHTS – ASSET MIX New Investment Fundings End of Period Investments (At par value, Dollar amounts in millions) (At fair value, Dollar amounts in millions) 1st Lien 2nd Lien Unsecured Equity Investment funds and vehicles 1st Lien 2nd Lien Unsecured Equity Investment funds and vehicles
Slide 10: Diversification
PORTFOLIO HIGHLIGHTS – DIVERSIFICATION Borrower Diversification Industry Diversification Top 10 positions Internet software and services 10% represent 27% of the Professional services 10% portfolio at FV Healthcare providers and services 9% Distribution 9% Food and beverage 7% Buildings and real est
Slide 11: Portfolio Highlights – Net Interest Margin
PORTFOLIO HIGHLIGHTS – NET INTEREST MARGIN Weighted Average Total Yield of Debt and Income Producing Securities 3 Weighted Average Spread Over LIBOR of All Floating Rate Investments12 Average Stated Interest Rate on Debt Outstanding 17 3 Month London Interbank Offered Rate (LIBOR) 10.0% 9.4% 9.4% 9.
Slide 12: Portfolio Highlights – Portfolio Ratings
PORTFOLIO HIGHLIGHTS – PORTFOLIO RATINGS No investments on non-accrual status as of June 30, 2019 (Dollar amounts in thousands) September 30, 2018 December 31, 2018 March 31, 2019 June 30, 2019 Internal Performance Investments at % of Total Investments at % of Total Investments at % of Total Inves
Slide 13: Debt Summary
DEBT SUMMARY Aggregate Principal Amount Principal Committed / Amount Maturity Outstanding Outstanding Interest Rate Date Debt Maturities ($mm) Secured $960 million $44 million LIBOR + 200 04/02/24 $2,300 Revolver SPV Asset $400 million $300 million LIBOR + 250 12/21/22 Facility 1 SPV Asset $550 mill
Slide 14: Distribution Information
DISTRIBUTION INFORMATION Estimated Dividend Yield21 10.2% 10.2% 10.2% 10.2% 9.2% Fixed Dividend 8.6% $0.02 $0.04 $0.08 $0.08 $0.08 $0.08 Special Dividend Approved by Board of Directors $0.31 $0.31 * $0.31 * $0.31 * $0.31 * $0.31 * Approval by Board of * Directors required22 3Q'19 4Q'
Slide 15: Endnotes
ENDNOTES Note: Figures are as of the quarter-ended 6/30/19 unless otherwise noted 1. Borrower financials are as of the latest available, typically a quarter in arrears. This represents 96.7% of our total portfolio based on fair value and excludes certain investments that fall outside of our typical
Slide 16: 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 Form 10-K. The information contained herein may not be used, reproduced or distributed to others, in whole or in part, for any
Slide 17: ORCC Investor Relations
ANY QUESTIONS PLEASE CONTACT: ORCC Investor Relations ORCCIR@owlrock.com (212) 651-4705 www.OwlRockCapitalCorporation.com NYSE: ORCC │ 17