Blue Owl Capital Corporation · NYSE:OBDC
Blue Owl Capital — Owl Rock Capital — Q4 2020 Earnings Presentation
20 slides from Blue Owl Capital's earnings presentation, Dec 31, 2020
Slide 1: Owl Rock Capital Corporation Quarterly Earnings Presentation
OWL ROCK CAPITAL CORPORATION Quarterly Earnings Presentation December 31, 2020
Slide 2: Review of 4Q 2020
REVIEW OF 4Q 2020 Net asset value per share of $14.74, up from $14.67 as of 9/30/20 Net investment income per share of $0.29, down from $0.33 as of 9/30/20 Earnings Management and incentive fee waiver put in place in conjunction with our IPO expired on 10/18/20 Summary Net income per share o
Slide 3: Overview of Owl Rock Capital Corporation
OVERVIEW OF OWL ROCK CAPITAL CORPORATION Listed on the New York Stock Exchange under the symbol “ORCC” $10.8 2nd largest publicly traded BDC Specialty finance company focused on lending to middle market companies Borrower weighted average revenue and EBITDA of $460MM and $100MM1 Four inves
Slide 4: Key Highlights
KEY HIGHLIGHTS Directly originated upper middle market portfolio Scaled and Target EBITDA: $10 million − $250 million Diversified, Borrower weighted average EBITDA of $100 million1 with portfolio company leverage of 5.7x1,4 Senior Secured Diversified portfolio of investments in 119 portfolio
Slide 5: 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) Q4 2019 Q1 2020 Q2 2020 Q3 2020 Q4 2020 Net investment income per share $0.37 $0.37 $0.34 $0.33 $0.29 Net realized an
Slide 6: Portfolio Highlights – Selected Metrics
PORTFOLIO HIGHLIGHTS – SELECTED METRICS As of and For Three Months Ended (Dollar amounts in thousands) March 31, 2020 June 30, 2020 September 30, 2020 December 31, 2020 Investments at Fair Value $8,938,345 $9,210,730 $9,918,302 $10,842,072 Number of Portfolio Companies 101 102 110 119 Average Invest
Slide 7: 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 March 31, 2020 June 30, 2020 September 30, 2020 December 31, 2020 Assets Investments at
Slide 8: Quarterly Operating Results Detail
QUARTERLY OPERATING RESULTS DETAIL (Amounts in thousands) For the Three Months Ended March 31, 2020 June 30, 2020 September 30, 2020 December 31, 2020 Investment Income: Interest From Investments – Interest Income12 $190,775 $183,439 $184,302 $206,511 Interest From Investments – Other Fees13 $9,806
Slide 9: Net Asset Value per Share Bridge
NET ASSET VALUE PER SHARE BRIDGE $0.29 ($0.31) $14.74 $14.67 $0.17 ($0.08) 9/30/20 Q4'20 Q4'20 Q4'20 Changes in Realized 12/31/20 NAV per Share Net Investment Fixed Special & Unrealized Gain (Loss) NAV per Share Income Dividend Dividend and Other Note: Per share data was derived using shares outstan
Slide 10: Portfolio Highlights – Originations
PORTFOLIO HIGHLIGHTS – ORIGINATIONS (Dollar amounts in millions) Originations and Net Funds Growth15 New investment commitments and fundings totaled $1,527.4 and $1,274.9 respectively, for the quarter. The commitments were distributed across 32 investments in 26 portfolio companies, 12 of which we
Slide 11: 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 12: Portfolio Highlights – Diversification
PORTFOLIO HIGHLIGHTS – DIVERSIFICATION Borrower Diversification Industry Diversification Top 10 positions Internet software and services 11.1% represent 21% of the Insurance 8.9% portfolio at FV Food and beverage 8.7% Distribution 6.3% Business services 5.7% Professional services 5.6% Buildings and
Slide 13: Portfolio Highlights – Net Interest Margin
PORTFOLIO HIGHLIGHTS – NET INTEREST MARGIN Weighted Average Total Yield of Accruing Debt and Income Producing Securities 16 Weighted Average Spread Over LIBOR of all Accruing Floating Rate Investments 16 Average Stated Interest Rate on Debt Outstanding 17 3 Month London Interbank Offered Rate (LIBOR
Slide 14: Portfolio Highlights – Portfolio Ratings
PORTFOLIO HIGHLIGHTS – PORTFOLIO RATINGS Non-accrual investments at 12/31/20 as a percentage of total investments at cost and fair value were 0.5% and 0.3%, respectively. At quarter end 12/31/20, there was 1 investment on non-accrual (Dollar amounts in thousands) March 31, 2020 June 30, 2020 Septe
Slide 15: Conservative Balance Sheet & Attractive Funding Profile
CONSERVATIVE BALANCE SHEET & ATTRACTIVE FUNDING PROFILE We believe Owl Rock has all three critical structural pillars needed through a crisis I. Low Leverage II. Significant Liquidity III. Unsecured Debt Low Leverage Significant Liquidity Debt-to-equity of 0.87x9 $2.1 billion21 of cash and undra
Slide 16: Diverse Access to Financing with Well Laddered Maturities
DIVERSE ACCESS TO FINANCING WITH WELL LADDERED MATURITIES Aggregate Principal Amount Principal Committed / Amount Maturity Outstanding Outstanding Interest Rate Date Debt Maturities20,21 ($mm) Secured Revolver 21 $1,455 million $253 million LIBOR + 200 09/03/2520 SPV Asset Facility 2 $350 million $1
Slide 17: Distribution Information
DISTRIBUTION INFORMATION Estimated Dividend Yield22,23 11.1% 10.7% 10.6% 10.6% Regular Dividend 8.7% 9.2% $0.08 $0.08 $0.08 $0.08 8.4% 8.4% $0.02 $0.04 Special Dividend 0.0% Approved by Board of Directors $0.31 $0.31 $0.31 $0.31 $0.31 $0.31 $0.31 $0.31 * Approval by Board
Slide 18: Endnotes
ENDNOTES Note: Figures are as of the quarter-ended 12/31/20 unless otherwise noted. Past performance is not a guarantee of future results. 1. Borrower financials are derived from the most recently available portfolio company financial statements, have not been independently verified by Owl Rock, and
Slide 19: 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 20: ORCC Investor Relations
ANY QUESTIONS PLEASE CONTACT: ORCC Investor Relations ORCCIR@owlrock.com (212) 651-4705 www.OwlRockCapitalCorporation.com NYSE: ORCC │ 20