Blue Owl Capital Corporation · NYSE:OBDC
Blue Owl Capital — Owl Rock Capital — Q2 2022 Earnings Presentation
18 slides from Blue Owl Capital's earnings presentation, Jun 30, 2022
Slide 1: Quarterly Earnings Presentation
Owl Rock Capital Corporation Quarterly Earnings Presentation June 30, 2022 NYSE: ORCC
Slide 2: Review of Q2 2022
Review of Q2 2022 • Net asset value per share of $14.48, down from $14.88 as of 3/31/22 • Net investment income per share of $0.32, up from $0.31 as of 3/31/22 Earnings • Net income per share of ($0.09), down from $0.11 as of 3/31/22 Summary • Q2’22 dividend per share of $0.31 • Q2’22 dividend yield
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 Dividend Yield Credit Ratings Market Cap1 Leverage11 Liquidity (Based on NAV)7 Profile3
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 2021 Q3 2021 Q4 2021 Q1 2022 Q2 2022 Net investment income per share $0.30 $0.33 $0.35 $0.31 $0.32 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, 2021 December 31, 2021 March 31, 2022 June 30, 2022 Investments at Fair Value $12,110,098 $12,741,640 $12,756,323 $12,648,126 Number of Portfolio Companies 130 143 157 168 Average Inv
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 period end As of shares, except as otherwise noted) September 30, 2021 December 31, 2021 March 31, 2022 June 30, 2022 Assets Investments at Fair Value $12,110,098 $12,741,640 $12,
Slide 7: Quarterly Operating Results Detail
Quarterly Operating Results Detail For the Three Months Ended (Dollar amounts in thousands) September 30, 2021 December 31, 2021 March 31, 2022 June 30, 2022 Investment Income Interest From Investments – Interest Income14 $241,944 $248,101 $253,959 $264,261 Interest From Investments – Other Fees15 $
Slide 8: Net Asset Value Per Share Bridge
Net Asset Value Per Share Bridge $0.32 ($0.31) $14.88 ($0.41) $14.48 3/31/22 Q2'22 Q2'22 Realized & Change in 6/30/22 NAV per Share Net Investment Fixed Unrealized Gain (Loss) NAV per Share Income Dividend and Other Note: Per share data was derived using shares outstanding at the end of the period,
Slide 9: Portfolio Highlights – Originations
Portfolio Highlights – Originations (Dollar amounts in millions) Originations and Net Funds Growth17 • New investment commitments and fundings totaled $603 and $341 respectively, for the quarter. The commitments were distributed across 33 investments in 26 portfolio companies, 16 of which were new p
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) $2,293 $12,742 $12,756 $12,648 2% <1% $11,907 $12,110 2% 2% 2% 3% <1% 1% 2% 4% 5% 6% 3% 3% 2% 2% 2% 1% 1% 2% 2% 2% 2% 2% 14% 15% 1
Slide 11: Portfolio Highlights – Diversification
Portfolio Highlights – Diversification Borrower Diversification Industry Diversification Top 10 positions Internet software and services 11.9% represent 23% of the Financial services 9.9% portfolio at FV Insurance 8.8% Food and beverage 7.1% Manufacturing 5.7% Buildings and real estate 5.0% Healthca
Slide 12: Portfolio Highlights – Net Interest Margin
Portfolio Highlights – Net Interest Margin 10.0% 8.9% 9.0% 8.0% 7.9% 7.9% 7.9% 8.0% 7.0% 6.5% 6.5% 6.5% 6.6% 6.6% 6.0% 5.0% 4.0% 3.0% 3.2% 2.9% 2.9% 2.9% 3.0% 2.3% 2.0% 1.0% 1.0% 0.1% 0.1% 0.2% 0.0% Q2'21 Q3'21 Q4'21 Q1'22 Q2'22 Weighted Average Total Yield of Accruing Debt and Income Producing Secu
Slide 13: Portfolio Highlights – Internal Portfolio Ratings
Portfolio Highlights – Internal Portfolio Ratings Non-accrual investments at 6/30/22 as a percentage of total debt investments at cost and fair value were 0.2% and 0.1%, respectively. At quarter end 6/30/22, there were 2 investments in 1 portfolio company on non-accrual. (Dollar amounts in thousands
Slide 14: Diverse Access To Financing With Well Laddered Maturities
Diverse Access To Financing With Well Laddered Maturities Aggregate Principal Principal Amount Committed Amount Maturity / Outstanding Outstanding Interest Rate Date Debt Maturities23 ($mm) Secured Revolver $1,655 million $605 million LIBOR + 188 09/22/2623 SPV Asset Facility 2 $350 million $100 mil
Slide 15: Distribution Information
Distribution Information Dividend Yield Based on NAV per Share24 8.4% 8.3% 8.3% 8.2% 8.3% 8.6% $0.31 $0.31 $0.31 $0.31 $0.31 $0.31 Quarterly Dividend Q1'21 Q2'21 Q3'21 Q4'21 Q1'22 Q2'22 Distribution Data Total Total Date Record Payment Dividend Distribution Distribution Date Record Payment Dividend
Slide 16: Endnotes
Endnotes Note: Figures are as of the quarter-ended 6/30/22 unless otherwise noted. Past performance is not a guarantee of future results. 1. Source: S&P Market Intelligence as of 7/29/22. 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