Blue Owl Capital Corporation · NYSE:OBDC
Blue Owl Capital — Owl Rock Capital — Q3 2021 Earnings Presentation
20 slides from Blue Owl Capital's earnings presentation, November 2021
Slide 1: Owl Rock Capital Corporation Quarterly Earnings Presentation
Owl Rock Capital Corporation Quarterly Earnings Presentation September 30, 2021 NYSE: ORCC
Slide 2: Review of 3Q 2021
Review of 3Q 2021 • Net asset value per share of $14.95, up from $14.90 as of 6/30/21 • Net investment income per share of $0.33, up from $0.30 as of 6/30/21 Earnings • Net income per share of $0.36, down from $0.38 as of 6/30/21 Summary • 3Q’21 dividend per share of $0.31 • 3Q’21 dividend yield of
Slide 3: Overview of Owl Rock Capital Corporation
Overview of Owl Rock Capital Corporation Quick Facts Total Portfolio Investments ($BN) • Listed on the New York Stock Exchange under the symbol “ORCC” $12.1 • 3rd largest publicly traded BDC1 $11.9 • Specialty finance company focused on lending to middle market companies • Borrower weighted average
Slide 4: Key Highlights
Key Highlights Scaled and • Directly originated upper middle market portfolio Diversified, • Target EBITDA: $10 million − $250 million Senior • Borrower weighted average EBITDA of $114 million2 with portfolio company leverage of 6.0x2,6 Secured • Diversified portfolio of investments in 130 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) Q3 2020 Q4 2020 Q1 2021 Q2 2021 Q3 2021 Net investment income per share $0.33 $0.29 $0.26 $0.30 $0.33 Net realized an
Slide 6: Portfolio Highlights – Selected Metrics
Portfolio Highlights – Selected Metrics As of and For Three Months Ended (Dollar amounts in thousands) December 31, 2020 March 31, 2021 June 30, 2021 September 30, 2021 Investments at Fair Value $10,842,072 $11,240,472 $11,906,872 $12,110,098 Number of Portfolio Companies 119 120 129 130 Average Inv
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 As of average shares outstanding during the period, except as otherwise noted) December 31, 2020 March 31, 2021 June 30, 2021 September 30, 2021 Assets Investments at
Slide 8: Quarterly Operating Results Detail
Quarterly Operating Results Detail For the Three Months Ended (Dollar amounts in thousands) December 31, 2020 March 31, 2021 June 30, 2021 September 30, 2021 Investment Income Interest From Investments – Interest Income15 $206,511 $211,828 $229,127 $241,944 Interest From Investments – Other Fees16 $
Slide 9: Net Asset Value Per Share Bridge
Net Asset Value Per Share Bridge $0.33 ($0.31) $0.03 $14.90 $14.95 6/30/21 Q3'21 Q3'21 Realized & Change in 9/30/21 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, ex
Slide 10: Portfolio Highlights – Originations
Portfolio Highlights – Originations (Dollar amounts in millions) Originations and Net Funds Growth18 • New investment commitments and fundings totaled $2,794 and $2,293 respectively, for the quarter. The commitments were distributed across 40 investments in 34 portfolio companies, 21 of which were n
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) $2,293 $11,907 $12,110 2% 1% 2% <1% $11,240 3% 3% 3% <1% $10,842 1% 1% 1% 1% 3% 2% 2% 2% <1% $9,918 <1% 2% 1% 1% 17% 15% 2% 16% 1%
Slide 12: Portfolio Highlights – Diversification
Portfolio Highlights – Diversification Borrower Diversification Industry Diversification Top 10 positions Internet software and services 10.1% represent 20% of the Insurance 9.2% portfolio at FV Financial services 8.4% Healthcare providers and services 6.9% Food and beverage 6.7% Manufacturing 6.4%
Slide 13: Portfolio Highlights – Net Interest Margin
Portfolio Highlights – Net Interest Margin 9.0% 8.0% 8.1% 8.0% 8.0% 7.9% 8.0% 7.0% 6.5% 6.6% 6.5% 6.5% 6.5% 6.0% 5.0% 4.0% 3.3% 3.2% 3.2% 3.0% 2.9% 3.0% 2.0% 1.0% 0.2% 0.2% 0.2% 0.1% 0.1% 0.0% Q3'20 Q4'20 Q1'21 Q2'21 Q3'21 Weighted Average Total Yield of Accruing Debt and Income Producing Securities
Slide 14: Portfolio Highlights – Internal Portfolio Ratings
Portfolio Highlights – Internal Portfolio Ratings Non-accrual investments at 9/30/21 as a percentage of total debt investments at cost and fair value were 0.6% and 0.4%, respectively. At quarter end 9/30/21, there were 2 investments on non-accrual. (Dollar amounts in thousands) December 31, 2020 Mar
Slide 15: Conservative Balance Sheet & Attractive Funding Profile
Conservative Balance Sheet & Attractive Funding Profile Significant Liquidity and Diverse Funding Profile • Debt-to-equity of 1.06x12 • $2.4 billion of cash and undrawn debt • $1.1 billion in undrawn commitments to portfolio companies, of which $0.6 billion are revolving credit facilities • Ability
Slide 16: Diverse Access To Financing With Well Laddered Maturities
Diverse Access To Financing With Well Laddered Maturities Aggregate Principal Principal Amount Committed Amount Maturity / Outstanding Outstanding Interest Rate Date Debt Maturities24 ($mm) Secured Revolver $1,555 million $602 million LIBOR + 187.5 09/22/2624 SPV Asset Facility 2 $350 million $100 m
Slide 17: Distribution Information
Distribution Information Estimated Dividend Yield25,26 11.1% 10.7% 10.6% 10.6% 8.7% 9.2% Regular Dividend $0.08 $0.08 $0.08 $0.08 8.4% 8.3% 8.3% 8.3% $0.02 $0.04 Special Dividend Approved by $0.31 $0.31 $0.31 $0.31 $0.31 $0.31 $0.31 $0.31 $0.31 $0.31 Board of Direct
Slide 18: Endnotes
Endnotes Note: Figures are as of the quarter-ended 9/30/21 unless otherwise noted. Past performance is not a guarantee of future results. 1. Source: S&P Market Intelligence as of 11/2/21. 2. Borrower financials are derived from the most recently available portfolio company financial statements, have
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: For questions please contact ORCC Investor Relations
For questions please contact ORCC Investor Relations: ORCCIR@blueowl.com 212 651 4705 www.OwlRockCapitalCorporation.com NYSE: ORCC