Blue Owl Capital Corporation · NYSE:OBDC
Blue Owl Capital — Owl Rock Capital — Q3 2022 Earnings Presentation
20 slides from Blue Owl Capital's earnings presentation, Sep 30, 2022
Slide 1: Owl Rock Capital Corporation Quarterly Earnings Presentation
Owl Rock Capital Corporation Quarterly Earnings Presentation September 30, 2022 NYSE: ORCC
Slide 2: Review of Q3 2022
Review of Q3 2022 • Net asset value per share of $14.85, up from $14.48 as of 6/30/22 Earnings • Net investment income per share of $0.37, up from $0.32 as of 6/30/22 Summary • Net income per share of $0.67, up from ($0.09) as of 6/30/22 • Increased regular dividend by $0.02 per share and introduced
Slide 3: New Dividend Policy Reflects Confidence in the Earnings Power of ORCC's Portfolio
New Dividend Policy Reflects Confidence in the Earnings Power of ORCC’s Portfolio Dividend Policy Changes • Board declared a Q4 2022 regular quarterly dividend of $0.33 per share Increasing Regular • Increased from $0.31 per share, the regular quarterly dividend ORCC has paid since Quarterly Dividen
Slide 4: 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 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 2021 Q4 2021 Q1 2022 Q2 2022 Q3 2022 Net investment income per share $0.33 $0.35 $0.31 $0.32 $0.37 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, 2021 March 31, 2022 June 30, 2022 September 30, 2022 Investments at Fair Value $12,741,640 $12,756,323 $12,648,126 $12,835,918 Number of Portfolio Companies 143 157 168 180 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 period end As of shares, except as otherwise noted) December 31, 2021 March 31, 2022 June 30, 2022 September 30, 2022 Assets Investments at Fair Value $12,741,640 $12,756,323 $12,
Slide 8: Quarterly Operating Results Detail
Quarterly Operating Results Detail For the Three Months Ended (Dollar amounts in thousands) December 31, 2021 March 31, 2022 June 30, 2022 September 30, 2022 Investment Income Interest From Investments – Interest Income14 $248,101 $253,959 $264,261 $306,331 Interest From Investments – Other Fees15 $
Slide 9: Net Asset Value Per Share Bridge
Net Asset Value Per Share Bridge ($0.31) $0.30 $14.85 $0.37 $14.48 6/30/22 Q3'22 Q3'22 Realized & Change in 9/30/22 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, ex
Slide 10: Portfolio Highlights – Originations
Portfolio Highlights – Originations Originations and Net Funds Growth17 • New investment commitments and fundings totaled $427 million and $304 million respectively, for the quarter. The commitments were distributed across 25 investments in 20 portfolio companies, 13 of which were new portfolio comp
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 $12,742 $12,756 $12,648 $12,836 2% <1% $12,110 2% 2% 2% 2% 3% <1% 2% 4% 5% 6% 7% 3% 2% 2% 2% 3% 1% 2% 2% 2% 2% 2% 16% 14% 1
Slide 12: Portfolio Highlights – Diversification
Portfolio Highlights – Diversification Borrower Diversification Industry Diversification Top 10 positions Internet software and services 12.7% represent 23% of the Financial services 9.8% portfolio at FV Insurance 8.7% Food and beverage 6.8% Manufacturing 5.8% Healthcare technology 4.6% Healthcare p
Slide 13: Portfolio Highlights – Net Interest Margin
Portfolio Highlights – Net Interest Margin 12.0% 10.2% 10.0% 8.9% 7.9% 7.9% 7.9% 8.0% 6.5% 6.5% 6.6% 6.6% 6.7% 6.0% 4.0% 3.9% 3.2% 2.9% 2.9% 2.9% 3.8% 2.3% 2.0% 1.0% 0.1% 0.2% 0.0% Q3'21 Q4'21 Q1'22 Q2'22 Q3'22 Weighted Average Total Yield of Accruing Debt and Income Producing Securities 5,18 Weight
Slide 14: Portfolio Highlights – Internal Portfolio Ratings
Portfolio Highlights – Internal Portfolio Ratings Non-accrual investments at 9/30/22 as a percentage of total debt investments at cost and fair value were 1.0% and 0.6%, respectively. At quarter end 9/30/22, there were 3 investments in 2 portfolio companies on non-accrual. (Dollar amounts in thousan
Slide 15: Diverse Access To Financing With Well Laddered Maturities
Diverse Access To Financing With Well Laddered Maturities Aggregate Principal Principal Amount Committed Amount Maturity / Outstanding Outstanding Interest Rate Date Debt Maturities23 ($mm) Secured Revolver $1,855 million $407 million SOFR + 188 08/26/27 23 SPV Asset Facility 2 $350 million $250 mil
Slide 16: Distribution Information
Distribution Information Dividend Yield Based on NAV per Share24 8.6% 9.2% 7 8.3% 8.3% 8.2% 8.3% $0.03 $0.31 $0.31 $0.31 $0.31 $0.31 $0.31 Quarterly Dividend Supplemental Dividend Q2'21 Q3'21 Q4'21 Q1'22 Q2'22 Q3'22 Distribution Data Total Total Date Record Payment Dividend Distribution Distribution
Slide 17: Revised Dividend Policy Enhances Dividend Yield
Revised Dividend Policy Enhances Dividend Yield Dividend Yield (Based on 9/30/22 NAV per Share) Supplemental Dividend Framework 9.7% Q3 2022 Net Investment Income $0.37 + Less Q3 2022 Regular Dividend ($0.31) $0.03 per Share per Quarter New Supplemental Earnings in Excess of Regular Dividend $0.06 D
Slide 18: Endnotes
Endnotes Note: Figures are as of the quarter-ended 9/30/22 unless otherwise noted. Past performance is not a guarantee of future results. 1. Source: S&P Market Intelligence as of 10/28/22. 2. Borrower financials are derived from the most recently available portfolio company financial statements, hav
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: owlrockir@blueowl.com 212 419 3000 www.OwlRockCapitalCorporation.com NYSE: ORCC