Owl Rock Capital Corp. Reports Third Quarter Financial Results
October 31, 2019 | Luke Schmidt | Blue Vault
Owl Rock Capital Corporation (NYSE: ORCC) announced on October 30, 2019 their financial results for the third quarter. Net Investment income totaled $137.9 million, or $0.36 per share, and net income totaled $118.7 million, or $0.31 per share. Reported net asset value per share was $15.22 at September 30, 2019 compared to $15.28 at June 30, 2019.
The Company declared a fourth quarter 2019 dividend of $0.31 per share and had previously declared a special dividend of $0.04 per share, both for stockholders of record as of December 31, 2019, payable on or before January 31, 2020. The board of directors of the Company also previously declared special dividends for shareholders of record as of the last day of each respective quarter in 2020. The special dividends will total $0.08 per share per quarter, for a total of $0.32 to be paid in 2020.
For the three months ended September 30, 2019, new investment commitments totaled $1,542.7 million compared to $953.4 million for the three months ended June 30, 2019. As of September 30, 2019, the Company had investments in 96 portfolio companies with an aggregate fair value of $8.3 billion with an average investment size in each portfolio company of $86.1 million based on fair value.
As of September 30, 2019, the Company’s portfolio consisted of 79.4% first lien senior secured debt investments, 19.3% second lien senior secured debt investments, 1.1% investment funds and vehicles, and 0.2% equity investments. Approximately 98.7% of the portfolio was invested in secured debt with 100% of their debt investments bearing a floating rate. No investments were on non-accrual status.
ORCC is a specialty finance company focused on lending to U.S. middle-market companies. ORCC has elected to be regulated as a business development company under the Investment Company Act of 1940, as amended. ORCC is externally managed by Owl Rock Capital Advisors LLC, an SEC-registered investment adviser that is an affiliate of Owl Rock Capital Partners. Owl Rock Capital Partners, together with its subsidiaries, is a New York-based direct lending platform with approximately $14.6 billion of assets under management as of September 30, 2019.
Source: SEC
