Owl Rock

Capital Corporation

Quarterly Earnings Presentation

September 30, 2022

NYSE: ORCC

Review of Q3 2022

Earnings

Summary

  • Net asset value per share of $14.85, up from $14.48 as of 6/30/22
  • Net investment income per share of $0.37, up from $0.32 as of 6/30/22
  • Net income per share of $0.67, up from ($0.09) as of 6/30/22

Capital Actions

  • Increased regular dividend by $0.02 per share and introduced new quarterly supplemental dividend
    • Q4'22 regular dividend of $0.33 per share
    • Q3'22 supplemental dividend of $0.03 per share
  • Annualized current dividend yield of 9.7%
  • Announced the approval of a new $150 million share repurchase plan

Portfolio

Update

  • Total portfolio at FV of $12.8 billion across 180 portfolio companies, up from $12.6 billion across 168 portfolio companies at 6/30/22
  • Continued strong portfolio company performance - no material change to the mix of the overall portfolio risk ratings from 6/30/22 to 9/30/22
    • 1 portfolio company added to non-accrual for a total of 2 portfolio companies on non-accrual, representing approximately 1.0% and 0.6% of the total debt portfolio at cost and fair value, respectively
  • New investment commitments of $427 million and net fundings of $74 million

Liquidity

Update

  • $2.1 billion of liquidity in cash and undrawn debt
  • Debt to equity decreased quarter over quarter to 1.18x11, with debt funding mix comprised of 57% unsecured debt

As of 9/30/22. Past performance is not a guarantee of future results.

Annualized current dividend yieldbased on Q4 2022 annualized regular dividend of $0.33 per share payable to shareholders of record as of 12/30/22, Q3 2022 annualized supplemental dividend of $0.03 per share payable to shareholders of record as of 11/30/22, and Q3 2022 net asset value per share of $14.85.

Note: Endnotes begin on page 18.

NYSE: ORCC

2

New Dividend Policy Reflects Confidence in the Earnings Power of ORCC's Portfolio

Dividend Policy Changes

Increasing Regular

•

Board declared a Q4 2022 regular quarterly dividend of $0.33 per share

• Increased from $0.31 per share, the regular quarterly dividend ORCC has paid since

Quarterly Dividend

•

IPO in July 2019

Payable on or before January 13, 2023 to shareholders of record as of December 30, 2022

Implementing New

Supplemental Dividend

  • Introducing new formula-based quarterly supplemental dividend framework
    • 50% of quarterly net investment income (NII) in excess of regular quarterly dividend, rounded to the nearest penny and subject to certain measurement tests
  • Board declared inaugural Q3 2022 supplemental dividend of $0.03 per share
    • Payable on December 15, 2022 to shareholders of record as of November 30, 2022

Accelerating Payment

• Accelerating payment date to approximately 15 days from record date to deliver income to

Timeline of Future

shareholders in a more timely manner

Dividends

Staggering Record &

• Record and payment dates of supplemental and regular dividends will be approximately 30

Payment Dates of Regular

days apart

& Supplemental Dividends

• Shareholders will receive dividends up to eight times per year as a result

As of 9/30/22. Past performance is not a guarantee of future results.

Future dividends require future Board approval.

NYSE: ORCC

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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

Market Cap1

Annualized Current

Leverage11

Liquidity

Credit Ratings

Dividend Yield

Profile3

$4.6bn

9.7%

1.18x

$2.1bn

4

Cash & Undrawn

Investment

Debt-to-Equity

Debt Capacity

Grade Ratings

Disciplined Investment Strategy & Underwriting Process

87% senior secured, 72% first lien investments, 98% floating rate debt investments

Portfolio Size

Portfolio

Portfolio

Asset Yield4

Annual Loss Rate

Companies

Company EBITDA2

Since Inception6

$12.8bn

180

$159mm

10.0%

11 bps

Past performance is not a guarantee of future results.

Annualized current dividend yieldbased on Q4 2022 annualized regular dividend of $0.33 per share payable to shareholders of record as of 12/30/22, Q3 2022 annualized supplemental dividend of $0.03 per share payable to shareholders of record as of 11/30/22, and Q3 2022 net asset value per share of $14.85.

NYSE: ORCC

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Financial Highlights

(Dollar amounts in thousands, except per share data; per share data is based on weighted

Q3 2021

Q4 2021

Q1 2022

Q2 2022

Q3 2022

average shares outstanding during the period, except as otherwise noted)

Net investment income per share

$0.33

$0.35

$0.31

$0.32

$0.37

Net realized and unrealized gains (losses) per share

$0.03

$0.09

($0.20)

($0.41)

$0.30

Net income per share

$0.36

$0.44

$0.11

($0.09)

$0.67

Net asset value per share8

$14.95

$15.08

$14.88

$14.48

$14.85

Quarterly regular distributions accrued per share9

$0.31

$0.31

$0.31

$0.31

$0.31

Net Assets

$5,876,992

$5,937,877

$5,871,494

$5,704,446

$5,847,788

Total Debt10

$6,934,942

$7,079,326

$7,034,218

$7,053,497

$7,196,154

Debt to Equity at Quarter‐End

1.06x

1.13x

1.17x

1.20x

1.18x

11

NYSE: ORCC

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Owl Rock Capital Corporation published this content on 02 November 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 02 November 2022 21:17:29 UTC.