Dienstag, 23.02.2021 23:20 von PR Newswire | Aufrufe: 181

Owl Rock Capital Corp. Reports Full Year Results and Fourth Quarter Net Investment Income Per Share of $0.29 and NAV Per Share of $14.74

Analysten bei der Arbeit (Symbolbild). © gorodenkoff / iStock / Getty Images Plus / Getty Images

PR Newswire


NEW YORK, Feb. 23, 2021 /PRNewswire/ -- Owl Rock Capital Corporation (NYSE: ORCC, or the "Company") today reported net investment income of $114.6 million, or $0.29 per share, and net income of $180.7 million, or $0.46 per share, for the fourth quarter ended December 31, 2020. Reported net asset value per share was $14.74 at December 31, 2020 as compared to $14.67 at September 30, 2020. The fee waiver put in place in conjunction with the Company's IPO expired on October 18, 2020 and as a result, the fourth quarter results reflect the impact of the full fee structure for the majority of the quarter.

Craig W. Packer, Chief Executive Officer of Owl Rock Capital Corporation commented, "We are very pleased with our origination activity this quarter, which allowed us to make significant progress towards our target leverage and a fully scaled portfolio. We believe our investment strategy of building a senior-oriented portfolio across a diversified set of high-quality, middle-market companies has borne strong results, with our third consecutive quarter of NAV growth and healthy credit performance over the course of a very challenging year."

The Company's Board of Directors has declared a first quarter 2021 dividend of $0.31 per share for stockholders of record as of March 31, 2021, payable on or before May 14, 2021.

The fourth quarter 2020 special dividend of $0.08 per share paid to shareholders of record as of December 31, 2020 was the final of six special dividends declared in conjunction with the Company's IPO in July 2019.

PORTFOLIO AND INVESTING ACTIVITY

For the full year ended December 31, 2020, new investment commitments totaled $3,444.8 million. This compares to $4,434.7 million for year ended December 31, 2019.

For the full year ended December 31, 2020, the principal amount of new investments funded was $2,845.5 million across 30 new portfolio companies and 43 existing portfolio companies. For this period, the Company had $1,151.9 million aggregate principal amount in exits and repayments.

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For the full year ended December 31, 2019, the principal amount of new investments funded was $3,682.2 million across 38 new portfolio companies and 22 existing portfolio companies. For this period, the Company had $964.5 million aggregate principal amount in exits and repayments.

For the three months ended December 31, 2020, new investment commitments totaled $1,527.4 million. This compares to $1,032.7 million for the three months ended December 31, 2019.

For the three months ended December 31, 2020, the principal amount of new investments funded was $1,274.9 million across 12 new portfolio companies and 14 existing portfolio companies. For this period, the Company had $520.3 million aggregate principal amount in exits and repayments.

For the three months ended December 31, 2019, the principal amount of new investments funded was $795.5 million across 7 new portfolio companies and 6 existing portfolio companies. For this period, the Company had $269.4 million aggregate principal amount in exits and repayments.

As of December 31, 2020 and December 31, 2019, the Company had investments in 119 and 98 portfolio companies with an aggregate fair value of $10.8 billion and $8.8 billion, respectively. As of December 31, 2020, the average investment size in each portfolio company was $91.1 million based on fair value.

As of December 31, 2020, based on fair value, our portfolio consisted of 77.5% first lien senior secured debt investments, 18.5% second lien senior secured debt investments, 0.5% unsecured notes, 1.0% investment funds and vehicles, and 2.5% equity investments.

As of December 31, 2019, based on fair value, our portfolio consisted of 80.9% first lien senior secured debt investments, 18.0% second lien senior secured debt investments, 1.0% investment funds and vehicles, and 0.1% equity investments.

As of December 31, 2020 and December 31, 2019, approximately 96.0% and 98.9% of the portfolio was invested in secured debt, respectively. As of December 31, 2020, 99.9% of our debt investments based on fair value in our portfolio were at floating rates.

As of December 31, 2020 and December 31, 2019, the weighted average total yield of accruing debt and income-producing securities at fair value (which includes interest income and amortization of fees and discounts) was 8.3% and 8.7%, respectively, and the weighted average total yield of accruing debt and income-producing securities at amortized cost (which includes interest income and amortization of fees and discounts) was 8.2% and 8.6%, respectively.

As of December 31, 2020, one investment with an aggregate fair value of $32.6 million was on non-accrual status, representing 0.3% of the total fair value of the portfolio. During the quarter ended December 31, 2020, the Company moved one investment that was on non-accrual last quarter back to accrual status following a restructuring; the Company also exited an investment that was previously on non-accrual and realized a full par recovery.

RESULTS OF OPERATIONS FOR THE FULL YEAR AND QUARTER ENDED DECEMBER 31, 2020

Investment Income
Investment income increased to $803.3 million for the full year ended December 31, 2020 from $718.0 million for the full year ended December 31, 2019. The increase was primarily due to an increase in our investment portfolio, partially offset by a decrease in our portfolio's weighted average yield period over period.

Investment income increased to $221.3 million for the three months ended December 31, 2020 from $202.3 million for the three months ended December 31, 2019. The increase was primarily due to an increase in our investment portfolio, partially offset by a decrease in our portfolio's weighted average yield period over period.

Expenses
Total expenses increased to $283.8 million for the full year ended December 31, 2020 from $217.1 million for the full year ended December 31, 2019, primarily due to an increase in interest expense and increase in gross management fees and incentive fees, coupled with the expiration of the management fee and incentive fee waivers. The increase in interest expense was primarily driven by an increase in average daily borrowings, partially offset by a decrease in the average interest rate period over period.

Total expenses increased to $106.7 million for the three months ended December 31, 2020 from $56.9 million for the three months ended December 31, 2019, primarily due to an increase in interest expense and increase in gross management fees and incentive fees, coupled with the expiration of the management fee and incentive fee waivers. The increase in interest expense was primarily driven by an increase in average daily borrowings, partially offset by a decrease in the average interest rate period over period.

Liquidity and Capital Resources
As of December 31, 2020, we had $5.4 billion in total principal value of debt outstanding and $2.1 billion of liquidity, including upsizes to our credit facilities subsequent to quarter-end. The Company's weighted average interest rate on debt outstanding was 3.2% and 4.6% for the three months ended December 31, 2020 and December 31, 2019, respectively. Ending debt to equity was 0.87x and 0.46x for the periods ended December 31, 2020 and December 31, 2019, respectively.

COVID-19 Developments
Through the year ended December 31, 2020, the Company's operating results were impacted by the economic and financial market conditions related to the COVID-19 pandemic. We continue to assess the impact of COVID-19 on our portfolio companies. For additional information about the COVID-19 pandemic and its potential impact on our results of operations and financial condition, please refer to the "COVID-19 Developments" section and additional disclosure in our Form 10-K for the year ended December 31, 2020.

CONFERENCE CALL AND WEBCAST INFORMATION

Conference Call Information:
The conference call will be broadcast live on February 24, 2021 at 10:00 a.m. Eastern Time on the Investor Resources section of ORCC's website at www.OwlRockCapitalCorporation.com. Please visit the website to test your connection before the webcast.

Participants are also invited to access the conference call by dialing one of the following numbers:

  • Domestic: (866) 393-4306
  • International: (734) 385-2616
  • Conference ID: 1859688

All callers will need to enter the Conference ID followed by the # sign and reference "Owl Rock Capital Corporation" once connected with the operator. All callers are asked to dial in 10-15 minutes prior to the call so that name and company information can be collected.

Replay Information:
An archived replay will be available for 14 days via a webcast link located on the Investor Resources section of ORCC's website, and via the dial-in numbers listed below:

  • Domestic: (855) 859-2056
  • International: (404) 537-3406
  • Conference ID: 1859688

 

FINANCIAL HIGHLIGHTS




For the three months ended


 ($ in thousands, except per share amounts)


December 31,
2020



September 30,
2020



December 31,
2019


Investments at Fair Value


$

10,842,072



$

9,918,302



$

8,799,225


Total Assets


$

11,304,357



$

10,234,261



$

9,203,619


Net Asset Value Per Share


$

14.74



$

14.67



$

15.24















Investment Income


$

221,254



$

187,059



$

202,255


Net Investment Income


$

114,601



$

127,437



$

145,373


Net Income


$

180,664



$

216,047



$

140,192















Net Investment Income Per Share


$

0.29



$

0.33



$

0.37


Net Realized and Unrealized Gains (and Losses)

Per Share


$

0.17



$

0.23



$

(0.01)


Net Income Per Share


$

0.46



$

0.56

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