Business Context and Reporting Period
This Form 8-K is a current report filed by Owl Rock Capital Corporation (the "Company") on January 16, 2019. The filing provides preliminary year-end updates for the period ended December 31, 2018. The Company is an emerging growth company focused on originating first lien senior secured debt investments.
Key Financial Metrics
- Distributions: Total distributions declared for the year ended December 31, 2018, were $1.42 per share.
- Net Asset Value (NAV): Management estimates the NAV per share was $15.10 as of December 31, 2018.
- Net Total Return: Estimated at 11.4% for the year ended December 31, 2018.
- Portfolio Composition: Approximately 79% of the portfolio consisted of first lien senior secured debt investments. Over 99% of debt investments were at floating rates.
- Origination Volume: Since April 2016 through December 31, 2018, the Adviser and affiliates originated more than $11.1 billion in aggregate principal amount of investments.
Material Changes and Portfolio Overview
The filing does not provide comparative financial data for the prior period (2017) to calculate specific year-over-year changes in revenue or profit. However, it highlights the cumulative origination volume of over $11.1 billion since the start of investment activities in April 2016. The portfolio remains heavily weighted toward floating-rate senior secured debt.
Guidance, Risks, and Management Commentary
- Preliminary Nature of Data: All financial figures, including NAV and portfolio composition, are management estimates. The final audited figures in the upcoming Form 10-K may differ materially.
- Valuation Uncertainty: The fair value of investments has not yet been determined by the Board of Directors. Actual realized values may differ from current estimates due to market conditions, interest rates, and timing of disposition.
- Forward-Looking Statements: The filing contains forward-looking statements regarding future performance, which involve known and unknown risks. Past performance is not indicative of future results.
- Audit Status: The independent registered public accounting firm, KPMG LLP, has not audited, reviewed, or compiled the preliminary data contained in this report.
Investor Verification Checklist
- Verify the final audited NAV per share and total return in the upcoming Form 10-K for the year ended December 31, 2018.
- Confirm the final portfolio composition percentages once the Board of Directors determines fair values.
- Review the full fourth-quarter results and risk factors detailed in the annual report.
- Note that the $1.42 per share distribution is a declared amount; verify actual payment dates and tax implications.