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Owl Rock Capital Corp III

Company profile

Employees
Incorporated
Location
Fiscal year end
SEC CIK
Subsidiaries
OR LENDING III LLC • ORCC III FINANCING LLC • ORCC III FINANCING II LLC • OR PCF III LLC • OR AH III LLC • ORCC III BC 2 LLC • ORCC III BC 3 LLC • ORCC III BC 4 LLC • ORCC III BC 5 LLC ...
IRS number
844493477

Investment data

Data from SEC filings
Securities sold
Number of investors

Calendar

5 Aug 22
1 Oct 22
31 Dec 22
Date Owner Security Transaction Code Indirect 10b5-1 $Price #Shares $Value #Remaining
12 Nov 21 Packer Craig Common Stock Buy Acquire P Yes No 15.15 839,401 12.72M 3,718,523
12 Nov 21 Kirshenbaum Alan Common Stock Buy Acquire P Yes No 15.15 839,401 12.72M 3,718,523
12 Nov 21 Lawn Direct Investors GP, L.L.C. Oak Common Stock, par value $0.01 per share Acquire X Yes No 0 1,301,834.419 0 5,767,090.67
12 Nov 21 Lawn Direct Investors GP, L.L.C. Oak Common Stock, par value $0.01 per share Acquire X Yes No 0 1,145,466.645 0 5,074,385.735
12 Nov 21 Lawn Direct Investors GP, L.L.C. Oak Obligation to Buy Common Stock Dispose X Yes No 15.15 1,301,834.419 19.72M 0
12 Nov 21 Lawn Direct Investors GP, L.L.C. Oak Obligation to Buy Common Stock Dispose X Yes No 15.15 1,145,466.645 17.35M 0
13F holders Current Prev Q Change
Total holders 1 0 NEW
Opened positions 1 0 NEW
Closed positions 0 0
Increased positions 0 0
Reduced positions 0 0
13F shares Current Prev Q Change
Total value 0 0
Total shares 1.67M 0 NEW
Total puts 0 0
Total calls 0 0
Total put/call ratio
Largest owners Shares Value Change
California State Teachers Retirement System 1.67M $0 NEW
Largest transactions Shares Bought/sold Change
California State Teachers Retirement System 1.67M +1.67M NEW

Financial report summary

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Risks
  • We are subject to risks related to the economy.
  • We are subject to risks related to our business.
  • We are subject to risks related to our Adviser and its affiliates.
  • We are subject to risks related to business development companies.
  • We are subject to risks related to our investments.
  • We are subject to risks related to an investment in our common stock.
  • We are subject to risks related to U.S. federal income tax.
  • The COVID-19 pandemic has caused severe disruptions in the U.S. economy and has disrupted financial activity in the areas in which we or our portfolio companies operate.
  • Price declines in the corporate leveraged loan market may adversely affect the fair value of our portfolio, reducing our net asset value through increased net unrealized depreciation and the incurrence of realized losses.
  • Global economic, political and market conditions may adversely affect our business, financial condition and results of operations, including our revenue growth and profitability.
  • Economic recessions or downturns could impair our portfolio companies and harm our operating results.
  • We have a limited operating history.
  • We borrow money, which magnifies the potential for gain or loss and may increase the risk of investing in us.
  • If we are unable to obtain additional debt financing, or if our borrowing capacity is materially reduced, our business could be materially adversely affected.
  • We are subject to risks related to corporate social responsibility.
  • The time and resources that individuals associated with our Adviser devote to us may be diverted, and we may face additional competition due to, among other things, the fact that neither our Adviser nor its affiliates is prohibited from raising money for or managing another entity that makes the same types of investments that we target.
  • We may compete for capital and investment opportunities with other entities managed by our Adviser or its affiliates, subjecting our Adviser to certain conflicts of interests.
  • Broadly syndicated loans, including “covenant-lite” loans, may expose us to different risks, including with respect to liquidity, price volatility, ability to restructure loans, credit risks and less protective loan documentation, than is the case with loans that contain financial maintenance covenants.
  • We may be subject to risks associated with our investments in bank loans.
  • If the assets securing the loans that we make decrease in value, then we may lack sufficient collateral to cover losses.
  • We may suffer a loss if a portfolio company defaults on a loan and the underlying collateral is not sufficient.
  • We may not realize any income or gains from our equity investments.
  • Inflation may adversely affect the business, results of operations and financial condition of our portfolio companies.
  • The market structure applicable to derivatives imposed by the Dodd-Frank Act, the U.S. Commodity Futures Trading Commission (“CFTC”) and the SEC may affect our ability to use over-the-counter (“OTC”) derivatives for hedging purposes.
  • Our ability to enter into transactions involving derivatives and financial commitment transactions may be limited.
  • We may enter into total return swaps that would expose us to certain risks, including market risk, liquidity risk and other risks similar to those associated with the use of leverage.
  • Our portfolio may be focused on a limited number of portfolio companies or industries, which will subject us to a risk of significant loss if any of these companies defaults on its obligations under any of its debt instruments or if there is a downturn in a particular industry.
  • Our investments in portfolio companies may expose us to environmental risks.
  • The effect of global climate change may impact the operations of our portfolio companies.
  • Certain provisions of our charter and actions of our Board could deter takeover attempts and have an adverse impact on the value of shares of our common stock.
  • Preferred stock could be issued with rights and preferences that would adversely affect holders of our common stock.
  • A downgrade, suspension or withdrawal of the credit rating assigned by a rating agency to us or our notes, if any, or change in the debt markets, could cause the liquidity or market value of our notes to decline significantly.
  • Our Bylaws include an exclusive forum selection provision, which could limit our stockholders’ ability to obtain a favorable judicial forum for disputes with us or our directors, officers, or other agents.
  • We expend significant financial and other resources to comply with the requirements of being a public entity.
  • Internal and external cyber threats, as well as other disasters, could impair our ability to conduct business effectively.
  • Cybersecurity risks and cyber incidents may adversely affect our business or the business of our portfolio companies by causing a disruption to our operations or the operations of our portfolio companies, a compromise or corruption of our confidential information or the confidential information of our portfolio companies and/or damage to our business relationships or the business relationships of our portfolio companies, all of which could negatively impact the business, financial condition and operating results of us or our portfolio companies.
Management Discussion
  • Net increase (decrease) in net assets resulting from operations can vary from period to period as a result of various factors, including the level of new investment commitments, expenses, the recognition of realized gains and losses and changes in unrealized appreciation and depreciation on the investment portfolio. For the quarter ended June 30, 2022, our net asset value per share decreased slightly, primarily driven by market spreads widening.
  • We generate revenues primarily in the form of interest income from the investments we hold. In addition, we may generate income from dividends on either direct equity investments or equity interests obtained in connection with originating loans, such as options, warrants or conversion rights.
  • Investment income increased by $44.0 million for the three months ended June 30, 2022 primarily due to an increase in interest income as a result of an increase in our debt investment portfolio which, at par, increased from $832.3 million as of June 30, 2021, to $2.9 billion as of June 30, 2022. Other income increased period-over-period due to an increase in incremental fee income, which are fees that are generally available to us as a result of closing investments and generally paid at the time of closing, and an increase in dividend income driven by an increase in our portfolio of dividend income-producing investments. Payment-in-kind interest and dividend income represented approximately 16.5% of investment income for the three months ended June 30, 2022. Based on current market conditions, we expect repayments, and in turn, originations, to remain modest.

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