ORCC - Earnings call transcript Q1 2020 | Blue Owl Capital Corporation

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Operator

Good morning and welcome to Owl Rock Capital Corporation’s First Quarter 2020 Earnings Call.

I would like to remind our listeners that remarks made during the call may contain Forward-Looking Statements.

Forward-looking statements are not guarantees of future performance or results and involve a number of risks and uncertainties that are outside the Company’s control. Actual results may differ materially from those in forward-looking statements as a result of a number of factors, including those subscribed from time-to-time in Owl Rock Corporation filings with the Securities and Exchange Commission. The Company assumes no obligation to update any forward-looking statement.

call recorded this replay reminder, a is for being purposes. As

presentation March please press Company the first the posted ended Company’s presentation Form issued Xth with the to on the in release have be quarter XXXX. today, available reviewed should call its year XX-Q the Yesterday, refer the to for SEC. throughout earnings and you. The earnings conjunction will This that presentation presentation in and so May filed XX, with earnings Company

the a the As is Company’s website. earnings reminder, presentation available on

I will Rock Craig Officer now Capital turn Chief Owl to the call of Packer, over Corporation. Executive

Craig Packer

Thank first CEO Rock Capital you, for our quarter you earnings of thank Corporation and call. of Owl a Craig everyone Rock operator. I’m Good Co-Founder Capital This Partners. and and for joining us Owl today is morning Packer

our today. Alan to Relations. COO; Joining and call the is Kirshenbaum Dana today these who your and well Investor everyone CFO me of during our times. Welcome are unprecedented families Sclafani We you and safe hope on Head us is and joining

have we ensure our been the and of focused operational our portfolio on Rock, while steps taking safety Owl At team full maintaining to managing the continuity. necessary incredibly

stakeholders. always and while been striving remotely has and with to closely team their accessible entire Our efforts engage providers proud for be we all two working and months are to of partners, our of appreciative our service to borrowers,

next. but these response discussing covers after different results, the than Alan highlights will our conditions. our and will of financial is then come across anything, investing markedly I discussing our quarter, by our start have bulk time seeing Then the this we Recognizing on briefly portfolio challenging seen. first outlook may spend for conclude of and I call what environment financial any any our our us today’s ever what activity, to are

versus the across same was the per portfolio quarter share quarter. down fourth in reflecting market amount with the quarter. the we $XX.X significant We prior quarter, of for net saw as quarter the X.X% the investment primarily per ended $X.XX end quarter the of the highlights, Getting at resulting value the widening income the the first the share spread into asset from unrealized net losses

Looking the have $X.XX $X.XX Board forward paid quarter, share, for the our per is declared our has which previously dividend second dividends since special IPO quarter amount declared same of addition a share. and to we each in of the per

completed million Moving million commitments, $XXX on of to we $XXX our which was investment investment and of sales. of fundings $XXX investment quarter, million new of net investment of the new net million activity. In funded activity, $XXX

of this my reflected comments on equity levels we quarter see levels did fourth private quarter with our lower origination which average than In-line activity. deal lower call,

saw in an In increase prepayments. addition, we

was XXX We new the The second-lien sized companies which of quarter new were investments basis in added space modest unitranche small companies of portfolio first-lien weighted with investments three equity the two spread loans seven for this term one average facilities, investment. across and facilities, points. software four

We spreads quarter. to were pleased are this able with we achieve the

We portfolio downs also the billion pay portfolio on full four $X.X facilities XXX companies, increased to We acquisitions. companies the our had investment bring used to of largely quarter across total reflecting the support in portfolio add-on end XX at borrowers.

advantage of more that of powder lower environment silver leaves a much lining opportunities. market in to quarters previous in-light change weather arrived the this net future be reflected with level the While activity us as storm dry has a to proven the this and to it that in of is take

to how dramatic we as could as environment for the change during COVID-XX the in-light about to the environment we Q&A our it perspective discuss pleased would are with session, the it share investment due we to would further be useful be this we most performance pandemic, our quarter much impacts of While and in thought happy the business.

this in period strength. position relative To start, believe, a offer want context. I to We of we unique some entered

primarily market businesses term upper-middle first-lien with million. of loans EBITDA portfolio consists an Our to of $XX average

We recession tried to businesses. assemble on in defensive our minded manner focusing by portfolio large, a stable, resistant

are We portfolio top the than representing industries XX diversified of well of industry positions across with the XX% total. X% XX our more representing no and

financial and weather we our challenges provide performance and at our or been portfolio were operational portfolio their and very sponsor-backed companies, which believe their performing because can sponsors has companies to very companies, this our large long-term of and preserve by that exceeding support can expectations. portfolio inception on financial them of into strong help value. coming focus Since crisis well most We

have On years. this roughly benefit last funds in younger the owned with relatively one of either companies of a sponsor-backed note, permanent platform having four closed or our is in that and two-thirds are equity private recent generally relatively vintages, funds portfolio capital

to to in from tend dry investments these powder to these the continue motivation that funds, both available support financial ability portfolio benefit these have sponsors provide that to meaning And and the the companies.

we of a In strongest in challenges strong sheets ahead. navigate the us provides we with one also portfolio, this entered balance period sheet. flexibility sector, later of on the Alan the level the but superior we touch to a call, which well-performing addition in have this balance with believe, will to

turn posed With to all pandemic. I our to COVID-XX that would said, by the the challenges response unique like now to

our and sudden has outlook, and Given to on portfolio focus economic been all change the across balance protecting our Rock Owl U.S. dramatic the our sheet.

information of prepare the so that taken our to investments. companies of steps have needs we for we our number portfolio, protect can and Owl to enhance to communication respect flow and With a

our we In have and addition monitoring underwriting rolled portfolio process, normal management an portfolio and enhanced out to management.

crisis the our scope re-underwriting a the impact assess of Since to each name of the and in clear, stay-at-home upon the embarked portfolio we potential became environment.

risks in heatmap impacted both as individual impacts on portfolio closely well been focused names. with monitoring new COVID have a as We exposures to sectors portfolio to

and sponsors These of on their happening happening being and emerges. the updated next, operational steps each are companies We weekly to ongoing, borrowers information conversations and have daily come is what may ground understand even as taken. spoken strategic what the or the portfolio at and with our

teams our this investment in real work, time. latest team with share they leadership updates the undertake our As

meetings are committee. to portfolio we with holding in addition, investment In developments company weekly full discuss greater detail the

This This enhanced a led and most each was is portfolio our created support by underwriters, for effort level Management. of Officer by to task our has been our which force of Chief investment. management Underwriting led Portfolio provide senior taskforce of Head

years who Head the to and With In another space capabilities. who add held workout professionals, to we board of investing brought role at in lender. previously a than this XX management, have portfolio continue and Workout also lending experienced have April, credit through on more direct our of direct experience a We new cycle. many spent investment

through believe, the to period. manage We portfolio the this have difficult resources necessary all we

senior plan workouts several their this with as We significant and hires additional area. our they to experience arise, have asked of dedicate portfolio management, we workout members team in including time to

We a prior companies healthy have crisis. of portfolio which quite to were the

liquidity. needs the on near-term of many economic companies for nature the has created shutdown pressure However,

for So we on that each are our borrowers. of focused

is impact of we outlook, the downside time. Given scenarios for economic are the felt sustained a running this in uncertain period

borrowers call. primarily preserving we posture support current on the should detail shifted focus investments. more capital our that the our in value touch significant can to it, will in later they our to so investment of our But right I need protect has now

under On I outstanding credit approximately revolving that approximately In our revolving funded that activity like to on net quarter. drawn. of touch total our note, commitments we saw revolver million XXX the would quarter, facilities, this the in credit being resulting facility we first XX%

Some for normal funding. course of this operational was

However, liquidity. have was off. orderly seen on revolvers Alan this activity and spend time we this their process, some shore shortly. borrowers down up draw chose their will more an to on This to level

to But the have I undrawn the balance should that of our to. of liquidity need we commitments multiples we entire fund would highlight necessary

funding credit provide where our we companies, financial Beyond it financing to is have portfolio feel facilities, also prudent. we to revolving ample resources

portfolio typically Lastly, to funds sponsors back their the substantial financial support we companies. have available

the look We and might their support them to it. should many we it like, expect are with provide companies need stand they discussing what ready of

to Now discuss the state current our I portfolio. like would of

U.S. is how see long more me earnings simply detail. what of we will and possible tell of last impact will state sense you I economy our obvious. it the can an our concern. what exposures XX to going point as this through positives First, not dislocation portfolio, sector of areas unprecedented relative to you the would a for and be. give is presentation with are we and of the let greater page our But

have and portfolio. inception, building Since focused investment we diversified a defensive on

speaking, Generally environment. beverage, core sectors economic and healthcare six we distribution comprise a sectors hold approximately than is XX% software, services, this in should food largest most our Our group insurance, up of current portfolio. the providers, our which collectively better think of that solid professional and

largest been always environment. be software one We the investments will resilient our has face economic amongst strongest in most and investments, Software the the our our of believe, of industries.

contractual customers customer and part retention. operations and of streams, used as These are often by companies daily their revenue products these have high

to unlikely are long as as they customers in business. remain As their cancel technology solutions,

these the revenue revenues think will may be these decline economy. a decreased of from declines from see customer believe in software companies in we So base. cushion while Overall, we businesses a

transitioned and continue and at been services our essential albeit distribution All have businesses largely environment. have professional levels, to a work-from-home our of businesses businesses classified as to reduced operate

Our annual other which a and names and seen In health recurring insurance risks while are healthcare slowdown. typically some sold renewal remotely have process. predictable a address businesses, businesses often our have

business more we the the levels. be to this to reopen, to underlying sound. areas Due these normal will businesses expect operations one Further, restrictions procedures, fundamentally temporary expect and medical operating the return first remain non-essential on many of will

idiosyncratic in Many in increase home of in sectors. better there should won’t up not felt from at benefiting the consumption. hold companies and businesses to beverage do be sectors is we food think impacts others. That our are any these food our But say than these actually

Now of to have areas focus. let’s most turn exposure sectors have we been impacted. aggregate, In that greater the modest to

have we portfolio represents to less from focus on a of impact companies We commodity that prices. gas sector, exposure X% our services within as limited with sector, and providing which oil and midstream only falling

That are said a economic direct experiencing do that candid with have want and from impact We shutdown. companies be certainly you. the to

have or to several While the which we sectors, do means, end serve we hospitality travel travel direct hospitality markets. have exposure do not and the

In companies the seeing which from store care end addition, leisure and ultimate of are impact direct closures. have markets in space, personal our a some

couple a We which travel. the are have airlines aerospace commercial investments of the and by production sector, impacted in aircraft drop in materially

significant have We service doors seeing may investments which a have drop are in restaurants, open several sales. quick still smaller in same-store

a we to our impact off expect these sectors, economic portfolio. in significant certainly focused In broadly to drop activity addition

the for ratings You these can credit developments in see reflected quarter. internal our

portfolio the scale. We the investments on as This our rating the first category, we that is investments this representing we time downgraded risk internal define X.X% alone inception of where rating four to which in since have materially origination. our increased has rating since

last that inception. and three portion of total non-accrual The quarter portfolio Consistent rated the the four rated We no approximately X.X% is status. increased with quarter, XX%. of our names ended bringing the to with to on since from three X.X% investments results

March, companies our their of each obligated were current end contractually the Through on interest portfolio XXX payments. of

to could For company’s lenders in in borrowers, interest liquidity. agreed payment order pick the we other made and our as be that those the two of the deals enhance

interest, company remains remains one This next after with in addition, covenant discussions the and we end, steps. current quarter and on that uncured company National company sponsor Dentex we in In its default. have on an are

investments call, you the XX%. the on comments This lose approximately would further how companies of value their means, is the average, average approaching are would I will remind some in still be our impaired. loan-to-value Later portfolio. and But we our of make not could XX% I on we

ahead magnitude value. challenges we businesses, the crisis will a While, entered significant. We which they retaining are healthy as don’t period minimize to portfolio come meaningful of believe this we want with of the the through

we that can ensuring on investments borrowers our to the of in case. financial best our and focused realize are the through wherewithal working these it challenges sponsors make as have value so we full the We each with

Before want to I over Alan, two turn events touch on that it occurred quarter ends. to I following

expiration the of tranche share lockup. was second The first our the of

lockup shares at XXX% IPO XXX July, pre-IPO in to approximately time As our a the a subject shareholders reminder, XXXX. of million our outstanding of were on

to the On of The became tradable freely public XXX increasing XXX shares shares July float locked million million final tradable will tranche April second become on up XX, freely shares. million our XXth. XXX

to Company’s to unanimously also announced the Xst X.XX from of regulatory of increased We operate with times, Board XXX%. to an a coverage target would debt-to-equity our which XXX% times the to ratio reduction April allow X.X of us effective, cushion range Once on minimum plan that Directors threshold. asset approved we

this was economic over I few to leverage want driven recent changes an have increased of from leverage a that This years. level, is not underscore environment, primarily time. the the any part past was of significantly sheet our rather by higher to evolution but driven the natural in by decision desire it with ORCC’s operate market or regulatory our not target cushion to over balance

From the track worked this agencies bondholders we equity time have of investors, was including hard record to a the stakeholders take lenders, strong right inception and and with build ORCC, our and to step. rating reputation this feel

will this outlook pleased our are to shareholders, strong prudently coverage balance The that of and a sheet. end, affirmed the to while maintain returns asset ability each continuing manage risk attractive deliver following that and investment To rating enhance reduced agencies our rating grade announcement. to we

turn I to over detail. it our financial in will discuss Now, Alan to more results

Alan Kirshenbaum

Thank everyone. you, morning Craig. Good

First hope your we for partnership and all your support. and safe and thank that are foremost, certainly circumstances to healthy. continued unprecedented you want you families we These are and and

along of follow of with presentation. X earnings ended can we $X.X total to portfolio Slide you and net of to total of of a cover billion debt now series assets important off quarter billion today, for then our billion. numbers the To so a topics. hit is I’m the outstanding start We and quarter the get $X.X $X.X going first other into There and lot on will investments

XXst and net share December March value to XXst, was $XX.XX approximately compared as per of Our as of X.X% quarter-over-quarter. $XX.X decline of asset now

an dividends, and Our share. $X.XX was dividends for first share investment quarter per was net special income $X.XXX plus our $X.XX share per per

$XXX first you flat total or the share. Slide $X.XX On the quarter million for at investment see was a next roughly can income over Slide, per X, little

which calculated Although funded is approximately was what the our $XXX income principle par, interest total quarter-over-quarter this the LIBOR. up million is of went by offset in amount loans, largely off decline

leading flat quarter-over-quarter flat $X.XX share. at also per were to million Expenses NII or $XX

largely continues the driven to cost-of-debt in Our down, LIBOR. decline by come

to basis month distributions industry among points we XXst. Our XX XX in the a expense other continues per ratio in and lowest as undistributed at on have the basis, March share be $X.XX trailing of

cover today. number topics I of key a wanted There are to

philosophy. have think First, first a space back, time the BDC lens is a CFO Having in when seen about financing to landscape. a I been and the long for ways the pulled now, I thing have build their folks structures, our financing chosen financial I lot of different

very which liquidity. secured a strength. the of Two, The At unsecured pillars low issued are from significant having leverage. that that level one, reliant key debt, three there in any end crisis, that lot position a of or three of on all are prevents debt. a overly three crisis And into being of you probably think coming put being I of important really pillars can this you are it

in leverage industry debt-to-equity. the at times So ORCC, have lowest of we the levels one X.XX for

We have billion and of issued liquidity have we $X billion X.X debt. unsecured of

position So a all crisis sum to strength. up, this this from of answer we significant

we are requirement process that strength more our cushion And decrease with to regulatory asset our adding in the by XXX%. coverage cap position of in of for to a creating

June our set are at shareholders on to meeting this on annual Xth. Our vote

the the now coverage pleased in senior agreement, for this announce week. in need and I’m will this complete with discussions we to been we approval XXX% we amendment credit have our have for We secured covenants to to today also the revolver the close level. amend lenders that allowing our this asset

topic position. is key our Another liquidity

of with and $X cash capacity. billion debt noted, we in liquidity ended just I undrawn the quarter As

billion We have of tied of revolvers, to in Most X.X to borrowers, in billion in commitments billion our delay X.X the our form X.X undrawn which loans. acquisitions financing. to undrawn and is term

over. way, to this commitments another X.X times So borrowers fund describe could to we undrawn almost these our

position we leverage based liquidity very a is in from think That be NAV debt. of without today’s debt to to enough good a right say about regulatory a time have raising to perspective, have go very to to is we one comfortable cap. our And cushion to now. another way large Another dollar our on to liquidity position equity

Now cover to funding profile. our

well and with are our We which very perspective structures, matched a diversified assets across financing attractive capitalized facilities to are duration and lenders. well from financing

average weighted and Our debt maturities have we XXXX. until any maturity over years X.X December do is not debt

This us with of has meaningful billion over means facilities. our bonds. XX% of investment debt, us have helped ratings. provides assets across We to which our facilities. This that have limited of exposure we unsecured and our collateralization an significant secured capital $X.X credit four credit funded grade is unencumbered mark-to-market debt And unsecured issue secured

approximately over were of secured down ability we all of balance As under senior have collateralizing, an to revolver, billion to to our If on we is. very times coverage. our full example at in position which collateralized remaining right how a capacity X.X any We outstanding is debt the draw X.X also time. billion our collateral of over sheet the supporting of that be is revolver, do investments, of have now. value fair would good five That

our here, rate key Also liability asset sensitivity.

due decline to continued to has Reserve. LIBOR the actions Federal recent by As

how our impact operating rates focused will lower results. are We on

from in LIBOR. on The our fair the yield debt at weighted X.X%, by decrease average X.X% driven value largely investments the in to quarter decline

to the material to LIBOR points However, our LIBOR. and which weighted investments further minimize of debt basis NII should floor the XX LIBOR impact average subject floors, are is in declines

cost of LIBOR of points the With the X.X%. nature our debt decline to in was basis of current declining partially our XX average to due to rate the floating mitigated Similar quarter, last liabilities. weighted impact

our to we To borrowing move our LIBOR in our and NIM broader with well are is declines means modest movements XX% debt roughly overall the expansion. extent of investment which approximately costs floating floors, should in-line matched generally we debt experience below rate, allows Today, rates.

evaluation my our last topic, And process. key finally,

we us at refresher, throughout from each at the entire for is An that implemented for end Owl estimate a Board Board and quarter, day independent with platform. point quarter, a As Directors time our lot approval. firms spend process valuation of best-in-class estimate here each of position. one every Rock and across valuation a investment, to a provide our arrange, every They not independently provided marking of point

there process, of adjustments, or fair we this fair As go down. credit spreads part can impact is adjustments, two, the And which call values up also make go can drivers in of values widening fair two major one what tightening of spreads, are change down. credit market value, up or or make and which

For unrealized credit $X.XX XX% spread was the our loss to due amount first share. was this Approximately quarter, total per of widening.

other notes wrap up. before some I Okay,

a a we series friendly of included dividends. with waiver fee shareholder a of IPO. As in reminder, put structural in place special and features number That connection our a

we over going During the of waived quarter, we have of since so $XX.X total $XXX fees. far public, In million million fees. waived

this continue per share declared waiver has that our fee $X.XX on form in throughout per special shareholders previously pass quarter to We of the dividends board our to XXXX.

Under million the XXth, million. to our which through program, $XXX XX.X purchased equated terms shares, of buyback April programmatic approximately we

and of of in buying by the amount the plan, liquidity a repurchase function the is formula programmatic governed stock. Given nature our as a preset

daily and for buying reminder, within recent volume of restriction NAV Rule plan stock the trades the day active XXBXX most share, a our stock is As parameters operates at back which maximum on the set XX%. the per below nondiscretionary any

comments. Okay, wrap up quick to few so closing now a

very First, position in of strong strength continue from significant we and to enter be structurally. a this position a crisis

issued, We substantial have low to bonds are due the collateralized. our leverage, level very of a over liquidity. And unsecured significantly of secured at lenders very we a we are amount

our for have the none crisis changed outlook or investment we the rating lower Next, asset announcement XXX%. of ratings, grade agencies of since the for our adopting requirement has coverage started, four have following

to are to policy, dividend discussed, making point wanted And changes special our any not changes declared our I just that dividends. everything finally, making we given nor out to any we previously we

call. today’s support joining all for us back much on very you to Thank Craig, for you. your and

Craig Packer

assets few in buyers environment I are Private want minutes existing deal our will has Alan. discussing Thanks activity companies and be focused outlook. and surprisingly, portfolio difficult Not last this current and it for activity prices. spend to to agree the sellers firms of on new on equity slowed. their

most paused companies addition, plans. In have acquisition their

and relationships, companies sponsor are to Given interesting liquidity. our we provide to financing opportunities seeking some strong balance seeing very sheet enhanced

stabilizes, capital uncertainty, and significant to economic we our the new new situations extremely until high, is portfolio invest bar given expect environment However, companies. to in in don’t the invest

available investments. for we so While our focused we primarily capital preserving we protect on liquidity are existing existing capital, of and can have highlighted our the portfolio value net our companies

impacted impact results will second economic of the of we preparing to be in the significantly portfolio our the this quarter Clearly, companies are for the slowdown. full is reflect

costs each We they liquidity and cash near-term the are dialogue in taking are focused with manage them close are on on steps and company’s reduce profile to flows.

additional In our the second borrowers expect discussions an to for the covenant sponsors support. quarter, their and need quest increase amendments see in with around we and for the

are to with of resources a source this portfolio original clear protecting with our our but the back We with and the investments goal investment. the of entering resilient on of of objective par management financial getting each support, be period

on back loss par expect even remain in sitting always level getting our this focused we portfolio, we of some today. goal While of here

tone We equity continue the the them by companies. many to and firms number have their the to invest of with of encouraged private expect a of been conversations in equity

there prepared are over preference that not of one our be to goal resourced Well and ownership hopefully we a achieve number companies, resort and we should for a where last our situations taking that. of limited need of by

will an outcomes where optimize can this Given platform of and team, we differentiate we depth be area ourselves for our of the the strength shareholders. our and experience our and feel

reported the impact widening reflect in attractive in NAV the of that would the many are spread economic the I the reopening. markets. today line recover of eventual businesses quarter will majority broader losses struggling of believe unrealized vast with we We while note declines that this our fundamentally and borrowers the

we value seen will end, tighten, sustained have portfolio. our market the spreads which quarter of increase if Since

repaid at However, what our ultimately most matters is getting loans par. on

we period with working for case For value investments. on order preserve our to company the focused protect in and long-term downside to are through this of get now, continue near-term our the the to borrowers

sheet, highlighted size believe These lending the one and of be platform ability to, equity lenders direct events we increasingly and we team balance the to of our our provide will relationships. our resources have our our firms and sizable differentiated large solutions, to given quality high will private turn customized

We also believe that the value proposition and commitments. up of direct loan seized lending unwilling syndicated make is and banks that much high are more attractive to as a have markets new yield

eventually emerge As from well crisis, share take we and to to the this recovers position. believe, and economy we improve market are market positioned

around confidence better gain companies, we towards will eventually more we of needs our we shift our investment new focus be believe to able portfolio opportunities. As the

we Given economics, will new the believe structural disruption, very market attractive these offer and opportunities company packages protections.

It important deploying in defensively not the of situations we we to is As leverage. that have we to leverage we target level, high at the still increase times context about middle be on focused are conviction. will capital returning around in we deployment year. expect capital are we the around a Instead, of rush and think to our which note in X.XX that

Longer capital. us on areas that returns are will to term, we several feel our there increase allow

on focus our first to We unitranches. expect maintain lien including investments primarily

new expect economic improved loans terms including have and spreads We call will OID protection.

for market credits. increase share most Given attractive we hope attributes, the to our platform

shareholders to and improved we leverage, to modestly regulatory are eventually our our in to increase to to a our will increase our to cap be returns. times, a quarter target able one should no leverage increase request we of in While resulting X.X approve rush times, to one two our

at will but at lien loans for L that would provide paid in and reinvest a proceeds of spreads. plus be lower or less, have repaid, we conditions spreads. note an significant As more opportunity to which attractive I high are of existing improve we spread currently loans are that our increased portfolio able would XXX amount we as quality, a spread first term

believe for to a economic is want extremely closing, sheet I we In challenges few well current uncertain, us. our points. for is as be. work our and positioned and The reiterate can much outlook as balance portfolio We ahead are hard there the

We highly should each manage the have are And our the resources occur managing loan of on to difficult that through to minimize focused to recovery. and times. we risk default expertise these to maximize and

We our of live on lenders companies each us. take incredibly we to the necessary look taking focused and seriously progress. up responsibility shareholders, are forward to have trust and We the our day apprised placed to you our to our steps in our keeping you

Thank us and of We team. behalf today Rock entire and the joining Owl of families on each you for you hope safe your remain and well.

open please the line for questions. Operator,

Operator

Point. Thank question Instructions] first comes from Compass Our Casey you. [Operator Alexander from

Casey Alexander

around a Hi that questions. I everybody have end, good morning circle necessary. at and well. is I back if And and certainly hope doing couple the then will jump in queue the

the shareholders the operated. came mean, really really we But which until aggressive nature share it the repurchase at appreciate think left it had be level? to reload upon that is at and been the program the used depending What million soon. certain to board $XX or knew IPO. appetite operate, all, of with I environment might is likely it. I $XX it fairly aggressively the million practice, with on It nobody management how was First only announced into

Craig Packer

as should had thank was said It IPO, this place was lot NAV. a as that programmatic Sure share been We we at as this on during stock buyback, uncertain time the period that a taking of below the questions of a of Casey buyback penny time. the traded the long have because you. got

in the We trading a would buyback place. didn’t disclose NAV the shares day amount, penny below but, it be was any very disclosure clear are from that that the that our

mathematical the aggressive on trading So there was that it, on it were a below that shares penny trading NAV. stock nothing not days based aggressive was just about was or

not period of the since been been has case, disruption recent market but that of most our this time you As know, probably the with case. IPO, it the

And been buyback has the so operational.

day of can it the the haven’t under XX%. disclosed formula, has cap given the operates regulatory program share program, that a but any We that I on

that So above can’t be that.

do disclosed and percentage that. haven’t math the can’t but around can exact XX% you be above We the some

a little bit around of the it. So, that is context

terms right defensive the now our In investments. of the existing protecting on indicated of as in forward, is being portfolio call, I our our preserving going our focus liquidity for and

ultimately the do these on our getting getting our investments need have all provide back we because thing that and par. improve back par critical companies that our can We for we may powder dry most important the to to is or for and is liquidity for think shareholders of our to capital we prospects

our really goal. is that So

to the that runs should do place board the the whether and the extent certainly really program. make IPO in Over was of was put type we we buyback context programmatic The and a about a IPO trying successful. in program different the of to would the on sure out, with time, programmatic discussion engage

I consider place big but right would focus program for now. And near-term. to you may us that set to buyback expectations would say the that We an put or not additional should I others is want in it not in expect a see

I can on as color give now. you it is right that So, best

Casey Alexander

somewhat of rate in while deal a is we an the the might making and the you which be is work very are at fair. And through least gone, secondly, Okay, deployments there where environment the likelihood I for lot math, an thank sort you. difficult. past a had as then of not been That anticipatable, where rates in and at here, is activity that have kind that, of

that You kind by fee net the the could and or and the base two where company dividend that investment through to partial a sure event out, if income having incentive make or exceeds run NII when run waivers Would the waivers fee that be challenged management that dividend evangelize? covers base to could math, penny consider of it be three. the

Craig Packer

Sure.

of come to second, that we I when we making in right think shareholders a do back most thing par is we but loans. all on can get back for So the the guts our our now important that question I sure your agree can

NAV of was driven up. end go We now obviously Spreads quarter. a experienced hope we have by sustains which NAV reduction since have tightened widening. the that in the If will that primarily spreads

an in and to and is taking goal our And of back on The back get the NAV. on is in experience that. our expectation avoid our focus stock markets loss, obviously, to short-term to those based losses

on are sustainability assuming past fair pretty job unclear assuming that, low, uncertain LIBOR rates out, terrain longer a we right great make and you you where do term, some point, is dividend. on on a looking But stay of

factors. have improve dividends. portfolio. I think, We would our from One, -- we highlighted my our are remarks. We opportunity have a going the ability cover comes of as levers foremost, address, first think, we I to two our we spread to and prepared in number that say to in to

portfolio on We are the do our significant on books assembled that deliberate as part amount that our plus have a a loans manner. conservative that to of sub we XXX very was very L in

which companies happen retailer get they and redeploy that plus will those can will loans, XXX. so a overtime, that excess As will of we markets spreads be that capital an

in once the have increased packages In we covenant going meaningfully this more think loans. new on have to confidence addition get in we point capital environment, on to LIV spreads opportunities are we

As like to existing us I a liquidity. their activity, new in right lenders sponsors all getting to by make remain needs are from remarks, finance many like their are that and incumbent frankly asking are to of provide new deal sponsors in calls their portfolio I distinction modest. liquidity to be now who But, the companies, companies would think they time buyouts my we the to have and tried that boost would not position able liquidity

that we can there that very are out attractive. liquidity are, get that provide and can the we are terms We frankly

We save do our in choosing power we want because to at to time. so moment this are not just

when get take our advantage some will that more way to dividend. But visibility, those another able to be that is and we opportunities and at we point our ability improve of we our cover improve over can returns

Last two in or were would go previously targeted times. well increase From Modest the approval two even highlight. obviously leverage. get leverage pieces I below to we to

That a time bit the increase and to fees. also leverage higher. coverage have will will We our our over ability increase prepayment dividend

a for size will will use income our the At portfolio and us We up is generate help. given to point fees net pick that had of the really context relative that have modest in that prepayment of going of some our platform.

dividend. but we have of you number overtime those a is defense So we our levers can levers, in about it the think short-term, cover comfortably pull and

Casey Alexander

will questions Alright, will let you I I very that back step color. and come much. really end. others the have ask I if helpful and Thank at is more in

Craig Packer

Thank you.

Operator

Thank you.

Our next question KBW. comes go from from Please Lynch Ryan ahead.

Your line is open.

Ryan Lynch

Hey, well. good you questions are hope doing my morning. and Thanks for taking all

your your to modestly you companies. going selectively existing guys plan on some making focus and to about get this right commentary of you is year. the wondering Just leverage focus your spoke kind But portfolio market up guys on by you you now about talked do in on,

Just will tell wondering, your unprecedented not possible you it that, economic also remarks how is this downturn last. said to long in prepared really

are guys you economic And are such criteria when companies using? you new guys opportunities, on that just environment guys new are that evaluating in to you has actually that deploy an what the capital focusing are great So uncertainty? the

Craig Packer

Sure. Ryan.

to high. companies. we And bar our And long par. said, to is is going the this because we portfolio what going is extent for are prudent don’t I needs dry we powder those that know to to that we think existing going the don’t very just want as by, So to we last is be it need companies use know really and how back get make that are to sure to try our driven it

to high, of start it given limited, But the be foremost, visibility that lack I is what very new first on think about We will will the the and will economy environment that medical And selection. is they pretty deals, very criteria? the is think when bar will I improve. be will when difficult this in improve the environment do credit

to you the environment. are There where gain sectors underwrite can despite current confidence

are some be to sectors We the underwriting were than have the that happens highlighted, one. larger that of kinds could consider we sectors software of

think in even another, largely. environment. sectors our this visibility is the have up in reasonable beverage Generally this insurance another, environment, software that well, food that sectors were is will hold We and

we we and doing that if and consider So confident economic and see equity the that do like, opportunities features to have in underwrite will we feel in questions those loan, economics can we feature we ability and it. we spaces the the where

it number of need may for get we until the broader be opportunity limited existing that to against, used weigh a think deal just new needs pretty I will liquidity in greater we confidence line our But be some the the every what companies. on portfolio. for down

modest can should businesses. is add-ons we number. conviction. expect going to couple think it more see So until a to do a do existing But We us to you can I be limited

Ryan Lynch

draw accessible Can I unfunded that that any M&A of pretty commitments unfunded portfolio well if delayed accessed them at about, or talk look existing your provisions secured the regarding you or reasons Okay. When loans of a commitments companies speaking as are like to only good those as draw your term loans. mix in companies. have by make there certain acquisition delay, there specific term be that for will? free revolving,

Craig Packer

they way have acquisition. Typically, to the the an related proceeds typically do. loans are Yes, draw to term tied use

other test needs as In to be leverage addition, to met they may for them a that metrics tests, or credit such other drawn. financial have be

conditions I at that sponsors, the in So cautious those then think, acquisitions are will portfolio we in case met, fund their would the draw. is we the doing the about very for case environment, every I this say, is reasons. situation. companies that if But additional are can being not typically obvious

context they trying maybe provide overall we some acquisition stand is our have ready but as may not through and a But right so about their be into caution own concerns visibility obligations portfolio, in of the massive we there needed as under meet our to be those. we It now will number them. will will same grow the think will And to whether that they given trying I companies. to about

six unlike revolvers, time are less, or time revolvers five, typically the sometimes also draws are a based a typically are The years. delay on as years. as long at year limit They based two the

where next they the overtime be off used. away, all over will not the delayed if go go overtime repaid the drawn at So, they go year just revolvers, They and or away. just draw can unlike two, are they

Alan Kirshenbaum

mentioned disclose of the do term And loans. add is two-thirds, to And Ryan, unfunded undrawn about we all our are that just I we what are of don’t that immediately. draw commitments, I disclose in delayed to fund ones guess would I our required as we

So you population full see there. the

Ryan Lynch

better take number to those pick. have cool kind your you this in but to the what a as that are also Okay, thought those income that environment, a you payments guys two thought and keeping behind was on that status process this you default them that that switching going obviously to to you switch you a record of speaks And if chance Can that have behind and as your were to cruel? two why take what keep got had then mentioned, navigate ability preserve just them eventually just And economic I it switches so get uncertain. where seems environment runway that about What you quarter also that you data on you order collect those to company liquidity it. unprecedented cash do was talk that that giving yourself an to investments, and their to interest guys companies with companies, one. to obviously define is that in schedule

Craig Packer

Sure and good a it fair is question.

very [Metra] it than were that for see amount - a you for company one STS, is on is is restaurant. KFC investment. business small up million CM there two it a a franchisee, (ph), shows It look you our X will was less If under $XX restaurant, a a it does

is very So small. it

And so a STS approve is company the other which one called end. post we quarter

a to is the aerospace I’m closer of bigger in schedule investment is I’m is shows other positive So the that STS that to. one not in But the referring $XXX space. And million. that up is investments.

the get our and couple we we names these interest have par. And to as or consultation payments lower in our over valuations. expect we of back and all auditors with names on went get but as, the or our that at that interest our expect time to our interest principal and and determined or have ones to determined of certainly question, nonaccrual names, that all you through obviously we our right determine expectation expectation not asked well are on based collecting analysis go principal, We collecting through

to So back appropriate and and lot having to back the on would, get interest we additional prudent I but them that short-term we investments keep it company thought was our of we, in therefore a is current. we it believe therefore expect our liquidity, par and

them in liquidity certainly Obviously, value companies short-term recovery by liquidity measured is thought measured value limited enterprise situations to but in the current. have therefore millions was where dollars and of keep have in enterprise we and appropriate short-term is and of lots

Ryan Lynch

hop for back my going safe you Hope queue. stay thanks into Okay, taking and to I’m questions. all guys

Craig Packer

Thank you. Great.

Alan Kirshenbaum

Thanks Ryan here as well.

Operator

Thank you.

Our go is ahead line from next Please your question Mickey open. comes from Ladenburg. Schleien

Mickey Schleien

everyone. morning good Yes

other some sized in Rock Partners, to Just debt optimistic a fund billion couple invest $X.X platform gaps. and looking looking Owl reports small that companies of in to liquidity their is bridge raise have the words to seen I questions. medium help

down into but comments like with today’s flow interested sounds structures BDC fund road market? deal previous understanding normalize? sort turn a for could when And your from in the of that It could what those BDC that I’m such the in take things co-invest won’t investments the

Craig Packer

Sure.

So really look, we ORCC. are on here focused

funds As we it place you and is the talk really funds about know, ORCC manage. not that to may so just four other manage on we not

opportunities since we can have those deal same in deal funds. for the if multiple is the inception, appropriate funds invest We have where

since inception. It have done has meet to for investment is portfolio. the That criteria we the specific something

that are it that think able investment sure making for advantage an is platform very each But be us and specific out. about offer our to I careful is to for appropriate we fund.

extent to So we past strategy in had we ORCC for was they flow but just deal operate that and as we for the the in would had the the remains same. past, have we the have other had as appropriate ORCC funds

businesses. going of pursues not other any regardless is that market strategy change. other funds well-performing Owl Rock sponsor-backed quality to that strategies middle High upper And

Mickey Schleien

housekeeping I I apologize. question, Okay. And understand. one

floor. may is prepared portfolios have in remarks. You already average mentioned What the the LIBOR

Alan Kirshenbaum

the weighted is Alan. In is on it sheet, side the of left the basis average case Mickey Hey balance point LIBOR an XX it

Mickey Schleien

you Thank questions. all Okay. are Those my for that, Alan.

Operator

Thank question James. Dodd Raymond Robert from from you. next And comes our

is line Your open.

Robert Dodd

a to incremental new hope that being obviously that is higher cycle A bar latest I at How investments on couple the a had mean in of a and before guys happened lot commitments this these, commitments can if I and everybody comments on with but fast, point certain , Hi do the yes about okay. the take makes as so made I certain implicit within events. transactions fact does obviously platform sense. everything that mesh mean ORCC to platform,

to very, the So, market context obviously terms investments very fit in your for spreads color gave new of now. of obviously are of being view, amendments with reevaluated Or you in the widened investments those made close that does today? of certainty being versus hesitant right how about just already new the making

Craig Packer

big not that just is to we our us economic is are a the a spent don’t us big commitment live contractual for based environment. not thing. economic a allow to make change it commitments mind we borrower, change, for our any regardless Look of factor environment, It to lot by if on time a going I commitments have obviously of on. mean, the

and Having and a, don’t to to is deals in of really engage it the a - number said want really, low it that, of consequential is amount just dollars discussion. not I

was amount sponsor quarter in flow deal modest our first - sitting of the slowdown not a given are relatively We activity.

only in slowed quarter. activity That down the and second further as of quarter, during only the the beginning slowed

on. large that haven’t a of that not closed we pipeline is there So committed deals to we have yet

concern great any have wouldn’t I so And over that.

Robert Dodd

daily, wet conversations much I qualitative mean, any get the the things. feedback is then And company say how is getting give a from can of versus you are kind a us you. weekly, quantitative? Thank it having I companies can a you it. where say can you feel sponsors are with them on Got

Okay, but rates? renewal are you customer actually periods receiving recent in

been the cash numbers that that flow been very have the, of the you up is very, your focus it discussion Or date? sorry, it qualitative quantitative, a more feedback are getting Are recently? to is from

Craig Packer

versus much extremely I we markets. lending a available heightened public change is big of companies this of versus Sure. mean, in get I the of order one advantages level information what public is to know in the well. the markets the get Look, direct think to

sure our are and of with us the any required provide would and want well beyond in most borrowers, lenders financial sponsors our lots information, information And say of to make quantitative I of qualitative. that most informed

It at want you varies the the personal have lenders documents, by companies, in I majority specially that in company, covenants well informed, make vast think that are our sure covenants. have stress, but our in to terminals we times of

the what it sure point level information. covenants the to covenants they well are companies share environment, in in future. be are to of this the into that lenders and they for their so we those at And popping make those and that And they recognize prospects popping may informed owe recognize that some

very of with we the say and getting So is feel information, very great you quantitative what our don’t want we getting a is will our daily informed, sense not going necessarily on making, sure I is you but businesses. teams would ground to picture obviously, would that good your make happening on well you of going every a forest information, financial decision company but I are single to improve doing trees are well informed lose with the and for get the on the outlook be isn’t say the job feel what we

Robert Dodd

I that. appreciate Okay,

Operator

from Lee Kenneth from comes Please go question RBC head. next our Capital And Markets.

Your line is open.

Kenneth Lee

good for and Hi morning question. thanks taking my

margins. potential the net expansion if you Just could wondering, for frame interest

where LIBOR Thanks. at? sitting is currently Just given

Craig Packer

share? pennies spread asking or per you about you like Ken, about are asking are

Kenneth Lee

share, spread per even fine. pennies or be Ideally, would

Craig Packer

they at a analysis there our we in We current this. directionally, not replacing and quarter. really again, as that around add net this per spread can the easily off by income directional pennies we look But couple roll to improved lower share higher market think a by zones. mean, loans our share is just I environment spreads think is precise that spread per and per

Alan Kirshenbaum

that looking The at might numbers crunch of sensitivity is But add the MD&A can the are interest if you happy I up back for. would back that to in to more be take only are and you offline. queue our be looking to thing to table something

Kenneth Lee

if And I Great. just one may. follow-up,

of just ongoing comment if plans? wondering, change on potential we whether any of funding and see the in diversifying terms is the of kind the environment change could I could there in given there - pace either mix or been a in potential you Just is the know efforts in of efforts whether

Alan Kirshenbaum

out speaking but no change obviously dialogues to plans. It environments we continue raise go Generally is with no, and in our challenging debt, lenders. more

is Our certainly the in telegraphed there. prior we lot continue If calls. future you going generates no, more unsecured not change can But to see nothing on mix have change. a as anything to

Kenneth Lee

everyone very you stay and Thank Great. hope much safe.

Alan Kirshenbaum

as You well Ken. Thank you.

Craig Packer

you. Thank

Operator

you. Thank

from Our next question comes Bank. head. from George go Bahamondes Deutsche Please

Your line is open.

George Bahamondes

wondering morning if you for who Good to in a of modifications you conversations sense reached the hours out the questions. are you us Thank engage quarter? for for or my in everyone, can hope number loan I’m around give relief just taking well. first

Craig Packer

didn’t in There you discussions than give sense, of amendments some metrics. had can engaged any that, and half look I XX less result give amendments. material To say in the a number borrowers of a for than I you were less We would that substantial quarter those were for amendments.

that half having terms number haven’t amendments. always substantive sat less amendments, informal I of teams than But are and were But, up in than back of we like those the kind and less with meaningful counted conversations. XX of

nature. technical in others The more were

the the that, XXX materially the is context is second terms that top Obviously, There what didn’t quarter. in that going anything. happened to quarter, to XX probably in in another of But discussions modest portfolio. of first it XX informal pick fairly result is up in on of had number in that

George Bahamondes

April it so next you pick is I can that seen difference? beginning as evolved you you Thank a you share question for color. how of color I noticeable up there the have if through my guess seen well? any maybe just that wondering imagine would and are we would number May,

Craig Packer

difference recent think most don’t would a weeks steady in what happens March last really of patient, of couple I the couple weeks. the I there say I could define of is between stream in the a versus conversations. what

basis. report covenants companies a with on Obviously, generally quarterly our compliance

the expect those And to quarter to to up extent come ramp there companies going issue. the the where is conversations they when of, that an think as they in, is to look be so end at out

So, to expect -. I be would it

Okay.

about direct concern, second is giving to addressing very compliance of forthright make the lot the isn’t talking have I of specific to ORCC. quarter they a just are proper I about with to want Any I’m tried to lender borrowers how you sure think areas going covenants? this their time spend I in doing be picture.

but think we actually lot engaging We were say companies in just covenant I this and with have on expect any many of amendments there at have of requests, who of that and are companies staying they fine a we that liquidity. all. aren’t are them, us would And don’t plenty top doing to environment, have

hard relatively It names, to prepared to is we that sectors because unpredictable, our focused the whatever I rated is that think those just is be our are and predict, for there. be on comes three way. going from that intensity greatest weak, number But it that environment those and increases But four point. if going this highlighted are concern. a at in greater there continue limited is a to on is have a be to our I XX% chance And number conditions portfolio

that covenants an the why you with having table the it And table value indicator for be on we I at be a through seat that is And have at had an companies. maintenance amendment the of indicator have just necessarily focused to we that it haven’t covenant that loans. amendments of why in us. of loss of are and itself our an going but is a of not have to daunting just think packages, number is seat and risk is is work is to preserving proposition we going don’t So the the to

George Bahamondes

appreciate for I that and today me. all color And the is Great.

Craig Packer

Great. Thank you.

Alan Kirshenbaum

Thank you George.

Operator

you. Thank

Our question Finian comes from Wells O’Shea from Securities. next Fargo

is open. line Your

Finian O’Shea

my taking Hi, well, for hope questions. is everyone thanks

any million Was transfer I completion would all of context commitment flex you earlier upon be Can commitments, in the it for Or close as on, your to that not there loan touched think you lists perhaps looking provide the period. to want a deal? I debt helpful. off? language means you subject commit at on context marketing of First the follow did [indiscernible], loan leading the to Robert to whole what on on what one the any this $XXX

Craig Packer

position Fin. to public in a make [indiscernible] is comment whatsoever that. on a Thanks, I’m not any company,

Finian O’Shea

quarter. bit XXX. L guess level investments at larger of Okay. I loans Management lower little your than, this you I’m out. understand. plus was out number looking think I of And about spread a you L was KS threw talked a rotating XXX, one higher I the

how context, that able for on? credits? that in you anticipate we risk And incremental specific what do So spread much take return should, being about to think and the

Craig Packer

a particular a the bit question. In ago. to deal was Yes, a it ago. I that fair That fair we transaction months committed is remember, comments context was but of made. the it I don’t had

on right is are you spread increasing deal. so comments about closing or my that that And consistent not with

spread. do now, that off year, fields at right deal was Management top us committed the headwind, but But to my I new, see KS last expect don’t don’t remember of that think I months to type in here you’ll ago sitting

it thought quality high committed, time a deal, healthcare the was At very attractive we provider. we very

it deals did think to expect the has we that do this spread so you I I range in And but how other portfolio given wouldn’t then, environment. in evolved,

maybe I is would where let’s would call we L we, that XXX the that where substantially L capital? plus So pricing guess range. unitranche type XXX, to question, of think spread deploy higher XXX it today plus we I than

a you the won’t is. that piece do So of of marketplace is too sense We gives much. that where

expect to L the meaningful so see XXX. do plus us shouldn’t You anything

Finian O’Shea

Craig. you Thank

Operator

York today JMP Thank next comes you. ahead Please go And . from our from question Securities. Chris for

open line is Your

Chris York

healthy I But from tested the question, also so taking key be partners. question. in outcomes do discussed my Good good relationships for a during the experiment Craig, morning one stress. can have they are obviously achieving competing thanks interests lot to guys, just for

value, So performance the the you enforcing for you you’ve as question years? lead a with Rock’s is, Owl about by or need over market par your of rights risk franchise of thinking materials created trajectory your last the are the the five today protect versus share value to impairing lender

Craig Packer

fair Chris. Sure question. Again

our value our of to the investments and our and capital. is protect shareholders job role Our

are this, equity being asking partner have around Now, private you our we the question, business we why appreciate because for built a firms.

a a very go you can large We business capital, team, having that set have you pool of broad for built we and sponsors. our finance large can by and of different through see and very a deliberately of portfolios lots relationships

not three are We dependent or two on one, private any equity of and hundreds firms. we cover

becoming partner And a nice agree equity I the and firms. the valued private equity would job think firms know done we I a of private have to

we to can going and approach of period as are our, We is time constructive this be. as

being are do. listening mistake, to asked firms private to our capital. And We that our sponsors we are means protect work being of what are equity we think about certainly, But make think rational fiduciary capital is to constructive I no loans. fiduciaries the job

are sophisticated equity understands capital equity understand difference. that They close, means that partners institutional where firms. private sit the and very us? running I’m we the to private close folks structure firm believe what capital that of raises my for in difference Any I And

don’t equity action. being there be we We for private franchise we frustration and action inevitably investors preferred So where one and solutions we our to to is think take private situations may protect there we maintain need be and our either particular the an it can level that think may a firm for be to is both. partner, do as we I going or of provide. equity think can firms, can that

when think step specific business take have the still hands. and they it in a on we some back and a they platform, and situations have will unhappy, a our But can understand of big, to great broad I afford context

and as So, I the that think our are of understand this sponsors is part teams for prepared that environment. that

with note, positive the sponsors tone have think the constructive. conversations leave However, I very been to of a just on

time to companies get have enough sponsor protect sure of dip they a to sponsors make and provide period The this capital significant the that they help and have powder, stand ready significant in a these and have businesses, the additional dry want through and businesses capital. to they do

and it and the their ready investment nice a equity. them return on have We get through work stand help sponsors to and on back our with get businesses

is we weeks this So and say constructive I last have heard six would and has will the that together. in four, optimistic that we mutually all I through don’t it exclusive tone the been work I’m think very

Chris York

last out. Great over platform been helpful at that One year. the very management have follow-up. inside know guys you building out portfolio color I resources is the

many restructure does portfolio expertise? that support I’m professionals, then So to And maybe curious investors investment what the dedicated or platform’s year-over-year? management have is

Craig Packer

environment, entire like think I essentially focused look, most portfolio on is management. the my investments, about in Sure, in new lenders, investment this direct comments team

it through now handful folks there whose not is, specific job are the we are to issues. So it management significant. - resources right have portfolio is is work a day-to-day of There

in specific we number additional we not will much taken in adding put have, resources plenty folks the couple overtime, technical professionals who this to have that of to benefit aside As we I comments, it but additional become experience were those essentially, time. but of and us we period mentioned but a have my add continue will And and is just said resources. to continue add people that might very so some we about of that investment

Chris York

sense. from Craig. is make it me. it Thanks Sure, That

Craig Packer

Chris. Thanks

Operator

call the for closing And like I this time to at back would to turn remarks. Craig you. Packer Thank

Craig Packer

thanks went know what information share our your in and as tried than to future calls. about the typical uncertain Okay. time. as seeing about everyone are little I a Well, we we time. longer We could talk look, really for much this this

I the appreciate questions.

follow-ups. We look call your updating you the and our are wish progress on on forward and to families the health for coming for obviously in and available everyone Really sincerely you on future. back good

Operator

participation. your for call. us We ladies you and gentlemen. joining concludes appreciate our Thank This today

may You now disconnect.

Blue Owl Capital (OBDC) 6 May 202020 Q1 Earnings call transcript