UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): July 28, 2021
OWL ROCK CORE INCOME CORP.
(Exact name of Registrant as Specified in Its Charter)
| Maryland | 814-01369 | 85-1187564 | ||
|
(State or Other Jurisdiction of Incorporation) |
(Commission File Number) |
(IRS Employer Identification No.) |
|
399 Park Avenue, |
10022 | |
| (Address of Principal Executive Offices) | (Zip Code) |
Registrant’s Telephone Number, Including Area Code: (212) 419-3000
Not Applicable
(Former Name or Former Address, if Changed Since Last Report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instructions A.2. below):
¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||
| None | None | None |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 or Rule 12b-2 of the Securities Exchange Act of 1934. Emerging growth company x
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨
Item 8.01 Other
July 1, 2021 Public Offering Price
In accordance with our share pricing policy, we intend to sell our shares on the first of each month at a net offering price that we believe reflects the net asset value per share at the end of the preceding month. The July 1, 2021 public offering price for each of our share classes is equal to such class’s net asset value per share as of June 30, 2021, plus applicable maximum upfront sales load.
| Net Asset Value |
Maximum Offering Price |
|||||||
| (per share) | (per share) | |||||||
| Class S | $ | 9.30 | $ | 9.63 | ||||
| Class D | $ | 9.29 | $ | 9.43 | ||||
| Class I | $ | 9.30 | $ | 9.30 | ||||
Portfolio Update
As of June 30, 2021, we had debt investments in 50 portfolio companies with an aggregate par value of $410.3 million. As of June 30, 2021, based on par value, our portfolio consisted of 71.4% first lien debt investments, 25.0% second lien debt investments, 0.5% unsecured debt investments, and 3.1% equity investments. As of June 30, 2021, greater than 99.9% of the debt investments based on par value in our portfolio were at floating rates. The table below describes investments by industry composition based on par value, excluding equity investments, as of June 30, 2021.
| Industry | Par | % of Par | ||||||
| Internet software and services | $ | 84,631 | 20.6 | % | ||||
| Infrastructure and environmental services | 73,000 | 17.9 | % | |||||
| Consumer products | 54,216 | 13.3 | % | |||||
| Food and beverage | 41,570 | 10.2 | % | |||||
| Manufacturing | 26,025 | 6.3 | % | |||||
| Healthcare providers and services | 20,020 | 4.9 | % | |||||
| Financial services | 16,779 | 4.1 | % | |||||
| Insurance | 12,499 | 3.0 | % | |||||
| Chemicals | 10,186 | 2.5 | % | |||||
| Automotive | 10,000 | 2.4 | % | |||||
| Aerospace and defense | 9,988 | 2.4 | % | |||||
| Household products | 9,975 | 2.4 | % | |||||
| Containers and packaging | 7,980 | 1.9 | % | |||||
| Education | 7,459 | 1.8 | % | |||||
| Healthcare equipment and services | 6,892 | 1.7 | % | |||||
| Distribution | 6,328 | 1.5 | % | |||||
| Business services | 5,134 | 1.3 | % | |||||
| Healthcare technology | 4,489 | 1.1 | % | |||||
| Buildings and real estate | 2,159 | 0.5 | % | |||||
| Telecommunications | 998 | 0.2 | % | |||||
| Total | $ | 410,328 | 100.0 | % | ||||
Past performance is not necessarily indicative of future performance, and there can be no assurance that we will achieve comparable investment results, or that any targeted returns will be met.
Statements contained herein that are not historical facts are based on current expectations, estimates, projections, opinions, and/or beliefs of our management. Such statements involve known and unknown risks, uncertainties, and other factors, and undue reliance should not be placed thereon. Certain information contained herein constitutes “forward-looking statements,” which can be identified by the use of terms such as “may”, “will”, “should”, “expect”, “project”, “estimate”, “intend”, “continue”, “target”, or “believe” (or the negatives thereof) or other variations thereon or comparable terminology. Due to various risks and uncertainties, actual events or results or our actual performance may differ materially from those reflected or contemplated in such forward-looking statements. As a result, investors should not rely on such forward-looking statements in making their investment decisions.
The estimates presented above are based on management’s preliminary determinations only and, consequently, the data set forth in our Form 10-Q or 10-K may differ from these estimates, and any such differences may be material. In addition, the information presented above does not include all of the information regarding our financial condition and results of operations that may be important to investors. As a result, investors are cautioned not to place undue reliance on the information presented above. The information presented above is based on management’s current expectations that involve substantial risk and uncertainties that could cause actual results to differ materially from the results expressed in, or implied by, such information. We assume no duty to update these preliminary estimates except as required by law.
Neither KPMG LLP, our independent registered public accounting firm, nor any other independent accountants, have audited, reviewed, compiled or performed procedures with respect to the preliminary financial data contained herein. Accordingly, KPMG LLP does not express an opinion or any form of assurance with respect thereto and assumes no responsibility for, and disclaims any association with, this information.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| OWL ROCK CORE INCOME CORP. | ||
| Dated: July 28, 2021 | By: | /s/ Bryan Cole |
| Name: Bryan Cole | ||
| Title: Chief Financial Officer | ||