Board of Directors of Owl Rock Business Development Companies Approve Items Related to Closing of Blue Owl Transaction

May 20, 2021

NEW YORK — May 20, 2021 — Owl Rock Capital (“Owl Rock”) and Dyal Capital Partners announced today the completion of the previously announced business combination to form Blue Owl Capital Inc. (the “Transaction”). The Board of Directors of each of Owl Rock’s five business development companies (the “BDCs”) has also approved certain changes required by law in connection with the closing of the Transaction. 

Craig Packer, CEO of the BDCs and Co-Founder of Owl Rock, commented, “We look forward to building on our continued success at Owl Rock and delivering the benefits of our enhanced capabilities from the combination to our BDC investors. While our broader platform’s name has changed, the Owl Rock investment team and approach will remain the same as it has since inception and we will continue our focus of providing attractive risk-adjusted returns to our shareholders.”

In connection with the closing of the Transaction, each BDC entered into an amended and restated investment advisory agreement and an amended and restated administration agreement (the “Agreements”) with its registered investment adviser (each, an “Owl Rock Adviser”). These agreements received resounding shareholder support and were previously approved by each BDC’s shareholders at a special meeting on March 17, 2021. The terms of the new Agreements are identical to the prior agreements and there are no changes to the investment advisory services provided to the BDCs. 

In addition, as previously disclosed in the Definitive Proxy statement, dated January 27, 2021, the Transaction is intended to comply with Section 15(f) of the Investment Company Act of 1940, which requires that at least 75% of each BDC’s Board of Directors not be “interested persons” for three years following the closing of the Transaction. In order to comply with this requirement, Douglas Ostrover and Alan Kirshenbaum stepped down from the Board and the Board voted to reduce its size from eight to six directors. Mr. Packer will continue to serve as a Director and Chief Executive Officer of the BDCs. Mr. Ostrover will continue to serve as each Owl Rock Adviser’s Chief Executive Officer and Co-Chief Investment Officer and as a member of each Owl Rock Adviser’s investment committee. Mr. Kirshenbaum will continue to serve in his current officer capacity at the BDCs, as applicable, and Chief Financial Officer of each Owl Rock Adviser.

As previously announced, the Transaction will not result in any changes to the investment objectives and strategies or to the investment advisory services provided to the BDCs. This includes the BDCs managed by the Owl Rock Advisers, which are indirect subsidiaries of Owl Rock: Owl Rock Capital Corporation (NYSE: ORCC), Owl Rock Capital Corporation II, Owl Rock Capital Corporation III, Owl Rock Core Income Corp. and Owl Rock Technology Finance Corp. Each Owl Rock Adviser’s investment committee and the investment team that currently provides services to the BDCs will remain the same and continue to be focused on direct lending.

Blue Owl Capital Inc. will begin trading on the NYSE under the ticker “OWL” on May 20, 2021. Owl Rock’s largest BDC, Owl Rock Capital Corporation, will continue to trade on the NYSE under the ticker “ORCC”.  

ABOUT BLUE OWL

Blue Owl Capital is an alternative asset manager that provides investors access to direct lending and GP capital solutions strategies through a variety of vehicles. The firm’s breadth of offerings and permanent capital base enables it to offer a differentiated, holistic platform of capital solutions to participants throughout the private market ecosystem, including alternative asset managers and private middle market corporations. The firm had approximately $52.5 billion of assets under management as of March 31, 2021. Blue Owl’s management team is comprised of seasoned investment professionals with more than 25 years of experience building alternative investment businesses. Blue Owl has approximately 250 employees across its Dyal Capital Partners and Owl Rock Capital divisions and has six offices globally. For more information, please visit us at www.blueowl.com.

Certain information contained herein may constitute “forward-looking statements” that involve substantial risks and uncertainties. Such statements involve known and unknown risks, uncertainties and other factors and undue reliance should not be placed thereon. These forward-looking statements are not historical facts, but rather are based on current expectations, estimates and projections about the BDCs, their current and prospective portfolio investments, their industry, their beliefs and opinions, and their assumptions. Words such as “anticipates,” “expects,” “intends,” “plans,” “will,” “may,” “continue,” “believes,” “seeks,” “estimates,” “would,” “could,” “should,” “targets,” “projects,” “outlook,” “potential,” “predicts” and variations of these words and similar expressions are intended to identify forward-looking statements. These statements are not guarantees of future performance and are subject to risks, uncertainties and other factors, some of which are beyond the BDCs’ control and difficult to predict and could cause actual results to differ materially from those expressed or forecasted in the forward-looking statements including, without limitation, the risks, uncertainties and other factors identified in the BDCs’ filings with the SEC. Investors should not place undue reliance on these forward-looking statements, which apply only as of the date on which each BDC makes them. The BDCs do not undertake any obligation to update or revise any forward-looking statements or any other information contained herein, except as required by applicable law.

INVESTOR CONTACTS

 

Investor Contact:

Dana Sclafani
212-651-4705
orccir@owlrock.com

Media Contact:

Prosek Partners
David Wells / Josh Clarkson
pro-owlrock@prosek.com

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