Owl Rock (ORCC) Earnings Note

Big-dividend BDC, Owl Rock Capital, just raised its quarterly dividend by 6.5% (to $0.33 from $0.31) and announced a new supplemental dividend of $0.03, following its strong Q3 results (the shares are up +8%). Specifically, Owl Rock delivered Net Investment Income of $0.37 (beating expectations by $0.02), GAAP EPS of $0.67, and total Investment Income of $314.05M (+16.7% Y/Y) beating by $21.96M. As per the CEO, the strong results were supported by the “tailwind of rising interest rates.” The BDC board also approved a 2022 Repurchase Program under which Owl Rock may repurchase up to $150 million of the its common stock. Long.