Owl Rock Capital Corporation II, a non-traded business development company, estimated that its net asset value per share was approximately $8.91 per share as of March 31, 2021, a 0.8 percent increase compared to the previous NAV per share of $8.84 as of December 31, 2020.
The company’s net investment income per share was estimated at $0.14 for the first quarter 2021.
As of March 31, 2021, the company’s total debt portfolio was approximately $2.2 billion, up from $2.1 billion as of December 31, 2020. As a result of this portfolio growth, estimated debt to equity as of March 31, 2021 was 0.62x down from 0.67x as of December 31, 2020.
Based on fair value, the company’s portfolio consisted of approximately 74.8 percent first lien senior secured debt investments (of which approximately 39 percent is considered unitranche debt investments), approximately 21.5 percent second-lien senior secured debt investments, approximately 1.5 percent unsecured investments and approximately 2.2 percent equity investments. Unitranche debt refers to a mixed loan structure that combines senior debt with subordinated debt into one loan.
In a filing with the Securities and Exchange Commission, the company noted that these preliminary estimates were prepared by the company’s management, rather than an independent registered public accounting firm.
Owl Rock Capital Corporation II focuses primarily on originating and making loans to, and making debt and equity investments in, U.S. middle market companies. The company invests in senior secured or unsecured loans, subordinated loans or mezzanine loans and, to a lesser extent, equity-related securities which includes common and preferred stock, securities convertible into common stock, and warrants. The company launched in February 2017 and has raised close to $1.4 billion as of February 2021.