The adviser of Owl Rock Core Income Corp., a new non-traded business development company, has agreed to waive 100 percent of the management fee due under the investment advisory agreement for the first quarter of 2021. No portion of the management fee waived will be subject to recoupment, the company said.
According to the prospectus, the management fee is calculated at an annual rate of 1.25 percent, based on the average value of the BDC’s net assets at the end of the two most recently completed calendar months.
As previously reported, Owl Rock Capital Group, the parent of the BDC’s adviser Owl Rock Capital Advisors LLC, and Dyal Capital Partners plan to merge and form Blue Owl Capital. Blue Owl will enter the public market through its acquisition by Altimar Acquisition Corporation (NYSE: ATAC), a special purpose acquisition company.
The merger will result in a change of control of the adviser, and the dealer manager agreement should continue on substantially identical terms following the merger, the company said.
In addition, the board of Owl Rock Core Income increased its size to eight directors and appointed Melissa Weiler as an independent director, a member of the nominating committee, and a member of the audit committee. Weiler will serve as a director until the 2021 annual meeting of stockholders.
Weiler was formerly a managing director and a member of the management committee of Crescent Capital Group, a Los Angeles-based asset management firm, where she served from January 2011 until she retired in December 2020. Before that, she spent 15 years as a managing director at Trust Company of the West, a Los Angeles-based asset management firm.
Weiler is a member of the Cedars-Sinai board of governors and holds a bachelor’s degree in economics from the Wharton School at the University of Pennsylvania.
Weiler also joined the boards of Owl Rock Capital Corporation, Owl Rock Capital Corporation II, Owl Rock Capital Corporation III, and Owl Rock Technology Finance Corp.
Owl Rock Core Income Corp. is a new perpetual life BDC that plans to focus primarily on originating and making loans to U.S. middle market companies. The company was declared effective by the Securities and Exchange Commission in late December 2020.