Exhibit 99.1

Owl Rock Capital Corp. Reports Full Year Results and Fourth Quarter Net Investment Income Per Share of $0.35 and NAV Per Share of $15.08

NEW YORK — February 23, 2022 — Owl Rock Capital Corporation (NYSE: ORCC, or the “Company”) today reported net investment income of $137.9 million, or $0.35 per share, and net income of $174.0 million, or $0.44 per share, for the fourth quarter ended December 31, 2021. Reported net asset value per share was $15.08 at December 31, 2021 as compared to $14.95 at September 30, 2021.

“2021 was a milestone year for us,” commented Craig W. Packer, Chief Executive Officer of Owl Rock Capital Corporation. “We fully deployed our portfolio, increased our leverage to comfortably within our target range, maintained very strong credit performance and continued to optimize our balance sheet. It culminated in our highest quarterly net investment income for the year, representing an annualized ROE of approximately 9%. We’re extremely pleased with this quarter’s results and we look forward to continuing to deliver for our shareholders in 2022.”

The Company’s Board of Directors has declared a first quarter 2022 dividend of $0.31 per share for stockholders of record as of March 31, 2022, payable on or before May 13, 2022.

PORTFOLIO AND INVESTING ACTIVITY

For the full year ended December 31, 2021, new investment commitments totaled $6,824.8 million. This compares to $3,444.8 million for year ended December 31, 2020.

For the full year ended December 31, 2021, the principal amount of new investments funded was $5,842.4 million and the Company had $4,258.8 million aggregate principal amount in exits and repayments.

For the full year ended December 31, 2020, the principal amount of new investments funded was $2,845.5 million and the Company had $1,151.9 million aggregate principal amount in exits and repayments.

For the three months ended December 31, 2021, new investment commitments totaled $1,589.2 million. This compares to $1,527.4 million for the three months ended December 31, 2020.

For the three months ended December 31, 2021, the principal amount of new investments funded was $1,459.8 million across 22 new portfolio companies and 9 existing portfolio companies. For this period, the Company had $909.6 million aggregate principal amount in exits and repayments.

For the three months ended December 31, 2020, the principal amount of new investments funded was $1,274.9 million across 12 new portfolio companies and 14 existing portfolio companies. For this period, the Company had $520.3 million aggregate principal amount in exits and repayments.

As of December 31, 2021 and December 31, 2020, the Company had investments in 143 and 119 portfolio companies with an aggregate fair value of $12.7 billion and $10.8 billion, respectively. As of December 31, 2021, the average investment size in each portfolio company was $89.1 million based on fair value.

As of December 31, 2021, based on fair value, our portfolio consisted of 74.9% first lien senior secured debt investments, 15.1% second lien senior secured debt investments, 1.5% unsecured debt investments, 1.9% investment funds and vehicles, 2.1% preferred equity investments and 4.5% common equity investments.

As of December 31, 2020, based on fair value, our portfolio consisted of 77.5% first lien senior secured debt investments, 18.5% second lien senior secured debt investments, 0.5% unsecured debt investments, 1.0% investment funds and vehicles, 0.2% preferred equity investments and 2.3% common equity investments.

As of December 31, 2021 and December 31, 2020, approximately 90.0% and 96.0% of the portfolio was invested in secured debt, respectively. As of December 31, 2021, 98.9% of our debt investments based on fair value in our portfolio were at floating rates.

As of December 31, 2021 and December 31, 2020, the weighted average total yield of accruing debt and income-producing securities at fair value (which includes interest income and amortization of fees and discounts)¹ was 7.9% and 8.1%, respectively, and the weighted average total yield of accruing debt and income-producing securities at amortized cost (which includes interest income and amortization of fees and discounts)¹ was 7.9% and 8.0%, respectively.

As of December 31, 2021, one portfolio company with an aggregate fair value of $16.5 million was on non-accrual status, representing 0.1% of the total fair value of the portfolio.

RESULTS OF OPERATIONS FOR THE FULL YEAR AND QUARTER ENDED DECEMBER 31, 2021

Investment Income

Investment income increased to $1,021.4 million for the full year ended December 31, 2021 from $803.3 million for the full year ended December 31, 2020. The increase was primarily due to an increase in our debt investment portfolio, partially offset by a decrease in our portfolio’s weighted average yield period over period.

Investment income increased to $281.6 million for the three months ended December 31, 2021 from $221.3 million for the three months ended December 31, 2020. The increase was primarily due to an increase in our debt investment portfolio, partially offset by a decrease in our portfolio’s weighted average yield period over period.

Expenses

Total expenses increased to $527.3 million for the full year ended December 31, 2021 from $283.8 million for the full year ended December 31, 2020, primarily due to an increase in interest expense and increase in gross management fees and incentive fees, coupled with the expiration of the management fee and incentive fee waivers in October 2020. The increase in interest expense was primarily driven by an increase in average daily borrowings, partially offset by a decrease in the average interest rate period over period.

Total expenses increased to $143.8 million for the three months ended December 31, 2021 from $106.7 million for the three months ended December 31, 2020, primarily due to an increase in interest expense and increase in gross management fees and incentive fees, coupled with the expiration of the management fee and incentive fee waivers. The increase in interest expense was primarily driven by an increase in average daily borrowings, partially offset by a decrease in the average interest rate period over period.

Liquidity and Capital Resources

As of December 31, 2021, we had $447.1 million in cash and restricted cash, $7.2 billion in total principal value of debt outstanding, and $1.4 billion of undrawn capacity on our credit facilities. The Company’s weighted average interest rate on debt outstanding was 2.9% and 3.2% for the three months ended December 31, 2021 and December 31, 2020, respectively. Ending debt to equity was 1.13x and 0.87x for the periods ended December 31, 2021 and December 31, 2020, respectively.

For non-stated rate income producing investments, computed based on (a) the dividend or interest income earned for the respective trailing twelve months ended on the measurement date, divided by (b) the ending cost or fair value. In instances where historical dividend or interest income data is not available or not representative for the trailing twelve months ended, the dividend or interest income is annualized. Prior to September 30, 2021, non-stated rate income producing investments were computed based on (a) the IRR on the measurement date, divided by (b) the ending cost or fair value. Prior to September 30, 2021, the weighted average total yield of accruing debt and income producing securities at fair value and cost as of December 31, 2020 was reported as 8.3% and 8.2%, respectively.

Conference Call and Webcast Information

Conference Call Information:

The conference call will be broadcast live on February 24, 2022 at 10:00 a.m. Eastern Time on the Investor Resources section of ORCC’s website at www.OwlRockCapitalCorporation.com. Please visit the website to test your connection before the webcast.

Participants are also invited to access the conference call by dialing one of the following numbers:

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Domestic: 1 (888) 440-4182

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International: (646) 960-0653

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Conference ID: 7406736

All callers will need to enter the Conference ID followed by the # sign and reference “Owl Rock Capital Corporation” once connected with the operator. All callers are asked to dial in 10-15 minutes prior to the call so that name and company information can be collected.

Replay Information:

An archived replay will be available for 14 days via a webcast link located on the Investor Resources section of ORCC’s website, and via the dial-in numbers listed below:

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Domestic: 1 (800) 770-2030

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International: (647) 362-9199

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Conference ID: 7406736

Financial Highlights

	For the three months ended
($ in thousands, except per share amounts)	December 31, 2021			September 30, 2021			December 31, 2020
Investments at Fair Value	$	12,741,640		$	12,110,098		$	10,842,072
Total Assets	$	13,298,170		$	13,075,878		$	11,304,357
Net Asset Value Per Share	$	15.08		$	14.95		$	14.74

Investment Income	$	281,624		$	269,191		$	221,254
Net Investment Income	$	137,854		$	130,499		$	114,601
Net Income	$	174,006		$	142,851		$	180,664

Net Investment Income Per Share	$	0.35		$	0.33		$	0.29
Net Realized and Unrealized Gains (and Losses) Per Share	$	0.09		$	0.03		$	0.17
Net Income Per Share	$	0.44		$	0.36		$	0.46
Distributions Declared from Net Investment Income Per Share	$	0.31		$	0.31		$	0.39

Weighted Average Yield of Accruing Debt and Income Producing Securities at Fair Value¹		7.9	%		7.9	%		8.1	%
Weighted Average Yield of Accruing Debt and Income Producing Securities at Amortized Cost¹		7.9	%		7.9	%		8.0	%
Percentage of Debt Investment Commitments at Floating Rates		98.9	%		99.9	%		99.9	%

^1.

^{For non-stated rate income producing investments, computed based on (a) the dividend or interest income earned for the respective trailing twelve months ended on the measurement date, divided by (b) the ending cost or fair value. In instances where historical dividend or interest income data is not available or not representative for the trailing twelve months ended, the dividend or interest income is annualized. Prior to September 30, 2021, non-stated rate income producing investments were computed based on (a) the IRR on the measurement date, divided by (b) the ending cost or fair value. Prior to September 30, 2021, the weighted average total yield of accruing debt and income producing securities at fair value and cost as of December 31, 2020 was reported as 8.3% and 8.2%, respectively.}

consolidated statements of ASSETS and LIABILITIES

($ in thousands, except per share amounts)	December 31, 2021			December 31, 2020
Assets
Investments at fair value
Non-controlled, non-affiliated investments (amortized cost of $12,073,126 and $10,653,613, respectively)	$	12,124,860		$	10,569,691
Controlled, affiliated investments (amortized cost of $575,427 and $275,105, respectively)		616,780			272,381
Total investments at fair value (amortized cost of $12,648,553 and $10,928,718, respectively)		12,741,640			10,842,072
Cash (restricted cash of $21,481 and $8,841, respectively)		431,442			347,917
Foreign cash (cost of $16,096 and $9,641, respectively)		15,703			9,994
Interest receivable		81,716			57,108
Receivable for investments sold		—			6,316
Receivable from a controlled affiliate		3,953			2,347
Prepaid expenses and other assets		23,716			38,603
Total Assets	$	13,298,170		$	11,304,357
Liabilities
Debt (net of unamortized debt issuance costs of $110,239 and $91,085, respectively)	$	7,079,326		$	5,292,722
Distribution payable		122,068			152,087
Management fee payable		46,770			35,936
Incentive fee payable		29,242			19,070
Payables to affiliates		5,802			6,527
Accrued expenses and other liabilities		77,085			51,581
Total Liabilities		7,360,293			5,557,923
Commitments and contingencies
Net Assets
Common shares $0.01 par value, 500,000,000 shares authorized; 393,766,855 and 389,966,688 shares issued and outstanding, respectively		3,938			3,900
Additional paid-in-capital		5,990,360			5,940,979
Total distributable earnings (losses)		(56,421	)		(198,445	)
Total Net Assets		5,937,877			5,746,434
Total Liabilities and Net Assets	$	13,298,170		$	11,304,357
Net Asset Value Per Share	$	15.08		$	14.74

consolidated statements of operations

	For the Years Ended December 31,
($ in thousands, except per share amounts)	2021			2020			2019
Investment Income
Investment income from non-controlled, non-affiliated investments:
Interest income	$	887,753		$	732,309		$	674,949
Payment-in-kind interest income		53,185			36,408			16,905
Dividend income		28,052			10,409			—
Other income		25,845			14,736			16,119
Total investment income from non-controlled, non-affiliated investments		994,835			793,862			707,973
Investment income from controlled, affiliated investments:
Interest income		5,531			327			—
Dividend income		20,394			9,063			10,046
Other Income		643			35			—
Total investment income from controlled, affiliated investments		26,568			9,425			10,046
Total Investment Income		1,021,403			803,287			718,019
Expenses
Interest expense		219,132			152,939			136,445
Management fee		178,472			144,448			89,947
Performance based incentive fees		103,968			93,892			45,114
Professional fees		15,071			14,654			10,029
Directors' fees		1,021			849			623
Other general and administrative		9,593			7,936			8,374
Total Operating Expenses		527,257			414,718			290,532
Management and incentive fees waived		—			(130,906	)		(73,403	)
Net Operating Expenses		527,257			283,812			217,129
Net Investment Income (Loss) Before Taxes		494,146			519,475			500,890
Income tax expense (benefit), including excise tax expense (benefit)		4,009			2,019			1,984
Net Investment Income (Loss) After Taxes	$	490,137		$	517,456		$	498,906
Net Realized and Change in Unrealized Gain (Loss)
Net change in unrealized gain (loss):
Non-controlled, non-affiliated investments	$	148,300		$	(75,039	)	$	(7,235	)
Income tax (provision) benefit		(8,604	)		(3,686	)		—
Controlled affiliated investments		44,081			(1,913	)		3,705
Translation of assets and liabilities in foreign currencies		(3,953	)		4,634			(222	)
Total Net Change in Unrealized Gain (Loss)		179,824			(76,004	)		(3,752	)
Net realized gain (loss):
Non-controlled, non-affiliated investments		(46,332	)		(51,376	)		2,633
Foreign currency transactions		1,253			(2,336	)		214
Total Net Realized Gain (Loss)		(45,079	)		(53,712	)		2,847
Total Net Realized and Change in Unrealized Gain (Loss)		134,745			(129,716	)		(905	)
Net Increase (Decrease) in Net Assets Resulting from Operations	$	624,882		$	387,740		$	498,001
Earnings Per Share - Basic and Diluted	$	1.59		$	1.00		$	1.53
Weighted Average Shares Outstanding - Basic and Diluted		392,297,907			388,645,561			324,630,279

portfolio and investment activity

	For the Years Ended December 31,
($ in thousands)	2021			2020			2019
New investment commitments
Gross originations	$	7,456,901			3,667,048			4,625,939
Less: Sell downs		(632,072	)		(222,276	)		(191,277	)
Total new investment commitments	$	6,824,829		$	3,444,772		$	4,434,662
Principal amount of investments funded:
First-lien senior secured debt investments	$	4,369,794		$	2,132,417			3,083,777
Second-lien senior secured debt investments		846,299			518,480			596,421
Unsecured debt investments		132,288			55,873			—
Preferred equity investments³		238,367			22,163			—
Common equity investments³		113,780			97,617			1,991
Investment funds and vehicles		141,876			18,950			—
Total principal amount of investments funded	$	5,842,404		$	2,845,500		$	3,682,189
Principal amount of investments sold or repaid:
First-lien senior secured debt investments	$	(3,343,381	)	$	(1,060,352	)	$	(820,602	)
Second-lien senior secured debt investments		(910,582	)		(90,686	)		(116,700	)
Unsecured debt investments		—			—			(23,000	)
Preferred equity investments³		—			—			—
Common equity investments³		(4,827	)		(867	)		(1,991	)
Investment funds and vehicles		—			—			(2,250	)
Total principal amount of investments sold or repaid	$	(4,258,790	)	$	(1,151,905	)	$	(964,543	)
Number of new investment commitments in new portfolio companies¹		67		30			38
Average new investment commitment amount		82,831		$	84,891		$	107,981
Weighted average term for new debt investment commitments (in years)		6.3			5.9			6.3
Percentage of new debt investment commitments at floating rates		98.1	%		96.3	%		100.0	%
Percentage of new debt investment commitments at fixed rates		1.9	%		3.7	%		0.0	%
Weighted average interest rate of new debt investment commitments²		7.3	%		7.8	%		8.0	%
Weighted average spread over LIBOR of new floating rate debt investment commitments		6.4	%		6.9	%		6.1	%

^1.	^{Number of new investment commitments represents commitments to a particular portfolio company.}

^2.	^{Assumes each floating rate commitment is subject to the greater of the interest rate floor (if applicable) or 3-month LIBOR, which was}^0.21^%^,⁰^.²⁴^%^and^1.91^%^{as of}^{December 31, 2021}^,²⁰²⁰^{and 201}⁹^,^{respectively.}

^3.	^{As of December 30, 2020 and 2019, preferred equity investments and common equity investments were reported in aggregate as equity investments.}

ABOUT OWL ROCK CAPITAL CORPORATION

Owl Rock Capital Corporation (ORCC) is a specialty finance company focused on lending to U.S. middle-market companies. As of December 31, 2021, ORCC had investments in 143 portfolio companies with an aggregate fair value of $12.7 billion. ORCC has elected to be regulated as a business development company under the Investment Company Act of 1940, as amended. ORCC is externally managed by Owl Rock Capital Advisors LLC, an SEC-registered investment adviser that is an indirect affiliate of Blue Owl Capital Inc. (“Blue Owl”) (NYSE: OWL) and part of Owl Rock, a division of Blue Owl. Owl Rock, together with its subsidiaries, is a New York based direct lending platform with approximately $39.2 billion of assets under management as of December 31, 2021.

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 ORCC, its current and prospective portfolio investments, its industry, its beliefs and opinions, and its 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 ORCC’s 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 ORCC’s filings with the SEC. Investors should not place undue reliance on these forward-looking statements, which apply only as of the date on which ORCC makes them. ORCC does 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

[email protected]

Media Contact:

Prosek Partners

David Wells / Josh Clarkson

[email protected]

Maryland	814-01190	47-5402460
(State or Other Jurisdiction of Incorporation)	(Commission File Number)	(IRS Employer Identification No.)

399 Park Avenue, 38th Floor New York, NY		10022
(Address of Principal Executive Offices)		(Zip Code)

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, par value $0.01 per share	ORCC	The New York Stock Exchange

	Owl Rock Capital Corporation

February 23, 2022	By:	/s/ Jonathan Lamm
		Name: Jonathan Lamm
		Title: Chief Operating Officer and Chief Financial Officer