Experienced management team and strong origination capabilities Substantial committed capital Low leverage Concentrated in leveraged lending to middle-market companies, like other business development companies Limited operating history and rapid growth in a highly competitive market Over the next 12 months, S&P Global Ratings expects Owl Rock Capital Corp. (ORCC) will continue to grow its investment portfolio by about $500 million per quarter (net of repayments) but maintain its underwriting discipline and continue to focus on upper-middle-market sponsor-backed companies. We expect ORCC will maintain debt to equity of about 0.75x and do not expect it to seek approval to reduce its asset coverage limit pursuant to the Small Business Credit Availability Act. An upgrade is not likely in the next 12
