Experienced management team and strong origination capabilities Low leverage Favorable funding profile Concentrated in leveraged lending to middle-market companies, in the midst of a sharp economic decline Limited operating history and rapid growth in a highly competitive market Predominately illiquid investments that may constrain financial flexibility in adverse market conditions The stable outlook reflects our expectation that over the next 12-24 months Owl Rock Capital Corp. (ORCC) will gradually increase leverage to 0.9x-1.25x debt to adjusted total equity (ATE). In addition, we expect the company will continue to meet our key earnings metrics thresholds for the rating. We could lower the ratings if debt to ATE exceeds 1.25x, asset quality materially weakens, in our view, or liquidity becomes strained, perhaps
