2023-05-10 16:49:27 ET
Owl Rock Capital ( NYSE: ORCC ) shares rose 2.4% in Wednesday after-hours trading after its net investment income, reaching a record level, beat the Wall Street estimate.
Q1 net investment income of $177.9M, or $0.45 per share, exceeding the $0.43 consensus, rose from $162.5M, or $0.41 per share, in Q4 2022 and from $122.4M, or $0.31 per share, in Q1 2022. The current quarter's NII per share covered its $0.33 per share Q1 dividend by more than 35%.
ORCC's board also declared a Q1 supplemental dividend of $0.06 per share in addition to its Q1 dividend of $0.33.
Total investment income of $377.6M, topping the $364.9M consensus, rose from $350.5M in the prior quarter and from $264.2M in the year-ago period.
"We achieved record net investment income in the first quarter of 2023, building upon our consistent track record, as we continue to realize earnings momentum from rising interest rates," said CEO Craig W. Packer. "Credit performance remains strong, and our direct lending portfolio is defensively positioned to generate healthy, stable returns throughout the current economic cycle."
Net asset value per share climbed to $15.15 at March 31, 2023 from $14.99 at Dec. 31, 2022.
Owl Rock's ( ORCC ) NII ROE of 12.1% improved from 11% in Q4 2022 and from 8.3% in the prior year.
For Q1, new investment commitments totaled $175.1M across three new portfolio comanies and eight existing oned. That compares with $212.2M in Q4 2022.
Conference call on May 11 at 10:30 AM ET.
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Owl Rock Capital stock gains after Q1 net investment income reaches record