Owl Rock Capital has received approval from the shareholders of each of its four requisite business development companies ("BDCs") for new investment advisory agreements related to the recently announced combination of Owl Rock and Dyal Capital Partners to form Blue Owl Capital.

An overwhelming majority of the votes cast at each of the special meetings were in favor of the proposal to enter into an amended and restated investment advisory agreement.

Craig Packer, CEO of the BDCs and Co-Founder of Owl Rock Capital, commented, "We would like to thank our shareholders for their engagement throughout the proxy process. We welcome this substantial demonstration of support and are looking forward to finalizing our combination with Dyal, which we are confident will deliver benefits to all of Blue Owl's stakeholders, including our BDC investors."

Shareholder approval of these proposals followed recommendations to shareholders of Owl Rock Capital Corporation in favor of approving the new agreements from leading independent proxy advisory firms Institutional Shareholder Services ("ISS") and Glass Lewis & Co. ("Glass Lewis").

Under these new agreements there will be no change to the investment advisory services provided to the BDCs by the applicable Owl Rock investment adviser or its affiliates, as applicable. These new agreements were necessary because the Blue Owl transaction will result in an indirect change in control of each of the Owl Rock investment advisers which will result in an assignment and subsequent termination of each of the investment advisory agreements. The new agreements will only become effective upon the consummation of the Blue Owl transaction and subsequent change in control of the Owl Rock investment advisers.

The combination of Owl Rock and Dyal remains on track to close in the second quarter of 2021 subject to satisfaction of customary closing conditions.