Owl Rock Capital Corp. Reports Second Quarter Net Investment Income Per Share of $0.42 and NAV Per Share of $15.28 NEW YORK— July 30, 2019 — Owl Rock Capital Corporation (NYSE: ORCC, or the “Company”) today reported net investment income of $119.6 million, or $0.42 per share, and net income of $124.7 million, or $0.44 per share, for the second quarter ended June 30, 2019. Reported net asset value per share was $15.28 at June 30, 2019 as compared to $15.26 at March 31, 2019. Annualized return on equity (ROE) for the second quarter 2019 was 11.0% and 11.5% on a net investment income and a net income basis, respectively. Annualized ROE for the six months ended June 30, 2019 was 12.1% on a net income basis. The Company announced that its Board of Directors has declared a second quarter 2019 dividend of $0.44 per share for stockholders of record as of June 14, 2019, payable on or before August 15, 2019. The Company’s Board of Directors also declared a third quarter 2019 base dividend of $0.31 per share and a special dividend of $0.02 per share for stockholders of record as of September 30, 2019, payable on or before November 15, 2019. On July 7, 2019, the Board of Directors approved the Company 10b5-1 Plan, to acquire up to $150 million in the aggregate of the Company’s common stock at prices below net asset value per share over a specified period, in accordance with the guidelines specified in Rule 10b-18 and Rule 10b5-1 of the Exchange Act. The Company put the Company 10b5-1 Plan in place because it believes that it is in the best interest of the Company’s shareholders for the Company to reinvest in its portfolio. The Company agent will repurchase shares of common stock on the Company’s behalf when the market price per share is below the most recently reported net asset value per share. This corresponds to a market price of $15.27 based on June 30, 2019 NAV per share of $15.28. The Company 10b5-1 Plan will commence August 19, 2019 and terminate upon the earliest to occur of (i) February 19, 2021 or (ii) such time as the approved $150 million repurchase amount has been fully utilized, subject to certain conditions. www.OwlRockCapitalCorporation.comNYSE: ORCC 1 Dividend (per share) Q2 2019 Floating$0.44 Q3 2019 Fixed$0.31 Q3 2019 Special$0.02 ROE Q2 2019 Annualized (NII)11.0% Q2 2019 Annualized (NI)11.5% 1H 2019 Annualized (NI):12.1% Net Asset Value Q2 2019 ($mm)$5,710 Q2 2019 (per share)$15.28 Net Income Q2 2019 ($mm)$124.7 Q2 2019 (per share)$0.44 Net Investment Income Q2 2019 ($mm)$119.6 Q2 2019 (per share)$0.42 Second Quarter 2019 Earnings Results

For the three months ended June 30, 2019, new investment commitments totaled $953.4 million. This compares to $912.1 million for the three months ended March 31, 2019. For the three months ended June 30, 2019, the principal amount of new investments funded was $772.9 million across thirteen new portfolio companies and 13 existing portfolio companies. For this period, the Company had $465.2 million aggregate principal amount in exits and repayments. For the quarter ended March 31, 2019, the principal amount of new investments funded was $827.8 million in eight new portfolio companies and four existing portfolio companies. For this period, the Company had $20.0 million aggregate principal amount in exits and repayments. As of June 30, 2019 and March 31, 2019, the Company had investments in 90 and 81 portfolio companies with an aggregate fair value of $7.2 billion and $6.8 billion, respectively. As of June 30, 2019, the average investment size in each portfolio company was $80.5 million based on fair value. As of June 30, 2019, based on fair value, our portfolio consisted of 81.3% first lien senior secured debt investments, 16.9% second lien senior secured debt investments, 0.3% unsecured debt investments, 1.3% investment funds and vehicles, and 0.2% equity investments. As of March 31, 2019, based on fair value, our portfolio consisted of 81.7% first lien senior secured debt investments, 16.5% second lien senior secured debt investments, 0.4% unsecured debt investments, 1.2% investment funds and vehicles, and 0.2% equity investments. As of June 30, 2019 and March 31, 2019, approximately 98.2% of the portfolio was invested in secured debt. As of June 30, 2019, 99.7% of our debt investments based on fair value in our portfolio were at floating rates. The Company’s credit facilities also bear interest at floating rates. In connection with the Company’s Unsecured Notes, which bear interest at fixed rates, the Company entered into fixed-to-floating interest rate swaps in order to align the nature of the interest rates of its liabilities with its investment portfolio, which consists almost entirely of floating rate loans. As of June 30, 2019 and March 31, 2019, the weighted average total yield of debt and income-producing securities at fair value (which includes interest income and amortization of fees and discounts) was 9.1% and 9.4%, respectively, and the weighted average total yield of debt and income-producing securities at amortized cost (which includes interest income and amortization of fees and discounts) was 9.1% and 9.4%, respectively. As of June 30, 2019, no investments were on non-accrual status. www.OwlRockCapitalCorporation.comNYSE: ORCC 2 Weighted Average Portfolio Yields Fair Value9.1% Amortized Cost9.1% Borrower EBITDA $79 million Secured Investments (% FV) 98.2% First Lien Debt Investments (% FV) 81.3% Average Investment Size $80.5 million (1.1% of the portfolio at fair value) Net Fundings $307.7 million New Investment Commitments $953.4 million Portfolio and Investing Activity

Investment Income Investment income increased to $176.1 million for the three months ended June 30, 2019 from $151.5 million for the three months ended March 31, 2019. The increase was primarily due to an increase in interest income as a result of an increase in our investment portfolio. Expenses Total expenses increased to $56.7 million for the three months ended June 30, 2019 from $53.8 million for the three months ended March 31, 2019, primarily due to an increase in interest expense. The increase in interest expense of $2.2 million was driven by an increase in the average interest rate to 5.0% from 4.7% quarter over quarter. Liquidity and Capital Resources As of June 30, 2019, we had $248 million in cash and restricted cash, $1.6 billion in total principal value of debt outstanding, and $1.8 billion of undrawn capacity on our credit facilities. The Company’s weighted average interest rate on debt outstanding was 5.0% and 4.7% for the three months ended June 30, 2019 and March 31, 2019, respectively. Average debt to equity was 0.65x and 0.79x during the three months ended June 30, 2019 and March 31, 2019, respectively. www.OwlRockCapitalCorporation.comNYSE: ORCC 3 Debt to Equity Ratio Q2 2019 Quarter-end0.24x Q2 2019 Average0.65x Available Liquidity $1.8 billion Principal Debt Outstanding $1.6 billion Total Expenses $56.7 million Total Investment Income $176.1 million Results of Operations for the Three Months Ended June 30, 2019

Conference Call Information: The conference call will be broadcast live on July 31, 2019 at 8:00 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: Domestic: (866) 393-4306 International: (734) 385-2616 Conference ID: 6251428 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: Domestic: (855) 859-2056 International: (404) 537-3406 Conference ID: 6251428 www.OwlRockCapitalCorporation.comNYSE: ORCC 4 Conference Call and Webcast Information

Owl Rock Capital Corporation Cons olidated Financial Highlights (Amounts in thous ands , except per s hare amounts ) (Unaudited) For the three months ended June 30, 2019 March 31, 2019 June 30, 2018 Total As s ets $ 7,547,803 $ 6,979,985 $ 3,668,919 Net Inves tment Income $ 119,622 $ 96,005 $ 52,341 Net Realized and Unrealized Gains (and Los s es ) Per Share $ 0.02 $ 0.08 $ (0.01) Dis tributions Declared from Net Inves tment Income $ 0.44 $ 0.33 $ 0.34 Annualized Return on Equity (Net Income)(1 ) 11.5% 12.8% 10.9% Weighted Average Yield of Debt and Income Producing Securities at Amortized Cos t 9.1% 9.4% 9.4% (1) Return on Equity is calculated us ing weighted average equity. Weighted average equity is calculated by s tarting with NAV at the beginning of the period, adjus ting daily for equity is s uances and adjus ting on the las t day of the period for that periods net income and dividends payable. www.OwlRockCapitalCorporation.comNYSE: ORCC 5 Percentage of Debt Inves tment Commitments at Floating Rates99.7%99.6%100.0% Weighted Average Yield of Debt and Income Producing Securities at Fair9.1%9.4%9.4% Value Annualized Return on Equity (Net Inves tment Income)(1) 11.0%10.8%11.3% Net Income Per Share$0.44$0.49$0.41 Net Inves tment Income Per Share$0.42$0.41$0.43 Net Income$124,670$114,487$50,715 Inves tment Income$176,135$151,475$86,100 Net As s et Value Per Share$15.28$15.26$15.21 Inves tments at Fair Value$7,240,755$6,831,712$3,485,413 Financial Highlights

Owl Rock Capital Corporation Cons olidated S tatements of As s ets and Liabilities (Amounts in thous ands , except s hare and per s hare amounts ) June 30, 2019 (Unaudited) December 31, 2018 Inves tments at fair value Controlled, affiliated inves tments (amortized cos t of $91,638 and $91,138, res pectively) 90,185 86,622 Cas h (res tricted cas h of $18,916 and $6,013, res pectively) 247,845 127,603 Receivable from a controlled affiliate 2,584 8,100 Total As s ets $ 7,547,803 $ 5,951,042 Debt (net of unamortized debt is s uance cos ts of $35,708 and $22,335, res pectively) $ 1,570,621 $ 2,567,717 Dis tribution payable 119,622 78,350 Payable for inves tments purchas ed 106,176 3,180 Total Liabilities 1,837,947 2,686,197 Net As s ets Additional paid-in-capital 5,683,541 3,271,162 Total Net As s ets 5,709,856 3,264,845 $ 15.28 $ 15.10 Net As s et Value Per Share www.OwlRockCapitalCorporation.comNYSE: ORCC 6 Total Liabilities and Net As s ets$7,547,803$5,951,042 Total dis tributable earnings (los s es )22,578(8,479) Common s hares $0.01 par value, 500,000,000 s hares authorized; 373,693,244 and3,7372,162 216,204,837 s hares is s ued and outs tanding, res pectively Commitments and contingencies Accrued expens es and other liabilities23,10320,054 Payables to affiliates2,9702,847 Management fee payable15,45514,049 Liabilities Prepaid expens es and other as s ets15,9581,590 Interes t receivable40,66129,680 Total inves tments at fair value (amortized cos t of $7,243,752 and $5,811,433,7,240,7555,784,069 res pectively) Non-controlled, non-affiliated inves tments (amortized cos t of $7,152,114 and$7,150,570$5,697,447 $5,720,295, res pectively) Assets Consolidated Statements of Assets and Liabilities

Owl Rock Capital Corporation Cons olidated S tatement of Operations (Amounts in thous ands , except s hare and per s hare amounts ) (Unaudited) For the Three Months Ended June 30, For the Six Months Ended June 30, 2019 2018 2019 2018 Inves tment income from non-controlled, non-affiliated inves tments : Other income 2,187 2,956 4,526 4,606 Inves tment income from controlled, affiliated inves tments : Other income — 1,636 — 2,819 Total Inves tment Income 176,135 86,100 327,610 151,544 Interes t expens e 36,858 17,102 71,587 29,159 Profes s ional fees 2,342 1,631 4,475 3,043 Other general and adminis trative 1,946 1,625 3,551 2,698 Net Inves tment Income (Los s ) Before Taxes 119,401 52,872 217,080 91,601 Net Inves tment Income (Los s ) After Taxes $ 119,622 $ 52,341 $ 215,628 $ 91,018 Net change in unrealized gain (los s ): Controlled affiliated inves tments 1,016 (1,118) 3,062 (1,182) Total Net Change in Unrealized Gain (Los s ) 5,058 2,325 23,510 7,766 Non-controlled, non-affiliated inves tments (179) (3,951) (183) (3,793) Total Net Realized Gain (Los s ) (10) (3,951) 20 (3,793) Net Increas e (Decreas e) in Net As s ets Res ulting from Operations $ 124,670 $ 50,715 $ 239,158 $ 94,991 Weighted Average Shares Outs tanding - Bas ic and Diluted 284,750,731 122,691,019 260,453,529 111,867,699 www.OwlRockCapitalCorporation.comNYSE: ORCC 7 Earnings Per Share - Bas ic and Diluted $ 0.44 $ 0.41 $ 0.92 $ 0.85 Total Net Realized and Unrealized Gain (Los s ) 5,048 (1,626) 23,530 3,973 Foreign currency trans actions 169 — 203 — Net realized gain (los s ): Trans lation of as s ets and liabilities in foreign currencies — — (22) — Non-controlled, non-affiliated inves tments $ 4,042 $ 3,443 $ 20,470 $ 8,948 Net Realized and Unrealized Gain (Los s ) Excis e tax expens e (benefit) (221) 531 1,452 583 Total Expens es 56,734 33,228 110,530 59,943 Directors ' fees 133 128 276 266 Management fee 15,455 12,742 30,641 24,777 Expens es Total inves tment income from controlled, affiliated inves tments 2,584 3,237 5,281 5,742 Dividend income 2,584 1,601 5,281 2,923 Total inves tment income from non-controlled, non-affiliated 173,551 82,863 322,329 145,802 inves tments Interes t income $ 171,364 $ 79,907 $ 317,803 $ 141,196 Inves tment Income Consolidated Statements of Operations

Owl Rock Capital Corporation Portfolio and Inves tment Activity (Amounts in thous ands ) (Unaudited) For the Three Months Ended June 30, 2019 2018 Gross originations $ 953,381 $ 1,130,955 Total new inves tment commitments $ 953,381 $ 991,864 Firs t-lien s enior s ecured debt inves tments $ 630,213 $ 723,175 Uns ecured debt inves tments — — Inves tment funds and vehicles — 19,313 Principal amount of inves tments s old or repaid: Second-lien s enior s ecured debt inves tments (43,700) (84,250) Equity inves tments — — Total principal amount of inves tments s old or repaid $ (465,160) $ (394,922) Average new inves tment commitment amount $ 54,791 $ 85,691 Percentage of new debt inves tment commitments at floating rates 100.0% 100.0% Weighted average interes t rate of new inves tment commitments (2) 8.2% 9.1% (1) Number of new inves tment commitments repres ents commitments to a particular portfolio company. (2) As s umes each floating rate commitment is s ubject to the greater of the interes t rate floor (if applicable) or 3-month LIBOR, which was 2.32% and 2.34% as of June 30, 2019 and 2018, res pectively. www.OwlRockCapitalCorporation.comNYSE: ORCC 8 Weighted average s pread over LIBOR of new floating rate inves tment commitments 5.9% 6.8% Percentage of new debt inves tment commitments at fixed rates 0.0% 0.0% Weighted average term for new inves tment commitments (in years ) 6.3 5.9 Number of new inves tment commitments in new portfolio companies (1) 13 9 Inves tment funds and vehicles (2,000) — Uns ecured debt inves tments — — Firs t-lien s enior s ecured debt inves tments $ (419,460) $ (310,672) Total principal amount of inves tments funded $ 772,888 $ 814,334 Equity inves tments 1,991 340 Second-lien s enior s ecured debt inves tments 140,684 71,506 Principal amount of inves tments funded: Less: Sell downs — (139,091) New inves tment commitments Portfolio and Investment Activity

Owl Rock Capital Corporation (ORCC) is a specialty finance company focused on lending to U.S. middle-market companies. As of June 30, 2019 ORCC had investments in 90 portfolio companies with an aggregate fair value of $7.2 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 affiliate of Owl Rock Capital Partners. Owl Rock Capital Partners, together with its subsidiaries, is a New York based direct lending platform with approximately $13 billion of assets under management as of June 30, 2019. 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 Contact: Investor Relations (212) 651-4705 ORCCIR@owlrock.com Media Contact: Sard Verbinnen & Co Margaret Popper / Robert Rendine / Brandon Messina (212) 687-8080 www.OwlRockCapitalCorporation.comNYSE: ORCC 9 Investor Contact About Owl Rock Capital Corporation