It has been about a month since the last earnings report for Owl Rock Capital Corporation (ORCC). Shares have added about 2.2% in that time frame, underperforming the S&P 500.Will the recent positive trend continue leading up to its next earnings release, or is Owl Rock Capital Corporation due for a pullback? Before we dive into how investors and analysts have reacted as of late, let's take a quick look at its most recent earnings report in order to get a better handle on the important drivers. Owl Rock Capital's Q2 Earnings Beat, Decrease Y/YOwl Rock Capital's second-quarter 2021 earnings per share of 30 cents beat the Zacks Consensus Estimate of 29 cents by 3.4% on the back of higher prepayment-related income. However, the same declined 11.8% year over year.The company witnessed a better investment income and new investment commitments in the second quarter. However, the same was partly offset by escalating expenses.Quarter in DetailIn the quarter, the company’s total investment income was $249, up 30.9% year over year. This upside was on the back of an enhanced investment portfolio and a hike in investment income as a result of higher dividend income.New investment commitments were $1.58 billion across 16 new portfolio companies and 12 current portfolio companies, down 360% year over year.The company concluded the second quarter with investments in 129 portfolio companies with an aggregate fair value of $11.9 billion. As of Jun 30, 2021, the average investment size in each portfolio company was $92.3 million based on fair value.Total operating expenses of $129.7 million rose 27.6% year over year due to higher management fees and interest expenses along with the expiration of the management and incentive fee waiver in October 2020.The company’s interest expenses of $54.4 million increased 38.9% year over year due to higher average daily borrowings. However, the same was partly offset by a reduced average interest rate.Dividend UpdateThe company declared a second-quarter dividend of 31 cents per share for its shareholders of record on Sep 30, 2021. The amount will be paid out on or before Nov 15, 2021.Financial Update (as of Jun 30, 2021)The company had cash and restricted cash worth $627.2 million, up 75.3% from the level as of Dec 31, 2020.The company exited the second quarter with $6.38 billion of debt, up 20.6% from the level on Dec 31, 2020. Owl Rock Capital had $1.6 billion of undrawn capacity under its credit facilities.It had total assets worth $12.6 billion, up 33% from the level at 2020 end. How Have Estimates Been Moving Since Then?It turns out, estimates review have trended upward during the past month.VGM ScoresAt this time, Owl Rock Capital Corporation has a subpar Growth Score of D, however its Momentum Score is doing a lot better with a B. However, the stock was allocated a grade of D on the value side, putting it in the bottom 40% for this investment strategy.Overall, the stock has an aggregate VGM Score of D. If you aren't focused on one strategy, this score is the one you should be interested in.OutlookEstimates have been trending upward for the stock, and the magnitude of these revisions looks promising. Notably, Owl Rock Capital Corporation has a Zacks Rank #3 (Hold). We expect an in-line return from the stock in the next few months. Tech IPOs With Massive Profit Potential: Last years top IPOs surged as much as 299% within the first two months. With record amounts of cash flooding into IPOs and a record-setting stock market, this year could be even more lucrative. See Zacks’ Hottest Tech IPOs Now >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Owl Rock Capital Corporation (ORCC): Free Stock Analysis Report To read this article on Zacks.com click here.