10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

 QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the fiscal quarter ended March 31, 2022

 TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Commission File Number 814-01190

OWL ROCK CAPITAL CORPORATION

(Exact name of Registrant as specified in its Charter)


Maryland		47-5402460
(State or other jurisdiction of incorporation or organization)		(I.R.S. Employer Identification No.)

399 Park Avenue, 38th Floor, New York, New York		10022
(Address of principal executive offices)		(Zip Code)

Registrant’s telephone number, including area code: (212) 419-3000

Securities registered pursuant to Section 12(b) of the Act:


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, $0.01 par value per share	ORCC	The New York Stock Exchange

Indicate by check mark whether the Registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. YES  NO 

Indicate by check mark whether the Registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the Registrant was required to submit such files). YES  NO 

Indicate by check mark whether the Registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definition of “large accelerated filer”, “accelerated filer”, “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.


Large accelerated filer		Accelerated filer	

Non-accelerated filer		Small reporting company	

Emerging growth company	

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the Registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). YES  NO 

As of May 4, 2022, the registrant had 394,580,939 shares of common stock, $0.01 par value per share, outstanding.

Table of Contents


		Page
PART I	FINANCIAL INFORMATION
Item 1.	Consolidated Financial Statements	2
	Consolidated Statements of Assets and Liabilities as of March 31, 2022 (Unaudited) and December 31, 2021	2
	Consolidated Statements of Operations for the Three Months Ended March 31, 2022 and 2021 (Unaudited)	3
	Consolidated Schedules of Investments as of March 31, 2022 (Unaudited) and December 31, 2021	4
	Consolidated Statements of Changes in Net Assets for the Three Months Ended March 31, 2022 and 2021 (Unaudited)	51
	Consolidated Statements of Cash Flows for the Three Months Ended March 31, 2022 and 2021 (Unaudited)	52
	Notes to Consolidated Financial Statements (Unaudited)	54
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	104
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	160
Item 4.	Controls and Procedures	161

PART II	OTHER INFORMATION
Item 1.	Legal Proceedings	162
Item 1A.	Risk Factors	163
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	164
Item 3.	Defaults Upon Senior Securities	164
Item 4.	Mine Safety Disclosures	164
Item 5.	Other Information	164
Item 6.	Exhibits	165
Signatures		166

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS

This report contains 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 Owl Rock Capital Corporation (the “Company,” “we” or “our”), our current and prospective portfolio investments, our industry, our beliefs and opinions, and our 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 our 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:

•

an economic downturn could impair our portfolio companies’ ability to continue to operate, which could lead to the loss of some or all of our investments in such portfolio companies;

•

an economic downturn could disproportionately impact the companies that we intend to target for investment, potentially causing us to experience a decrease in investment opportunities and diminished demand for capital from these companies;

•

an economic downturn could also impact availability and pricing of our financing and our ability to access the debt and equity capital markets;

•

a contraction of available credit and/or an inability to access the equity markets could impair our lending and investment activities;

•

the impact of the “COVID-19” pandemic and related changes in base interest rates and significant market volatility on our business, our portfolio companies, our industry and the global economy including as a result of recent supply chain disruptions;

•

interest rate volatility, including the decommissioning of LIBOR, could adversely affect our results, particularly because we use leverage as part of our investment strategy;

•

currency fluctuations could adversely affect the results of our investments in foreign companies, particularly to the extent that we receive payments denominated in foreign currency rather than U.S. dollars;

•

our future operating results;

•

our business prospects and the prospects of our portfolio companies including our and their ability to achieve our respective objectives as a result of the current COVID-19 pandemic;

•

the impact of interest and inflation rates on our business prospects and the prospects of our portfolio companies;

•

our contractual arrangements and relationships with third parties;

•

the ability of our portfolio companies to achieve their objectives;

•

competition with other entities and our affiliates for investment opportunities;

•

the speculative and illiquid nature of our investments;

•

the use of borrowed money to finance a portion of our investments as well as any estimates regarding potential use of leverage;

•

the adequacy of our financing sources and working capital;

•

the loss of key personnel;

•

the timing of cash flows, if any, from the operations of our portfolio companies;

•

the ability of Owl Rock Capital Advisors LLC (“the Adviser” or “our Adviser”) to locate suitable investments for us and to monitor and administer our investments;

•

the ability of the Adviser to attract and retain highly talented professionals;

•

our ability to qualify for and maintain our tax treatment as a regulated investment company (“RIC”) under Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”), and as a business development company (“BDC”);

•

the effect of legal, tax and regulatory changes, including the Coronavirus Aid, Relief and Economic Security Act signed into law in December 2020 and the American Rescue Plan Act of 2021, signed into law in March 2021;

•

the impact of geo-political conditions, including revolution, insurgency, terrorism or war, including those arising out of the ongoing conflict between Russia and Ukraine; and

•

other risks, uncertainties and other factors previously identified in the reports and other documents we have filed with the Securities and Exchange Commission (“SEC”).

Although we believe that the assumptions on which these forward-looking statements are based are reasonable, any of those assumptions could prove to be inaccurate, and as a result, the forward-looking statements based on those assumptions also could be inaccurate. In light of these and other uncertainties, the inclusion of a projection or forward-looking statement in this report should not be regarded as a representation by us that our plans and objectives will be achieved. These forward-looking statements apply only as of the date of this report. Moreover, we assume no duty and do not undertake to update the forward-looking statements. Because we are an investment company, the forward-looking statements and projections contained in this report are excluded from the safe harbor protection provided by Section 21E of the U.S. Securities Exchange Act of 1934, as amended (the “Exchange Act”).

PART I. CONSOLIDATED FINANCIAL INFORMATION

Item 1. Consolidated Financial Statements

Owl Rock Capital Corporation

Consolidated Statements of Assets and Liabilities

(Amounts in thousands, except share and per share amounts)


	March 31, 2022 (Unaudited)			December 31, 2021
Assets
Investments at fair value
Non-controlled, non-affiliated investments (amortized cost of $12,056,205 and $12,073,126, respectively)	$	12,028,349		$	12,124,860
Controlled, affiliated investments (amortized cost of $698,379 and $575,427, respectively)		727,974			616,780
Total investments at fair value (amortized cost of $12,754,584 and $12,648,553, respectively)		12,756,323			12,741,640
Cash (restricted cash of $57,497 and $21,481, respectively)		326,378			431,442
Foreign cash (cost of $6,369 and $16,096, respectively)		6,387			15,703
Interest receivable		89,921			81,716
Receivable from a controlled affiliate		15,903			3,953
Prepaid expenses and other assets		8,785			23,716
Total Assets	$	13,203,697		$	13,298,170
Liabilities
Debt (net of unamortized debt issuance costs of $106,698 and $110,239, respectively)	$	7,034,218		$	7,079,326
Distribution payable		122,320			122,068
Management fee payable		47,413			46,770
Incentive fee payable		25,954			29,242
Payables to affiliates		2,843			5,802
Payables for investments purchased		867			—
Accrued expenses and other liabilities		98,588			77,085
Total Liabilities		7,332,203			7,360,293
Commitments and contingencies (Note 7)
Net Assets
Common shares $0.01 par value, 500,000,000 shares authorized; 394,580,939 and 393,766,855 shares issued and outstanding, respectively		3,946			3,938
Additional paid-in-capital		6,002,303			5,990,360
Total distributable earnings (losses)		(134,755	)		(56,421	)
Total Net Assets		5,871,494			5,937,877
Total Liabilities and Net Assets	$	13,203,697		$	13,298,170
Net Asset Value Per Share	$	14.88		$	15.08

The accompanying notes are an integral part of these consolidated financial statements.

Owl Rock Capital Corporation

Consolidated Statements of Operations

(Amounts in thousands, except share and per share amounts)

(Unaudited)


	For the Three Months Ended March 31,
	2022			2021
Investment Income
Investment income from non-controlled, non-affiliated investments:
Interest income	$	208,599		$	200,305
Payment-in-kind interest income		22,411			10,727
Dividend income		11,728			3,559
Other income		3,848			3,154
Total investment income from non-controlled, non-affiliated investments		246,586			217,745
Investment income from controlled, affiliated investments:
Interest income		1,773			1,303
Dividend income		15,638			2,368
Other Income		162			157
Total investment income from controlled, affiliated investments		17,573			3,828
Total Investment Income		264,159			221,573
Expenses
Interest expense		61,378			48,076
Management fee		47,413			42,110
Performance based incentive fees		25,954			21,775
Professional fees		3,828			3,768
Directors' fees		290			244
Other general and administrative		2,132			1,818
Total Operating Expenses		140,995			117,791
Net Investment Income (Loss) Before Taxes		123,164			103,782
Income tax expense (benefit), including excise tax expense (benefit)		808			1,127
Net Investment Income (Loss) After Taxes	$	122,356		$	102,655
Net Realized and Change in Unrealized Gain (Loss)
Net change in unrealized gain (loss):
Non-controlled, non-affiliated investments	$	(69,948	)	$	57,079
Income tax (provision) benefit		—			(2,633	)
Controlled affiliated investments		(11,758	)		865
Translation of assets and liabilities in foreign currencies		(481	)		(2,432	)
Total Net Change in Unrealized Gain (Loss)		(82,187	)		52,879
Net realized gain (loss):
Non-controlled, non-affiliated investments		4,702			1,154
Foreign currency transactions		(885	)		1,157
Total Net Realized Gain (Loss)		3,817			2,311
Total Net Realized and Change in Unrealized Gain (Loss)		(78,370	)		55,190
Net Increase (Decrease) in Net Assets Resulting from Operations	$	43,986		$	157,845
Earnings Per Share - Basic and Diluted	$	0.11		$	0.40
Weighted Average Shares Outstanding - Basic and Diluted		394,309,578			391,114,767

The accompanying notes are an integral part of these consolidated financial statements.

Owl Rock Capital Corporation

Consolidated Schedule of Investments

As of March 31, 2022

(Amounts in thousands, except share amounts)

(Unaudited)


Company(1)(4)(8)	Investment	Interest	Maturity Date	Par / Units		Amortized Cost(2)(3)			Fair Value			Percentage of Net Assets
Non-controlled/non-affiliated portfolio company investments
Debt Investments
Advertising and media
Global Music Rights, LLC(10)(12)(27)	First lien senior secured loan	L + 5.75%	8/28/2028		7,481		7,342			7,332			0.1	%
Global Music Rights, LLC(10)(23)(24)(27)	First lien senior secured revolving loan	L + 5.75%	8/27/2027		—		(12	)		(13	)		—	%
					7,481		7,330			7,319			0.1	%
Aerospace and defense
Aviation Solutions Midco, LLC (dba STS Aviation)(10)(12)(27)	First lien senior secured loan	L + 7.25%	1/3/2025		214,152		211,983			202,373			3.4	%
Peraton Corp.(6)(10)(11)(27)	Second lien senior secured loan	L + 7.75%	2/1/2029		46,113		45,489			45,666			0.8	%
Valence Surface Technologies LLC(10)(12)(27)	First lien senior secured loan	L + 6.75% (incl. 1.00% PIK)	6/28/2025		123,319		122,245			109,138			1.9	%
Valence Surface Technologies LLC(10)(12)(23)(27)	First lien senior secured revolving loan	L + 6.75% (incl. 1.00% PIK)	6/28/2025		10,038		9,957			8,878			0.2	%
					393,622		389,674			366,055			6.3	%
Buildings and real estate
Associations, Inc.(10)(12)(27)	First lien senior secured loan	L + 6.50% (incl. 2.50% PIK)	7/2/2027		431,100		427,318			425,711			7.3	%
Associations, Inc.(10)(23)(24)(27)	First lien senior secured revolving loan	L + 6.50%	7/2/2027		—		(288	)		(412	)		—	%
REALPAGE, INC.(6)(10)(11)(27)	Second lien senior secured loan	L + 6.50%	4/23/2029		34,500		34,030			34,544			0.6	%
Reef Global Acquisition LLC (fka Cheese Acquisition, LLC)(10)(13)(27)	First lien senior secured loan	L + 6.00% (incl. 1.25% PIK)	11/28/2024		134,701		134,204			128,303			2.2	%
Imperial Parking Canada(10)(18)(27)	First lien senior secured loan	C + 6.00% (incl. 1.25% PIK)	11/28/2024		28,283		26,748			26,940			0.5	%
Reef Global Acquisition LLC (fka Cheese Acquisition, LLC)(10)(11)(23)(27)	First lien senior secured revolving loan	L + 4.75%	11/28/2023		10,052		10,069			9,275			0.2	%
					638,636		632,081			624,361			10.8	%

Owl Rock Capital Corporation

Consolidated Schedule of Investments

As of March 31, 2022

(Amounts in thousands, except share amounts)

(Unaudited)


Company(1)(4)(8)	Investment	Interest	Maturity Date	Par / Units		Amortized Cost(2)(3)			Fair Value			Percentage of Net Assets
Business services
Access CIG, LLC(10)(11)(27)	Second lien senior secured loan	L + 7.75%	2/27/2026		58,760		58,364			58,172			1.0	%
CIBT Global, Inc.(10)(12)(27)(30)	First lien senior secured loan	L + 5.25% (incl. 4.25% PIK)	6/3/2024		856		629			514			—	%
CIBT Global, Inc.(10)(14)(27)(30)	Second lien senior secured loan	L + 7.75% (incl. 6.75% PIK)	12/1/2025		63,678		26,745			13,054			0.2	%
Denali BuyerCo, LLC (dba Summit Companies)(10)(12)(27)	First lien senior secured loan	L + 6.00%	9/15/2028		43,668		43,040			43,013			0.7	%
Denali BuyerCo, LLC (dba Summit Companies)(10)(12)(23)(25)(27)	First lien senior secured delayed draw term loan	L + 6.00%	9/15/2023		1,685		1,634			1,618			—	%
Denali BuyerCo, LLC (dba Summit Companies)(10)(12)(23)(27)	First lien senior secured revolving loan	L + 6.00%	9/15/2027		800		772			755			—	%
Diamondback Acquisition, Inc. (dba Sphera)(10)(12)(27)	First lien senior secured loan	L + 5.50%	9/13/2028		5,393		5,292			5,258			0.1	%
Diamondback Acquisition, Inc. (dba Sphera)(10)(23)(24)(25)(27)	First lien senior secured delayed draw term loan	L + 5.50%	9/13/2023		—		(10	)		(16	)		—	%
Entertainment Benefits Group, LLC(10)(12)(27)	First lien senior secured loan	L + 5.75%	9/30/2025		83,662		82,906			83,662			1.4	%
Entertainment Benefits Group, LLC(10)(23)(24)(27)	First lien senior secured revolving loan	L + 8.25%	9/30/2024		—		(82	)		—			—	%
Gainsight, Inc.(10)(12)(27)	First lien senior secured loan	L + 6.75% PIK	7/30/2027		19,547		19,242			19,205			0.3	%
Gainsight, Inc.(10)(23)(24)(27)	First lien senior secured revolving loan	L + 6.00%	7/30/2027		—		(52	)		(59	)		—	%
Hercules Borrower, LLC (dba The Vincit Group)(10)(12)(27)	First lien senior secured loan	L + 6.50%	12/15/2026		178,243		176,048			178,243			3.0	%
Hercules Borrower, LLC (dba The Vincit Group)(10)(12)(23)(27)	First lien senior secured revolving loan	L + 6.50%	12/15/2026		2,231		1,985			2,231			—	%
Hercules Buyer, LLC (dba The Vincit Group)(22)(27)(33)	Unsecured notes	0.48% PIK	12/14/2029		5,135		5,135			5,135			0.1	%
KPSKY Acquisition, Inc. (dba BluSky)(10)(11)(27)	First lien senior secured loan	L + 5.50%	10/19/2028		4,465		4,380			4,353			0.1	%
KPSKY Acquisition, Inc. (dba BluSky)(10)(17)(23)(25)(27)	First lien senior secured delayed draw term loan	P + 4.50%	10/19/2023		255		248			245			—	%
					468,378		426,276			415,383			6.9	%

Owl Rock Capital Corporation

Consolidated Schedule of Investments

As of March 31, 2022

(Amounts in thousands, except share amounts)

(Unaudited)


Company(1)(4)(8)	Investment	Interest	Maturity Date	Par / Units		Amortized Cost(2)(3)			Fair Value			Percentage of Net Assets
Chemicals
Aruba Investments Holdings LLC (dba Angus Chemical Company)(10)(12)(27)	Second lien senior secured loan	L + 7.75%	11/24/2028		10,000		9,871			9,975			0.2	%
Douglas Products and Packaging Company LLC(10)(12)(27)	First lien senior secured loan	L + 5.75%	10/19/2022		105,905		105,751			104,846			1.8	%
Douglas Products and Packaging Company LLC(10)(17)(23)(27)	First lien senior secured revolving loan	P + 4.75%	10/19/2022		4,487		4,421			4,280			0.1	%
Gaylord Chemical Company, L.L.C.(10)(12)(27)	First lien senior secured loan	L + 6.50%	3/30/2027		152,260		150,949			151,118			2.6	%
Gaylord Chemical Company, L.L.C.(10)(23)(24)(27)	First lien senior secured revolving loan	L + 6.50%	3/30/2026		—		(105	)		(99	)		—	%
Velocity HoldCo III Inc. (dba VelocityEHS)(10)(12)(27)	First lien senior secured loan	L + 5.75%	4/22/2027		22,160		21,726			21,661			0.4	%
Velocity HoldCo III Inc. (dba VelocityEHS)(10)(23)(24)(27)	First lien senior secured revolving loan	L + 5.75%	4/22/2026		—		(24	)		(30	)		—	%
					294,812		292,589			291,751			5.1	%
Consumer products
Conair Holdings, LLC(10)(12)(27)	Second lien senior secured loan	L + 7.50%	5/17/2029		187,500		186,208			186,094			3.2	%
Feradyne Outdoors, LLC(10)(11)(27)	First lien senior secured loan	L + 6.25%	5/25/2023		86,667		86,432			86,667			1.5	%
Foundation Consumer Brands, LLC(10)(12)(27)	First lien senior secured loan	L + 5.50%	2/12/2027		4,000		4,000			4,000			0.1	%
Lignetics Investment Corp.(10)(12)(27)	First lien senior secured loan	L + 6.00%	11/1/2027		31,294		30,925			30,590			0.5	%
Lignetics Investment Corp.(10)(23)(24)(25)(27)	First lien senior secured delayed draw term loan	L + 6.00%	11/1/2023		—		(46	)		(88	)		—	%
Lignetics Investment Corp.(10)(12)(23)(27)	First lien senior secured revolving loan	L + 6.00%	11/2/2026		1,333		1,279			1,227			—	%
SWK BUYER, Inc. (dba Stonewall Kitchen)(10)(16)(27)	First lien senior secured loan	SR + 5.25%	3/12/2029		754		739			739			—	%
SWK BUYER, Inc. (dba Stonewall Kitchen)(10)(23)(24)(25)(27)	First lien senior secured delayed draw term loan	SR + 5.25%	3/11/2024		—		(2	)		(2	)		—	%
SWK BUYER, Inc. (dba Stonewall Kitchen)(10)(17)(23)(27)	First lien senior secured revolving loan	P + 4.25%	3/12/2029		7		6			6			—	%

Owl Rock Capital Corporation

Consolidated Schedule of Investments

As of March 31, 2022

(Amounts in thousands, except share amounts)

(Unaudited)


Company(1)(4)(8)	Investment	Interest	Maturity Date	Par / Units		Amortized Cost(2)(3)			Fair Value			Percentage of Net Assets
WU Holdco, Inc. (dba Weiman Products, LLC)(10)(12)(27)	First lien senior secured loan	L + 5.50%	3/26/2026		204,436		201,542			203,413			3.5	%
WU Holdco, Inc. (dba Weiman Products, LLC)(10)(17)(23)(27)	First lien senior secured revolving loan	P + 4.50%	3/26/2025		1,921		1,705			1,825			—	%
					517,912		512,788			514,471			8.8	%
Containers and packaging
Ascend Buyer, LLC (dba PPC Flexible Packaging)(10)(12)(27)	First lien senior secured loan	L + 5.75%	10/2/2028		5,540		5,487			5,457			0.1	%
Ascend Buyer, LLC (dba PPC Flexible Packaging)(10)(11)(23)(27)	First lien senior secured revolving loan	L + 5.75%	9/30/2027		94		89			86			—	%
Fortis Solutions Group, LLC(10)(12)(27)	First lien senior secured loan	L + 5.50%	10/13/2028		3,316		3,253			3,233			0.1	%
Fortis Solutions Group, LLC(10)(23)(24)(25)(27)	First lien senior secured delayed draw term loan	L + 5.50%	10/13/2023		—		(13	)		(20	)		—	%
Fortis Solutions Group, LLC(10)(23)(24)(27)	First lien senior secured revolving loan	L + 5.50%	10/15/2027		—		(9	)		(12	)		—	%
Pregis Topco LLC(10)(11)(27)	Second lien senior secured loan	L + 7.09%	8/1/2029		160,000		157,529			158,593			2.7	%
					168,950		166,336			167,337			2.9	%
Distribution
ABB/Con-cise Optical Group LLC(10)(12)(27)	First lien senior secured loan	L + 7.50%	2/23/2028		67,925		66,919			66,906			1.1	%
ABB/Con-cise Optical Group LLC(10)(17)(23)(27)	First lien senior secured revolving loan	P + 6.50%	2/23/2028		2,618		2,514			2,512			—	%
Aramsco, Inc.(10)(11)(27)	First lien senior secured loan	L + 5.25%	8/28/2024		55,755		55,140			55,616			0.9	%
Aramsco, Inc.(10)(11)(23)(27)	First lien senior secured revolving loan	L + 5.25%	8/28/2024		5,683		5,599			5,662			0.1	%
Endries Acquisition, Inc.(10)(12)(27)	First lien senior secured loan	L + 6.25%	12/10/2025		199,649		197,606			199,649			3.4	%
Individual Foodservice Holdings, LLC(10)(13)(27)	First lien senior secured loan	L + 6.25%	11/21/2025		175,387		173,001			174,071			3.0	%
Individual Foodservice Holdings, LLC(10)(11)(23)(27)	First lien senior secured revolving loan	L + 6.25%	11/22/2024		3,834		3,588			3,672			0.1	%
Offen, Inc.(10)(11)(27)	First lien senior secured loan	L + 5.00%	6/22/2026		18,734		18,615			18,734			0.3	%
					529,585		522,982			526,822			8.9	%

Owl Rock Capital Corporation

Consolidated Schedule of Investments

As of March 31, 2022

(Amounts in thousands, except share amounts)

(Unaudited)


Company(1)(4)(8)	Investment	Interest	Maturity Date	Par / Units		Amortized Cost(2)(3)			Fair Value			Percentage of Net Assets
Education
Learning Care Group (US) No. 2 Inc.(10)(12)(27)	Second lien senior secured loan	L + 7.50%	3/13/2026		26,967		26,678			26,293			0.4	%
Pluralsight, LLC(10)(13)(27)	First lien senior secured loan	L + 8.00%	4/6/2027		99,450		98,550			98,207			1.7	%
Pluralsight, LLC(10)(23)(24)(27)	First lien senior secured revolving loan	L + 8.00%	4/6/2027		—		(52	)		(78	)		—	%
					126,417		125,176			124,422			2.1	%
Financial services
AxiomSL Group, Inc.(10)(12)(27)	First lien senior secured loan	L + 6.00%	12/3/2027		202,266		200,183			199,232			3.4	%
AxiomSL Group, Inc.(10)(23)(24)(25)(27)	First lien senior secured delayed draw term loan	L + 6.00%	7/21/2023		—		(37	)		(42	)		—	%
AxiomSL Group, Inc.(10)(23)(24)(27)	First lien senior secured revolving loan	L + 6.00%	12/3/2025		—		(178	)		(273	)		—	%
Blackhawk Network Holdings, Inc.(10)(11)(27)	Second lien senior secured loan	L + 7.00%	6/15/2026		106,400		105,793			105,868			1.8	%
Blend Labs, Inc.(10)(12)(27)	First lien senior secured loan	L + 7.50%	7/1/2026		67,500		66,058			66,319			1.1	%
Blend Labs, Inc.(10)(23)(24)(27)	First lien senior secured revolving loan	L + 7.50%	7/1/2026		—		(64	)		(131	)		—	%
Hg Genesis 8 Sumoco Limited(10)(21)(27)(29)	Unsecured facility	SA + 7.50% PIK	8/28/2025		45,890		46,131			45,775			0.8	%
Hg Genesis 9 SumoCo Limited(10)(19)(27)(29)	Unsecured facility	E + 7.00% PIK	3/10/2027		70,319		69,396			69,792			1.2	%
Hg Saturn Luchaco Limited(10)(13)(27)(29)	Unsecured facility	L + 7.50% PIK	3/30/2026		135,317		140,769			133,626			2.3	%
Muine Gall, LLC(9)(10)(13)(27)(29)	First lien senior secured loan	L + 7.00% PIK	9/20/2024		239,896		240,518			239,296			4.1	%
NMI Acquisitionco, Inc. (dba Network Merchants)(10)(11)(27)	First lien senior secured loan	L + 5.75%	9/8/2025		25,247		25,103			24,931			0.4	%
NMI Acquisitionco, Inc. (dba Network Merchants)(10)(11)(23)(25)(27)	First lien senior secured delayed draw term loan	L + 5.75%	10/2/2023		4,965		4,872			4,883			0.1	%
NMI Acquisitionco, Inc. (dba Network Merchants)(10)(23)(24)(27)	First lien senior secured revolving loan	L + 5.75%	9/8/2025		—		(16	)		(21	)		—	%

Owl Rock Capital Corporation

Consolidated Schedule of Investments

As of March 31, 2022

(Amounts in thousands, except share amounts)

(Unaudited)


Company(1)(4)(8)	Investment	Interest	Maturity Date	Par / Units		Amortized Cost(2)(3)			Fair Value			Percentage of Net Assets
Smarsh Inc.(10)(12)(27)	First lien senior secured loan	L + 6.50%	2/19/2029		762		754			754			—	%
Smarsh Inc.(10)(23)(24)(25)(27)	First lien senior secured delayed draw term loan	SR + 6.50%	2/19/2024		—		(1	)		(2	)		—	%
Smarsh Inc.(10)(23)(27)	First lien senior secured revolving loan	SR + 6.50%	2/19/2029		—		—			—			—	%
					898,562		899,281			890,007			15.2	%
Food and beverage
Balrog Acquisition, Inc. (dba Bakemark)(10)(12)(27)	Second lien senior secured loan	L + 7.00%	9/3/2029		22,000		21,825			21,725			0.4	%
BP Veraison Buyer, LLC (dba Sun World)(10)(12)(27)	First lien senior secured loan	L + 5.75%	5/12/2027		69,207		68,454			68,169			1.2	%
BP Veraison Buyer, LLC (dba Sun World)(10)(23)(24)(25)(27)	First lien senior secured delayed draw term loan	L + 5.75%	5/12/2023		—		(31	)		(109	)		—	%
BP Veraison Buyer, LLC (dba Sun World)(10)(23)(24)(27)	First lien senior secured revolving loan	L + 5.75%	5/12/2027		—		(93	)		(131	)		—	%
H-Food Holdings, LLC(10)(11)(27)	Second lien senior secured loan	L + 7.00%	3/2/2026		121,800		120,017			118,146			2.0	%
Hometown Food Company(10)(11)(27)	First lien senior secured loan	L + 5.00%	8/31/2023		15,253		15,158			15,101			0.3	%
Hometown Food Company(10)(23)(24)(27)	First lien senior secured revolving loan	L + 5.00%	8/31/2023		—		(24	)		(42	)		—	%
Innovation Ventures HoldCo, LLC (dba 5 Hour Energy)(10)(16)(27)	First lien senior secured loan	SR + 6.00%	3/11/2027		75,000		73,886			73,875			1.3	%
Innovation Ventures HoldCo, LLC (dba 5 Hour Energy)(10)(23)(25)(27)	First lien senior secured delayed draw term loan A	SR + 6.00%	5/14/2022		—		—			—			—	%
Innovation Ventures HoldCo, LLC (dba 5 Hour Energy)(10)(23)(25)(27)	First lien senior secured delayed draw term loan B	SR + 6.00%	9/30/2022		—		—			—			—	%
Nellson Nutraceutical, LLC(10)(12)(27)	First lien senior secured loan	L + 5.25%	12/23/2023		27,208		26,597			26,596			0.5	%
Nutraceutical International Corporation(10)(11)(27)	First lien senior secured loan	L + 7.00%	9/30/2026		210,466		207,980			204,678			3.5	%
Nutraceutical International Corporation(10)(11)(27)	First lien senior secured revolving loan	L + 7.00%	9/30/2025		13,578		13,436			13,205			0.2	%
Ole Smoky Distillery, LLC(10)(15)(27)	First lien senior secured loan	SR + 5.25%	3/31/2028		884		866			866			—	%
Ole Smoky Distillery, LLC(10)(23)(24)(27)	First lien senior secured revolving loan	SR + 5.25%	3/31/2028		—		(2	)		(2	)		—	%

Owl Rock Capital Corporation

Consolidated Schedule of Investments

As of March 31, 2022

(Amounts in thousands, except share amounts)

(Unaudited)


Company(1)(4)(8)	Investment	Interest	Maturity Date	Par / Units		Amortized Cost(2)(3)			Fair Value			Percentage of Net Assets
Recipe Acquisition Corp. (dba Roland Corporation)(10)(12)	Second lien senior secured loan	L + 9.00%	12/1/2022		32,000		31,910			30,400			0.5	%
Sara Lee Frozen Bakery, LLC (fka KSLB Holdings, LLC)(10)(11)(27)	First lien senior secured loan	L + 4.50%	7/30/2025		43,748		43,296			41,123			0.7	%
Sara Lee Frozen Bakery, LLC (fka KSLB Holdings, LLC)(10)(11)(23)(27)	First lien senior secured revolving loan	L + 4.50%	7/30/2023		2,040		1,986			1,500			—	%
Shearer's Foods, LLC(10)(11)(27)	Second lien senior secured loan	L + 7.75%	9/22/2028		120,000		119,001			119,399			2.0	%
Tall Tree Foods, Inc.(10)(11)	First lien senior secured loan	L + 7.25%	8/12/2022		39,534		39,489			40,521			0.7	%
Ultimate Baked Goods Midco, LLC(10)(12)(27)	First lien senior secured loan	L + 6.25%	8/13/2027		81,849		79,978			79,393			1.4	%
Ultimate Baked Goods Midco, LLC(10)(13)(23)(27)	First lien senior secured revolving loan	L + 6.25%	8/13/2027		6,216		5,994			5,918			0.1	%
					880,783		869,723			860,331			14.8	%
Healthcare equipment and services
Confluent Medical Technologies, Inc.(10)(15)(27)	Second lien senior secured loan	SR + 6.50%	2/18/2030		1,000		981			980			—	%
CSC Mkg Topco LLC (dba Medical Knowledge Group)(10)(11)(27)	First lien senior secured loan	L + 5.75%	2/1/2029		1,281		1,256			1,255			—	%
CSC Mkg Topco LLC (dba Medical Knowledge Group)(10)(23)(24)(27)	First lien senior secured revolving loan	L + 5.75%	2/1/2029		—		(3	)		(3	)		—	%
Medline Borrower, LP(10)(23)(24)(27)	First lien senior secured revolving loan	L + 3.25%	10/21/2026		—		(147	)		(216	)		—	%
Nelipak Holding Company(10)(12)(27)	First lien senior secured loan	L + 4.25%	7/2/2026		24,697		24,374			24,264			0.4	%
Nelipak Holding Company(10)(12)(23)(27)	First lien senior secured revolving loan	L + 4.25%	7/2/2024		3,082		3,015			2,953			0.1	%
Nelipak Holding Company(10)(23)(24)(27)	First lien senior secured revolving loan	L + 4.50%	7/2/2024		—		(254	)		(129	)		—	%
Nelipak Holding Company(10)(12)(27)	Second lien senior secured loan	L + 8.25%	7/2/2027		67,006		66,265			66,001			1.1	%
Nelipak Holding Company(10)(19)(27)	Second lien senior secured loan	E + 8.50%	7/2/2027		66,871		66,524			65,533			1.1	%
Packaging Coordinators Midco, Inc.(10)(12)(27)	Second lien senior secured loan	L + 7.00%	11/30/2028		196,044		192,575			191,142			3.3	%

Owl Rock Capital Corporation

Consolidated Schedule of Investments

As of March 31, 2022

(Amounts in thousands, except share amounts)

(Unaudited)


Company(1)(4)(8)	Investment	Interest	Maturity Date	Par / Units		Amortized Cost(2)(3)			Fair Value			Percentage of Net Assets
Patriot Acquisition TopCo S.A.R.L (dba Corza Health, Inc.) (10)(11)(27)	First lien senior secured loan	L + 6.75%	1/31/2028		136,392		134,368			134,346			2.3	%
Patriot Acquisition TopCo S.A.R.L (dba Corza Health, Inc.) (10)(23)(24)(27)	First lien senior secured revolving loan	L + 6.75%	1/29/2026		—		(215	)		(203	)		—	%
Rhea Parent, Inc.(10)(15)(27)	First lien senior secured loan	SR + 5.75%	2/19/2029		774		759			758			—	%
					497,147		489,498			486,681			8.3	%
Healthcare providers and services
Diagnostic Service Holdings, Inc. (dba Rayus Radiology)(10)(11)(27)	First lien senior secured loan	L + 5.50%	3/17/2025		1,000		1,000			1,000			—	%
Ex Vivo Parent Inc. (dba OB Hospitalist)(10)(12)(27)	First lien senior secured loan	L + 9.50% PIK	9/27/2028		57,810		56,713			56,509			1.0	%
KS Management Services, L.L.C.(10)(11)(27)	First lien senior secured loan	L + 4.25%	1/9/2026		122,187		121,170			122,187			2.1	%
National Dentex Labs LLC (fka Barracuda Dental LLC)(10)(12)(27)	First lien senior secured loan	L + 7.00%	10/3/2025		70,544		69,610			69,310			1.2	%
National Dentex Labs LLC (fka Barracuda Dental LLC)(10)(12)(23)(25)(27)	First lien senior secured delayed draw term loan	L + 7.00%	6/30/2022		35,492		35,105			34,851			0.6	%
National Dentex Labs LLC (fka Barracuda Dental LLC)(10)(12)(23)(27)	First lien senior secured revolving loan	L + 7.00%	10/3/2025		6,790		6,612			6,626			0.1	%
Natural Partners, LLC(10)(11)(27)(29)	First lien senior secured loan	L + 6.00%	11/29/2027		931		913			913			—	%
Natural Partners, LLC(10)(23)(24)(27)(29)	First lien senior secured revolving loan	L + 6.00%	11/29/2027		—		(1	)		(1	)		—	%
OB Hospitalist Group, Inc.(10)(11)(27)	First lien senior secured loan	L + 5.50%	9/27/2027		116,562		114,396			113,648			1.9	%
OB Hospitalist Group, Inc.(10)(23)(24)(27)	First lien senior secured revolving loan	L + 5.50%	9/27/2027		—		(277	)		(379	)		—	%
Phoenix Newco, Inc. (dba Parexel)(10)(11)(27)	Second lien senior secured loan	L + 6.50%	11/15/2029		190,000		188,168			187,150			3.2	%
Premier Imaging, LLC (dba LucidHealth)(10)(11)(27)	First lien senior secured loan	L + 6.00%	1/2/2025		42,998		42,553			42,568			0.7	%
Quva Pharma, Inc.(10)(12)(27)	First lien senior secured loan	L + 5.50%	4/12/2028		39,800		38,739			38,506			0.7	%
Quva Pharma, Inc.(10)(13)(23)(27)	First lien senior secured revolving loan	L + 5.50%	4/10/2026		1,120		1,023			990			—	%

Owl Rock Capital Corporation

Consolidated Schedule of Investments

As of March 31, 2022

(Amounts in thousands, except share amounts)

(Unaudited)


Company(1)(4)(8)	Investment	Interest	Maturity Date	Par / Units		Amortized Cost(2)(3)			Fair Value			Percentage of Net Assets
TC Holdings, LLC (dba TrialCard)(10)(12)(27)	First lien senior secured loan	L + 4.50%	11/14/2023		72,892		72,439			72,892			1.2	%
TC Holdings, LLC (dba TrialCard)(10)(23)(24)(27)	First lien senior secured revolving loan	L + 4.50%	11/14/2022		—		(19	)		—			—	%
Vermont Aus Pty Ltd(10)(15)(27)(29)	First lien senior secured loan	SR + 5.50%	3/22/2028		1,000		975			975			—	%
					759,126		749,119			747,745			12.7	%
Healthcare technology
BCPE Osprey Buyer, Inc. (dba PartsSource)(10)(13)(27)	First lien senior secured loan	L + 5.75%	8/23/2028		113,767		112,078			111,491			1.9	%
BCPE Osprey Buyer, Inc. (dba PartsSource)(10)(23)(24)(25)(27)	First lien senior secured delayed draw term loan	L + 5.75%	8/23/2023		—		(260	)		(245	)		—	%
BCPE Osprey Buyer, Inc. (dba PartsSource)(10)(23)(24)(27)	First lien senior secured revolving loan	L + 5.75%	8/21/2026		—		(180	)		(237	)		—	%
Bracket Intermediate Holding Corp.(6)(10)(12)(27)	First lien senior secured loan	L + 4.25%	9/5/2025		514		487			509			—	%
Bracket Intermediate Holding Corp.(10)(12)(27)	Second lien senior secured loan	L + 8.13%	9/7/2026		26,250		25,911			25,988			0.4	%
GI Ranger Intermediate, LLC (dba Rectangle Health)(10)(15)(27)	First lien senior secured loan	SR + 6.00%	10/30/2028		4,620		4,532			4,516			0.1	%
GI Ranger Intermediate, LLC (dba Rectangle Health)(10)(15)(23)(27)	First lien senior secured revolving loan	SR + 6.00%	10/29/2027		37		30			29			—	%
Inovalon Holdings, Inc.(10)(12)(27)	First lien senior secured loan	L + 6.25% (incl. 2.75% PIK)	11/24/2028		178,976		174,710			174,054			3.0	%
Inovalon Holdings, Inc.(10)(23)(24)(25)(27)	First lien senior secured delayed draw term loan	L + 5.75%	5/24/2024		—		(225	)		(285	)		—	%
Inovalon Holdings, Inc.(10)(12)(27)	Second lien senior secured loan	L + 10.50% PIK	11/24/2033		87,095		85,426			85,135			1.4	%
Intelerad Medical Systems Incorporated (fka 11849573 Canada Inc.)(10)(12)(27)(29)	First lien senior secured loan	L + 6.25%	8/21/2026		115,395		114,282			114,818			2.0	%
Intelerad Medical Systems Incorporated (fka 11849573 Canada Inc.)(10)(12)(23)(27)(29)	First lien senior secured revolving loan	L + 6.25%	8/21/2026		2,983		2,946			2,960			0.1	%
Interoperability Bidco, Inc. (dba Lyniate)(10)(12)(27)	First lien senior secured loan	L + 6.25%	12/28/2026		66,956		66,528			66,535			1.1	%
Interoperability Bidco, Inc. (dba Lyniate)(10)(23)(24)(27)	First lien senior secured revolving loan	L + 6.25%	12/28/2026		—		(18	)		(19	)		—	%
					596,593		586,247			585,249			10.0	%

Owl Rock Capital Corporation

Consolidated Schedule of Investments

As of March 31, 2022

(Amounts in thousands, except share amounts)

(Unaudited)


Company(1)(4)(8)	Investment	Interest	Maturity Date	Par / Units		Amortized Cost(2)(3)			Fair Value			Percentage of Net Assets
Household products
HGH Purchaser, Inc. (dba Horizon Services)(10)(12)(27)	First lien senior secured loan	L + 5.75%	11/3/2025		107,954		106,722			106,875			1.8	%
HGH Purchaser, Inc. (dba Horizon Services)(10)(12)(23)(25)(27)	First lien senior secured delayed draw term loan	L + 5.75%	2/10/2023		33,614		33,312			33,138			0.6	%
HGH Purchaser, Inc. (dba Horizon Services)(10)(12)(23)(27)	First lien senior secured revolving loan	L + 5.75%	11/3/2025		12,507		12,352			12,341			0.2	%
Walker Edison Furniture Company LLC(10)(12)(27)	First lien senior secured loan	L + 8.75% (incl. 3.00% PIK)	3/31/2027		84,681		84,680			77,058			1.3	%
					238,756		237,066			229,412			3.9	%
Human resource support services
Cornerstone OnDemand, Inc.(10)(11)(27)	Second lien senior secured loan	L + 6.50%	10/15/2029		115,833		114,169			113,517			1.9	%
IG Investments Holdings, LLC (dba Insight Global)(10)(12)(27)	First lien senior secured loan	L + 6.00%	9/22/2028		50,771		49,818			49,755			0.8	%
IG Investments Holdings, LLC (dba Insight Global)(10)(17)(23)(27)	First lien senior secured revolving loan	P + 5.00%	9/22/2027		795		722			715			—	%
					167,399		164,709			163,987			2.7	%
Infrastructure and environmental services
FR Arsenal Holdings II Corp. (dba Applied-Cleveland Holdings, Inc.)(10)(13)	First lien senior secured loan	L + 7.50%	9/8/2022		117,341		117,791			102,674			1.7	%
LineStar Integrity Services LLC(10)(13)(27)	First lien senior secured loan	L + 7.25%	2/12/2024		80,346		80,185			71,508			1.2	%
Tamarack Intermediate, L.L.C. (dba Verisk 3E)(10)(15)(27)	First lien senior secured loan	SR + 5.75%	3/13/2028		859		842			842			—	%
Tamarack Intermediate, L.L.C. (dba Verisk 3E)(10)(23)(24)(27)	First lien senior secured revolving loan	SR + 5.75%	3/13/2028		—		(3	)		(3	)		—	%
					198,546		198,815			175,021			2.9	%
Insurance
Alera Group, Inc.(10)(11)(27)	First lien senior secured loan	L + 5.50%	10/2/2028		42,929		42,019			41,748			0.7	%
Alera Group, Inc.(10)(11)(23)(25)(27)	First lien senior secured delayed draw term loan	L + 5.50%	10/2/2023		11,781		11,527			11,450			0.2	%

Owl Rock Capital Corporation

Consolidated Schedule of Investments

As of March 31, 2022

(Amounts in thousands, except share amounts)

(Unaudited)


Company(1)(4)(8)	Investment	Interest	Maturity Date	Par / Units		Amortized Cost(2)(3)			Fair Value			Percentage of Net Assets
Ardonagh Midco 3 PLC(10)(13)(27)(29)	First lien senior secured USD term loan	L + 7.00%	7/14/2026		26,784		26,297			26,583			0.5	%
Ardonagh Midco 3 PLC(10)(20)(27)(29)	First lien senior secured EUR term loan	E + 7.00%	7/14/2026		10,164		10,024			10,138			0.2	%
Ardonagh Midco 3 PLC(10)(21)(27)(29)	First lien senior secured GBP term loan	SA + 7.00%	7/14/2026		114,099		106,832			114,099			1.9	%
Ardonagh Midco 3 PLC(10)(23)(25)(27)(29)	First lien senior secured GBP delayed draw term loan	L + 7.00%	8/19/2023		—		—			(80	)		—	%
Ardonagh Midco 2 PLC(22)(27)(29)	Unsecured notes	11.50%	1/15/2027		11,198		11,125			11,867			0.2	%
Brightway Holdings, LLC(10)(11)(27)	First lien senior secured loan	L + 6.50%	12/16/2027		26,842		26,520			26,439			0.5	%
Brightway Holdings, LLC(10)(23)(24)	First lien senior secured revolving loan	L + 6.50%	12/16/2027		—		(38	)		(47	)		—	%
Evolution BuyerCo, Inc. (dba SIAA)(10)(12)(27)	First lien senior secured loan	L + 6.25%	4/28/2028		142,791		140,959			140,649			2.4	%
Evolution BuyerCo, Inc. (dba SIAA)(10)(23)(24)(27)	First lien senior secured revolving loan	L + 6.25%	4/30/2027		—		(129	)		(161	)		—	%
Integrity Marketing Acquisition, LLC(10)(13)(27)	First lien senior secured loan	L + 5.75%	8/27/2025		218,318		216,048			218,318			3.7	%
Integrity Marketing Acquisition, LLC(10)(23)(24)(27)	First lien senior secured revolving loan	L + 5.75%	8/27/2025		—		(126	)		—			—	%
Norvax, LLC (dba GoHealth)(10)(12)(27)	First lien senior secured loan	L + 6.50%	9/15/2025		77,179		75,076			76,793			1.3	%
Norvax, LLC (dba GoHealth)(10)(11)(23)(27)	First lien senior secured revolving loan	L + 6.50%	9/13/2024		9,511		9,421			9,450			0.2	%
Peter C. Foy & Associates Insurance Services, LLC (dba PCF Insurance Services)(10)(12)(27)	First lien senior secured loan	L + 6.00%	11/1/2028		135,928		134,631			133,890			2.3	%
Peter C. Foy & Associates Insurance Services, LLC (dba PCF Insurance Services)(10)(23)(24)(27)	First lien senior secured revolving loan	L + 6.00%	11/1/2027		—		(57	)		(92	)		—	%
PCF Midco II, LLC (dba PCF Insurance Services)(22)(27)	First lien senior secured loan	9.00% PIK	10/31/2031		123,185		112,186			109,942			1.9	%
TEMPO BUYER CORP. (dba Global Claims Services)(10)(12)(27)	First lien senior secured loan	L + 5.50%	8/28/2028		1,086		1,066			1,059			—	%
TEMPO BUYER CORP. (dba Global Claims Services)(10)(23)(24)(25)(27)	First lien senior secured delayed draw term loan	L + 5.50%	8/26/2023		—		(3	)		(5	)		—	%
TEMPO BUYER CORP. (dba Global Claims Services)(10)(17)(23)(27)	First lien senior secured revolving loan	P + 4.50%	8/28/2028		6		3			2			—	%
THG Acquisition, LLC (dba Hilb)(10)(12)(27)	First lien senior secured loan	L + 5.75%	12/2/2026		75,321		73,968			74,191			1.3	%
THG Acquisition, LLC (dba Hilb)(10)(23)(24)(27)	First lien senior secured revolving loan	L + 5.75%	12/2/2025		—		(141	)		(129	)		—	%

Owl Rock Capital Corporation

Consolidated Schedule of Investments

As of March 31, 2022

(Amounts in thousands, except share amounts)

(Unaudited)


Company(1)(4)(8)	Investment	Interest	Maturity Date	Par / Units		Amortized Cost(2)(3)			Fair Value			Percentage of Net Assets
USRP Holdings, Inc. (dba U.S. Retirement and Benefits Partners)(10)(12)(27)	First lien senior secured loan	L + 5.50%	7/23/2027		38,989		38,280			38,014			0.6	%
USRP Holdings, Inc. (dba U.S. Retirement and Benefits Partners)(10)(12)(23)(24)(27)	First lien senior secured revolving loan	L + 5.50%	7/23/2027		71		(5	)		(35	)		—	%
KUSRP Intermediate, Inc. (dba U.S. Retirement and Benefits Partners)(10)(12)(27)	First lien senior secured loan	L + 9.50% PIK	7/24/2028		32,075		31,509			31,433			0.5	%
					1,098,257		1,066,992			1,075,516			18.4	%
Internet software and services
3ES Innovation Inc. (dba Aucerna)(10)(12)(27)(29)	First lien senior secured loan	L + 6.75%	5/13/2025		61,103		60,599			60,187			1.0	%
3ES Innovation Inc. (dba Aucerna)(10)(23)(24)(27)(29)	First lien senior secured revolving loan	L + 6.75%	5/13/2025		—		(25	)		(58	)		—	%
Accela, Inc.(10)(11)	First lien senior secured loan	L + 7.50% (incl. 4.25% PIK)	9/30/2024		24,187		24,040			24,127			0.4	%
Accela, Inc.(10)(11)(23)	First lien senior secured revolving loan	L + 7.00%	9/30/2024		1,500		1,500			1,493			—	%
Apptio, Inc.(10)(12)(27)	First lien senior secured loan	L + 7.25%	1/10/2025		50,916		50,233			50,916			0.9	%
Apptio, Inc.(10)(12)(23)(27)	First lien senior secured revolving loan	L + 7.25%	1/10/2025		1,112		1,086			1,112			—	%
Bayshore Intermediate #2, L.P. (dba Boomi)(10)(12)(27)	First lien senior secured loan	L + 7.75% PIK	10/2/2028		84,823		83,055			82,702			1.4	%
Bayshore Intermediate #2, L.P. (dba Boomi)(10)(23)(24)(27)	First lien senior secured revolving loan	L + 6.75%	10/1/2027		—		(143	)		(173	)		—	%
BCPE Nucleon (DE) SPV, LP(10)(13)(27)	First lien senior secured loan	L + 7.00%	9/24/2026		189,778		187,460			188,354			3.2	%
BCTO BSI Buyer, Inc. (dba Buildertrend)(10)(12)(27)	First lien senior secured loan	L + 7.00%	12/23/2026		44,643		44,274			44,308			0.8	%
BCTO BSI Buyer, Inc. (dba Buildertrend)(10)(12)(23)(27)	First lien senior secured revolving loan	L + 7.00%	12/23/2026		3,018		2,976			2,978			0.1	%
Centrify Corporation(10)(12)(27)	First lien senior secured loan	L + 5.75%	3/2/2028		66,734		65,267			65,233			1.1	%
Centrify Corporation(10)(23)(24)(27)	First lien senior secured revolving loan	L + 5.75%	3/2/2027		—		(165	)		(153	)		—	%
CivicPlus, LLC(10)(12)(27)	First lien senior secured loan	L + 6.00%	8/24/2027		14,236		14,106			14,023			0.2	%
CivicPlus, LLC(10)(23)(25)(27)	First lien senior secured delayed draw term loan	L + 6.00%	8/24/2023		—		—			(33	)		—	%
CivicPlus, LLC(10)(23)(24)(27)	First lien senior secured revolving loan	L + 6.00%	8/24/2027		—		(12	)		(20	)		—	%

Owl Rock Capital Corporation

Consolidated Schedule of Investments

As of March 31, 2022

(Amounts in thousands, except share amounts)

(Unaudited)


Company(1)(4)(8)	Investment	Interest	Maturity Date	Par / Units		Amortized Cost(2)(3)			Fair Value			Percentage of Net Assets
Delta TopCo, Inc. (dba Infoblox, Inc.)(10)(12)(27)	Second lien senior secured loan	L + 7.25%	12/1/2028		15,000		14,935			14,925			0.3	%
EET Buyer, Inc. (dba e-Emphasys)(10)(13)(27)	First lien senior secured loan	L + 5.75%	11/8/2027		4,545		4,503			4,477			0.1	%
EET Buyer, Inc. (dba e-Emphasys)(10)(23)(24)(27)	First lien senior secured revolving loan	L + 5.75%	11/8/2027		—		(4	)		(7	)		—	%
Forescout Technologies, Inc.(10)(12)(27)	First lien senior secured loan	L + 9.50% PIK	8/17/2026		56,112		55,449			56,112			1.0	%
Forescout Technologies, Inc.(10)(23)(24)(27)	First lien senior secured revolving loan	L + 8.50%	8/18/2025		—		(63	)		—			—	%
Genesis Acquisition Co. (dba Procare Software)(10)(12)(27)	First lien senior secured loan	L + 4.00%	7/31/2024		18,082		17,930			17,539			0.3	%
Genesis Acquisition Co. (dba Procare Software)(10)(12)(27)	First lien senior secured revolving loan	L + 4.00%	7/31/2024		2,637		2,617			2,558			—	%
GovBrands Intermediate, Inc.(10)(12)(27)	First lien senior secured loan	L + 5.50%	8/4/2027		10,631		10,390			10,259			0.2	%
GovBrands Intermediate, Inc.(10)(12)(23)(25)(27)	First lien senior secured delayed draw term loan	L + 5.50%	8/4/2023		2,392		2,325			2,283			—	%
GovBrands Intermediate, Inc.(10)(23)(24)(27)	First lien senior secured revolving loan	L + 5.50%	8/4/2027		—		(18	)		(28	)		—	%
Granicus, Inc.(10)(12)(27)	First lien senior secured loan	L + 6.50%	1/29/2027		13,461		13,189			13,159			0.2	%
Granicus, Inc.(10)(12)(23)(25)(27)	First lien senior secured delayed draw term loan	L + 6.00%	1/30/2023		1,531		1,496			1,484			—	%
Granicus, Inc.(10)(23)(24)(27)	First lien senior secured revolving loan	L + 6.00%	1/29/2027		—		(23	)		(27	)		—	%
H&F Opportunities LUX III S.À R.L (dba Checkmarx)(10)(13)(27)(29)	First lien senior secured loan	L + 7.50%	4/16/2026		51,567		50,444			51,567			0.9	%
H&F Opportunities LUX III S.À R.L (dba Checkmarx)(10)(23)(24)(27)(29)	First lien senior secured revolving loan	L + 7.50%	4/16/2026		—		(328	)		—			—	%
Hyland Software, Inc.(10)(11)(27)	Second lien senior secured loan	L + 6.25%	7/7/2025		15,482		15,469			15,327			0.3	%
IQN Holding Corp. (dba Beeline)(10)(13)(27)	First lien senior secured loan	L + 5.50%	8/20/2024		150,221		149,208			149,845			2.6	%
IQN Holding Corp. (dba Beeline)(10)(23)(24)(27)	First lien senior secured revolving loan	L + 5.50%	8/21/2023		—		(94	)		(57	)		—	%
Litera Bidco LLC(10)(11)(27)	First lien senior secured loan	L + 5.89%	5/29/2026		153,660		152,118			153,660			2.6	%
Litera Bidco LLC(10)(11)(23)(25)(27)	First lien senior secured delayed draw term loan	L + 6.00%	10/29/2022		1,993		1,941			1,993			—	%
Litera Bidco LLC(10)(23)(24)(27)	First lien senior secured revolving loan	L + 5.75%	5/29/2026		—		(41	)		—			—	%

Owl Rock Capital Corporation

Consolidated Schedule of Investments

As of March 31, 2022

(Amounts in thousands, except share amounts)

(Unaudited)


Company(1)(4)(8)	Investment	Interest	Maturity Date	Par / Units		Amortized Cost(2)(3)			Fair Value			Percentage of Net Assets
MessageBird BidCo B.V.(10)(13)(27)(29)	First lien senior secured loan	L + 6.75%	4/29/2027		77,000		75,505			75,268			1.3	%
MINDBODY, Inc.(10)(13)(27)	First lien senior secured loan	L + 8.50% (incl. 1.50% PIK)	2/14/2025		67,379		66,991			67,379			1.1	%
MINDBODY, Inc.(10)(23)(24)(27)	First lien senior secured revolving loan	L + 7.00%	2/14/2025		—		(29	)		—			—	%
Ministry Brands Holdings, LLC(10)(12)(27)	First lien senior secured loan	L + 5.50%	12/29/2028		706		693			689			—	%
Ministry Brands Holdings, LLC(10)(23)(24)(25)(27)	First lien senior secured delayed draw term loan	L + 5.50%	12/27/2023		—		(2	)		(3	)		—	%
Ministry Brands Holdings, LLC(10)(23)(24)(27)	First lien senior secured revolving loan	L + 5.50%	12/27/2027		—		(1	)		(2	)		—	%
Proofpoint, Inc.(6)(10)(12)(27)	Second lien senior secured loan	L + 6.25%	8/31/2029		19,600		19,507			19,484			0.3	%
QAD, Inc.(10)(12)(27)	First lien senior secured loan	L + 6.00%	11/5/2027		26,571		26,070			25,906			0.4	%
QAD, Inc.(10)(23)(24)(27)	First lien senior secured revolving loan	L + 6.00%	11/5/2027		—		(64	)		(86	)		—	%
Tahoe Finco, LLC(10)(12)(27)(29)	First lien senior secured loan	L + 6.00%	9/29/2028		123,256		122,093			121,406			2.1	%
Tahoe Finco, LLC(10)(23)(24)(27)(29)	First lien senior secured revolving loan	L + 6.00%	10/1/2027		—		(85	)		(139	)		—	%
Thunder Purchaser, Inc. (dba Vector Solutions)(10)(12)(27)	First lien senior secured loan	L + 5.75%	6/30/2028		64,639		64,048			63,831			1.1	%
Thunder Purchaser, Inc. (dba Vector Solutions)(10)(23)(25)(27)	First lien senior secured delayed draw term loan	L + 5.75%	8/17/2023		—		—			(27	)		—	%
Thunder Purchaser, Inc. (dba Vector Solutions)(10)(12)(23)(27)	First lien senior secured revolving loan	L + 5.75%	6/30/2027		827		794			779			—	%
When I Work, Inc.(10)(12)(27)	First lien senior secured loan	L + 7.00% PIK	11/2/2027		4,932		4,886			4,858			0.1	%
When I Work, Inc.(10)(23)(24)(27)	First lien senior secured revolving loan	L + 6.00%	11/2/2027		—		(9	)		(14	)		—	%
					1,424,274		1,406,091			1,409,394			24.0	%
Leisure and entertainment
Troon Golf, L.L.C.(10)(12)(27)	First lien senior secured loan	L + 6.00%	8/5/2027		282,365		281,079			280,952			4.8	%
Troon Golf, L.L.C.(10)(11)(23)(27)	First lien senior secured revolving loan	L + 6.00%	8/5/2026		4,054		3,960			3,946			0.1	%
					286,419		285,039			284,898			4.9	%

Owl Rock Capital Corporation

Consolidated Schedule of Investments

As of March 31, 2022

(Amounts in thousands, except share amounts)

(Unaudited)


Company(1)(4)(8)	Investment	Interest	Maturity Date	Par / Units		Amortized Cost(2)(3)			Fair Value			Percentage of Net Assets
Manufacturing
Gloves Buyer, Inc. (dba Protective Industrial Products)(10)(11)(27)	Second lien senior secured loan	L + 8.25%	12/29/2028		29,250		28,601			28,811			0.5	%
Ideal Tridon Holdings, Inc.(10)(12)(27)	First lien senior secured loan	L + 5.25%	7/31/2024		52,701		52,318			52,569			0.9	%
Ideal Tridon Holdings, Inc.(10)(23)(24)(27)	First lien senior secured revolving loan	L + 5.25%	7/31/2023		—		(12	)		(14	)		—	%
MHE Intermediate Holdings, LLC (dba OnPoint Group)(10)(13)(27)	First lien senior secured loan	L + 5.75%	7/21/2027		159,919		158,474			157,120			2.7	%
MHE Intermediate Holdings, LLC (dba OnPoint Group)(10)(12)(23)(25)(27)	First lien senior secured delayed draw term loan	L + 5.75%	7/21/2023		13,387		13,263			13,079			0.2	%
MHE Intermediate Holdings, LLC (dba OnPoint Group)(10)(11)(23)(27)	First lien senior secured revolving loan	L + 5.75%	7/21/2027		621		484			350			—	%
PHM Netherlands Midco B.V. (dba Loparex)(10)(11)(27)	First lien senior secured loan	L + 4.50%	7/31/2026		784		739			760			—	%
PHM Netherlands Midco B.V. (dba Loparex)(10)(11)(27)	Second lien senior secured loan	L + 8.75%	7/30/2027		112,000		106,124			108,920			1.9	%
Safety Products/JHC Acquisition Corp. (dba Justrite Safety Group)(10)(11)(27)	First lien senior secured loan	L + 4.50%	6/28/2026		13,887		13,799			12,846			0.2	%
Sonny's Enterprises LLC(10)(11)(27)	First lien senior secured loan	L + 6.75%	8/5/2026		231,670		228,196			231,670			3.9	%
Sonny's Enterprises LLC(10)(23)(24)(27)	First lien senior secured revolving loan	L + 6.75%	8/5/2025		—		(241	)		—			—	%
					614,219		601,745			606,111			10.3	%
Oil and gas
Black Mountain Sand Eagle Ford LLC(10)(12)(27)	First lien senior secured loan	L + 8.25%	8/17/2022		3,739		3,741			3,739			0.1	%
Project Power Buyer, LLC (dba PEC-Veriforce)(10)(12)(27)	First lien senior secured loan	L + 6.00%	5/14/2026		44,976		44,571			44,976			0.8	%
Project Power Buyer, LLC (dba PEC-Veriforce)(10)(23)(24)(27)	First lien senior secured revolving loan	L + 6.00%	5/14/2025		—		(21	)		—			—	%
Zenith Energy U.S. Logistics Holdings, LLC(10)(12)(27)	First lien senior secured loan	L + 5.50%	12/20/2024		64,476		63,783			64,476			1.1	%
					113,191		112,074			113,191			2.0	%

Owl Rock Capital Corporation

Consolidated Schedule of Investments

As of March 31, 2022

(Amounts in thousands, except share amounts)

(Unaudited)


Company(1)(4)(8)	Investment	Interest	Maturity Date	Par / Units		Amortized Cost(2)(3)			Fair Value			Percentage of Net Assets
Professional services
AmSpec Group, Inc. (fka AmSpec Services Inc.)(10)(12)(27)	First lien senior secured loan	L + 5.75%	7/2/2024		109,980		109,103			109,155			1.9	%
AmSpec Group, Inc. (fka AmSpec Services Inc.)(10)(23)(24)(27)	First lien senior secured revolving loan	L + 3.75%	7/2/2024		—		(95	)		(108	)		—	%
Apex Group Treasury, LLC(10)(12)(27)(29)	Second lien senior secured loan	L + 6.75%	7/27/2029		19,000		18,822			18,715			0.3	%
Apex Group Treasury, LLC(10)(23)(25)(27)(29)	Second lien senior secured delayed draw term loan	L + 6.75%	6/30/2022		—		—			—			—	%
Aptive Environmental, LLC(22)(27)	First lien senior secured loan	12.00% (incl. 6.00% PIK)	1/23/2026		10,110		8,300			8,209			0.1	%
Gerson Lehrman Group, Inc.(10)(12)(27)	First lien senior secured loan	L + 5.25%	12/12/2024		136,609		135,942			136,199			2.3	%
Gerson Lehrman Group, Inc.(10)(23)(24)(27)	First lien senior secured revolving loan	L + 5.25%	12/12/2024		—		(97	)		(65	)		—	%
Guidehouse Inc.(10)(11)(27)	First lien senior secured loan	L + 5.50%	10/16/2028		4,638		4,594			4,568			0.1	%
Relativity ODA LLC(10)(11)(27)	First lien senior secured loan	L + 7.50% PIK	5/12/2027		78,435		77,464			77,257			1.3	%
Relativity ODA LLC(10)(23)(24)(27)	First lien senior secured revolving loan	L + 6.50%	5/12/2027		—		(94	)		(110	)		—	%
					358,772		353,939			353,820			6.0	%
Specialty retail
Galls, LLC(10)(12)(27)	First lien senior secured loan	L + 6.75% (incl. 0.50% PIK)	1/31/2025		104,614		103,912			97,291			1.7	%
Galls, LLC(10)(12)(23)(27)	First lien senior secured revolving loan	L + 6.75%	1/31/2024		17,941		17,653			15,672			0.3	%
Milan Laser Holdings LLC(10)(12)(27)	First lien senior secured loan	L + 5.00%	4/27/2027		24,238		24,028			23,996			0.4	%
Milan Laser Holdings LLC(10)(23)(24)(27)	First lien senior secured revolving loan	L + 5.00%	4/27/2026		—		(17	)		(21	)		—	%
Notorious Topco, LLC (dba Beauty Industry Group)(10)(13)(27)	First lien senior secured loan	L + 6.50%	11/22/2027		110,184		108,610			108,256			1.8	%
Notorious Topco, LLC (dba Beauty Industry Group)(10)(23)(24)(25)(27)	First lien senior secured delayed draw term loan	L + 6.50%	11/23/2023		—		(94	)		(80	)		—	%
Notorious Topco, LLC (dba Beauty Industry Group)(10)(12)(23)(27)	First lien senior secured revolving loan	L + 6.50%	5/24/2027		2,554		2,420			2,386			—	%

Owl Rock Capital Corporation

Consolidated Schedule of Investments

As of March 31, 2022

(Amounts in thousands, except share amounts)

(Unaudited)


Company(1)(4)(8)	Investment	Interest	Maturity Date	Par / Units		Amortized Cost(2)(3)		Fair Value		Percentage of Net Assets
The Shade Store, LLC(10)(12)(27)	First lien senior secured loan	L + 6.00%	10/13/2027		9,068		8,962		8,909		0.2	%
The Shade Store, LLC(10)(13)(23)(27)	First lien senior secured revolving loan	L + 6.00%	10/13/2026		455		444		439		—	%
					269,054		265,918		256,848		4.4	%
Transportation
Lazer Spot G B Holdings, Inc.(10)(13)(27)	First lien senior secured loan	L + 5.75%	12/9/2025		143,698		142,050		143,698		2.4	%
Lazer Spot G B Holdings, Inc.(10)(17)(23)(27)	First lien senior secured revolving loan	P + 4.75%	12/9/2025		1,610		1,325		1,610		—	%
Lytx, Inc.(10)(11)(27)	First lien senior secured loan	L + 6.75%	2/28/2026		71,551		70,706		70,836		1.2	%
Motus Group, LLC(10)(12)(27)	Second lien senior secured loan	L + 6.50%	12/10/2029		10,810		10,705		10,675		0.2	%
					227,669		224,786		226,819		3.8	%
Total non-controlled/non-affiliated portfolio company debt investments				$	11,774,560	$	11,586,274	$	11,502,951		196.2	%

Equity Investments
Aerospace and defense
Space Exploration Technologies Corp.(27)(28)(31)	Class A Common Stock	N/A	N/A		3,232		1,557		1,810		—	%
Space Exploration Technologies Corp.(27)(28)(31)	Class C Common Stock	N/A	N/A		936		446		524		—	%
							2,003		2,334		—	%
Automotive
CD&R Value Building Partners I, L.P. (dba Belron)(27)(28)(29)(31)	LP Interest	N/A	N/A		33,000		33,108		33,000		0.6	%
Metis HoldCo, Inc. (dba Mavis Tire Express Services)(22)(27)(28)	Series A Convertible Preferred Stock	7.00% PIK	N/A		159,413		154,770		156,225		2.7	%
							187,878		189,225		3.3	%

Owl Rock Capital Corporation

Consolidated Schedule of Investments

As of March 31, 2022

(Amounts in thousands, except share amounts)

(Unaudited)


Company(1)(4)(8)	Investment	Interest	Maturity Date	Par / Units		Amortized Cost(2)(3)		Fair Value		Percentage of Net Assets
Buildings and real estate
Dodge Contruction Network Holdings, L.P.(22)(28)	Series A Preferred Units	8.25% PIK	N/A		0		45		45		—	%
Dodge Contruction Network Holdings, LP(28)(31)	Class A-2 Common Units	N/A	N/A		2,181,629		1,859		1,855		—	%
							1,904		1,900		—	%
Business services
Denali Holding, LP (dba Summit Companies)(27)(28)(31)	Class A Units	N/A	N/A		313,580		3,136		3,136		0.1	%
Hercules Buyer, LLC (dba The Vincit Group)(27)(28)(31)(33)	Common Units	N/A	N/A		2,190,000		2,192		2,192		—	%
							5,328		5,328		0.1	%
Consumer Products
ASP Conair Holdings LP(27)(28)(31)	Class A Units	N/A	N/A		60,714		6,071		6,071		0.1	%
							6,071		6,071		0.1	%
Financial services
Blend Labs, Inc.(5)(27)(31)	Common Stock	N/A	N/A		72,317		1,000		412		—	%
Blend Labs, Inc.(27)(28)(31)	Warrants	N/A	N/A		179,529		975		232		—	%
							1,975		644		—	%
Food and beverage
H-Food Holdings, LLC(27)(28)(31)	LLC Interest	N/A	N/A		10,875		10,875		12,263		0.2	%
							10,875		12,263		0.2	%
Healthcare equipment and services
KPCI Holdings, L.P.(27)(28)(31)	Class A Units	N/A	N/A		32,285		32,285		34,745		0.6	%
Maia Aggregator, LP(27)(28)(31)	Class A-2 Units	N/A	N/A		168,539		169		169		—	%

Owl Rock Capital Corporation

Consolidated Schedule of Investments

As of March 31, 2022

(Amounts in thousands, except share amounts)

(Unaudited)


Company(1)(4)(8)	Investment	Interest	Maturity Date	Par / Units		Amortized Cost(2)(3)		Fair Value		Percentage of Net Assets
Patriot Holdings SCSp (dba Corza Health, Inc.)(22)(27)(28)	Class A Units	8.00% PIK	N/A		7,787		7,787		7,787		0.1	%
Patriot Holdings SCSp (dba Corza Health, Inc.)(27)(28)(31)	Class B Units	N/A	N/A		16		18		1,109		—	%
Rhea Acquisition Holdings, LP(27)(28)(31)	Series A-2 Units	N/A	N/A		119,048		119		119		—	%
							40,378		43,929		0.7	%
Healthcare providers and services
KOBHG Holdings, L.P. (dba OB Hospitalist)(27)(28)(31)	Class A Interests	N/A	N/A		6,670		6,670		6,670		0.1	%
							6,670		6,670		0.1	%
Healthcare technology
Minerva Holdco, Inc.(22)(27)(28)	Series A Preferred Stock	10.75% PIK	N/A		7,094		6,956		6,953		0.1	%
							6,956		6,953		0.1	%
Human resource support services
Sunshine Software Holdings, Inc. (dba Cornerstone OnDemand, Inc.)(22)(27)(28)	Series A Preferred Stock	10.50% PIK	N/A		39,364		38,437		37,789		0.6	%
							38,437		37,789		0.6	%
Insurance
Evolution Parent, LP (dba SIAA)(27)(28)(31)	LP Interest	N/A	N/A		42,838		4,284		4,284		0.1	%
GrowthCurve Capital Sunrise Co-Invest LP (dba Brightway)(27)(28)(31)	LP Interest	N/A	N/A		632		633		632		—	%
Norvax, LLC (dba GoHealth)(5)(27)(31)	Common Stock	N/A	N/A		1,021,885		5,232		1,206		—	%
PCF Holdco, LLC (dba PCF Insurance Services)(27)(28)(31)	Class A Units	N/A	N/A		11,028		27,968		34,284		0.6	%
PCF Holdco, LLC (dba PCF Insurance Services)(27)(28)(31)	Class A Warrants	N/A	N/A		3,744		9,496		11,650		0.2	%
							47,613		52,056		0.9	%

Owl Rock Capital Corporation

Consolidated Schedule of Investments

As of March 31, 2022

(Amounts in thousands, except share amounts)

(Unaudited)


Company(1)(4)(8)	Investment	Interest	Maturity Date	Par / Units		Amortized Cost(2)(3)		Fair Value		Percentage of Net Assets
Internet and software services
BCTO WIW Holdings, Inc. (dba When I Work)(27)(28)(31)	Class A Common Stock	N/A	N/A		13		1,300		1,300		—	%
Brooklyn Lender Co-Invest 2, L.P. (dba Boomi)(27)(28)(31)	Common Units	N/A	N/A		7,503,843		7,504		7,504		0.1	%
MessageBird Holding B.V.(27)(28)(29)(31)	Extended Series C Warrants	N/A	N/A		122,890		753		484		—	%
Thunder Topco L.P. (dba Vector Solutions)(27)(28)(31)	Common Units	N/A	N/A		3,829,614		3,830		4,081		0.1	%
VEPF Torreys Aggregator, LLC (dba MINDBODY, Inc.)(22)(27)(28)	Series A Preferred Stock	6.00% PIK	N/A		21,250		21,571		21,250		0.4	%
							34,958		34,619		0.6	%
Manufacturing
Gloves Holdings, LP (dba Protective Industrial Products)(27)(28)(31)	LP Interest	N/A	N/A		3,250		3,250		3,640		0.1	%
Windows Entities(27)(28)(29)(31)(32)	LLC Units	N/A	N/A		31,826		56,944		103,561		1.8	%
							60,194		107,201		1.9	%
Professional services
Evology LLC(27)(28)(31)	Class B Units	N/A	N/A		351		1,680		1,680		—	%
WMC Bidco, Inc. (dba West Monroe)(22)(27)(28)	Senior Preferred Stock	11.25% PIK	N/A		17,433		17,011		16,736		0.3	%
							18,691		18,416		0.3	%
Total non-controlled/non-affiliated portfolio company equity investments							469,931		525,398		8.9	%
Total non-controlled/non-affiliated portfolio company investments						$	12,056,205	$	12,028,349		205.1	%

Owl Rock Capital Corporation

Consolidated Schedule of Investments

As of March 31, 2022

(Amounts in thousands, except share amounts)

(Unaudited)


Company(1)(4)(8)	Investment	Interest	Maturity Date	Par / Units		Amortized Cost(2)(3)		Fair Value		Percentage of Net Assets
Controlled/affiliated portfolio company investments
Debt Investments
Advertising and media
Swipe Acquisition Corporation (dba PLI)(10)(11)(26)(27)	First lien senior secured loan	L + 8.00%	6/29/2024		50,045		49,383		49,419		0.8	%
Swipe Acquisition Corporation (dba PLI)(10)(11)(23)(25)(26)(27)	First lien senior secured delayed draw term loan	L + 8.00%	12/30/2022		14,902		14,902		14,638		0.2	%
Swipe Acquisition Corporation (dba PLI)(10)(23)(26)(27)	Letter of Credit	L + 8.00%	6/29/2024		—		2		—		—	%
					64,947		64,287		64,057		1.0	%
Distribution
PS Operating Company LLC (fka QC Supply, LLC)(10)(12)(26)	First lien senior secured loan	L + 6.00%	12/31/2024		13,241		12,976		12,910		0.2	%
PS Operating Company LLC (fka QC Supply, LLC)(10)(12)(23)(26)	First lien senior secured revolving loan	L + 6.00%	12/31/2024		2,317		2,182		2,193		—	%
					15,558		15,158		15,103		0.2	%
Total controlled/affiliated portfolio company debt investments				$	80,505	$	79,445	$	79,160		1.2	%

Equity Investments
Advertising and media
New PLI Holdings, LLC (dba PLI)(26)(27)(28)(31)	Class A Common Units	N/A	N/A		86,745		48,007		48,007		0.8	%
							48,007		48,007		0.8	%
Distribution
PS Op Holdings LLC (fka QC Supply, LLC)(26)(28)(31)	Class A Common Units	N/A	N/A		248,271		4,300		4,300		0.1	%
							4,300		4,300		0.1	%

Owl Rock Capital Corporation

Consolidated Schedule of Investments

As of March 31, 2022

(Amounts in thousands, except share amounts)

(Unaudited)


Company(1)(4)(8)	Investment	Interest	Maturity Date	Par / Units		Amortized Cost(2)(3)		Fair Value		Percentage of Net Assets
Financial services
Wingspire Capital Holdings LLC(9)(23)(26)(28)(31)	LLC Interest	N/A	N/A		272,288		272,288		308,418		5.3	%
							272,288		308,418		5.3	%
Investment funds and vehicles
ORCC Senior Loan Fund LLC (fka Sebago Lake LLC)(7)(9)(26)(28)(29)(31)	LLC Interest	N/A	N/A		294,339		294,339		288,089		4.9	%
							294,339		288,089		4.9	%
Total controlled/affiliated portfolio company equity investments						$	618,934	$	648,814		11.1	%
Total controlled/affiliated portfolio company investments						$	698,379	$	727,974		12.3	%
Total Investments						$	12,754,584	$	12,756,323		217.4	%

Interest Rate Swaps as of March 31, 2022

Company Receives

Company Pays

Maturity Date

Notional Amount

Hedged Instrument

Footnote Reference

Interest rate swap

5.25%

L + 2.937%

4/10/2024

400,000

2024 Notes

Note 6

Interest rate swap

2.63%

L + 1.655%

1/15/2027

500,000

2027 Notes

Note 6

Total

900,000

________________

(1)

Certain portfolio company investments are subject to contractual restrictions on sales.

(2)

The amortized cost represents the original cost adjusted for the amortization of discounts and premiums, as applicable, on debt investments using the effective interest method.

(3)

As of March 31, 2022, the net estimated unrealized loss for U.S. federal income tax purposes was $117.3 million based on a tax cost basis of $12.9 billion. As of March 31, 2022, the estimated aggregate gross unrealized loss for U.S. federal income tax purposes was $262.1 million and the estimated aggregate gross unrealized gain for U.S. federal income tax purposes was $144.8 million.

(4)

Unless otherwise indicated, all investments are considered Level 3 investments.

(5)

Level 1 investment.

(6)

Level 2 investment.

(7)

Investment measured at net asset value (“NAV”).

(8)

Unless otherwise indicated, the Company’s portfolio companies are pledged as collateral supporting the amounts outstanding under the Revolving Credit Facility, SPV Asset Facilities and CLOs. See Note 6 “Debt”.

(9)

Investment is not pledged as collateral for the credit facilities.

(10)

Loan contains a variable rate structure and may be subject to an interest rate floor. Variable rate loans bear interest at a rate that may be determined by reference to either the London Interbank Offered Rate (“LIBOR” or “L”, which can include one-, three-, six- ot twelve- month LIBOR), Secured Overnight Financing Rate ("SOFR" or "SR," which can include one-, three- or six- month SOFR), Euro Interbank Offered Rate (“EURIBOR” or “E”, which can include three- or six-month EURIBOR), SONIA ("SONIA” or "SA") or an alternate base rate (which can include the Federal Funds Effective Rate or the Prime Rate), at the borrower’s option, and which reset periodically based on the terms of the loan agreement.

(11)

The interest rate on these loans is subject to 1 month LIBOR, which as of March 31, 2022 was 0.45%.

(12)

The interest rate on these loans is subject to 3 month LIBOR, which as of March 31, 2022 was 0.96%.

(13)

The interest rate on these loans is subject to 6 month LIBOR, which as of March 31, 2022 was 1.47%.

(14)

The interest rate on these loans is subject to 12 month LIBOR, which as of March 31, 2022 was 2.10%.

(15)

The interest rate on these loans is subject to 3 month SOFR, which as of March 31, 2022 was 0.67%.

(16)

The interest rate on these loans is subject to 6 month SOFR, which as of March 31, 2022 was 1.07%.

(17)

The interest rate on these loans is subject to Prime, which as of March 31, 2022 was 3.50%.

(18)

The interest rate on this loan is subject to 6 month Canadian Dollar Offered Rate (“CDOR” or “C”), which as of March 31, 2022 was 0.55%.

(19)

The interest rate on this loan is subject to 3 month EURIBOR, which as of March 31, 2022 was (0.46)%.

(20)

The interest rate on this loan is subject to 6 month EURIBOR, which as of March 31, 2022 was (0.37)%.

(21)

The interest rate on this loan is subject to SONIA, which as of March 31, 2022 was 0.69%.

(22)

Contains a fixed-rate structure.

Owl Rock Capital Corporation

Consolidated Schedule of Investments

As of March 31, 2022

(Amounts in thousands, except share amounts)

(Unaudited)

(23)

Position or portion thereof is an unfunded loan or equity commitment. See Note 7 “Commitments and Contingencies”.

(24)

The negative cost is the result of the capitalized discount being greater than the principal amount outstanding on the loan. The negative fair value is the result of the capitalized discount on the loan.

(25)

The date disclosed represents the commitment period of the unfunded term loan. Upon expiration of the commitment period, the funded portion of the term loan may be subject to a longer maturity date.

(26)

As defined in the 1940 Act, the Company is deemed to be both an “Affiliated Person” and has “Control” of this portfolio company as the Company owns more than 25% of the portfolio company’s outstanding voting securities or has the power to exercise control over management or policies of such portfolio company (including through a management agreement). The Company’s investment in affiliates for the three months ended March 31, 2022, were as follows:


($ in thousands)	Fair value as of December 31, 2021		Gross Additions (a)		Gross Reductions(b)			Change in Unrealized Gains (Losses)			Fair value as of March 31, 2022		Interest Income		Dividend Income		Other Income
Controlled Affiliates
ORCC Senior Loan Fund LLC (fka Sebago Lake LLC)(c)	$	247,061	$	44,625	$	—		$	(3,597	)	$	288,089	$	—	$	6,138	$	—
PS Operating Company LLC (fka QC Supply, LLC)		19,495		343		(335	)		(100	)		19,403		285		—		3
Swipe Acquisition Corporation (dba PLI)		108,061		4,069		—			(66	)		112,064		1,488		—		159
Wingspire Capital Holdings LLC		242,163		74,250		—			(7,995	)		308,418		—		9,500		—
Total Controlled Affiliates	$	616,780	$	123,287	$	(335	)	$	(11,758	)	$	727,974	$	1,773	$	15,638	$	162

________________

(a)

Gross additions may include increases in the cost basis of investments resulting from new investments, amounts related to payment-in-kind (“PIK”) interest capitalized and added to the principal balance of the respective loans, the accretion of discounts, the exchange of one or more existing investments for one or more new investments and the movement at fair value of an existing portfolio company into this controlled affiliated category from a different category.

(b)

Gross reductions may include decreases in the cost basis of investments resulting from principal collections related to investment repayments and sales, return of capital, the amortization of premiums and the exchange of one or more existing securities for one or more new securities.

(c)

For further description of the Company's investment in ORCC Senior Loan Fund LLC (fka Sebago Lake LLC), see Note 4 "Investments."

(27)

Represents co-investment made with the Company’s affiliates in accordance with the terms of the exemptive relief that the Company received from the U.S. Securities and Exchange Commission. See Note 3 “Agreements and Related Party Transactions.”

Owl Rock Capital Corporation

Consolidated Schedule of Investments

As of March 31, 2022

(Amounts in thousands, except share amounts)

(Unaudited)

(28)

Securities acquired in transactions exempt from registration under the Securities Act of 1933, as amended (the “Securities Act”) and may be deemed to be “restricted securities” under the Securities Act. As of March 31, 2022, the aggregate fair value of these securities is $1.2 billion or 20.0% of the Company’s net assets. The acquisition dates of the restricted securities are as follows:


Portfolio Company	Investment	Acquisition Date
ASP Conair Holdings LP	Class A Units	May 17, 2021
BCTO WIW Holdings, Inc. (dba When I Work)	Class A Common Stock	November 2, 2021
Blend Labs, Inc.	Warrants	July 2, 2021
Brooklyn Lender Co-Invest 2, L.P. (dba Boomi)	Common Units	October 1, 2021
CD&R Value Building Partners I, L.P. (dba Belron)	LP Interest	December 2, 2021
Denali Holding, LP (dba Summit Companies)	Class A Units	September 15, 2021
Dodge Contruction Network Holdings, L.P.	Series A Preferred Units	February 23, 2022
Dodge Contruction Network Holdings, LP	Class A-2 Common Units	February 23, 2022
Evology LLC	Class B Units	January 24, 2022
Evolution Parent, LP (dba SIAA)	LP Interest	April 30, 2021
Gloves Holdings, LP (dba Protective Industrial Products)	LP Interest	December 29, 2020
GrowthCurve Capital Sunrise Co-Invest LP (dba Brightway)	LP Interest	December 16, 2021
Hercules Buyer, LLC (dba The Vincit Group)	Common Units	December 15, 2020
H-Food Holdings, LLC	LLC Interest	November 23, 2018
KOBHG Holdings, L.P. (dba OB Hospitalist)	Class A Interests	September 27, 2021
KPCI Holdings, L.P.	Class A Units	November 30, 2020
Maia Aggregator, LP	Class A-2 Units	February 1, 2022
MessageBird Holding B.V.	Extended Series C Warrants	May 5, 2021
Metis HoldCo, Inc. (dba Mavis Tire Express Services)	Series A Convertible Preferred Stock	May 4, 2021
Minerva Holdco, Inc.	Series A Preferred Stock	February 15, 2022
New PLI Holdings, LLC (dba PLI)	Class A Common Units	December 23, 2020
ORCC Senior Loan Fund LLC (fka Sebago Lake LLC)*	LLC Interest	June 20, 2017
Patriot Holdings SCSp (dba Corza Health, Inc.)	Class A Units	January 29, 2021
Patriot Holdings SCSp (dba Corza Health, Inc.)	Class B Units	January 29, 2021
PCF Holdco, LLC (dba PCF Insurance Services)	Class A Units	November 1, 2021
PCF Holdco, LLC (dba PCF Insurance Services)	Class A Warrants	October 29, 2021
PS Op Holdings LLC (fka QC Supply, LLC)	Class A Common Units	December 21, 2021
Rhea Acquisition Holdings, LP	Series A-2 Units	February 18, 2022
Space Exploration Technologies Corp.	Class A Common Stock	March 25, 2021
Space Exploration Technologies Corp.	Class C Common Stock	March 25, 2021
Sunshine Software Holdings, Inc. (dba Cornerstone OnDemand, Inc.)	Series A Preferred Stock	October 14, 2021
Thunder Topco L.P. (dba Vector Solutions)	Common Units	June 30, 2021
VEPF Torreys Aggregator, LLC (dba MINDBODY, Inc.)	Series A Preferred Stock	October 15, 2021
Windows Entities	LLC Units	January 16, 2020
Wingspire Capital Holdings LLC**	LLC Interest	September 24, 2019
WMC Bidco, Inc. (dba West Monroe)	Senior Preferred Stock	November 9, 2021

* Refer to Note 4 “Investments – ORCC Senior Loan Fund LLC,” for further information.

** Refer to Note 3 “Agreements and Related Party Transactions – Controlled/Affiliated Portfolio Companies”.

(29)

This portfolio company is not a qualifying asset under Section 55(a) of the Investment Company Act of 1940, as amended (the “1940 Act”). Under the 1940 Act, the Company may not acquire any non-qualifying asset unless, at the time such acquisition is made, qualifying assets represent at least 70% of total assets. As of March 31, 2022, non-qualifying assets represented 10.7% of total assets as calculated in accordance with the regulatory requirements.

(30)

Loan was on non-accrual status as of March 31, 2022.

(31)

Investment is non-income producing.

(32)

Investment represents multiple underlying investments, including Midwest Custom Windows, LLC, Greater Toronto Custom Windows, Corp., Garden State Custom Windows, LLC, Long Island Custom Windows, LLC, Jemico, LLC and Atlanta Custom Windows, LLC. Greater Toronto Custom Windows, Corp. is considered a non-qualifying asset, with a fair value of $8.0 million as of March 31, 2022.

(33)

We invest in this portfolio company through underlying blocker entities Hercules Blocker 1 LLC, Hercules Blocker 2 LLC, Hercules Blocker 3 LLC, Hercules Blocker 4 LLC, and Hercules Blocker 5 LLC.

The accompanying notes are an integral part of these consolidated financial statements.

Owl Rock Capital Corporation

Consolidated Schedule of Investments

As of December 31, 2021

(Amounts in thousands, except share amounts)


Company(1)(4)(7)	Investment	Interest	Maturity Date	Par / Units		Amortized Cost(2)(3)			Fair Value			Percentage of Net Assets
Non-controlled/non-affiliated portfolio company investments
Debt Investments
Advertising and media
Global Music Rights, LLC(9)(12)(25)	First lien senior secured loan	L + 5.75%	8/28/2028		7,500		7,356			7,350			0.1	%
Global Music Rights, LLC(9)(21)(22)(25)	First lien senior secured revolving loan	L + 5.75%	8/27/2027		—		(13	)		(13	)		—	%
					7,500		7,343			7,337			0.1	%
Aerospace and defense
Aviation Solutions Midco, LLC (dba STS Aviation)(9)(12)(25)	First lien senior secured loan	L + 7.25%	1/3/2025		214,643		212,314			202,838			3.4	%
Peraton Corp.(9)(10)(25)	Second lien senior secured loan	L + 7.75%	2/1/2029		47,500		46,840			47,263			0.8	%
Valence Surface Technologies LLC(9)(13)(25)	First lien senior secured loan	L + 6.75% (incl. 1.00% PIK)	6/28/2025		121,823		120,674			110,249			1.9	%
Valence Surface Technologies LLC(9)(12)(21)(25)	First lien senior secured revolving loan	L + 6.75% (incl. 1.00% PIK)	6/28/2025		9,984		9,897			9,031			0.2	%
					393,950		389,725			369,381			6.3	%
Buildings and real estate
Associations, Inc.(9)(12)(25)	First lien senior secured loan	L + 6.50% (incl. 2.50% PIK)	7/2/2027		452,630		448,461			448,102			7.5	%
Associations, Inc.(9)(21)(22)(25)	First lien senior secured revolving loan	L + 6.50%	7/2/2027		—		(302	)		(329	)		—	%
Dodge Data & Analytics LLC(9)(12)(25)	First lien senior secured loan	L + 7.50%	4/14/2026		32,561		31,987			33,538			0.6	%
Dodge Data & Analytics LLC(9)(21)(22)(25)	First lien senior secured revolving loan	L + 7.50%	4/14/2026		—		(32	)		-			—	%
REALPAGE, INC.(9)(10)(25)	Second lien senior secured loan	L + 6.50%	4/23/2029		34,500		34,017			34,897			0.6	%
Reef Global Acquisition LLC (fka Cheese Acquisition, LLC)(9)(13)(25)	First lien senior secured loan	L + 6.00% (incl. 1.25% PIK)	11/28/2024		134,585		133,921			128,528			2.2	%
Imperial Parking Canada(9)(16)(25)	First lien senior secured loan	C + 6.00% (incl. 1.25% PIK)	11/28/2024		27,966		26,705			26,707			0.4	%
Reef Global Acquisition LLC (fka Cheese Acquisition, LLC)(9)(10)(21)(25)	First lien senior secured revolving loan	L + 4.75%	11/28/2023		10,987		10,982			10,251			0.2	%
					693,229		685,739			681,694			11.5	%

Owl Rock Capital Corporation

Consolidated Schedule of Investments

As of December 31, 2021

(Amounts in thousands, except share amounts)


Company(1)(4)(7)	Investment	Interest	Maturity Date	Par / Units		Amortized Cost(2)(3)			Fair Value			Percentage of Net Assets
Business services
Access CIG, LLC(9)(10)(25)	Second lien senior secured loan	L + 7.75%	2/27/2026		58,760		58,343			58,466			1.0	%
CIBT Global, Inc.(9)(12)(25)(28)	First lien senior secured loan	L + 5.25% (incl. 4.25% PIK)	6/3/2024		856		629			531			—	%
CIBT Global, Inc.(9)(14)(25)(28)	Second lien senior secured loan	L + 7.75% (incl. 6.75% PIK)	12/1/2025		63,678		26,745			15,919			0.3	%
Denali BuyerCo, LLC (dba Summit Companies)(9)(12)(25)	First lien senior secured loan	L + 6.00%	9/15/2028		51,393		50,665			50,879			0.9	%
Denali BuyerCo, LLC (dba Summit Companies)(9)(12)(21)(23)(25)	First lien senior secured delayed draw term loan	L + 6.00%	9/15/2023		2,003		1,927			1,983			—	%
Denali BuyerCo, LLC (dba Summit Companies)(9)(21)(22)(25)	First lien senior secured revolving loan	L + 6.00%	9/15/2027		—		(34	)		(36	)		—	%
Diamondback Acquisition, Inc. (dba Sphera)(9)(10)(25)	First lien senior secured loan	L + 5.50%	9/13/2028		5,407		5,302			5,298			0.1	%
Diamondback Acquisition, Inc. (dba Sphera)(9)(21)(22)(23)(25)	First lien senior secured delayed draw term loan	L + 5.50%	9/13/2023		—		(10	)		(11	)		—	%
Entertainment Benefits Group, LLC(9)(11)(25)	First lien senior secured loan	L + 8.25% (incl. 2.50% PIK)	9/30/2025		83,600		82,795			79,838			1.3	%
Entertainment Benefits Group, LLC(9)(21)(22)(25)	First lien senior secured revolving loan	L + 8.25% (incl. 2.50% PIK)	9/30/2024		—		(91	)		(504	)		—	%
Gainsight, Inc.(9)(12)(25)	First lien senior secured loan	L + 6.75% PIK	7/30/2027		19,547		19,231			19,254			0.3	%
Gainsight, Inc.(9)(21)(22)(25)	First lien senior secured revolving loan	L + 6.00%	7/30/2027		—		(55	)		(50	)		—	%
Hercules Borrower, LLC (dba The Vincit Group)(9)(12)(25)	First lien senior secured loan	L + 6.50%	12/15/2026		178,693		176,397			178,693			3.0	%
Hercules Borrower, LLC (dba The Vincit Group)(9)(21)(22)(25)	First lien senior secured revolving loan	L + 6.50%	12/15/2026		—		(259	)		—			—	%
Hercules Buyer, LLC (dba The Vincit Group)(20)(25)(31)	Unsecured notes	0.48% PIK	12/14/2029		5,135		5,135			5,135			0.1	%
KPSKY Acquisition, Inc. (dba BluSky)(9)(10)(25)	First lien senior secured loan	L + 5.50%	10/19/2028		4,476		4,389			4,386			0.1	%
KPSKY Acquisition, Inc. (dba BluSky)(9)(15)(21)(23)(25)	First lien senior secured delayed draw term loan	P + 4.50%	10/19/2023		256		248			248			—	%
					473,804		431,357			420,029			7.1	%

Owl Rock Capital Corporation

Consolidated Schedule of Investments

As of December 31, 2021

(Amounts in thousands, except share amounts)


Company(1)(4)(7)	Investment	Interest	Maturity Date	Par / Units		Amortized Cost(2)(3)			Fair Value			Percentage of Net Assets
Chemicals
Aruba Investments Holdings LLC (dba Angus Chemical Company)(9)(13)(25)	Second lien senior secured loan	L + 7.75%	11/24/2028		10,000		9,867			10,000			0.2	%
Douglas Products and Packaging Company LLC(9)(12)(25)	First lien senior secured loan	L + 5.75%	10/19/2022		106,179		105,952			105,117			1.8	%
Douglas Products and Packaging Company LLC(9)(15)(21)(25)	First lien senior secured revolving loan	P + 4.75%	10/19/2022		5,147		5,135			5,056			0.1	%
Gaylord Chemical Company, L.L.C.(9)(12)(25)	First lien senior secured loan	L + 6.50%	3/30/2027		152,645		151,277			151,882			2.6	%
Gaylord Chemical Company, L.L.C.(9)(21)(22)(25)	First lien senior secured revolving loan	L + 6.50%	3/30/2026		—		(112	)		(66	)		—	%
Velocity HoldCo III Inc. (dba VelocityEHS)(9)(12)(25)	First lien senior secured loan	L + 5.75%	4/22/2027		22,215		21,763			21,771			0.4	%
Velocity HoldCo III Inc. (dba VelocityEHS)(9)(21)(22)(25)	First lien senior secured revolving loan	L + 5.75%	4/22/2026		—		(26	)		(27	)		—	%
					296,186		293,856			293,733			5.1	%
Consumer products
ConAir Holdings LLC(9)(12)(25)	Second lien senior secured loan	L + 7.50%	5/17/2029		187,500		186,174			187,500			3.2	%
Feradyne Outdoors, LLC(9)(12)(25)	First lien senior secured loan	L + 6.25%	5/25/2023		86,956		86,671			86,956			1.5	%
Lignetics Investment Corp.(9)(12)(25)	First lien senior secured loan	L + 6.00%	11/1/2027		31,373		30,989			30,980			0.5	%
Lignetics Investment Corp.(9)(21)(22)(23)(25)	First lien senior secured delayed draw term loan	L + 6.00%	11/1/2023		—		(48	)		(49	)		—	%
Lignetics Investment Corp.(9)(12)(21)(25)	First lien senior secured revolving loan	L + 6.00%	11/2/2026		784		727			725			—	%
WU Holdco, Inc. (dba Weiman Products, LLC)(9)(12)(25)	First lien senior secured loan	L + 5.50%	3/26/2026		190,078		187,304			190,078			3.2	%
WU Holdco, Inc. (dba Weiman Products, LLC)(9)(21)(22)(23)(25)	First lien senior secured delayed draw term loan	L + 5.50%	5/21/2022		—		(129	)		—			—	%
WU Holdco, Inc. (dba Weiman Products, LLC)(9)(12)(21)(25)	First lien senior secured revolving loan	L + 5.50%	3/26/2025		5,762		5,529			5,762			0.1	%
					502,453		497,217			501,952			8.5	%

Owl Rock Capital Corporation

Consolidated Schedule of Investments

As of December 31, 2021

(Amounts in thousands, except share amounts)


Company(1)(4)(7)	Investment	Interest	Maturity Date	Par / Units		Amortized Cost(2)(3)			Fair Value			Percentage of Net Assets
Containers and packaging
Ascend Buyer, LLC (dba PPC Flexible Packaging)(9)(12)(25)	First lien senior secured loan	L + 5.75%	10/2/2028		5,554		5,500			5,498			0.1	%
Ascend Buyer, LLC (dba PPC Flexible Packaging)(9)(12)(21)(25)	First lien senior secured revolving loan	L + 5.75%	9/30/2027		94		89			88			—	%
Fortis Solutions Group, LLC(9)(12)(25)	First lien senior secured loan	L + 5.50%	10/13/2028		3,324		3,259			3,257			0.1	%
Fortis Solutions Group, LLC(9)(21)(22)(23)(25)	First lien senior secured delayed draw term loan	L + 5.50%	10/13/2023		—		(13	)		(13	)		—	%
Fortis Solutions Group, LLC(9)(21)(22)(25)	First lien senior secured revolving loan	L + 5.50%	10/15/2027		—		(9	)		(9	)		—	%
Pregis Topco LLC(9)(12)(25)	Second lien senior secured loan	L + 6.95%	8/1/2029		160,000		157,467			160,000			2.7	%
					168,972		166,293			168,821			2.9	%
Distribution
ABB/Con-cise Optical Group LLC(9)(10)	First lien senior secured loan	L + 5.00%	6/15/2023		74,831		74,484			74,456			1.3	%
ABB/Con-cise Optical Group LLC(9)(10)	Second lien senior secured loan	L + 9.00%	6/17/2024		25,000		24,705			24,875			0.4	%
Aramsco, Inc.(9)(10)(25)	First lien senior secured loan	L + 5.25%	8/28/2024		55,899		55,224			55,899			0.9	%
Aramsco, Inc.(9)(21)(22)(25)	First lien senior secured revolving loan	L + 5.25%	8/28/2024		—		(93	)		—			—	%
Endries Acquisition, Inc.(9)(12)(25)	First lien senior secured loan	L + 6.25%	12/10/2025		200,163		197,994			200,163			3.4	%
Individual Foodservice Holdings, LLC(9)(12)(25)	First lien senior secured loan	L + 6.25%	11/21/2025		140,861		138,813			140,156			2.4	%
Individual Foodservice Holdings, LLC(9)(13)(21)(23)(25)	First lien senior secured delayed draw term loan	L + 6.25%	6/30/2022		28,084		27,594			27,909			0.5	%
Individual Foodservice Holdings, LLC(9)(10)(21)(25)	First lien senior secured revolving loan	L + 6.25%	11/22/2024		959		690			851			—	%
Offen, Inc.(9)(10)(25)	First lien senior secured loan	L + 5.00%	6/22/2026		19,582		19,450			19,582			0.3	%
					545,379		538,861			543,891			9.2	%

Owl Rock Capital Corporation

Consolidated Schedule of Investments

As of December 31, 2021

(Amounts in thousands, except share amounts)


Company(1)(4)(7)	Investment	Interest	Maturity Date	Par / Units		Amortized Cost(2)(3)			Fair Value			Percentage of Net Assets
Education
Learning Care Group (US) No. 2 Inc.(9)(12)(25)	Second lien senior secured loan	L + 7.50%	3/13/2026		26,967		26,663			26,293			0.4	%
Pluralsight, LLC(9)(13)(25)	First lien senior secured loan	L + 8.00%	4/6/2027		99,450		98,526			98,455			1.7	%
Pluralsight, LLC(9)(21)(22)(25)	First lien senior secured revolving loan	L + 8.00%	4/6/2027		—		(55	)		(62	)		—	%
					126,417		125,134			124,686			2.1	%
Financial services
AxiomSL Group, Inc.(9)(12)(25)	First lien senior secured loan	L + 6.00%	12/3/2027		202,775		200,614			201,254			3.4	%
AxiomSL Group, Inc.(9)(21)(22)(23)(25)	First lien senior secured delayed draw term loan	L + 6.00%	7/21/2023		—		(39	)		—			—	%
AxiomSL Group, Inc.(9)(21)(22)(25)	First lien senior secured revolving loan	L + 6.00%	12/3/2025		—		(190	)		(137	)		—	%
Blackhawk Network Holdings, Inc.(9)(10)(25)	Second lien senior secured loan	L + 7.00%	6/15/2026		106,400		105,763			106,400			1.8	%
Blend Labs, Inc.(9)(12)(25)	First lien senior secured loan	L + 7.50%	7/1/2026		67,500		65,988			66,150			1.1	%
Blend Labs, Inc.(9)(21)(22)(25)	First lien senior secured revolving loan	L + 7.50%	7/1/2026		—		(67	)		(150	)		—	%
Hg Genesis 8 Sumoco Limited(9)(19)(25)(27)	Unsecured facility	S + 7.50% PIK	8/28/2025		47,207		46,102			47,207			0.8	%
Hg Saturn Luchaco Limited(9)(19)(25)(27)	Unsecured facility	S + 7.50% PIK	3/30/2026		133,862		135,510			132,523			2.2	%
Muine Gall, LLC(8)(9)(13)(25)(27)	First lien senior secured loan	L + 7.00% PIK	9/20/2024		239,896		240,229			239,896			4.0	%
NMI Acquisitionco, Inc. (dba Network Merchants)(9)(10)(25)	First lien senior secured loan	L + 5.75%	9/8/2025		25,313		25,158			25,148			0.4	%
NMI Acquisitionco, Inc. (dba Network Merchants)(9)(10)(21)(23)(25)	First lien senior secured delayed draw term loan	L + 5.75%	10/2/2023		4,978		4,877			4,945			0.1	%
NMI Acquisitionco, Inc. (dba Network Merchants)(9)(21)(22)(25)	First lien senior secured revolving loan	L + 5.75%	9/8/2025		—		(18	)		(11	)		—	%
					827,931		823,927			823,225			13.8	%

Owl Rock Capital Corporation

Consolidated Schedule of Investments

As of December 31, 2021

(Amounts in thousands, except share amounts)


Company(1)(4)(7)	Investment	Interest	Maturity Date	Par / Units		Amortized Cost(2)(3)			Fair Value			Percentage of Net Assets
Food and beverage
Balrog Acquisition, Inc. (dba BakeMark)(9)(13)(25)	Second lien senior secured loan	L + 7.00%	9/3/2029		22,000		21,821			21,815			0.4	%
BP Veraison Buyer, LLC (dba Sun World)(9)(11)(25)	First lien senior secured loan	L + 5.75%	5/12/2027		69,381		68,596			68,687			1.2	%
BP Veraison Buyer, LLC (dba Sun World)(9)(21)(22)(23)(25)	First lien senior secured delayed draw term loan	L + 5.75%	5/12/2023		—		(32	)		—			—	%
BP Veraison Buyer, LLC (dba Sun World)(9)(21)(22)(25)	First lien senior secured revolving loan	L + 5.75%	5/12/2027		—		(97	)		(87	)		—	%
H-Food Holdings, LLC(9)(10)(25)	Second lien senior secured loan	L + 7.00%	3/2/2026		121,800		119,919			121,800			2.1	%
Hometown Food Company(9)(10)(25)	First lien senior secured loan	L + 5.00%	8/31/2023		15,947		15,830			15,787			0.3	%
Hometown Food Company(9)(21)(22)(25)	First lien senior secured revolving loan	L + 5.00%	8/31/2023		—		(28	)		(42	)		—	%
Nellson Nutraceutical, LLC(9)(12)(25)	First lien senior secured loan	L + 5.25%	12/23/2023		27,280		26,586			26,735			0.5	%
Nutraceutical International Corporation(9)(10)(25)	First lien senior secured loan	L + 7.00%	9/30/2026		211,824		209,206			207,587			3.5	%
Nutraceutical International Corporation(9)(10)(25)	First lien senior secured revolving loan	L + 7.00%	9/30/2025		13,578		13,426			13,307			0.2	%
Recipe Acquisition Corp. (dba Roland Corporation)(9)(12)	Second lien senior secured loan	L + 9.00%	12/1/2022		32,000		31,881			30,080			0.5	%
Sara Lee Frozen Bakery, LLC (fka KSLB Holdings, LLC)(9)(10)(25)	First lien senior secured loan	L + 4.50%	7/30/2025		43,860		43,377			41,668			0.7	%
Sara Lee Frozen Bakery, LLC (fka KSLB Holdings, LLC)(9)(15)(21)(22)(25)	First lien senior secured revolving loan	P + 3.50%	7/30/2023		300		236			(150	)		—	%
Shearer's Foods, LLC(9)(10)(25)	Second lien senior secured loan	L + 7.75%	9/22/2028		120,000		118,973			120,000			2.0	%
Tall Tree Foods, Inc.(9)(10)	First lien senior secured loan	L + 7.25%	8/12/2022		39,684		39,609			40,477			0.7	%
Ultimate Baked Goods Midco, LLC(9)(11)(25)	First lien senior secured loan	L + 6.25%	8/13/2027		82,053		80,108			80,003			1.3	%
Ultimate Baked Goods Midco, LLC(9)(13)(21)(25)	First lien senior secured revolving loan	L + 6.25%	8/13/2027		5,222		4,989			4,973			0.1	%
					804,929		794,400			792,640			13.5	%

Owl Rock Capital Corporation

Consolidated Schedule of Investments

As of December 31, 2021

(Amounts in thousands, except share amounts)


Company(1)(4)(7)	Investment	Interest	Maturity Date	Par / Units		Amortized Cost(2)(3)			Fair Value			Percentage of Net Assets
Healthcare equipment and services
Medline Intermediate, LP(9)(21)(22)(25)	First lien senior secured revolving loan	L + 3.25%	10/21/2026		—		(155	)		(162	)		—	%
Nelipak Holding Company(9)(12)(25)	First lien senior secured loan	L + 4.25%	7/2/2026		24,760		24,419			24,450			0.4	%
Nelipak Holding Company(9)(12)(21)(25)	First lien senior secured revolving loan	L + 4.25%	7/2/2024		3,082		3,008			2,990			0.1	%
Nelipak Holding Company(9)(21)(22)(25)	First lien senior secured revolving loan	E + 4.50%	7/2/2024		—		(261	)		(94	)		—	%
Nelipak Holding Company(9)(12)(25)	Second lien senior secured loan	L + 8.25%	7/2/2027		67,006		66,237			66,336			1.1	%
Nelipak Holding Company(9)(17)(25)	Second lien senior secured loan	E + 8.50%	7/2/2027		68,346		66,496			67,321			1.1	%
Packaging Coordinators Midco, Inc.(9)(12)(25)	Second lien senior secured loan	L + 7.00%	11/30/2028		196,044		192,494			192,123			3.2	%
Patriot Acquisition TopCo S.A.R.L (dba Corza Health, Inc.) (9)(12)(25)	First lien senior secured loan	L + 6.75%	1/31/2028		136,736		134,627			135,027			2.3	%
Patriot Acquisition TopCo S.A.R.L (dba Corza Health, Inc.) (9)(21)(22)(25)	First lien senior secured revolving loan	L + 6.75%	1/29/2026		—		(229	)		(169	)		—	%
					495,974		486,636			487,822			8.2	%
Healthcare providers and services
KS Management Services, L.L.C.(9)(13)(25)	First lien senior secured loan	L + 4.25%	1/9/2026		122,500		121,420			122,500			2.1	%
National Dentex Labs LLC (fka Barracuda Dental LLC)(9)(12)(25)	First lien senior secured loan	L + 7.00%	10/3/2025		70,723		69,731			70,192			1.2	%
National Dentex Labs LLC (fka Barracuda Dental LLC)(9)(12)(21)(23)(25)	First lien senior secured delayed draw term loan	L + 7.00%	3/31/2022		35,582		35,166			35,315			0.6	%
National Dentex Labs LLC (fka Barracuda Dental LLC)(9)(12)(21)(25)	First lien senior secured revolving loan	L + 7.00%	10/3/2025		3,044		2,853			2,974			0.1	%
OB Hospitalist Group, Inc.(9)(12)(25)	First lien senior secured loan	L + 5.50%	9/27/2027		116,855		114,603			114,518			1.9	%
OB Hospitalist Group, Inc.(9)(10)(21)(25)	First lien senior secured revolving loan	L + 5.50%	9/27/2027		1,616		1,326			1,313			—	%
Ex Vivo Parent Inc. (dba OB Hospitalist)(9)(12)(25)	First lien senior secured loan	L + 9.50% PIK	9/27/2028		57,810		56,685			56,654			1.0	%
Phoenix Newco, Inc. (dba Parexel)(9)(10)(25)	Second lien senior secured loan	L + 6.50%	11/15/2029		190,000		188,123			188,100			3.2	%
Premier Imaging, LLC (dba LucidHealth)(9)(10)(25)	First lien senior secured loan	L + 5.25%	1/2/2025		42,998		42,517			42,675			0.7	%
Quva Pharma, Inc.(9)(12)(25)	First lien senior secured loan	L + 5.50%	4/12/2028		39,900		38,802			38,803			0.7	%
Quva Pharma, Inc.(9)(21)(22)(25)	First lien senior secured revolving loan	L + 5.50%	4/10/2026		—		(103	)		(110	)		—	%

Owl Rock Capital Corporation

Consolidated Schedule of Investments

As of December 31, 2021

(Amounts in thousands, except share amounts)


Company(1)(4)(7)	Investment	Interest	Maturity Date	Par / Units		Amortized Cost(2)(3)			Fair Value			Percentage of Net Assets
Refresh Parent Holdings, Inc.(9)(12)(25)	First lien senior secured loan	L + 6.50%	12/9/2026		88,973		87,832			88,306			1.5	%
Refresh Parent Holdings, Inc.(9)(12)(21)(23)(25)	First lien senior secured delayed draw term loan	L + 6.50%	6/9/2022		28,463		28,098			28,243			0.5	%
Refresh Parent Holdings, Inc.(9)(12)(21)(25)	First lien senior secured revolving loan	L + 6.50%	12/9/2026		3,879		3,746			3,799			0.1	%
TC Holdings, LLC (dba TrialCard)(9)(12)(25)	First lien senior secured loan	L + 4.50%	11/14/2023		73,081		72,560			73,081			1.2	%
TC Holdings, LLC (dba TrialCard)(9)(21)(22)(25)	First lien senior secured revolving loan	L + 4.50%	11/14/2022		—		(27	)		—			—	%
					875,424		863,332			866,363			14.8	%
Healthcare technology
BCPE Osprey Buyer, Inc. (dba PartsSource)(9)(13)(25)	First lien senior secured loan	L + 5.75%	8/23/2028		114,052		112,307			112,227			1.9	%
BCPE Osprey Buyer, Inc. (dba PartsSource)(9)(21)(22)(23)(25)	First lien senior secured delayed draw term loan	L + 5.75%	8/23/2023		—		(269	)		(133	)		—	%
BCPE Osprey Buyer, Inc. (dba PartsSource)(9)(21)(22)(25)	First lien senior secured revolving loan	L + 5.75%	8/21/2026		—		(190	)		(190	)		—	%
Bracket Intermediate Holding Corp.(9)(12)(25)	First lien senior secured loan	L + 4.25%	9/5/2025		516		487			514			—	%
Bracket Intermediate Holding Corp.(9)(12)(25)	Second lien senior secured loan	L + 8.13%	9/7/2026		26,250		25,896			26,119			0.4	%
GI Ranger Intermediate, LLC (dba Rectangle Health)(9)(12)(25)	First lien senior secured loan	L + 6.00%	10/30/2028		4,017		3,938			3,937			0.1	%
GI Ranger Intermediate, LLC (dba Rectangle Health)(9)(21)(22)(23)(25)	First lien senior secured delayed draw term loan	L + 6.00%	10/30/2023		—		(6	)		(6	)		—	%
GI Ranger Intermediate, LLC (dba Rectangle Health)(9)(21)(22)(25)	First lien senior secured revolving loan	L + 6.00%	10/29/2027		—		(7	)		(7	)		—	%
Inovalon Holdings, Inc.(9)(12)(25)	First lien senior secured loan	L + 5.75%	11/24/2028		177,727		173,336			173,283			2.9	%
Inovalon Holdings, Inc.(9)(21)(22)(23)(25)	First lien senior secured delayed draw term loan	L + 5.75%	5/24/2024		—		(234	)		(237	)		—	%
Inovalon Holdings, Inc.(9)(12)(25)	Second lien senior secured loan	L + 10.50% PIK	11/24/2033		84,661		82,975			82,967			1.4	%
Intelerad Medical Systems Incorporated (fka 11849573 Canada Inc.)(9)(12)(25)(27)	First lien senior secured loan	L + 6.25%	8/21/2026		115,684		114,517			115,395			1.9	%
Intelerad Medical Systems Incorporated (fka 11849573 Canada Inc.)(9)(12)(21)(25)(27)	First lien senior secured revolving loan	L + 6.25%	8/21/2026		2,983		2,944			2,972			0.1	%

Owl Rock Capital Corporation

Consolidated Schedule of Investments

As of December 31, 2021

(Amounts in thousands, except share amounts)


Company(1)(4)(7)	Investment	Interest	Maturity Date	Par / Units		Amortized Cost(2)(3)			Fair Value		Percentage of Net Assets
Interoperability Bidco, Inc.(9)(13)(25)	First lien senior secured loan	L + 5.75%	6/25/2026		75,270		74,616			75,270		1.3	%
Interoperability Bidco, Inc.(9)(21)(22)(25)	First lien senior secured revolving loan	L + 5.75%	6/25/2024		—		(25	)		-		—	%
					601,160		590,285			592,111		10.0	%
Household products
HGH Purchaser, Inc. (dba Horizon Services)(9)(12)(25)	First lien senior secured loan	L + 5.75%	11/3/2025		108,230		106,916			107,418		1.8	%
HGH Purchaser, Inc. (dba Horizon Services)(9)(11)(21)(23)(25)	First lien senior secured delayed draw term loan	L + 5.75%	2/10/2023		33,699		33,376			33,429		0.6	%
HGH Purchaser, Inc. (dba Horizon Services)(9)(12)(21)(25)	First lien senior secured revolving loan	L + 5.75%	11/3/2025		2,689		2,596			2,616		—	%
Walker Edison Furniture Company LLC(9)(12)(25)	First lien senior secured loan	L + 8.75% (incl. 3.00% PIK)	3/31/2027		84,258		84,258			80,047		1.3	%
					228,876		227,146			223,510		3.7	%
Human resource support services
Cornerstone OnDemand, Inc.(9)(13)(25)	Second lien senior secured loan	L + 6.50%	10/15/2029		115,833		114,128			114,096		1.9	%
IG Investments Holdings, LLC (dba Insight Global)(9)(12)(25)	First lien senior secured loan	L + 6.00%	9/22/2028		50,898		49,915			50,008		0.8	%
IG Investments Holdings, LLC (dba Insight Global)(9)(12)(21)(25)	First lien senior secured revolving loan	L + 6.00%	9/22/2027		1,987		1,911			1,917		—	%
					168,718		165,954			166,021		2.7	%
Infrastructure and environmental services
FR Arsenal Holdings II Corp. (dba Applied-Cleveland Holdings, Inc.)(9)(13)	First lien senior secured loan	L + 7.50%	9/8/2022		118,253		118,545			112,932		1.9	%
LineStar Integrity Services LLC(9)(13)(25)	First lien senior secured loan	L + 7.25%	2/12/2024		82,714		82,413			72,788		1.2	%
					200,967		200,958			185,720		3.1	%

Owl Rock Capital Corporation

Consolidated Schedule of Investments

As of December 31, 2021

(Amounts in thousands, except share amounts)


Company(1)(4)(7)	Investment	Interest	Maturity Date	Par / Units		Amortized Cost(2)(3)			Fair Value			Percentage of Net Assets
Insurance
Alera Group, Inc.(9)(10)(25)	First lien senior secured loan	L + 5.50%	10/2/2028		43,036		42,097			42,068			0.7	%
Alera Group, Inc.(9)(10)(21)(23)(25)	First lien senior secured delayed draw term loan	L + 5.50%	10/2/2023		11,825		11,560			11,554			0.2	%
Ardonagh Midco 3 PLC(9)(13)(25)(27)	First lien senior secured USD delayed draw term loan	L + 5.50%	7/14/2026		26,784		26,269			26,784			0.5	%
Ardonagh Midco 3 PLC(9)(18)(25)(27)	First lien senior secured loan	E + 6.75%	7/14/2026		10,388		10,013			10,388			0.2	%
Ardonagh Midco 3 PLC(9)(19)(25)(27)	First lien senior secured GBP term loan	S + 6.75%	7/14/2026		117,374		106,703			117,374			2.0	%
Ardonagh Midco 3 PLC(9)(21)(23)(25)(27)	First lien senior secured GBP delayed draw term loan	L + 5.50%	8/19/2023		—		—			—			—	%
Ardonagh Midco 2 PLC(20)(25)(27)	Unsecured notes	12.75% PIK	1/15/2027		10,527		10,451			11,620			0.2	%
Brightway Holdings, LLC(9)(12)(25)	First lien senior secured loan	L + 6.50%	12/16/2027		26,842		26,509			26,507			0.4	%
Brightway Holdings, LLC(9)(21)(22)	First lien senior secured revolving loan	L + 6.50%	12/16/2027		—		(39	)		(39	)		—	%
Evolution BuyerCo, Inc. (dba SIAA)(9)(12)(25)	First lien senior secured loan	L + 6.25%	4/28/2028		143,150		141,253			141,360			2.4	%
Evolution BuyerCo, Inc. (dba SIAA)(9)(21)(22)(25)	First lien senior secured revolving loan	L + 6.25%	4/30/2027		—		(135	)		(134	)		—	%
Integrity Marketing Acquisition, LLC(9)(13)(25)	First lien senior secured loan	L + 5.75%	8/27/2025		218,876		216,446			218,876			3.7	%
Integrity Marketing Acquisition, LLC(9)(21)(22)(25)	First lien senior secured revolving loan	L + 5.75%	8/27/2025		—		(135	)		-			—	%
Norvax, LLC (dba GoHealth)(9)(12)(25)	First lien senior secured loan	L + 6.50%	9/15/2025		77,376		75,139			77,763			1.3	%
Norvax, LLC (dba GoHealth)(9)(10)(21)(25)	First lien senior secured revolving loan	L + 6.50%	9/13/2024		9,511		9,412			9,511			0.2	%
Peter C. Foy & Associates Insurance Services, LLC (dba PCF Insurance Services)(9)(12)(25)	First lien senior secured loan	L + 6.00%	11/1/2028		108,430		107,368			107,347			1.8	%
Peter C. Foy & Associates Insurance Services, LLC (dba PCF Insurance Services)(9)(13)(21)(23)(25)	First lien senior secured delayed draw term loan	L + 6.00%	5/1/2023		19,143		18,953			18,952			0.3	%
Peter C. Foy & Associates Insurance Services, LLC (dba PCF Insurance Services)(9)(21)(22)(25)	First lien senior secured revolving loan	L + 6.00%	11/1/2027		—		(60	)		(62	)		—	%
PCF Midco II, LLC (dba PCF Insurance Services)(20)(25)	First lien senior secured loan	9.00% PIK	10/31/2031		118,693		107,530			107,418			1.8	%
TEMPO BUYER CORP. (dba Global Claims Services)(9)(12)(25)	First lien senior secured loan	L + 5.50%	8/28/2028		1,089		1,068			1,067			—	%
TEMPO BUYER CORP. (dba Global Claims Services)(9)(21)(22)(23)(25)	First lien senior secured delayed draw term loan	L + 5.50%	8/26/2023		—		(3	)		(3	)		—	%
TEMPO BUYER CORP. (dba Global Claims Services)(9)(21)(22)(25)	First lien senior secured revolving loan	L + 5.50%	8/28/2028		—		(3	)		(3	)		—	%

Owl Rock Capital Corporation

Consolidated Schedule of Investments

As of December 31, 2021

(Amounts in thousands, except share amounts)


Company(1)(4)(7)	Investment	Interest	Maturity Date	Par / Units		Amortized Cost(2)(3)			Fair Value			Percentage of Net Assets
THG Acquisition, LLC (dba Hilb)(9)(12)(25)	First lien senior secured loan	L + 5.75%	12/2/2026		75,513		74,093			74,569			1.3	%
THG Acquisition, LLC (dba Hilb)(9)(21)(22)(25)	First lien senior secured revolving loan	L + 5.75%	12/2/2025		—		(151	)		(107	)		—	%
USRP Holdings, Inc. (dba U.S. Retirement and Benefits Partners)(9)(12)(25)	First lien senior secured loan	L + 5.50%	7/23/2027		39,087		38,349			38,306			0.6	%
USRP Holdings, Inc. (dba U.S. Retirement and Benefits Partners)(9)(12)(21)(22)(25)	First lien senior secured revolving loan	L + 5.50%	7/23/2027		71		(8	)		(14	)		—	%
KUSRP Intermediate, Inc. (dba U.S. Retirement and Benefits Partners)(9)(12)(25)	First lien senior secured loan	9.50% PIK	7/24/2028		31,237		30,655			30,612			0.5	%
					1,088,952		1,053,334			1,071,714			18.1	%
Internet software and services
3ES Innovation Inc. (dba Aucerna)(9)(12)(25)(27)	First lien senior secured loan	L + 6.75%	5/13/2025		61,259		60,718			60,340			1.0	%
3ES Innovation Inc. (dba Aucerna)(9)(21)(22)(25)(27)	First lien senior secured revolving loan	L + 6.75%	5/13/2025		—		(27	)		(58	)		—	%
Accela, Inc.(9)(10)	First lien senior secured loan	L + 7.50% (incl. 4.25% PIK)	9/30/2024		23,990		23,818			23,990			0.4	%
Accela, Inc.(9)(21)	First lien senior secured revolving loan	L + 7.00%	9/30/2024		—		—			—			—	%
Apptio, Inc.(9)(13)(25)	First lien senior secured loan	L + 7.25%	1/10/2025		50,916		50,179			50,916			0.9	%
Apptio, Inc.(9)(12)(21)(25)	First lien senior secured revolving loan	L + 7.25%	1/10/2025		1,112		1,084			1,112			—	%
Bayshore Intermediate #2, L.P. (dba Boomi)(9)(12)(25)	First lien senior secured loan	L + 7.75% PIK	10/2/2028		82,962		81,145			81,095			1.4	%
Bayshore Intermediate #2, L.P. (dba Boomi)(9)(21)(22)(25)	First lien senior secured revolving loan	L + 6.75%	10/1/2027		—		(149	)		(156	)		—	%
BCPE Nucleon (DE) SPV, LP(9)(13)(25)	First lien senior secured loan	L + 7.00%	9/24/2026		189,778		187,355			188,829			3.2	%
BCTO BSI Buyer, Inc. (dba Buildertrend)(9)(12)(25)	First lien senior secured loan	L + 7.00%	12/23/2026		44,643		44,258			44,420			0.7	%
BCTO BSI Buyer, Inc. (dba Buildertrend)(9)(12)(21)(25)	First lien senior secured revolving loan	L + 7.00%	12/23/2026		3,018		2,973			2,991			0.1	%
Centrify Corporation(9)(12)(25)	First lien senior secured loan	L + 5.75%	3/2/2028		66,903		65,383			65,564			1.1	%
Centrify Corporation(9)(21)(22)(25)	First lien senior secured revolving loan	L + 5.75%	3/2/2027		—		(173	)		(136	)		—	%

Owl Rock Capital Corporation

Consolidated Schedule of Investments

As of December 31, 2021

(Amounts in thousands, except share amounts)


Company(1)(4)(7)	Investment	Interest	Maturity Date	Par / Units		Amortized Cost(2)(3)			Fair Value			Percentage of Net Assets
CivicPlus, LLC(9)(12)(25)	First lien senior secured loan	L + 6.00%	8/24/2027		14,236		14,101			14,094			0.2	%
CivicPlus, LLC(9)(21)(23)(25)	First lien senior secured delayed draw term loan	L + 6.00%	8/24/2023		—		—			—			—	%
CivicPlus, LLC(9)(21)(22)(25)	First lien senior secured revolving loan	L + 6.00%	8/24/2027		—		(13	)		(13	)		—	%
Delta TopCo, Inc. (dba Infoblox, Inc.)(9)(12)(25)	Second lien senior secured loan	L + 7.25%	12/1/2028		15,000		14,934			15,000			0.3	%
EET Buyer, Inc. (dba e-Emphasys)(9)(12)(25)	First lien senior secured loan	L + 5.75%	11/8/2027		4,545		4,501			4,500			0.1	%
EET Buyer, Inc. (dba e-Emphasys)(9)(21)(22)(25)	First lien senior secured revolving loan	L + 5.75%	11/8/2027		—		(4	)		(5	)		—	%
Forescout Technologies, Inc.(9)(12)(25)	First lien senior secured loan	L + 9.50% PIK	8/17/2026		54,811		54,119			54,811			0.9	%
Forescout Technologies, Inc.(9)(21)(22)(25)	First lien senior secured revolving loan	L + 8.50%	8/18/2025		—		(68	)		-			—	%
Genesis Acquisition Co. (dba Procare Software)(9)(12)(25)	First lien senior secured loan	L + 4.00%	7/31/2024		18,129		17,961			17,630			0.3	%
Genesis Acquisition Co. (dba Procare Software)(9)(12)(25)	First lien senior secured revolving loan	L + 4.00%	7/31/2024		2,637		2,614			2,564			—	%
GovBrands Intermediate, Inc.(9)(12)(25)	First lien senior secured loan	L + 5.50%	8/4/2027		10,658		10,407			10,392			0.2	%
GovBrands Intermediate, Inc.(9)(10)(21)(23)(25)	First lien senior secured delayed draw term loan	L + 5.50%	8/4/2023		2,404		2,333			2,330			—	%
GovBrands Intermediate, Inc.(9)(21)(22)(25)	First lien senior secured revolving loan	L + 5.50%	8/4/2027		—		(18	)		(20	)		—	%
Granicus, Inc.(9)(12)(25)	First lien senior secured loan	L + 6.50%	1/29/2027		13,495		13,211			13,259			0.2	%
Granicus, Inc.(9)(12)(21)(23)(25)	First lien senior secured delayed draw term loan	L + 6.50%	1/30/2023		1,535		1,498			1,501			—	%
Granicus, Inc.(9)(21)(22)(25)	First lien senior secured revolving loan	L + 6.50%	1/29/2027		—		(24	)		(21	)		—	%
H&F Opportunities LUX III S.À R.L (dba Checkmarx)(9)(13)(25)(27)	First lien senior secured loan	L + 7.50%	4/16/2026		51,567		50,388			51,567			0.9	%
H&F Opportunities LUX III S.À R.L (dba Checkmarx)(9)(21)(22)(25)(27)	First lien senior secured revolving loan	L + 7.50%	4/16/2026		—		(348	)		-			—	%
Hyland Software, Inc.(9)(10)(25)	Second lien senior secured loan	L + 6.25%	7/7/2025		15,482		15,468			15,579			0.3	%

Owl Rock Capital Corporation

Consolidated Schedule of Investments

As of December 31, 2021

(Amounts in thousands, except share amounts)


Company(1)(4)(7)	Investment	Interest	Maturity Date	Par / Units		Amortized Cost(2)(3)			Fair Value			Percentage of Net Assets
IQN Holding Corp. (dba Beeline)(9)(13)(25)	First lien senior secured loan	L + 5.50%	8/20/2024		150,639		149,528			150,639			2.5	%
IQN Holding Corp. (dba Beeline)(9)(21)(22)(25)	First lien senior secured revolving loan	L + 5.50%	8/21/2023		—		(111	)		-			—	%
Litera Bidco LLC(9)(10)(25)	First lien senior secured loan	L + 5.87%	5/29/2026		154,049		152,423			154,049			2.6	%
Litera Bidco LLC(9)(10)(21)(23)(25)	First lien senior secured delayed draw term loan	L + 6.00%	10/29/2022		1,998		1,943			1,998			—	%
Litera Bidco LLC(9)(21)(22)(25)	First lien senior secured revolving loan	L + 5.75%	5/29/2026		—		(44	)		-			—	%
MessageBird BidCo B.V.(9)(12)(25)(27)	First lien senior secured loan	L + 6.75%	4/29/2027		77,000		75,447			75,460			1.3	%
MINDBODY, Inc.(9)(13)(25)	First lien senior secured loan	L + 8.50% (incl. 1.50% PIK)	2/14/2025		67,127		66,713			67,127			1.1	%
MINDBODY, Inc.(9)(21)(22)(25)	First lien senior secured revolving loan	L + 7.00%	2/14/2025		—		(32	)		-			—	%
Ministry Brands Holdings, LLC(9)(12)(25)	First lien senior secured loan	L + 5.50%	12/29/2028		706		692			692			—	%
Ministry Brands Holdings, LLC(9)(21)(22)(23)(25)	First lien senior secured delayed draw term loan	L + 5.50%	12/27/2023		—		(2	)		(2	)		—	%
Ministry Brands Holdings, LLC(9)(21)(22)(25)	First lien senior secured revolving loan	L + 5.50%	12/27/2027		—		(1	)		(1	)		—	%
Proofpoint, Inc.(9)(12)(25)	Second lien senior secured loan	L + 6.25%	8/31/2029		19,600		19,505			19,502			0.3	%
QAD, Inc.(9)(11)(25)	First lien senior secured loan	L + 6.00%	11/5/2027		26,571		26,051			26,040			0.4	%
QAD, Inc.(9)(21)(22)(25)	First lien senior secured revolving loan	L + 6.00%	11/5/2027		—		(67	)		(69	)		—	%
Tahoe Finco, LLC(9)(12)(25)(27)	First lien senior secured loan	L + 6.00%	9/29/2028		123,255		122,057			121,777			2.1	%
Tahoe Finco, LLC(9)(21)(22)(25)(27)	First lien senior secured revolving loan	L + 6.00%	10/1/2027		—		(89	)		(111	)		—	%
Thunder Purchaser, Inc. (dba Vector Solutions)(9)(12)(25)	First lien senior secured loan	L + 5.75%	6/30/2028		64,802		64,189			64,357			1.1	%
Thunder Purchaser, Inc. (dba Vector Solutions)(9)(21)(22)(23)(25)	First lien senior secured delayed draw term loan	L + 5.75%	8/17/2023		—		—			(41	)		—	%
Thunder Purchaser, Inc. (dba Vector Solutions)(9)(21)(22)(25)	First lien senior secured revolving loan	L + 5.75%	6/30/2027		—		(35	)		(29	)		—	%

Owl Rock Capital Corporation

Consolidated Schedule of Investments

As of December 31, 2021

(Amounts in thousands, except share amounts)


Company(1)(4)(7)	Investment	Interest	Maturity Date	Par / Units		Amortized Cost(2)(3)			Fair Value			Percentage of Net Assets
When I Work, Inc.(9)(12)(25)	First lien senior secured loan	L + 6.00%	11/2/2027		4,932		4,884			4,883			0.1	%
When I Work, Inc.(9)(21)(22)(25)	First lien senior secured revolving loan	L + 6.00%	11/2/2027		—		(9	)		(9	)		—	%
					1,419,759		1,400,666			1,408,337			23.7	%
Leisure and entertainment
Troon Golf, L.L.C.(9)(12)(25)	First lien senior secured loan	L + 6.00%	8/5/2027		283,073		281,736			281,659			4.7	%
Troon Golf, L.L.C.(9)(21)(22)(25)	First lien senior secured revolving loan	L + 6.00%	8/5/2026		—		(99	)		(108	)		—	%
					283,073		281,637			281,551			4.7	%
Manufacturing
Gloves Buyer, Inc. (dba Protective Industrial Products)(9)(10)(25)	Second lien senior secured loan	L + 8.25%	12/29/2028		29,250		28,584			28,884			0.5	%
Ideal Tridon Holdings, Inc.(9)(12)(25)	First lien senior secured loan	L + 5.25%	7/31/2024		53,209		52,784			53,209			0.9	%
Ideal Tridon Holdings, Inc.(9)(10)(21)(25)	First lien senior secured revolving loan	L + 5.25%	7/31/2023		1,800		1,782			1,800			—	%
MHE Intermediate Holdings, LLC (dba OnPoint Group)(9)(12)(25)	First lien senior secured loan	L + 5.75%	7/21/2027		160,321		158,816			158,718			2.7	%
MHE Intermediate Holdings, LLC (dba OnPoint Group)(9)(12)(21)(23)(25)	First lien senior secured delayed draw term loan	L + 5.75%	7/21/2023		13,420		13,291			13,286			0.2	%
MHE Intermediate Holdings, LLC (dba OnPoint Group)(9)(21)(22)(25)	First lien senior secured revolving loan	L + 5.75%	7/21/2027		—		(144	)		(155	)		—	%
PHM Netherlands Midco B.V. (dba Loparex)(9)(12)(25)	First lien senior secured loan	L + 4.50%	7/31/2026		786		738			782			—	%
PHM Netherlands Midco B.V. (dba Loparex)(9)(10)(25)	Second lien senior secured loan	L + 8.75%	7/30/2027		112,000		105,916			110,600			1.9	%
Safety Products/JHC Acquisition Corp. (dba Justrite Safety Group)(9)(10)(25)	First lien senior secured loan	L + 4.50%	6/28/2026		13,923		13,829			12,948			0.2	%
Sonny's Enterprises LLC(9)(10)(25)	First lien senior secured loan	L + 6.75%	8/5/2026		232,258		228,600			232,258			3.9	%
Sonny's Enterprises LLC(9)(10)(21)(25)	First lien senior secured revolving loan	L + 6.75%	8/5/2025		2,567		2,309			2,567			—	%
					619,534		606,505			614,897			10.3	%

Owl Rock Capital Corporation

Consolidated Schedule of Investments

As of December 31, 2021

(Amounts in thousands, except share amounts)


Company(1)(4)(7)	Investment	Interest	Maturity Date	Par / Units		Amortized Cost(2)(3)			Fair Value			Percentage of Net Assets
Oil and gas
Black Mountain Sand Eagle Ford LLC(9)(12)(25)	First lien senior secured loan	L + 8.25%	8/17/2022		4,808		4,808			4,808			0.1	%
Project Power Buyer, LLC (dba PEC-Veriforce)(9)(12)(25)	First lien senior secured loan	L + 6.00%	5/14/2026		45,091		44,664			45,091			0.8	%
Project Power Buyer, LLC (dba PEC-Veriforce)(9)(21)(22)(25)	First lien senior secured revolving loan	L + 6.00%	5/14/2025		—		(22	)		—			—	%
Zenith Energy U.S. Logistics Holdings, LLC(9)(12)(25)	First lien senior secured loan	L + 5.50%	12/20/2024		64,476		63,728			64,476			1.1	%
					114,375		113,178			114,375			2.0	%
Professional services
AmSpec Group, Inc. (fka AmSpec Services Inc.)(9)(12)(25)	First lien senior secured loan	L + 5.75%	7/2/2024		110,265		109,296			109,713			1.8	%
AmSpec Group, Inc. (fka AmSpec Services Inc.)(9)(15)(21)(25)	First lien senior secured revolving loan	P + 3.75%	7/2/2024		3,796		3,691			3,724			0.1	%
Apex Group Treasury, LLC(9)(12)(25)(27)	Second lien senior secured loan	L + 6.75%	7/27/2029		19,000		18,817			18,810			0.3	%
Apex Group Treasury, LLC(9)(21)(23)(25)(27)	Second lien senior secured delayed draw term loan	L + 6.75%	6/30/2022		—		—			—			—	%
Gerson Lehrman Group, Inc.(9)(13)(25)	First lien senior secured loan	L + 5.25%	12/12/2024		151,895		151,062			151,895			2.6	%
Gerson Lehrman Group, Inc.(9)(21)(22)(25)	First lien senior secured revolving loan	L + 5.25%	12/12/2024		—		(105	)		—			—	%
Guidehouse Inc.(9)(10)(25)	First lien senior secured loan	L + 5.50%	10/16/2028		4,649		4,604			4,603			0.1	%
Guidehouse Inc.(9)(21)(25)	First lien senior secured revolving loan	L + 5.50%	10/15/2027		—		—			(4	)		—	%
Relativity ODA LLC(9)(10)(25)	First lien senior secured loan	L + 7.50% PIK	5/12/2027		77,263		76,255			76,297			1.3	%
Relativity ODA LLC(9)(21)(22)(25)	First lien senior secured revolving loan	L + 6.50%	5/12/2027		—		(98	)		(92	)		—	%
					366,868		363,522			364,946			6.2	%
Specialty retail
Galls, LLC(9)(12)(25)	First lien senior secured loan	L + 6.75% (incl. 0.50% PIK)	1/31/2025		104,742		103,983			98,458			1.7	%
Galls, LLC(9)(12)(21)(25)	First lien senior secured revolving loan	L + 6.75%	1/31/2024		11,943		11,624			9,999			0.2	%

Owl Rock Capital Corporation

Consolidated Schedule of Investments

As of December 31, 2021

(Amounts in thousands, except share amounts)


Company(1)(4)(7)	Investment	Interest	Maturity Date	Par / Units		Amortized Cost(2)(3)			Fair Value			Percentage of Net Assets
Milan Laser Holdings LLC(9)(12)(25)	First lien senior secured loan	L + 5.00%	4/27/2027		24,299		24,080			24,117			0.4	%
Milan Laser Holdings LLC(9)(21)(22)(25)	First lien senior secured revolving loan	L + 5.00%	4/27/2026		—		(18	)		(16	)		—	%
Notorious Topco, LLC (dba Beauty Industry Group)(9)(12)(25)	First lien senior secured loan	L + 6.50%	11/22/2027		110,460		108,827			108,803			1.8	%
Notorious Topco, LLC (dba Beauty Industry Group)(9)(21)(22)(23)(25)	First lien senior secured delayed draw term loan	L + 6.50%	11/23/2023		—		(98	)		(40	)		—	%
Notorious Topco, LLC (dba Beauty Industry Group)(9)(12)(21)(25)	First lien senior secured revolving loan	L + 6.50%	5/24/2027		1,596		1,455			1,453			—	%
The Shade Store, LLC(9)(12)(25)	First lien senior secured loan	L + 6.00%	10/13/2027		9,091		8,981			8,977			0.2	%
The Shade Store, LLC(9)(21)(22)(25)	First lien senior secured revolving loan	L + 6.00%	10/13/2026		—		(11	)		(11	)		—	%
					262,131		258,823			251,740			4.3	%
Transportation
Lazer Spot G B Holdings, Inc.(9)(12)(25)	First lien senior secured loan	L + 5.75%	12/9/2025		144,064		142,314			144,064			2.4	%
Lazer Spot G B Holdings, Inc.(9)(21)(22)(25)	First lien senior secured revolving loan	L + 5.75%	12/9/2025		—		(304	)		—			—	%
Lytx, Inc.(9)(10)(25)	First lien senior secured loan	L + 6.75%	2/28/2026		71,733		70,839			71,195			1.2	%
Motus Group, LLC(9)(12)(25)	Second lien senior secured loan	L + 6.50%	12/10/2029		10,810		10,702			10,702			0.2	%
					226,607		223,551			225,961			3.8	%
Total non-controlled/non-affiliated portfolio company debt investments				$	11,793,168	$	11,589,379		$	11,582,457			195.7	%

Owl Rock Capital Corporation

Consolidated Schedule of Investments

As of December 31, 2021

(Amounts in thousands, except share amounts)


Company(1)(4)(7)	Investment	Interest	Maturity Date	Par / Units		Amortized Cost(2)(3)		Fair Value		Percentage of Net Assets
Equity Investments
Aerospace and defense
Space Exploration Technologies Corp.(25)(26)(29)	Class A Common Stock	N/A	N/A		3,232		1,557		1,810		—	%
Space Exploration Technologies Corp.(25)(26)(29)	Class C Common Stock	N/A	N/A		936		446		524		—	%
							2,003		2,334		—	%
Automotive
CD&R Value Building Partners I, L.P.(25)(26)(27)(29)	LP Interest	N/A	N/A		33,000		33,065		33,000		0.6	%
Metis HoldCo, Inc. (dba Mavis Tire Express Services)(20)(25)(26)	Series A Convertible Preferred Stock	7.00% PIK	N/A		149,692		151,894		155,888		2.6	%
							184,959		188,888		3.2	%
Buildings and real estate
Skyline Holdco B, Inc. (dba Dodge Data & Analytics)(25)(26)(29)	Series A Preferred Stock	N/A	N/A		2,181,629		3,272		3,612		0.1	%
							3,272		3,612		0.1	%
Business services
Denali Holding LP (dba Summit Companies)(25)(26)(29)	Class A Units	N/A	N/A		313,850		3,136		3,136		0.1	%
Hercules Buyer, LLC (dba The Vincit Group)(25)(26)(29)(31)	Common Units	N/A	N/A		2,190,000		2,192		2,192		—	%
							5,328		5,328		0.1	%
Consumer Products
ASP Conair Holdings LP(25)(26)(29)	Class A Units	N/A	N/A		60,714		6,071		6,071		0.1	%
							6,071		6,071		0.1	%
Financial services
Blend Labs, Inc.(25)(26)(29)	Common Stock	N/A	N/A		72,317		1,000		515		—	%
Blend Labs, Inc.(25)(26)(29)	Warrants	N/A	N/A		179,529		975		380		—	%
							1,975		895		—	%

Owl Rock Capital Corporation

Consolidated Schedule of Investments

As of December 31, 2021

(Amounts in thousands, except share amounts)


Company(1)(4)(7)	Investment	Interest	Maturity Date	Par / Units		Amortized Cost(2)(3)		Fair Value		Percentage of Net Assets
Food and beverage
H-Food Holdings, LLC(25)(26)(29)	LLC Interest	N/A	N/A		10,875		10,875		13,633		0.2	%
							10,875		13,633		0.2	%
Healthcare equipment and services
KPCI Holdings, LP(25)(26)(29)	Class A Units	N/A	N/A		30,425		32,285		37,331		0.6	%
Patriot Holdings SCSp (dba Corza Health, Inc.)(20)(25)(26)	Class A Units	8.00% PIK	N/A		7,104		7,633		7,633		0.1	%
Patriot Holdings SCSp (dba Corza Health, Inc.)(25)(26)(29)	Class B Units	N/A	N/A		97,833		18		1,109		—	%
							39,936		46,073		0.7	%
Healthcare providers and services
KOBHG Holdings, L.P. (dba OB Hospitalist)(25)(26)(29)	Class A Interests	N/A	N/A		6,670		6,670		6,670		0.1	%
Restore OMH Intermediate Holdings, Inc.(20)(25)(26)	Senior Preferred Stock	13.00% PIK	N/A		2,616		25,566		25,506		0.4	%
							32,236		32,176		0.5	%
Human resource support services
Sunshine Software Holdings, Inc. (dba Cornerstone OnDemand, Inc.)(20)(25)(26)	Series A Preferred Stock	10.50% PIK	N/A		38,500		38,401		38,380		0.6	%
							38,401		38,380		0.6	%
Insurance
Evolution Parent, LP (dba SIAA)(25)(26)(29)	LP Interest	N/A	N/A		42,838		4,284		4,284		0.1	%
GrowthCurve Capital Sunrise Co-Invest LP(25)(26)(29)	LP Interest	N/A	N/A		632		633		632		—	%
Norvax, LLC (dba GoHealth)(5)(25)(29)	Common Stock	N/A	N/A		1,021,885		5,232		3,873		0.1	%
PCF Holdco, LLC (dba PCF Insurance Services)(25)(26)(29)	Class A Units	N/A	N/A		11,028		27,968		27,968		0.5	%
PCF Holdco, LLC (dba PCF Insurance Services)(25)(26)(29)	Class A Warrants	N/A	N/A		3,744		9,496		9,496		0.2	%
							47,613		46,253		0.9	%

Owl Rock Capital Corporation

Consolidated Schedule of Investments

As of December 31, 2021

(Amounts in thousands, except share amounts)


Company(1)(4)(7)	Investment	Interest	Maturity Date	Par / Units		Amortized Cost(2)(3)		Fair Value		Percentage of Net Assets
Internet and software services
BCTO WIW Holdings, Inc. (dba When I Work)(25)(26)(29)	Class A Common Stock	N/A	N/A		13		1,300		1,300		—	%
Brooklyn Lender Co-Invest 2, L.P.(25)(26)(29)	Common Units	N/A	N/A		7,503,843		7,504		7,504		0.1	%
MessageBird Holding B.V.(25)(26)(27)(29)	Extended Series C Warrants	N/A	N/A		122,890		753		753		—	%
Thunder Topco L.P. (dba Vector Solutions)(25)(26)(29)	Common Units	N/A	N/A		3,829,614		3,830		4,519		0.1	%
VEPF Torreys Aggregator, LLC (dba MINDBODY, Inc.)(20)(25)(26)	Series A Preferred Stock	6.00% PIK	N/A		21,500		21,250		21,250		0.4	%
							34,637		35,326		0.6	%
Manufacturing
Gloves Holdings, LP (dba Protective Industrial Products)(25)(26)(29)	LP Interest	N/A	N/A		3,250		3,250		3,640		0.1	%
Windows Entities(25)(26)(27)(29)(30)	LLC Units	N/A	N/A		31,826		56,944		103,561		1.7	%
							60,194		107,201		1.8	%
Professional services
WMC Bidco, Inc.(20)(25)(26)	Senior Preferred Stock	11.25% PIK	N/A		16,692		16,247		16,233		0.3	%
							16,247		16,233		0.3	%
Total non-controlled/non-affiliated portfolio company equity investments						$	483,747	$	542,403		9.1	%
Total non-controlled/non-affiliated portfolio company investments						$	12,073,126	$	12,124,860		204.8	%

Owl Rock Capital Corporation

Consolidated Schedule of Investments

As of December 31, 2021

(Amounts in thousands, except share amounts)


Company(1)(4)(7)	Investment	Interest	Maturity Date	Par / Units		Amortized Cost(2)(3)		Fair Value		Percentage of Net Assets
Controlled/affiliated portfolio company investments
Debt Investments
Advertising and media
Swipe Acquisition Corporation (dba PLI)(9)(12)(24)(25)	First lien senior secured loan	L + 8.00%	6/29/2024		50,044		49,316		49,419		0.8	%
Swipe Acquisition Corporation (dba PLI)(9)(12)(21)(23)(24)(25)	First lien senior secured delayed draw term loan	L + 8.00%	12/30/2022		10,899		10,899		10,635		0.2	%
Swipe Acquisition Corporation (dba PLI)(9)(21)(24)(25)	Letter of Credit	L + 8.00%	6/29/2024		—		3		—		—	%
					60,943		60,218		60,054		1.0	%
Distribution
PS Operating Company LLC (fka QC Supply, LLC)(9)(12)(24)	First lien senior secured loan	L + 6.00%	12/31/2024		13,241		12,979		12,976		0.2	%
PS Operating Company LLC (fka QC Supply, LLC)(9)(12)(21)(24)	First lien senior secured revolving loan	L + 6.00%	12/31/2024		2,319		2,171		2,219		—	%
					15,560		15,150		15,195		0.2	%
Total controlled/affiliated portfolio company debt investments				$	76,503	$	75,368	$	75,249		1.2	%

Equity Investments
Advertising and media
New PLI Holdings, LLC(24)(25)(26)(29)	Class A Common Units	N/A	N/A		86,745		48,007		48,007		0.8	%
							48,007		48,007		0.8	%
Distribution
PS Op Holdings LLC(24)(26)(29)	Class A Common Units	N/A	N/A		248,271		4,300		4,300		0.1	%
							4,300		4,300		0.1	%

Owl Rock Capital Corporation

Consolidated Schedule of Investments

As of December 31, 2021

(Amounts in thousands, except share amounts)


Company(1)(4)(7)	Investment	Interest	Maturity Date	Par / Units		Amortized Cost(2)(3)		Fair Value		Percentage of Net Assets
Financial services
Wingspire Capital Holdings LLC(8)(21)(24)(26)	LLC Interest	N/A	N/A		198,038		198,038		242,163		4.1	%
							198,038		242,163		4.1	%
Investment funds and vehicles
ORCC Senior Loan Fund LLC (fka Sebago Lake LLC)(6)(8)(24)(26)(27)	LLC Interest	N/A	N/A		249,714		249,714		247,061		4.2	%
							249,714		247,061		4.2	%
Total controlled/affiliated portfolio company equity investments						$	500,059	$	541,531		9.2	%
Total controlled/affiliated portfolio company investments						$	575,427	$	616,780		10.4	%
Total Investments						$	12,648,553	$	12,741,640		215.2	%

Interest Rate Swaps as of December 31, 2021

Company Receives

Company Pays

Maturity Date

Notional Amount

Hedged Instrument

Footnote Reference

Interest rate swap

5.25%

L + 2.937%

4/10/2024

400,000

2024 Notes

Note 6

Interest rate swap

2.63%

L + 1.655%

1/15/2027

500,000

2027 Notes

Note 6

Total

900,000

________________

(1)

Certain portfolio company investments are subject to contractual restrictions on sales.

(2)

The amortized cost represents the original cost adjusted for the amortization of discounts and premiums, as applicable, on debt investments using the effective interest method.

(3)

As of December 31, 2021, the net estimated unrealized loss for U.S. federal income tax purposes was $36.8 million based on a tax cost basis of $12.8 billion. As of December 31, 2021, the estimated aggregate gross unrealized loss for U.S. federal income tax purposes was $217.6 million and the estimated aggregate gross unrealized gain for U.S. federal income tax purposes was $180.8 million.

(4)

Unless otherwise indicated, all investments are considered Level 3 investments.

(5)

Level 1 investment.

(6)

Investment measured at net asset value (“NAV”).

(7)

(8)

Investment is not pledged as collateral for the credit facilities.

(9)

Loan contains a variable rate structure and may be subject to an interest rate floor. Variable rate loans bear interest at a rate that may be determined by reference to either the London Interbank Offered Rate (“LIBOR” or “L”, which can include one-, two-, three- or six-month LIBOR), Euro Interbank Offered Rate (“EURIBOR” or “E”, which can include one-, two-, three- or six-month EURIBOR), SONIA (“SONIA” or “S”), or an alternate base rate (which can include the Federal Funds Effective Rate or the Prime Rate), at the borrower’s option, and which reset periodically based on the terms of the loan agreement.

(10)

The interest rate on these loans is subject to 1 month LIBOR, which as of December 31, 2021 was 0.10%.

(11)

The interest rate on these loans is subject to 2 month LIBOR, which as of December 31, 2021 was 0.15%.

(12)

The interest rate on these loans is subject to 3 month LIBOR, which as of December 31, 2021 was 0.21%.

(13)

The interest rate on these loans is subject to 6 month LIBOR, which as of December 31, 2021 was 0.34%.

(14)

The interest rate on these loans is subject to 12 month LIBOR, which as of December 31, 2021 was 0.58%.

(15)

The interest rate on these loans is subject to Prime, which as of December 31, 2021 was 3.25%.

(16)

The interest rate on this loan is subject to 3 month Canadian Dollar Offered Rate (“CDOR” or “C”), which as of December 31, 2021 was 0.52%.

(17)

The interest rate on this loan is subject to 3 month EURIBOR, which as of December 31, 2021 was (0.57)%.

(18)

The interest rate on this loan is subject to 6 month EURIBOR, which as of December 31, 2021 was (0.55)%.

(19)

The interest rate on this loan is subject to SONIA, which as of December 31, 2021 was 0.26%.

(20)

Contains a fixed-rate structure.

(21)

Position or portion thereof is an unfunded loan or equity commitment. See Note 7 “Commitments and Contingencies”.

(22)

(23)

The date disclosed represents the commitment period of the unfunded term loan. Upon expiration of the commitment period, the funded portion of the term loan may be subject to a longer maturity date.

Owl Rock Capital Corporation

Consolidated Schedule of Investments

As of December 31, 2021

(Amounts in thousands, except share amounts)

(24)


($ in thousands)	Fair value as of December 31, 2020		Gross Additions (a)		Gross Reductions(b)			Change in Unrealized Gains (Losses)			Fair value as of December 31, 2021		Interest Income		Dividend Income		Other Income
Controlled Affiliates
ORCC Senior Loan Fund LLC (fka Sebago Lake LLC)(c)	$	105,546	$	168,001	$	(26,125	)	$	(362	)	$	247,061	$	—	$	14,394	$	—
PS Operating Company LLC (fka QC Supply, LLC)		—		20,440		(994	)		49			19,495		34		—		—
Swipe Acquisition Corporation (dba PLI)		99,297		8,495		—			269			108,061		5,497		—		643
Wingspire Capital Holdings LLC		67,538		277,500		(147,000	)		44,125			242,163		—		6,000		—
Total Controlled Affiliates	$	272,381	$	474,436	$	(174,119	)	$	44,081		$	616,780	$	5,531	$	20,394	$	643

(a)

(b)

(c)

For further description of the Company's investment in ORCC Senior Loan Fund LLC (fka Sebago Lake LLC), see Note 4 "Investments."

(25)

(26)

Securities acquired in transactions exempt from registration under the Securities Act of 1933, as amended (the “Securities Act”) and may be deemed to be “restricted securities” under the Securities Act. As of December 31, 2021, the aggregate fair value of these securities is $1.1 billion or 18.3% of the Company’s net assets. The acquisition dates of the restricted securities are as follows:


Portfolio Company	Investment	Acquisition Date
ASP Conair Holdings LP	Class A Units	May 17, 2021
BCTO WIW Holdings, Inc. (dba When I Work)	Class A Common Stock	November 2, 2021
Blend Labs, Inc.	Common Stock	February 24, 2021
Blend Labs, Inc.	Warrants	July 2, 2021
Brooklyn Lender Co-Invest 2, L.P.	Common Units	October 1, 2021
CD&R Value Building Partners I, L.P.	LP Interest	December 2, 2021
Denali Holding LP (dba Summit Companies)	Class A Units	September 15, 2021
Evolution Parent, LP (dba SIAA)	LP Interest	April 30, 2021
KOBHG Holdings, L.P. (dba OB Hospitalist)	Class A Interests	September 27, 2021
Gloves Holdings, LP (dba Protective Industrial Products)	LP Interest	December 29, 2020
GrowthCurve Capital Sunrise Co-Invest LP	LP Interest	December 16, 2021
Hercules Buyer, LLC (dba The Vincit Group)	Common Units	December 15, 2020
H-Food Holdings, LLC	LLC Interest	November 23, 2018
KPCI Holdings, LP	Class A Units	November 30, 2020
MessageBird Holding B.V.	Extended Series C Warrants	May 5, 2021
Metis HoldCo, Inc. (dba Mavis Tire Express Services)	Series A Convertible Preferred Stock	May 4, 2021
New PLI Holdings, LLC	Class A Common Units	December 23, 2020
ORCC Senior Loan Fund LLC (fka Sebago Lake LLC)	LLC Interest	June 20, 2017
Patriot Holdings SCSp (dba Corza Health, Inc.)	Class A Units	January 29, 2021
Patriot Holdings SCSp (dba Corza Health, Inc.)	Class B Units	January 29, 2021
PCF Holdco, LLC (dba PCF Insurance Services)	Class A Units	November 1, 2021
PCF Holdco, LLC (dba PCF Insurance Services)	Class A Warrants	October 29, 2021
PS Op Holdings LLC	Class A Common Units	December 21, 2021
Restore OMH Intermediate Holdings, Inc.	Senior Preferred Stock	December 9, 2020
Skyline Holdco B, Inc. (dba Dodge Data & Analytics)	Series A Preferred Stock	April 14, 2021
Space Exploration Technologies Corp.	Class A Common Stock	March 25, 2021
Space Exploration Technologies Corp.	Class C Common Stock	March 25, 2021
Sunshine Software Holdings, Inc. (dba Cornerstone OnDemand, Inc.)	Series A Preferred Stock	October 14, 2021
Thunder Topco L.P. (dba Vector Solutions)	Common Units	June 30, 2021
VEPF Torreys Aggregator, LLC (dba MINDBODY, Inc.)	Series A Preferred Stock	October 15, 2021
Windows Entities	LLC Units	January 16, 2020
Wingspire Capital Holdings LLC	LLC Interest	September 24, 2019
WMC Bidco, Inc.	Senior Preferred Stock	November 9, 2021

* Refer to Note 4 “Investments – ORCC Senior Loan Fund LLC,” for further information.

Owl Rock Capital Corporation

Consolidated Schedule of Investments

As of December 31, 2021

(Amounts in thousands, except share amounts)

** Refer to Note 3 “Agreements and Related Party Transactions – Controlled/Affiliated Portfolio Companies”.

(27)

This portfolio company is not a qualifying asset under Section 55(a) of the Investment Company Act of 1940, as amended (the “1940 Act”). Under the 1940 Act, the Company may not acquire any non-qualifying asset unless, at the time such acquisition is made, qualifying assets represent at least 70% of total assets. As of December 31, 2021, non-qualifying assets represented 9.9% of total assets as calculated in accordance with the regulatory requirements.

(28)

Loan was on non-accrual status as of December 31, 2021.

(29)

Investment is non-income producing.

(30)

(31)

We invest in this portfolio company through underlying blocker entities Hercules Blocker 1 LLC, Hercules Blocker 2 LLC, Hercules Blocker 3 LLC, Hercules Blocker 4 LLC, and Hercules Blocker 5 LLC.

The accompanying notes are an integral part of these consolidated financial statements.

Owl Rock Capital Corporation

Consolidated Statements of Changes in Net Assets

(Amounts in thousands)

(Unaudited)


	For the Three Months Ended March 31,
	2022			2021
Increase (Decrease) in Net Assets Resulting from Operations
Net investment income (loss)	$	122,356		$	102,655
Net change in unrealized gain (loss)		(82,187	)		52,879
Net realized gain (loss)		3,817			2,311
Net Increase (Decrease) in Net Assets Resulting from Operations		43,986			157,845
Distributions
Distributions declared from earnings(1)		(122,320	)		(121,335	)
Net Decrease in Net Assets Resulting from Shareholders' Distributions		(122,320	)		(121,335	)
Capital Share Transactions
Reinvestment of distributions		11,951			19,144
Net Increase (Decrease) in Net Assets Resulting from Capital Share Transactions		11,951			19,144
Total Increase (Decrease) in Net Assets		(66,383	)		55,654
Net Assets, at beginning of period		5,937,877			5,746,434
Net Assets, at end of period	$	5,871,494		$	5,802,088

________________

(1)

For the three months ended March 31, 2022 and 2021, distributions declared from earnings were derived from net investment income and capital gains.

The accompanying notes are an integral part of these consolidated financial statements.

Owl Rock Capital Corporation

Consolidated Statements of Cash Flows

(Amounts in thousands)

(Unaudited)


	For the Three Months Ended March 31,
	2022			2021
Cash Flows from Operating Activities
Net Increase (Decrease) in Net Assets Resulting from Operations	$	43,986		$	157,845
Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash used in operating activities:
Purchases of investments, net		(675,361	)		(952,642	)
Proceeds from investments and investment repayments, net		615,851			637,837
Net amortization of discount on investments		(12,244	)		(12,343	)
Payment-in-kind interest and dividends		(29,570	)		(15,686	)
Net change in unrealized (gain) loss on investments		81,706			(57,944	)
Net change in unrealized (gains) losses on translation of assets and liabilities in foreign currencies		894			2,149
Net realized (gain) loss on investments		(4,702	)		(1,154	)
Net realized (gain) loss on foreign currency transactions relating to investments		(5	)		(43	)
Amortization of debt issuance costs		6,125			4,946
Changes in operating assets and liabilities:
(Increase) decrease in receivable for investments sold		—			1,961
(Increase) decrease in interest receivable		(8,205	)		1,254
(Increase) decrease in receivable from a controlled affiliate		(11,950	)		(20	)
(Increase) decrease in prepaid expenses and other assets		14,933			8,674
Increase (decrease) in management fee payable		643			6,171
Increase (decrease) in incentive fee payable		(3,288	)		2,706
Increase (decrease) in payables to affiliate		(2,959	)		(3,940	)
Increase (decrease) in payables for investments purchased		867			—
Increase (decrease) in fair value of interest rate swap attributed to unsecured notes		(51,758	)		(5,693	)
Increase (decrease) in accrued expenses and other liabilities		21,503			877
Net cash used in operating activities		(13,534	)		(225,045	)
Cash Flows from Financing Activities
Borrowings on debt		811,855			637,364
Payments on debt		(800,000	)		(380,000	)
Debt issuance costs		(2,584	)		(2,022	)
Cash distributions paid to shareholders		(110,117	)		(132,943	)
Net cash provided by financing activities		(100,846	)		122,399
Net increase (decrease) in cash and restricted cash, including foreign cash (restricted cash of $36,016 and $(1,142), respectively)		(114,380	)		(102,646	)
Cash and restricted cash, including foreign cash, beginning of period (restricted cash of $21,481 and $8,841, respectively)		447,145			357,911
Cash and restricted cash, including foreign cash, end of period (restricted cash of $57,497 and $7,699, respectively)	$	332,765		$	255,265

Owl Rock Capital Corporation

Consolidated Statements of Cash Flows – Continued

(Amounts in thousands)

(Unaudited)


	For the Three Months Ended March 31,
	2022		2021
Supplemental and Non-Cash Information
Interest paid during the period	$	65,477	$	43,279
Distributions declared during the period	$	122,320	$	121,335
Reinvestment of distributions during the period	$	11,951	$	19,144
Distributions Payable	$	122,320	$	121,335
Receivable for investments sold	$	—	$	4,355
Taxes, including excise tax, paid during the period	$	10	$	—

The accompanying notes are an integral part of these consolidated financial statements.

Owl Rock Capital Corporation

Notes to Consolidated Financial Statements (Unaudited)

Note 1. Organization

Owl Rock Capital Corporation (the “Company”) is a Maryland corporation formed on October 15, 2015. The Company was formed primarily to originate and make loans to, and make debt and equity investments in, U.S. middle market companies. The Company invests in senior secured or unsecured loans, subordinated loans or mezzanine loans and, to a lesser extent, equity and equity-related securities including warrants, preferred stock and similar forms of senior equity, which may or may not be convertible into a portfolio company’s common equity. The Company’s investment objective is to generate current income and to a lesser extent, capital appreciation by targeting investment opportunities with favorable risk-adjusted returns.

The Company has elected to be regulated as a business development company (“BDC”) under the Investment Company Act of 1940, as amended (the “1940 Act”). In addition, for tax purposes, the Company is treated as a regulated investment company (“RIC”) under Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”). Because the Company has elected to be regulated as a BDC and qualifies as a RIC under the Code, the Company’s portfolio is subject to diversification and other requirements.

On April 27, 2016, the Company formed a wholly-owned subsidiary, OR Lending LLC, a Delaware limited liability company, which holds a California finance lenders license. OR Lending LLC makes loans to borrowers headquartered in California. From time to time the Company may form wholly-owned subsidiaries to facilitate the normal course of business.

Certain of the Company’s consolidated subsidiaries are subject to U.S. federal and state corporate-level income taxes.

Owl Rock Capital Advisors LLC (the “Adviser”) serves as the Company’s investment adviser. The Adviser is registered with the Securities and Exchange Commission (“SEC”) as an investment adviser under the Investment Advisers Act of 1940, as amended (the “Advisers Act”), an indirect subsidiary of Blue Owl Capital Inc. ("Blue Owl") (NYSE: OWL) and part of Owl Rock, a division of Blue Owl focused on direct lending. Blue Owl consists of three divisions: (1) Owl Rock, which focuses on direct lending, (2) Dyal, which focuses on providing capital to institutional alternative asset managers and (3) Oak Street, which focuses on real estate strategies. Subject to the overall supervision of the Company’s board of directors (the “Board”), the Adviser manages the day-to-day operations of, and provides investment advisory and management services to, the Company. As of April 1, 2022, the Owl Rock division of Blue Owl also includes a CLO business ("Wellfleet"), which was acquired from affiliates of Littlejohn & Co., LLC.

On July 22, 2019, the Company closed its initial public offering (“IPO”), issuing 10 million shares of its common stock at a public offering price of $15.30 per share, and on August 2, 2019, the underwriters exercised their option to purchase an additional 1.5 million shares of common stock at a purchase price of $15.30 per share. Net of underwriting fees and offering costs, the Company received total cash proceeds of $164.0 million. The Company’s common stock began trading on the New York Stock Exchange (“NYSE”) under the symbol “ORCC” on July 18, 2019 ("Listing Date").

Owl Rock Capital Corporation

Notes to Consolidated Financial Statements (Unaudited) - Continued

Note 2. Significant Accounting Policies

Basis of Presentation

The accompanying consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). The Company is an investment company and, therefore, applies the specialized accounting and reporting guidance in Accounting Standards Codification (“ASC”) Topic 946, Financial Services – Investment Companies. In the opinion of management, all adjustments considered necessary for the fair presentation of the consolidated financial statements have been included. The Company was initially capitalized on March 1, 2016 and commenced operations on March 3, 2016. The Company’s fiscal year ends on December 31.

Use of Estimates

The preparation of the consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements. Actual amounts could differ from those estimates and such differences could be material.

Cash

Cash consists of deposits held at a custodian bank and restricted cash pledged as collateral. Cash is carried at cost, which approximates fair value. The Company deposits its cash with highly-rated banking corporations and, at times, may exceed the insured limits under applicable law.

Investments at Fair Value

Investment transactions are recorded on the trade date. Realized gains or losses are measured by the difference between the net proceeds received and the amortized cost basis of the investment using the specific identification method without regard to unrealized gains or losses previously recognized, and include investments charged off during the period, net of recoveries. The net change in unrealized gains or losses primarily reflects the change in investment values, including the reversal of previously recorded unrealized gains or losses with respect to investments realized during the period. Investments for which market quotations are readily available are typically valued at the bid price of those market quotations. To validate market quotations, the Company utilizes a number of factors to determine if the quotations are representative of fair value, including the source and number of the quotations. Debt and equity securities that are not publicly traded or whose market prices are not readily available, as is the case for substantially all of the Company’s investments, are valued at fair value as determined in good faith by the Board, based on, among other things, the input of the Adviser, the Company’s audit committee and independent third-party valuation firm(s) engaged at the direction of the Board.

As part of the valuation process, the Board takes into account relevant factors in determining the fair value of the Company’s investments, including: the estimated enterprise value of a portfolio company (i.e., the total fair value of the portfolio company’s debt and equity), the nature and realizable value of any collateral, the portfolio company’s ability to make payments based on its earnings and cash flow, the markets in which the portfolio company does business, a comparison of the portfolio company’s securities to any similar publicly traded securities, and overall changes in the interest rate environment and the credit markets that may affect the price at which similar investments may be made in the future. When an external event such as a purchase or sale transaction, public offering or subsequent equity sale occurs, the Board considers whether the pricing indicated by the external event corroborates its valuation.

The Board undertakes a multi-step valuation process, which includes, among other procedures, the following:

•

With respect to investments for which market quotations are readily available, those investments will typically be valued at the bid price of those market quotations;

•

With respect to investments for which market quotations are not readily available, the valuation process begins with the independent valuation firm(s) providing a preliminary valuation of each investment to the Adviser’s valuation committee;

•

Preliminary valuation conclusions are documented and discussed with the Adviser’s valuation committee. Agreed upon valuation recommendations are presented to the Audit Committee;

•

The Audit Committee reviews the valuation recommendations and recommends values for each investment to the Board; and

•

The Board reviews the recommended valuations and determines the fair value of each investment.

The Company conducts this valuation process on a quarterly basis.

The Company applies Financial Accounting Standards Board (“FASB”) Accounting Standards Codification 820, Fair Value Measurements (“ASC 820”), as amended, which establishes a framework for measuring fair value in accordance with U.S. GAAP and

Owl Rock Capital Corporation

Notes to Consolidated Financial Statements (Unaudited) - Continued

required disclosures of fair value measurements. ASC 820 determines fair value to be the price that would be received for an investment in a current sale, which assumes an orderly transaction between market participants on the measurement date. Market participants are defined as buyers and sellers in the principal or most advantageous market (which may be a hypothetical market) that are independent, knowledgeable, and willing and able to transact. In accordance with ASC 820, the Company considers its principal market to be the market that has the greatest volume and level of activity. ASC 820 specifies a fair value hierarchy that prioritizes and ranks the level of observability of inputs used in determination of fair value. In accordance with ASC 820, these levels are summarized below:

•

Level 1 – Valuations based on quoted prices in active markets for identical assets or liabilities that the Company has the ability to access.

•

Level 2 – Valuations based on quoted prices in markets that are not active or for which all significant inputs are observable, either directly or indirectly.

•

Level 3 – Valuations based on inputs that are unobservable and significant to the overall fair value measurement.

Transfers between levels, if any, are recognized at the beginning of the period in which the transfer occurs. In addition to using the above inputs in investment valuations, the Company applies the valuation policy approved by its Board that is consistent with ASC 820. Consistent with the valuation policy, the Company evaluates the source of the inputs, including any markets in which its investments are trading (or any markets in which securities with similar attributes are trading), in determining fair value. When an investment is valued based on prices provided by reputable dealers or pricing services (such as broker quotes), the Company subjects those prices to various criteria in making the determination as to whether a particular investment would qualify for treatment as a Level 2 or Level 3 investment. For example, the Company, or the independent valuation firm(s), reviews pricing support provided by dealers or pricing services in order to determine if observable market information is being used, versus unobservable inputs.

Due to the inherent uncertainty of determining the fair value of investments that do not have a readily available market value, the fair value of the Company’s investments may fluctuate from period to period. Additionally, the fair value of such investments may differ significantly from the values that would have been used had a ready market existed for such investments and may differ materially from the values that may ultimately be realized. Further, such investments are generally less liquid than publicly traded securities and may be subject to contractual and other restrictions on resale. If the Company were required to liquidate a portfolio investment in a forced or liquidation sale, it could realize amounts that are different from the amounts presented and such differences could be material.

In addition, changes in the market environment and other events that may occur over the life of the investments may cause the gains or losses ultimately realized on these investments to be different than the unrealized gains or losses reflected herein.

Rule 2a-5 under the 1940 Act was recently adopted by the SEC and establishes requirements for determining fair value in good faith for purposes of the 1940 Act. The Company is evaluating the impact of adopting Rule 2a-5 on the consolidated financial statements and intends to comply with the new rule’s requirements on or before the compliance date in September 2022.

Financial and Derivative Instruments

Pursuant to ASC 815 Derivatives and Hedging, all derivative instruments entered into by the Company are designated as hedging instruments. For all derivative instruments designated as a hedge, the entire change in the fair value of the hedging instrument shall be recorded in the same line item of the Consolidated Statements of Operations as the hedged item. The Company’s derivative instruments are used to hedge the Company’s fixed rate debt, and therefore both the periodic payment and the change in fair value for the effective hedge, if applicable, will be recognized as components of interest expense in the Consolidated Statements of Operations. Fair value is estimated by discounting remaining payments using applicable current market rates, or market quotes, if available.

Foreign Currency

Foreign currency amounts are translated into U.S. dollars on the following basis:

•

cash, fair value of investments, outstanding debt, other assets and liabilities: at the spot exchange rate on the last business day of the period; and

•

purchases and sales of investments, borrowings and repayments of such borrowings, income and expenses: at the rates of exchange prevailing on the respective dates of such transactions.

The Company includes net changes in fair values on investments held resulting from foreign exchange rate fluctuations with the change in unrealized gains (losses) on translation of assets and liabilities in foreign currencies on the Consolidated Statements of Operations. The Company’s current approach to hedging the foreign currency exposure in its non-U.S. dollar denominated investments is primarily to borrow the par amount in local currency under the Company’s Revolving Credit Facility to fund these investments. Fluctuations arising from the translation of foreign currency borrowings are included with the net change in unrealized gains (losses) on translation of assets and liabilities in foreign currencies on the Consolidated Statements of Operations.

Owl Rock Capital Corporation

Notes to Consolidated Financial Statements (Unaudited) - Continued

Investments denominated in foreign currencies and foreign currency transactions may involve certain considerations and risks not typically associated with those of domestic origin, including unanticipated movements in the value of the foreign currency relative to the U.S. dollar.

Interest and Dividend Income Recognition

Interest income is recorded on the accrual basis and includes amortization of discounts or premiums. Certain investments may have contractual payment-in-kind (“PIK”) interest or dividends. PIK interest and dividends represent accrued interest or dividends that are added to the principal amount or liquidation amount of the investment on the respective interest or dividend payment dates rather than being paid in cash and generally becomes due at maturity or at the occurrence of a liquidation event. For the three months ended March 31, 2022, PIK interest and PIK dividend income earned was $27.5 million, representing 10.4% of investment income. For the three months ended March 31, 2021, PIK interest and PIK dividend income earned was $11.6 million, representing 5.2% of investment income. Discounts to par value on securities purchased are amortized into interest income over the contractual life of the respective security using the effective yield method. Premiums to par value on securities purchased are amortized to first call date. The amortized cost of investments represents the original cost adjusted for the amortization of discounts or premiums, if any. Upon prepayment of a loan or debt security, any prepayment premiums, unamortized upfront loan origination fees and unamortized discounts are recorded as interest income in the current period.

Loans are generally placed on non-accrual status when there is reasonable doubt that principal or interest will be collected in full. Accrued interest is generally reversed when a loan is placed on non-accrual status. Interest payments received on non-accrual loans may be recognized as income or applied to principal depending upon management’s judgment regarding collectability. If at any point the Company believes PIK interest or dividends are not expected to be realized, the investment generating PIK interest or dividends will be placed on non-accrual status. When a PIK investment is placed on non-accrual status, the accrued, uncapitalized interest or dividends are generally reversed through interest income. Non-accrual loans are restored to accrual status when past due principal and interest is paid current and, in management’s judgment, are likely to remain current. Management may make exceptions to this treatment and determine to not place a loan on non-accrual status if the loan has sufficient collateral value and is in the process of collection.

Dividend income on preferred equity securities is recorded on the accrual basis to the extent that such amounts are payable by the portfolio company and are expected to be collected. Dividend income on common equity securities is recorded on the record date for private portfolio companies or on the ex-dividend date for publicly-traded portfolio companies.

Other Income

From time to time, the Company may receive fees for services provided to portfolio companies. These fees are generally only available to the Company as a result of closing investments, are generally paid at the closing of the investments, are generally non-recurring and are recognized as revenue when earned upon closing of the investment. The services that the Adviser provides vary by investment, but can include closing, work, diligence or other similar fees and fees for providing managerial assistance to our portfolio companies.

Offering Expenses

Costs associated with the private placement offering of common shares of the Company were capitalized as deferred offering expenses and included in prepaid expenses and other assets in the Consolidated Statements of Assets and Liabilities and were amortized over a twelve-month period from incurrence. The Company records expenses related to public equity offerings as a reduction of capital upon completion of an offering of registered securities. The costs associated with renewals of the Company’s shelf registration statement will be expensed as incurred.

Debt Issuance Costs

The Company records origination and other expenses related to its debt obligations as deferred financing costs. These expenses are deferred and amortized utilizing the effective yield method, over the life of the related debt instrument. Debt issuance costs are presented on the Consolidated Statements of Assets and Liabilities as a direct deduction from the debt liability. In circumstances in which there is not an associated debt liability amount recorded in the consolidated financial statements when the debt issuance costs are incurred, such debt issuance costs will be reported on the Consolidated Statements of Assets and Liabilities as an asset until the debt liability is recorded.

Reimbursement of Transaction-Related Expenses

The Company may receive reimbursement for certain transaction-related expenses in pursuing investments. Transaction-related expenses, which are generally expected to be reimbursed by the Company’s portfolio companies, are typically deferred until the transaction is consummated and are recorded in prepaid expenses and other assets on the date incurred. The costs of successfully completed investments not otherwise reimbursed are borne by the Company and are included as a component of the investment’s cost basis.

Owl Rock Capital Corporation

Notes to Consolidated Financial Statements (Unaudited) - Continued

Cash advances received in respect of transaction-related expenses are recorded as cash with an offset to accrued expenses and other liabilities. Accrued expenses and other liabilities are relieved as reimbursable expenses are incurred.

Income Taxes

The Company has elected to be treated as a BDC under the 1940 Act. The Company has elected to be treated as a RIC under the Code beginning with its taxable year ending December 31, 2016 and intends to continue to qualify as a RIC. So long as the Company maintains its tax treatment as a RIC, it generally will not pay corporate-level U.S. federal income taxes on any ordinary income or capital gains that it distributes at least annually to its shareholders as dividends. Instead, any tax liability related to income earned and distributed by the Company represents obligations of the Company’s investors and will not be reflected in the consolidated financial statements of the Company.

To qualify as a RIC, the Company must, among other things, meet certain source-of-income and asset diversification requirements. In addition, to qualify for RIC tax treatment, the Company must distribute to its shareholders, for each taxable year, at least 90% of its “investment company taxable income” for that year, which is generally its ordinary income plus the excess of its realized net short-term capital gains over its realized net long-term capital losses. In order for the Company not to be subject to U.S. federal excise taxes, it must distribute annually an amount at least equal to the sum of (i) 98% of its net ordinary income (taking into account certain deferrals and elections) for the calendar year, (ii) 98.2% of its capital gains in excess of capital losses for the one-year period ending on October 31 of the calendar year and (iii) any net ordinary income and capital gains in excess of capital losses for preceding years that were not distributed during such years. The Company, at its discretion, may carry forward taxable income in excess of calendar year dividends and pay a 4% nondeductible U.S. federal excise tax on this income.

Certain of the Company’s consolidated subsidiaries are subject to U.S. federal and state corporate-level income taxes.

The Company evaluates tax positions taken or expected to be taken in the course of preparing its consolidated financial statements to determine whether the tax positions are “more-likely-than-not” to be sustained by the applicable tax authority. Tax positions not deemed to meet the “more-likely-than-not” threshold are reserved and recorded as a tax benefit or expense in the current year. All penalties and interest associated with income taxes are included in income tax expense. Conclusions regarding tax positions are subject to review and may be adjusted at a later date based on factors including, but not limited to, on-going analyses of tax laws, regulations and interpretations thereof. There were no material uncertain tax positions through December 31, 2021. The 2018 through 2020 tax years remain subject to examination by the IRS, and generally years 2017 through 2020 remain subject to examination by state and local tax authorities.

Distributions to Common Shareholders

Distributions to common shareholders are recorded on the record date. The amount to be distributed is determined by the Board and is generally based upon the earnings estimated by the Adviser. Net realized long-term capital gains, if any, would generally be distributed at least annually, although the Company may decide to retain such capital gains for investment.

The Company has adopted a dividend reinvestment plan that provides for reinvestment of any cash distributions on behalf of shareholders, unless a shareholder elects to receive cash. As a result, if the Board authorizes and declares a cash distribution, then the shareholders who have not “opted out” of the dividend reinvestment plan will have their cash distribution automatically reinvested in additional shares of the Company’s common stock, rather than receiving the cash distribution. The Company expects to use newly issued shares to implement the dividend reinvestment plan.

Consolidation

As provided under Regulation S-X and ASC Topic 946 – Financial Services – Investment Companies, the Company will generally not consolidate its investment in a company other than a wholly-owned investment company or controlled operating company whose business consists of providing services to the Company. Accordingly, the Company consolidated the accounts of the Company’s wholly-owned subsidiaries that meet the aforementioned criteria in its consolidated financial statements. All significant intercompany balances and transactions have been eliminated in consolidation.

The Company does not consolidate its equity interest in ORCC Senior Loan Fund LLC (fka Sebago Lake LLC) ("ORCC SLF") or Wingspire Capital Holdings LLC (“Wingspire”). For further description of the Company’s investment in ORCC SLF, see Note 4 “Investments”. For further description of the Company’s investment in Wingspire, see Note 3 “Agreements and Related Party Transactions – Controlled/Affiliated Portfolio Companies”.

New Accounting Pronouncements

In March 2020, the FASB issued ASU No. 2020-04, “Reference Rate Reform (Topic 848),” which provides optional expedients and exceptions for applying GAAP to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. The amendments apply only to contracts, hedging relationships, and other transactions that reference London Interbank

Owl Rock Capital Corporation

Notes to Consolidated Financial Statements (Unaudited) - Continued

Offered Rate (“LIBOR”) or another reference rate expected to be discontinued because of reference rate reform. In January 2021, the FASB issued ASU No. 2021-01, “Reference Rate Reform (Topic 848),” which expanded the scope of Topic 848 to include derivative instruments impacted by discounting transition. ASU 2020-04 and ASU 2021-01 are effective for all entities through December 31, 2022. ASU No. 2021-01 provides increased clarity as the Company continues to evaluate the transition of reference rates and is currently evaluating the impact of adopting ASU No. 2020-04 and 2021-01 on the consolidated financial statements.

Other than the aforementioned guidance, the Company’s management does not believe that any recently issued, but not yet effective, accounting standards, if currently adopted, would have a material effect on the accompanying consolidated financial statements.

Note 3. Agreements and Related Party Transactions

Administration Agreement

The Company has entered into an amended and restated Administration Agreement (the “Administration Agreement”) with the Adviser. The Administration Agreement became effective on May 18, 2021 upon consummation of the transaction (the "Transaction") pursuant to which Owl Rock Capital Group, the parent of the Adviser (and a subsidiary of Owl Rock Capital Partners LP), and Dyal Capital Partners merged to form Blue Owl. The terms of the Administration Agreement are identical to the terms of the prior administration agreement. Under the terms of the Administration Agreement, the Adviser performs, or oversees, the performance of, required administrative services, which includes providing office space, equipment and office services, maintaining financial records, preparing reports to shareholders and reports filed with the SEC, and managing the payment of expenses and the performance of administrative and professional services rendered by others.

The Administration Agreement also provides that the Company reimburses the Adviser for certain offering costs.

The Company reimburses the Adviser for services performed for it pursuant to the terms of the Administration Agreement. In addition, pursuant to the terms of the Administration Agreement, the Adviser may delegate its obligations under the Administration Agreement to an affiliate or to a third party and the Company will reimburse the Adviser for any services performed for it by such affiliate or third party.

Unless earlier terminated as described below, the Administration Agreement will remain in effect for two years from the date it first became effective, and will remain in effect from year to year thereafter if approved annually by (1) the vote of the Board, or by the vote of a majority of its outstanding voting securities, and (2) the vote of a majority of the Company’s directors who are not “interested persons” of the Company, of the Adviser or of any of their respective affiliates, as defined in the 1940 Act. On May 3, 2022, the Board approved the continuation of the Administration Agreement. The Administration Agreement may be terminated at any time, without the payment of any penalty, on 60 days’ written notice, by the vote of a majority of the outstanding voting securities of the Company, or by the vote of the Board or by the Adviser.

No person who is an officer, director, or employee of the Adviser or its affiliates and who serves as a director of the Company receives any compensation from the Company for his or her services as a director. However, the Company reimburses the Adviser (or its affiliates) for an allocable portion of the compensation paid by the Adviser or its affiliates to the Company’s Chief Compliance Officer, Chief Financial Officer and their respective staffs (based on the percentage of time those individuals devote, on an estimated basis, to the business and affairs of the Company). Directors who are not affiliated with the Adviser receive compensation for their services and reimbursement of expenses incurred to attend meetings.

For the three months ended March 31, 2022, the Company incurred expenses of approximately $1.5 million for costs and expenses reimbursable to the Adviser under the terms of the Administration Agreement. For the three months ended March 31, 2021, the Company incurred expenses of approximately $1.2 million for costs and expenses reimbursable to the Adviser under the terms of the Administration Agreement.

Investment Advisory Agreement

The Company has entered into an amended and restated Investment Advisory Agreement (the “Investment Advisory Agreement”) with the Adviser. The Investment Advisory Agreement became effective on May 18, 2021 upon consummation of the Transaction. The terms of the Investment Advisory Agreement are identical to the terms of the prior investment advisory agreement.

Under the terms of the Investment Advisory Agreement, the Adviser is responsible for managing the Company’s business and activities, including sourcing investment opportunities, conducting research, performing diligence on potential investments, structuring its investments, and monitoring its portfolio companies on an ongoing basis through a team of investment professionals.

The Adviser’s services under the Investment Advisory Agreement are not exclusive, and it is free to furnish similar services to other entities so long as its services to the Company are not impaired.

Unless earlier terminated as described below, the Investment Advisory Agreement will remain in effect for two years from the date it first became effective, and will remain in effect from year-to-year thereafter if approved annually by a majority of the Board or by the

Owl Rock Capital Corporation

Notes to Consolidated Financial Statements (Unaudited) - Continued

holders of a majority of our outstanding voting securities and, in each case, by a majority of independent directors. On May 3, 2022, the Board approved the continuation of the Investment Advisory Agreement.

The Investment Advisory Agreement will automatically terminate within the meaning of the 1940 Act and related SEC guidance and interpretations in the event of its assignment. In accordance with the 1940 Act, without payment of any penalty, the Company may terminate the Investment Advisory Agreement with the Adviser upon 60 days’ written notice. The decision to terminate the agreement may be made by a majority of the Board or the shareholders holding a majority (as defined under the 1940 Act) of the outstanding shares of the Company’s common stock or the Adviser. In addition, without payment of any penalty, the Adviser may generally terminate the Investment Advisory Agreement upon 60 days’ written notice and, in certain circumstances, the Adviser may only be able to terminate the Investment Advisory Agreement upon 120 days’ written notice.

From time to time, the Adviser may pay amounts owed by the Company to third-party providers of goods or services, including the Board, and the Company will subsequently reimburse the Adviser for such amounts paid on its behalf. Amounts payable to the Adviser are settled in the normal course of business without formal payment terms.

Under the terms of the Investment Advisory Agreement, the Company will pay the Adviser a base management fee and may also pay to it certain incentive fees. The cost of both the management fee and the incentive fee will ultimately be borne by the Company’s shareholders.

The management fee is currently payable quarterly in arrears. The management fee is payable at an annual rate of (x) 1.50% of the Company’s average gross assets (excluding cash and cash equivalents, but including assets purchased with borrowed amounts) that is above an asset coverage ratio of 200% calculated in accordance with Sections 18 and 61 of the 1940 Act and (y) 1.00% of the Company’s average gross assets (excluding cash and cash equivalents, but including assets purchased with borrowed amounts) that is below an asset coverage ratio of 200% calculated in accordance with Section 18 and 61 of the 1940 Act, in each case, at the end of the two most recently completed calendar quarters. The management fee for any partial month or quarter, as the case may be, will be appropriately prorated and adjusted for any share issuances or repurchases during the relevant calendar months or quarters, as the case may be.

For the three months ended March 31, 2022, management fees were $47.4 million. For the three months ended March 31, 2021, management fees were $42.1 million.

The incentive fee consists of two components that are independent of each other, with the result that one component may be payable even if the other is not. A portion of the incentive fee is based on the Company’s pre-incentive fee net investment income and a portion is based on the Company’s capital gains. The portion of the incentive fee based on pre-incentive fee net investment income is determined and paid quarterly in arrears commencing with the first calendar quarter following the Listing Date, and equals 100% of the pre-incentive fee net investment income in excess of a 1.5% quarterly “hurdle rate,” until the Adviser has received 17.5% of the total pre-incentive fee net investment income for that calendar quarter and, for pre-incentive fee net investment income in excess of 1.82% quarterly, 17.5% of all remaining pre-incentive fee net investment income for that calendar quarter.

The second component of the incentive fee, the capital gains incentive fee, payable at the end of each calendar year in arrears, equals 17.5% of cumulative realized capital gains from the Listing Date to the end of each calendar year, less cumulative realized capital losses and unrealized capital depreciation from the Listing Date to the end of each calendar year, less the aggregate amount of any previously paid capital gains incentive fee for prior periods. In no event will the capital gains incentive fee payable pursuant to the Investment Advisory Agreement be in excess of the amount permitted by the Advisers Act of 1940, as amended, including Section 205 thereof.

While the Investment Advisory Agreement neither includes nor contemplates the inclusion of unrealized gains in the calculation of the capital gains incentive fee, as required by U.S. GAAP, the Company accrues capital gains incentive fees on unrealized gains. This accrual reflects the incentive fees that would be payable to the Adviser if the Company’s entire investment portfolio was liquidated at its fair value as of the balance sheet date even though the Adviser is not entitled to an incentive fee with respect to unrealized gains unless and until such gains are actually realized.

For the three months ended March 31, 2022, the Company incurred $26.0 million of performance based incentive fees based on net investment income. For the three months ended March 31, 2021, the Company incurred $21.8 million of performance based incentive fees based on net investment income.

For the three months ended March 31, 2022 and 2021, the Company did not accrue capital gains based incentive fees (net of waivers).

Affiliated Transactions

The Company may be prohibited under the 1940 Act from participating in certain transactions with its affiliates without prior approval of the directors who are not interested persons, and in some cases, the prior approval of the SEC. The Company, the Adviser and certain of their affiliates have been granted exemptive relief by the SEC for the Company to co-invest with other funds managed by

Owl Rock Capital Corporation

Notes to Consolidated Financial Statements (Unaudited) - Continued

the Adviser or its affiliates in a manner consistent with the Company’s investment objective, positions, policies, strategies and restrictions as well as regulatory requirements and other pertinent factors. Pursuant to such exemptive relief, the Company generally is permitted to co-invest with certain of its affiliates if a “required majority” (as defined in Section 57(o) of the 1940 Act) of the Board make certain conclusions in connection with a co-investment transaction, including that (1) the terms of the transaction, including the consideration to be paid, are reasonable and fair to the Company and its shareholders and do not involve overreaching of the Company or its shareholders on the part of any person concerned, (2) the transaction is consistent with the interests of the Company’s shareholders and is consistent with its investment objective and strategies, (3) the investment by its affiliates would not disadvantage the Company, and the Company’s participation would not be on a basis different from or less advantageous than that on which its affiliates are investing and (4) the proposed investment by the Company would not benefit the Adviser or its affiliates or any affiliated person of any of them (other than the parties to the transaction), except to the extent permitted by the exemptive relief and applicable law, including the limitations set forth in Section 57(k) of the 1940 Act. The Adviser is affiliated with Owl Rock Technology Advisors LLC (“ORTA”), Owl Rock Technology Advisors II LLC ("ORTA II"), Owl Rock Capital Private Fund Advisors LLC (“ORPFA”) and Owl Rock Diversified Advisors LLC (“ORDA” together with ORTA, ORTA II, ORPFA and the Adviser, the "Owl Rock Advisers"), which are also investment advisers. The Owl Rock Advisers are indirect affiliates of Blue Owl and comprise part of "Owl Rock," a division of Blue Owl focused on direct lending. The Owl Rock Advisers’ allocation policy seeks to ensure equitable allocation of investment opportunities over time between the Company and other funds managed by the Adviser or its affiliates. As a result of exemptive relief, there could be significant overlap in the Company’s investment portfolio and the investment portfolio of other funds managed by the Adviser or its affiliates that could avail themselves of the exemptive relief and that have an investment objective similar to the Company's.

License Agreement

The Company has entered into a license agreement (the “License Agreement”), pursuant to which an affiliate of Blue Owl has granted the Company a non-exclusive license to use the name “Owl Rock.” Under the License Agreement, the Company has a right to use the Owl Rock name for so long as the Adviser or one of its affiliates remains the Company’s investment adviser. Other than with respect to this limited license, the Company will have no legal right to the “Owl Rock” name or logo.

Controlled/Affiliated Portfolio Companies

Under the 1940 Act, the Company is required to separately identify non-controlled investments where it owns 5% or more of a portfolio company’s outstanding voting securities and/or has the power to exercise control over the management or policies of such portfolio company as investments in “affiliated” companies. In addition, under the 1940 Act, the Company is required to separately identify investments where it owns more than 25% of a portfolio company’s outstanding voting securities and/or has the power to exercise control over the management or policies of such portfolio company as investments in “controlled” companies. Under the 1940 Act, “non-affiliated investments” are defined as investments that are neither controlled investments nor affiliated investments. Detailed information with respect to the Company’s non-controlled, non-affiliated; non-controlled, affiliated; and controlled affiliated investments is contained in the accompanying consolidated financial statements, including the consolidated schedule of investments.

The Company has made investments in controlled/affiliated companies, including ORCC SLF and Wingspire. For further description of ORCC SLF, see “Note 4. Investments”. Wingspire conducts its business through an indirectly owned subsidiary, Wingspire Capital LLC. Wingspire is an independent diversified direct lender focused on providing asset-based commercial finance loans and related senior secured loans to U.S.-based middle market borrowers. Wingspire offers a wide variety of asset-based financing solutions to businesses in an array of industries, including revolving credit facilities, machinery and equipment term loans, real estate term loans, first-in/last-out tranches, cash flow term loans, and opportunistic / bridge financings. The addition of Wingspire to the portfolio allows ORCC to participate in an asset class that offers differentiated yield with full collateral packages and covenants. Wingspire is led by a seasoned team of commercial finance veterans. The Company committed $50 million to Wingspire on September 24, 2019, and subsequently increased its commitment to $100 million on March 25, 2020, to $150 million on July 31, 2020, to $200 million on March 8, 2021, to $250 million on August 19, 2021 and again to $350 million on February 28, 2022. The Company does not consolidate its equity interest in Wingspire.

Owl Rock Capital Corporation

Notes to Consolidated Financial Statements (Unaudited) - Continued

Note 4. Investments

The information in the tables below is presented on an aggregate portfolio basis, without regard to whether they are non-controlled non-affiliated, non-controlled affiliated or controlled affiliated investments.

Investments at fair value and amortized cost consisted of the following as of March 31, 2022 and December 31, 2021:


	March 31, 2022				December 31, 2021
($ in thousands)	Amortized Cost		Fair Value		Amortized Cost		Fair Value
First-lien senior secured debt investments	$	9,495,521	$	9,435,684	$	9,548,096	$	9,539,774
Second-lien senior secured debt investments		1,897,642		1,880,232		1,919,453		1,921,447
Unsecured debt investments		272,556		266,195		197,198		196,485
Preferred equity investments		238,790		238,998		256,630		260,869
Common equity investments(1)		555,736		647,125		477,462		576,004
Investment funds and vehicles(2)		294,339		288,089		249,714		247,061
Total Investments	$	12,754,584	$	12,756,323	$	12,648,553	$	12,741,640

________________

(1)

Includes equity investment in Wingspire.

(2)

Includes equity investment in ORCC SLF. See below, within Note 4, for more information regarding ORCC SLF.

The industry composition of investments based on fair value as of March 31, 2022 and December 31, 2021 was as follows:


	March 31, 2022			December 31, 2021
Advertising and media		0.9	%		0.9	%
Aerospace and defense		2.9			2.9
Automotive		1.5			1.5
Buildings and real estate		4.8			5.4
Business services		3.3			3.3
Chemicals		2.3			2.3
Consumer products		4.1			4.0
Containers and packaging		1.3			1.3
Distribution		4.3			4.4
Education		1.0			1.0
Financial services(1)		9.4			8.4
Food and beverage		6.8			6.2
Healthcare equipment and services		4.2			4.2
Healthcare providers and services		5.9			7.1
Healthcare technology		4.6			4.6
Household products		1.8			1.8
Human resource support services		1.6			1.6
Infrastructure and environmental services		1.4			1.5
Insurance		8.8			8.8
Internet software and services		11.5			11.3
Investment funds and vehicles(2)		2.3			1.9
Leisure and entertainment		2.2			2.2
Manufacturing		5.6			5.7
Oil and gas		0.9			0.9
Professional services		2.8			3.0
Specialty retail		2.0			2.0
Transportation		1.8			1.8
Total		100.0	%		100.0	%

________________

(1)

Includes equity investment in Wingspire.

(2)

Includes equity investment in ORCC SLF. See below, within Note 4, for more information regarding ORCC SLF.

Owl Rock Capital Corporation

Notes to Consolidated Financial Statements (Unaudited) - Continued

The geographic composition of investments based on fair value as of March 31, 2022 and December 31, 2021 was as follows:


	March 31, 2022			December 31, 2021
United States:
Midwest		17.5	%		17.0	%
Northeast		19.7			19.7
South		36.9			38.2
West		18.9			18.6
International		7.0			6.5
Total		100.0	%		100.0	%

ORCC Senior Loan Fund (fka Sebago Lake LLC)

ORCC Senior Loan Fund LLC (fka Sebago Lake LLC), a Delaware limited liability company, was formed as a joint venture between the Company and The Regents of the University of California (“Regents”) and commenced operations on June 20, 2017. ORCC SLF’s principal purpose is to make investments, primarily in senior secured loans that are made to middle-market companies or in broadly syndicated loans. Through June 30, 2021, both the Company and Regents (the “Initial Members”) had a 50% economic ownership in ORCC SLF. Each of the Initial Members initially agreed to contribute up to $100 million to ORCC SLF. On July 26, 2018, each of the Initial Members increased their contribution to ORCC SLF up to an aggregate of $125 million. Effective as of June 30, 2021, capital commitments to ORCC SLF were increased to an aggregate of $371.5 million. In connection with this change, the Company increased its economic ownership interest to 87.5% from 50.0% and Regents transferred its remaining economic interest of 12.5% to Nationwide Life Insurance Company (“Nationwide” and together with the Company, the “Members” and each a “Member”). ORCC SLF is managed by the Members, each of which have equal voting rights. Investment decisions must be approved by each of the Members. Except under certain circumstances, contributions to ORCC SLF cannot be redeemed.

The Company has determined that ORCC SLF is an investment company under ASC 946; however, in accordance with such guidance, the Company will generally not consolidate its investment in a company other than a wholly owned investment company subsidiary or a controlled operating company whose business consists of providing services to the Company. Other than for purposes of the 1940 Act, the Company does not believe that it has control over this portfolio company. Accordingly, the Company does not consolidate its non-controlling interest in ORCC SLF.

As of March 31, 2022 and December 31, 2021, ORCC SLF had total investments in senior secured debt at fair value of $869.0 million and $790.3 million, respectively. The determination of fair value is in accordance with ASC 820; however, such fair value is not included in the Board’s valuation process described herein. The following table is a summary of ORCC SLF’s portfolio as well as a listing of the portfolio investments in ORCC SLF’s portfolio as of March 31, 2022 and December 31, 2021:


($ in thousands)	March 31, 2022			December 31, 2021
Total senior secured debt investments(1)	$	882,005		$	798,420
Weighted average spread over LIBOR(1)		4.09	%		4.14	%
Number of portfolio companies		44			38
Largest funded investment to a single borrower(1)	$	40,588		$	40,693

________________

(1)

At par.

Owl Rock Capital Corporation

Notes to Consolidated Financial Statements (Unaudited) - Continued


ORCC Senior Loan Fund's Portfolio as of March 31, 2022 ($ in thousands) (Unaudited)
Company(1)(2)(4)(5)	Investment	Interest	Maturity Date	Par / Units		Amortized Cost(3)			Fair Value			Percentage of Members' Equity
Debt Investments
Aerospace and defense
Applied Composites Holdings, LLC (fka AC&A Enterprises Holdings, LLC)(7)	First lien senior secured loan	L + 5.50%	12/21/2023	$	34,380	$	34,159		$	33,544			10.2	%
Applied Composites Holdings, LLC (fka AC&A Enterprises Holdings, LLC)(7)(14)	First lien senior secured revolving loan	L + 5.50%	12/21/2022		3,000		2,992			2,927			0.9	%
Bleriot US Bidco Inc.(7)(10)	First lien senior secured loan	L + 4.00%	10/30/2026		25,562		25,462			25,386			7.7	%
Dynasty Acquisition Co., Inc. (dba StandardAero Limited)(7)	First lien senior secured loan	L + 3.50%	4/6/2026		39,000		38,883			36,877			11.2	%
					101,942		101,496			98,734			30.0	%
Automotive
Holley, Inc.(7)(10)	First lien senior secured loan	L + 3.75%	11/17/2028		21,331		21,186			21,028			6.4	%
Holley, Inc.(7)(11)(13)	First lien senior secured delayed draw term loan	L + 3.75%	5/18/2022		1,067		1,052			1,028			0.3	%
PAI Holdco, Inc.(7)(10)	First lien senior secured loan	L + 3.50%	10/28/2027		9,962		9,826			9,851			3.0	%
					32,360		32,064			31,907			9.7	%
Buildings and Real estate
Wrench Group, LLC.(7)	First lien senior secured loan	L + 4.00%	4/30/2026		32,258		32,123			32,016			9.7	%
Business Services
CoolSys, Inc.(7)	First lien senior secured loan	L + 4.75%	8/11/2028		14,037		13,908			13,827			4.2	%
CoolSys, Inc.(11)(12)(13)(14)	First lien senior secured delayed draw term loan	L + 4.75%	8/11/2023		—		(22	)		(36	)		—	%
ConnectWise, LLC(6)(10)	First lien senior secured loan	L + 3.50%	9/29/2028		16,958		16,878			16,822			5.1	%
LABL, Inc.(6)	First lien senior secured loan	L + 5.00%	10/29/2028		7,980		7,868			7,856			2.4	%

Owl Rock Capital Corporation

Notes to Consolidated Financial Statements (Unaudited) - Continued


ORCC Senior Loan Fund's Portfolio as of March 31, 2022 ($ in thousands) (Unaudited)
Company(1)(2)(4)(5)	Investment	Interest	Maturity Date	Par / Units		Amortized Cost(3)		Fair Value		Percentage of Members' Equity
Packers Holdings, LLC(7)(10)	First lien senior secured loan	L + 3.25%	3/9/2028		21,224		20,787		20,880		6.3	%
Vistage International, Inc.(7)	First lien senior secured loan	L + 4.00%	2/10/2025		29,842		29,735		29,841		9.1	%
					90,041		89,154		89,190		27.1	%
Chemicals
Aruba Investments Holdings LLC (dba Angus Chemical Company)(7)	First lien senior secured loan	L + 4.00%	11/24/2027		995		995		990		0.3	%
Consumer Products
Olaplex, Inc.(6)	First lien senior secured loan	L + 3.75%	2/23/2029		15,000		14,963		14,948		4.5	%
Containers and Packaging
BW Holding, Inc.(6)	First lien senior secured loan	L + 4.00%	12/14/2028		3,944		3,906		3,885		1.2	%
BW Holding, Inc.(6)(11)(13)(14)	First lien senior secured delayed draw term loan	L + 4.00%	12/17/2023		99		94		84		—	%
Ring Container Technologies Group, LLC (dba Ring Container Technologies)(7)(10)	First lien senior secured loan	L + 3.75%	8/12/2028		24,938		24,880		24,516		7.4	%
Valcour Packaging, LLC(8)	First lien senior secured loan	L + 3.75%	10/4/2028		7,000		6,977		6,947		2.1	%
					35,981		35,857		35,432		10.7	%
Distribution
Dealer Tire, LLC(6)(10)	First lien senior secured loan	L + 4.25%	12/12/2025		36,167		36,030		35,943		10.9	%
SRS Distribution, Inc.(8)(10)	First lien senior secured loan	L + 3.50%	6/2/2028		9,950		9,883		9,818		3.0	%
					46,117		45,913		45,761		13.9	%
Education
Spring Education Group, Inc. (fka SSH Group Holdings, Inc.)(7)	First lien senior secured loan	L + 4.25%	7/30/2025		33,775		33,721		33,234		10.1	%

Owl Rock Capital Corporation

Notes to Consolidated Financial Statements (Unaudited) - Continued


ORCC Senior Loan Fund's Portfolio as of March 31, 2022 ($ in thousands) (Unaudited)
Company(1)(2)(4)(5)	Investment	Interest	Maturity Date	Par / Units		Amortized Cost(3)		Fair Value		Percentage of Members' Equity
Food and beverage
Balrog Acquisition, Inc. (dba Bakemark)(7)	First lien senior secured loan	L + 4.00%	9/5/2028		24,938		24,696		24,376		7.4	%
Dessert Holdings(7)	First lien senior secured loan	L + 4.00%	6/9/2028		22,104		21,959		21,994		6.7	%
Dessert Holdings(11)(13)	First lien senior secured delayed draw term loan	L + 4.00%	6/9/2023		—		—		—		—	%
Sovos Brands Intermediate, Inc.(8)(10)	First lien senior secured loan	L + 3.75%	6/8/2028		20,724		20,678		20,473		6.2	%
Naked Juice LLC (dba Tropicana)(7)(10)	First lien senior secured loan	L + 3.25%	1/24/2029		2,000		1,995		1,964		0.6	%
					69,766		69,328		68,807		20.9	%
Healthcare equipment and services
Cadence, Inc.(8)	First lien senior secured loan	L + 5.00%	5/21/2025		26,645		26,318		25,793		7.8	%
Cadence, Inc.(8)(11)(14)	First lien senior secured revolving loan	L + 5.00%	5/21/2024		3,083		3,037		2,848		0.9	%
Confluent Medical Technologies, Inc.(7)	First lien senior secured loan	L + 3.75%	2/16/2029		5,000		4,975		4,975		1.5	%
Packaging Coordinators Midco, Inc.(7)(10)	First lien senior secured loan	L + 3.75%	11/30/2027		4,975		4,963		4,943		1.5	%
Medline Intermediate, LP(6)(10)	First lien senior secured loan	L + 3.25%	10/23/2028		25,000		24,886		24,738		7.5	%
					64,703		64,179		63,297		19.2	%
Healthcare providers and services
Confluent Health, LLC(6)	First lien senior secured loan	L + 4.00%	11/30/2028		20,575		20,476		20,369		6.2	%
Confluent Health, LLC(9)(11)(13)(14)	First lien senior secured delayed draw term loan	P+ 3.00%	11/30/2023		288		265		243		0.1	%
Phoenix Newco, Inc. (dba Parexel)(6)(10)	First lien senior secured loan	L + 3.50%	11/15/2028		27,500		27,369		27,275		8.3	%
Physician Partners, LLC(6)	First lien senior secured loan	L + 4.00%	12/23/2028		10,000		9,902		9,900		3.0	%
Unified Women's Healthcare, LP(6)(10)	First lien senior secured loan	L + 4.25%	12/20/2027		19,900		19,811		19,774		6.0	%
					78,263		77,823		77,561		23.6	%

Owl Rock Capital Corporation

Notes to Consolidated Financial Statements (Unaudited) - Continued


ORCC Senior Loan Fund's Portfolio as of March 31, 2022 ($ in thousands) (Unaudited)
Company(1)(2)(4)(5)	Investment	Interest	Maturity Date	Par / Units		Amortized Cost(3)		Fair Value			Percentage of Members' Equity
Healthcare technology
Athenahealth, Inc.(6)(10)	First lien senior secured loan	L + 3.50%	2/15/2029		17,101		17,018		16,893			5.1	%
Athenahealth, Inc.(10)(11)(12)(13)(14)	First lien senior secured delayed draw term loan	L + 3.50%	8/15/2023		—		—		(21	)		—	%
Help/Systems Holdings, Inc.(6)(10)	First lien senior secured loan	L + 4.00%	11/19/2026		14,962		14,889		14,749			4.5	%
PointClickCare Technologies Inc.(8)	First lien senior secured loan	L + 4.00%	12/29/2027		10,000		9,851		9,850			3.0	%
					42,063		41,758		41,471			12.6	%
Infrastructure and environmental services
CHA Holding, Inc.(7)	First lien senior secured loan	L + 4.50%	4/10/2025		40,588		40,382		39,945			12.1	%
Insurance
AmeriLife Holdings LLC(6)(10)	First lien senior secured loan	L + 4.00%	3/18/2027		11,949		11,872		11,786			3.6	%
Integro Parent Inc.(7)	First lien senior secured loan	L + 5.75%	10/31/2022		29,615		29,593		28,923			8.8	%
Integro Parent Inc.(7)(11)(14)	First lien senior secured revolving loan	L + 4.50%	4/30/2022		6,000		6,000		5,857			1.8	%
					47,564		47,465		46,566			14.2	%
Internet software and services
DCert Buyer, Inc. (dba DigiCert)(6)(10)	First lien senior secured loan	L + 4.00%	10/16/2026		22,162		22,082		21,974			6.7	%
Trader Interactive, LLC (fka Dominion Web Solutions, LLC)(6)	First lien senior secured loan	L + 4.00%	7/28/2028		23,659		23,554		23,422			7.1	%
					45,821		45,636		45,396			13.8	%
Manufacturing
Engineered Machinery Holdings (dba Duravant)(7)(10)	First lien senior secured loan	L + 3.75%	5/19/2028		34,913		34,752		34,378			10.4	%

Owl Rock Capital Corporation

Notes to Consolidated Financial Statements (Unaudited) - Continued


ORCC Senior Loan Fund's Portfolio as of March 31, 2022 ($ in thousands) (Unaudited)
Company(1)(2)(4)(5)	Investment	Interest	Maturity Date	Par / Units		Amortized Cost(3)			Fair Value			Percentage of Members' Equity
Pro Mach Group, Inc.(7)(10)	First lien senior secured loan	L + 4.00%	8/31/2028		23,335		23,226			23,207			7.0	%
Pro Mach Group, Inc.(10)(11)(12)(13)(14)	First lien senior secured delayed draw term loan	L + 4.00%	8/31/2023		—		—			(1	)		—	%
Gloves Buyer, Inc. (dba Protective Industrial Products)(6)	First lien senior secured loan	L + 4.00%	12/29/2027		7,481		7,445			7,406			2.2	%
					65,729		65,423			64,990			19.6	%
Professional Services
Apex Group Treasury, LLC(7)	First lien senior secured loan	L + 3.75%	7/27/2028		19,900		19,852			19,701			6.0	%
Sovos Compliance, LLC(6)(10)	First lien senior secured loan	L + 4.50%	8/11/2028		19,139		19,054			19,079			5.8	%
Sovos Compliance, LLC(10)(11)(12)(13)	First lien senior secured delayed draw term loan	L + 4.50%	8/12/2023		—		(7	)		(2	)		—	%
					39,039		38,899			38,778			11.8	%
Total Debt Investments					882,005		877,179			869,023			263.8	%
Total Investments				$	882,005	$	877,179		$	869,023			263.8	%

________________

(1)

Certain portfolio company investments are subject to contractual restrictions on sales.

(2)

Unless otherwise indicated, ORCC SLF’s investments are pledged as collateral supporting the amounts outstanding under ORCC SLF’s credit facilities.

(3)

The amortized cost represents the original cost adjusted for the amortization of discounts and premiums, as applicable, on debt investments using the effective interest method.

(4)

Unless otherwise indicated, all investments are considered Level 3 investments.

(5)

Unless otherwise indicated, loan contains a variable rate structure, and may be subject to an interest rate floor. Variable rate loans bear interest at a rate that may be determined by reference to either the London Interbank Offered Rate (“LIBOR” or “L”) (which can include one-, two-, three- or six-month LIBOR), Secured Overnight Financing Rate ("SOFR" or "SR," which can include one-, three- or six- month SOFR), or an alternate base rate (which can include the Federal Funds Effective Rate or the Prime Rate), at the borrower’s option, and which reset periodically based on the terms of the loan agreement.

(6)

The interest rate on these loans is subject to 1 month LIBOR, which as of March 31, 2022 was 0.45%.

(7)

The interest rate on these loans is subject to 3 month LIBOR, which as of March 31, 2022 was 0.96%.

(8)

The interest rate on these loans is subject to 6 month LIBOR, which as of March 31, 2022 was 1.47%.

(9)

The interest rate on these loans is subject to PRIME, which as of March 31, 2022 was 3.50%.

(10)

Level 2 investment.

(11)

Position or portion thereof is an unfunded loan commitment.

(12)

(13)

The date disclosed represents the commitment period of the unfunded term loan. Upon expiration of the commitment period, the funded portion of the term loan may be subject to a longer maturity date.

(14)

Investment is not pledged as collateral under ORCC SLF’s credit facility.

Owl Rock Capital Corporation

Notes to Consolidated Financial Statements (Unaudited) - Continued


ORCC Senior Loan Fund's Portfolio as of December 31, 2021 ($ in thousands)
Company(1)(2)(4)(5)	Investment	Interest	Maturity Date	Par / Units		Amortized Cost(3)			Fair Value			Percentage of Members' Equity
Debt Investments
Aerospace and defense
Applied Composites Holdings, LLC (fka AC&A Enterprises Holdings, LLC)(8)	First lien senior secured loan	L + 5.50%	12/21/2023	$	34,470	$	34,219		$	33,961			12.0	%
Applied Composites Holdings, LLC (fka AC&A Enterprises Holdings, LLC)(8)(14)	First lien senior secured revolving loan	L + 5.50%	12/21/2022		3,000		2,989			2,956			1.0	%
Bleriot US Bidco Inc.(8)(10)	First lien senior secured loan	L + 4.00%	10/30/2026		24,627		24,522			24,585			8.7	%
Dynasty Acquisition Co., Inc. (dba StandardAero Limited)(8)	First lien senior secured loan	L + 3.50%	4/6/2026		39,100		38,976			36,796			13.0	%
					101,197		100,706			98,298			34.7	%
Automotive
Holley, Inc.(8)(10)	First lien senior secured loan	L + 3.75%	11/17/2028		17,100		17,016			17,032			6.0	%
Holley, Inc.(8)(10)(11)(13)	First lien senior secured delayed draw term loan	L + 3.75%	5/18/2022		855		855			844			0.3	%
PAI Holdco, Inc.(8)(10)(14)	First lien senior secured loan	L + 3.75%	10/28/2027		4,987		4,975			4,975			1.9	%
					22,942		22,846			22,851			8.2	%
Buildings and Real estate
Wrench Group, LLC.(8)	First lien senior secured loan	L + 4.00%	4/30/2026		32,341		32,198			32,179			11.4	%
Business Services
CoolSys, Inc.(8)	First lien senior secured loan	L + 4.75%	8/11/2028		16,955		16,793			16,785			5.9	%
CoolSys, Inc.(11)(12)(13)(14)	First lien senior secured delayed draw term loan	L + 4.75%	8/11/2023		—		(29	)		(30	)		—	%
ConnectWise, LLC(8)	First lien senior secured loan	L + 3.50%	9/29/2028		17,000		16,918			16,879			6.0	%
LABL, Inc.(8)	First lien senior secured loan	L + 5.00%	10/29/2028		8,000		7,883			7,879			2.8	%
Packers Holdings, LLC(9)(10)	First lien senior secured loan	L + 3.25%	3/9/2028		9,951		9,808			9,879			3.5	%

Owl Rock Capital Corporation

Notes to Consolidated Financial Statements (Unaudited) - Continued


ORCC Senior Loan Fund's Portfolio as of December 31, 2021 ($ in thousands)
Company(1)(2)(4)(5)	Investment	Interest	Maturity Date	Par / Units		Amortized Cost(3)			Fair Value			Percentage of Members' Equity
Vistage International, Inc.(8)	First lien senior secured loan	L + 4.00%	2/10/2025		29,922		29,807			29,919			10.6	%
					81,828		81,180			81,311			28.8	%
Chemicals
Aruba Investments Holdings LLC (dba Angus Chemical Company)(9)(14)	First lien senior secured loan	L + 4.00%	11/24/2027		998		998			998			0.4	%
Containers and Packaging
BW Holding, Inc.(8)(14)	First lien senior secured loan	L + 4.00%	12/14/2028		3,954		3,914			3,914			1.4	%
BW Holding, Inc.(11)(12)(13)(14)	First lien senior secured delayed draw term loan	L + 4.00%	12/17/2023		—		(5	)		(5	)		—	%
Ring Container Technologies Group, LLC (dba Ring Container Technologies)(6)(10)	First lien senior secured loan	L + 3.75%	8/12/2028		25,000		24,940			25,025			8.9	%
Valcour Packaging, LLC(7)	First lien senior secured loan	L + 3.75%	10/4/2028		7,000		6,976			6,965			2.5	%
					35,954		35,825			35,899			12.8	%
Distribution
Dealer Tire, LLC(6)(10)	First lien senior secured loan	L + 4.25%	12/12/2025		36,260		36,114			36,206			12.8	%
SRS Distribution, Inc.(9)(10)	First lien senior secured loan	L + 3.75%	6/2/2028		9,975		9,906			9,943			3.5	%
					46,235		46,020			46,149			16.3	%
Education
Spring Education Group, Inc. (fka SSH Group Holdings, Inc.)(8)	First lien senior secured loan	L + 4.25%	7/30/2025		33,862		33,805			33,003			11.7	%
Food and beverage
Balrog Acquisition, Inc. (dba Bakemark)(9)	First lien senior secured loan	L + 4.00%	9/5/2028		25,000		24,749			24,938			8.8	%
Dessert Holdings(8)	First lien senior secured loan	L + 4.00%	6/9/2028		20,160		20,019			20,001			7.1	%
Dessert Holdings(11)(12)(13)	First lien senior secured delayed draw term loan	L + 4.00%	6/9/2023		—		—			(2	)		—	%

Owl Rock Capital Corporation

Notes to Consolidated Financial Statements (Unaudited) - Continued


ORCC Senior Loan Fund's Portfolio as of December 31, 2021 ($ in thousands)
Company(1)(2)(4)(5)	Investment	Interest	Maturity Date	Par / Units		Amortized Cost(3)			Fair Value			Percentage of Members' Equity
Sovos Brands Intermediate, Inc.(8)(10)	First lien senior secured loan	L + 3.75%	6/8/2028		20,724		20,676			20,693			7.3	%
					65,884		65,444			65,630			23.2	%
Healthcare equipment and services
Cadence, Inc.(6)	First lien senior secured loan	L + 5.00%	5/21/2025		26,714		26,363			26,195			9.3	%
Cadence, Inc.(6)(11)(14)	First lien senior secured revolving loan	L + 5.00%	5/21/2024		2,055		2,004			1,912			0.7	%
Medline Borrower, LP(6)(10)	First lien senior secured loan	L + 3.25%	10/23/2028		25,000		24,882			24,990			8.9	%
Packaging Coordinators Midco, Inc.(8)(10)(14)	First lien senior secured loan	L + 3.75%	11/30/2027		4,987		4,975			4,983			1.8	%
					58,756		58,224			58,080			20.7	%
Healthcare providers and services
Confluent Health, LLC(6)	First lien senior secured loan	L + 4.00%	11/30/2028		20,575		20,473			20,472			7.3	%
Confluent Health, LLC(11)(12)(13)(14)	First lien senior secured delayed draw term loan	L + 4.00%	11/30/2023		—		(22	)		(22	)		—	%
Phoenix Newco, Inc. (dba Parexel)(6)(10)(14)	First lien senior secured loan	L + 3.50%	11/15/2028		27,500		27,363			27,489			9.7	%
Unified Women's Healthcare, LP(6)	First lien senior secured loan	L + 4.25%	12/20/2027		19,950		19,857			19,863			7.0	%
					68,025		67,671			67,802			24	%
Healthcare technology
VVC Holdings Corp. (dba Athenahealth, Inc.)(8)(10)	First lien senior secured loan	L + 4.25%	2/11/2026		17,179		16,961			17,162			6.1	%
Infrastructure and environmental services
CHA Holding, Inc.(8)	First lien senior secured loan	L + 4.50%	4/10/2025		40,693		40,471			40,171			14.2	%
Insurance
AmeriLife Holdings LLC(6)(10)(14)	First lien senior secured loan	L + 4.00%	3/18/2027		7,980		7,940			7,946			2.8	%

Owl Rock Capital Corporation

Notes to Consolidated Financial Statements (Unaudited) - Continued


ORCC Senior Loan Fund's Portfolio as of December 31, 2021 ($ in thousands)
Company(1)(2)(4)(5)	Investment	Interest	Maturity Date	Par / Units		Amortized Cost(3)		Fair Value		Percentage of Members' Equity
Integro Parent Inc.(9)	First lien senior secured loan	L + 5.75%	10/31/2022		29,615		29,584		28,422		10.1	%
Integro Parent Inc.(8)(11)(14)	First lien senior secured revolving loan	L + 4.50%	4/30/2022		6,000		6,000		5,764		2.0	%
					43,595		43,524		42,132		14.9	%
Internet software and services
DCert Buyer, Inc. (dba DigiCert)(6)(10)	First lien senior secured loan	L + 4.00%	10/16/2026		22,219		22,135		22,161		7.8	%
Trader Interactive, LLC (fka Dominion Web Solutions, LLC)(9)(14)	First lien senior secured loan	L + 4.00%	7/28/2028		25,000		24,886		24,875		8.8	%
					47,219		47,021		47,036		16.6	%
Manufacturing
Engineered Machinery Holdings (dba Duravant)(8)(10)	First lien senior secured loan	L + 3.75%	5/19/2028		35,000		34,834		34,864		12.3	%
Pro Mach Group, Inc.(8)(10)	First lien senior secured loan	L + 4.00%	8/31/2028		22,207		22,100		22,262		7.9	%
Pro Mach Group, Inc.(10)(11)(13)(14)	First lien senior secured delayed draw term loan	L + 4.00%	8/31/2023		—		—		—		—	%
Gloves Buyer, Inc. (dba Protective Industrial Products)(6)(14)	First lien senior secured loan	L + 4.00%	12/29/2027		7,500		7,463		7,463		2.6	%
					64,707		64,397		64,589		22.8	%
Professional Services
Apex Group Treasury, LLC(8)	First lien senior secured loan	L + 3.75%	7/27/2028		19,950		19,900		19,900		7.0	%
Sovos Compliance, LLC(6)(10)	First lien senior secured loan	L + 4.50%	8/11/2028		17,055		17,011		17,087		6.1	%
Sovos Compliance, LLC(10)(11)(13)	First lien senior secured delayed draw term loan	L + 4.50%	8/12/2023		—		—		—		—	%
					37,005		36,911		36,987		13.1	%
Total Debt Investments					798,420		794,202		790,277		279.9	%
Total Investments				$	798,420	$	794,202	$	790,277		279.9	%

________________

(1)

Certain portfolio company investments are subject to contractual restrictions on sales.

(2)

Unless otherwise indicated, ORCC SLF’s investments are pledged as collateral supporting the amounts outstanding under ORCC SLF’s credit facility.

(3)

The amortized cost represents the original cost adjusted for the amortization of discounts and premiums, as applicable, on debt investments using the effective interest method.

(4)

Unless otherwise indicated, all investments are considered Level 3 investments.

(5)

Unless otherwise indicated, loan contains a variable rate structure, and may be subject to an interest rate floor. Variable rate loans bear interest at a rate that may be determined by reference to either the London Interbank Offered Rate (“LIBOR” or “L”) (which can include one-, two-, three- or six-month LIBOR) or an alternate base rate (which can include the Federal Funds Effective Rate or the Prime Rate), at the borrower’s option, and which reset periodically based on the terms of the loan agreement.

(6)

The interest rate on these loans is subject to 1 month LIBOR, which as of December 31, 2021 was 0.10%.

(7)

The interest rate on these loans is subject to 2 month LIBOR, which as of December 31, 2021 was 0.15%.

(8)

The interest rate on these loans is subject to 3 month LIBOR, which as of December 31, 2021 was 0.21%.

(9)

The interest rate on these loans is subject to 6 month LIBOR, which as of December 31, 2021 was 0.34%.

(10)

Level 2 investment.

(11)

Position or portion thereof is an unfunded loan commitment.

(12)

(13)

The date disclosed represents the commitment period of the unfunded term loan. Upon expiration of the commitment period, the funded portion of the term loan may be subject to a longer maturity date.

(14)

Investment is not pledged as collateral under ORCC SLF’s credit facility.

Owl Rock Capital Corporation

Notes to Consolidated Financial Statements (Unaudited) - Continued

Below is selected balance sheet information for ORCC SLF as of March 31, 2022 and December 31, 2021:


($ in thousands)	March 31, 2022 (Unaudited)		December 31, 2021
Assets
Investments at fair value (amortized cost of $877,179 and $794,202, respectively)	$	869,023	$	790,277
Cash		26,928		60,723
Interest receivable		2,490		1,319
Prepaid expenses and other assets		436		111
Total Assets	$	898,877	$	852,430
Liabilities
Debt (net of unamortized debt issuance costs of $6,763 and $5,368, respectively)	$	513,120	$	469,514
Distributions payable		7,015		4,518
Payable for investments purchased		47,034		91,986
Accrued expenses and other liabilities		2,464		4,056
Total Liabilities	$	569,633	$	570,074
Members' Equity
Members' Equity		329,244		282,356
Members' Equity		329,244		282,356
Total Liabilities and Members' Equity	$	898,877	$	852,430

Below is selected statement of operations information for ORCC SLF for the three months ended March 31, 2022 and 2021:


	For the Three Months Ended March 31,
($ in thousands)	2022			2021
Investment Income
Interest income	$	10,014		$	7,366
Other income		212			148
Total Investment Income		10,226			7,514
Expenses
Interest expense		2,730			2,503
Professional fees		278			189
Total Expenses		3,008			2,692
Net Investment Income Before Taxes		7,218			4,822
Taxes		102			207
Net Investment Income After Taxes	$	7,116		$	4,615
Net Realized and Change in Unrealized (Loss) Gain on Investments
Net change in unrealized (loss) gain on investments		(4,232	)		1,123
Net realized gain on investments		19			137
Total Net Realized and Change in Unrealized (Loss) Gain on Investments		(4,213	)		1,260
Net Increase in Members' Equity Resulting from Operations	$	2,903		$	5,875

Owl Rock Capital Corporation

Notes to Consolidated Financial Statements (Unaudited) - Continued

Note 5. Fair Value of Investments

Investments

The following tables present the fair value hierarchy of investments as of March 31, 2022 and December 31, 2021:


	Fair Value Hierarchy as of March 31, 2022
($ in thousands)	Level 1		Level 2		Level 3		Total
First-lien senior secured debt investments	$	—	$	509	$	9,435,175	$	9,435,684
Second-lien senior secured debt investments		—		99,694		1,780,538		1,880,232
Unsecured debt investments		—		—		266,195		266,195
Preferred equity investments		—		—		238,998		238,998
Common equity investments(1)		1,618		—		645,507		647,125
Subtotal	$	1,618	$	100,203	$	12,366,413	$	12,468,234
Investments measured at NAV(2)		—		—		—		288,089
Total Investments at fair value	$	1,618	$	100,203	$	12,366,413	$	12,756,323

________________

(1)

Includes equity investment in Wingspire.

(2)

Includes equity investment in ORCC SLF.


	Fair Value Hierarchy as of December 31, 2021
($ in thousands)	Level 1		Level 2		Level 3		Total
First-lien senior secured debt investments	$	—	$	—	$	9,539,774	$	9,539,774
Second-lien senior secured debt investments		—		—		1,921,447		1,921,447
Unsecured debt investments		—		—		196,485		196,485
Preferred equity investments		—		—		260,869		260,869
Common equity investments(1)		3,873		515		571,616		576,004
Subtotal	$	3,873	$	515	$	12,490,191	$	12,494,579
Investments measured at NAV(2)		—		—		—		247,061
Total Investments at fair value	$	3,873	$	515	$	12,490,191	$	12,741,640

________________

(1)

Includes equity investment in Wingspire.

(2)

Includes equity investment in ORCC SLF.

Owl Rock Capital Corporation

Notes to Consolidated Financial Statements (Unaudited) - Continued

The following tables present changes in the fair value of investments for which Level 3 inputs were used to determine the fair value as of and for the three months ended March 31, 2022 and 2021:


	As of and for the Three Months Ended March 31, 2022
($ in thousands)	First-lien senior secured debt investments			Second-lien senior secured debt investments			Unsecured debt investments			Preferred equity investments			Common equity investments			Total
Fair value, beginning of period	$	9,539,774		$	1,921,447		$	196,485		$	260,869		$	571,616		$	12,490,191
Purchases of investments, net		1,298,502			107,017			69,391			6,997			181,098			1,663,005
Payment-in-kind		17,535			2,434			5,862			3,586			153			29,570
Proceeds from investments, net		(1,379,025	)		(131,036	)		—			(33,693	)		(102,978	)		(1,646,732	)
Net change in unrealized gain (loss)		(51,505	)		(18,772	)		(5,649	)		(4,032	)		(4,382	)		(84,340	)
Net realized gains (losses)		225			—			—			4,482			—			4,707
Net amortization of discount on investments		10,183			1,109			106			789			—			12,187
Transfers into (out of) Level 3(1)		(514	)		(101,661	)		—			—			—			(102,175	)
Fair value, end of period	$	9,435,175		$	1,780,538		$	266,195		$	238,998		$	645,507		$	12,366,413

________________

(1)

Transfers between levels, if any, are recognized at the beginning of the period in which the transfers occur.


	As of and for the Three Months Ended March 31, 2021
($ in thousands)	First-lien senior secured debt investments			Second-lien senior secured debt investments			Unsecured debt investments			Preferred equity investments(2)			Common equity investments(2)		Total
Fair value, beginning of period	$	8,389,486		$	1,949,703		$	59,562		$	22,157		$	230,307	$	10,651,215
Purchases of investments, net		677,162			34,773			130,137			1,000			107,568		950,640
Payment-in-kind		12,377			—			2,292			924			95		15,688
Proceeds from investments, net		(388,111	)		(185,921	)		—			—			—		(574,032	)
Net change in unrealized gain (loss)		41,585			5,641			(813	)		(48	)		10,301		56,666
Net realized gains (losses)		445			85			—			—			—		530
Net amortization of discount on investments		9,040			3,240			33			21			2		12,336
Transfers into (out of) Level 3(1)		847			—			—			—			—		847
Fair value, end of period	$	8,742,831		$	1,807,521		$	191,211		$	24,054		$	348,273	$	11,113,890

________________

(1)

Transfers between levels, if any, are recognized at the beginning of the period in which the transfers occur.

(2)

For the three months ended March 31, 2021, preferred equity investments and common equity investments were reported in aggregate as equity investments.

Owl Rock Capital Corporation

Notes to Consolidated Financial Statements (Unaudited) - Continued

The following tables present information with respect to net change in unrealized gains on investments for which Level 3 inputs were used in determining the fair value that are still held by the Company for the three months ended March 31, 2022 and 2021:


($ in thousands)	Net change in unrealized gain (loss) for the Three Months Ended March 31, 2022 on Investments Held at March 31, 2022			Net change in unrealized gain (loss) for the Three Months Ended March 31, 2021 on Investments Held at March 31, 2021(1)
First-lien senior secured debt investments	$	(50,741	)	$	45,046
Second-lien senior secured debt investments		(19,221	)		6,586
Unsecured debt investments		(5,649	)		(813	)
Preferred equity investments		(3,773	)		(48	)
Common equity investments		(9,656	)		10,301
Total Investments	$	(89,040	)	$	61,072

________________

(1)

For the three months ended March 31, 2021, preferred equity investments and common equity investments were reported in aggregate as equity investments.

Owl Rock Capital Corporation

Notes to Consolidated Financial Statements (Unaudited) - Continued

The following tables present quantitative information about the significant unobservable inputs of the Company’s Level 3 investments as of March 31, 2022 and December 31, 2021. The weighted average range of unobservable inputs is based on fair value of investments. The tables are not intended to be all-inclusive but instead capture the significant unobservable inputs relevant to the Company’s determination of fair value.

As of March 31, 2022

($ in thousands)

Fair Value

Valuation Technique

Unobservable Input

Range (Weighted Average)

Impact to Valuation from an Increase in Input

First-lien senior secured debt investments

9,068,928

Yield Analysis

Market Yield

(6.2% - 21.3%) 10.1%

Decrease

366,247

Recent Transaction

Transaction Price

(81.2% - 100.0%) 98.7%

Increase

Second-lien senior secured debt investments

1,766,504

Yield Analysis

Market Yield

(9.7% - 16.1%) 11.6%

Decrease

13,054

Collateral Analysis

Recovery Rate

(20.5% - 20.5%) 20.5%

Increase

980

Recent Transaction

Transaction Price

(98.0% - 98.0%) 98.0%

Increase

Unsecured debt investments(1)

179,401

Yield Analysis

Market Yield

(8.1% - 10.5%) 9.9%

Decrease

69,792

Recent Transaction

Transaction Price

(99.3% - 99.3%) 99.3%

Increase

5,135

Market Approach

EBITDA Multiple

(14.8x - 14.8x) 14.8x

Increase

Preferred equity investments

232,000

Yield Analysis

Market Yield

(10.8% - 13.0%) 12.0%

Decrease

6,998

Recent Transaction

Transaction Price

(98.0% - 100.0%) 98.0%

Increase

Common equity investments

638,866

Market Approach

EBITDA Multiple

(1.1x - 23.8x) 6.0x

Increase

3,823

Recent Transaction

Transaction Price

(100.0% - 100.0%) 100.0%

Increase

2,334

Market Approach

Transaction Price

($561 - $823) $692

Increase

484

Market Approach

Gross Profit Multiple

(22.0x - 22.0x) 22.0x

Increase

________________

(1)

Excludes Level 3 investments with an aggregate fair value amounting to $11.9 million, which the Company valued using indicative bid prices obtained from brokers.

Owl Rock Capital Corporation

Notes to Consolidated Financial Statements (Unaudited) - Continued

As of December 31, 2021

($ in thousands)

Fair Value

Valuation Technique

Unobservable Input

Range (Weighted Average)

Impact to Valuation from an Increase in Input

First-lien senior secured debt investments

8,670,821

Yield Analysis

Market Yield

(5.3% - 20.0%) 8.7%

Decrease

868,953

Recent Transaction

Transaction Price

(90.5% - 99.4%) 97.4%

Increase

Second-lien senior secured debt investments(1)

1,459,187

Yield Analysis

Market Yield

(7.8% - 15.0%) 9.6%

Decrease

395,865

Recent Transaction

Transaction Price

(98.0% - 99.0%) 98.6%

Increase

15,919

Collateral Analysis

Recovery Rate

(25.0% - 25.0%) 25.0%

Increase

Unsecured debt investments(2)

179,730

Yield Analysis

Market Yield

(7.2% - 9.4%) 8.8%

Decrease

5,135

Market Approach

EBITDA Multiple

(14.8x - 14.8x) 14.8x

Increase

Preferred equity investments

181,394

Yield Analysis

Market Yield

(11.4% - 14.6%) 11.9%

Decrease

75,863

Recent Transaction

Transaction Price

(97.3% - 100.0%) 98.1%

Increase

3,612

Market Approach

EBITDA Multiple

(9.3x - 9.3x) 9.3x

Increase

Common equity investments

488,629

Market Approach

EBITDA Multiple

(1.2x - 24.0x) 5.0x

Increase

79,900

Recent Transaction

Transaction Price

(100.0% - 100.0%) 100.0%

Increase

2,334

Market Approach

Transaction Price

($560.00-$560.00)$560.00

Increase

753

Market Approach

Gross Profit Multiple

(27.0x - 27.0x) 27.0x

Increase

________________

(1)

Excludes investments with an aggregate fair value amounting to $50.5 million, which the Company valued using indicative bid prices obtained from brokers.

(2)

Excludes investments with an aggregate fair value amounting to $11.6 million, which the Company valued using indicative bid prices obtained from brokers.

The Company typically determines the fair value of its performing Level 3 debt investments utilizing a yield analysis. In a yield analysis, a price is ascribed for each investment based upon an assessment of current and expected market yields for similar investments and risk profiles. Additional consideration is given to the expected life, portfolio company performance since close, and other terms and risks associated with an investment. Among other factors, a determinant of risk is the amount of leverage used by the portfolio company relative to its total enterprise value, and the rights and remedies of the Company’s investment within the portfolio company’s capital structure.

Significant unobservable quantitative inputs typically used in the fair value measurement of the Company’s Level 3 debt investments primarily include current market yields, including relevant market indices, but may also include quotes from brokers, dealers, and pricing services as indicated by comparable investments. For the Company’s Level 3 equity investments, a market approach, based on comparable publicly-traded company and comparable market transaction multiples of revenues, earnings before income taxes, depreciation and amortization (“EBITDA”) or some combination thereof and comparable market transactions typically would be used.

Owl Rock Capital Corporation

Notes to Consolidated Financial Statements (Unaudited) - Continued

Debt Not Carried at Fair Value

Fair value is estimated by discounting remaining payments using applicable current market rates, which take into account changes in the Company’s marketplace credit ratings, or market quotes, if available. The following table presents the carrying and fair values of the Company’s debt obligations as of March 31, 2022 and December 31, 2021.


	March 31, 2022				December 31, 2021
($ in thousands)	Net Carrying Value(1)		Fair Value		Net Carrying Value(2)		Fair Value
Revolving Credit Facility	$	428,848	$	428,848	$	879,943	$	879,943
SPV Asset Facility II		344,567		344,567		95,668		95,668
SPV Asset Facility III		394,083		394,083		188,979		188,979
SPV Asset Facility IV		152,218		152,218		152,727		152,727
CLO I		387,075		387,075		386,989		386,989
CLO II		256,958		256,958		256,942		256,942
CLO III		257,981		257,981		257,937		257,937
CLO IV		287,451		287,451		287,342		287,342
CLO V		194,175		194,175		194,167		194,167
CLO VI		258,131		258,131		258,093		258,093
2024 Notes		393,983		409,000		406,481		427,000
2025 Notes		420,058		418,625		419,674		443,063
July 2025 Notes		494,050		485,000		493,637		518,750
2026 Notes		491,596		488,750		491,085		526,250
July 2026 Notes		979,631		942,500		978,537		1,017,500
2027 Notes		459,241		450,000		497,537		488,750
2028 Notes		834,172		743,750		833,588		837,250
Total Debt	$	7,034,218	$	6,899,112	$	7,079,326	$	7,217,350

________________

(1)

The carrying value of the Company’s Revolving Credit Facility, SPV Asset Facility II, SPV Asset Facility III, SPV Asset Facility IV, CLO I, CLO II, CLO III, CLO IV, CLO V, CLO VI, 2024 Notes, 2025 Notes, July 2025 Notes, 2026 Notes, July 2026 Notes, 2027 Notes and 2028 Notes are presented net of deferred financing costs of $11.6 million, $5.4 million, $0.9 million, $2.8 million, $2.9 million, $3.0 million, $2.0 million, $5.1 million, $1.8 million, $1.9 million, $4.5 million, $4.9 million, $6.0 million, $8.4 million, $20.4 million, $9.3 million and $15.8 million, respectively.

(2)

The carrying value of the Company’s Revolving Credit Facility, SPV Asset Facility II, SPV Asset Facility III, SPV Asset Facility IV, CLO I, CLO II, CLO III, CLO IV, CLO V, CLO VI, 2024 Notes, 2025 Notes, July 2025 Notes, 2026 Notes, July 2026 Notes, 2027 Notes and 2028 Notes are presented net of deferred financing costs of $12.4 million, $4.3 million, $1.0 million, $2.2 million, $3.0 million, $3.1 million, $2.1 million, $5.2 million, $1.8 million, $1.9 million, $5.0 million, $5.3 million, $6.4 million, $8.9 million, $21.5 million, $9.7 million and $16.4 million, respectively.

The following table presents fair value measurements of the Company’s debt obligations as of March 31, 2022 and December 31, 2021:



($ in thousands)	March 31, 2022		December 31, 2021
Level 1	$	—	$	—
Level 2		3,937,625		4,258,563
Level 3		2,961,487		2,958,787
Total Debt	$	6,899,112	$	7,217,350

Financial Instruments Not Carried at Fair Value

As of March 31, 2022 and December 31, 2021, the carrying amounts of the Company’s assets and liabilities, other than investments at fair value and debt, approximate fair value due to their short maturities.

Owl Rock Capital Corporation

Notes to Consolidated Financial Statements (Unaudited) - Continued

Note 6. Debt

In accordance with the 1940 Act, with certain limitations, the Company is allowed to borrow amounts such that its asset coverage, as defined in the 1940 Act, is at least 150%. As of March 31, 2022 and December 31, 2021, the Company’s asset coverage was 182% and 182%, respectively.

Debt obligations consisted of the following as of March 31, 2022 and December 31, 2021:


	March 31, 2022
($ in thousands)	Aggregate Principal Committed		Outstanding Principal		Amount Available(1)		Net Carrying Value(2)
Revolving Credit Facility(3)(5)	$	1,655,000	$	440,422	$	1,160,987	$	428,848
SPV Asset Facility II		350,000		350,000		—		344,567
SPV Asset Facility III		500,000		395,000		105,000		394,083
SPV Asset Facility IV		250,000		155,000		95,000		152,218
CLO I		390,000		390,000		—		387,075
CLO II		260,000		260,000		—		256,958
CLO III		260,000		260,000		—		257,981
CLO IV		292,500		292,500		—		287,451
CLO V		196,000		196,000		—		194,175
CLO VI		260,000		260,000		—		258,131
2024 Notes(4)		400,000		400,000		—		393,983
2025 Notes		425,000		425,000		—		420,058
July 2025 Notes		500,000		500,000		—		494,050
2026 Notes		500,000		500,000		—		491,596
July 2026 Notes		1,000,000		1,000,000		—		979,631
2027 Notes(4)		500,000		500,000		—		459,241
2028 Notes		850,000		850,000		—		834,172
Total Debt	$	8,588,500	$	7,173,922	$	1,360,987	$	7,034,218

________________

(1)

The amount available reflects any collateral related limitations at the Company level related to each credit facility’s borrowing base.

(2)

(3)

Includes the unrealized translation gain (loss) on borrowings denominated in foreign currencies.

(4)

Inclusive of change in fair market value of effective hedge.

(5)

The amount available is reduced by $53.6 million of outstanding letters of credit.

Owl Rock Capital Corporation

Notes to Consolidated Financial Statements (Unaudited) - Continued


	December 31, 2021
($ in thousands)	Aggregate Principal Committed		Outstanding Principal		Amount Available(1)		Net Carrying Value(2)
Revolving Credit Facility(3)(5)	$	1,655,000	$	892,313	$	707,370	$	879,943
SPV Asset Facility II		350,000		100,000		250,000		95,668
SPV Asset Facility III		500,000		190,000		310,000		188,979
SPV Asset Facility IV		250,000		155,000		95,000		152,727
CLO I		390,000		390,000		—		386,989
CLO II		260,000		260,000		—		256,942
CLO III		260,000		260,000		—		257,937
CLO IV		292,500		292,500		—		287,342
CLO V		196,000		196,000		—		194,167
CLO VI		260,000		260,000		—		258,093
2024 Notes(4)		400,000		400,000		—		406,481
2025 Notes		425,000		425,000		—		419,674
July 2025 Notes		500,000		500,000		—		493,637
2026 Notes		500,000		500,000		—		491,085
July 2026 Notes		1,000,000		1,000,000		—		978,537
2027 Notes(4)		500,000		500,000		—		497,537
2028 Notes		850,000		850,000		—		833,588
Total Debt	$	8,588,500	$	7,170,813	$	1,362,370	$	7,079,326

________________

(1)

The amount available reflects any limitations related to each credit facility’s borrowing base.

(2)

The carrying value of the Company’s Revolving Credit Facility, SPV Asset Facility II, SPV Asset Facility III, SPV Asset Facility IV, CLO I, CLO II, CLO III, CLO IV, CLO V, CLO VI, 2024 Notes, 2025 Notes, July 2025 Notes, 2026 Notes, July 2026 Notes, 2027 Notes and 2028 Notes are presented net of deferred financing costs of $12.4 million, $4.3 million, $1.0 million, $2.2 million, $3.0 million, $3.1 million, $2.1 million, $5.2 million, $1.8 million, $1.9 million, $5.0 million, $5.3 million, $6.4 million, $8.9 million, $21.5 million, $9.7 million and $16.4 million respectively.

(3)

Includes the unrealized translation gain (loss) on borrowings denominated in foreign currencies.

(4)

Inclusive of change in fair market value of effective hedge.

(5)

The amount available is reduced by $55.3 million of outstanding letters of credit.

For the three months ended March 31, 2022 and 2021, the components of interest expense were as follows:


	For the Three Months Ended March 31,
($ in thousands)	2022			2021
Interest expense	$	52,631		$	43,138
Amortization of debt issuance costs		6,125			4,946
Net change in unrealized gain (loss) on effective interest rate swaps and hedged items(1)		2,622			(8	)
Total Interest Expense	$	61,378		$	48,076
Average interest rate		2.9	%		3.2		%
Average daily borrowings	$	7,152,041		$	5,330,364

________________

(1)

Refer to the 2023 Notes, 2024 Notes and 2027 Notes for details on each facility’s interest rate swap.

Owl Rock Capital Corporation

Notes to Consolidated Financial Statements (Unaudited) - Continued

Credit Facilities

Our credit facilities contain customary covenants, including certain limitations on the incurrence by us of additional indebtedness and on our ability to make distributions to our shareholders, or redeem, repurchase or retire shares of stock, upon the occurrence of certain events, and customary events of default (with customary cure and notice provisions).

Description of Facilities

Revolving Credit Facility

On February 1, 2017, the Company entered into a senior secured revolving credit agreement (and as amended by that certain First Amendment to Senior Secured Revolving Credit Agreement, dated as of July 17, 2017, the First Omnibus Amendment to Senior Secured Revolving Credit Agreement and Guarantee and Security Agreement, dated as of March 29, 2018, the Third Amendment to Senior Secured Revolving Credit Agreement, dated as of June 21, 2018, the Fourth Amendment to Senior Secured Revolving Credit Agreement, dated as of April 2, 2019, the Fifth Amendment to Senior Secured Revolving Credit Agreement, dated as of May 7, 2020, the Sixth Amendment to Senior Secured Revolving Credit Agreement, dated as of September 3, 2020 and the Seventh Amendment to Senior Secured Revolving Credit Agreement, dated as of September 22, 2021, the “Revolving Credit Facility”). The parties to the Revolving Credit Facility include the Company, as Borrower, the lenders from time to time parties thereto (each a “Lender” and collectively, the “Lenders”), the parties in their capacity as issuers of letters of credit (referred to as "Issuing Banks"), and Truist Securities, Inc. and ING Capital LLC as Joint Lead Arrangers and Joint Book Runners, Truist Bank as Administrative Agent and ING Capital LLC as Syndication Agent.

The Revolving Credit Facility is guaranteed by OR Lending LLC, a subsidiary of the Company, and will be guaranteed by certain domestic subsidiaries of the Company that are formed or acquired by the Company in the future (collectively, the “Guarantors”). Proceeds of the Revolving Credit Facility may be used for general corporate purposes, including the funding of portfolio investments.

The maximum principal amount of the Revolving Credit Facility is $1.655 billion, subject to availability under the borrowing base, which is based on the Company’s portfolio investments and other outstanding indebtedness. As amended on September 22, 2021, maximum capacity under the Revolving Credit Facility may be increased to $2.2 billion through the Company’s exercise of an uncommitted accordion feature through which existing and new lenders may, at their option, agree to provide additional financing. The Revolving Credit Facility includes a $50 million limit for swingline loans and is secured by a perfected first-priority interest in substantially all of the portfolio investments held by the Company and each Guarantor, subject to certain exceptions.

The availability period under the Revolving Credit Facility will terminate on March 31, 2023, with respect to $60 million of commitments, September 3, 2024, with respect to $15 million of commitments (together, the "Non-Extending Commitments"), and on September 22, 2025, with respect to the remaining commitments (such remaining commitments, the "Extending Commitments") (together, the “Revolving Credit Facility Commitment Termination Date”). The Revolving Credit Facility will mature on April 2, 2024 with respect to $60 million of commitments, September 3, 2025, with respect to $15 million of commitments, and on September 22, 2026, with respect to the remaining commitments (together, the “Revolving Credit Facility Maturity Date”). During the period from the earliest Revolving Credit Facility Commitment Termination Date to the final Revolving Credit Facility Maturity Date, the Company will be obligated to make mandatory prepayments under the Revolving Credit Facility out of the proceeds of certain asset sales and other recovery events and equity and debt issuances.

The Company may borrow amounts in U.S. dollars or certain other permitted currencies. Amounts drawn under the Revolving Credit Facility with respect to the Extending Commitments will bear interest at either (i) LIBOR plus margin of either 1.875% per annum or, if the borrowing base is greater than or equal to the product of 1.60 and the combined debt amount, 1.75% per annum, (ii) an alternative base rate plus margin of either 0.875% per annum or, if the borrowing base is greater than or equal to the product of 1.60 and the combined debt amount, 0.75% per annum, or (iii) for amounts drawn under the Revolving Credit Facility in Sterling or Swiss Francs, either the Sterling Overnight Interbank Average Rate ("SONIA") or the Swiss Average Rate Overnight ("SARON"), as applicable, plus margin of either 1.875% per annum or, if the borrowing base is greater than or equal to the product of 1.60 and the combined debt amount, 1.75% per annum plus an applicable credit adjustment spread. Amounts drawn under the Revolving Credit Facility with respect to the Non-Extended Commitments will bear interest at either (i) LIBOR plus 2.00% per annum, (ii) an alternative base rate plus 1.00% per annum or (iii) SONIA or SARON, as applicable, plus 2.00% per annum plus an applicable credit adjustment spread. Further, the Revolving Credit Facility builds in a hardwired approach for the replacement of LIBOR loans in U.S. dollars. For LIBOR loans in other permitted currencies, the Revolving Credit Facility includes customary fallback mechanics for the Company and the Administrative Agent to select an alternative benchmark, subject to the negative consent of required Lenders. The Company may elect the currency and rate at the time of drawdown, and loans may be converted from one rate to another at any time at the Company’s option, subject to certain conditions. The Company predominantly borrows utilizing LIBOR rate loans, generally electing one-month upon borrowing, to the extent applicable. The Company also pays a fee of 0.375% on undrawn amounts under the Revolving Credit Facility.

Owl Rock Capital Corporation

Notes to Consolidated Financial Statements (Unaudited) - Continued

The Revolving Credit Facility includes customary covenants, including certain limitations on the incurrence by the Company of additional indebtedness and on the Company’s ability to make distributions to the Company’s shareholders, or redeem, repurchase or retire shares of stock, upon the occurrence of certain events and certain financial covenants related to asset coverage and liquidity and other maintenance covenants, as well as customary events of default. The agreement requires a minimum asset coverage ratio of 100% with respect to the Company’s consolidated assets and its subsidiaries, measured at the last day of any fiscal quarter and a minimum asset coverage ratio of no less than 2.00 to 1.00 with respect to its consolidated assets and its subsidiary guarantors (including certain limitations on the contribution of equity in financing subsidiaries as specified therein) to its secured debt and its subsidiary guarantors (the “Obligor Asset Coverage Ratio”), measured at the last day of each fiscal quarter. The agreement also includes concentration limits in connection with the calculation of the borrowing base, based upon the Obligor Asset Coverage Ratio.

SPV Asset Facilities

SPV Asset Facility I

On December 21, 2017 (the “SPV Asset Facility I Closing Date”), ORCC Financing LLC (“ORCC Financing”), a Delaware limited liability company and subsidiary of the Company, entered into a Loan and Servicing Agreement (as amended, the “SPV Asset Facility I”), with ORCC Financing as Borrower, the Company as Transferor and Servicer, the lenders from time to time parties thereto (the “SPV Lenders”), Morgan Stanley Asset Funding Inc. as Administrative Agent, State Street Bank and Trust Company as Collateral Agent and Cortland Capital Market Services LLC as Collateral Custodian.

From time to time, the Company sold and contributed certain investments to ORCC Financing pursuant to a Sale and Contribution Agreement by and between the Company and ORCC Financing. No gain or loss was recognized as a result of the contribution. Proceeds from the SPV Asset Facility I were used to finance the origination and acquisition of eligible assets by ORCC Financing, including the purchase of such assets from the Company. The Company retained a residual interest in assets contributed to or acquired by ORCC Financing through its ownership of ORCC Financing. The maximum principal amount of the SPV Asset Facility I was $400 million; the availability of this amount was subject to a borrowing base test, which was based on the value of ORCC Financing’s assets from time to time, and satisfaction of certain conditions, including certain concentration limits.

The SPV Asset Facility I provided for the ability to draw and redraw amounts under the SPV Asset Facility I for a period of up to three years after the SPV Asset Facility I Closing Date (the “SPV Asset Facility I Commitment Termination Date”). The SPV Asset Facility I was terminated on June 2, 2020 (the “SPV Asset Facility I Termination Date”). Prior to the SPV Asset Facility I Termination Date, proceeds received by ORCC Financing from principal and interest, dividends, or fees on assets were required to be used to pay fees, expenses and interest on outstanding borrowings, and the excess may be returned to the Company, subject to certain conditions. On the SPV Asset Facility I Termination Date, ORCC Financing repaid in full all outstanding fees and expenses and all principal and interest on outstanding borrowings.

Amounts drawn bore interest at LIBOR plus a spread of 2.25% until the six-month anniversary of the SPV Asset Facility I Closing Date, increasing to 2.50% thereafter, until the SPV Asset Facility I Commitment Termination Date. The Company predominantly borrowed utilizing LIBOR rate loans, generally electing one-month LIBOR upon borrowing. After a ramp-up period, there was an unused fee of 0.75% per annum on the amount, if any, by which the undrawn amount under the SPV Asset Facility I exceeded 25% of the maximum principal amount of the SPV Asset Facility I. The SPV Asset Facility I contained customary covenants, including certain financial maintenance covenants, limitations on the activities of ORCC Financing, including limitations on incurrence of incremental indebtedness, and customary events of default. The SPV Asset Facility I was secured by a perfected first priority security interest in the assets of ORCC Financing and on any payments received by ORCC Financing in respect of those assets. Assets pledged to the SPV Lenders were not available to pay the debts of the Company.

SPV Asset Facility II

On May 22, 2018, ORCC Financing II LLC (“ORCC Financing II”), a Delaware limited liability company and subsidiary of the Company, entered into a Credit Agreement (as amended, the “SPV Asset Facility II”), with ORCC Financing II, as Borrower, the lenders from time to time parties thereto (the “SPV Asset Facility II Lenders”), Natixis, New York Branch, as Administrative Agent, State Street Bank and Trust Company, as Collateral Agent, and Cortland Capital Market Services LLC as Document Custodian. The parties to the SPV Asset Facility II have entered into various amendments, including to admit new lenders, increase or decrease the maximum principal amount available under the facility, extend the availability period and maturity date, change the interest rate and make various other changes. The following describes the terms of SPV Asset Facility II amended through March 25, 2022 (the “SPV Asset Facility II Seventh Amendment Date”).

From time to time, the Company sells and contributes certain investments to ORCC Financing II pursuant to a sale and contribution agreement by and between the Company and ORCC Financing II. No gain or loss will be recognized as a result of the contribution. Proceeds from the SPV Asset Facility II will be used to finance the origination and acquisition of eligible assets by ORCC Financing II, including the purchase of such assets from the Company. The Company retains a residual interest in assets contributed to or acquired by

Owl Rock Capital Corporation

Notes to Consolidated Financial Statements (Unaudited) - Continued

ORCC Financing II through the Company’s ownership of ORCC Financing II. The maximum principal amount of the SPV Asset Facility II as of the SPV Asset Facility II Seventh Amendment Date is $350 million (which includes terms loans of $100 million and revolving commitments of $250 million). The availability of this amount is subject to an overcollateralization ratio test, which is based on the value of ORCC Financing II’s assets from time to time, and satisfaction of certain conditions, including an interest coverage ratio test, certain concentration limits and collateral quality tests.

The SPV Asset Facility II provides for the ability to (1) draw term loans and (2) draw and redraw revolving loans under the SPV Asset Facility II through April 22, 2023, unless the revolving commitments are terminated or converted to term loans sooner as provided in the SPV Asset Facility II (the “SPV Asset Facility II Commitment Termination Date”). Unless otherwise terminated, the SPV Asset Facility II will mature on December 22, 2029 (the “SPV Asset Facility II Stated Maturity”). Prior to the SPV Asset Facility II Stated Maturity, proceeds received by ORCC Financing II from principal and interest, dividends, or fees on assets must be used to pay fees, expenses and interest on outstanding borrowings, and the excess may be returned to the Company, subject to certain conditions. On the SPV Asset Facility II Stated Maturity, ORCC Financing II must pay in full all outstanding fees and expenses and all principal and interest on outstanding borrowings, and the excess may be returned to the Company.

With respect to revolving loans, amounts drawn bear interest at Term SOFR (or, in the case of certain lenders that are commercial paper conduits, the lower of their cost of funds and Term SOFR plus 0.40%) plus a spread that steps up from 2.30% to 2.55% during the period March 25, 2022 to the Reinvestment Period End Date. With respect to term loans, amounts drawn bear interest at Term SOFR (or, in the case of certain lenders that are commercial paper conduits, the lower of their cost of funds and Term SOFR plus 0.40%) plus a spread that steps up from 2.30% to 2.55% during the same period. From March 25, 2022 to the SPV Asset Facility II Commitment Termination Date, there is a commitment fee ranging from 0.50% to 0.625% per annum on the undrawn amount, if any, of the revolving commitments in the SPV Asset Facility II. The SPV Asset Facility II contains customary covenants, including certain financial maintenance covenants, limitations on the activities of ORCC Financing II, including limitations on incurrence of incremental indebtedness, and customary events of default. The SPV Asset Facility II is secured by a perfected first priority security interest in the assets of ORCC Financing II and on any payments received by ORCC Financing II in respect of those assets. Assets pledged to the SPV Asset Facility II Lenders will not be available to pay the debts of the Company.

SPV Asset Facility III

On December 14, 2018 (the “SPV Asset Facility III Closing Date”), ORCC Financing III LLC (“ORCC Financing III”), a Delaware limited liability company and newly formed subsidiary of the Company, entered into a Loan Financing and Servicing Agreement (the “SPV Asset Facility III”), with ORCC Financing III, as borrower, the Company, as equity holder and services provider, the lenders from time to time parties thereto (the “SPV Lenders III”), Deutsche Bank AG, New York Branch, as Facility Agent, State Street Bank and Trust Company, as Collateral Agent and Cortland Capital Market Services LLC, as Collateral Custodian. The parties to the SPV Asset Facility III have entered into various amendments, including those relating to the undrawn fee and make-whole fee and definition of “Change of Control.” The following describes the terms of SPV Asset Facility III as amended through December 13, 2021.

From time to time, the Company expects to sell and contribute certain loan assets to ORCC Financing III pursuant to a Sale and Contribution Agreement by and between the Company and ORCC Financing III. No gain or loss will be recognized as a result of the contribution. Proceeds from the SPV Asset Facility III will be used to finance the origination and acquisition of eligible assets by ORCC Financing III, including the purchase of such assets from the Company. The Company retains a residual interest in assets contributed to or acquired by ORCC Financing III through its ownership of ORCC Financing III. The maximum principal amount of the SPV Asset Facility III is $500 million; the availability of this amount is subject to a borrowing base test, which is based on the value of ORCC Financing III’s assets from time to time, and satisfaction of certain conditions, including interest spread and weighted average coupon tests, certain concentration limits and collateral quality tests.

The SPV Asset Facility III provides for the ability to borrow, reborrow, repay and prepay advances under the SPV Asset Facility III until June 14, 2022 unless such period is extended or accelerated under the terms of the SPV Asset Facility III (the “SPV Asset Facility III Revolving Period”). Unless otherwise extended, accelerated or terminated under the terms of the SPV Asset Facility III, the SPV Asset Facility III will mature on the date that is two years after the last day of the SPV Asset Facility III Revolving Period (the “SPV Asset Facility III Stated Maturity”). Prior to the SPV Asset Facility III Stated Maturity, proceeds received by ORCC Financing III from principal and interest, dividends, or fees on assets must be used to pay fees, expenses and interest on outstanding advances, and the excess may be returned to the Company, subject to certain conditions. On the SPV Asset Facility III Stated Maturity, ORCC Financing III must pay in full all outstanding fees and expenses and all principal and interest on outstanding advances, and the excess may be returned to the Company.

Amounts drawn bear interest at LIBOR (or, in the case of certain SPV Lenders III that are commercial paper conduits, the lower of (a) their cost of funds and (b) LIBOR, such LIBOR not to be lower than zero) plus a spread equal to 2.20% per annum, which spread will increase (a) on and after the end of the SPV Asset Facility III Revolving Period by 0.15% per annum if no event of default has occurred and (b) by 2.00% per annum upon the occurrence of an event of default (such spread, the “Applicable Margin”). LIBOR may be replaced as a base rate under certain circumstances. The Company predominantly borrows utilizing LIBOR rate loans, generally electing

Owl Rock Capital Corporation

Notes to Consolidated Financial Statements (Unaudited) - Continued

one-month LIBOR upon borrowing. During the Revolving Period, ORCC Financing III will pay an undrawn fee ranging from 0.25% to 0.50% per annum on the undrawn amount, if any, of the revolving commitments in the SPV Asset Facility III. During the Revolving Period, if the undrawn commitments are in excess of a certain portion (initially 20% and increasing in stages to 75%) of the total commitments under the SPV Asset Facility III, ORCC Financing III will also pay a make-whole fee equal to the Applicable Margin multiplied by such excess undrawn commitment amount, reduced by the undrawn fee payable on such excess. The SPV Asset Facility III contains customary covenants, including certain financial maintenance covenants, limitations on the activities of ORCC Financing III, including limitations on incurrence of incremental indebtedness, and customary events of default. The SPV Asset Facility III is secured by a perfected first priority security interest in the assets of ORCC Financing III and on any payments received by ORCC Financing III in respect of those assets. Assets pledged to the SPV Asset Facility III Lenders will not be available to pay the debts of the Company.

SPV Asset Facility IV

On August 2, 2019 (the “SPV Asset Facility IV Closing Date”), ORCC Financing IV LLC (“ORCC Financing IV”), a Delaware limited liability company and newly formed subsidiary of the Company entered into a Credit Agreement (the “SPV Asset Facility IV”), with ORCC Financing IV, as borrower, Société Générale, as initial Lender and as Administrative Agent, State Street Bank and Trust Company, as Collateral Agent, Collateral Administrator and Custodian, and Cortland Capital Market Services LLC as Document Custodian and the lenders from time to time party thereto pursuant to Assignment and Assumption Agreements.

On March 11, 2022, (the “SPV Asset Facility IV Amendment Date”), the parties to the SPV Asset Facility IV amended the SPV Asset Facility IV to extend the reinvestment period from April 1, 2022 until October 3, 2022 and the stated maturity from April 1, 2030 to October 1, 2030. The amendment also changed the applicable interest rate from LIBOR plus an applicable margin of 2.15% during the reinvestment period and LIBOR plus an applicable margin of 2.40% after the reinvestment period to term SOFR plus an applicable margin of 2.30% during the reinvestment period and term SOFR plus an applicable margin of 2.55% after the reinvestment period.

From time to time, the Company expects to sell and contribute certain investments to ORCC Financing IV pursuant to a Sale and Contribution Agreement by and between the Company and ORCC Financing IV. No gain or loss will be recognized as a result of the contribution. Proceeds from the SPV Asset Facility IV will be used to finance the origination and acquisition of eligible assets by ORCC Financing IV, including the purchase of such assets from the Company. The Company retains a residual interest in assets contributed to or acquired by ORCC Financing IV through its ownership of ORCC Financing IV. The maximum principal amount of the Credit Facility is $250 million; the availability of this amount is subject to an overcollateralization ratio test, which is based on the value of ORCC Financing IV’s assets from time to time, and satisfaction of certain conditions, including an interest coverage ratio test, certain concentration limits and collateral quality tests.

The SPV Asset Facility IV provides for the ability to (1) draw term loans and (2) draw and redraw revolving loans under the SPV Asset Facility IV until the last day of the reinvestment period unless the revolving commitments are terminated or converted to term loans sooner as provided in the SPV Asset Facility IV (the “Commitment Termination Date”). Unless otherwise terminated, the SPV Asset Facility IV will mature on October 1, 2030 (the “SPV Asset Facility IV Stated Maturity”). Prior to the SPV Asset Facility IV Stated Maturity, proceeds received by ORCC Financing IV from principal and interest, dividends, or fees on assets must be used to pay fees, expenses and interest on outstanding borrowings, and the excess may be returned to the Company, subject to certain conditions. On the SPV Asset Facility IV Stated Maturity, ORCC Financing IV must pay in full all outstanding fees and expenses and all principal and interest on outstanding borrowings, and the excess may be returned to the Company.

From the Closing Date to the Commitment Termination Date, there is a commitment fee ranging from 0.50% to 0.75% per annum on the undrawn amount, if any, of the revolving commitments in the SPV Asset Facility IV. The SPV Asset Facility IV contains customary covenants, including certain financial maintenance covenants, limitations on the activities of ORCC Financing IV, including limitations on incurrence of incremental indebtedness, and customary events of default. The SPV Asset Facility IV is secured by a perfected first priority security interest in the assets of ORCC Financing IV and on any payments received by ORCC Financing IV in respect of those assets. Assets pledged to the Lenders will not be available to pay the debts of the Company.

CLOs

CLO I

On May 28, 2019 (the “CLO I Closing Date”), the Company completed a $596 million term debt securitization transaction (the “CLO I Transaction”), also known as a collateralized loan obligation transaction, which is a form of secured financing incurred by the Company. The secured notes and preferred shares issued in the CLO I Transaction and the secured loan borrowed in the CLO I Transaction were issued and incurred, as applicable, by the Company’s consolidated subsidiaries Owl Rock CLO I, Ltd., an exempted company incorporated in the Cayman Islands with limited liability (the “CLO I Issuer”), and Owl Rock CLO I, LLC, a Delaware limited liability company (the “CLO I Co-Issuer” and together with the CLO I Issuer, the “CLO I Issuers”) and are backed by a portfolio of collateral obligations consisting of middle market loans and participation interests in middle market loans as well as by other assets of the CLO I Issuer.

Owl Rock Capital Corporation

Notes to Consolidated Financial Statements (Unaudited) - Continued

In the CLO I Transaction the CLO I Issuers (A) issued the following notes pursuant to an indenture and security agreement dated as of the Closing Date (the “CLO I Indenture”), by and among the CLO I Issuers and State Street Bank and Trust Company: (i) $242 million of AAA(sf) Class A Notes, which bear interest at three-month LIBOR plus 1.80%, (ii) $30 million of AAA(sf) Class A-F Notes, which bear interest at a fixed rate of 4.165%, and (iii) $68 million of AA(sf) Class B Notes, which bear interest at three-month LIBOR plus 2.70% (together, the “CLO I Notes”) and (B) borrowed $50 million under floating rate loans (the “Class A Loans” and together with the CLO I Notes, the “CLO I Debt”), which bear interest at three-month LIBOR plus 1.80%, under a credit agreement (the “CLO I Credit Agreement”), dated as of the CLO I Closing Date, by and among the CLO I Issuers, as borrowers, various financial institutions, as lenders, and State Street Bank and Trust Company, as collateral trustee and loan agent. The Class A Loans may be exchanged by the lenders for Class A Notes at any time, subject to certain conditions under the CLO I Credit Agreement and the CLO I Indenture. The CLO I Debt is scheduled to mature on May 20, 2031. The CLO I Notes were privately placed by Natixis Securities Americas, LLC and SG Americas Securities, LLC.

Concurrently with the issuance of the CLO I Notes and the borrowing under the Class A Loans, the CLO I Issuer issued approximately $206.1 million of subordinated securities in the form of 206,106 preferred shares at an issue price of U.S.$1,000 per share (the “CLO I Preferred Shares”). The CLO I Preferred Shares were issued by the CLO I Issuer as part of its issued share capital and are not secured by the collateral securing the CLO I Debt. The Company owns all of the CLO I Preferred Shares, and as such, these securities are eliminated in consolidation. The Company acts as retention holder in connection with the CLO I Transaction for the purposes of satisfying certain U.S. and European Union regulations requiring sponsors of securitization transactions to retain exposure to the performance of the securitized assets and as such is required to retain a portion of the CLO I Preferred Shares.

The Adviser serves as collateral manager for the CLO I Issuer under a collateral management agreement dated as of the CLO I Closing Date. The Adviser is entitled to receive fees for providing these services. The Adviser has waived its right to receive such fees but may rescind such waiver at any time; provided, however, that if the Adviser rescinds such waiver, the management fee payable to the Adviser pursuant to the Investment Advisory Agreement will be offset by the amount of the collateral management fee attributable to the CLO I Issuers’ equity or notes owned by the Company.

The CLO I Debt is secured by all of the assets of the CLO I Issuer, which will consist primarily of middle market loans, participation interests in middle market loans, and related rights and the cash proceeds thereof. As part of the CLO I Transaction, ORCC Financing II LLC and the Company sold and contributed approximately $575 million par amount of middle market loans to the CLO I Issuer on the CLO I Closing Date. Such loans constituted the initial portfolio assets securing the CLO I Debt. The Company and ORCC Financing II LLC each made customary representations, warranties, and covenants to the CLO I Issuer regarding such sales and contributions under a loan sale agreement.

Through May 20, 2023, a portion of the proceeds received by the CLO I Issuer from the loans securing the CLO I Debt may be used by the CLO I Issuer to purchase additional middle market loans under the direction of the Adviser as the collateral manager for the CLO I Issuer and in accordance with the Company’s investing strategy and ability to originate eligible middle market loans.

The CLO I Debt is the secured obligation of the CLO I Issuers, and the CLO I Indenture and the CLO I Credit Agreement include customary covenants and events of default. Assets pledged to holders of the CLO I Debt and the other secured parties under the CLO I Indenture will not be available to pay the debts of the Company.

The CLO I Notes were offered in reliance on Section 4(a)(2) of the Securities Act. The CLO I Notes have not been registered under the Securities Act or any state securities laws and, unless so registered, may not be offered or sold in the United States absent registration with the Securities and Exchange Commission or pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act as applicable.

CLO II

On December 12, 2019 (the “CLO II Closing Date”), the Company completed a $396.6 million term debt securitization transaction (the “CLO II Transaction”), also known as a collateralized loan obligation transaction, which is a form of secured financing incurred by the Company. The secured notes and preferred shares issued in the CLO II Transaction were issued by the Company’s consolidated subsidiaries Owl Rock CLO II, Ltd., an exempted company incorporated in the Cayman Islands with limited liability (the “CLO II Issuer”), and Owl Rock CLO II, LLC, a Delaware limited liability company (the “CLO II Co-Issuer” and together with the CLO II Issuer, the “CLO II Issuers”) and are backed by a portfolio of collateral obligations consisting of middle market loans and participation interests in middle market loans as well as by other assets of the CLO II Issuer.

The CLO II Transaction was executed by the issuance of the following classes of notes and preferred shares pursuant to an indenture and security agreement dated as of the CLO II Closing Date (the “CLO II Indenture”), by and among the CLO II Issuers and State Street Bank and Trust Company: (i) $157 million of AAA(sf) Class A-1L Notes, which bear interest at three-month LIBOR plus 1.75%, (ii) $40 million of AAA(sf) Class A-1F Notes, which bear interest at a fixed rate of 3.44%, (iii) $20 million of AAA(sf) Class A-2 Notes, which bear interest at three-month LIBOR plus 2.20%, (iv) $40 million of AA(sf) Class B-L Notes, which bear interest at three-month LIBOR

Owl Rock Capital Corporation

Notes to Consolidated Financial Statements (Unaudited) - Continued

plus 2.75% and (v) $3 million of AA(sf) Class B-F Notes, which bear interest at a fixed rate of 4.46% (together, the “CLO II Debt”). The CLO II Debt was scheduled to mature on January 20, 2031. The CLO II Debt was privately placed by Deutsche Bank Securities Inc.

The CLO II Debt was redeemed in the CLO II Refinancing, described below.

Concurrently with the issuance of the CLO II Debt, the CLO II Issuer issued approximately $136.6 million of subordinated securities in the form of 136,600 preferred shares at an issue price of U.S.$1,000 per share (the “CLO II Preferred Shares”). The CLO II Preferred Shares were issued by the CLO II Issuer as part of its issued share capital and are not secured by the collateral securing the CLO II Debt. The Company owns all of the CLO II Preferred Shares, and as such, these securities are eliminated in consolidation. The Company acted as retention holder in connection with the CLO II Transaction for the purposes of satisfying certain U.S. and European Union regulations requiring sponsors of securitization transactions to retain exposure to the performance of the securitized assets and as such was required to retain a portion of the CLO II Preferred Shares.

The Adviser serves as collateral manager for the CLO II Issuer under a collateral management agreement dated as of the CLO II Closing Date. The Adviser is entitled to receive fees for providing these services. The Adviser has waived its right to receive such fees but may rescind such waiver at any time; provided, however, that if the Adviser rescinds such waiver, the management fee payable to the Adviser pursuant to the Investment Advisory Agreement will be offset by the amount of the collateral management fee attributable to the CLO II Issuers’ equity or notes owned by the Company.

The CLO II Debt was secured by all of the assets of the CLO II Issuer, which will consist primarily of middle market loans, participation interests in middle market loans, and related rights and the cash proceeds thereof. As part of the CLO II Transaction, ORCC Financing III LLC and the Company sold and contributed approximately $400 million par amount of middle market loans to the CLO II Issuer on the CLO II Closing Date. Such loans constituted the initial portfolio assets securing the CLO II Debt. The Company and ORCC Financing III LLC each made customary representations, warranties, and covenants to the CLO II Issuer regarding such sales and contributions under a loan sale agreement.

Through January 20, 2022, a portion of the proceeds received by the CLO II Issuer from the loans securing the CLO II Debt could be used by the CLO II Issuer to purchase additional middle market loans under the direction of the Adviser as the collateral manager for the CLO II Issuer and in accordance with the Company’s investing strategy and ability to originate eligible middle market loans.

The CLO II Debt was the secured obligation of the CLO II Issuers, and the CLO II Indenture includes customary covenants and events of default. Assets pledged to holders of the CLO II Debt and the other secured parties under the CLO II Indenture were not available to pay the debts of the Company.

The CLO II Debt was offered in reliance on Section 4(a)(2) of the Securities Act. The CLO II Debt has not been registered under the Securities Act or any state securities laws and, unless so registered, may not be offered or sold in the United States absent registration with the Securities and Exchange Commission or pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act as applicable.

CLO II Refinancing

On April 9, 2021 (the “CLO II Refinancing Date”), the Company completed a $398.1 million term debt securitization refinancing (the “CLO II Refinancing”), also known as a collateralized loan obligation refinancing, which is a form of secured financing incurred by the Company. The secured notes and preferred shares issued in the CLO II Refinancing were issued by the CLO II Issuer and the CLO II Co-Issuer and are backed by a portfolio of collateral obligations consisting of middle market loans and participation interests in middle market loans as well as by other assets of the CLO II Issuer.

The CLO II Refinancing was executed by the issuance of the following classes of notes pursuant to the CLO II Indenture, as supplemented by the supplemental indenture dated as of the CLO II Refinancing Date (the “CLO II Refinancing Indenture”), by and among the CLO II Issuers and State Street Bank and Trust Company: (i) $204 million of AAA(sf) Class A-LR Notes, which bear interest at three-month LIBOR plus 1.55%, (ii) $20 million of AAA(sf) Class A-FR Notes, which bear interest at a fixed rate of 2.48% and (iii) $36 million of AA(sf) Class B-R Notes, which bear interest at three-month LIBOR plus 1.90% (together, the “CLO II Refinancing Debt”). The CLO II Refinancing Debt is secured by the middle market loans, participation interests in middle market loans and other assets of the CLO II Issuer. The CLO II Refinancing Debt is scheduled to mature on April 20, 2033. The CLO II Refinancing Debt was privately placed by Deutsche Bank Securities Inc. Upon the occurrence of certain triggering events relating to the end of LIBOR, a different benchmark rate will replace LIBOR as the reference rate for interest accruing on the CLO II Refinancing Debt. The proceeds from the CLO II Refinancing were used to redeem in full the classes of notes issued on the CLO II Closing Date.

Owl Rock Capital Corporation

Notes to Consolidated Financial Statements (Unaudited) - Continued

Company purchased all of the CLO II Refinancing Preferred Shares. The Company acts as retention holder in connection with the CLO II Refinancing for the purposes of satisfying certain U.S. and European Union regulations requiring sponsors of securitization transactions to retain exposure to the performance of the securitized assets and as such is required to retain a portion of the CLO II Preferred Shares. The proceeds from the CLO II Refinancing Preferred Shares were used to pay certain expenses incurred in connection with the CLO II Refinancing.

Through April 20, 2025, a portion of the proceeds received by the CLO II Issuer from the loans securing the CLO II Refinancing Debt may be used by the CLO II Issuer to purchase additional middle market loans under the direction of the Adviser, in its capacity as collateral manager for the CLO II Issuer and in accordance with the Company’s investing strategy and ability to originate eligible middle market loans.

The CLO II Refinancing Debt is the secured obligation of the CLO II Issuers, and the CLO II Refinancing Indenture includes customary covenants and events of default. The CLO II Refinancing Debt has not been registered under the Securities Act, or any state securities (e.g., “blue sky”) laws, and may not be offered or sold in the United States absent registration with the Securities and Exchange Commission or pursuant to an applicable exemption from such registration.

CLO III

On March 26, 2020 (the “CLO III Closing Date”), the Company completed a $395.31 million term debt securitization transaction (the “CLO III Transaction”), also known as a collateralized loan obligation transaction, which is a form of secured financing incurred by the Company. The secured notes and preferred shares issued in the CLO III Transaction were issued by the Company’s consolidated subsidiaries Owl Rock CLO III, Ltd., an exempted company incorporated in the Cayman Islands with limited liability (the “CLO III Issuer”), and Owl Rock CLO III, LLC, a Delaware limited liability company (the “CLO III Co-Issuer” and together with the CLO III Issuer, the “CLO III Issuers”) and are backed by a portfolio of collateral obligations consisting of middle market loans and participation interests in middle market loans as well as by other assets of the CLO III Issuer.

The CLO III Transaction was executed by the issuance of the following classes of notes and preferred shares pursuant to an indenture and security agreement dated as of the CLO III Closing Date (the “CLO III Indenture”), by and among the CLO III Issuers and State Street Bank and Trust Company: (i) $166 million of AAA(sf) Class A-1L Notes, which bear interest at three-month LIBOR plus 1.80%, (ii) $40 million of AAA(sf) Class A-1F Notes, which bear interest at a fixed rate of 2.75%, (iii) $20 million of AAA(sf) Class A-2 Notes, which bear interest at three-month LIBOR plus 2.00%, and (iv) $34 million of AA(sf) Class B Notes, which bear interest at three-month LIBOR plus 2.45% (together, the “CLO III Debt”). The CLO III Debt is scheduled to mature on April 20, 2032. The CLO III Debt was privately placed by SG Americas Securities, LLC. Upon the occurrence of certain triggering events relating to the end of LIBOR, a different benchmark rate will replace LIBOR as the reference rate for interest accruing on the CLO III Debt.

Concurrently with the issuance of the CLO III Debt, the CLO III Issuer issued approximately $135.31 million of subordinated securities in the form of 135,310 preferred shares at an issue price of U.S.$1,000 per share (the “CLO III Preferred Shares”). The CLO III Preferred Shares were issued by the CLO III Issuer as part of its issued share capital and are not secured by the collateral securing the CLO III Debt. The Company owns all of the CLO III Preferred Shares, and as such, these securities are eliminated in consolidation. The Company acts as retention holder in connection with the CLO III Transaction for the purposes of satisfying certain U.S. and European Union regulations requiring sponsors of securitization transactions to retain exposure to the performance of the securitized assets and as such is required to retain a portion of the CLO III Preferred Shares.

The Adviser serves as collateral manager for the CLO III Issuer under a collateral management agreement dated as of the CLO III Closing Date. The Adviser is entitled to receive fees for providing these services. The Adviser has waived its right to receive such fees but may rescind such waiver at any time; provided, however, that if the Adviser rescinds such waiver, the management fee payable to the Adviser pursuant to the Investment Advisory Agreement will be offset by the amount of the collateral management fee attributable to the CLO III Issuers’ equity or notes owned by the Company.

The CLO III Debt is secured by all of the assets of the CLO III Issuer, which will consist primarily of middle market loans, participation interests in middle market loans, and related rights and the cash proceeds thereof. As part of the CLO III Transaction, ORCC Financing IV LLC and the Company sold and contributed approximately $400 million par amount of middle market loans to the CLO III Issuer on the CLO III Closing Date. Such loans constituted the initial portfolio assets securing the CLO III Debt. The Company and ORCC Financing IV LLC each made customary representations, warranties, and covenants to the CLO III Issuer regarding such sales and contributions under a loan sale agreement.

Owl Rock Capital Corporation

Notes to Consolidated Financial Statements (Unaudited) - Continued

Through April 20, 2024, a portion of the proceeds received by the CLO III Issuer from the loans securing the CLO III Debt may be used by the CLO III Issuer to purchase additional middle market loans under the direction of the Adviser as the collateral manager for the CLO III Issuer and in accordance with the Company’s investing strategy and ability to originate eligible middle market loans.

The CLO III Debt is the secured obligation of the CLO III Issuers, and the CLO III Indenture includes customary covenants and events of default. Assets pledged to holders of the CLO III Debt and the other secured parties under the CLO III Indenture will not be available to pay the debts of the Company.

The CLO III Debt was offered in reliance on Section 4(a)(2) of the Securities Act. The CLO III Debt has not been registered under the Securities Act or any state securities laws and, unless so registered, may not be offered or sold in the United States absent registration with the Securities and Exchange Commission or pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act as applicable.

CLO IV

On May 28, 2020 (the “CLO IV Closing Date”), the Company completed a $438.9 million term debt securitization transaction (the “CLO IV Transaction”), also known as a collateralized loan obligation transaction, which is a form of secured financing incurred by the Company. The secured notes and preferred shares issued in the CLO IV Transaction were issued by the Company’s consolidated subsidiaries Owl Rock CLO IV, Ltd., an exempted company incorporated in the Cayman Islands with limited liability (the “CLO IV Issuer”), and Owl Rock CLO IV, LLC, a Delaware limited liability company (the “CLO IV Co-Issuer” and together with the CLO IV Issuer, the “CLO IV Issuers”) and are backed by a portfolio of collateral obligations consisting of middle market loans and participation interests in middle market loans as well as by other assets of the CLO IV Issuer.

The CLO IV Transaction was executed by the issuance of the following classes of notes and preferred shares pursuant to an indenture and security agreement dated as of the Closing Date (the “CLO IV Indenture”), by and among the CLO IV Issuers and State Street Bank and Trust Company: (i) $236.5 million of AAA(sf) Class A-1 Notes, which bear interest at three-month LIBOR plus 2.62% and (ii) $15.5 million of AAA(sf) Class A-2 Notes, which bear interest at three-month LIBOR plus 3.40% (together, the “CLO IV Secured Notes”). The CLO IV Secured Notes are secured by the middle market loans, participation interests in middle market loans and other assets of the CLO IV Issuer. The CLO IV Secured Notes are scheduled to mature on May 20, 2029. The CLO IV Secured Notes were privately placed by Natixis Securities Americas LLC.

The CLO IV Secured Notes were redeemed in the CLO IV Refinancing, described below.

Concurrently with the issuance of the CLO IV Secured Notes, the CLO IV Issuer issued approximately $186.9 million of subordinated securities in the form of 186,900 preferred shares at an issue price of U.S.$1,000 per share (the “CLO IV Preferred Shares”). The CLO IV Preferred Shares were issued by the CLO IV Issuer as part of its issued share capital and are not secured by the collateral securing the CLO IV Secured Notes. The Company owns all of the outstanding CLO IV Preferred Shares, and as such, these securities are eliminated in consolidation. The Company acted as retention holder in connection with the CLO IV Transaction for the purposes of satisfying certain U.S. and European Union regulations requiring sponsors of securitization transactions to retain exposure to the performance of the securitized assets and as such was required to retain a portion of the CLO IV Preferred Shares while the CLO IV Secured Notes were outstanding.

As part of the CLO IV Transaction, the Company entered into a loan sale agreement with the CLO IV Issuer dated as of the CLO IV Closing Date, which provided for the sale and contribution of approximately $275.07 million par amount of middle market loans from the Company to the CLO IV Issuer on the CLO IV Closing Date and for future sales from the Company to the CLO IV Issuer on an ongoing basis. Such loans constituted part of the initial portfolio of assets securing the CLO IV Secured Notes. The remainder of the initial portfolio assets securing the CLO IV Secured Notes consisted of approximately $174.92 million par amount of middle market loans purchased by the CLO IV Issuer from ORCC Financing II LLC, a wholly-owned subsidiary of the Company, under an additional loan sale agreement executed on the CLO IV Closing Date between the Issuer and ORCC Financing II LLC. The Company and ORCC Financing II LLC each made customary representations, warranties, and covenants to the Issuer under the applicable loan sale agreement.

Through November 20, 2021, a portion of the proceeds received by the CLO IV Issuer from the loans securing the CLO IV Secured Notes could be used by the CLO IV Issuer to purchase additional middle market loans under the direction of the Adviser, in its capacity as collateral manager for the CLO IV Issuer and in accordance with the Company’s investing strategy and ability to originate eligible middle market loans.

The CLO IV Secured Notes were the secured obligation of the CLO IV Issuers, and the CLO IV Indenture includes customary covenants and events of default. The CLO IV Secured Notes have not been registered under the Securities Act, or any state securities (e.g., “blue sky”) laws, and may not be offered or sold in the United States absent registration with the Securities and Exchange Commission or pursuant to an applicable exemption from such registration. Assets pledged to the holders of the CLO IV Secured Notes were not available to pay the debts of the Company.

Owl Rock Capital Corporation

Notes to Consolidated Financial Statements (Unaudited) - Continued

CLO IV Refinancing

On July 9, 2021 (the “CLO IV Refinancing Date”), the Company completed a $440.5 million term debt securitization refinancing (the “CLO IV Refinancing”), also known as a collateralized loan obligation refinancing, which is a form of secured financing incurred by the Company. The secured notes and preferred shares issued in the CLO IV Refinancing were issued by the CLO IV Issuer and the CLO IV Co-Issuer and are backed by a portfolio of collateral obligations consisting of middle market loans and participation interests in middle market loans as well as by other assets of the CLO IV Issuer.

The CLO IV Refinancing was executed by the issuance of the following classes of notes pursuant to the CLO IV Indenture as supplemented by the supplemental indenture dated as of the CLO IV Refinancing Date (the “CLO IV Refinancing Indenture”), by and among the CLO IV Issuers and State Street Bank and Trust Company: (i) $252 million of AAA(sf) Class A-1-R Notes, which bear interest at three-month LIBOR plus 1.60% and (ii) $40.5 million of AA(sf) Class A-2-R Notes, which bear interest at a fixed rate of 1.90% (together, the “CLO IV Refinancing Secured Notes”). The CLO IV Refinancing Secured Notes are secured by the middle market loans, participation interests in middle market loans and other assets of the Issuer. The CLO IV Refinancing Secured Notes are scheduled to mature on August 20, 2033. The CLO IV Refinancing Secured Notes were privately placed by Natixis Securities Americas LLC. Upon the occurrence of certain triggering events relating to the end of LIBOR, a different benchmark rate will replace LIBOR as the reference rate for interest accruing on the CLO IV Refinancing Secured Notes. The proceeds from the CLO IV Refinancing were used to redeem in full the classes of notes issued on the CLO IV Closing Date, to redeem a portion of the preferred shares of the CLO IV Issuer as described below and to pay expenses incurred in connection with the CLO IV Refinancing.

Concurrently with the issuance of the CLO IV Refinancing Secured Notes, the CLO IV Issuer redeemed 38,900 preferred shares held by the Company at a total redemption price of $38.9 million ($1,000 per preferred share). The Company retains the 148,000 CLO IV Preferred Shares that remain outstanding and that the Company acquired on the CLO IV Closing Date. The CLO IV Preferred Shares were issued by the Issuer as part of its issued share capital and are not secured by the collateral securing the CLO IV Refinancing Secured Notes. The Company acts as retention holder in connection with the CLO IV Refinancing for the purposes of satisfying certain U.S. and European Union regulations requiring sponsors of securitization transactions to retain exposure to the performance of the securitized assets and as such is required to retain a portion of the Preferred Shares.

Through August 20, 2025, a portion of the proceeds received by the CLO IV Issuer from the loans securing the CLO IV Refinancing Secured Notes may be used by the Issuer to purchase additional middle market loans under the direction of the Advisor, in its capacity as collateral manager for the CLO IV Issuer and in accordance with the Company’s investing strategy and ability to originate eligible middle market loans.

The CLO IV Refinancing Secured Notes are the secured obligation of the CLO IV Issuers, and the CLO IV Refinancing Indenture includes customary covenants and events of default. The CLO IV Refinancing Secured Notes have not been registered under the Securities Act of 1933, as amended (the “Securities Act”), or any state securities (e.g., “blue sky”) laws, and may not be offered or sold in the United States absent registration with the Securities and Exchange Commission or pursuant to an applicable exemption from such registration.

The Adviser serves as collateral manager for the CLO IV Issuer under a collateral management agreement dated as of the CLO IV Closing Date. The Adviser is entitled to receive fees for providing these services. The Adviser has waived its right to receive such fees but may rescind such waiver at any time; provided, however, that if the Adviser rescinds such waiver, the management fee payable to the Adviser pursuant to the Investment Advisory Agreement will be offset by the amount of the collateral management fee attributable to the CLO IV Issuers’ equity or notes owned by the Company.

CLO V

On November 20, 2020 (the “CLO V Closing Date”), the Company completed a $345.45 million term debt securitization transaction (the “CLO V Transaction”), also known as a collateralized loan obligation transaction, which is a form of secured financing incurred by the Company. The secured notes and preferred shares issued in the CLO V Transaction were issued by the Company’s consolidated subsidiaries Owl Rock CLO V, Ltd., an exempted company incorporated in the Cayman Islands with limited liability (the “CLO V Issuer”), and Owl Rock CLO V, LLC, a Delaware limited liability company (the “CLO V Co-Issuer” and together with the CLO V Issuer, the “CLO V Issuers”) and are backed by a portfolio of collateral obligations consisting of middle market loans and participation interests in middle market loans as well as by other assets of the CLO V Issuer.

The CLO V Transaction was executed by the issuance of the following classes of notes and preferred shares pursuant to an indenture and security agreement dated as of the Closing Date (the “CLO V Indenture”), by and among the CLO V Issuers and State Street Bank and Trust Company: (i) $182 million of AAA(sf)/AAAsf Class A-1 Notes, which bear interest at three-month LIBOR plus 1.85% and (ii) $14 million of AAA(sf) Class A-2 Notes, which bear interest at three-month LIBOR plus 2.20% (together, the “CLO V Secured Notes”). The CLO V Secured Notes are secured by the middle market loans, participation interests in middle market loans and other assets of the CLO V Issuer. The CLO V Secured Notes are scheduled to mature on November 20, 2029. The CLO V Secured Notes

Owl Rock Capital Corporation

Notes to Consolidated Financial Statements (Unaudited) - Continued

were privately placed by Natixis Securities Americas LLC. Upon the occurrence of certain triggering events relating to the end of LIBOR, a different benchmark rate will replace LIBOR as the reference rate for interest accruing on the CLO V Secured Notes.

Concurrently with the issuance of the CLO V Secured Notes, the CLO V Issuer issued approximately $149.45 million of subordinated securities in the form of 149,450 preferred shares at an issue price of U.S.$1,000 per share (the “CLO V Preferred Shares”). The CLO V Preferred Shares were issued by the CLO V Issuer as part of its issued share capital and are not secured by the collateral securing the CLO V Secured Notes. The Company purchased all of the CLO V Preferred Shares, and as such, these securities are eliminated in consolidation. The Company acts as retention holder in connection with the CLO V Transaction for the purposes of satisfying certain U.S. and European Union regulations requiring sponsors of securitization transactions to retain exposure to the performance of the securitized assets and as such is required to retain a portion of the CLO V Preferred Shares.

As part of the CLO V Transaction, the Company entered into a loan sale agreement with the CLO V Issuer dated as of the CLO V Closing Date, which provided for the sale and contribution of approximately $201.75 million par amount of middle market loans from the Company to the CLO V Issuer on the CLO V Closing Date and for future sales from the Company to the CLO V Issuer on an ongoing basis. Such loans constituted part of the initial portfolio of assets securing the CLO V Secured Notes. The remainder of the initial portfolio assets securing the CLO V Secured Notes consisted of approximately $84.74 million par amount of middle market loans purchased by the CLO V Issuer from ORCC Financing II LLC, a wholly-owned subsidiary of the Company, under an additional loan sale agreement executed on the CLO V Closing Date between the Issuer and ORCC Financing II LLC. The Company and ORCC Financing II LLC each made customary representations, warranties, and covenants to the Issuer under the applicable loan sale agreement.

Through July 20, 2022, a portion of the proceeds received by the CLO V Issuer from the loans securing the CLO V Secured Notes may be used by the CLO V Issuer to purchase additional middle market loans under the direction of the Adviser, in its capacity as collateral manager for the CLO V Issuer and in accordance with the Company’s investing strategy and ability to originate eligible middle market loans.

The Secured Notes are the secured obligation of the CLO V Issuers, and the CLO V Indenture includes customary covenants and events of default. The CLO V Secured Notes have not been registered under the Securities Act of 1933, as amended (the “Securities Act”), or any state securities (e.g., “blue sky”) laws, and may not be offered or sold in the United States absent registration with the Securities and Exchange Commission or pursuant to an applicable exemption from such registration.

The Adviser will serve as collateral manager for the CLO V Issuer under a collateral management agreement dated as of the CLO V Closing Date. The Adviser is entitled to receive fees for providing these services. The Adviser has waived its right to receive such fees but may rescind such waiver at any time; provided, however, that if the Adviser rescinds such waiver, the management fee payable to the Adviser pursuant to the Investment Advisory Agreement will be offset by the amount of the collateral management fee attributable to the CLO V Issuers’ equity or notes owned by the Company.

CLO VI

On May 5, 2021 (the “CLO VI Closing Date”), the Company completed a $397.78 million term debt securitization transaction (the “CLO VI Transaction”), also known as a collateralized loan obligation transaction, which is a form of secured financing incurred by the Company. The secured notes and preferred shares issued in the CLO VI Transaction were issued by the Company’s consolidated subsidiaries Owl Rock CLO VI, Ltd., an exempted company incorporated in the Cayman Islands with limited liability (the “CLO VI Issuer”), and Owl Rock CLO VI, LLC, a Delaware limited liability company (the “CLO VI Co-Issuer” and together with the CLO VI Issuer, the “CLO VI Issuers”) and are backed by a portfolio of collateral obligations consisting of middle market loans and participation interests in middle market loans as well as by other assets of the CLO VI Issuer.

The CLO VI Transaction was executed by the issuance of the following classes of notes and preferred shares pursuant to an indenture and security agreement dated as of the Closing Date (the “CLO VI Indenture”), by and among the CLO VI Issuers and State Street Bank and Trust Company: (i) $ 224 million of AAA(sf) Class A Notes, which bear interest at three-month LIBOR plus 1.45%, (ii) $26 million of AA(sf) Class B-1 Notes, which bear interest at three-month LIBOR plus 1.75% and (iii) $10 million of AA(sf) Class B-F Notes, which bear interest at a fixed rate of 2.83% (together, the “CLO VI Secured Notes”). The CLO VI Secured Notes are secured by the middle market loans, participation interests in middle market loans and other assets of the CLO VI Issuer. The CLO VI Secured Notes are scheduled to mature on June 21, 2032. The CLO VI Secured Notes are privately placed by SG Americas Securities, LLC. Upon the occurrence of certain triggering events relating to the end of LIBOR, a different benchmark rate will replace LIBOR as the reference rate for interest accruing on the CLO VI Secured Notes.

Concurrently with the issuance of the CLO VI Secured Notes, the CLO VI Issuer issued approximately $137.78 million of subordinated securities in the form of 137,775 preferred shares at an issue price of U.S.$1,000 per share (the “CLO VI Preferred Shares”). The CLO VI Preferred Shares were issued by the CLO VI Issuer as part of its issued share capital and are not secured by the collateral securing the CLO VI Secured Notes. The Company purchased all of the CLO VI Preferred Shares, and as such, these securities are eliminated in consolidation. The Company acts as retention holder in connection with the CLO VI Transaction for the purposes of

Owl Rock Capital Corporation

Notes to Consolidated Financial Statements (Unaudited) - Continued

satisfying certain U.S., United Kingdom and European Union regulations requiring sponsors of securitization transactions to retain exposure to the performance of the securitized assets and as such is required to retain a portion of the CLO VI Preferred Shares.

As part of the CLO VI Transaction, the Company entered into a loan sale agreement with the CLO VI Issuer dated as of the CLO VI Closing Date, which provides for the sale and contribution of approximately $205.6 million par amount of middle market loans from the Company to the CLO VI Issuer on the CLO VI Closing Date and for future sales from the Company to the CLO VI Issuer on an ongoing basis. Such loans constitute part of the initial portfolio of assets securing the CLO VI Secured Notes. The remainder of the initial portfolio assets securing the CLO VI Secured Notes consists of approximately $164.7 million par amount of middle market loans purchased by the CLO VI Issuer from ORCC Financing IV LLC, a wholly-owned subsidiary of the Company, under an additional loan sale agreement executed on the CLO VI Closing Date between the Issuer and ORCC Financing IV LLC. The Company and ORCC Financing IV LLC each made customary representations, warranties, and covenants to the Issuer under the applicable loan sale agreement.

Through June 20, 2024, a portion of the proceeds received by the CLO VI Issuer from the loans securing the CLO VI Secured Notes may be used by the CLO VI Issuer to purchase additional middle market loans under the direction of the Adviser, in its capacity as collateral manager for the CLO VI Issuer and in accordance with the Company’s investing strategy and ability to originate eligible middle market loans.

The Secured Notes are the secured obligation of the CLO VI Issuers, and the CLO VI Indenture includes customary covenants and events of default. The CLO VI Secured Notes have not been registered under the Securities Act of 1933, as amended (the “Securities Act”), or any state securities (e.g., “blue sky”) laws, and may not be offered or sold in the United States absent registration with the Securities and Exchange Commission or pursuant to an applicable exemption from such registration.

The Adviser serves as collateral manager for the CLO VI Issuer under a collateral management agreement dated as of the CLO VI Closing Date. The Adviser is entitled to receive fees for providing these services. The Adviser has waived its right to receive such fees but may rescind such waiver at any time; provided, however, that if the Adviser rescinds such waiver, the management fee payable to the Adviser pursuant to the Investment Advisory Agreement will be offset by the amount of the collateral management fee attributable to the CLO VI Issuers’ equity or notes owned by the Company.

Unsecured Notes

2023 Notes

On December 21, 2017, the Company entered into a Note Purchase Agreement governing the issuance of $150 million in aggregate principal amount of unsecured notes (the “2023 Notes”) to institutional investors in a private placement. The issuance of $138.5 million of the 2023 Notes occurred on December 21, 2017, and $11.5 million of the 2023 Notes were issued in January 2018. The 2023 Notes had a fixed interest rate of 4.75% and were due on June 21, 2023. Interest on the 2023 Notes was due and ranked semiannually. This interest rate was subject to increase (up to a maximum interest rate of 5.50%) in the event that, subject to certain exceptions, the 2023 Notes ceased to have an investment grade rating. The Company was obligated to offer to repay the 2023 Notes at par if certain change in control events occur. The 2023 Notes were general unsecured obligations of the Company and ranked pari passu with all outstanding and future unsecured unsubordinated indebtedness issued by the Company.

The Note Purchase Agreement for the 2023 Notes contained customary terms and conditions for unsecured notes issued in a private placement, including, without limitation, affirmative and negative covenants such as information reporting, maintenance of the Company’s status as a BDC within the meaning of the 1940 Act and a RIC under the Code, minimum shareholders equity, minimum asset coverage ratio and prohibitions on certain fundamental changes at the Company or any subsidiary guarantor, as well as customary events of default with customary cure and notice, including, without limitation, nonpayment, misrepresentation in a material respect, breach of covenant, cross-default under other indebtedness of the Company or certain significant subsidiaries, certain judgments and orders, and certain events of bankruptcy.

The 2023 Notes were offered in reliance on Section 4(a)(2) of the Securities Act.

In connection with the offering of the 2023 Notes, on December 21, 2017 the Company entered into a centrally cleared interest rate swap. The notional amount of the interest rate swap was $150 million. The Company received fixed rate interest semi-annually at 4.75% and paid variable rate interest monthly based on 1-month LIBOR plus 2.545%. The interest rate swap matured on December 21, 2021, and therefore, for the three months ended March 31, 2022, the Company did not make any periodic payments. For the three months ended March 31, 2021, the Company made periodic payments of $1.0 million. The interest expense related to the 2023 Notes is equally offset by the proceeds received from the interest rate swap. The swap adjusted interest expense is included as a component of interest expense on the Company’s Consolidated Statements of Operations. Depending on the nature of the balance at period end, the fair value of the interest rate swap is either included as a component of accrued expenses and other liabilities or prepaid expenses and other assets on the Company’s Consolidated Statements of Assets and Liabilities. The change in fair value of the interest rate swap is offset by the change in fair value of the 2023 Notes, with the remaining difference included as a component of interest expense on the Consolidated Statements of Operations.

Owl Rock Capital Corporation

Notes to Consolidated Financial Statements (Unaudited) - Continued

On November 23, 2021, we caused notice to be issued to the holders of the 2023 Notes regarding our exercise of the option to redeem in full all $150 million in aggregate principal amount of the 2023 Notes at 100% of their principal amount, plus the accrued and unpaid interest thereon through, but excluding, the redemption date, December 23, 2021. On December 23, 2021, we redeemed in full all $150 million in aggregate principal amount of the 2023 Notes at 100% of their principal amount, plus the accrued and unpaid interest thereon through, but excluding, December 23, 2021

2024 Notes

On April 10, 2019, the Company issued $400 million aggregate principal amount of notes that mature on April 15, 2024 (the “2024 Notes”). The 2024 Notes bear interest at a rate of 5.25% per year, payable semi-annually on April 15 and October 15 of each year, commencing on October 15, 2019. The Company may redeem some or all of the 2024 Notes at any time, or from time to time, at a redemption price equal to the greater of (1) 100% of the principal amount of the 2024 Notes to be redeemed or (2) the sum of the present values of the remaining scheduled payments of principal and interest (exclusive of accrued and unpaid interest to the date of redemption) on the 2024 Notes to be redeemed, discounted to the redemption date on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) using the applicable Treasury Rate plus 50 basis points, plus, in each case, accrued and unpaid interest to the redemption date; provided, however, that if the Company redeems any 2024 Notes on or after March 15, 2024 (the date falling one month prior to the maturity date of the 2024 Notes), the redemption price for the 2024 Notes will be equal to 100% of the principal amount of the 2024 Notes to be redeemed, plus accrued and unpaid interest, if any, to, but excluding, the date of redemption.

In connection with the issuance of the 2024 Notes, on April 10, 2019 the Company entered into centrally cleared interest rate swaps. The notional amount of the interest rate swaps is $400 million. The Company will receive fixed rate interest at 5.25% and pay variable rate interest based on one-month LIBOR plus 2.937%. The interest rate swaps mature on April 10, 2024. For the three months ended March 31, 2022 and 2021, the Company did not make periodic payments. The interest expense related to the 2024 Notes is equally offset by the proceeds received from the interest rate swaps. The swap adjusted interest expense is included as a component of interest expense on the Company’s Consolidated Statements of Operations. As of March 31, 2022 and December 31, 2021, the interest rate swap had a fair value of $(1.5) million and $12.0 million, respectively. Depending on the nature of the balance at period end, the fair value of the interest rate swap is either included as a component of accrued expenses and other liabilities or prepaid expenses and other assets on the Company’s Consolidated Statements of Assets and Liabilities. The change in fair value of the interest rate swap is offset by the change in fair value of the 2024 Notes, with the remaining difference included as a component of interest expense on the Consolidated Statements of Operations.

2025 Notes

On October 8, 2019, the Company issued $425 million aggregate principal amount of notes that mature on March 30, 2025 (the “2025 Notes”). The 2025 Notes bear interest at a rate of 4.00% per year, payable semi-annually on March 30 and September 30 of each year, commencing on March 30, 2020. The Company may redeem some or all of the 2025 Notes at any time, or from time to time, at a redemption price equal to the greater of (1) 100% of the principal amount of the 2025 Notes to be redeemed or (2) the sum of the present values of the remaining scheduled payments of principal and interest (exclusive of accrued and unpaid interest to the date of redemption) on the 2025 Notes to be redeemed, discounted to the redemption date on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) using the applicable Treasury Rate plus 40 basis points, plus, in each case, accrued and unpaid interest to the redemption date; provided, however, that if the Company redeems any 2025 Notes on or after February 28, 2025 (the date falling one month prior to the maturity date of the 2025 Notes), the redemption price for the 2025 Notes will be equal to 100% of the principal amount of the 2025 Notes to be redeemed, plus accrued and unpaid interest, if any, to, but excluding, the date of redemption.

July 2025 Notes

On January 22, 2020, the Company issued $500 million aggregate principal amount of notes that mature on July 22, 2025 (the “July 2025 Notes”). The July 2025 Notes bear interest at a rate of 3.75% per year, payable semi-annually on January 22 and July 22, of each year, commencing on July 22, 2020. The Company may redeem some or all of the July 2025 Notes at any time, or from time to time, at a redemption price equal to the greater of (1) 100% of the principal amount of the July 2025 Notes to be redeemed or (2) the sum of the present values of the remaining scheduled payments of principal and interest (exclusive of accrued and unpaid interest to the date of redemption) on the July 2025 Notes to be redeemed, discounted to the redemption date on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) using the applicable Treasury Rate plus 35 basis points, plus, in each case, accrued and unpaid interest to the redemption date; provided, however, that if the Company redeems any July 2025 Notes on or after June 22, 2025 (the date falling one month prior to the maturity date of the 2025 Notes), the redemption price for the July 2025 Notes will be equal to 100% of the principal amount of the July 2025 Notes to be redeemed, plus accrued and unpaid interest, if any, to, but excluding, the date of redemption.

2026 Notes

Owl Rock Capital Corporation

Notes to Consolidated Financial Statements (Unaudited) - Continued

On July 23, 2020, the Company issued $500 million aggregate principal amount of notes that mature on January 15, 2026 (the “2026 Notes”). The 2026 Notes bear interest at a rate of 4.25% per year, payable semi-annually on January 15 and July 15 of each year, commencing on January 15, 2021. The Company may redeem some or all of the 2026 Notes at any time, or from time to time, at a redemption price equal to the greater of (1) 100% of the principal amount of the 2026 Notes to be redeemed or (2) the sum of the present values of the remaining scheduled payments of principal and interest (exclusive of accrued and unpaid interest to the date of redemption) on the 2026 Notes to be redeemed, discounted to the redemption date on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) using the applicable Treasury Rate plus 50 basis points, plus, in each case, accrued and unpaid interest to the redemption date; provided, however, that if the Company redeems any 2026 Notes on or after December, 15 2025 (the date falling one month prior to the maturity date of the 2026 Notes), the redemption price for the 2026 Notes will be equal to 100% of the principal amount of the 2026 Notes to be redeemed, plus accrued and unpaid interest, if any, to, but excluding, the date of redemption.

July 2026 Notes

On December 8, 2020, the Company issued $1.0 billion aggregate principal amount of notes that mature on July 15, 2026 (the “July 2026 Notes”). The July 2026 Notes bear interest at a rate of 3.40% per year, payable semi-annually on January 15 and July 15 of each year, commencing on July 15, 2021. The Company may redeem some or all of the July 2026 Notes at any time, or from time to time, at a redemption price equal to the greater of (1) 100% of the principal amount of the July 2026 Notes to be redeemed or (2) the sum of the present values of the remaining scheduled payments of principal and interest (exclusive of accrued and unpaid interest to the date of redemption) on the July 2026 Notes to be redeemed, discounted to the redemption date on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) using the applicable Treasury Rate plus 50 basis points, plus, in each case, accrued and unpaid interest to the redemption date; provided, however, that if the Company redeems any July 2026 Notes on or after June 15, 2025 (the date falling one month prior to the maturity date of the July 2026 Notes), the redemption price for the July 2026 Notes will be equal to 100% of the principal amount of the July 2026 Notes to be redeemed, plus accrued and unpaid interest, if any, to, but excluding, the date of redemption.

2027 Notes

On April 26, 2021, the Company issued $500 million aggregate principal amount of notes that mature on January 15, 2027 (the “2027 Notes”). The 2027 Notes bear interest at a rate of 2.625% per year, payable semi-annually on January 15 and July 15, of each year, commencing on July 15, 2021. The Company may redeem some or all of the 2027 Notes at any time, or from time to time, at a redemption price equal to the greater of (1) 100% of the principal amount of the 2027 Notes to be redeemed or (2) the sum of the present values of the remaining scheduled payments of principal and interest (exclusive of accrued and unpaid interest to the date of redemption) on the 2027 Notes to be redeemed, discounted to the redemption date on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) using the applicable Treasury Rate plus 30 basis points, plus, in each case, accrued and unpaid interest to the redemption date; provided, however, that if the Company redeems any 2027 Notes on or after December 15, 2026 (the date falling one month prior to the maturity date of the 2027 Notes), the redemption price for the 2027 Notes will be equal to 100% of the principal amount of the 2027 Notes to be redeemed, plus accrued and unpaid interest, if any, to, but excluding, the date of redemption.

In connection with the issuance of the 2027 Notes, on April 26, 2021, the Company entered into centrally cleared interest rate swaps. The notional amount of the interest rate swaps is $500 million. The Company will receive fixed rate interest at 2.625% and pay variable rate interest based on one-month LIBOR plus 1.655%. The interest rate swaps mature on January 15, 2027. For the three months ended March 31, 2022, the Company made periodic payments of $2.0 million. For the three months ended March 31, 2021, the Company did not make periodic payments. The interest expense related to the 2027 Notes is equally offset by the proceeds received from the interest rate swaps. The swap adjusted interest expense is included as a component of interest expense on the Company’s Consolidated Statements of Operations. As of March 31, 2022 and December 31, 2021, the interest rate swaps had a fair value of $(33.3) million and $7.6 million, respectively. Depending on the nature of the balance at period end, the fair value of the interest rate swaps is either included as a component of accrued expenses and other liabilities or prepaid expenses and other assets on the Company’s Consolidated Statements of Assets and Liabilities. The change in fair value of the interest rate swaps is offset by the change in fair value of the 2027 Notes, with the remaining difference included as a component of interest expense on the Consolidated Statements of Operations.

2028 Notes

On June 11, 2021, the Company issued $450 million aggregate principal amount of notes that mature on June 11, 2028 and on August 17, 2021, the Company issued an additional $400 million aggregate principal amount of the Company's 2.875% notes due 2028 (together, the “2028 Notes”). The 2028 Notes bear interest at a rate of 2.875% per year, payable semi-annually on June 11 and December 11, of each year, commencing on December 11, 2021. The Company may redeem some or all of the 2028 Notes at any time, or from time to time, at a redemption price equal to the greater of (1) 100% of the principal amount of the 2028 Notes to be redeemed or (2) the sum of the present values of the remaining scheduled payments of principal and interest (exclusive of accrued and unpaid interest to the date of redemption) on the 2028 Notes to be redeemed, discounted to the redemption date on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) using the applicable Treasury Rate plus 30 basis points, plus, in each case, accrued and unpaid interest to the redemption date; provided, however, that if the Company redeems any 2028 Notes on or after April 11, 2028 (the date

Owl Rock Capital Corporation

Notes to Consolidated Financial Statements (Unaudited) - Continued

falling two months prior to the maturity date of the 2028 Notes), the redemption price for the 2028 Notes will be equal to 100% of the principal amount of the 2028 Notes to be redeemed, plus accrued and unpaid interest, if any, to, but excluding, the date of redemption.

Owl Rock Capital Corporation

Notes to Consolidated Financial Statements (Unaudited) - Continued

Note 7. Commitments and Contingencies

Portfolio Company Commitments

From time to time, the Company may enter into commitments to fund investments. As of March 31, 2022 and December 31, 2021, the Company had the following outstanding commitments to fund investments in current portfolio companies:


Portfolio Company	Investment	March 31, 2022		December 31, 2021
($ in thousands)
3ES Innovation Inc. (dba Aucerna)	First lien senior secured revolving loan	$	3,893	$	3,893
ABB/Con-cise Optical Group LLC	First lien senior secured revolving loan		4,458		—
Accela, Inc.	First lien senior secured revolving loan		1,500		3,000
Alera Group, Inc.	First lien senior secured delayed draw term loan		417		417
AmSpec Group, Inc. (fka AmSpec Services Inc.)	First lien senior secured revolving loan		14,462		10,665
Apex Group Treasury, LLC	Second lien senior secured delayed draw term loan		25,147		25,147
Apptio, Inc.	First lien senior secured revolving loan		1,667		1,667
Aramsco, Inc.	First lien senior secured revolving loan		2,695		8,378
Ardonagh Midco 3 PLC	First lien senior secured GBP delayed draw term loan		10,730		11,038
Ascend Buyer, LLC (dba PPC Flexible Packaging)	First lien senior secured revolving loan		471		471
Associations, Inc.	First lien senior secured revolving loan		32,923		32,923
AxiomSL Group, Inc.	First lien senior secured delayed draw term loan		8,331		8,331
AxiomSL Group, Inc.	First lien senior secured revolving loan		18,227		18,227
Bayshore Intermediate #2, L.P. (dba Boomi)	First lien senior secured revolving loan		6,913		6,913
BCPE Osprey Buyer, Inc. (dba PartsSource)	First lien senior secured delayed draw term loan		28,014		28,014
BCPE Osprey Buyer, Inc. (dba PartsSource)	First lien senior secured revolving loan		11,855		11,855
BCTO BSI Buyer, Inc. (dba Buildertrend)	First lien senior secured revolving loan		2,339		2,339
Blend Labs, Inc.	First lien senior secured revolving loan		7,500		7,500
BP Veraison Buyer, LLC (dba Sun World)	First lien senior secured delayed draw term loan		29,054		29,054
BP Veraison Buyer, LLC (dba Sun World)	First lien senior secured revolving loan		8,716		8,716
Brightway Holdings, LLC	First lien senior secured revolving loan		3,158		3,158
Centrify Corporation	First lien senior secured revolving loan		6,817		6,817
CivicPlus, LLC	First lien senior secured delayed draw term loan		6,673		6,673
CivicPlus, LLC	First lien senior secured revolving loan		1,335		1,335
Denali BuyerCo, LLC (dba Summit Companies)	First lien senior secured delayed draw term loan		8,305		9,849
Denali BuyerCo, LLC (dba Summit Companies)	First lien senior secured revolving loan		2,199		3,556
Diamondback Acquisition, Inc. (dba Sphera)	First lien senior secured delayed draw term loan		1,080		1,080
Dodge Data & Analytics LLC	First lien senior secured revolving loan		—		1,888
Douglas Products and Packaging Company LLC	First lien senior secured revolving loan		16,208		3,936
EET Buyer, Inc. (dba e-Emphasys)	First lien senior secured revolving loan		455		455
Entertainment Benefits Group, LLC	First lien senior secured revolving loan		11,200		11,200
Evolution BuyerCo, Inc. (dba SIAA)	First lien senior secured revolving loan		10,709		10,709

Owl Rock Capital Corporation

Notes to Consolidated Financial Statements (Unaudited) - Continued


Portfolio Company	Investment	March 31, 2022		December 31, 2021
($ in thousands)
Forescout Technologies, Inc.	First lien senior secured revolving loan		5,345		5,345
Fortis Solutions Group, LLC	First lien senior secured delayed draw term loan		1,347		1,347
Fortis Solutions Group, LLC	First lien senior secured revolving loan		462		462
Gainsight, Inc.	First lien senior secured revolving loan		3,357		3,357
Galls, LLC	First lien senior secured revolving loan		14,483		20,468
Gaylord Chemical Company, L.L.C.	First lien senior secured revolving loan		13,202		13,202
Gerson Lehrman Group, Inc.	First lien senior secured revolving loan		21,563		21,563
GI Ranger Intermediate, LLC (dba Rectangle Health)	First lien senior secured delayed draw term loan		—		614
GI Ranger Intermediate, LLC (dba Rectangle Health)	First lien senior secured revolving loan		332		369
Global Music Rights, LLC	First lien senior secured revolving loan		667		667
GovBrands Intermediate, Inc.	First lien senior secured delayed draw term loan		1,111		1,111
GovBrands Intermediate, Inc.	First lien senior secured revolving loan		793		793
Granicus, Inc.	First lien senior secured delayed draw term loan		1,006		1,006
Granicus, Inc.	First lien senior secured revolving loan		1,187		1,187
Guidehouse Inc.	First lien senior secured revolving loan		—		351
H&F Opportunities LUX III S.À R.L (dba Checkmarx)	First lien senior secured revolving loan		16,250		16,250
Hercules Borrower, LLC (dba The Vincit Group)	First lien senior secured revolving loan		18,685		20,916
HGH Purchaser, Inc. (dba Horizon Services)	First lien senior secured delayed draw term loan		49,359		49,359
HGH Purchaser, Inc. (dba Horizon Services)	First lien senior secured revolving loan		4,042		7,031
Hometown Food Company	First lien senior secured revolving loan		4,235		4,235
Ideal Tridon Holdings, Inc.	First lien senior secured revolving loan		5,727		3,927
IG Investments Holdings, LLC (dba Insight Global)	First lien senior secured revolving loan		3,179		1,987
Individual Foodservice Holdings, LLC	First lien senior secured delayed draw term loan		—		6,890
Individual Foodservice Holdings, LLC	First lien senior secured revolving loan		17,733		20,609
Innovation Ventures HoldCo, LLC (dba 5 Hour Energy)	First lien senior secured delayed draw term loan A		25,000		—
Innovation Ventures HoldCo, LLC (dba 5 Hour Energy)	First lien senior secured delayed draw term loan B		25,000		—
Inovalon Holdings, Inc.	First lien senior secured delayed draw term loan		18,988		18,988
Integrity Marketing Acquisition, LLC	First lien senior secured revolving loan		14,832		14,832
Intelerad Medical Systems Incorporated (fka 11849573 Canada Inc.)	First lien senior secured revolving loan		1,607		1,607
Interoperability Bidco, Inc. (dba Lyniate)	First lien senior secured revolving loan		3,043		4,000
IQN Holding Corp. (dba Beeline)	First lien senior secured revolving loan		22,672		22,672
KPSKY Acquisition, Inc. (dba BluSky)	First lien senior secured delayed draw term loan		256		256

Owl Rock Capital Corporation

Notes to Consolidated Financial Statements (Unaudited) - Continued


Portfolio Company	Investment	March 31, 2022		December 31, 2021
($ in thousands)
Lazer Spot G B Holdings, Inc.	First lien senior secured revolving loan		25,223		26,833
Lignetics Investment Corp.	First lien senior secured delayed draw term loan		3,922		3,922
Lignetics Investment Corp.	First lien senior secured revolving loan		3,373		3,922
Litera Bidco LLC	First lien senior secured delayed draw term loan		5,176		5,176
Litera Bidco LLC	First lien senior secured revolving loan		5,738		5,738
CSC Mkg Topco LLC (Medical Knowledge Group)	First lien senior secured revolving loan		169		—
Medline Borrower, LP	First lien senior secured revolving loan		7,190		7,190
MHE Intermediate Holdings, LLC (dba OnPoint Group)	First lien senior secured delayed draw term loan		9,850		9,850
MHE Intermediate Holdings, LLC (dba OnPoint Group)	First lien senior secured revolving loan		14,914		15,536
Milan Laser Holdings LLC	First lien senior secured revolving loan		2,078		2,078
MINDBODY, Inc.	First lien senior secured revolving loan		6,071		6,071
Ministry Brands Holdings, LLC	First lien senior secured delayed draw term loan		226		226
Ministry Brands Holdings, LLC	First lien senior secured revolving loan		68		68
National Dentex Labs LLC (fka Barracuda Dental LLC)	First lien senior secured delayed draw term loan		3,980		3,980
National Dentex Labs LLC (fka Barracuda Dental LLC)	First lien senior secured revolving loan		2,576		6,322
Natural Partners, LLC	First lien senior secured revolving loan		68		—
Nelipak Holding Company	First lien senior secured revolving loan		4,288		4,288
Nelipak Holding Company	First lien senior secured revolving loan		7,356		7,518
NMI Acquisitionco, Inc. (dba Network Merchants)	First lien senior secured delayed draw term loan		4,073		4,073
NMI Acquisitionco, Inc. (dba Network Merchants)	First lien senior secured revolving loan		1,652		1,652
Norvax, LLC (dba GoHealth)	First lien senior secured revolving loan		2,761		2,761
Notorious Topco, LLC (dba Beauty Industry Group)	First lien senior secured delayed draw term loan		15,962		15,962
Notorious Topco, LLC (dba Beauty Industry Group)	First lien senior secured revolving loan		7,023		7,981
OB Hospitalist Group, Inc.	First lien senior secured revolving loan		15,148		13,533
Ole Smoky Distillery, LLC	First lien senior secured revolving loan		116		—
Patriot Acquisition TopCo S.A.R.L (dba Corza Health, Inc.)	First lien senior secured revolving loan		13,538		13,538
Peter C. Foy & Associates Insurance Services, LLC (dba PCF Insurance Services)	First lien senior secured delayed draw term loan		—		8,695
Peter C. Foy & Associates Insurance Services, LLC (dba PCF Insurance Services)	First lien senior secured revolving loan		6,161		6,161
Pluralsight, LLC	First lien senior secured revolving loan		6,235		6,235
Project Power Buyer, LLC (dba PEC-Veriforce)	First lien senior secured revolving loan		3,188		3,188
PS Operating Company LLC (fka QC Supply, LLC)	First lien senior secured revolving loan		2,648		2,650
QAD, Inc.	First lien senior secured revolving loan		3,429		3,429

Owl Rock Capital Corporation

Notes to Consolidated Financial Statements (Unaudited) - Continued


Portfolio Company	Investment	March 31, 2022		December 31, 2021
($ in thousands)
Quva Pharma, Inc.	First lien senior secured revolving loan		2,880		4,000
Reef Global Acquisition LLC (fka Cheese Acquisition, LLC)	First lien senior secured revolving loan		6,312		5,377
Refresh Parent Holdings, Inc.	First lien senior secured delayed draw term loan		—		797
Refresh Parent Holdings, Inc.	First lien senior secured revolving loan		—		6,897
Relativity ODA LLC	First lien senior secured revolving loan		7,333		7,333
Sara Lee Frozen Bakery, LLC (fka KSLB Holdings, LLC)	First lien senior secured revolving loan		6,960		8,700
Smarsh Inc.	First lien senior secured delayed draw term loan		190		—
Smarsh Inc.	First lien senior secured revolving loan		48		—
Sonny's Enterprises LLC	First lien senior secured revolving loan		17,968		15,402
Swipe Acquisition Corporation (dba PLI)	First lien senior secured delayed draw term loan		6,228		10,230
Swipe Acquisition Corporation (dba PLI)	Letter of Credit		7,118		7,118
SWK BUYER, Inc. (dba Stonewall Kitchen)	First lien senior secured delayed draw term loan		175		—
SWK BUYER, Inc. (dba Stonewall Kitchen)	First lien senior secured revolving loan		63		—
Tahoe Finco, LLC	First lien senior secured revolving loan		9,244		9,244
Tamarack Intermediate, L.L.C. (dba Verisk 3E)	First lien senior secured revolving loan		141		—
TC Holdings, LLC (dba TrialCard)	First lien senior secured revolving loan		7,685		7,685
TEMPO BUYER CORP. (dba Global Claims Services)	First lien senior secured delayed draw term loan		308		308
TEMPO BUYER CORP. (dba Global Claims Services)	First lien senior secured revolving loan		148		154
The Shade Store, LLC	First lien senior secured revolving loan		455		909
THG Acquisition, LLC (dba Hilb)	First lien senior secured revolving loan		8,608		8,608
Thunder Purchaser, Inc. (dba Vector Solutions)	First lien senior secured delayed draw term loan		10,965		10,965
Thunder Purchaser, Inc. (dba Vector Solutions)	First lien senior secured revolving loan		3,011		3,838
Troon Golf, L.L.C.	First lien senior secured revolving loan		17,567		21,621
Ultimate Baked Goods Midco, LLC	First lien senior secured revolving loan		3,730		4,724
USRP Holdings, Inc. (dba U.S. Retirement and Benefits Partners)	First lien senior secured revolving loan		4,168		4,168
Valence Surface Technologies LLC	First lien senior secured revolving loan		49		49
Velocity HoldCo III Inc. (dba VelocityEHS)	First lien senior secured revolving loan		1,340		1,340
When I Work, Inc.	First lien senior secured revolving loan		925		925
Wingspire Capital Holdings LLC	LLC Interest		77,712		51,962
WU Holdco, Inc. (dba Weiman Products, LLC)	First lien senior secured delayed draw term loan		—		14,829
WU Holdco, Inc. (dba Weiman Products, LLC)	First lien senior secured revolving loan		17,285		13,444
Total Unfunded Portfolio Company Commitments		$	985,730	$	963,808

As of March 31, 2022, the Company believed they had adequate financial resources to satisfy the unfunded portfolio company commitments.

Other Commitments and Contingencies

On November 3, 2020, the Board approved a repurchase program (the “Repurchase Plan”) under which the Company may repurchase up to $100 million of the Company’s outstanding common stock. Under the program, purchases may be made at management’s discretion from time to time in open-market transactions, in accordance with all applicable securities laws and regulations. Unless extended by the Board, the repurchase program will terminate 12-months from the date it was approved. On November 2, 2021,

Owl Rock Capital Corporation

Notes to Consolidated Financial Statements (Unaudited) - Continued

the Board approved an extension to the Repurchase Plan and, unless further extended by the Board, will terminate 12-months from that date. As of March 31, 2022, Goldman, Sachs & Co., as agent, has repurchased 186,150 shares of the Company’s common stock pursuant to the Repurchase Plan for approximately $2.6 million.

From time to time, the Company may become a party to certain legal proceedings incidental to the normal course of its business. At March 31, 2022, management was not aware of any material pending or threatened litigation that would require accounting recognition or financial statement disclosure.

Note 8. Net Assets

Equity Issuances

The Company has the authority to issue 500,000,000 common shares at $0.01 per share par value.

On March 1, 2016, the Company issued 100 common shares for $1,500 to the Adviser.

There were no sales of the Company’s common stock during the three months ended March 31, 2022 and 2021.

Distributions

The following table reflects the distributions declared on shares of the Company’s common stock during the three months ended March 31, 2022:


	March 31, 2022
Date Declared	Record Date	Payment Date	Distribution per Share
February 23, 2022	March 31, 2022	May 13, 2022	$	0.31

The following table reflects the distributions declared on shares of the Company’s common stock during the three months ended March 31, 2021:


	March 31, 2021
Date Declared	Record Date	Payment Date	Distribution per Share
February 23, 2021	March 31, 2021	May 14, 2021	$	0.31

Dividend Reinvestment

With respect to distributions, the Company has adopted an “opt out” dividend reinvestment plan for common shareholders. As a result, in the event of a declared distribution, each shareholder that has not “opted out” of the dividend reinvestment plan will have their dividends or distributions automatically reinvested in additional shares of the Company’s common stock rather than receiving cash distributions. Shareholders who receive distributions in the form of shares of common stock will be subject to the same U.S. federal, state and local tax consequences as if they received cash distributions.

100

Owl Rock Capital Corporation

Notes to Consolidated Financial Statements (Unaudited) - Continued

The following table reflects the common stock issued pursuant to the dividend reinvestment plan during the three months ended March 31, 2022:


Date Declared	Record Date	Payment Date	Shares
November 2, 2021	December 31, 2021	January 31, 2022		814,084

The following table reflects the common stock issued pursuant to the dividend reinvestment plan during the three months ended March 31, 2021:


Date Declared	Record Date	Payment Date	Shares
November 4, 2020	December 31, 2020	January 19, 2021		1,435,099

Stock Repurchase Plans

On November 3, 2020, the Board approved the Repurchase Plan under which the Company may repurchase up to $100 million of the Company’s outstanding common stock. Under the program, purchases may be made at management’s discretion from time to time in open-market transactions, in accordance with all applicable securities laws and regulations. Unless extended by the Board, the repurchase program will terminate 12-months from the date it was approved. On November 2, 2021, the Board approved an extension to the Repurchase Plan and, unless further extended by the Board, will terminate 12-months from that date. As of March 31, 2022, Goldman Sachs & Co., as agent, has repurchased 186,150 shares of the Company’s common stock pursuant to the Repurchase Plan for approximately $2.6 million.

There has been no share repurchase activity under the Repurchase Plan for the period ended March 31, 2022.

The following table provides information regarding purchases of the Company’s common stock by Goldman Sachs & Co., as agent, pursuant to the Repurchase Plan for each month in the year ended December 31, 2021:


Period ($ in millions, except share and per share amounts)	Total Number of Shares Repurchased		Average Price Paid per Share		Approximate Dollar Value of Shares that have been Purchased Under the Plans		Approximate Dollar Value of Shares that May Yet Be Purchased Under the Plan
October 1, 2021 - October 31, 2021		—	$	—	$	—	$	100.0
November 1, 2021 - November 30, 2021		22,900	$	13.92	$	0.3	$	99.7
December 1, 2021 - December 31, 2021		163,250	$	14.00	$	2.3	$	97.4
Total		186,150			$	2.6

Note 9. Earnings Per Share

The following table sets forth the computation of basic and diluted earnings per common share for the three months ended March 31, 2022 and 2021:


	For the Three Months Ended March 31,
($ in thousands, except per share amounts)	2022		2021
Increase (decrease) in net assets resulting from operations	$	43,986	$	157,845
Weighted average shares of common stock outstanding—basic and diluted		394,309,578		391,114,767
Earnings per common share-basic and diluted	$	0.11	$	0.40

Note 10. Income Taxes

The Company has elected to be treated as a RIC under Subchapter M of the Code, and intends to operate in a manner so as to continue to qualify for the tax treatment applicable to RICs. To qualify for tax treatment as a RIC, the Company must, among other

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Owl Rock Capital Corporation

Notes to Consolidated Financial Statements (Unaudited) - Continued

things, distribute to its shareholders in each taxable year generally at least 90% of the Company’s investment company taxable income, as defined by the Code, and net tax-exempt income for that taxable year. To maintain tax treatment as a RIC, the Company, among other things, intends to make the requisite distributions to its shareholders, which generally relieves the Company from corporate-level U.S. federal income taxes.

Depending on the level of taxable income earned in a tax year, the Company can be expected to carry forward taxable income (including net capital gains, if any) in excess of current year dividend distributions from the current tax year into the next tax year and pay a nondeductible 4% U.S. federal excise tax on such taxable income, as required. To the extent that the Company determines that its estimated current year annual taxable income will be in excess of estimated current year dividend distributions from such income, the Company will accrue excise tax on estimated excess taxable income.

For the three months ended March 31, 2022, the Company recorded U.S. federal income tax expense/(benefit) of $0.8 million, including no U.S. federal excise tax expense/(benefit). For the three months ended March 31, 2021, the Company recorded U.S. federal income tax expense/(benefit) of $1.1 million, including $0.2 million of U.S. federal excise tax expense/(benefit).

Taxable Subsidiaries

Certain of the Company’s consolidated subsidiaries are subject to U.S. federal and state corporate-level income taxes. For the three months ended March 31, 2022 and 2021, the Company recorded a net tax expense of approximately $0.8 million and $0.9 million for taxable subsidiaries, respectively.

The Company recorded a net deferred tax liability of $12.2 million and $12.0 million as of March 31, 2022 and December 31, 2021, respectively, for taxable subsidiaries, which is significantly related to GAAP to tax outside basis differences in the taxable subsidiaries' investment in certain partnership interests.

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Owl Rock Capital Corporation

Notes to Consolidated Financial Statements (Unaudited) - Continued

Note 11. Financial Highlights

The following are the financial highlights for a common share outstanding during the three months ended March 31, 2022 and 2020:


	For the Three Months Ended March 31,
($ in thousands, except share and per share amounts)	2022				2021
Per share data:
Net asset value, beginning of period	$	15.08			$	14.74
Net investment income(1)		0.31				0.26
Net realized and unrealized gain (loss)		(0.20	)			0.13
Total from operations		0.11				0.39
Repurchase of common shares(2)		—				-
Distributions declared from earnings(2)		(0.31	)			(0.31	)
Total increase (decrease) in net assets		(0.20	)			0.08
Net asset value, end of period	$	14.88			$	14.82
Shares outstanding, end of period		394,580,939				391,401,787
Per share market value at end of period	$	14.78				13.77
Total Return, based on market value(3)		6.6		%		11.2		%
Total Return, based on net asset value(4)		0.7		%		2.6		%
Ratios / Supplemental Data(5)
Ratio of total expenses to average net assets(6)		9.6		%		8.2		%
Ratio of net investment income to average net assets		8.3		%		7.1		%
Net assets, end of period	$	5,871,494			$	5,802,088
Weighted-average shares outstanding		394,309,578				391,114,767
Total capital commitments, end of period	N/A				N/A
Ratio of total contributed capital to total committed capital, end of period	N/A				N/A
Portfolio turnover rate		3.1		%		5.1		%

__________________

(1)

The per share data was derived using the weighted average shares outstanding during the period.

(2)

The per share data was derived using actual shares outstanding at the date of the relevant transaction.

(3)

Total return based on market value is calculated as the change in market value per share during the respective periods, taking into account dividends and distributions, if any, reinvested in accordance with the Company’s dividend reinvestment plan.

(4)

Total return is calculated as the change in net asset value (“NAV”) per share during the period, plus distributions per share (assuming dividends and distributions, if any, are reinvested in accordance with the Company’s dividend reinvestment plan), if any, divided by the beginning NAV per share.

(5)

Does not include expenses of investment companies in which the Company invests.

(6)

The ratios reflect an annualized amount.

Note 12. Subsequent Events

In preparing these financial statements, the Company has evaluated events and transactions for potential recognition or disclosure through the date of issuance. There are no subsequent events to disclose except for the following:

On April 20, 2022 the Company completed a $669.2 mllion term debt securitization refinancing in CLO V. As part of the refinancing the Company issued the following classes of notes: (i) $354.4 million of AAA(sf) Class A-1R Notes, which bear interest at the Term SOFR plus 1.78%, (ii) $30.4 million of AAA(sf) Class A-2R Notes, which bear interest at the Term SOFR plus 1.95%, (iii) $49.0 million of AA(sf) Class B-1 Notes, which bear interest at the Term SOFR plus 2.20%, (iv) $5.0 million of AA(sf) Class B-2 Notes, which bear interest at 4.25%, (v) $31.5 million of A(sf) Class C-1 Notes, which bear interest at the Term SOFR plus 3.15% and (vi) $39.4 million of A(sf) Class C-2 Notes, which bear interest at 5.10%. The Company also issued approximately $10.2 million of additional subordinated securities, for a total of $159.6 of subordinated securities in the form of 159,620 preferred shares at an issue price of U.S.$1,000 per share held by the Company. Following the refinancing, the reinvestment period was extended to April 20, 2026 and the maturity date was extended to April 20, 2034.

On May 3, 2022, the parties to the SPV Asset Facility III amended certain terms of the facility, including converting the benchmark rate of the facility from LIBOR to term SOFR, extending the Revolving Period through June 14, 2023, extending the Facility Termination Date through June 14, 2025 and reducing the Facility Amount from $500 million to $250 million.

On May 3, 2022 the Board declared a distribution of $0.31 per share for shareholders of record on June 30, 2022 payable on or before August 15, 2022.

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Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

The information contained in this section should be read in conjunction with “ITEM 1. CONSOLIDATED FINANCIAL STATEMENTS”. This discussion contains forward-looking statements, which relate to future events or the future performance or financial condition of Owl Rock Capital Corporation and involves numerous risks and uncertainties, including, but not limited to, those described in our Form 10-K for the fiscal year December 31, 2021 and in “ITEM 1A. RISK FACTORS.” This discussion also should be read in conjunction with the “Cautionary Statement Regarding Forward Looking Statements” set forth on page 1 of this Quarterly Report on Form 10-Q. Actual results could differ materially from those implied or expressed in any forward-looking statements.

Overview

Owl Rock Capital Corporation (the “Company”, “we”, “us” or “our”) is a Maryland corporation formed on October 15, 2015. We were formed primarily to originate and make loans to, and make debt and equity investments in, U.S. middle market companies. We invest in senior secured or unsecured loans, subordinated loans or mezzanine loans and, to a lesser extent, equity and equity-related securities including warrants, preferred stock and similar forms of senior equity, which may or may not be convertible into a portfolio company’s common equity. Our investment objective is to generate current income, and to a lesser extent, capital appreciation by targeting investment opportunities with favorable risk-adjusted returns.

We are managed by Owl Rock Capital Advisors LLC (“the Adviser” or “our Adviser”). The Adviser is registered with the U.S. Securities and Exchange Commission (the “SEC”) as an investment adviser under the Investment Advisers Act of 1940, as amended (the "Advisers Act"), an indirect subsidiary of Blue Owl Capital Inc. ("Blue Owl") (NYSE: OWL) and part of Owl Rock, a division of Blue Owl focused on direct lending. Subject to the overall supervision of our board of directors (“the Board” or “our Board”), the Adviser manages our day-to-day operations, and provides investment advisory and management services to us. The Adviser or its affiliates may engage in certain origination activities and receive attendant arrangement, structuring or similar fees. The Adviser is responsible for managing our business and activities, including sourcing investment opportunities, conducting research, performing diligence on potential investments, structuring our investments, and monitoring our portfolio companies on an ongoing basis through a team of investment professionals.

On July 22, 2019, we closed our initial public offering (“IPO”), issuing 10 million shares of our common stock at a public offering price of $15.30 per share, and on August 2, 2019, the underwriters exercised their option to purchase an additional 1.5 million shares of common stock at a purchase price of $15.30 per share. Net of underwriting fees and offering costs, we received total cash proceeds of $164.0 million. Our common stock began trading on the New York Stock Exchange (“NYSE”) under the symbol “ORCC” on July 18, 2019. In connection with the IPO, on July 22, 2019, we entered into a stock repurchase plan (the “Company 10b5-1 Plan”), to acquire up to $150 million in the aggregate of our common stock at prices below its 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 Securities Exchange Act of 1934, as amended (the "Exchange Act"). Under the Company 10b5-1 Plan, we acquired 12,515,624 shares for approximately $150 million. The Company 10b5-1 Plan commenced on August 19, 2019 and was exhausted on August 4, 2020.

The Adviser also serves as investment adviser to Owl Rock Capital Corporation II and Owl Rock Core Income Corp.

Blue Owl consists of three divisions: (1) Owl Rock, which focuses on direct lending, (2) Dyal, which focuses on providing capital to institutional alternative asset managers and (3) Oak Street, which focuses on real estate strategies. Owl Rock is comprised of the Adviser, Owl Rock Technology Advisors LLC (“ORTA”), Owl Rock Technology Advisors II LLC ("ORTA II"), Owl Rock Capital Private Fund Advisors LLC (“ORPFA”) and Owl Rock Diversified Advisors LLC (“ORDA” and together with the Adviser, ORTA, ORTA II, ORPFA and ORDA, the "Owl Rock Advisers"), which also are investment advisers. As of March 31, 2022, the Adviser and its affiliates had $44.8 billion of assets under management across the Owl Rock division of Blue Owl. As of April 1, 2022, the Owl Rock division of Blue Owl also includes a CLO business ("Wellfleet"), which was acquired from affiliates of Littlejohn & Co. LLC.

The management of our investment portfolio is the responsibility of the Adviser and the Investment Committee. We consider these individuals to be our portfolio managers. The Investment Team, is led by Douglas I. Ostrover, Marc S. Lipschultz and Craig W. Packer and is supported by certain members of the Adviser's senior executive team and the Investment Committee. The Investment Team, including members of Wellfleet, under the Investment Committee's supervision, sources investment opportunities, conducts research, performs due diligence on potential investments, structures our investments and will monitor our portfolio companies on an ongoing basis. The Investment Committee is comprised of Douglas I. Ostrover, Marc S. Lipschultz, Craig W. Packer, Alexis Maged and Jeff Walwyn. The Investment Committee meets regularly to consider our investments, direct our strategic initiatives and supervise the actions taken by the Adviser on our behalf. In addition, the Investment Committee reviews and determines whether to make prospective investments (including approving parameters or guidelines pursuant to which investments in broadly syndicated loans may be bought and sold), structures financings and monitors the performance of the investment portfolio. Each investment opportunity requires the approval of a majority of the Investment Committee. Follow-on investments in existing portfolio companies may require the Investment Committee's approval beyond that obtained when the initial investment in the portfolio company was made. In addition, temporary investments, such as those in cash equivalents, U.S. government securities and other high quality debt investments that mature in one year or less, may require approval by the Investment Committee. The compensation packages of certain Investment Committee members from

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the Adviser include various combinations of discretionary bonuses and variable incentive compensation based primarily on performance for services provided and may include shares of Blue Owl.

We may be prohibited under the 1940 Act from participating in certain transactions with our affiliates without the prior approval of our directors who are not interested persons and, in some cases, the prior approval of the SEC. We, our Adviser and certain affiliates have been granted exemptive relief by the SEC to permit us to co-invest with other funds managed by our Adviser or certain of its affiliates, in a manner consistent with our investment objective, positions, policies, strategies and restrictions as well as regulatory requirements and other pertinent factors. Pursuant to such exemptive relief, we generally are permitted to co-invest with certain of our affiliates if a “required majority” (as defined in Section 57(o) of the 1940 Act of our independent directors make certain conclusions in connection with a co-investment transaction, including that (1) the terms of the transactions, including the consideration to be paid, are reasonable and fair to us and our shareholders and do not involve overreaching by us or our shareholders on the part of any person concerned, (2) the transaction is consistent with the interests of our shareholders and is consistent with our investment objective and strategies, (3) the investment by our affiliates would not disadvantage us, and our participation would not be on a basis different from or less advantageous than that on which our affiliates are investing and (4) the proposed investment by us would not benefit our Adviser or its affiliates or any affiliated person of any of them (other than the parties to the transaction), except to the extent permitted by the exemptive relief and applicable law, including the limitations set forth in Section 57(k) of the 1940 Act. The Owl Rock Advisers’ investment allocation policy seeks to ensure equitable allocation of investment opportunities over time between us and other funds managed by our Adviser or its affiliates. As a result of the exemptive relief, there could be significant overlap in our investment portfolio and the investment portfolio of the Owl Rock Clients and/or other funds managed by the Adviser or its affiliates that could avail themselves of the exemptive relief and that have an investment objective similar to ours.

On April 27, 2016, we formed a wholly-owned subsidiary, OR Lending LLC, a Delaware limited liability company, which holds a California finance lenders license. OR Lending LLC makes loans to borrowers headquartered in California. From time to time we may form wholly-owned subsidiaries to facilitate our normal course of business.

Certain consolidated subsidiaries of ours are subject to U.S. federal and state corporate-level income taxes.

We have elected to be regulated as a BDC under the 1940 Act and as a regulated investment company (“RIC”) for tax purposes under the Internal Revenue Code of 1986, as amended (the “Code”). As a result, we are required to comply with various statutory and regulatory requirements, such as:

•

the requirement to invest at least 70% of our assets in “qualifying assets”, as such term is defined in the 1940 Act;

•

source of income limitations;

•

asset diversification requirements; and

•

the requirement to distribute (or be treated as distributing) in each taxable year at least 90% of our investment company taxable income and tax-exempt interest for that taxable year.

COVID-19 Developments

In March 2020, the outbreak of COVID -19 was recognized as a pandemic by the World Health Organization. In response to the outbreak, our Adviser instituted a work from home policy and began monitoring the ability of its employees to safely return to the office. In October 2021, the Adviser implemented a return to in-office work policy across all of its offices. The policy encourages a return to in-office work but allows for flexibility to work from home based on current conditions.

We have and continue to assess the impact of COVID-19 on our portfolio companies. We cannot predict the full impact of the COVID-19 pandemic, including its duration in the United States and worldwide, the effectiveness of governmental responses designed to mitigate strain to businesses and the economy and the magnitude of the economic impact of the outbreak. The COVID-19 pandemic and preventative measures taken to contain or mitigate its spread have caused, and may in the future cause, business shutdowns and cancellations of events and travel. In addition, while economic activity remains healthy and well improved from the beginning of the COVID-19 pandemic, we continue to observe supply chain interruptions, labor difficulties, commodity inflation and elements of geopolitical, economic and financial market instability both globally and in the United States.

We have built our portfolio management team to include workout experts and continue to closely monitor our portfolio companies; however, we are unable to predict the duration of any business and supply-chain disruptions or labor difficulties, the extent to which COVID-19 will negatively affect our portfolio companies’ operating results or the impact that such disruptions may have on our results of operations and financial condition.

Our Investment Framework

We are a Maryland corporation organized primarily to originate and make loans to, and make debt and equity investments in, U.S. middle market companies. Our investment objective is to generate current income, and to a lesser extent, capital appreciation by targeting investment opportunities with favorable risk-adjusted returns. Since our Adviser and its affiliates began investment activities in April

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2016 through March 31, 2022, our Adviser and its affiliates have originated $56.0 billion aggregate principal amount of investments, of which $53.0 billion of aggregate principal amount of investments prior to any subsequent exits or repayments, was retained by either us or a corporation or fund advised by our Adviser or its affiliates. We seek to generate current income primarily in U.S. middle market companies through direct originations of senior secured loans or originations of unsecured loans, subordinated loans or mezzanine loans, broadly syndicated loans and, to a lesser extent, investments in equity and equity-related securities including warrants, preferred stock and similar forms of senior equity. Our equity investments are typically not control-oriented investments and we may structure such equity investments to include provisions protecting our rights as a minority-interest holder.

We define “middle market companies” generally to mean companies with earnings before interest expense, income tax expense, depreciation and amortization, or “EBITDA,” between $10 million and $250 million annually and/or annual revenue of $50 million to $2.5 billion at the time of investment, although we may on occasion invest in smaller or larger companies if an opportunity presents itself. We generally seek to invest in companies with a loan-to-value ratio of 50% or below.

We expect that generally our portfolio composition will be majority debt or income producing securities, which may include “covenant-lite” loans (as defined below), with a lesser allocation to equity or equity-linked opportunities, which we may hold directly or through special purpose vehicles. In addition, we may invest a portion of our portfolio in opportunistic investments and broadly syndicated loans, which will not be our primary focus, but will be intended to enhance returns to our shareholders and from time to time, we may evaluate and enter into strategic portfolio transactions which may result in additional portfolio companies which we are considered to control. These investments may include high-yield bonds and broadly-syndicated loans, including publicly traded debt

instruments, which are typically originated and structured by banks on behalf of large corporate borrowers with employee counts, revenues, EBITDAs and enterprise values larger than the middle market characteristics described above. In addition, we generally do not intend to invest more than 20% of our total assets in companies whose principal place of business is outside the United States, although we do not generally intend to invest in companies whose principal place of business is in an emerging market. Our portfolio composition may fluctuate from time to time based on market conditions and interest rates.

Covenants are contractual restrictions that lenders place on companies to limit the corporate actions a company may pursue. Generally, the loans in which we expect to invest will have financial maintenance covenants, which are used to proactively address materially adverse changes in a portfolio company’s financial performance. However, to a lesser extent, we may invest in “covenant-lite” loans. We use the term “covenant-lite” to refer generally to loans that do not have a complete set of financial maintenance covenants. Generally, “covenant-lite” loans provide borrower companies more freedom to negatively impact lenders because their covenants are incurrence-based, which means they are only tested and can only be breached following an affirmative action of the borrower, rather than by a deterioration in the borrower’s financial condition. Accordingly, to the extent we invest in “covenant-lite” loans, we may have fewer rights against a borrower and may have a greater risk of loss on such investments as compared to investments in or exposure to loans with financial maintenance covenants.

We target portfolio companies where we can structure larger transactions. As of March 31, 2022, our average debt investment size in each of our portfolio companies was approximately $78.3 million based on fair value. As of March 31, 2022, our portfolio companies, excluding the investment in ORCC SLF and certain investments that fall outside of our typical borrower profile and represent 84.1% of our total debt portfolio based on fair value, had weighted average annual revenue of $658 million, weighted average annual EBITDA of $145 million and an average interest coverage of 2.7x.

The companies in which we invest use our capital to support their growth, acquisitions, market or product expansion, refinancings and/or recapitalizations. The debt in which we invest typically is not rated by any rating agency, but if these instruments were rated, they would likely receive a rating of below investment grade (that is, below BBB- or Baa3), which is often referred to as “high yield” or “junk”.

A majority of our new investments are indexed to SOFR; however we have material contracts that are indexed to USD-LIBOR and are monitoring this activity, evaluating the related risks and our exposure, and adding alternative language to contracts, where necessary. Certain contracts have an orderly market transition already in process. However, it is not possible to predict the effect of any of these developments, and any future initiatives to regulate, reform or change the manner of administration of LIBOR could result in adverse consequences to the rate of interest payable and receivable on, market value of and market liquidity for LIBOR-based financial instruments.

Key Components of Our Results of Operations

Investments

We focus primarily on the direct origination of loans to middle market companies domiciled in the United States.

Our level of investment activity (both the number of investments and the size of each investment) can and will vary substantially from period to period depending on many factors, including the amount of debt and equity capital available to middle market companies,

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the level of merger and acquisition activity for such companies, the general economic environment and the competitive environment for the types of investments we make.

In addition, as part of our risk strategy on investments, we may reduce the levels of certain investments through partial sales or syndication to additional lenders.

Revenues

We generate revenues primarily in the form of interest income from the investments we hold. In addition, we generate income from dividends on either direct equity investments or equity interests obtained in connection with originating loans, such as options, warrants or conversion rights. Our debt investments typically have a term of three to ten years. As of March 31, 2022, 98.8% of our debt investments based on fair value bear interest at a floating rate, subject to interest rate floors, in certain cases. Interest on our debt investments is generally payable either monthly or quarterly.

Our investment portfolio consists primarily of floating rate loans, and our credit facilities bear interest at floating rates. Macro trends in base interest rates like London Interbank Offered Rate (“LIBOR”), the Secured Overnight Financing Rate ("SOFR") and any alternative reference rates may affect our net investment income over the long term. However, because we generally originate loans to a small number of portfolio companies each quarter, and those investments vary in size, our results in any given period, including the interest rate on investments that were sold or repaid in a period compared to the interest rate of new investments made during that period, often are idiosyncratic, and reflect the characteristics of the particular portfolio companies that we invested in or exited during the period and not necessarily any trends in our business or macro trends.

Loan origination fees, original issue discount and market discount or premium are capitalized, and we accrete or amortize such amounts under U.S. generally accepted accounting principles ("U.S. GAAP") as interest income using the effective yield method for term instruments and the straight-line method for revolving or delayed draw instruments. Repayments of our debt investments can reduce interest income from period to period. The frequency or volume of these repayments may fluctuate significantly. We record prepayment premiums on loans as interest income. We may also generate revenue in the form of commitment, loan origination, structuring, or due diligence fees, fees for providing managerial assistance to our portfolio companies and possibly consulting fees.

Dividend income on equity investments is recorded on the record date for private portfolio companies or on the ex-dividend date for publicly traded companies.

Our portfolio activity also reflects the proceeds from sales of investments. We recognize realized gains or losses on investments based on the difference between the net proceeds from the disposition and the amortized cost basis of the investment without regard to unrealized gains or losses previously recognized. We record current period changes in fair value of investments that are measured at fair value as a component of the net change in unrealized gains (losses) on investments in the consolidated statement of operations.

Expenses

Our primary operating expenses include the payment of the management fee and, since the expiration of the incentive fee waiver on October 18, 2020, the incentive fee, expenses reimbursable under the Administration Agreement and Investment Advisory Agreement, legal and professional fees, interest and other debt expenses and other operating expenses. The management fee and incentive fee compensate our Adviser for work in identifying, evaluating, negotiating, closing, monitoring and realizing our investments.

Except as specifically provided below, all investment professionals and staff of the Adviser, when and to the extent engaged in providing investment advisory and management services to us, the base compensation, bonus and benefits, and the routine overhead expenses of such personnel allocable to such services, are provided and paid for by the Adviser. We bear our allocable portion of the compensation paid by the Adviser (or its affiliates) to our Chief Compliance Officer and Chief Financial Officer and their respective staffs (based on a percentage of time such individuals devote, on an estimated basis, to our business affairs). We bear all other costs and expenses of our operations, administration and transactions, including, but not limited to (i) investment advisory fees, including management fees and incentive fees, to the Adviser, pursuant to the Investment Advisory Agreement; (ii) our allocable portion of overhead and other expenses incurred by the Adviser in performing its administrative obligations under the Administration Agreement; and (iii) all other costs and expenses of its operations and transactions including, without limitation, those relating to:

•

the cost of our organization and offerings;

•

the cost of calculating our net asset value, including the cost of any third-party valuation services;

•

the cost of effecting any sales and repurchases of our common stock and other securities;

•

fees and expenses payable under any dealer manager agreements, if any;

•

debt service and other costs of borrowings or other financing arrangements;

•

costs of hedging;

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•

expenses, including travel expense, incurred by the Adviser, or members of the investment team, or payable to third parties, performing due diligence on prospective portfolio companies and, if necessary, enforcing our rights;

•

transfer agent and custodial fees;

•

fees and expenses associated with marketing efforts;

•

federal and state registration fees, any stock exchange listing fees and fees payable to rating agencies;

•

federal, state and local taxes;

•

independent directors’ fees and expenses including certain travel expenses;

•

costs of preparing financial statements and maintaining books and records and filing reports or other documents with the SEC (or other regulatory bodies) and other reporting and compliance costs, including registration and listing fees, and the compensation of professionals responsible for the preparation of the foregoing;

•

the costs of any reports, proxy statements or other notices to our shareholders (including printing and mailing costs), the costs of any shareholder or director meetings and the compensation of investor relations personnel responsible for the preparation of the foregoing and related matters;

•

commissions and other compensation payable to brokers or dealers;

•

research and market data;

•

fidelity bond, directors’ and officers’ errors and omissions liability insurance and other insurance premiums;

•

direct costs and expenses of administration, including printing, mailing, long distance telephone and staff;

•

fees and expenses associated with independent audits, outside legal and consulting costs;

•

costs of winding up;

•

costs incurred in connection with the formation or maintenance of entities or vehicles to hold our assets for tax or other purposes;

•

extraordinary expenses (such as litigation or indemnification); and

•

costs associated with reporting and compliance obligations under the 1940 Act and applicable federal and state securities laws.

We expect, but cannot assure, that our general and administrative expenses will increase in dollar terms during periods of asset growth, but will decline as a percentage of total assets during such periods.

Leverage

The amount of leverage we use in any period depends on a variety of factors, including cash available for investing, the cost of financing and general economic and market conditions. Generally, our total borrowings are limited so that we cannot incur additional borrowings, including through the issuance of additional debt securities, if such additional indebtedness would cause our asset coverage ratio to fall below 200% or 150%, if certain requirements are met. This means that generally, $1 for every $1 of investor equity (or, if certain conditions are met, we can borrow up to $2 for every $1 of investor equity). In any period, our interest expense will depend largely on the extent of our borrowing, and we expect interest expense will increase as we increase our debt outstanding. In addition, we may dedicate assets to financing facilities. On June 8, 2020, we received shareholder approval for the application of the modified asset coverage requirements set forth in Section 61(a)(2) of the 1940 Act, as amended by the Small Business Credit Availability Act. As a result, effective on June 9, 2020, our asset coverage requirement applicable to senior securities was reduced from 200% to 150%. Our current target leverage ratio is 0.90x-1.25x.

Market Trends

We believe the middle-market lending environment provides opportunities for us to meet our goal of making investments that generate attractive risk-adjusted returns.

Limited Availability of Capital for Middle-Market Companies. We believe that regulatory and structural changes in the market have reduced the amount of capital available to U.S. middle-market companies. In particular, we believe there are currently fewer providers of capital to middle market companies. We believe that many commercial and investment banks have, in recent years, de-emphasized their service and product offerings to middle-market businesses in favor of lending to large corporate clients and managing capital markets transactions. In addition, these lenders may be constrained in their ability to underwrite and hold bank loans and high yield securities for middle-market issuers as they seek to meet existing and future regulatory capital requirements. We also believe that there is a lack of market participants that are willing to hold meaningful amounts of certain middle-market loans. As a result, we believe our ability to

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minimize syndication risk for a company seeking financing by being able to hold its loans without having to syndicate them, coupled with reduced capacity of traditional lenders to serve the middle-market, present an attractive opportunity to invest in middle-market companies.

Capital Markets Have Been Unable to Fill the Void in U.S. Middle Market Finance Left by Banks. While underwritten bond and syndicated loan markets have been robust in recent years, middle market companies are less able to access these markets for reasons including the following:

High Yield Market – Middle market companies generally are not issuing debt in an amount large enough to be an attractively sized bond. High yield bonds are generally purchased by institutional investors who, among other things, are focused on the liquidity characteristics of the bond being issued. For example, mutual funds and exchange traded funds (“ETFs”) are significant buyers of underwritten bonds. However, mutual funds and ETFs generally require the ability to liquidate their investments quickly in order to fund investor redemptions and/or comply with regulatory requirements. Accordingly, the existence of an active secondary market for bonds is an important consideration in these entities’ initial investment decision. Because there is typically little or no active secondary market for the debt of U.S. middle market companies, mutual funds and ETFs generally do not provide debt capital to U.S. middle market companies. We believe this is likely to be a persistent problem and creates an advantage for those like us who have a more stable capital base and have the ability to invest in illiquid assets.

Syndicated Loan Market – While the syndicated loan market is modestly more accommodating to middle market issuers, as with bonds, loan issue size and liquidity are key drivers of institutional appetite and, correspondingly, underwriters’ willingness to underwrite the loans. Loans arranged through a bank are done either on a “best efforts” basis or are underwritten with terms plus provisions that permit the underwriters to change certain terms, including pricing, structure, yield and tenor, otherwise known as “flex”, to successfully syndicate the loan, in the event the terms initially marketed are insufficiently attractive to investors. Furthermore, banks are generally reluctant to underwrite middle market loans because the arrangement fees they may earn on the placement of the debt generally are not sufficient to meet the banks’ return hurdles. Loans provided by companies such as ours provide certainty to issuers in that we can commit to a given amount of debt on specific terms, at stated coupons and with agreed upon fees. As we are the ultimate holder of the loans, we do not require market “flex” or other arrangements that banks may require when acting on an agency basis.

Robust Demand for Debt Capital. We believe U.S. middle market companies will continue to require access to debt capital to refinance existing debt, support growth and finance acquisitions. In addition, we believe the large amount of uninvested capital held by funds of private equity firms broadly, estimated by Preqin Ltd., an alternative assets industry data and research company, to be $1.7 trillion as of January 2022, will continue to drive deal activity. We expect that private equity sponsors will continue to pursue acquisitions and leverage their equity investments with secured loans provided by companies such as us.

The Middle Market is a Large Addressable Market. According to GE Capital’s National Center for the Middle Market 4th quarter 2021 Middle Market Indicator, there are approximately 200,000 U.S. middle market companies, which have approximately 48 million aggregate employees. Moreover, the U.S. middle market accounts for one-third of private sector gross domestic product (“GDP”). GE defines U.S. middle market companies as those between $10 million and $1 billion in annual revenue, which we believe has significant overlap with our definition of U.S. middle market companies.

Attractive Investment Dynamics. An imbalance between the supply of, and demand for, middle market debt capital creates attractive pricing dynamics. We believe the directly negotiated nature of middle market financings also generally provides more favorable terms to the lender, including stronger covenant and reporting packages, better call protection, and lender-protective change of control provisions. Additionally, we believe BDC managers’ expertise in credit selection and ability to manage through credit cycles has generally resulted in BDCs experiencing lower loss rates than U.S. commercial banks through credit cycles. Further, we believe that historical middle market default rates have been lower, and recovery rates have been higher, as compared to the larger market capitalization, broadly distributed market, leading to lower cumulative losses. Lastly, we believe that in the current environment, lenders with available capital may be able to take advantage of attractive investment opportunities as the economy reopens and may be able to achieve improved economic spreads and documentation terms.

Conservative Capital Structures. Following the credit crisis, which we define broadly as occurring between mid-2007 and mid-2009, lenders have generally required borrowers to maintain more equity as a percentage of their total capitalization, specifically to protect lenders during economic downturns. With more conservative capital structures, U.S. middle market companies have exhibited higher levels of cash flows available to service their debt. In addition, U.S. middle market companies often are characterized by simpler capital structures than larger borrowers, which facilitates a streamlined underwriting process and, when necessary, restructuring process.

Attractive Opportunities in Investments in Loans. We invest in senior secured or unsecured loans, subordinated loans or mezzanine loans and, to a lesser extent, equity and equity-related securities. We believe that opportunities in senior secured loans are significant because of the floating rate structure of most senior secured debt issuances and because of the strong defensive characteristics of these types of investments. We believe that debt issues with floating interest rates offer a superior return profile as compared with fixed-rate investments, since floating rate structures are generally less susceptible to declines in value experienced by fixed-rate securities in a rising interest rate environment. Senior secured debt also provides strong defensive characteristics. Senior secured debt has priority in payment among an issuer’s security holders whereby holders are due to receive payment before junior creditors and equity holders. Further, these investments are secured by the issuer’s assets, which may provide protection in the event of a default.

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Portfolio and Investment Activity

As of March 31, 2022, based on fair value, our portfolio consisted of 74.0% first lien senior secured debt investments (of which 60% we consider to be unitranche debt investments (including “last out” portions of such loans)), 14.7% second lien senior secured debt investments, 2.1% unsecured debt investments, 1.9% preferred equity investments, 5.0% common equity investments and 2.3% investment funds and vehicles.

As of March 31, 2022, our weighted average total yield of the portfolio at fair value and amortized cost was 7.8% and 7.8%, respectively, and our weighted average yield of accruing debt and income producing securities at fair value and amortized cost was 7.9% and 8.0%, respectively(1). As of March 31, 2022, the weighted average spread of total debt investments was 6.6%.

As of March 31, 2022, we had investments in 157 portfolio companies with an aggregate fair value of $12.8 billion. As of March 31, 2022 we had net leverage of 1.17x debt-to-equity.

Based on current market conditions, the pace of our investment activities, including originations and repayments, may vary. The strength of the financing and merger and acquisitions markets and the current low interest rate environment, has led to increased originations and repayments, an active pipeline of investment opportunities including demand for large unitranche debt investments. However, there have been headwinds in the financing and merger and acquisitions markets resulting from high and persistent inflation, a shifting interest rate environment, geopolitical events and the ongoing impact from COVID-19 globally. We are monitoring the effect that market volatility, including as a result of a rising interest rate environment may have on our portfolio companies and our investment activities and we will continue to seek to invest in recession-resistant industries that we are familiar with. For the three months ended March 31, 2022, we received repayments of approximately $375 million and we expect to continue to receive repayments in the current environment.

Through March 31, 2022, Owl Rock has committed to more than 5 large unitranche transactions each in excess of $1 billion in size which are expected to close subsequent to March 31, 2022. We may sell all or a portion of these investments and certain of these investments may result in the repayment of existing investments. We cannot assure you that we will make any of these investments or that we will sell all or any portion of these investments.

________________

(1)

Refer to page 113, footnote (1), for more information on our calculation of weighted average yields.

110

Our investment activity for the three months ended March 31, 2022 and 2021 is presented below (information presented herein is at par value unless otherwise indicated).


	For the Three Months Ended March 31,
($ in thousands)	2022			2021
New investment commitments
Gross originations	$	533,848			919,685
Less: Sell downs		(3,409	)		(56,145	)
Total new investment commitments	$	530,439		$	863,540
Principal amount of investments funded:
First-lien senior secured debt investments	$	223,302		$	529,122
Second-lien senior secured debt investments		1,000			12,400
Unsecured debt investments		69,989			132,288
Preferred equity investments(3)		7,000			1,000
Common equity investments(3)		1,968			7,567
Investment funds and vehicles		44,625			2,000
Total principal amount of investments funded	$	347,884		$	684,377
Principal amount of investments sold or repaid:
First-lien senior secured debt investments	$	(326,994	)	$	(287,315	)
Second-lien senior secured debt investments		(25,000	)		(224,851	)
Unsecured debt investments		—			—
Preferred equity investments(3)		(22,843	)		—
Common equity investments(3)		—			—
Investment funds and vehicles		—			—
Total principal amount of investments sold or repaid	$	(374,837	)	$	(512,166	)
Number of new investment commitments in new portfolio companies(1)		17			8
Average new investment commitment amount		21,952		$	78,952
Weighted average term for new debt investment commitments (in years)		5.1			5.8
Percentage of new debt investment commitments at floating rates		97.3	%		100.0	%
Percentage of new debt investment commitments at fixed rates		2.7	%		0.0	%
Weighted average interest rate of new debt investment commitments(2)		7.4	%		7.3	%
Weighted average spread over LIBOR of new floating rate debt investment commitments		6.5	%		6.4	%

________________

(1)

Number of new investment commitments represents commitments to a particular portfolio company.

(2)

Assumes each floating rate commitment is subject to the greater of the interest rate floor (if applicable) or 3-month LIBOR, which was 0.96% and 0.19% as of March 31, 2022 and 2021, respectively.

(3)

As of March 31, 2021, preferred equity investments and common equity investments were reported in aggregate as equity investments.

As of March 31, 2022 and December 31, 2021, our investments consisted of the following:


	March 31, 2022					December 31, 2021
($ in thousands)	Amortized Cost			Fair Value		Amortized Cost			Fair Value
First-lien senior secured debt investments	$	9,495,521	(3)	$	9,435,684	$	9,548,096	(3)	$	9,539,774
Second-lien senior secured debt investments		1,897,642			1,880,232		1,919,453			1,921,447
Unsecured debt investments		272,556			266,195		197,198			196,485
Preferred equity investments		238,790			238,998		256,630			260,869
Common equity investments(1)		555,736			647,125		477,462			576,004
Investment funds and vehicles(2)		294,339			288,089		249,714			247,061
Total Investments	$	12,754,584		$	12,756,323	$	12,648,553		$	12,741,640

________________

(1)

Includes investment in Wingspire.

(2)

Includes investment in ORCC SLF.

111

(3)

60% and 55% of which we consider unitranche loans as of March 31, 2022 and December 31, 2021, respectively.

The table below describes investments by industry composition based on fair value as of March 31, 2022 and December 31, 2021:


	March 31, 2022			December 31, 2021
Advertising and media		0.9	%		0.9	%
Aerospace and defense		2.9			2.9
Automotive		1.5			1.5
Buildings and real estate		4.8			5.4
Business services		3.3			3.3
Chemicals		2.3			2.3
Consumer products		4.1			4.0
Containers and packaging		1.3			1.3
Distribution		4.3			4.4
Education		1.0			1.0
Financial services(1)		9.4			8.4
Food and beverage		6.8			6.2
Healthcare equipment and services		4.2			4.2
Healthcare providers and services		5.9			7.1
Healthcare technology		4.6			4.6
Household products		1.8			1.8
Human resource support services		1.6			1.6
Infrastructure and environmental services		1.4			1.5
Insurance		8.8			8.8
Internet software and services		11.5			11.3
Investment funds and vehicles(2)		2.3			1.9
Leisure and entertainment		2.2			2.2
Manufacturing		5.6			5.7
Oil and gas		0.9			0.9
Professional services		2.8			3.0
Specialty retail		2.0			2.0
Transportation		1.8			1.8
Total		100.0	%		100.0	%

________________

(1)

Includes investment in Wingspire.

(2)

Includes investment in ORCC SLF.

The table below describes investments by geographic composition based on fair value as of March 31, 2022 and December 31, 2021:


	March 31, 2022			December 31, 2021
United States:
Midwest		17.5	%		17.0	%
Northeast		19.7			19.7
South		36.9			38.2
West		18.9			18.6
International		7.0			6.5
Total		100.0	%		100.0	%

________________

112

The weighted average yields and interest rates of our investments at fair value as of March 31, 2022 and December 31, 2021 were as follows:


	March 31, 2022			December 31, 2021
Weighted average total yield of portfolio		7.8	%		7.7	%
Weighted average total yield of accruing debt and income producing securities		7.9	%		7.9	%
Weighted average interest rate of accruing debt securities		7.5	%		7.4	%
Weighted average spread over LIBOR of all accruing floating rate investments		6.6	%		6.5	%

________________

(1) For non-stated rate income producing investments, computed based on (a) the dividend or interest income earned for the respective trailing twelve months ended on the measurement date, divided by (b) the ending fair value. In instances where historical dividend or interest income data is not available or not representative for the trailing twelve months ended, the dividend or interest income is annualized.

The weighted average yield of our accruing debt and income producing securities is not the same as a return on investment for our shareholders but, rather, relates to our investment portfolio and is calculated before the payment of all of our and our subsidiaries’ fees and expenses. The weighted average yield was computed using the effective interest rates as of each respective date, including accretion of original issue discount and loan origination fees, but excluding investments on non-accrual status, if any. There can be no assurance that the weighted average yield will remain at its current level.

Our Adviser monitors our portfolio companies on an ongoing basis. It monitors the financial trends of each portfolio company to determine if they are meeting their respective business plans and to assess the appropriate course of action with respect to each portfolio company. Our Adviser has several methods of evaluating and monitoring the performance and fair value of our investments, which may include the following:

•

assessment of success of the portfolio company in adhering to its business plan and compliance with covenants;

•

periodic and regular contact with portfolio company management and, if appropriate, the financial or strategic sponsor, to discuss financial position, requirements and accomplishments;

•

comparisons to other companies in the portfolio company’s industry; and

•

review of monthly or quarterly financial statements and financial projections for portfolio companies.

As part of the monitoring process, our Adviser employs an investment rating system to categorize our investments. In addition to various risk management and monitoring tools, our Adviser rates the credit risk of all investments on a scale of 1 to 5. This system is intended primarily to reflect the underlying risk of a portfolio investment relative to our initial cost basis in respect of such portfolio

113

investment (i.e., at the time of origination or acquisition), although it may also take into account the performance of the portfolio company’s business, the collateral coverage of the investment and other relevant factors. The rating system is as follows:


Investment Rating		Description
1		Investments rated 1 involve the least amount of risk to our initial cost basis. The borrower is performing above expectations, and the trends and risk factors for this investment since origination or acquisition are generally favorable;
2		Investments rated 2 involve an acceptable level of risk that is similar to the risk at the time of origination or acquisition. The borrower is generally performing as expected and the risk factors are neutral to favorable. All investments or acquired investments in new portfolio companies are initially assessed a rating of 2;
3		Investments rated 3 involve a borrower performing below expectations and indicates that the loan’s risk has increased somewhat since origination or acquisition;
4		Investments rated 4 involve a borrower performing materially below expectations and indicates that the loan’s risk has increased materially since origination or acquisition. In addition to the borrower being generally out of compliance with debt covenants, loan payments may be past due (but generally not more than 120 days past due); and
5		Investments rated 5 involve a borrower performing substantially below expectations and indicates that the loan’s risk has increased substantially since origination or acquisition. Most or all of the debt covenants are out of compliance and payments are substantially delinquent. Loans rated 5 are not anticipated to be repaid in full and we will reduce the fair market value of the loan to the amount we anticipate will be recovered.

Our Adviser rates the investments in our portfolio at least quarterly and it is possible that the rating of a portfolio investment may be reduced or increased over time. For investments rated 3, 4 or 5, our Adviser enhances its level of scrutiny over the monitoring of such portfolio company.

The following table shows the composition of our portfolio on the 1 to 5 rating scale as of March 31, 2022 and December 31, 2021:


	March 31, 2022					December 31, 2021
Investment Rating	Investments at Fair Value		Percentage of Total Portfolio			Investments at Fair Value		Percentage of Total Portfolio
($ in thousands)
1	$	1,618,306		12.6	%	$	1,486,521		11.7	%
2		9,791,357		76.8			9,989,520		78.4
3		1,333,092		10.5			1,249,149		9.8
4		13,568		0.1			16,450		0.1
5		—		—			—		—
Total	$	12,756,323		100.0	%	$	12,741,640		100.0	%

The following table shows the amortized cost of our performing and non-accrual debt investments as of March 31, 2022 and December 31, 2021:


	March 31, 2022					December 31, 2021
($ in thousands)	Amortized Cost		Percentage			Amortized Cost		Percentage
Performing	$	11,638,345		99.8	%	$	11,637,373		99.8	%
Non-accrual		27,374		0.2	%		27,374		0.2	%
Total	$	11,665,719		100.0	%	$	11,664,747		100.0	%

114

ORCC Senior Loan Fund (fka Sebago Lake LLC)

ORCC Senior Loan Fund (fka Sebago Lake LLC), a Delaware limited liability company, was formed as a joint venture between us and The Regents of the University of California (“Regents”) and commenced operations on June 20, 2017. ORCC SLF’s principal purpose is to make investments, primarily in senior secured loans that are made to middle-market companies or in broadly syndicated loans. Through June 30, 2021, both we and Regents (the “Initial Members”) had a 50% economic ownership in ORCC SLF. Each of the Initial Members initially agreed to contribute up to $100 million to ORCC SLF. On July 26, 2018, each of the Initial Members increased their contribution to ORCC SLF up to an aggregate of $125 million. Effective as of June 30, 2021, capital commitments to ORCC SLF were increased to an aggregate of $371.5 million. In connection with this change, the Company increased its economic ownership interest to 87.5% from 50.0% and Regents transferred its remaining economic interest of 12.5% to Nationwide Life Insurance Company (“Nationwide” and together with us, the “Members” and each a “Member”). ORCC SLF is managed by the Members, each of which have equal voting rights. Investment decisions must be approved by each of the Members. Except under certain circumstances, contributions to ORCC SLF cannot be redeemed.

We have determined that ORCC SLF is an investment company under Accounting Standards Codification (“ASC”) 946, however, in accordance with such guidance, we will generally not consolidate our investment in a company other than a wholly owned investment company subsidiary or a controlled operating company whose business consists of providing services to us. Accordingly, we do not consolidate our non-controlling interest in ORCC SLF.

As of March 31, 2022 and December 31, 2021, ORCC SLF had total investments in senior secured debt at fair value of $869.0 million and $790.3 million, respectively. The determination of fair value is in accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification 820, Fair Value Measurements (“ASC 820”), as amended; however, such fair value is not included in our Board’s valuation process. The following table is a summary of ORCC SLF’s portfolio as well as a listing of the portfolio investments in ORCC SLF’s portfolio as of March 31, 2022 and December 31, 2021:


($ in thousands)	March 31, 2022			December 31, 2021
Total senior secured debt investments(1)	$	882,005		$	798,420
Weighted average spread over LIBOR(1)		4.09	%		4.14	%
Number of portfolio companies		44			38
Largest funded investment to a single borrower(1)	$	40,588		$	40,693

________________

(1)

At par.

115


ORCC Senior Loan Fund's Portfolio as of March 31, 2022 ($ in thousands) (Unaudited)
Company(1)(2)(4)(5)	Investment	Interest	Maturity Date	Par / Units		Amortized Cost(3)			Fair Value			Percentage of Members' Equity
Debt Investments
Aerospace and defense
Applied Composites Holdings, LLC (fka AC&A Enterprises Holdings, LLC)(7)	First lien senior secured loan	L + 5.50%	12/21/2023	$	34,380	$	34,159		$	33,544			10.2	%
Applied Composites Holdings, LLC (fka AC&A Enterprises Holdings, LLC)(7)(14)	First lien senior secured revolving loan	L + 5.50%	12/21/2022		3,000		2,992			2,927			0.9	%
Bleriot US Bidco Inc.(7)(10)	First lien senior secured loan	L + 4.00%	10/30/2026		25,562		25,462			25,386			7.7	%
Dynasty Acquisition Co., Inc. (dba StandardAero Limited)(7)	First lien senior secured loan	L + 3.50%	4/6/2026		39,000		38,883			36,877			11.2	%
					101,942		101,496			98,734			30.0	%
Automotive
Holley, Inc.(7)(10)	First lien senior secured loan	L + 3.75%	11/17/2028		21,331		21,186			21,028			6.4	%
Holley, Inc.(7)(11)(13)	First lien senior secured delayed draw term loan	L + 3.75%	5/18/2022		1,067		1,052			1,028			0.3	%
PAI Holdco, Inc.(7)(10)	First lien senior secured loan	L + 3.50%	10/28/2027		9,962		9,826			9,851			3.0	%
					32,360		32,064			31,907			9.7	%
Buildings and Real estate
Wrench Group, LLC.(7)	First lien senior secured loan	L + 4.00%	4/30/2026		32,258		32,123			32,016			9.7	%
Business Services
CoolSys, Inc.(7)	First lien senior secured loan	L + 4.75%	8/11/2028		14,037		13,908			13,827			4.2	%
CoolSys, Inc.(11)(12)(13)(14)	First lien senior secured delayed draw term loan	L + 4.75%	8/11/2023		—		(22	)		(36	)		—	%
ConnectWise, LLC(6)(10)	First lien senior secured loan	L + 3.50%	9/29/2028		16,958		16,878			16,822			5.1	%
LABL, Inc.(6)	First lien senior secured loan	L + 5.00%	10/29/2028		7,980		7,868			7,856			2.4	%

116


ORCC Senior Loan Fund's Portfolio as of March 31, 2022 ($ in thousands) (Unaudited)
Company(1)(2)(4)(5)	Investment	Interest	Maturity Date	Par / Units		Amortized Cost(3)		Fair Value		Percentage of Members' Equity
Packers Holdings, LLC(7)(10)	First lien senior secured loan	L + 3.25%	3/9/2028		21,224		20,787		20,880		6.3	%
Vistage International, Inc.(7)	First lien senior secured loan	L + 4.00%	2/10/2025		29,842		29,735		29,841		9.1	%
					90,041		89,154		89,190		27.1	%
Chemicals
Aruba Investments Holdings LLC (dba Angus Chemical Company)(7)	First lien senior secured loan	L + 4.00%	11/24/2027		995		995		990		0.3	%
Consumer Products
Olaplex, Inc.(6)	First lien senior secured loan	L + 3.75%	2/23/2029		15,000		14,963		14,948		4.5	%
Containers and Packaging
BW Holding, Inc.(6)	First lien senior secured loan	L + 4.00%	12/14/2028		3,944		3,906		3,885		1.2	%
BW Holding, Inc.(6)(11)(13)(14)	First lien senior secured delayed draw term loan	L + 4.00%	12/17/2023		99		94		84		—	%
Ring Container Technologies Group, LLC (dba Ring Container Technologies)(7)(10)	First lien senior secured loan	L + 3.75%	8/12/2028		24,938		24,880		24,516		7.4	%
Valcour Packaging, LLC(8)	First lien senior secured loan	L + 3.75%	10/4/2028		7,000		6,977		6,947		2.1	%
					35,981		35,857		35,432		10.7	%
Distribution
Dealer Tire, LLC(6)(10)	First lien senior secured loan	L + 4.25%	12/12/2025		36,167		36,030		35,943		10.9	%
SRS Distribution, Inc.(8)(10)	First lien senior secured loan	L + 3.50%	6/2/2028		9,950		9,883		9,818		3.0	%
					46,117		45,913		45,761		13.9	%
Education
Spring Education Group, Inc. (fka SSH Group Holdings, Inc.)(7)	First lien senior secured loan	L + 4.25%	7/30/2025		33,775		33,721		33,234		10.1	%

117


ORCC Senior Loan Fund's Portfolio as of March 31, 2022 ($ in thousands) (Unaudited)
Company(1)(2)(4)(5)	Investment	Interest	Maturity Date	Par / Units		Amortized Cost(3)		Fair Value		Percentage of Members' Equity
Food and beverage
Balrog Acquisition, Inc. (dba Bakemark)(7)	First lien senior secured loan	L + 4.00%	9/5/2028		24,938		24,696		24,376		7.4	%
Dessert Holdings(7)	First lien senior secured loan	L + 4.00%	6/9/2028		22,104		21,959		21,994		6.7	%
Dessert Holdings(11)(13)	First lien senior secured delayed draw term loan	L + 4.00%	6/9/2023		—		—		—		—	%
Sovos Brands Intermediate, Inc.(8)(10)	First lien senior secured loan	L + 3.75%	6/8/2028		20,724		20,678		20,473		6.2	%
Naked Juice LLC (dba Tropicana)(7)(10)	First lien senior secured loan	L + 3.25%	1/24/2029		2,000		1,995		1,964		0.6	%
					69,766		69,328		68,807		20.9	%
Healthcare equipment and services
Cadence, Inc.(8)	First lien senior secured loan	L + 5.00%	5/21/2025		26,645		26,318		25,793		7.8	%
Cadence, Inc.(8)(11)(14)	First lien senior secured revolving loan	L + 5.00%	5/21/2024		3,083		3,037		2,848		0.9	%
Confluent Medical Technologies, Inc.(7)	First lien senior secured loan	L + 3.75%	2/16/2029		5,000		4,975		4,975		1.5	%
Packaging Coordinators Midco, Inc.(7)(10)	First lien senior secured loan	L + 3.75%	11/30/2027		4,975		4,963		4,943		1.5	%
Medline Intermediate, LP(6)(10)	First lien senior secured loan	L + 3.25%	10/23/2028		25,000		24,886		24,738		7.5	%
					64,703		64,179		63,297		19.2	%
Healthcare providers and services
Confluent Health, LLC(6)	First lien senior secured loan	L + 4.00%	11/30/2028		20,575		20,476		20,369		6.2	%
Confluent Health, LLC(9)(11)(13)(14)	First lien senior secured delayed draw term loan	P+ 3.00%	11/30/2023		288		265		243		0.1	%
Phoenix Newco, Inc. (dba Parexel)(6)(10)	First lien senior secured loan	L + 3.50%	11/15/2028		27,500		27,369		27,275		8.3	%
Physician Partners, LLC(6)	First lien senior secured loan	L + 4.00%	12/23/2028		10,000		9,902		9,900		3.0	%
Unified Women's Healthcare, LP(6)(10)	First lien senior secured loan	L + 4.25%	12/20/2027		19,900		19,811		19,774		6.0	%
					78,263		77,823		77,561		23.6	%

118


ORCC Senior Loan Fund's Portfolio as of March 31, 2022 ($ in thousands) (Unaudited)
Company(1)(2)(4)(5)	Investment	Interest	Maturity Date	Par / Units		Amortized Cost(3)		Fair Value			Percentage of Members' Equity
Healthcare technology
Athenahealth, Inc.(6)(10)	First lien senior secured loan	L + 3.50%	2/15/2029		17,101		17,018		16,893			5.1	%
Athenahealth, Inc.(10)(11)(12)(13)(14)	First lien senior secured delayed draw term loan	L + 3.50%	8/15/2023		—		—		(21	)		—	%
Help/Systems Holdings, Inc.(6)(10)	First lien senior secured loan	L + 4.00%	11/19/2026		14,962		14,889		14,749			4.5	%
PointClickCare Technologies Inc.(8)	First lien senior secured loan	L + 4.00%	12/29/2027		10,000		9,851		9,850			3.0	%
					42,063		41,758		41,471			12.6	%
Infrastructure and environmental services
CHA Holding, Inc.(7)	First lien senior secured loan	L + 4.50%	4/10/2025		40,588		40,382		39,945			12.1	%
Insurance
AmeriLife Holdings LLC(6)(10)	First lien senior secured loan	L + 4.00%	3/18/2027		11,949		11,872		11,786			3.6	%
Integro Parent Inc.(7)	First lien senior secured loan	L + 5.75%	10/31/2022		29,615		29,593		28,923			8.8	%
Integro Parent Inc.(7)(11)(14)	First lien senior secured revolving loan	L + 4.50%	4/30/2022		6,000		6,000		5,857			1.8	%
					47,564		47,465		46,566			14.2	%
Internet software and services
DCert Buyer, Inc. (dba DigiCert)(6)(10)	First lien senior secured loan	L + 4.00%	10/16/2026		22,162		22,082		21,974			6.7	%
Trader Interactive, LLC (fka Dominion Web Solutions, LLC)(6)	First lien senior secured loan	L + 4.00%	7/28/2028		23,659		23,554		23,422			7.1	%
					45,821		45,636		45,396			13.8	%
Manufacturing
Engineered Machinery Holdings (dba Duravant)(7)(10)	First lien senior secured loan	L + 3.75%	5/19/2028		34,913		34,752		34,378			10.4	%

119


ORCC Senior Loan Fund's Portfolio as of March 31, 2022 ($ in thousands) (Unaudited)
Company(1)(2)(4)(5)	Investment	Interest	Maturity Date	Par / Units		Amortized Cost(3)			Fair Value			Percentage of Members' Equity
Pro Mach Group, Inc.(7)(10)	First lien senior secured loan	L + 4.00%	8/31/2028		23,335		23,226			23,207			7.0	%
Pro Mach Group, Inc.(10)(11)(12)(13)(14)	First lien senior secured delayed draw term loan	L + 4.00%	8/31/2023		—		—			(1	)		—	%
Gloves Buyer, Inc. (dba Protective Industrial Products)(6)	First lien senior secured loan	L + 4.00%	12/29/2027		7,481		7,445			7,406			2.2	%
					65,729		65,423			64,990			19.6	%
Professional Services
Apex Group Treasury, LLC(7)	First lien senior secured loan	L + 3.75%	7/27/2028		19,900		19,852			19,701			6.0	%
Sovos Compliance, LLC(6)(10)	First lien senior secured loan	L + 4.50%	8/11/2028		19,139		19,054			19,079			5.8	%
Sovos Compliance, LLC(10)(11)(12)(13)	First lien senior secured delayed draw term loan	L + 4.50%	8/12/2023		—		(7	)		(2	)		—	%
					39,039		38,899			38,778			11.8	%
Total Debt Investments					882,005		877,179			869,023			263.8	%
Total Investments				$	882,005	$	877,179		$	869,023			263.8	%

________________

(1)

Certain portfolio company investments are subject to contractual restrictions on sales.

(2)

Unless otherwise indicated, ORCC SLF’s investments are pledged as collateral supporting the amounts outstanding under ORCC SLF’s credit facilities.

(3)

The amortized cost represents the original cost adjusted for the amortization of discounts and premiums, as applicable, on debt investments using the effective interest method.

(4)

Unless otherwise indicated, all investments are considered Level 3 investments.

(5)

(6)

The interest rate on these loans is subject to 1 month LIBOR, which as of March 31, 2022 was 0.45%.

(7)

The interest rate on these loans is subject to 3 month LIBOR, which as of March 31, 2022 was 0.96%.

(8)

The interest rate on these loans is subject to 6 month LIBOR, which as of March 31, 2022 was 1.47%.

(9)

The interest rate on these loans is subject to PRIME, which as of March 31, 2022 was 3.50%.

(10)

Level 2 investment.

(11)

Position or portion thereof is an unfunded loan commitment.

(12)

(13)

The date disclosed represents the commitment period of the unfunded term loan. Upon expiration of the commitment period, the funded portion of the term loan may be subject to a longer maturity date.

(14)

Investment is not pledged as collateral under ORCC SLF’s credit facility.

120


ORCC Senior Loan Fund's Portfolio as of December 31, 2021 ($ in thousands)
Company(1)(2)(4)(5)	Investment	Interest	Maturity Date	Par / Units		Amortized Cost(3)			Fair Value			Percentage of Members' Equity
Debt Investments
Aerospace and defense
Applied Composites Holdings, LLC (fka AC&A Enterprises Holdings, LLC)(8)	First lien senior secured loan	L + 5.50%	12/21/2023	$	34,470	$	34,219		$	33,961			12.0	%
Applied Composites Holdings, LLC (fka AC&A Enterprises Holdings, LLC)(8)(14)	First lien senior secured revolving loan	L + 5.50%	12/21/2022		3,000		2,989			2,956			1.0	%
Bleriot US Bidco Inc.(8)(10)	First lien senior secured loan	L + 4.00%	10/30/2026		24,627		24,522			24,585			8.7	%
Dynasty Acquisition Co., Inc. (dba StandardAero Limited)(8)	First lien senior secured loan	L + 3.50%	4/6/2026		39,100		38,976			36,796			13.0	%
					101,197		100,706			98,298			34.7	%
Automotive
Holley, Inc.(8)(10)	First lien senior secured loan	L + 3.75%	11/17/2028		17,100		17,016			17,032			6.0	%
Holley, Inc.(8)(10)(11)(13)	First lien senior secured delayed draw term loan	L + 3.75%	5/18/2022		855		855			844			0.3	%
PAI Holdco, Inc.(8)(10)(14)	First lien senior secured loan	L + 3.75%	10/28/2027		4,987		4,975			4,975			1.9	%
					22,942		22,846			22,851			8.2	%
Buildings and Real estate
Wrench Group, LLC.(8)	First lien senior secured loan	L + 4.00%	4/30/2026		32,341		32,198			32,179			11.4	%
Business Services
CoolSys, Inc.(8)	First lien senior secured loan	L + 4.75%	8/11/2028		16,955		16,793			16,785			5.9	%
CoolSys, Inc.(11)(12)(13)(14)	First lien senior secured delayed draw term loan	L + 4.75%	8/11/2023		—		(29	)		(30	)		—	%
ConnectWise, LLC(8)	First lien senior secured loan	L + 3.50%	9/29/2028		17,000		16,918			16,879			6.0	%
LABL, Inc.(8)	First lien senior secured loan	L + 5.00%	10/29/2028		8,000		7,883			7,879			2.8	%
Packers Holdings, LLC(9)(10)	First lien senior secured loan	L + 3.25%	3/9/2028		9,951		9,808			9,879			3.5	%

121


ORCC Senior Loan Fund's Portfolio as of December 31, 2021 ($ in thousands)
Company(1)(2)(4)(5)	Investment	Interest	Maturity Date	Par / Units		Amortized Cost(3)			Fair Value			Percentage of Members' Equity
Vistage International, Inc.(8)	First lien senior secured loan	L + 4.00%	2/10/2025		29,922		29,807			29,919			10.6	%
					81,828		81,180			81,311			28.8	%
Chemicals
Aruba Investments Holdings LLC (dba Angus Chemical Company)(9)(14)	First lien senior secured loan	L + 4.00%	11/24/2027		998		998			998			0.4	%
Containers and Packaging
BW Holding, Inc.(8)(14)	First lien senior secured loan	L + 4.00%	12/14/2028		3,954		3,914			3,914			1.4	%
BW Holding, Inc.(11)(12)(13)(14)	First lien senior secured delayed draw term loan	L + 4.00%	12/17/2023		—		(5	)		(5	)		—	%
Ring Container Technologies Group, LLC (dba Ring Container Technologies)(6)(10)	First lien senior secured loan	L + 3.75%	8/12/2028		25,000		24,940			25,025			8.9	%
Valcour Packaging, LLC(7)	First lien senior secured loan	L + 3.75%	10/4/2028		7,000		6,976			6,965			2.5	%
					35,954		35,825			35,899			12.8	%
Distribution
Dealer Tire, LLC(6)(10)	First lien senior secured loan	L + 4.25%	12/12/2025		36,260		36,114			36,206			12.8	%
SRS Distribution, Inc.(9)(10)	First lien senior secured loan	L + 3.75%	6/2/2028		9,975		9,906			9,943			3.5	%
					46,235		46,020			46,149			16.3	%
Education
Spring Education Group, Inc. (fka SSH Group Holdings, Inc.)(8)	First lien senior secured loan	L + 4.25%	7/30/2025		33,862		33,805			33,003			11.7	%
Food and beverage
Balrog Acquisition, Inc. (dba Bakemark)(9)	First lien senior secured loan	L + 4.00%	9/5/2028		25,000		24,749			24,938			8.8	%
Dessert Holdings(8)	First lien senior secured loan	L + 4.00%	6/9/2028		20,160		20,019			20,001			7.1	%
Dessert Holdings(11)(12)(13)	First lien senior secured delayed draw term loan	L + 4.00%	6/9/2023		—		—			(2	)		—	%

122


ORCC Senior Loan Fund's Portfolio as of December 31, 2021 ($ in thousands)
Company(1)(2)(4)(5)	Investment	Interest	Maturity Date	Par / Units		Amortized Cost(3)			Fair Value			Percentage of Members' Equity
Sovos Brands Intermediate, Inc.(8)(10)	First lien senior secured loan	L + 3.75%	6/8/2028		20,724		20,676			20,693			7.3	%
					65,884		65,444			65,630			23.2	%
Healthcare equipment and services
Cadence, Inc.(6)	First lien senior secured loan	L + 5.00%	5/21/2025		26,714		26,363			26,195			9.3	%
Cadence, Inc.(6)(11)(14)	First lien senior secured revolving loan	L + 5.00%	5/21/2024		2,055		2,004			1,912			0.7	%
Medline Borrower, LP(6)(10)	First lien senior secured loan	L + 3.25%	10/23/2028		25,000		24,882			24,990			8.9	%
Packaging Coordinators Midco, Inc.(8)(10)(14)	First lien senior secured loan	L + 3.75%	11/30/2027		4,987		4,975			4,983			1.8	%
					58,756		58,224			58,080			20.7	%
Healthcare providers and services
Confluent Health, LLC(6)	First lien senior secured loan	L + 4.00%	11/30/2028		20,575		20,473			20,472			7.3	%
Confluent Health, LLC(11)(12)(13)(14)	First lien senior secured delayed draw term loan	L + 4.00%	11/30/2023		—		(22	)		(22	)		—	%
Phoenix Newco, Inc. (dba Parexel)(6)(10)(14)	First lien senior secured loan	L + 3.50%	11/15/2028		27,500		27,363			27,489			9.7	%
Unified Women's Healthcare, LP(6)	First lien senior secured loan	L + 4.25%	12/20/2027		19,950		19,857			19,863			7.0	%
					68,025		67,671			67,802			24	%
Healthcare technology
VVC Holdings Corp. (dba Athenahealth, Inc.)(8)(10)	First lien senior secured loan	L + 4.25%	2/11/2026		17,179		16,961			17,162			6.1	%
Infrastructure and environmental services
CHA Holding, Inc.(8)	First lien senior secured loan	L + 4.50%	4/10/2025		40,693		40,471			40,171			14.2	%
Insurance
AmeriLife Holdings LLC(6)(10)(14)	First lien senior secured loan	L + 4.00%	3/18/2027		7,980		7,940			7,946			2.8	%

123


ORCC Senior Loan Fund's Portfolio as of December 31, 2021 ($ in thousands)
Company(1)(2)(4)(5)	Investment	Interest	Maturity Date	Par / Units		Amortized Cost(3)		Fair Value		Percentage of Members' Equity
Integro Parent Inc.(9)	First lien senior secured loan	L + 5.75%	10/31/2022		29,615		29,584		28,422		10.1	%
Integro Parent Inc.(8)(11)(14)	First lien senior secured revolving loan	L + 4.50%	4/30/2022		6,000		6,000		5,764		2.0	%
					43,595		43,524		42,132		14.9	%
Internet software and services
DCert Buyer, Inc. (dba DigiCert)(6)(10)	First lien senior secured loan	L + 4.00%	10/16/2026		22,219		22,135		22,161		7.8	%
Trader Interactive, LLC (fka Dominion Web Solutions, LLC)(9)(14)	First lien senior secured loan	L + 4.00%	7/28/2028		25,000		24,886		24,875		8.8	%
					47,219		47,021		47,036		16.6	%
Manufacturing
Engineered Machinery Holdings (dba Duravant)(8)(10)	First lien senior secured loan	L + 3.75%	5/19/2028		35,000		34,834		34,864		12.3	%
Pro Mach Group, Inc.(8)(10)	First lien senior secured loan	L + 4.00%	8/31/2028		22,207		22,100		22,262		7.9	%
Pro Mach Group, Inc.(10)(11)(13)(14)	First lien senior secured delayed draw term loan	L + 4.00%	8/31/2023		—		—		—		—	%
Gloves Buyer, Inc. (dba Protective Industrial Products)(6)(14)	First lien senior secured loan	L + 4.00%	12/29/2027		7,500		7,463		7,463		2.6	%
					64,707		64,397		64,589		22.8	%
Professional Services
Apex Group Treasury, LLC(8)	First lien senior secured loan	L + 3.75%	7/27/2028		19,950		19,900		19,900		7.0	%
Sovos Compliance, LLC(6)(10)	First lien senior secured loan	L + 4.50%	8/11/2028		17,055		17,011		17,087		6.1	%
Sovos Compliance, LLC(10)(11)(13)	First lien senior secured delayed draw term loan	L + 4.50%	8/12/2023		—		—		—		—	%
					37,005		36,911		36,987		13.1	%
Total Debt Investments					798,420		794,202		790,277		279.9	%
Total Investments				$	798,420	$	794,202	$	790,277		279.9	%

________________

(1)

Certain portfolio company investments are subject to contractual restrictions on sales.

(2)

Unless otherwise indicated, ORCC SLF’s investments are pledged as collateral supporting the amounts outstanding under ORCC SLF’s credit facility.

(3)

The amortized cost represents the original cost adjusted for the amortization of discounts and premiums, as applicable, on debt investments using the effective interest method.

(4)

Unless otherwise indicated, all investments are considered Level 3 investments.

(5)

Unless otherwise indicated, loan contains a variable rate structure, and may be subject to an interest rate floor. Variable rate loans bear interest at a rate that may be determined by reference to either the London Interbank Offered Rate (“LIBOR” or “L”) (which can include one-, two-, three- or six-month LIBOR) or an alternate base rate (which can include the Federal Funds Effective Rate or the Prime Rate), at the borrower’s option, and which reset periodically based on the terms of the loan agreement.

(6)

The interest rate on these loans is subject to 1 month LIBOR, which as of December 31, 2021 was 0.10%.

(7)

The interest rate on these loans is subject to 2 month LIBOR, which as of December 31, 2021 was 0.15%.

(8)

The interest rate on these loans is subject to 3 month LIBOR, which as of December 31, 2021 was 0.21%.

(9)

The interest rate on these loans is subject to 6 month LIBOR, which as of December 31, 2021 was 0.34%.

(10)

Level 2 investment.

(11)

Position or portion thereof is an unfunded loan commitment.

(12)

(13)

The date disclosed represents the commitment period of the unfunded term loan. Upon expiration of the commitment period, the funded portion of the term loan may be subject to a longer maturity date.

(14)

Investment is not pledged as collateral under ORCC SLF’s credit facility.

124

Below is selected balance sheet information for ORCC SLF as of March 31, 2022 and December 31, 2021:


($ in thousands)	March 31, 2022 (Unaudited)		December 31, 2021
Assets
Investments at fair value (amortized cost of $877,179 and $794,202, respectively)	$	869,023	$	790,277
Cash		26,928		60,723
Interest receivable		2,490		1,319
Prepaid expenses and other assets		436		111
Total Assets	$	898,877	$	852,430
Liabilities
Debt (net of unamortized debt issuance costs of $6,763 and $5,368, respectively)	$	513,120	$	469,514
Distributions payable		7,015		4,518
Payable for investments purchased		47,034		91,986
Accrued expenses and other liabilities		2,464		4,056
Total Liabilities	$	569,633	$	570,074
Members' Equity
Members' Equity		329,244		282,356
Members' Equity		329,244		282,356
Total Liabilities and Members' Equity	$	898,877	$	852,430

Below is selected statement of operations information for ORCC SLF for the three months ended March 31, 2022 and 2021:


	For the Three Months Ended March 31,
($ in thousands)	2022			2021
Investment Income
Interest income	$	10,014		$	7,366
Other income		212			148
Total Investment Income		10,226			7,514
Expenses
Interest expense		2,730			2,503
Professional fees		278			189
Total Expenses		3,008			2,692
Net Investment Income Before Taxes		7,218			4,822
Taxes		102			207
Net Investment Income After Taxes	$	7,116		$	4,615
Net Realized and Change in Unrealized (Loss) Gain on Investments
Net change in unrealized (loss) gain on investments		(4,232	)		1,123
Net realized gain on investments		19			137
Total Net Realized and Change in Unrealized (Loss) Gain on Investments		(4,213	)		1,260
Net Increase in Members' Equity Resulting from Operations	$	2,903		$	5,875

125

On August 9, 2017, Sebago Lake Financing LLC and SL Lending LLC, wholly-owned subsidiaries of ORCC SLF, entered into a credit facility with Goldman Sachs Bank USA. Goldman Sachs Bank USA serves as the sole lead arranger, syndication agent and administrative agent, and State Street Bank and Trust Company serves as the collateral administrator and agent. The credit facility includes a maximum borrowing capacity of $400 million. On June 22, 2021, Sebago Lake Financing LLC and SL Lending LLC entered into an amendment with Goldman Sachs Bank USA to extend the reinvestment period on the credit facility to October 6, 2021, and again on September 20, 2021, extended the reinvestment period on the credit facility to December 6, 2021. As of March 31, 2022, there was $479.9 million outstanding under the credit facility. On March 1, 2022, SLF Financing I LLC, a wholly-owned subsidiary of ORCC SLF, entered into a credit facility with Natixis, New York Branch which serves as the administrative agent and the initial lender, and State Street Bank and Trust Company which serves as the collateral agent, collateral administrator and custodian. The credit facility includes a maximum borrowing capacity of $300 million. The re-investment period on the credit facility ends on March 1, 2024 and the maturity date of the credit facility is March 1, 2032. As of March 31, 2022, there was $40.0 million outstanding under the credit facility.

For the three months ended March 31, 2022 and 2021, the components of interest expense were as follows:


	For the Three Months Ended March 31,
($ in thousands)	2022			2021
Interest expense	$	2,415		$	2,097
Amortization of debt issuance costs		315			406
Total Interest Expense	$	2,730		$	2,503
Average interest rate		1.9	%		2.4	%
Average daily borrowings	$	496,605		$	349,358

Results of Operations

The following table represents the operating results for the three months ended March 31, 2022 and 2021:


	For the Three Months Ended March 31,
($ in millions)	2022			2021
Total Investment Income	$	264.2		$	221.5
Less: Net operating expenses		141.0			117.8
Net Investment Income (Loss) Before Taxes	$	123.2		$	103.7
Less: Income tax expense (benefit), including excise tax expense (benefit)		0.8			1.1
Net Investment Income (Loss) After Taxes	$	122.4		$	102.6
Net change in unrealized gain (loss)		(82.2	)		52.9
Net realized gain (loss)		3.8			2.3
Net Increase (Decrease) in Net Assets Resulting from Operations	$	44.0		$	157.8

Net increase (decrease) in net assets resulting from operations can vary from period to period as a result of various factors, including the level of new investment commitments, expenses, the recognition of realized gains and losses and changes in unrealized appreciation and depreciation on the investment portfolio. For the quarter ended March 31, 2022, our net asset value per share decreased slightly, primarily driven by market spreads widening.

Investment Income

Investment income for the three months ended March 31, 2022 and 2021 were as follows:


	For the Three Months Ended March 31,
($ in millions)	2022		2021
Interest income from investments	$	210.4	$	201.5
Payment-in-kind interest income from investments		22.4		10.8
Dividend Income from investments		27.4		5.9
Other income		4.0		3.3
Total investment income	$	264.2	$	221.5

126

For the three months ended March 31, 2022 and 2021

Investment income increased to $264.2 million for the three months ended March 31, 2022 from $221.5 million for the same period in prior year primarily due to an increase in our investment portfolio. Our debt investment portfolio, at par, increased from $11.0 billion as of March 31, 2021, to $11.9 billion as of March 31, 2022. In addition to portfolio growth, dividend income increased due to a $9.5 million dividend earned from Wingspire Capital for the three months ended March 31, 2022 that was not earned in the same period in prior year. Included in interest income are other fees such as prepayment fees and accelerated amortization of upfront fees from unscheduled paydowns. Period over period, income generated from these fees slightly decreased from $6.4 million to $6.2 million, for the three months ended March 31, 2021 and 2022, respectively. Payment-in-kind income represented 10.4% of investment income for the three months ended March 31, 2022 and 5.2% of investment income for the three months ended March 31, 2021. Other income increased period-over-period due to an increase in incremental fee income, which are fees that are generally available to us as a result of closing investments and generally paid at the time of closing. We expect that investment income will vary based on a variety of factors including the pace of our originations and repayments. Based on current market conditions and the age of our portfolio, we expect repayments to increase.

Expenses

Expenses for the three months ended March 31, 2022 and 2021 were as follows:


	For the Three Months Ended March 31,
($ in millions)	2022		2021
Interest expense	$	61.4	$	48.1
Management fee		47.4		42.1
Performance based incentive fees		26.0		21.8
Professional fees		3.8		3.8
Directors' fees		0.3		0.2
Other general and administrative		2.1		1.8
Total operating expenses	$	141.0	$	117.8
Management and incentive fees waived		—		—
Net operating expenses	$	141.0	$	117.8

Under the terms of the Administration Agreement, we reimburse the Adviser for services performed for us. In addition, pursuant to the terms of the Administration Agreement, the Adviser may delegate its obligations under the Administration Agreement to an affiliate or to a third party and we reimburse the Adviser for any services performed for us by such affiliate or third party.

For the three months ended March 31, 2022 and 2021

Total expenses increased to $141.0 million for the three months ended March 31, 2022 from $117.8 million for the same period in the prior year primarily due to an increase in interest expense and management and incentive fees. The increase in interest expense of $13.3 million was primarily driven by an increase in the average daily borrowings from $5.3 billion to $7.2 billion period over period partially offset by a decrease in the average interest rate from 3.2% to 2.9%. Management fees and incentive fees increased primarily due to an increase in our investment portfolio, which at par, increased from $11.0 billion as of March 31, 2021 to $11.9 billion as of March 31, 2022. As a percentage of total assets, professional fees, directors’ fees, and other general and administrative expenses remained relatively consistent period over period.

Income Taxes, Including Excise Taxes

We have elected to be treated as a RIC under Subchapter M of the Code, and we intend to operate in a manner so as to continue to qualify for the tax treatment applicable to RICs. To qualify for tax treatment as a RIC, we must, among other things, distribute to our shareholders in each taxable year generally at least 90% of our investment company taxable income, as defined by the Code, and net tax-exempt income for that taxable year. To maintain our tax treatment as a RIC, we, among other things, intend to make the requisite distributions to our shareholders, which generally relieves us from corporate-level U.S. federal income taxes.

Depending on the level of taxable income earned in a tax year, we can be expected to carry forward taxable income (including net capital gains, if any) in excess of current year dividend distributions from the current tax year into the next tax year and pay a nondeductible 4% U.S. federal excise tax on such taxable income, as required. To the extent that we determine that our estimated current year annual taxable income will be in excess of estimated current year dividend distributions from such income, we will accrue excise tax on estimated excess taxable income.

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For the three months ended March 31, 2022, we recorded U.S. federal income tax expense/(benefit) of $0.8 million, including no U.S. federal excise tax expense/(benefit). For the three months ended March 31, 2021, we recorded U.S. federal income tax expense/(benefit) of $1.1 million, including $0.2 million for U.S. federal excise tax expense/(benefit).

Certain of our consolidated subsidiaries are subject to U.S. federal and state income taxes. For the three months ended March 31, 2022 and 2021, we recorded a net tax expense of $0.8 million and $0.9 million, respectively. The income tax expense for our taxable consolidated subsidiaries will vary depending on the level of investment income earnings and realized gains from the exits of investments held by such taxable subsidiaries during the respective periods.

Net Unrealized Gains (Losses)

We fair value our portfolio investments quarterly and any changes in fair value are recorded as unrealized gains or losses. During the three months ended March 31, 2022 and 2021, net unrealized gains (losses) were comprised of the following:


	For the Three Months Ended March 31,
($ in millions)	2021			2021
Net change in unrealized gain (loss) on investments	$	(81.7	)	$	57.9
Income tax (provision) benefit		—			(2.6	)
Net change in translation of assets and liabilities in foreign currencies		(0.5	)		(2.4	)
Net change in unrealized gain (loss)	$	(82.2	)	$	52.9

For the three months ended March 31, 2022 and 2021

For the three months ended March 31, 2022, the net unrealized loss was primarily driven by a decrease in the fair value of our debt investments as compared to December 31, 2021. As of March 31, 2022, the fair value of our debt investments as a percentage of principal was 97.7%, as compared to 98.2% as of December 31, 2021. The primary driver of our portfolio’s unrealized loss was due to current market conditions and credit spreads widening. The changes in net unrealized gain and loss on investments during the three months ended March 31, 2022 consisted of the following:


Portfolio Company ($ in millions)	Net Change in Unrealized Gain (Loss)
Peter C. Foy & Associates Insurance Services, LLC (dba PCF Insurance Services)	$	6.3
Entertainment Benefits Group, LLC		4.2
Remaining Portfolio Companies		(52.5	)
Valence Surface Technologies LLC		(2.9	)
Walker Edison Furniture Company LLC		(3.4	)
ORCC Senior Loan Fund LLC (fka Sebago Lake LLC)		(3.6	)
Norvax, LLC (dba GoHealth)		(3.6	)
Packaging Coordinators Midco, Inc.		(3.6	)
H-Food Holdings, LLC		(5.1	)
Wingspire Capital Holdings LLC		(8.0	)
FR Arsenal Holdings II Corp. (dba Applied-Cleveland Holdings, Inc.)		(9.5	)
Total	$	(81.7	)

For the three months ended March 31, 2021, the net unrealized gain was primarily driven by an increase in the fair value of our debt investments as compared to December 31, 2020. As of March 31, 2021, the fair value of our debt investments as a percentage of principal was 97.8%, as compared to 97.3% as of December 31, 2020. The changes in net unrealized gain and loss on investments during the three months ended March 31, 2021 consisted of the following:

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Portfolio Company ($ in millions)	Net Change in Unrealized Gain (Loss)
Windows Entities	$	10.0
Innovative Water Care		7.1
ABB Concise Optical Group LLC		4.1
Blackhawk Network Holdings		4.0
Sonny's Enterprises, Inc.		3.5
Aviation Solutions Midco, LLC		3.5
Mavis Tire Express Services Corp.		3.2
H-Food Holdings, LLC		2.8
Remaining portfolio companies		30.7
Galls, LLC		(3.9	)
CIBT Global, Inc.		(7.1	)
Total	$	57.9

Net Realized Gains (Losses)

The realized gains and losses on fully exited and partially exited portfolio companies during the three months ended March 31, 2022 and 2021 were comprised of the following:


	For the Three Months Ended March 31,
($ in millions)	2022			2021
Net realized gain (loss) on investments	$	4.7		$	1.1
Net realized gain (loss) on foreign currency transactions		(0.9	)		1.2
Net realized gain (loss)	$	3.8		$	2.3

Realized Gross Internal Rate of Return

Since we began investing in 2016 through March 31, 2022, our exited investments have resulted in an aggregate cash flow realized gross internal rate of return to us of over 10.2% (based on total capital invested of $7.3 billion and total proceeds from these exited investments of $8.6 billion). Over sixty percent of these exited investments resulted in an aggregate cash flow realized gross internal rate of return (“IRR”) to us of 10% or greater.

IRR, is a measure of our discounted cash flows (inflows and outflows). Specifically, IRR is the discount rate at which the net present value of all cash flows is equal to zero. That is, IRR is the discount rate at which the present value of total capital invested in each of our investments is equal to the present value of all realized returns from that investment. Our IRR calculations are unaudited.

Capital invested, with respect to an investment, represents the aggregate cost basis allocable to the realized or unrealized portion of the investment, net of any upfront fees paid at closing for the term loan portion of the investment.

Realized returns, with respect to an investment, represents the total cash received with respect to each investment, including all amortization payments, interest, dividends, prepayment fees, upfront fees (except upfront fees paid at closing for the term loan portion of an investment), administrative fees, agent fees, amendment fees, accrued interest, and other fees and proceeds.

Gross IRR, with respect to an investment, is calculated based on the dates that we invested capital and dates we received distributions, regardless of when we made distributions to our shareholders. Initial investments are assumed to occur at time zero.

Gross IRR reflects historical results relating to our past performance and is not necessarily indicative of our future results. In addition, gross IRR does not reflect the effect of management fees, expenses, incentive fees or taxes borne, or to be borne, by us or our shareholders, and would be lower if it did.

Aggregate cash flow realized gross IRR on our exited investments reflects only invested and realized cash amounts as described above, and does not reflect any unrealized gains or losses in our portfolio.

Financial Condition, Liquidity and Capital Resources

Our liquidity and capital resources are generated primarily from cash flows from interest, dividends and fees earned from our investments and principal repayments, our credit facilities, debt securitization transactions, and other secured and unsecured debt. We may also generate cash flow from operations, future borrowings and future offerings of securities including public and/or private issuances of debt and/or equity securities through both registered offerings off of our shelf registration statement and private offerings. The primary uses of our cash are (i) investments in portfolio companies and other investments and to comply with certain portfolio

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diversification requirements, (ii) the cost of operations (including paying or reimbursing our Adviser), (iii) debt service, repayment and other financing costs of any borrowings and (iv) cash distributions to the holders of our shares.

We may from time to time enter into additional debt facilities, increase the size of our existing credit facilities, enter into additional debt securitization transactions, or issue additional debt securities. Any such incurrence or issuance would be subject to prevailing market conditions, our liquidity requirements, contractual and regulatory restrictions and other factors. In accordance with the 1940 Act, with certain limited exceptions, we are only allowed to incur borrowings, issue debt securities or issue preferred stock, if immediately after the borrowing or issuance, the ratio of total assets (less total liabilities other than indebtedness) to total indebtedness plus preferred stock, is at least 150%. Our current target ratio is 0.90x-1.25x.

As of March 31, 2022 and December 31, 2021, our asset coverage ratio was 182% and 182%, respectively. We seek to carefully consider our unfunded commitments for the purpose of planning our ongoing financial leverage. Further, we maintain sufficient borrowing capacity within the 150% asset coverage limitation to cover any outstanding unfunded commitments we are required to fund.

Cash and restricted cash as of March 31, 2022, taken together with our available debt, is expected to be sufficient for our investing activities and to conduct our operations in the near term. As of March 31, 2022, we had $1.4 billion available under our credit facilities.

Our long-term cash needs will include principal payments on outstanding indebtedness and funding of additional portfolio investments. Funding for long-term cash needs will come from unused net proceeds from financing activities. We believe that our liquidity and sources of capital are adequate to satisfy our short and long-term cash requirements. We cannot, however, be certain that these sources of funds will be available at a time and upon terms acceptable to us in sufficient amounts in the future.

As of March 31, 2022, we had $332.8 million in cash and restricted cash. During the three months ended March 31, 2022, we used $13.5 million in cash for operating activities, primarily as a result of funding portfolio investments of $675.4 million, partially offset by sell downs and repayments of $615.9 million and other operating activity of $46.0 million. Lastly, cash used in financing activities was $0.1 billion during the period, which was primarily the result of distributions paid of $0.1 billion.

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Equity

Equity Issuances

There were no sales of our common stock during the three months ended March 31, 2022 and 2021.

Distributions

The following table reflects the distributions declared on shares of our common stock during the three months ended March 31, 2022:


	March 31, 2022
Date Declared	Record Date	Payment Date	Distribution per Share
February 23, 2022	March 31, 2022	May 13, 2022	$	0.31

During certain periods, our distributions may exceed our earnings. As a result, it is possible that a portion of the distributions we make may represent a return of capital. A return of capital generally is a return of a shareholder’s investment rather than a return of earnings or gains derived from our investment activities. Each year, a statement on Form 1099-DIV identifying the tax character of the distributions will be mailed to our shareholders. The tax character of the distributions are not determined until our taxable year end.

The following table reflects the distributions declared on shares of our common stock during the three months ended March 31, 2021:


	March 31, 2021
Date Declared	Record Date	Payment Date	Distribution per Share
February 23, 2021	March 31, 2021	May 14, 2021	$	0.31

Dividend Reinvestment

Pursuant to our second amended and restated dividend reinvestment plan, we will reinvest all cash distributions declared by the Board on behalf of our shareholders who do not elect to receive their distribution in cash as provided below. As a result, if the Board authorizes, and we declare, a cash dividend or other distribution, then our shareholders who have not opted out of our dividend reinvestment plan will have their cash distributions automatically reinvested in additional shares of our common stock as described below, rather than receiving the cash dividend or other distribution. Any fractional share otherwise issuable to a participant in the dividend reinvestment plan will instead be paid in cash.

If newly issued shares are used to implement the dividend reinvestment plan, the number of shares to be issued to a shareholder will be determined by dividing the total dollar amount of the cash dividend or distribution payable to a shareholder by the market price per share of our common stock at the close of regular trading on the New York Stock Exchange on the payment date of a distribution, or if no sale is reported for such day, the average of the reported bid and ask prices. However, if the market price per share on the payment date of a cash dividend or distribution exceeds the most recently computed net asset value per share, we will issue shares at the greater of (i) the most recently computed net asset value per share and (ii) 95% of the current market price per share (or such lesser discount to the current market price per share that still exceeded the most recently computed net asset value per share). For example, if the most recently computed net asset value per share is $15.00 and the market price on the payment date of a cash dividend is $16.00 per share, we will issue shares at $15.20 per share (95% of the current market price). If the most recently computed net asset value per share is $15.00 and the market price on the payment date of a cash dividend is $15.50 per share, we will issue shares at $15.00 per share, as net asset value is greater than 95% ($14.73 per share) of the current market price. Pursuant to our second amended and restated dividend reinvestment plan, if shares are purchased in the open market to implement the dividend reinvestment plan, the number of shares to be issued to a shareholder shall be determined by dividing the dollar amount of the cash dividend payable to such shareholder by the weighted average price per share for all shares purchased by the plan administrator in the open market in connection with the dividend. Shareholders who receive distributions in the form of shares of common stock will be subject to the same U.S. federal, state and local tax consequences as if they received cash distributions.

The following table reflects the common stock issued pursuant to the dividend reinvestment plan during the three months ended March 31, 2022:


Date Declared	Record Date	Payment Date	Shares
November 2, 2021	December 31, 2021	January 31, 2022		814,084

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The following table reflects the common stock issued pursuant to the dividend reinvestment plan during the three months ended March 31, 2021:


Date Declared	Record Date	Payment Date	Shares
November 4, 2020	December 31, 2020	January 19, 2021		1,435,099

Stock Repurchase Plan

On November 3, 2020, the Board approved a repurchase program (the “Repurchase Plan”) under which we may repurchase up to $100 million of our outstanding common stock and on November 2, 2021, the Board extended the Repurchase Plan. Under the program, purchases may be made at management’s discretion from time to time in open-market transactions, in accordance with all applicable securities laws and regulations. Unless extended by the Board, the repurchase program will terminate 12-months from the date it was approved. On November 2, 2021, the Board approved an extension to the Repurchase Plan and, unless further extended by the Board, will terminate 12-months from that date. As of March 31, 2022, Goldman Sachs & Co., as agent, has repurchased 186,150 shares of the Company’s common stock pursuant to the Repurchase Plan for approximately $2.6 million.

There has been no share repurchase activity under the Repurchase Plan for the period ended March 31, 2022.

The following table provides information regarding purchases of our common stock by Goldman Sachs & Co., as agent, pursuant to the Repurchase Plan for each month in the year ended December 31, 2021:


Period ($ in millions, except share and per share amounts)	Total Number of Shares Repurchased		Average Price Paid per Share		Approximate Dollar Value of Shares that have been Purchased Under the Plans		Approximate Dollar Value of Shares that May Yet Be Purchased Under the Plan
October 1, 2021 - October 31, 2021		—	$	—	$	—	$	100.0
November 1, 2021 - November 30, 2021		22,900	$	13.92	$	0.3	$	99.7
December 1, 2021 - December 31, 2021		163,250	$	14.00	$	2.3	$	97.4
Total		186,150			$	2.6

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Debt

Aggregate Borrowings

Debt obligations consisted of the following as of March 31, 2022 and December 31, 2021:


	March 31, 2022
($ in thousands)	Aggregate Principal Committed		Outstanding Principal		Amount Available(1)		Net Carrying Value(2)
Revolving Credit Facility(3)(5)	$	1,655,000	$	440,422	$	1,160,987	$	428,848
SPV Asset Facility II		350,000		350,000		—		344,567
SPV Asset Facility III		500,000		395,000		105,000		394,083
SPV Asset Facility IV		250,000		155,000		95,000		152,218
CLO I		390,000		390,000		—		387,075
CLO II		260,000		260,000		—		256,958
CLO III		260,000		260,000		—		257,981
CLO IV		292,500		292,500		—		287,451
CLO V		196,000		196,000		—		194,175
CLO VI		260,000		260,000		—		258,131
2024 Notes(4)		400,000		400,000		—		393,983
2025 Notes		425,000		425,000		—		420,058
July 2025 Notes		500,000		500,000		—		494,050
2026 Notes		500,000		500,000		—		491,596
July 2026 Notes		1,000,000		1,000,000		—		979,631
2027 Notes(4)		500,000		500,000		—		459,241
2028 Notes		850,000		850,000		—		834,172
Total Debt	$	8,588,500	$	7,173,922	$	1,360,987	$	7,034,218

________________

(1)

The amount available reflects any collateral related limitations at the Company level related to each credit facility’s borrowing base.

(2)

The carrying value of our Revolving Credit Facility, SPV Asset Facility II, SPV Asset Facility III, SPV Asset Facility IV, CLO I, CLO II, CLO III, CLO IV, CLO V, CLO VI, 2024 Notes, 2025 Notes, July 2025 Notes, 2026 Notes, July 2026 Notes, 2027 Notes and 2028 Notes are presented net of deferred financing costs of $11.6 million, $5.4 million, $0.9 million, $2.8 million, $2.9 million, $3.0 million, $2.0 million, $5.1 million, $1.8 million, $1.9 million, $4.5 million, $4.9 million, $6.0 million, $8.4 million, $20.4 million, $9.3 million and $15.8 million respectively.

(3)

Includes the unrealized translation gain (loss) on borrowings denominated in foreign currencies.

(4)

Inclusive of change in fair market value of effective hedge.

(5)

The amount available is reduced by $53.6 million of outstanding letters of credit.

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	December 31, 2021
($ in thousands)	Aggregate Principal Committed		Outstanding Principal		Amount Available(1)		Net Carrying Value(2)
Revolving Credit Facility(3)(5)	$	1,655,000	$	892,313	$	707,370	$	879,943
SPV Asset Facility II		350,000		100,000		250,000		95,668
SPV Asset Facility III		500,000		190,000		310,000		188,979
SPV Asset Facility IV		250,000		155,000		95,000		152,727
CLO I		390,000		390,000		—		386,989
CLO II		260,000		260,000		—		256,942
CLO III		260,000		260,000		—		257,937
CLO IV		292,500		292,500		—		287,342
CLO V		196,000		196,000		—		194,167
CLO VI		260,000		260,000		—		258,093
2024 Notes(4)		400,000		400,000		—		406,481
2025 Notes		425,000		425,000		—		419,674
July 2025 Notes		500,000		500,000		—		493,637
2026 Notes		500,000		500,000		—		491,085
July 2026 Notes		1,000,000		1,000,000		—		978,537
2027 Notes(4)		500,000		500,000		—		497,537
2028 Notes		850,000		850,000		—		833,588
Total Debt	$	8,588,500	$	7,170,813	$	1,362,370	$	7,079,326

________________

(1)

The amount available reflects any limitations related to each credit facility’s borrowing base.

(2)

The carrying value of our Revolving Credit Facility, SPV Asset Facility II, SPV Asset Facility III, SPV Asset Facility IV, CLO I, CLO II, CLO III, CLO IV, CLO V, CLO VI, 2024 Notes, 2025 Notes, July 2025 Notes, 2026 Notes, July 2026 Notes, 2027 Notes and 2028 Notes are presented net of deferred financing costs of $12.4 million, $4.3 million, $1.0 million, $2.2 million, $3.0 million, $3.1 million, $2.1 million, $5.2 million, $1.8 million, $1.9 million, $5.0 million, $5.3 million, $6.4 million, $8.9 million, $21.5 million, $9.7 million and $16.4 million respectively.

(3)

Includes the unrealized translation gain (loss) on borrowings denominated in foreign currencies.

(4)

Inclusive of change in fair market value of effective hedge.

(5)

The amount available is reduced by $55.3 million of outstanding letters of credit.

For the three months ended March 31, 2022 and 2021, the components of interest expense were as follows:


	For the Three Months Ended March 31,
($ in thousands)	2022			2021
Interest expense	$	52,631		$	43,138
Amortization of debt issuance costs		6,125			4,946
Net change in unrealized gain (loss) on effective interest rate swaps and hedged items(1)		2,622			(8	)
Total Interest Expense	$	61,378		$	48,076
Average interest rate		2.9	%		3.2		%
Average daily borrowings	$	7,152,041		$	5,330,364

________________

(1)

Refer to “ITEM 1. – FINANCIAL STATEMENTS – Notes to Consolidated Financial Statements – Note 6. Debt – 2023 Notes, 2024 Notes and 2027 Notes” for details on each facility’s interest rate swap.

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Senior Securities

Information about our senior securities is shown in the following table as of March 31, 2022 and the fiscal years ended December 31, 2021, 2020, 2019, 2018, 2017 and 2016.


Class and Period	Total Amount Outstanding Exclusive of Treasury Securities(1) ($ in millions)		Asset Coverage per Unit(2)		Involuntary Liquidating Preference per Unit(3)		Average Market Value per Unit(4)
Revolving Credit Facility
March 31, 2022 (unaudited)	$	440.4	$	1,818		—	N/A
December 31, 2021	$	892.3	$	1,820		—	N/A
December 31, 2020	$	252.5	$	2,060		—	N/A
December 31, 2019	$	480.9	$	2,926		—	N/A
December 31, 2018	$	308.6	$	2,254		—	N/A
December 31, 2017	$	—	$	2,580		—	N/A
SPV Asset Facility I(6)
December 31, 2020	$	—	$	—		—	N/A
December 31, 2019	$	300.0	$	2,926		—	N/A
December 31, 2018	$	400.0	$	2,254		—	N/A
December 31, 2017	$	400.0	$	2,580		—	N/A
SPV Asset Facility II
March 31, 2022 (unaudited)	$	350.00	$	1,818		—	N/A
December 31, 2021	$	100.0	$	1,820		—	N/A
December 31, 2020	$	100.0	$	2,060		—	N/A
December 31, 2019	$	350.0	$	2,926		—	N/A
December 31, 2018	$	550.0	$	2,254		—	N/A
SPV Asset Facility III
March 31, 2022 (unaudited)	$	395.00	$	1,818		—	N/A
December 31, 2021	$	190.0	$	1,820		—	N/A
December 31, 2020	$	375.0	$	2,060		—	N/A
December 31, 2019	$	255.0	$	2,926		—	N/A
December 31, 2018	$	300.0	$	2,254		—	N/A
SPV Asset Facility IV
March 31, 2022 (unaudited)	$	155.00	$	1,818		—	N/A
December 31, 2021	$	155.0	$	1,820		—	N/A
December 31, 2020	$	295.0	$	2,060		—	N/A
December 31, 2019	$	60.3	$	2,926		—	N/A

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Class and Period	Total Amount Outstanding Exclusive of Treasury Securities(1) ($ in millions)		Asset Coverage per Unit(2)		Involuntary Liquidating Preference per Unit(3)		Average Market Value per Unit(4)
CLO I
March 31, 2022 (unaudited)	$	390.0	$	1,818		—	N/A
December 31, 2021	$	390.0	$	1,820		—	N/A
December 31, 2020	$	390.0	$	2,060		—	N/A
December 31, 2019	$	390.0	$	2,926		—	N/A
CLO II
March 31, 2022 (unaudited)	$	260.0	$	1,818		—	N/A
December 31, 2021	$	260.0	$	1,820		—	N/A
December 31, 2020	$	260.0	$	2,060		—	N/A
December 31, 2019	$	260.0	$	2,926		—	N/A
CLO III
March 31, 2022 (unaudited)	$	260.0	$	1,818		—	N/A
December 31, 2021	$	260.0	$	1,820		—	N/A
December 31, 2020	$	260.0	$	2,060		—	N/A
CLO IV
March 31, 2022 (unaudited)	$	292.5	$	1,818		—	N/A
December 31, 2021	$	292.5	$	1,820		—	N/A
December 31, 2020	$	252.0	$	2,060		—	N/A
CLO V
March 31, 2022 (unaudited)	$	196.0	$	1,818		—	N/A
December 31, 2021	$	196.0	$	1,820		—	N/A
December 31, 2020	$	196.0	$	2,060		—	N/A
CLO VI
March 31, 2022 (unaudited)	$	260.0	$	1,818		—	N/A
December 31, 2021	$	260.0	$	1,820		—	N/A
Subscription Credit Facility(5)
December 31, 2019	$	—	$	—		—	N/A
December 31, 2018	$	883.0	$	2,254		—	N/A
December 31, 2017	$	393.5	$	2,580		—	N/A
December 31, 2016	$	495.0	$	2,375		—	N/A

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Class and Period	Total Amount Outstanding Exclusive of Treasury Securities(1) ($ in millions)		Asset Coverage per Unit(2)		Involuntary Liquidating Preference per Unit(3)		Average Market Value per Unit(4)
2023 Notes(7)
December 31, 2021	$	—	$	—		—	N/A
December 31, 2020	$	150.0	$	2,060		—	N/A
December 31, 2019	$	150.0	$	2,926		—	N/A
December 31, 2018	$	150.0	$	2,254		—	N/A
December 31, 2017	$	138.5	$	2,580		—	N/A
2024 Notes
March 31, 2022 (unaudited)	$	400.0	$	1,818		—	$	1,042.8
December 31, 2021	$	400.0	$	1,820		—	$	1,089.7
December 31, 2020	$	400.0	$	2,060		—	$	1,037.1
December 31, 2019	$	400.0	$	2,926		—	$	1,039.3
2025 Notes
March 31, 2022 (unaudited)	$	425.0	$	1,818		—	$	1,011.3
December 31, 2021	$	425.0	$	1,820		—	$	1,057.3
December 31, 2020	$	425.0	$	2,060		—	$	984.2
December 31, 2019	$	425.0	$	2,926		—	$	997.9
July 2025 Notes
March 31, 2022 (unaudited)	$	500.0	$	1,818		—	$	998.0
December 31, 2021	$	500.0	$	1,820		—	$	1,049.9
December 31, 2020	$	500.0	$	2,060		—	$	971.1
2026 Notes
March 31, 2022 (unaudited)	$	500.0	$	1,818		—	$	1,013.3
December 31, 2021	$	500.0	$	1,820		—	$	1,068.7
December 31, 2020	$	500.0	$	2,060		—	$	1,018.5
July 2026 Notes
March 31, 2022 (unaudited)	$	1,000.0	$	1,818		—	$	973.1
December 31, 2021	$	1,000.0	$	1,820		—	$	1,032.8
December 31, 2020	$	1,000.0	$	2,060		—	$	1,005.0
2027 Notes
March 31, 2022 (unaudited)	$	500.0	$	1,818		—	$	932.4
December 31, 2021	$	500.0	$	1,820		—	$	997.4
2028 Notes
March 31, 2022 (unaudited)	$	850.0	$	1,818		—	$	922.1
December 31, 2021	$	850.0	$	1,820		—	$	994.3

________________

(1)

Total amount of each class of senior securities outstanding at the end of the period presented.

(2)

Asset coverage per unit is the ratio of the carrying value of our total assets, less all liabilities excluding indebtedness represented by senior securities in this table, to the aggregate amount of senior securities representing indebtedness. Asset coverage per unit is expressed in terms of dollar amounts per $1,000 of indebtedness and is calculated on a consolidated basis.

(3)

The amount to which such class of senior security would be entitled upon our involuntary liquidation in preference to any security junior to it. The “—" in this column indicates information that the SEC expressly does not require to be disclosed for certain types of senior securities.

(4)

Not applicable, except for with respect to the 2024 Notes, 2025 Notes, July 2025 Notes, 2026 Notes, July 2026 Notes, 2027 Notes and 2028 Notes as other senior securities are not registered for public trading on a stock exchange. The average market value per unit for each of the 2024 Notes, 2025 Notes, July 2025 Notes, 2026 Notes, July 2026 Notes, 2027 Notes and 2028 Notes is based on the average daily prices of such notes and is expressed per $1,000 of indebtedness.

(5)

Facility was terminated in 2019.

(6)

Facility was terminated in 2020.

(7)

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we redeemed in full all $150 million in aggregate principal amount of the 2023 Notes at 100% of their principal amount, plus the accrued and unpaid interest thereon through, but excluding, December 23, 2021.

Credit Facilities

Revolving Credit Facility

On February 1, 2017, we entered into a senior secured revolving credit agreement (and as amended by that certain First Amendment to Senior Secured Revolving Credit Agreement, dated as of July 17, 2017, the First Omnibus Amendment to Senior Secured Revolving Credit Agreement and Guarantee and Security Agreement, dated as of March 29, 2018, the Third Amendment to Senior Secured Revolving Credit Agreement, dated as of June 21, 2018, the Fourth Amendment to Senior Secured Revolving Credit Agreement, dated as of April 2, 2019, the Fifth Amendment to Senior Secured Revolving Credit Agreement, dated as of May 7, 2020, the Sixth Amendment to Senior Secured Revolving Credit Agreement, dated as of September 3, 2020 and the Seventh Amendment to Senior Secured Revolving Credit Agreement, dated as of September 22, 2021, the “Revolving Credit Facility”). The parties to the Revolving Credit Facility include us, as Borrower, the lenders from time to time parties thereto (each a “Lender” and collectively, the “Lenders”), the parties in their capacity as issuers of letters of credit (referred to as "Issuing Banks"), and Truist Securities, Inc. and ING Capital LLC as Joint Lead Arrangers and Joint Book Runners, Truist Bank as Administrative Agent and ING Capital LLC as Syndication Agent.

The Revolving Credit Facility is guaranteed by OR Lending LLC, our subsidiary, and will be guaranteed by certain domestic subsidiaries of ours that are formed or acquired by us in the future (collectively, the “Guarantors”). Proceeds of the Revolving Credit Facility may be used for general corporate purposes, including the funding of portfolio investments.

The maximum principal amount of the Revolving Credit Facility is $1.655 billion, subject to availability under the borrowing base, which is based on our portfolio investments and other outstanding indebtedness. As amended on September 22, 2021, maximum capacity under the Revolving Credit Facility may be increased to $2.2 billion through our exercise of an uncommitted accordion feature through which existing and new lenders may, at their option, agree to provide additional financing. The Revolving Credit Facility includes a $50 million limit for swingline loans and is secured by a perfected first-priority interest in substantially all of the portfolio investments held by us and each Guarantor, subject to certain exceptions.

We borrow amounts in U.S. dollars or certain other permitted currencies. Amounts drawn under the Revolving Credit Facility with respect to the Extending Commitments will bear interest at either (i) LIBOR plus margin of either 1.875% per annum or, if the borrowing base is greater than or equal to the product of 1.60 and the combined debt amount, 1.75% per annum, (ii) an alternative base rate plus margin of either 0.875% per annum or, if the borrowing base is greater than or equal to the product of 1.60 and the combined debt amount, 0.75% per annum, or (iii) for amounts drawn under the Revolving Credit Facility in Sterling or Swiss Francs, either the Sterling Overnight Interbank Average Rate ("SONIA") or the Swiss Average Rate Overnight ("SARON"), as applicable, plus margin of either 1.875% per annum or, if the borrowing base is greater than or equal to the product of 1.60 and the combined debt amount, 1.75% per annum plus an applicable credit adjustment spread. Amounts drawn under the Revolving Credit Facility with respect to the Non-Extended Commitments will bear interest at either (i) LIBOR plus 2.00% per annum, (ii) an alternative base rate plus 1.00% per annum or (iii) SONIA or SARON, as applicable, plus 2.00% per annum plus an applicable credit adjustment spread. Further, the Revolving Credit Facility builds in a hardwired approach for the replacement of LIBOR loans in U.S. dollars. For LIBOR loans in other permitted currencies, the Revolving Credit Facility includes customary fallback mechanics for us and the Administrative Agent to select an alternative benchmark, subject to the negative consent of required Lenders. We may elect the currency and rate at the time of drawdown, and loans may be converted from one rate to another at any time at our option, subject to certain conditions. We predominantly borrow utilizing LIBOR rate loans, generally electing one-month upon borrowing, to the extent applicable. We also pay a fee of 0.375% on undrawn amounts under the Revolving Credit Facility.

The Revolving Credit Facility includes customary covenants, including certain limitations on the incurrence by us of additional indebtedness and on our ability to make distributions to our shareholders, or redeem, repurchase or retire shares of stock, upon the

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occurrence of certain events and certain financial covenants related to asset coverage and liquidity and other maintenance covenants, as well as customary events of default. The agreement requires a minimum asset coverage ratio of 100% with respect to our consolidated assets and our subsidiaries, measured at the last day of any fiscal quarter and a minimum asset coverage ratio of no less than 2.00 to 1.00 with respect to our consolidated assets and our subsidiary guarantors (including certain limitations on the contribution of equity in financing subsidiaries as specified therein) to our secured debt and our subsidiary guarantors (the “Obligor Asset Coverage Ratio”), measured at the last day of each fiscal quarter. The agreement concentration limits in connection with the calculation of the borrowing base, based upon the Obligor Asset Coverage Ratio.

SPV Asset Facilities

Certain of our wholly owned subsidiaries are parties to credit facilities (the “SPV Asset Facilities”). Pursuant to the SPV Asset Facilities, we sell and contribute certain investments to these wholly owned subsidiaries pursuant to sale and contribution agreements by and between us and the wholly owned subsidiaries. No gain or loss is recognized as a result of these contributions. Proceeds from the SPV Asset Facilities are used to finance the origination and acquisition of eligible assets by the wholly owned subsidiary, including the purchase of such assets from us. We retain a residual interest in assets contributed to or acquired to the wholly owned subsidiary through our ownership of the wholly owned subsidiary.

The SPV Asset Facilities are secured by a perfected first priority security interest in the assets of these wholly owned subsidiaries and on any payments received by such wholly owned subsidiaries in respect of those assets. Assets pledged to lenders under the SPV Asset Facilities will not be available to pay our debts.

The SPV Asset Facilities contain customary covenants, including certain limitations on the incurrence by us of additional indebtedness and on our ability to make distributions to our shareholders, or redeem, repurchase or retire shares of stock, upon the occurrence of certain events, and customary events of default (with customary cure and notice provisions).

SPV Asset Facility I

On December 21, 2017 (the “SPV Asset Facility I Closing Date”), ORCC Financing LLC (“ORCC Financing”), a Delaware limited liability company and our subsidiary, entered into a Loan and Servicing Agreement (as amended, the “SPV Asset Facility I”), with ORCC Financing as Borrower, us as Transferor and Servicer, the lenders from time to time parties thereto (the “SPV Lenders”), Morgan Stanley Asset Funding Inc. as Administrative Agent, State Street Bank and Trust Company as Collateral Agent and Cortland Capital Market Services LLC as Collateral Custodian.

From time to time, we sold and contributed certain investments to ORCC Financing pursuant to a Sale and Contribution Agreement by and between us and ORCC Financing. No gain or loss was recognized as a result of the contribution. Proceeds from the SPV Asset Facility I were used to finance the origination and acquisition of eligible assets by ORCC Financing, including the purchase of such assets from us. We retained a residual interest in assets contributed to or acquired by ORCC Financing through its ownership of ORCC Financing. The maximum principal amount of the SPV Asset Facility I was $400 million; the availability of this amount was subject to a borrowing base test, which was based on the value of ORCC Financing’s assets from time to time, and satisfaction of certain conditions, including certain concentration limits.

The SPV Asset Facility I provided for the ability to draw and redraw amounts under the SPV Asset Facility I for a period of up to three years after the SPV Asset Facility I Closing Date (the “SPV Asset Facility I Commitment Termination Date”). The SPV Asset Facility I was terminated on June 2, 2020 (the “SPV Asset Facility I Termination Date”). Prior to the SPV Asset Facility I Termination Date, proceeds received by ORCC Financing from principal and interest, dividends, or fees on assets must be used to pay fees, expenses and interest on outstanding borrowings, and the excess may be returned to us, subject to certain conditions. On the SPV Asset Facility I Termination Date, ORCC Financing repaid in full all outstanding fees and expenses and all principal and interest on outstanding borrowings.

Amounts drawn bore interest at LIBOR plus a spread of 2.25% until the six-month anniversary of the SPV Asset Facility I Closing Date, increasing to 2.50% thereafter, until the SPV Asset Facility I Commitment Termination Date. We predominantly borrowed utilizing LIBOR rate loans, generally electing one-month LIBOR upon borrowing. After a ramp-up period, there was an unused fee of 0.75% per annum on the amount, if any, by which the undrawn amount under the SPV Asset Facility I exceeded 25% of the maximum principal amount of the SPV Asset Facility I. The SPV Asset Facility I contained customary covenants, including certain financial maintenance covenants, limitations on the activities of ORCC Financing, including limitations on incurrence of incremental indebtedness, and customary events of default. The SPV Asset Facility I was secured by a perfected first priority security interest in the assets of ORCC Financing and on any payments received by ORCC Financing in respect of those assets. Assets pledged to the SPV Lenders were not available to pay our debts.

SPV Asset Facility II

On May 22, 2018, our subsidiary, ORCC Financing II LLC (“ORCC Financing II”), a Delaware limited liability company and our subsidiary, entered into a Credit Agreement (as amended, the “SPV Asset Facility II”), with ORCC Financing II, as Borrower, the lenders from time to time parties thereto, Natixis, New York Branch, as Administrative Agent, State Street Bank and Trust Company, as

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Collateral Agent, and Cortland Capital Market Services LLC as Document Custodian. The parties to the SPV Asset Facility II have entered into various amendments, including to admit new lenders, increase or decrease the maximum principal amount available under the facility, extend the availability period and maturity date, change the interest rate and make various other changes. The following describes the terms of SPV Asset Facility II amended through March 25, 2022 (the “SPV Asset Facility II Seventh Amendment Date”).

From time to time, we sell and contribute certain investments to ORCC Financing II pursuant to a sale and contribution agreement by and between us and ORCC Financing II. No gain or loss will be recognized as a result of the contribution. Proceeds from the SPV Asset Facility II will be used to finance the origination and acquisition of eligible assets by ORCC Financing II, including the purchase of such assets. The Company retains a residual interest in assets contributed to or acquired by ORCC Financing II through the Company’s ownership of ORCC Financing II. The maximum principal amount of the SPV Asset Facility II as of the SPV Asset Facility II Seventh Amendment Date is $350 million (which includes terms loans of $100 million and revolving commitments of $250 million); the availability of this amount is subject to an overcollateralization ratio test, which is based on the value of ORCC Financing II’s assets from time to time, and satisfaction of certain conditions, including an interest coverage ratio test, certain concentration limits and collateral quality tests.

The SPV Asset Facility II provides for the ability to (1) draw term loans and (2) draw and redraw revolving loans under the SPV Asset Facility II through April 12, 2023, unless the revolving commitments are terminated or converted to term loans sooner as provided in the SPV Asset Facility II (the “SPV Asset Facility II Commitment Termination Date”). Unless otherwise terminated, the SPV Asset Facility II will mature on December 22, 2029 (the "SPV Assert Facility II Stated Maturity"). Prior to the SPV Asset Facility II Stated Maturity, proceeds received by ORCC Financing II from principal and interest, dividends, or fees on assets must be used to pay fees, expenses and interest on outstanding borrowings, and the excess may be returned to us, subject to certain conditions. On October 10, 2026, ORCC Financing II must pay in full all outstanding fees and expenses and all principal and interest on outstanding borrowings, and the excess may be returned to us.

SPV Asset Facility III

On December 14, 2018, ORCC Financing III LLC (“ORCC Financing III”), a Delaware limited liability company and our subsidiary, entered into a Loan Financing and Servicing Agreement (the “SPV Asset Facility III”), with ORCC Financing III, as borrower, ourselves, as equity holder and services provider, the lenders from time to time parties thereto, Deutsche Bank AG, New York Branch, as Facility Agent, State Street Bank and Trust Company, as Collateral Agent and Cortland Capital Market Services LLC, as Collateral Custodian. The parties to the SPV Asset Facility III have entered into various amendments, including those relating to the undrawn fee and make-whole fee and definition of “Change of Control.” The following describes the terms of SPV Asset Facility III as amended through December 13, 2021.

The maximum principal amount of the SPV Asset Facility III is $500 million; the availability of this amount is subject to a borrowing base test, which is based on the value of ORCC Financing III’s assets from time to time, and satisfaction of certain conditions, including interest spread and weighted average coupon tests, certain concentration limits and collateral quality tests.

The SPV Asset Facility III provides for the ability to borrow, reborrow, repay and prepay advances under the SPV Asset Facility III until June 14, 2022 unless such period is extended or accelerated under the terms of the SPV Asset Facility III (the “SPV Asset Facility III Revolving Period”). Unless otherwise extended, accelerated or terminated under the terms of the SPV Asset Facility III, the SPV Asset Facility III will mature on the date that is two years after the last day of the SPV Asset Facility III Revolving Period (the “SPV Asset Facility III Stated Maturity”). Prior to the SPV Asset Facility III Stated Maturity, proceeds received by ORCC Financing III from principal and interest, dividends, or fees on assets must be used to pay fees, expenses and interest on outstanding advances, and the excess may be returned to us, subject to certain conditions. On the SPV Asset Facility III Stated Maturity, ORCC Financing III must pay in full all outstanding fees and expenses and all principal and interest on outstanding advances, and the excess may be returned to us.

Amounts drawn bear interest at LIBOR (or, in the case of certain SPV Lenders III that are commercial paper conduits, the lower of (a) their cost of funds and (b) LIBOR, such LIBOR not to be lower than zero) plus a spread equal to 2.20% per annum, which spread will increase (a) on and after the end of the SPV Asset Facility III Revolving Period by 0.15% per annum if no event of default has occurred and (b) by 2.00% per annum upon the occurrence of an event of default (such spread, the “Applicable Margin”). LIBOR may be replaced as a base rate under certain circumstances. We predominantly borrow utilizing LIBOR rate loans, generally electing one-month LIBOR upon borrowing. During the Revolving Period, ORCC Financing III will pay an undrawn fee ranging from 0.25% to 0.50% per annum on the undrawn amount, if any, of the revolving commitments in the SPV Asset Facility III. During the Revolving Period, if the undrawn

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commitments are in excess of a certain portion (initially 20% and increasing in stages to 75%) of the total commitments under the SPV Asset Facility III, ORCC Financing III will also pay a make-whole fee equal to the Applicable Margin multiplied by such excess undrawn commitment amount, reduced by the undrawn fee payable on such excess. For further details, see “ITEM 1. – Notes to Consolidated Financial Statements – Note 6. Debt.”

SPV Asset Facility IV

On August 2, 2019 (the “SPV Asset Facility IV Closing Date”), ORCC Financing IV LLC (“ORCC Financing IV”), a Delaware limited liability company and newly formed subsidiary, entered into a Credit Agreement (the “SPV Asset Facility IV”), with ORCC Financing IV, as borrower, Société Générale, as initial Lender and as Administrative Agent, State Street Bank and Trust Company, as Collateral Agent, Collateral Administrator and Custodian, and Cortland Capital Market Services LLC as Document Custodian and the lenders from time to time party thereto pursuant to Assignment and Assumption Agreements.

On March 11, 2022 (the “SPV Asset Facility IV Amendment Date”), the parties to the SPV Asset Facility IV amended the SPV Asset Facility IV to extend the reinvestment period from April 1, 2022 until October 3, 2022 and the stated maturity from April 1, 2030 to October 1, 2030. The amendment also changed the applicable interest rate from LIBOR plus an applicable margin of 2.15% during the reinvestment period and LIBOR plus an applicable margin of 2.40% after the reinvestment period to term SOFR plus an applicable margin of 2.30% during the reinvestment period and term SOFR plus an applicable margin of 2.55% after the reinvestment period. In the case of certain lenders that are commercial paper conduits, the applicable rate is the cost of funds rate plus the applicable margin.

From time to time, we expect to sell and contribute certain investments to ORCC Financing IV pursuant to a Sale and Contribution Agreement by and between us and ORCC Financing IV. No gain or loss will be recognized as a result of the contribution. Proceeds from the SPV Asset Facility IV will be used to finance the origination and acquisition of eligible assets by ORCC Financing IV, including the purchase of such assets from us. We retain a residual interest in assets contributed to or acquired by ORCC Financing IV through our ownership of ORCC Financing IV. The maximum principal amount of the Credit Facility is currently $250 million; the availability of this amount is subject to an overcollateralization ratio test, which is based on the value of ORCC Financing IV’s assets from time to time, and satisfaction of certain conditions, including an interest coverage ratio test, certain concentration limits and collateral quality tests.

The SPV Asset Facility IV provides for the ability to (1) draw term loans and (2) draw and redraw revolving loans under the SPV Asset Facility IV until the last day of the reinvestment period unless the revolving commitments are terminated or converted to term loans sooner as provided in the SPV Asset Facility IV (the “Commitment Termination Date”). Unless otherwise terminated, the SPV Asset Facility IV will mature on October 1, 2030 (the “SPV Asset Facility IV Stated Maturity”). Prior to the SPV Asset Facility IV Stated Maturity, proceeds received by ORCC Financing IV from principal and interest, dividends, or fees on assets must be used to pay fees, expenses and interest on outstanding borrowings, and the excess may be returned to us, subject to certain conditions. On the SPV Asset Facility IV Stated Maturity, ORCC Financing IV must pay in full all outstanding fees and expenses and all principal and interest on outstanding borrowings, and the excess may be returned to us.

CLOs

CLO I

On May 28, 2019 (the “CLO I Closing Date”), we completed a $596 million term debt securitization transaction (the “CLO I Transaction”), also known as a collateralized loan obligation transaction. The secured notes and preferred shares issued in the CLO I Transaction and the secured loan borrowed in the CLO I Transaction were issued and incurred, as applicable, by our consolidated subsidiaries Owl Rock CLO I, Ltd., an exempted company incorporated in the Cayman Islands with limited liability (the “CLO I Issuer”), and Owl Rock CLO I, LLC, a Delaware limited liability company (the “CLO I Co-Issuer” and together with the CLO I Issuer, the “CLO I Issuers”) ”) and are backed by a portfolio of collateral obligations consisting of middle market loans and participation interests in middle market loans as well as by other assets of the CLO I Issuer.

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lenders, and State Street Bank and Trust Company, as collateral trustee and loan agent. The Class A Loans may be exchanged by the lenders for Class A Notes at any time, subject to certain conditions under the CLO I Credit Agreement and the Indenture. The CLO I Debt is scheduled to mature on May 20, 2031. The CLO I Notes were privately placed by Natixis Securities Americas, LLC and SG Americas Securities, LLC.

Concurrently with the issuance of the CLO I Notes and the borrowing under the Class A Loans, the CLO I Issuer issued approximately $206.1 million of subordinated securities in the form of 206,106 preferred shares at an issue price of U.S.$1,000 per share (the “CLO I Preferred Shares”). The CLO I Preferred Shares were issued by the CLO I Issuer as part of its issued share capital and are not secured by the collateral securing the CLO I Debt. We own all of the CLO I Preferred Shares, and as such, are eliminated in consolidation. We act as retention holder in connection with the CLO I Transaction for the purposes of satisfying certain U.S. and European Union regulations requiring sponsors of securitization transactions to retain exposure to the performance of the securitized assets and as such is required to retain a portion of the CLO I Preferred Shares.

The CLO I Debt is secured by all of the assets of the CLO I Issuer, which will consist primarily of middle market loans, participation interests in middle market loans, and related rights and the cash proceeds thereof. As part of the CLO I Transaction, we and ORCC Financing II LLC sold and contributed approximately $575 million par amount of middle market loans to the CLO I Issuer on the CLO I Closing Date. Such loans constituted the initial portfolio assets securing the CLO I Debt. We and ORCC Financing II LLC each made customary representations, warranties, and covenants to the CLO I Issuer regarding such sales and contributions under a loan sale agreement.

The CLO I Debt is the secured obligation of the CLO I Issuers, and the CLO I Indenture and the CLO I Credit Agreement include customary covenants and events of default. Assets pledged to holders of the Secured Debt and the other secured parties under the Indenture will not be available to pay our debts.

CLO II

On December 12, 2019 (the “CLO II Closing Date”), we completed a $396.6 million term debt securitization transaction (the “CLO II Transaction”), also known as a collateralized loan obligation transaction, which is a form of secured financing incurred by us. The secured notes and preferred shares issued in the CLO II Transaction were issued by our consolidated subsidiaries Owl Rock CLO II, Ltd., an exempted company incorporated in the Cayman Islands with limited liability (the “CLO II Issuer”), and Owl Rock CLO II, LLC, a Delaware limited liability company (the “CLO II Co-Issuer” and together with the Issuer, the “CLO II Issuers”) and are backed by a portfolio of collateral obligations consisting of middle market loans and participation interests in middle market loans as well as by other assets of the Issuer.

The CLO II Transaction was executed by the issuance of the following classes of notes and preferred shares pursuant to an indenture and security agreement dated as of the Closing Date (the “CLO II Indenture”), by and among the Issuers and State Street Bank and Trust Company: (i) $157 million of AAA(sf) Class A-1L Notes, which bear interest at three-month LIBOR plus 1.75%, (ii) $40 million of AAA(sf) Class A-1F Notes, which bear interest at a fixed rate of 3.44%, (iii) $20 million of AAA(sf) Class A-2 Notes, which bear interest at three-month LIBOR plus 2.20%, (iv) $40 million of AA(sf) Class B-L Notes, which bear interest at three-month LIBOR plus 2.75% and (v) $3 million of AA(sf) Class B-F Notes, which bear interest at a fixed rate of 4.46% (together, the “CLO II Debt”). The CLO II Debt was scheduled to mature on January 20, 2031. The CLO II Debt was privately placed by Deutsche Bank Securities Inc.

The CLO II Debt was redeemed in the CLO II Refinancing, described below.

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purposes of satisfying certain U.S. and European Union regulations requiring sponsors of securitization transactions to retain exposure to the performance of the securitized assets and as such was required to retain a portion of the CLO II Preferred Shares.

The CLO II Debt was secured by all of the assets of the CLO II Issuer, which will consist primarily of middle market loans, participation interests in middle market loans, and related rights and the cash proceeds thereof. As part of the CLO II Transaction, we and ORCC Financing III LLC sold and contributed approximately $400 million par amount of middle market loans to the CLO II Issuer on the CLO II Closing Date. Such loans constituted the initial portfolio assets securing the CLO II Debt. We and ORCC Financing III LLC each made customary representations, warranties, and covenants to the CLO II Issuer regarding such sales and contributions under a loan sale agreement.

Through January 20, 2022, a portion of the proceeds received by the CLO II Issuer from the loans securing the CLO II Debt could be used by the CLO II Issuer to purchase additional middle market loans under the direction of the Adviser as collateral manager for the CLO II Issuer and in accordance with the our investing strategy and ability to originate eligible middle market loans.

The CLO II Debt was the secured obligation of the CLO II Issuers, and the CLO II Indenture includes customary covenants and events of default. Assets pledged to holders of the Secured Debt and the other secured parties under the Indenture were not available to pay our debts.

The CLO II Debt was offered in reliance on Section 4(a)(2) of the Securities Act. The CLO II Notes have not been registered under the Securities Act or any state securities laws and, unless so registered, may not be offered or sold in the United States absent registration with the Securities and Exchange Commission or pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act as applicable. For further details, see “ITEM 1. – Notes to Consolidated Financial Statements – Note 6. Debt.”

CLO II Refinancing

On April 9, 2021 (the “CLO II Refinancing Date”), we completed a $398.1 million term debt securitization refinancing (the “CLO II Refinancing”), also known as a collateralized loan obligation refinancing, which is a form of secured financing incurred by us. The secured notes and preferred shares issued in the CLO II Refinancing were issued by the CLO II Issuer and the CLO II Co-Issuer and are backed by a portfolio of collateral obligations consisting of middle market loans and participation interests in middle market loans as well as by other assets of the CLO II Issuer.

Concurrently with the issuance of the CLO II Refinancing Debt, the CLO II Issuer issued 1,500 additional shares of CLO II Preferred Shares at an issue price of U.S.$1,000 per share (the “CLO II Refinancing Preferred Shares”) resulting in a total outstanding number of CLO II Preferred Shares of 138,100 ($138.1 million total issue price). The CLO II Refinancing Preferred Shares were issued by the CLO II Issuer as part of its issued share capital and are not secured by the collateral securing the CLO II Refinancing Debt. We purchased all of the CLO II Refinancing Preferred Shares. We act as retention holder in connection with the CLO II Refinancing for the purposes of satisfying certain U.S. and European Union regulations requiring sponsors of securitization transactions to retain exposure to the performance of the securitized assets and as such is required to retain a portion of the CLO II Preferred Shares. The proceeds from the CLO II Refinancing Preferred Shares were used to pay certain expenses incurred in connection with the CLO II Refinancing.

Through April 20, 2025, a portion of the proceeds received by the CLO II Issuer from the loans securing the CLO II Refinancing Debt may be used by the CLO II Issuer to purchase additional middle market loans under the direction of the Adviser, in its capacity as collateral manager for the CLO II Issuer and in accordance with our investing strategy and ability to originate eligible middle market loans.

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The Adviser is entitled to receive fees for providing these services. The Adviser has waived its right to receive such fees but may rescind such waiver at any time; provided, however, that if the Adviser rescinds such waiver, the management fee payable to the Adviser pursuant to the Investment Advisory Agreement will be offset by the amount of the collateral management fee attributable to the CLO II Issuers’ equity or notes that we own. For further details, see “ITEM 1. – Notes to Consolidated Financial Statements – Note 6. Debt.”

CLO III

On March 26, 2020 (the “CLO III Closing Date”), we completed a $395.31 million term debt securitization transaction (the “CLO III Transaction”), also known as a collateralized loan obligation transaction, which is a form of secured financing incurred by us. The secured notes and preferred shares issued in the CLO III Transaction were issued by our consolidated subsidiaries Owl Rock CLO III, Ltd., an exempted company incorporated in the Cayman Islands with limited liability (the “CLO III Issuer”), and Owl Rock CLO III, LLC, a Delaware limited liability company (the “CLO III Co-Issuer” and together with the CLO III Issuer, the “CLO III Issuers”) and are backed by a portfolio of collateral obligations consisting of middle market loans and participation interests in middle market loans as well as by other assets of the CLO III Issuer.

Concurrently with the issuance of the CLO III Debt, the CLO III Issuer issued approximately $135.31 million of subordinated securities in the form of 135,310 preferred shares at an issue price of U.S.$1,000 per share (the “CLO III Preferred Shares”). The CLO III Preferred Shares were issued by the CLO III Issuer as part of its issued share capital and are not secured by the collateral securing the CLO III Debt. We own all of the CLO III Preferred Shares, and as such, these securities are eliminated in consolidation. We act as retention holder in connection with the CLO III Transaction for the purposes of satisfying certain U.S. and European Union regulations requiring sponsors of securitization transactions to retain exposure to the performance of the securitized assets and as such is required to retain a portion of the CLO III Preferred Shares.

The CLO III Debt is secured by all of the assets of the CLO III Issuer, which will consist primarily of middle market loans, participation interests in middle market loans, and related rights and the cash proceeds thereof. As part of the CLO III Transaction, we and ORCC Financing IV LLC sold and contributed approximately $400 million par amount of middle market loans to the CLO III Issuer on the CLO III Closing Date. Such loans constituted the initial portfolio assets securing the CLO III Debt. Us and ORCC Financing IV LLC each made customary representations, warranties, and covenants to the CLO III Issuer regarding such sales and contributions under a loan sale agreement.

Through April 20, 2024, a portion of the proceeds received by the CLO III Issuer from the loans securing the CLO III Debt may be used by the CLO III Issuer to purchase additional middle market loans under the direction of the Adviser as the collateral manager for the CLO III Issuer and in accordance with our investing strategy and ability to originate eligible middle market loans.

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CLO IV

On May 28, 2020 (the “CLO IV Closing Date”), we completed a $438.9 million term debt securitization transaction (the “CLO IV Transaction”), also known as a collateralized loan obligation transaction, which is a form of secured financing. The secured notes and preferred shares issued in the CLO IV Transaction were issued by our consolidated subsidiaries Owl Rock CLO IV, Ltd., an exempted company incorporated in the Cayman Islands with limited liability (the “CLO IV Issuer”), and Owl Rock CLO IV, LLC, a Delaware limited liability company (the “CLO IV Co-Issuer” and together with the CLO IV Issuer, the “CLO IV Issuers”) and are backed by a portfolio of collateral obligations consisting of middle market loans and participation interests in middle market loans as well as by other assets of the CLO IV Issuer.

The CLO IV Secured Notes were redeemed in the CLO IV Refinancing, described below.

Concurrently with the issuance of the CLO IV Secured Notes, the CLO IV Issuer issued approximately $186.9 million of subordinated securities in the form of 186,900 preferred shares at an issue price of U.S.$1,000 per share (the “CLO IV Preferred Shares”). The CLO IV Preferred Shares were issued by the CLO IV Issuer as part of its issued share capital and are not secured by the collateral securing the CLO IV Secured Notes. We own all of the outstanding CLO IV Preferred Shares, and as such, these securities are eliminated in consolidation. We acted as retention holder in connection with the CLO IV Transaction for the purposes of satisfying certain U.S. and European Union regulations requiring sponsors of securitization transactions to retain exposure to the performance of the securitized assets and as such was required to retain a portion of the CLO IV Preferred Shares while the CLO IV Secured Notes were outstanding.

As part of the CLO IV Transaction, we entered into a loan sale agreement with the CLO IV Issuer dated as of the CLO IV Closing Date, which provided for the sale and contribution of approximately $275.07 million par amount of middle market loans to the CLO IV Issuer on the CLO IV Closing Date and for future sales to the CLO IV Issuer on an ongoing basis. Such loans constituted part of the initial portfolio of assets securing the CLO IV Secured Notes. The remainder of the initial portfolio assets securing the CLO IV Secured Notes consisted of approximately $174.92 million par amount of middle market loans purchased by the CLO IV Issuer from ORCC Financing II LLC, our wholly-owned subsidiary, under an additional loan sale agreement executed on the CLO IV Closing Date between the Issuer and ORCC Financing II LLC. We and ORCC Financing II LLC each made customary representations, warranties, and covenants to the Issuer under the applicable loan sale agreement.

Through November 20, 2021, a portion of the proceeds received by the CLO IV Issuer from the loans securing the CLO IV Secured Notes could be used by the CLO IV Issuer to purchase additional middle market loans under the direction of the Adviser, in its capacity as collateral manager for the CLO IV Issuer and in accordance with our investing strategy and ability to originate eligible middle market loans.

CLO IV Refinancing

On July 9, 2021 (the “CLO IV Refinancing Date”), the Company completed a $440.5 million term debt securitization refinancing (the “CLO IV Refinancing”), also known as a collateralized loan obligation refinancing, which is a form of secured financing. The secured notes and preferred shares issued in the CLO IV Refinancing were issued by the CLO IV Issuer and the CLO IV Co-Issuer and are backed by a portfolio of collateral obligations consisting of middle market loans and participation interests in middle market loans as well as by other assets of the CLO IV Issuer.

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rate for interest accruing on the CLO IV Refinancing Secured Notes. The proceeds from the CLO IV Refinancing were used to redeem in full the classes of notes issued on the CLO IV Closing Date, to redeem a portion of the preferred shares of the CLO IV Issuer as described below and to pay expenses incurred in connection with the CLO IV Refinancing.

Concurrently with the issuance of the CLO IV Refinancing Secured Notes, the CLO IV Issuer redeemed 38,900 preferred shares we held at a total redemption price of $38.9 million ($1,000 per preferred share). We retain the 148,000 CLO IV Preferred Shares that remain outstanding and that we acquired on the CLO IV Closing Date. The CLO IV Preferred Shares were issued by the Issuer as part of its issued share capital and are not secured by the collateral securing the CLO IV Refinancing Secured Notes. We act as retention holder in connection with the CLO IV Refinancing for the purposes of satisfying certain U.S. and European Union regulations requiring sponsors of securitization transactions to retain exposure to the performance of the securitized assets and as such is required to retain a portion of the Preferred Shares.

Through August 20, 2025, a portion of the proceeds received by the CLO IV Issuer from the loans securing the CLO IV Refinancing Secured Notes may be used by the Issuer to purchase additional middle market loans under the direction of the Advisor, in its capacity as collateral manager for the CLO IV Issuer and in accordance with our investing strategy and ability to originate eligible middle market loans.

CLO V

On November 20, 2020 (the “CLO V Closing Date”), we completed a $345.45 million term debt securitization transaction (the “CLO V Transaction”), also known as a collateralized loan obligation transaction, which is a form of secured financing. The secured notes and preferred shares issued in the CLO V Transaction were issued by our consolidated subsidiaries Owl Rock CLO V, Ltd., an exempted company incorporated in the Cayman Islands with limited liability (the “CLO V Issuer”), and Owl Rock CLO V, LLC, a Delaware limited liability company (the “CLO V Co-Issuer” and together with the CLO V Issuer, the “CLO V Issuers”) and are backed by a portfolio of collateral obligations consisting of middle market loans and participation interests in middle market loans as well as by other assets of the CLO V Issuer.

Concurrently with the issuance of the CLO V Secured Notes, the CLO V Issuer issued approximately $149.45 million of subordinated securities in the form of 149,450 preferred shares at an issue price of U.S.$1,000 per share (the “CLO V Preferred Shares”). The CLO V Preferred Shares were issued by the CLO V Issuer as part of its issued share capital and are not secured by the collateral securing the CLO V Secured Notes. We purchased all of the CLO V Preferred Shares, and as such, these securities are eliminated in consolidation. We act as retention holder in connection with the CLO V Transaction for the purposes of satisfying certain U.S. and European Union regulations requiring sponsors of securitization transactions to retain exposure to the performance of the securitized assets and as such is required to retain a portion of the CLO V Preferred Shares.

As part of the CLO V Transaction, we entered into a loan sale agreement with the CLO V Issuer dated as of the CLO V Closing Date, which provided for the sale and contribution of approximately $201.75 million par amount of middle market loans to the CLO V Issuer on the CLO V Closing Date and for future sales to the CLO V Issuer on an ongoing basis. Such loans constituted part of the initial portfolio of assets securing the CLO V Secured Notes. The remainder of the initial portfolio assets securing the CLO V Secured Notes consisted of approximately $84.74 million par amount of middle market loans purchased by the CLO V Issuer from ORCC Financing II LLC, our wholly-owned subsidiary, under an additional loan sale agreement executed on the CLO V Closing Date between the Issuer and ORCC

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Financing II LLC. We and ORCC Financing II LLC each made customary representations, warranties, and covenants to the Issuer under the applicable loan sale agreement.

Through July 20, 2022, a portion of the proceeds received by the CLO V Issuer from the loans securing the CLO V Secured Notes may be used by the CLO V Issuer to purchase additional middle market loans under the direction of the Adviser, in its capacity as collateral manager for the CLO V Issuer and in accordance with our investing strategy and ability to originate eligible middle market loans.

CLO VI

On May 5, 2021 (the “CLO VI Closing Date”), we completed a $397.78 million term debt securitization transaction (the “CLO VI Transaction”), also known as a collateralized loan obligation transaction, which is a form of secured financing. The secured notes and preferred shares issued in the CLO VI Transaction were issued by our consolidated subsidiaries Owl Rock CLO VI, Ltd., an exempted company incorporated in the Cayman Islands with limited liability (the “CLO VI Issuer”), and Owl Rock CLO VI, LLC, a Delaware limited liability company (the “CLO VI Co-Issuer” and together with the CLO VI Issuer, the “CLO VI Issuers”) and are backed by a portfolio of collateral obligations consisting of middle market loans and participation interests in middle market loans as well as by other assets of the CLO VI Issuer.

Concurrently with the issuance of the CLO VI Secured Notes, the CLO VI Issuer issued approximately $137.78 million of subordinated securities in the form of 137,775 preferred shares at an issue price of U.S.$1,000 per share (the “CLO VI Preferred Shares”). The CLO VI Preferred Shares were issued by the CLO VI Issuer as part of its issued share capital and are be secured by the collateral securing the CLO VI Secured Notes. We purchased all of the CLO VI Preferred Shares, and as such, these securities are eliminated in consolidation. We will act as retention holder in connection with the CLO VI Transaction for the purposes of satisfying certain U.S., United Kingdom and European Union regulations requiring sponsors of securitization transactions to retain exposure to the performance of the securitized assets and as such is required to retain a portion of the CLO VI Preferred Shares.

As part of the CLO VI Transaction, we entered into a loan sale agreement with the CLO VI Issuer dated as of the CLO VI Closing Date, which provides for the sale and contribution of approximately $205.6 million par amount of middle market loans to the CLO VI Issuer on the CLO VI Closing Date and for future sales to the CLO VI Issuer on an ongoing basis. Such loans constitute part of the initial portfolio of assets securing the CLO VI Secured Notes. The remainder of the initial portfolio assets securing the CLO VI Secured Notes consists of approximately $164.7 million par amount of middle market loans purchased by the CLO VI Issuer from ORCC Financing IV LLC, our wholly-owned subsidiary, under an additional loan sale agreement executed on the CLO VI Closing Date between the Issuer and ORCC Financing IV LLC. We and ORCC Financing IV LLC each made customary representations, warranties, and covenants to the Issuer under the applicable loan sale agreement.

Through June 20, 2024, a portion of the proceeds received by the CLO VI Issuer from the loans securing the CLO VI Secured Notes may be used by the CLO VI Issuer to purchase additional middle market loans under the direction of the Adviser, in its capacity as collateral manager for the CLO VI Issuer and in accordance with our investing strategy and ability to originate eligible middle market loans.

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Act”), or any state securities (e.g., “blue sky”) laws, and may not be offered or sold in the United States absent registration with the Securities and Exchange Commission or pursuant to an applicable exemption from such registration.

Unsecured Notes

2023 Notes

On December 21, 2017, we entered into a Note Purchase Agreement governing the issuance of $150 million in aggregate principal amount of unsecured notes (the “2023 Notes”) to institutional investors in a private placement. The 2023 Notes had a fixed interest rate of 4.75% and were due on June 21, 2023. Interest on the 2023 Notes was due and ranked semiannually. This interest rate was subject to increase (up to a maximum interest rate of 5.50%) in the event that, subject to certain exceptions, the 2023 Notes ceased to have an investment grade rating. We were obligated to offer to repay the 2023 Notes at par if certain change in control events occur. The 2023 Notes were our general unsecured obligations and ranked pari passu with all outstanding and future unsecured unsubordinated indebtedness issued by us.

The Note Purchase Agreement for the 2023 Notes contained customary terms and conditions for unsecured notes issued in a private placement, including, without limitation, affirmative and negative covenants such as information reporting, maintenance of our status as a BDC within the meaning of the 1940 Act and a RIC under the Code, minimum shareholders equity, minimum asset coverage ratio and prohibitions on certain fundamental changes at us or any subsidiary guarantor, as well as customary events of default with customary cure and notice, including, without limitation, nonpayment, misrepresentation in a material respect, breach of covenant, cross-default under other indebtedness of us or certain significant subsidiaries, certain judgments and orders, and certain events of bankruptcy.

The 2023 Notes were offered in reliance on Section 4(a)(2) of the Securities Act.

In connection with the offering of the 2023 Notes, on December 21, 2017 we entered into a centrally cleared interest rate swap. The notional amount of the interest rate swap was $150 million. We received fixed rate interest semi-annually at 4.75% and paid variable rate interest monthly based on 1-month LIBOR plus 2.545%. The interest rate swap matured on December 21, 2021, and therefore, for the three months ended March 31, 2022, we did not make any periodic payments. For the three months ended March 31, 2021, we made periodic payments of $1.0 million. The interest expense related to the 2023 Notes was equally offset by proceeds received from the interest rate swap. The swap adjusted interest expense is included as a component of interest expense in our Consolidated Statements of Operations. Depending on the nature of the balance at period end, the fair value of the interest rate swap is either included as a component of accrued expenses and other liabilities or prepaid expenses and other assets on our Consolidated Statements of Assets and Liabilities. The change in fair value of the interest rate swap is offset by the change in fair value of the 2023 Notes, with the remaining difference included as a component of interest expense on the Consolidated Statements of Operations. For further details, see “ITEM 1. – Notes to Consolidated Financial Statements – Note 6. Debt.”

2024 Notes

On April 10, 2019, we issued $400 million aggregate principal amount of notes that mature on April 15, 2024 (the “2024 Notes”). The 2024 Notes bear interest at a rate of 5.250% per year, payable semi-annually on April 15 and October 15 of each year, commencing on October 15, 2019. We may redeem some or all of the 2024 Notes at any time, or from time to time, at a redemption price equal to the greater of (1) 100% of the principal amount of the 2024 Notes to be redeemed or (2) the sum of the present values of the remaining scheduled payments of principal and interest (exclusive of accrued and unpaid interest to the date of redemption) on the 2024 Notes to be redeemed, discounted to the redemption date on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) using the applicable Treasury Rate plus 50 basis points, plus, in each case, accrued and unpaid interest to the redemption date; provided, however, that if we redeem any 2024 Notes on or after March 15, 2024 (the date falling one month prior to the maturity date of the 2024 Notes), the redemption price for the 2024 Notes will be equal to 100% of the principal amount of the 2024 Notes to be redeemed, plus accrued and unpaid interest, if any, to, but excluding, the date of redemption.

In connection with the issuance of the 2024 Notes, on April 10, 2019 we entered into centrally cleared interest rate swaps. The notional amount of the interest rate swaps is $400 million. We will receive fixed rate interest at 5.25% and pay variable rate interest based

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on one-month LIBOR plus 2.937%. The interest rate swaps mature on April 10, 2024. For the three months ended March 31, 2022 and 2021, we made no periodic payments. The interest expense related to the 2024 Notes is equally offset by the proceeds received from the interest rate swaps. The swap adjusted interest expense is included as a component of interest expense on our Consolidated Statements of Operations. As of March 31, 2022 and December 31, 2021, the interest rate swap had a fair value of $(1.5) million and $12.0 million, respectively. Depending on the nature of the balance at period end, the fair value of the interest rate swap is either included as a component of accrued expenses and other liabilities or prepaid expenses and other assets on our Consolidated Statements of Assets and Liabilities. The change in fair value of the interest rate swap is offset by the change in fair value of the 2024 Notes, with the remaining difference included as a component of interest expense on the Consolidated Statements of Operations. For further details, see “ITEM 1. – Notes to Consolidated Financial Statements – Note 6. Debt.”

2025 Notes

On October 8, 2019, we issued $425 million aggregate principal amount of notes that mature on March 30, 2025 (the “2025 Notes”). The 2025 Notes bear interest at a rate of 4.00% per year, payable semi-annually on March 30 and September 30 of each year, commencing on March 30, 2020. We may redeem some or all of the 2025 Notes at any time, or from time to time, at a redemption price equal to the greater of (1) 100% of the principal amount of the 2025 Notes to be redeemed or (2) the sum of the present values of the remaining scheduled payments of principal and interest (exclusive of accrued and unpaid interest to the date of redemption) on the 2025 Notes to be redeemed, discounted to the redemption date on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) using the applicable Treasury Rate plus 40 basis points, plus, in each case, accrued and unpaid interest to the redemption date; provided, however, that if we redeem any 2025 Notes on or after February 28, 2025 (the date falling one month prior to the maturity date of the 2025 Notes), the redemption price for the 2025 Notes will be equal to 100% of the principal amount of the 2025 Notes to be redeemed, plus accrued and unpaid interest, if any, to, but excluding, the date of redemption. For further details, see “ITEM 1. – Notes to Consolidated Financial Statements – Note 6. Debt.”

July 2025 Notes

On January 22, 2020, we issued $500 million aggregate principal amount of notes that mature on July 22, 2025 (the “July 2025 Notes”). The July 2025 Notes bear interest at a rate of 3.75% per year, payable semi-annually on January 22 and July 22, of each year, commencing on July 22, 2020. We may redeem some or all of the July 2025 Notes at any time, or from time to time, at a redemption price equal to the greater of (1) 100% of the principal amount of the July 2025 Notes to be redeemed or (2) the sum of the present values of the remaining scheduled payments of principal and interest (exclusive of accrued and unpaid interest to the date of redemption) on the July 2025 Notes to be redeemed, discounted to the redemption date on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) using the applicable Treasury Rate plus 35 basis points, plus, in each case, accrued and unpaid interest to the redemption date; provided, however, that if we redeem any July 2025 Notes on or after June 22, 2025 (the date falling one month prior to the maturity date of the 2025 Notes), the redemption price for the July 2025 Notes will be equal to 100% of the principal amount of the July 2025 Notes to be redeemed, plus accrued and unpaid interest, if any, to, but excluding, the date of redemption. For further details, see “ITEM 1. – Notes to Consolidated Financial Statements – Note 6. Debt.”

2026 Notes

On July 23, 2020, we issued $500 million aggregate principal amount of notes that mature on January 15, 2026 (the “2026 Notes”). The 2026 Notes bear interest at a rate of 4.25% per year, payable semi-annually on January 15 and July 15 of each year, commencing on January 15, 2021. We may redeem some or all of the 2026 Notes at any time, or from time to time, at a redemption price equal to the greater of (1) 100% of the principal amount of the 2026 Notes to be redeemed or (2) the sum of the present values of the remaining scheduled payments of principal and interest (exclusive of accrued and unpaid interest to the date of redemption) on the 2026 Notes to be redeemed, discounted to the redemption date on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) using the applicable Treasury Rate plus 50 basis points, plus, in each case, accrued and unpaid interest to the redemption date; provided, however, that if we redeem any 2026 Notes on or after December, 15 2025 (the date falling one month prior to the maturity date of the 2026 Notes), the redemption price for the 2026 Notes will be equal to 100% of the principal amount of the 2026 Notes to be redeemed, plus accrued and unpaid interest, if any, to, but excluding, the date of redemption. For further details, see “ITEM 1. – Notes to Consolidated Financial Statements – Note 6. Debt.”

July 2026 Notes

On December 8, 2020, we issued $1.0 billion aggregate principal amount of notes that mature on July 15, 2026 (the “July 2026 Notes”). The July 2026 Notes bear interest at a rate of 3.40% per year, payable semi-annually on January 15 and July 15 of each year, commencing on July 15, 2021. We may redeem some or all of the July 2026 Notes at any time, or from time to time, at a redemption price equal to the greater of (1) 100% of the principal amount of the July 2026 Notes to be redeemed or (2) the sum of the present values of the remaining scheduled payments of principal and interest (exclusive of accrued and unpaid interest to the date of redemption) on the July 2026 Notes to be redeemed, discounted to the redemption date on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) using the applicable Treasury Rate plus 50 basis points, plus, in each case, accrued and unpaid interest to the redemption date; provided, however, that if we redeem any July 2026 Notes on or after June 15, 2026 (the date falling one month prior to the maturity date of the July 2026 Notes), the redemption price for the July 2026 Notes will be equal to 100% of the principal amount of the July 2026

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Notes to be redeemed, plus accrued and unpaid interest, if any, to, but excluding, the date of redemption. For further details, see “ITEM 1. – Notes to Consolidated Financial Statements – Note 6. Debt."

2027 Notes

On April 26, 2021, we issued $500 million aggregate principal amount of notes that mature on January 15, 2027 (the “2027 Notes”). The 2027 Notes bear interest at a rate of 2.625% per year, payable semi-annually on January 15 and July 15, of each year, commencing on July 15, 2021. We may redeem some or all of the 2027 Notes at any time, or from time to time, at a redemption price equal to the greater of (1) 100% of the principal amount of the 2027 Notes to be redeemed or (2) the sum of the present values of the remaining scheduled payments of principal and interest (exclusive of accrued and unpaid interest to the date of redemption) on the 2027 Notes to be redeemed, discounted to the redemption date on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) using the applicable Treasury Rate plus 30 basis points, plus, in each case, accrued and unpaid interest to the redemption date; provided, however, that if we redeem any 2027 Notes on or after December 15, 2026 (the date falling one month prior to the maturity date of the 2027 Notes), the redemption price for the 2027 Notes will be equal to 100% of the principal amount of the 2027 Notes to be redeemed, plus accrued and unpaid interest, if any, to, but excluding, the date of redemption.

In connection with the issuance of the 2027 Notes, on April 26, 2021 we entered into centrally cleared interest rate swaps. The notional amount of the interest rate swaps is $500 million. We will receive fixed rate interest at 2.625% and pay variable rate interest based on one-month LIBOR plus 1.655%. The interest rate swaps mature on January 15, 2027. For the three months ended March 31, 2022 we made periodic payments of $2.0 million. For the three months ended March 31, 2021, we made no periodic payments. The interest expense related to the 2027 Notes is equally offset by the proceeds received from the interest rate swaps. The swap adjusted interest expense is included as a component of interest expense on our Consolidated Statements of Operations. As of March 31, 2022 and December 31, 2021, the interest rate swaps had a fair value of $(33.3) million and 7.6 million, respectively. Depending on the nature of the balance at period end, the fair value of the interest rate swaps is either included as a component of accrued expenses and other liabilities or prepaid expenses and other assets on our Consolidated Statements of Assets and Liabilities. The change in fair value of the interest rate swaps is offset by the change in fair value of the 2027 Notes, with the remaining difference included as a component of interest expense on the Consolidated Statements of Operations. For further details, see “ITEM 1. – Notes to Consolidated Financial Statements – Note 6. Debt.”

2028 Notes

On June 11, 2021, we issued $450 million aggregate principal amount of notes that mature on June 11, 2028 and on August 17, 2021, we issued an additional $400 million aggregate principal amount of our 2.875% notes due 2028 (together, the “2028 Notes”). The 2028 Notes bear interest at a rate of 2.875% per year, payable semi-annually on June 11 and December 11, of each year, commencing on December 11, 2021. We may redeem some or all of the 2028 Notes at any time, or from time to time, at a redemption price equal to the greater of (1) 100% of the principal amount of the 2028 Notes to be redeemed or (2) the sum of the present values of the remaining scheduled payments of principal and interest (exclusive of accrued and unpaid interest to the date of redemption) on the 2028 Notes to be redeemed, discounted to the redemption date on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) using the applicable Treasury Rate plus 30 basis points, plus, in each case, accrued and unpaid interest to the redemption date; provided, however, that if we redeem any 2028 Notes on or after April 11, 2028 (the date falling two months prior to the maturity date of the 2028 Notes), the redemption price for the 2028 Notes will be equal to 100% of the principal amount of the 2028 Notes to be redeemed, plus accrued and unpaid interest, if any, to, but excluding, the date of redemption. For further details, see “ITEM 1. – Notes to Consolidated Financial Statements – Note 6. Debt.”

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Off-Balance Sheet Arrangements

Portfolio Company Commitments

From time to time, we may enter into commitments to fund investments. As of March 31, 2022 and December 31, 2021, we had the following outstanding commitments to fund investments in current portfolio companies:


Portfolio Company	Investment	March 31, 2022		December 31, 2021
($ in thousands)
3ES Innovation Inc. (dba Aucerna)	First lien senior secured revolving loan	$	3,893	$	3,893
ABB/Con-cise Optical Group LLC	First lien senior secured revolving loan		4,458		—
Accela, Inc.	First lien senior secured revolving loan		1,500		3,000
Alera Group, Inc.	First lien senior secured delayed draw term loan		417		417
AmSpec Group, Inc. (fka AmSpec Services Inc.)	First lien senior secured revolving loan		14,462		10,665
Apex Group Treasury, LLC	Second lien senior secured delayed draw term loan		25,147		25,147
Apptio, Inc.	First lien senior secured revolving loan		1,667		1,667
Aramsco, Inc.	First lien senior secured revolving loan		2,695		8,378
Ardonagh Midco 3 PLC	First lien senior secured GBP delayed draw term loan		10,730		11,038
Ascend Buyer, LLC (dba PPC Flexible Packaging)	First lien senior secured revolving loan		471		471
Associations, Inc.	First lien senior secured revolving loan		32,923		32,923
AxiomSL Group, Inc.	First lien senior secured delayed draw term loan		8,331		8,331
AxiomSL Group, Inc.	First lien senior secured revolving loan		18,227		18,227
Bayshore Intermediate #2, L.P. (dba Boomi)	First lien senior secured revolving loan		6,913		6,913
BCPE Osprey Buyer, Inc. (dba PartsSource)	First lien senior secured delayed draw term loan		28,014		28,014
BCPE Osprey Buyer, Inc. (dba PartsSource)	First lien senior secured revolving loan		11,855		11,855
BCTO BSI Buyer, Inc. (dba Buildertrend)	First lien senior secured revolving loan		2,339		2,339
Blend Labs, Inc.	First lien senior secured revolving loan		7,500		7,500
BP Veraison Buyer, LLC (dba Sun World)	First lien senior secured delayed draw term loan		29,054		29,054
BP Veraison Buyer, LLC (dba Sun World)	First lien senior secured revolving loan		8,716		8,716
Brightway Holdings, LLC	First lien senior secured revolving loan		3,158		3,158
Centrify Corporation	First lien senior secured revolving loan		6,817		6,817
CivicPlus, LLC	First lien senior secured delayed draw term loan		6,673		6,673
CivicPlus, LLC	First lien senior secured revolving loan		1,335		1,335
Denali BuyerCo, LLC (dba Summit Companies)	First lien senior secured delayed draw term loan		8,305		9,849
Denali BuyerCo, LLC (dba Summit Companies)	First lien senior secured revolving loan		2,199		3,556
Diamondback Acquisition, Inc. (dba Sphera)	First lien senior secured delayed draw term loan		1,080		1,080
Dodge Data & Analytics LLC	First lien senior secured revolving loan		—		1,888
Douglas Products and Packaging Company LLC	First lien senior secured revolving loan		16,208		3,936
EET Buyer, Inc. (dba e-Emphasys)	First lien senior secured revolving loan		455		455
Entertainment Benefits Group, LLC	First lien senior secured revolving loan		11,200		11,200
Evolution BuyerCo, Inc. (dba SIAA)	First lien senior secured revolving loan		10,709		10,709

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Portfolio Company	Investment	March 31, 2022		December 31, 2021
($ in thousands)
Forescout Technologies, Inc.	First lien senior secured revolving loan		5,345		5,345
Fortis Solutions Group, LLC	First lien senior secured delayed draw term loan		1,347		1,347
Fortis Solutions Group, LLC	First lien senior secured revolving loan		462		462
Gainsight, Inc.	First lien senior secured revolving loan		3,357		3,357
Galls, LLC	First lien senior secured revolving loan		14,483		20,468
Gaylord Chemical Company, L.L.C.	First lien senior secured revolving loan		13,202		13,202
Gerson Lehrman Group, Inc.	First lien senior secured revolving loan		21,563		21,563
GI Ranger Intermediate, LLC (dba Rectangle Health)	First lien senior secured delayed draw term loan		—		614
GI Ranger Intermediate, LLC (dba Rectangle Health)	First lien senior secured revolving loan		332		369
Global Music Rights, LLC	First lien senior secured revolving loan		667		667
GovBrands Intermediate, Inc.	First lien senior secured delayed draw term loan		1,111		1,111
GovBrands Intermediate, Inc.	First lien senior secured revolving loan		793		793
Granicus, Inc.	First lien senior secured delayed draw term loan		1,006		1,006
Granicus, Inc.	First lien senior secured revolving loan		1,187		1,187
Guidehouse Inc.	First lien senior secured revolving loan		—		351
H&F Opportunities LUX III S.À R.L (dba Checkmarx)	First lien senior secured revolving loan		16,250		16,250
Hercules Borrower, LLC (dba The Vincit Group)	First lien senior secured revolving loan		18,685		20,916
HGH Purchaser, Inc. (dba Horizon Services)	First lien senior secured delayed draw term loan		49,359		49,359
HGH Purchaser, Inc. (dba Horizon Services)	First lien senior secured revolving loan		4,042		7,031
Hometown Food Company	First lien senior secured revolving loan		4,235		4,235
Ideal Tridon Holdings, Inc.	First lien senior secured revolving loan		5,727		3,927
IG Investments Holdings, LLC (dba Insight Global)	First lien senior secured revolving loan		3,179		1,987
Individual Foodservice Holdings, LLC	First lien senior secured delayed draw term loan		—		6,890
Individual Foodservice Holdings, LLC	First lien senior secured revolving loan		17,733		20,609
Innovation Ventures HoldCo, LLC (dba 5 Hour Energy)	First lien senior secured delayed draw term loan A		25,000		—
Innovation Ventures HoldCo, LLC (dba 5 Hour Energy)	First lien senior secured delayed draw term loan B		25,000		—
Inovalon Holdings, Inc.	First lien senior secured delayed draw term loan		18,988		18,988
Integrity Marketing Acquisition, LLC	First lien senior secured revolving loan		14,832		14,832
Intelerad Medical Systems Incorporated (fka 11849573 Canada Inc.)	First lien senior secured revolving loan		1,607		1,607
Interoperability Bidco, Inc. (dba Lyniate)	First lien senior secured revolving loan		3,043		4,000
IQN Holding Corp. (dba Beeline)	First lien senior secured revolving loan		22,672		22,672
KPSKY Acquisition, Inc. (dba BluSky)	First lien senior secured delayed draw term loan		256		256

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Portfolio Company	Investment	March 31, 2022		December 31, 2021
($ in thousands)
Lazer Spot G B Holdings, Inc.	First lien senior secured revolving loan		25,223		26,833
Lignetics Investment Corp.	First lien senior secured delayed draw term loan		3,922		3,922
Lignetics Investment Corp.	First lien senior secured revolving loan		3,373		3,922
Litera Bidco LLC	First lien senior secured delayed draw term loan		5,176		5,176
Litera Bidco LLC	First lien senior secured revolving loan		5,738		5,738
CSC Mkg Topco LLC (Medical Knowledge Group)	First lien senior secured revolving loan		169		—
Medline Borrower, LP	First lien senior secured revolving loan		7,190		7,190
MHE Intermediate Holdings, LLC (dba OnPoint Group)	First lien senior secured delayed draw term loan		9,850		9,850
MHE Intermediate Holdings, LLC (dba OnPoint Group)	First lien senior secured revolving loan		14,914		15,536
Milan Laser Holdings LLC	First lien senior secured revolving loan		2,078		2,078
MINDBODY, Inc.	First lien senior secured revolving loan		6,071		6,071
Ministry Brands Holdings, LLC	First lien senior secured delayed draw term loan		226		226
Ministry Brands Holdings, LLC	First lien senior secured revolving loan		68		68
National Dentex Labs LLC (fka Barracuda Dental LLC)	First lien senior secured delayed draw term loan		3,980		3,980
National Dentex Labs LLC (fka Barracuda Dental LLC)	First lien senior secured revolving loan		2,576		6,322
Natural Partners, LLC	First lien senior secured revolving loan		68		—
Nelipak Holding Company	First lien senior secured revolving loan		4,288		4,288
Nelipak Holding Company	First lien senior secured revolving loan		7,356		7,518
NMI Acquisitionco, Inc. (dba Network Merchants)	First lien senior secured delayed draw term loan		4,073		4,073
NMI Acquisitionco, Inc. (dba Network Merchants)	First lien senior secured revolving loan		1,652		1,652
Norvax, LLC (dba GoHealth)	First lien senior secured revolving loan		2,761		2,761
Notorious Topco, LLC (dba Beauty Industry Group)	First lien senior secured delayed draw term loan		15,962		15,962
Notorious Topco, LLC (dba Beauty Industry Group)	First lien senior secured revolving loan		7,023		7,981
OB Hospitalist Group, Inc.	First lien senior secured revolving loan		15,148		13,533
Ole Smoky Distillery, LLC	First lien senior secured revolving loan		116		—
Patriot Acquisition TopCo S.A.R.L (dba Corza Health, Inc.)	First lien senior secured revolving loan		13,538		13,538
Peter C. Foy & Associates Insurance Services, LLC (dba PCF Insurance Services)	First lien senior secured delayed draw term loan		—		8,695
Peter C. Foy & Associates Insurance Services, LLC (dba PCF Insurance Services)	First lien senior secured revolving loan		6,161		6,161
Pluralsight, LLC	First lien senior secured revolving loan		6,235		6,235
Project Power Buyer, LLC (dba PEC-Veriforce)	First lien senior secured revolving loan		3,188		3,188
PS Operating Company LLC (fka QC Supply, LLC)	First lien senior secured revolving loan		2,648		2,650
QAD, Inc.	First lien senior secured revolving loan		3,429		3,429

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Portfolio Company	Investment	March 31, 2022		December 31, 2021
($ in thousands)
Quva Pharma, Inc.	First lien senior secured revolving loan		2,880		4,000
Reef Global Acquisition LLC (fka Cheese Acquisition, LLC)	First lien senior secured revolving loan		6,312		5,377
Refresh Parent Holdings, Inc.	First lien senior secured delayed draw term loan		—		797
Refresh Parent Holdings, Inc.	First lien senior secured revolving loan		—		6,897
Relativity ODA LLC	First lien senior secured revolving loan		7,333		7,333
Sara Lee Frozen Bakery, LLC (fka KSLB Holdings, LLC)	First lien senior secured revolving loan		6,960		8,700
Smarsh Inc.	First lien senior secured delayed draw term loan		190		—
Smarsh Inc.	First lien senior secured revolving loan		48		—
Sonny's Enterprises LLC	First lien senior secured revolving loan		17,968		15,402
Swipe Acquisition Corporation (dba PLI)	First lien senior secured delayed draw term loan		6,228		10,230
Swipe Acquisition Corporation (dba PLI)	Letter of Credit		7,118		7,118
SWK BUYER, Inc. (dba Stonewall Kitchen)	First lien senior secured delayed draw term loan		175		—
SWK BUYER, Inc. (dba Stonewall Kitchen)	First lien senior secured revolving loan		63		—
Tahoe Finco, LLC	First lien senior secured revolving loan		9,244		9,244
Tamarack Intermediate, L.L.C. (dba Verisk 3E)	First lien senior secured revolving loan		141		—
TC Holdings, LLC (dba TrialCard)	First lien senior secured revolving loan		7,685		7,685
TEMPO BUYER CORP. (dba Global Claims Services)	First lien senior secured delayed draw term loan		308		308
TEMPO BUYER CORP. (dba Global Claims Services)	First lien senior secured revolving loan		148		154
The Shade Store, LLC	First lien senior secured revolving loan		455		909
THG Acquisition, LLC (dba Hilb)	First lien senior secured revolving loan		8,608		8,608
Thunder Purchaser, Inc. (dba Vector Solutions)	First lien senior secured delayed draw term loan		10,965		10,965
Thunder Purchaser, Inc. (dba Vector Solutions)	First lien senior secured revolving loan		3,011		3,838
Troon Golf, L.L.C.	First lien senior secured revolving loan		17,567		21,621
Ultimate Baked Goods Midco, LLC	First lien senior secured revolving loan		3,730		4,724
USRP Holdings, Inc. (dba U.S. Retirement and Benefits Partners)	First lien senior secured revolving loan		4,168		4,168
Valence Surface Technologies LLC	First lien senior secured revolving loan		49		49
Velocity HoldCo III Inc. (dba VelocityEHS)	First lien senior secured revolving loan		1,340		1,340
When I Work, Inc.	First lien senior secured revolving loan		925		925
Wingspire Capital Holdings LLC	LLC Interest		77,712		51,962
WU Holdco, Inc. (dba Weiman Products, LLC)	First lien senior secured delayed draw term loan		—		14,829
WU Holdco, Inc. (dba Weiman Products, LLC)	First lien senior secured revolving loan		17,285		13,444
Total Unfunded Portfolio Company Commitments		$	985,730	$	963,808

We seek to carefully consider our unfunded portfolio company commitments for the purpose of planning our ongoing financial leverage. Further, we consider any outstanding unfunded portfolio company commitments we are required to fund within the 150% asset coverage limitation. As of March 31, 2022, we believed we had adequate financial resources to satisfy the unfunded portfolio company commitments.

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Other Commitments and Contingencies

On November 3, 2020, our Board approved a repurchase program under which we may repurchase up to $100 million of our outstanding common stock. Under the program, purchases may be made at management’s discretion from time to time in open-market transactions, in accordance with all applicable securities laws and regulations. Unless extended by the Board, the repurchase program will terminate 12-months from the date it was approved. On November 2, 2021, the Board approved an extension to the Repurchase Plan and, unless further extended by the Board, will terminate 12-months from that date. As of December 31, 2021, Goldman Sachs & Co., as agent, has repurchased 186,150 shares of the Company’s common stock pursuant to the Repurchase Plan for approximately $2.6 million.

From time to time, we may become a party to certain legal proceedings incidental to the normal course of its business. At March 31, 2022, we were not aware of any material pending or threatened litigation that would require accounting recognition or financial statement disclosure.

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Contractual Obligations

A summary of our contractual payment obligations under our credit facilities as of March 31, 2022, is as follows:


	Payments Due by Period
($ in millions)	Total		Less than 1 year		1-3 years		3-5 years		After 5 years
Revolving Credit Facility	$	440.4	$	—	$	—		440.4		—
SPV Asset Facility II		350.0		—		—		—		350.0
SPV Asset Facility III		395.0		—		395.0		—		—
SPV Asset Facility IV		155.0		—		—		—		155.0
CLO I		390.0		—		—		—		390.0
CLO II		260.0		—		—		—		260.0
CLO III		260.0		—		—		—		260.0
CLO IV		292.5		—		—		—		292.5
CLO V		196.0		—		—		—		196.0
CLO VI		260.0		—		—		—		260.0
2024 Notes		400.0		—		400.0		—		—
2025 Notes		425.0		—		—		425.0		—
July 2025 Notes		500.0		—		—		500.0		—
2026 Notes		500.0		—		—		500.0		—
July 2026 Notes		1,000.0		—		—		1,000.0		—
2027 Notes		500.0		—		—		500.0		—
2028 Notes		850.0		—		—		—		850.0
Total Contractual Obligations	$	7,173.9	$	—	$	795.0	$	3,365.4	$	3,013.5

Related-Party Transactions

We have entered into a number of business relationships with affiliated or related parties, including the following:

•

the Investment Advisory Agreement;

•

the Administration Agreement; and

•

the License Agreement.

In addition to the aforementioned agreements, we, our Adviser and certain of our Adviser’s affiliates have been granted exemptive relief by the SEC to co-invest with other funds managed by the Adviser or its affiliates, in a manner consistent with our investment objective, positions, policies, strategies and restrictions as well as regulatory requirements and other pertinent factors. See “ITEM 1. – Notes to Consolidated Financial Statements – Note 3. Agreements and Related Party Transactions” for further details.

We invest through Wingspire and, together with Nationwide, through ORCC SLF, controlled affiliated investments as defined in the 1940 Act. See “ITEM 1. – Notes to Consolidated Financial Statements – Note 3. Agreements and Related Party Transactions” for further details.

Critical Accounting Policies

The preparation of the consolidated financial statements requires us to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses. Changes in the economic environment, financial markets, and any other parameters used in determining such estimates could cause actual results to differ. Our critical accounting policies should be read in connection with our risk factors as described in “ITEM 1A. RISK FACTORS.”

Investments at Fair Value

Investment transactions are recorded on the trade date. Realized gains or losses are measured by the difference between the net proceeds received (excluding prepayment fees, if any) and the amortized cost basis of the investment using the specific identification method without regard to unrealized gains or losses previously recognized, and include investments charged off during the period, net of recoveries. The net change in unrealized gains or losses primarily reflects the change in investment values, including the reversal of previously recorded unrealized gains or losses with respect to investments realized during the period.

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Investments for which market quotations are readily available are typically valued at the bid price of those market quotations. To validate market quotations, we utilize a number of factors to determine if the quotations are representative of fair value, including the source and number of the quotations. Debt and equity securities that are not publicly traded or whose market prices are not readily available, as is the case for substantially all of our investments, are valued at fair value as determined in good faith by our Board, based on, among other things, the input of the Adviser, our audit committee and independent third-party valuation firm(s) engaged at the direction of the Board.

As part of the valuation process, the Board takes into account relevant factors in determining the fair value of our investments, including: the estimated enterprise value of a portfolio company (i.e., the total fair value of the portfolio company’s debt and equity), the nature and realizable value of any collateral, the portfolio company’s ability to make payments based on its earnings and cash flow, the markets in which the portfolio company does business, a comparison of the portfolio company’s securities to any similar publicly traded securities, and overall changes in the interest rate environment and the credit markets that may affect the price at which similar investments may be made in the future. When an external event such as a purchase transaction, public offering or subsequent equity sale occurs, the Board considers whether the pricing indicated by the external event corroborates its valuation.

The Board undertakes a multi-step valuation process, which includes, among other procedures, the following:

•

With respect to investments for which market quotations are readily available, those investments will typically be valued at the bid price of those market quotations;

•

Preliminary valuation conclusions are documented and discussed with the Adviser’s valuation committee. Agreed upon valuation recommendations are presented to the Audit Committee;

•

The Audit Committee reviews the valuation recommendations and recommends values for each investment to the Board; and

•

The Board reviews the recommended valuations and determines the fair value of each investment.

We conduct this valuation process on a quarterly basis.

We apply ASC 820, which establishes a framework for measuring fair value in accordance with U.S. GAAP and required disclosures of fair value measurements. ASC 820 determines fair value to be the price that would be received for an investment in a current sale, which assumes an orderly transaction between market participants on the measurement date. Market participants are defined as buyers and sellers in the principal or most advantageous market (which may be a hypothetical market) that are independent, knowledgeable, and willing and able to transact. In accordance with ASC 820, we consider its principal market to be the market that has the greatest volume and level of activity. ASC 820 specifies a fair value hierarchy that prioritizes and ranks the level of observability of inputs used in determination of fair value. In accordance with ASC 820, these levels are summarized below:

•

Level 1 – Valuations based on quoted prices in active markets for identical assets or liabilities that we have the ability to access.

•

Level 2 – Valuations based on quoted prices in markets that are not active or for which all significant inputs are observable, either directly or indirectly.

•

Level 3 – Valuations based on inputs that are unobservable and significant to the overall fair value measurement.

Transfers between levels, if any, are recognized at the beginning of the period in which the transfer occurred. In addition to using the above inputs in investment valuations, we apply the valuation policy approved by our Board that is consistent with ASC 820. Consistent with the valuation policy, we evaluate the source of the inputs, including any markets in which our investments are trading (or any markets in which securities with similar attributes are trading), in determining fair value. When an investment is valued based on prices provided by reputable dealers or pricing services (that is, broker quotes), we subject those prices to various criteria in making the determination as to whether a particular investment would qualify for treatment as a Level 2 or Level 3 investment. For example, we, or the independent valuation firm(s), review pricing support provided by dealers or pricing services in order to determine if observable market information is being used, versus unobservable inputs.

Due to the inherent uncertainty of determining the fair value of investments that do not have a readily available market value, the fair value of our investments may fluctuate from period to period. Additionally, the fair value of such investments may differ significantly from the values that would have been used had a ready market existed for such investments and may differ materially from the values that may ultimately be realized. Further, such investments are generally less liquid than publicly traded securities and may be subject to contractual and other restrictions on resale. If we were required to liquidate a portfolio investment in a forced or liquidation sale, it could realize amounts that are different from the amounts presented and such differences could be material.

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Rule 2a-5 under the 1940 Act was recently adopted by the SEC and establishes requirements for determining fair value in good faith for purposes of the 1940 Act. We are evaluating the impact of adopting Rule 2a-5 on the consolidated financial statements and intend to comply with the new rule’s requirements on or before the compliance date in September 2022.

Interest and Dividend Income Recognition

Interest income is recorded on the accrual basis and includes amortization of discounts or premiums. Certain investments may have contractual payment-in-kind (“PIK”) interest or dividends. PIK interest or dividends represent accrued interest or dividends that are added to the principal amount of the investment on the respective interest or dividend payment dates rather than being paid in cash and generally becomes due at maturity or at the occurrence of a liquidation event. Discounts to par value on securities purchased are amortized into interest income over the contractual life of the respective security using the effective yield method. Premiums to par value on securities purchased are amortized to first call date. The amortized cost of investments represents the original cost adjusted for the amortization of discounts or premiums, if any. Upon prepayment of a loan or debt security, any prepayment premiums, unamortized upfront loan origination fees and unamortized discounts are recorded as interest income in the current period.

Loans are generally placed on non-accrual status when there is reasonable doubt that principal or interest will be collected in full. Accrued interest is generally reversed when a loan is placed on non-accrual status. Interest payments received on non-accrual loans may be recognized as income or applied to principal depending upon management’s judgment regarding collectability. If at any point we believe PIK interest is not expected to be realized, the investment generating PIK interest will be placed on non-accrual status. When a PIK investment is placed on non-accrual status, the accrued, uncapitalized interest or dividends are generally reversed through interest income. Non-accrual loans are restored to accrual status when past due principal and interest is paid current and, in management’s judgment, are likely to remain current. Management may make exceptions to this treatment and determine to not place a loan on non-accrual status if the loan has sufficient collateral value and is in the process of collection.

Distributions

We have elected to be treated for U.S. federal income tax purposes, and qualify annually thereafter, as a RIC under Subchapter M of the Code. To obtain and maintain our tax treatment as a RIC, we must distribute (or be deemed to distribute) in each taxable year distributions for tax purposes equal to at least 90 percent of the sum of our:

•

investment company taxable income (which is generally our ordinary income plus the excess of realized short-term capital gains over realized net long-term capital losses), determined without regard to the deduction for dividends paid, for such taxable year; and

•

net tax-exempt interest income (which is the excess of our gross tax-exempt interest income over certain disallowed deductions) for such taxable year.

As a RIC, we (but not our shareholders) generally will not be subject to U.S. federal tax on investment company taxable income and net capital gains that we distribute to our shareholders.

We intend to distribute annually all or substantially all of such income. To the extent that we retain our net capital gains or any investment company taxable income, we generally will be subject to corporate-level U.S. federal income tax. We can be expected to carry forward our net capital gains or any investment company taxable income in excess of current year dividend distributions, and pay the U.S. federal excise tax as described below.

Amounts not distributed on a timely basis in accordance with a calendar year distribution requirement are subject to a nondeductible 4% U.S. federal excise tax payable by us. We may be subject to a nondeductible 4% U.S. federal excise tax if we do not distribute (or are treated as distributing) during each calendar year an amount at least equal to the sum of:

•

98% of our net ordinary income excluding certain ordinary gains or losses for that calendar year;

•

98.2% of our capital gain net income, adjusted for certain ordinary gains and losses, recognized for the twelve-month period ending on October 31 of that calendar year; and

•

100% of any income or gains recognized, but not distributed, in preceding years.

While we intend to distribute any income and capital gains in the manner necessary to minimize imposition of the 4% U.S. federal excise tax, sufficient amounts of our taxable income and capital gains may not be distributed and as a result, in such cases, the excise tax

158

will be imposed. In such an event, we will be liable for this tax only on the amount by which we do not meet the foregoing distribution requirement.

We intend to pay quarterly distributions to our shareholders out of assets legally available for distribution. All distributions will be paid at the discretion of our Board and will depend on our earnings, financial condition, maintenance of our tax treatment as a RIC, compliance with applicable BDC regulations and such other factors as our Board may deem relevant from time to time.

To the extent our current taxable earnings for a year fall below the total amount of our distributions for that year, a portion of those distributions may be deemed a return of capital to our shareholders for U.S. federal income tax purposes. Thus, the source of a distribution to our shareholders may be the original capital invested by the shareholder rather than our income or gains. Shareholders should read written disclosure carefully and should not assume that the source of any distribution is our ordinary income or gains.

We have adopted an “opt out” dividend reinvestment plan for our common shareholders. As a result, if we declare a cash dividend or other distribution, each shareholder that has not “opted out” of our dividend reinvestment plan will have their dividends or distributions automatically reinvested in additional shares of our common stock rather than receiving cash distributions. Shareholders who receive distributions in the form of shares of common stock will be subject to the same U.S. federal, state and local tax consequences as if they received cash distributions.

Income Taxes

We have elected to be treated as a BDC under the 1940 Act. We have also elected to be treated as a RIC under the Code beginning with the taxable year ending December 31, 2016 and intend to continue to qualify as a RIC. So long as we maintain our tax treatment as a RIC, we generally will not pay corporate-level U.S. federal income taxes on any ordinary income or capital gains that we distribute at least annually to our shareholders as distributions. Rather, any tax liability related to income earned and distributed by us represents obligations of our investors and will not be reflected in our consolidated financial statements.

To qualify as a RIC, we must, among other things, meet certain source-of-income and asset diversification requirements. In addition, to qualify for RIC tax treatment, we must distribute to our shareholders, for each taxable year, at least 90% of our “investment company taxable income” for that year, which is generally our ordinary income plus the excess of our realized net short-term capital gains over our realized net long-term capital losses. In order for us to not be subject to U.S. federal excise taxes, we must distribute annually an amount at least equal to the sum of (i) 98% of our net ordinary income (taking into account certain deferrals and elections) for the calendar year, (ii) 98.2% of our capital gains in excess of capital losses for the one-year period ending on October 31 of the calendar year and (iii) any net ordinary income and capital gains in excess of capital losses for preceding years that were not distributed during such years. We, at our discretion, may carry forward taxable income in excess of calendar year dividends and pay a 4% nondeductible U.S. excise tax on this income.

Certain consolidated subsidiaries of ours are subject to U.S. federal and state corporate-level income taxes.

We evaluate tax positions taken or expected to be taken in the course of preparing our consolidated financial statements to determine whether the tax positions are “more-likely-than-not” to be sustained by the applicable tax authority. Tax positions not deemed to meet the “more-likely-than-not” threshold are reserved and recorded as a tax benefit or expense in the current year. All penalties and interest associated with income taxes are included in income tax expense. Conclusions regarding tax positions are subject to review and may be adjusted at a later date based on factors including, but not limited to, on-going analyses of tax laws, regulations and interpretations thereof. There were no material uncertain tax positions through December 31, 2021. The 2018 through 2020 tax years remain subject to examination by the IRS, and generally years 2017 through 2020 remain subject to examination by state and local tax authorities.

Recent Developments

On April 20, 2022 we completed a $669.2 mllion term debt securitization refinancing in CLO V. As part of the refinancing, we issued the following classes of notes: (i) $354.4 million of AAA(sf) Class A-1R Notes, which bear interest at the Term SOFR plus 1.78%, (ii) $30.4 million of AAA(sf) Class A-2R Notes, which bear interest at the Term SOFR plus 1.95%, (iii) $49.0 million of AA(sf) Class B-1 Notes, which bear interest at the Term SOFR plus 2.20%, (iv) $5.0 million of AA(sf) Class B-2 Notes, which bear interest at 4.25%, (v) $31.5 million of A(sf) Class C-1 Notes, which bear interest at the Term SOFR plus 3.15% and (vi) $39.4 million of A(sf) Class C-2 Notes, which bear interest at 5.10%. We also issued approximately $10.2 million of additional subordinated securities, for a total of $159.6 of subordinated securities in the form of 159,620 preferred shares at an issue price of U.S.$1,000 per share held by us. Following the refinancing, the reinvestment period was extended to April 20, 2026 and the maturity date was extended to April 20, 2034.

On May 3, 2022, the Board declared a distribution of $0.31 per share for shareholders of record on June 30, 2022 payable on or before August 15, 2022.

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Item 3. Quantitative and Qualitative Disclosures About Market Risk.

We are subject to financial market risks, including valuation risk and interest rate risk.

Valuation Risk

We have invested, and plan to continue to invest, primarily in illiquid debt and equity securities of private companies. Most of our investments will not have a readily available market price, and we value these investments at fair value as determined in good faith by our Board, based on, among other things, the input of the Adviser, our Audit Committee and independent third-party valuation firm(s) engaged at the direction of the Board, and in accordance with our valuation policy. There is no single standard for determining fair value. As a result, determining fair value requires that judgment be applied to the specific facts and circumstances of each portfolio investment while employing a consistently applied valuation process for the types of investments we make. If we were required to liquidate a portfolio investment in a forced or liquidation sale, we may realize amounts that are different from the amounts presented and such differences could be material.

Interest Rate Risk

Interest rate sensitivity refers to the change in earnings that may result from changes in the level of interest rates. We intend to fund portions of our investments with borrowings, and at such time, our net investment income will be affected by the difference between the rate at which we invest and the rate at which we borrow. Accordingly, we cannot assure you that a significant change in market interest rates will not have a material adverse effect on our net investment income.

In a prolonged low interest rate environment, the difference between the total interest income earned on interest earning assets and the total interest expense incurred on interest bearing liabilities may be compressed, reducing our net income and potentially adversely affecting our operating results. Conversely, in a rising interest rate environment, such difference could potentially increase thereby increasing our net income as indicated per the table below.

Substantially all of our assets and liabilities are financial in nature. As a result, changes in interest rates and other factors drive our performance more directly than does inflation. Changes in interest rates do not necessarily correlate with inflation rates or changes in inflation rates. As of March 31, 2022, 98.8% of our debt investments based on fair value were floating rates. Additionally, the weighted average LIBOR floor, based on fair value, of our debt investments was 0.8% and the majority of our debt investments have a floor of 1.0%.

Based on our Consolidated Statements of Assets and Liabilities as of March 31, 2022, the following table shows the annualized impact on net income of hypothetical base rate changes in interest rates on our debt investments (considering interest rate floors for floating rate instruments) assuming each floating rate investment is subject to 3-month LIBOR and there are no changes in our investment and borrowing structure:


($ in millions)	Interest Income			Interest Expense			Net Income
Up 300 basis points	$	348.1		$	114.0		$	234.1
Up 200 basis points	$	231.0		$	76.0		$	155.0
Up 100 basis points	$	114.0		$	38.0		$	76.0
Up 50 basis points	$	55.4		$	19.0		$	36.4
Down 50 basis points	$	(12.8	)	$	(19.0	)	$	6.2
Down 100 basis points	$	(16.0	)	$	(36.9	)	$	20.9

We may in the future hedge against interest rate fluctuations by using hedging instruments such as additional interest rate swaps, futures, options, and forward contracts. While hedging activities may mitigate our exposure to adverse fluctuations in interest rates, certain hedging transactions that we may enter into in the future, such as interest rate swap agreements, may also limit our ability to participate in the benefits of lower interest rates with respect to our portfolio investments.

Currency Risk

From time to time, we may make investments that are denominated in a foreign currency. These investments are translated into U.S. dollars at each balance sheet date, exposing us to movements in foreign exchange rates. We may employ hedging techniques to minimize these risks, but we cannot assure you that such strategies will be effective or without risk to us. We may seek to utilize instruments such as, but not limited to, forward contracts to seek to hedge against fluctuations in the relative values of our portfolio positions from changes in currency exchange rates. We also have the ability to borrow in certain foreign currencies under our credit facilities. Instead of entering into a foreign currency forward contract in connection with loans or other investments we have made that are denominated in a foreign currency, we may borrow in that currency to establish a natural hedge against our loan or investment. To the extent the loan or investment is based on a floating rate other than a rate under which we can borrow under our credit facilities, we may seek to utilize interest rate derivatives to hedge our exposure to changes in the associated rate.

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Item 4. Controls and Procedures

(a)

Evaluation of Disclosure Controls and Procedures

In accordance with Rules 13a-15(b) and 15d-15(b) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), we, under the supervision and with the participation of our Chief Executive Officer and Chief Financial Officer, carried out an evaluation of the effectiveness of our disclosure controls and procedures (as defined in Rule 13a-15(e) and Rule 15d-15(e) of the Exchange Act) as of the end of the period covered by this Quarterly Report on Form 10-Q and determined that our disclosure controls and procedures are effective as of the end of the period covered by the Quarterly Report on Form 10-Q.

(b)

Changes in Internal Controls Over Financial Reporting

There have been no changes in our internal control over financial reporting that occurred during the quarter ended March 31, 2022 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

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PART II. OTHER INFORMATION

Item 1. Legal Proceedings

Neither we nor the Adviser are currently subject to any material legal proceedings, nor, to our knowledge, are any material legal proceeding threatened against us. From time to time, we may be a party to certain legal proceedings in the ordinary course of business, including proceedings relating to the enforcement of our rights under contracts with our portfolio companies. Our business is also subject to extensive regulation, which may result in regulatory proceedings against us. While the outcome of any such future legal or regulatory proceedings cannot be predicted with certainty, we do not expect that any such future proceedings will have a material effect upon our financial condition or results of operations.

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Item 1A. Risk Factors

In addition to the other information set forth in this report, you should carefully consider the risk factors discussed in Part I, “ITEM 1A. RISK FACTORS” in our Annual Report on Form 10-K for the fiscal year ended December 31, 2021, which could materially affect our business, financial condition and/or operating results. The risks described in our Annual Report on Form 10-K for the fiscal year ended December 31, 2021 are not the only risks facing us. Additional risks and uncertainties not currently known to us or that we currently deem to be immaterial also may materially and adversely affect our business, financial condition and/or operating results.

Global economic, political and market conditions, including uncertainty about the financial stability of the United States, could have a significant adverse effect on our business, financial condition and results of operations.

The current worldwide financial markets situation, as well as various social and political tensions in the United States and around the world (including wars and other forms of conflict, terrorist acts, security operations and catastrophic events such as fires, floods, earthquakes, tornadoes, hurricanes and global health epidemics), may contribute to increased market volatility, may have long term effects on the United States and worldwide financial markets, and may cause economic uncertainties or deterioration in the United States and worldwide.

For example, the COVID-19 pandemic continues to adversely impact global commercial activity and has contributed to significant volatility in financial markets.

In addition, the rising conflict between Russia and Ukraine, and resulting market volatility, could adversely affect our business, financial condition or results of operations. In response to the conflict between Russia and Ukraine, the U.S. and other countries have imposed sanctions or other restrictive actions against Russia. The ongoing conflict and the rapidly evolving measures in response could be expected to have a negative impact on the economy and business activity globally and could have a material adverse effect on our portfolio companies and our business, financial condition, cash flows and results of operations. The severity and duration of the conflict and its impact on global economic and market conditions are impossible to predict. In addition, sanctions could also result in Russia taking counter measures or retaliatory actions which could adversely impact our business or the business of our portfolio companies, including, but not limited to, cyberattacks targeting private companies, individuals or other infrastructure upon which our business and the business of our portfolio companies rely.

Any of the above factors, including sanctions, export controls, tariffs, trade wars and other governmental actions, could have a material adverse effect on our business, financial condition, cash flows and results of operations and could cause the market value of our common shares and/or debt securities to decline. We monitor developments and seek to manage our investments in a manner consistent with achieving our investment objective, but there can be no assurance that we will be successful in doing so.

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Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.

Other than the shares issued pursuant to our dividend reinvestment plan, we did not sell any unregistered equity securities, except as previously disclosed in certain 8-Ks filed with the SEC.

On January 31, 2022, pursuant to our dividend reinvestment plan, we issued 814,084 shares of our common stock, at a price of $14.68 per share, to stockholders of record as of December 31, 2021 that did not opt out of our dividend reinvestment plan in order to satisfy the reinvestment portion of our dividends. This issuance was not subject to the registration requirements of the Securities Act of 1933, as amended.

Item 3. Defaults Upon Senior Securities.

None.

Item 4. Mine Safety Disclosures

Not applicable.

Item 5. Other Information

Executive Officers

On May 3, 2022, the Board, appointed Jennifer McMillon to serve as the Company's Co-Treasurer and Co-Controller.

Ms. McMillon is a Managing Director of Blue Owl and also serves as the Co-Chief Accounting officer of ORCC II, ORCC III, ORCIC and ORTIC and as the Co-Treasurer and Co-Controller of each of the Owl Rock BDCs. Before joining Blue Owl, Ms. McMillon led the accounting department of Tiptree Inc. (TIPT), a national capital holding company, as the Vice President of Technical Accounting and External Reporting from 2017-2022. She was responsible for financial reporting, valuation/purchase accounting, and numerous internal control functions. From 2013-2017, Ms. McMillon served as the Regional Accounting & Reporting Director, Americas of Koch Industries/Georgia Pacific, from 2009-2013 she served as an Accounting Manager at Oaktree Capital and Centerbridge Partners, and prior to that Ms. McMillon worked in public accounting for nearly ten years, spending most of this tenure at PricewaterhouseCoopers. Ms. McMillon earned her B.S. in Accounting from Florida State University and is a licensed Certified Public Accountant in New York.

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Item 6. Exhibits, Financial Statement Schedules


Exhibit Number		Description of Exhibits


3.1		Articles of Amendment and Restatement, dated March 1, 2016 (incorporated by reference to Exhibit 3.1 to the Company's Registration Statement on Form 10 filed on April 11, 2016).
3.2		Bylaws, dated January 11, 2016 (incorporated by reference to Exhibit 3.2 to the Company's Quarterly Report on Form 10-Q filed on April 11, 2016).
10.1		Fourth Amendment to Credit Agreement, dated as of March 11, 2022, among ORCC Financing IV LLC, as borrower, Société Générale, as administrative agent, State Street Bank and Trust Company, as collateral agent, collateral administrator and custodian, Cortland Capital Market Services LLC, as document custodian, and the lenders party thereto (incorporated by reference to Exhibit 10.1 to the Company's current report on Form 8-K, filed on March 17, 2022).
10.2		Amendment No. 7 to Credit Agreement, dated as of March 25, 2022, among ORCC Financing II LLC, as Borrower, the Lenders referred to therein, Natixis, New York Branch, as Administrative Agent, State Street Bank and Trust Company, as Collateral Agent, Collateral Administrator, Custodian and Cortland Capital Market Services LLC as Document Custodian (incorproated by reference to Exhibit 10.1 to the Company's current report on Form 8-K filed on March 30, 2022).
31.1*		Certification of Principal Executive Officer Pursuant to Rules 13a-14(a) and 15d-14(a) under the Securities Exchange Act of 1934, as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
31.2*		Certification of Principal Financial Officer Pursuant to Rules 13a-14(a) and 15d-14(a) under the Securities Exchange Act of 1934, as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
32.1**		Certification of Principal Executive Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
32.2**		Certification of Principal Financial Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

________________

* Filed herein.

** Furnished herein.

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SIGNATURES

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, as amended, the Registrant has duly caused this Report to be signed on its behalf by the undersigned, thereunto duly authorized.


	Owl Rock Capital Corporation
Date: May 4, 2022	By:	/s/ Craig W. Packer
		Craig W. Packer
		Chief Executive Officer
	Owl Rock Capital Corporation

Date: May 4, 2022	By:	/s/ Jonathan Lamm
		Jonathan Lamm
		Chief Operating Officer and Chief Financial Officer

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