SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

__________________________

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

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

_____________________________

~~Maryland~~	~~85-1187564~~
Maryland		85-1187564
(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)

_____________________________

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

None

~~None~~

None

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~~ ☐YesoNo☐o

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 definitions 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

☒

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).YES☐oNO☒x

As of August ~~12, 2021,~~11, 2022, the registrant had ~~6,566,643~~164,401,670 shares of Class S common stock, ~~4,483,018~~41,804,501 shares of Class D common stock, and ~~21,686,512~~263,738,006 shares of Class I common stock, each with a par value per share of $0.01, outstanding.

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 Core Income Corp. (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 ~~novel strain of coronavirus known as~~ “COVID-19” ~~and related~~pandemic, changes in base interest rates and significant market volatility on our business, our portfolio companies (including our business prospects and the prospects of our portfolio companies including the ability to achieve our and their business objectives), our industry and the global ~~economy;~~economy including as a result of ongoing supply chain disruptions;

•interest rate volatility, including the decommissioning of LIBOR, could adversely affect our results, particularly ifbecause we ~~elect to~~ 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~~changes;

•the impact of geo-political conditions, including revolution, insurgency, terrorism or war, including those arising out of the ~~Coronavirus Aid, Relief~~ongoing conflict between Russia and ~~Economic Security Act signed into law in December 2020~~Ukraine; and ~~the American Rescue Plan Act of 2021, signed into law in March 2021; 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 Core Income Corp.

Consolidated Statements of Assets and Liabilities

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


	June 30, 2021 (Unaudited)		December 31, 2020				June 30, 2022 (Unaudited)		December 31, 2021
Assets						Assets
Investments at fair value (amortized cost of $419,876 and $14,378, respectively)	$	420,733	$	14,376
Investments at fair value						Investments at fair value
Non-controlled, non-affiliated investments (amortized cost of $8,646,873 and $3,116,897, respectively)						Non-controlled, non-affiliated investments (amortized cost of $8,646,873 and $3,116,897, respectively)	$	8,451,228	$	3,120,372
Cash		15,762		8,153		Cash	99,894		21,459
Interest receivable		1,259		60		Interest receivable	38,075		19,034
Due from Adviser		659		—		Due from Adviser	6,775		—
Receivable for investments sold						Receivable for investments sold	423		—
Prepaid expenses and other assets		36		21		Prepaid expenses and other assets	103,930		2,883
Total Assets	$	438,449	$	22,610		Total Assets	$8,700,325		$3,163,748
Liabilities						Liabilities
Debt (net of unamortized debt issuance costs of $5,998 and $0, respectively)	$	161,784	$	10,000
Debt (net of unamortized debt issuance costs of $49,436 and $22,641, respectively)						Debt (net of unamortized debt issuance costs of $49,436 and $22,641, respectively)	$4,653,744		1,525,811
Distribution payable		1,136		—		Distribution payable	23,265		9,005
Payable for investments purchased		64,597		—		Payable for investments purchased	75,574		27,363
Payables to affiliates		—		191		Payables to affiliates	18,330		9,121
Tender offer payable						Tender offer payable	27,889		1,413
Accrued expenses and other liabilities		1,145		146		Accrued expenses and other liabilities	40,127		10,307
Total Liabilities		228,662		10,337		Total Liabilities	$4,838,929		$1,583,020
Commitments and contingencies (Note 7)						Commitments and contingencies (Note 7)
Net Assets						Net Assets
Class S Common shares $0.01 par value, 1,000,000,000 shares authorized; 2,876,081 and 0 shares issued and outstanding, respectively		29		—
Class D Common shares $0.01 par value, 1,000,000,000 shares authorized; 3,380,411 and 0 shares issued and outstanding, respectively		34		—
Class I Common shares $0.01 par value, 1,000,000,000 shares authorized; 16,308,505 and 1,300,100 shares issued and outstanding, respectively		163		13
Class S Common shares $0.01 par value, 1,000,000,000 shares authorized; 153,925,431 and 60,700,920 shares issued and outstanding, respectively						Class S Common shares $0.01 par value, 1,000,000,000 shares authorized; 153,925,431 and 60,700,920 shares issued and outstanding, respectively	1,539		607
Class D Common shares $0.01 par value, 1,000,000,000 shares authorized; 39,130,477 and 18,552,331 shares issued and outstanding, respectively						Class D Common shares $0.01 par value, 1,000,000,000 shares authorized; 39,130,477 and 18,552,331 shares issued and outstanding, respectively	391		186
Class I Common shares $0.01 par value, 1,000,000,000 shares authorized; 242,671,428 and 90,103,200 shares issued and outstanding, respectively						Class I Common shares $0.01 par value, 1,000,000,000 shares authorized; 242,671,428 and 90,103,200 shares issued and outstanding, respectively	2,427		901
Additional paid-in-capital		209,250		12,420		Additional paid-in-capital	4,036,182		1,574,366
Distributable earnings (losses)		311		(160	)
Accumulated undistributed (overdistributed) earnings						Accumulated undistributed (overdistributed) earnings	(179,143)		4,668
Total Net Assets		209,787		12,273		Total Net Assets	$3,861,396		$1,580,728
Total Liabilities and Net Assets	$	438,449	$	22,610		Total Liabilities and Net Assets	$8,700,325		$3,163,748
Net Asset Value Per Class S Share⁽¹⁾	$	9.30		—
Net Asset Value Per Class D Share⁽¹⁾	$	9.29		—
Net Asset Value Per Class S Share						Net Asset Value Per Class S Share	$8.84		$9.33
Net Asset Value Per Class D Share						Net Asset Value Per Class D Share	$8.86		$9.33
Net Asset Value Per Class I Share	$	9.30	$	9.44		Net Asset Value Per Class I Share	$8.88		$9.34

~~(1)~~

~~There were no Class S or Class D shares of common stock outstanding as of December 31, 2020.~~

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

Owl Rock Core Income Corp.

Consolidated ~~Statement~~Statements of Operations

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

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

Owl Rock Core Income Corp.

Consolidated Schedule of Investments

As of June 30, ~~2021~~

2022

(Amounts in thousands, except share amounts)

(Unaudited)

Company^{(1)(2)(3)(14)(24)}

Investment

Interest

Maturity Date

Par / Units

Amortized Cost^(4)(20)

Fair Value

Percentage of Net Assets

Non-controlled/non-affiliated portfolio company investments

Debt Investments⁽⁵⁾

Aerospace and Defense

Peraton Corp.^(6)(16)

First lien senior secured loan

L + 3.75%

2/1/2028

4,988

4,963

4,998

2.4

%
Peraton Corp.⁽⁶⁾

Second lien senior secured loan

L + 7.75%

2/1/2029

5,000

4,927

4,925

2.3

%

9,988

9,890

9,923

4.7

%
Automotive

Mavis Tire Express Services Topco Corp.^(7)(16)

First lien senior secured loan

L + 4.00%

5/4/2028

10,000

9,951

10,025

4.8

%

10,000

9,951

10,025

4.8

%
Buildings and real estate

CoreLogic, Inc.^(6)(16)(18)

First lien senior secured loan

L + 3.50%

6/2/2028

15,000

14,925

14,948

7.1

%
Dodge Data & Analytics, LLC⁽⁹⁾

First lien senior secured loan

P + 6.50%

4/14/2026

2,159

2,118

2,116

1.0

%
Dodge Data & Analytics, LLC^(11)(12)

First lien senior secured revolving loan

L + 7.50%

4/14/2026

—

(2
)

(2
)

—

%
REALPAGE, INC.⁽⁶⁾

Second lien senior secured loan

L + 6.50%

4/23/2029

2,500

2,463

2,463

1.2

%

19,659

19,504

19,525

9.3

%
Business services

Hercules Borrower, LLC (dba The Vincit Group)⁽⁷⁾

First lien senior secured loan

L + 6.50%

12/15/2026

$
820

$
809

$
814

0.4

%
Hercules Borrower LLC (dba The Vincit Group)^(11)(12)

First lien senior secured revolving loan

L + 6.50%

12/15/2026

—

(1
)

(1
)

—

%
Hercules Buyer, LLC (dba The Vincit Group)^(15)(21)

Unsecured notes

0.48% (PIK)

12/14/2029

24

24

24

—

%
Packers Holdings, LLC^(8)(16)

First lien senior secured loan

L + 3.25%

3/9/2028

4,291

4,270

4,265

2.0

%

5,135

5,102

5,102

2.4

%
Chemicals

��

Aruba Investments Holdings LLC (dba Angus Chemical Company)⁽⁸⁾

Second lien senior secured loan

L + 7.75%

11/24/2028

1,000

986

995

0.5

%
Gaylord Chemical Company, L.L.C⁽⁷⁾

First lien senior secured loan

L + 6.00%

3/30/2027

9,186

9,098

9,095

4.3

%
Gaylord Chemical Company, L.L.C^(11)(12)

First lien senior secured revolving loan

L + 6.00%

3/30/2026

—

(8
)

(8
)

—

%
Velocity HoldCo III Inc⁽⁷⁾

First lien senior secured loan

L + 5.75%

4/22/2027

2,358

2,307

2,305

1.1

%
Velocity HoldCo III Inc^(11)(12)

First lien senior secured revolving loan

L + 5.75%

4/22/2026

—

(3
)

(3
)

—

%

12,544

12,380

12,384

5.9

%
Consumer products

Conair Holdings, LLC⁽⁷⁾

Second lien senior secured loan

L + 7.50%

5/17/2029

32,500

31,979

32,256

15.4

%
Olaplex, Inc.⁽⁶⁾

First lien senior secured loan

L + 6.50%

1/8/2026

981

972

981

0.5

%

33,481

32,951

33,237

15.9

%
Containers and packaging


Company(1)(2)(3)(21)(30)	Investment	Interest	Maturity Date	Par / Units		Amortized Cost(4)(26)		Fair Value		Percentage of Net Assets
Non-controlled/non-affiliated portfolio company investments
Debt Investments(5)
Advertising and media
Global Music Rights, LLC(7)	First lien senior secured loan	L + 5.50%	8/28/2028	$	83,953	$	82,437	$	82,273	2.1	%
Global Music Rights, LLC(18)(19)	First lien senior secured revolving loan	L + 5.75%	8/27/2027	—		(129)		(150)		0.0	%
IRI Holdings, Inc.(6)	First lien senior secured loan	L + 4.25%	12/1/2025	4,949		4,954		4,949		0.1	%
				88,902		87,262		87,072		2.2	%
Aerospace and Defense
Bleriot US Bidco Inc.(7)(23)	First lien senior secured loan	L + 4.00%	10/30/2026	10,422		10,421		10,091		0.3	%
Peraton Corp.(6)(23)	First lien senior secured loan	L + 3.75%	2/1/2028	22,433		22,348		21,019		0.5	%
Peraton Corp.(6)(23)	Second lien senior secured loan	L + 7.75%	2/1/2029	4,854		4,791		4,502		0.1	%
				37,709		37,560		35,612		0.9	%
Automotive
Holley Inc.(7)(23)	First lien senior secured loan	L + 3.75%	11/17/2028	2,154		2,141		2,028		0.1	%
Mavis Tire Express Services Topco Corp.(9)(23)	First lien senior secured loan	SR + 4.00%	5/4/2028	9,904		9,861		9,136		0.2	%
OAC Holdings I Corp. (dba Omega Holdings)(11)	First lien senior secured loan	SR + 5.00%	3/30/2029	9,188		9,009		8,820		0.2	%
OAC Holdings I Corp. (dba Omega Holdings)(9)(18)	First lien senior secured revolving loan	SR + 5.00%	3/31/2028	2,021		1,972		1,918		0.0	%
PAI Holdco, Inc.(7)	First lien senior secured loan	L + 3.50%	10/28/2027	4,975		4,856		4,726		0.1	%
Power Stop, LLC(7)(22)	First lien senior secured loan	L + 4.75%	1/26/2029	29,925		29,640		29,101		0.8	%
				58,167		57,479		55,729		1.4	%
Buildings and real estate
Associations, Inc.(8)	First lien senior secured loan	L + 6.50% (incl. 2.50% PIK)	7/2/2027	103,356		102,259		102,321		2.6	%
Associations, Inc.(18)(19)	First lien senior secured revolving loan	L + 6.50%	7/2/2027	—		(40)		(48)		0.0	%
Associations, Inc.(18)(19)(20)	First lien senior secured delayed draw term loan	L + 6.50% (incl. 2.50% PIK)	6/10/2024	—		(652)		(652)		0.0	%
CoreLogic Inc.(6)(23)	First lien senior secured loan	L + 3.50%	6/2/2028	42,270		41,394		35,040		0.9	%
Dodge Construction Network(10)	First lien senior secured loan	SR + 4.75%	2/23/2029	22,500		22,176		21,938		0.6	%
RealPage, Inc.(6)(22)(23)	First lien senior secured loan	L + 3.00%	4/24/2028	24,875		24,844		22,936		0.6	%
RealPage, Inc.(6)	Second lien senior secured loan	L + 6.50%	4/23/2029	27,500		27,126		26,056		0.7	%
Wrench Group LLC(7)	First lien senior secured loan	L + 4.00%	4/30/2026	20,412		20,066		20,156		0.5	%
				240,913		237,173		227,747		5.9	%
Business services
Access CIG, LLC(7)	Second lien senior secured loan	L + 7.75%	2/27/2026	2,385		2,378		2,343		0.1	%
BrightView Landscapes, LLC(9)(22)(23)	First lien senior secured loan	SR + 3.25%	4/20/2029	20,000		19,542		19,000		0.5	%
ConnectWise, LLC(7)(23)	First lien senior secured loan	L + 3.50%	9/29/2028	45,754		45,837		41,788		1.1	%
Denali BuyerCo, LLC (dba Summit Companies)(8)	First lien senior secured loan	L + 6.00%	9/15/2028	132,163		130,263		129,189		3.3	%

Owl Rock Core Income Corp.

Consolidated Schedule of Investments ~~(Continued)~~

As of June 30, ~~2021~~

2022

(Amounts in thousands, except share amounts)

(Unaudited)

Company^{(1)(2)(3)(14)(24)}

Investment

Interest

Maturity Date

Par / Units

Amortized Cost^(4)(20)

Fair Value

Percentage of Net Assets

Charter NEX US, Inc.^(6)(16)(18)

First lien senior secured loan

L + 3.75%

12/1/2027

7,980

7,980

7,990

3.8

%

7,980

7,980

7,990

3.8

%
Distribution

Individual Foodservice Holdings, LLC⁽⁸⁾

First lien senior secured loan

L + 6.25%

11/22/2025

1,311

1,293

1,301

0.6

%
Individual Foodservice Holdings, LLC^(8)(11)(13)

First lien senior secured delayed draw term loan

L + 6.25%

6/30/2022

9

8

9

—

%
Individual Foodservice Holdings, LLC^(6)(11)

First lien senior secured revolving loan

L + 6.25%

11/22/2024

7

6

7

—

%
SRS Distribution, Inc.^(7)(16)

First lien senior secured loan

L + 3.75%

6/2/2028

5,000

4,963

4,995

2.4

%

6,327

6,270

6,312

3.0

%
Education

Cambium Learning Group^(7)(16)(18)

First lien senior secured loan

L + 4.50%

12/18/2025

7,459

7,441

7,494

3.6

%
Pluralsight, LLC⁽⁸⁾

First lien senior secured loan

L + 8.00%

4/6/2027

4,608

4,563

4,553

2.2

%
Pluralsight, LLC^(11)(12)

First lien senior secured revolving loan

L + 8.00%

4/6/2027

—

(4
)

(5
)

—

%

12,067

12,000

12,042

5.8

%
Financial Services

AxiomSL Group, Inc.⁽⁷⁾

First lien senior secured loan

L + 6.50%

12/3/2027

1,779

1,754

1,770

0.8

%
AxiomSL Group, Inc.^(11)(12)

First lien senior secured revolving loan

L + 6.50%

12/3/2025

—

(3
)

(1
)

—

%
Hg Saturn Luchaco Limited^(17)(22)

Unsecured notes

G + 7.50% (PIK)

3/30/2026

2,072

2,056

2,088

1.0

%

3,851

3,807

3,857

1.8

%
Food and Beverage

Caiman Merger Sub LLC (dba City Brewing)⁽⁷⁾

First lien senior secured loan

L + 3.50%

4/5/2028

15,625

15,397

15,391

7.3

%
Par Technology Corp.^(6)(17)

First lien senior secured note

L + 4.75%

4/8/2025

23,000

22,565

22,540

10.7

%
Shearer's Foods, LLC^(7)(16)

First lien senior secured loan

L + 3.50%

9/23/2027

10,945

10,945

10,948

5.2

%
Sovos Brands Intermediate, Inc.⁽⁶⁾

First lien senior secured loan

L + 4.25%

6/8/2028

15,000

14,963

14,963

7.1

%

64,570

63,870

63,842

30.3

%
Healthcare equipment and services

Canadian Hospital Specialties Ltd.^(17)(23)

First lien senior secured loan

C + 4.50%

4/14/2028

3,610

3,515

3,556

1.7

%
Canadian Hospital Specialties Ltd.^{(11)(12)(13)(17)}

First lien senior secured delayed draw term loan

C + 4.50%

4/15/2023

—

(7
)

4

—

%
Canadian Hospital Specialties Ltd.^(11)(12)(17)

First lien senior secured revolving loan

C + 4.50%

4/15/2027

—

(6
)

(4
)

—

%
Packaging Coordinators Midco, Inc.⁽⁸⁾

Second lien senior secured loan

L + 8.00%

11/30/2028

2,418

2,372

2,388

1.1

%


Company(1)(2)(3)(21)(30)	Investment	Interest	Maturity Date	Par / Units	Amortized Cost(4)(26)	Fair Value	Percentage of Net Assets
Denali BuyerCo, LLC (dba Summit Companies)(7)	First lien senior secured loan	L + 6.00%	9/15/2028	35,382	34,601	34,586	0.9	%
Denali BuyerCo, LLC (dba Summit Companies)(7)(18)(20)	First lien senior secured delayed draw term loan	L + 6.00%	9/15/2023	8,897	8,637	8,393	0.2	%
Denali BuyerCo, LLC (dba Summit Companies)(7)(18)	First lien senior secured revolving loan	L + 6.00%	9/15/2027	2,657	2,545	2,433	0.1	%
Diamondback Acquisition, Inc. (dba Sphera)(6)	First lien senior secured loan	L + 5.50%	9/13/2028	47,588	46,724	46,717	1.2	%
Diamondback Acquisition, Inc. (dba Sphera)(18)(19)(20)	First lien senior secured delayed draw term loan	L + 5.50%	9/13/2023	—	(85)	(79)	0.0	%
Entertainment Benefits Group, LLC(9)	First lien senior secured loan	SR + 4.75%	5/1/2028	75,400	74,664	74,646	1.9	%
Entertainment Benefits Group, LLC(18)(19)	First lien senior secured revolving loan	SR + 4.75%	4/29/2027	—	(112)	(116)	0.0	%
Fullsteam Operations, LLC(7)(18)(20)	First lien senior secured delayed draw term loan	L + 7.50% (incl. 4.50% PIK)	5/13/2024	13,770	12,590	12,598	0.3	%
Hercules Borrower, LLC (dba The Vincit Group)(7)	First lien senior secured loan	L + 6.50%	12/15/2026	812	802	804	0.0	%
Hercules Borrower, LLC (dba The Vincit Group)(7)	First lien senior secured loan	L + 5.50%	12/15/2026	2,204	2,185	2,143	0.1	%
Hercules Borrower, LLC (dba The Vincit Group)(7)(18)(20)	First lien senior secured delayed draw term loan	L + 5.50%	9/10/2023	8,243	8,166	7,807	0.2	%
Hercules Borrower, LLC (dba The Vincit Group)(7)(18)	First lien senior secured revolving loan	L + 6.50%	12/15/2026	10	9	9	0.0	%
Hercules Buyer, LLC (dba The Vincit Group)(17)(29)	Unsecured notes	0.48% PIK	12/14/2029	23	23	23	0.0	%
Kaseya Inc.(10)	First lien senior secured loan	SR + 5.75%	6/25/2029	71,717	70,285	70,282	1.8	%
Kaseya Inc.(18)(19)(20)	First lien senior secured delayed draw term loan	SR + 5.75%	6/24/2024	—	(43)	(43)	0.0	%
Kaseya Inc.(18)(19)	First lien senior secured revolving loan	SR + 5.75%	6/25/2029	—	(87)	(87)	0.0	%
KPSKY Acquisition, Inc. (dba BluSky)(6)	First lien senior secured loan	L + 5.50%	10/19/2028	75,933	74,536	73,275	1.9	%
KPSKY Acquisition, Inc. (dba BluSky)(16)(18)(20)	First lien senior secured delayed draw term loan	P + 4.50%	10/19/2023	8,186	8,031	7,887	0.2	%
KPSKY Acquisition, Inc. (dba BluSky)(18)(19)(20)	First lien senior secured delayed draw term loan	L + 5.50%	6/17/2024	—	(189)	(475)	0.0	%
Packers Holdings, LLC(6)(23)	First lien senior secured loan	L + 3.25%	3/9/2028	40,394	40,057	36,884	1.0	%
				591,518	581,359	570,007	14.8	%
Chemicals
Aruba Investments Holdings LLC (dba Angus Chemical Company)(6)	First lien senior secured loan	L + 4.00%	11/24/2027	12,967	12,744	12,060	0.3	%
Aruba Investments Holdings, LLC (dba Angus Chemical Company)(7)	Second lien senior secured loan	L + 7.75%	11/24/2028	40,137	40,125	39,234	1.0	%
Gaylord Chemical Company, L.L.C.(7)	First lien senior secured loan	L + 6.50%	3/30/2027	103,833	102,900	102,535	2.6	%
Gaylord Chemical Company, L.L.C.(18)(19)	First lien senior secured revolving loan	L + 6.50%	3/30/2026	—	(33)	(50)	0.0	%
Velocity HoldCo III Inc. (dba VelocityEHS)(8)	First lien senior secured loan	L + 5.75%	4/22/2027	2,335	2,291	2,335	0.1	%
Velocity HoldCo III Inc. (dba VelocityEHS)(18)(19)	First lien senior secured revolving loan	L + 5.75%	4/22/2026	—	(2)	—	0.0	%
				159,272	158,025	156,114	4.0	%
Consumer products
ConAir Holdings LLC(7)	Second lien senior secured loan	L + 7.50%	5/17/2029	32,500	32,027	29,575	0.8	%
Foundation Consumer Brands, LLC(8)	First lien senior secured loan	L + 5.50%	2/12/2027	54,718	54,730	54,034	1.4	%
Lignetics Investment Corp.(7)	First lien senior secured loan	L + 6.00%	11/1/2027	76,088	75,225	73,235	1.9	%
Lignetics Investment Corp.(18)(19)(20)	First lien senior secured delayed draw term loan	L + 6.00%	11/1/2023	—	(106)	(358)	0.0	%
Lignetics Investment Corp.(16)(18)	First lien senior secured revolving loan	P + 5.00%	11/2/2026	10,515	10,390	10,085	0.3	%
Olaplex, Inc.(9)(24)	First lien senior secured loan	SR + 3.75%	2/23/2029	49,875	49,683	48,878	1.3	%
SWK BUYER, Inc. (dba Stonewall Kitchen)(11)	First lien senior secured loan	SR + 5.25%	3/12/2029	59,974	58,841	58,174	1.5	%
SWK BUYER, Inc. (dba Stonewall Kitchen)(16)(18)	First lien senior secured revolving loan	P + 4.25%	3/12/2029	3,626	3,520	3,459	0.1	%
SWK BUYER, Inc. (dba Stonewall Kitchen)(18)(19)(20)	First lien senior secured delayed draw term loan	SR + 5.25%	3/11/2024	—	(133)	(279)	0.0	%
				287,296	284,177	276,803	7.3	%

Owl Rock Core Income Corp.

Consolidated Schedule of Investments ~~(Continued)~~

As of June 30, ~~2021~~

2022

(Amounts in thousands, except share amounts)

(Unaudited)

Company^{(1)(2)(3)(14)(24)}

Investment

Interest

Maturity Date

Par / Units

Amortized Cost^(4)(20)

Fair Value

Percentage of Net Assets

PATRIOT ACQUISITION TOPCO S.A.R.L. (dba Corza Health, Inc.)⁽⁷⁾

First lien senior secured loan

L + 6.75%

1/29/2028

864

850

850

0.4

%
PATRIOT ACQUISITION TOPCO S.A.R.L. (dba Corza Health, Inc.)^(11)(12)

First lien senior secured revolving loan

L + 6.75%

1/29/2026

—

(2
)

(1
)

—

%

6,892

6,722

6,793

3.2

%
Healthcare providers and services

Pacific Dental Services, LLC^(6)(18)

First lien senior secured loan

L + 3.50%

5/5/2028

14,000

13,897

13,895

6.6

%
Quva Pharma, Inc.⁽⁶⁾

First lien senior secured loan

L + 5.50%

4/12/2028

4,545

4,412

4,409

2.1

%
Quva Pharma, Inc.^(11)(12)

First lien senior secured revolving loan

L + 5.50%

4/10/2026

—

(13
)

(14
)

—

%
Refresh Parent Holdings, Inc.⁽⁷⁾

First lien senior secured loan

L + 6.50%

12/9/2026

1,192

1,176

1,180

0.6

%
Refresh Parent Holdings, Inc.^(7)(11)(13)

First lien senior secured delayed draw term loan

L + 6.50%

6/9/2022

282

277

278

0.1

%
Refresh Parent Holdings, Inc.^(11)(12)

First lien senior secured revolving loan

L + 6.50%

12/9/2026

—

(2
)

(1
)

—

%

20,019

19,747

19,747

9.4

%
Healthcare technology

Project Ruby Ultimate Parent Corp. (dba Wellsky)⁽⁶⁾

First lien senior secured loan

L + 3.25%

3/10/2028

4,489

4,467

4,473

2.1

%

4,489

4,467

4,473

2.1

%
Household products

Walker Edison Furniture Company LLC⁽⁸⁾

First lien senior secured loan

L + 5.75%

3/31/2027

9,975

9,831

9,875

4.7

%

9,975

9,831

9,875

4.7

%
Infrastructure and environmental services

Aegion Corp.^(7)(18)

First lien senior secured loan

L + 4.75%

5/17/2028

20,000

19,904

19,899

9.5

%
Osmose Utilities Services, Inc.^(6)(18)

First lien senior secured loan

L + 3.25%

6/23/2028

20,000

19,900

19,900

9.5

%
USIC Holdings, Inc.^(6)(18)

First lien senior secured loan

L + 3.50%

5/12/2028

15,000

14,926

14,925

7.1

%
USIC Holdings, Inc.^(6)(18)

Second lien senior secured loan

L + 6.50%

5/14/2029

18,000

17,823

17,820

8.5

%

73,000

72,553

72,544

34.6

%
Insurance

Alliant Holdings Intermediate, LLC^(6)(16)(18)

First lien senior secured loan

L + 3.75%

11/5/2027

3,992

3,972

3,995

1.9

%
Evolution BuyerCo, Inc.⁽⁷⁾

First lien senior secured loan

L + 6.25%

4/28/2028

7,703

7,595

7,593

3.6

%
Evolution BuyerCo, Inc.^(11)(12)(13)

First lien senior secured delayed draw term loan

L + 6.25%

4/28/2023

—

(3
)

(3
)

—

%
Evolution BuyerCo, Inc.^(11)(12)

First lien senior secured revolving loan

L + 6.25%

4/30/2027

—

(9
)

(10
)

—

%
Peter C. Foy & Associated Insurance Services, LLC⁽⁸⁾

First lien senior secured loan

L + 6.50%

3/31/2026

65

65

65

—

%


Company(1)(2)(3)(21)(30)	Investment	Interest	Maturity Date	Par / Units	Amortized Cost(4)(26)	Fair Value	Percentage of Net Assets
Containers and packaging
Ascend Buyer, LLC (dba PPC Flexible Packaging)(7)	First lien senior secured loan	L + 5.75%	10/2/2028	49,955	49,499	48,956	1.3	%
Ascend Buyer, LLC (dba PPC Flexible Packaging)(6)(18)	First lien senior secured revolving loan	L + 5.75%	9/30/2027	681	636	579	0.0	%
Berlin Packaging L.L.C.(7)(22)(23)	First lien senior secured loan	L + 6.75%	3/11/2028	25,685	24,978	23,844	0.6	%
BW Holding, Inc.(10)	First lien senior secured loan	SR + 4.00%	12/14/2028	21,954	21,700	21,350	0.6	%
Charter NEX US, Inc.(6)(22)(23)	First lien senior secured loan	L + 3.75%	12/1/2027	28,364	27,988	26,640	0.7	%
Five Star Lower Holding LLC(9)	First lien senior secured loan	SR + 4.25%	5/5/2029	21,875	21,575	21,547	0.6	%
Fortis Solutions Group, LLC(7)	First lien senior secured loan	L + 5.50%	10/13/2028	61,568	60,435	59,413	1.5	%
Fortis Solutions Group, LLC(18)(19)(20)	First lien senior secured delayed draw term loan	L + 5.50%	10/13/2023	—	(56)	(160)	0.0	%
Fortis Solutions Group, LLC(7)(18)	First lien senior secured revolving loan	L + 5.50%	10/15/2027	450	331	214	0.0	%
Indigo Buyer, Inc. (dba Inovar Packaging Group)(10)	First lien senior secured loan	SR + 5.75%	5/23/2028	82,550	81,740	81,725	2.1	%
Indigo Buyer, Inc. (dba Inovar Packaging Group)(18)(20)	First lien senior secured delayed draw term loan	SR + 5.75%	5/23/2024	—	—	—	0.0	%
Indigo Buyer, Inc. (dba Inovar Packaging Group)(10)(18)	First lien senior secured revolving loan	SR + 5.75%	5/23/2028	2,117	1,992	1,990	0.1	%
Pregis Topco LLC(6)	Second lien senior secured loan	L + 6.75%	8/1/2029	30,000	30,000	29,400	0.8	%
Pregis Topco LLC(6)	Second lien senior secured loan	L + 8.00%	8/1/2029	2,500	2,500	2,481	0.1	%
Ring Container Technologies Group, LLC(7)(23)	First lien senior secured loan	L + 3.75%	8/12/2028	31,144	31,037	29,509	0.8	%
Tricorbraun Holdings, Inc.(6)(22)(23)	First lien senior secured loan	L + 3.25%	3/3/2028	26,566	25,597	24,646	0.6	%
Valcour Packaging, LLC(8)	First lien senior secured loan	L + 3.75%	10/4/2028	9,975	9,936	9,935	0.3	%
				395,384	389,888	382,069	10.1	%
Distribution
ABB/Con-cise Optical Group LLC(8)	First lien senior secured loan	L + 7.50%	2/23/2028	35,383	34,877	35,028	0.9	%
ABB/Con-cise Optical Group LLC(16)(18)	First lien senior secured revolving loan	P + 6.50%	2/23/2028	3,215	3,162	3,178	0.1	%
BCPE Empire Holdings, Inc. (dba Imperial-Dade)(9)	First lien senior secured loan	SR + 4.63%	6/11/2026	81,795	78,944	78,932	2.0	%
Dealer Tire, LLC(6)(23)	First lien senior secured loan	L + 4.25%	12/12/2025	9,031	9,001	8,621	0.2	%
Dealer Tire, LLC(17)(22)(23)	Unsecured notes	8.00%	2/1/2028	56,120	54,838	48,476	1.3	%
Individual Foodservice Holdings, LLC(8)	First lien senior secured loan	L + 6.25%	11/21/2025	16,183	16,044	15,981	0.4	%
Individual Foodservice Holdings, LLC(8)	First lien senior secured loan	L + 6.25%	11/21/2025	18,298	18,142	18,070	0.5	%
Individual Foodservice Holdings, LLC(8)(18)(20)	First lien senior secured delayed draw term loan	L + 6.25%	7/6/2023	20,116	19,853	19,742	0.5	%
Individual Foodservice Holdings, LLC(8)(18)(20)	First lien senior secured delayed draw term loan	L + 6.25%	11/30/2023	3,476	3,118	3,018	0.1	%
Individual Foodservice Holdings, LLC(18)(19)	First lien senior secured revolving loan	L + 6.25%	11/22/2024	—	(1)	(1)	0.0	%
SRS Distribution, Inc.(7)(23)	First lien senior secured loan	L + 3.50%	6/2/2028	34,888	34,517	32,106	0.8	%
White Cap Supply Holdings, LLC(9)(22)(23)	First lien senior secured loan	SR + 3.75%	10/19/2027	22,299	21,645	20,488	0.5	%
				300,804	294,140	283,639	7.3	%
Education
CIG Emerald Holding LLC(10)(24)	First lien senior secured loan	SR + 5.50%	6/8/2027	80,000	79,018	79,000	2.0	%
Community Brands ParentCo, LLC(9)	First lien senior secured loan	SR + 5.75%	2/24/2028	31,795	31,197	30,762	0.8	%
Community Brands ParentCo, LLC(18)(19)(20)	First lien senior secured delayed draw term loan	SR + 5.75%	2/24/2024	—	(35)	(84)	0.0	%
Community Brands ParentCo, LLC(18)(19)	First lien senior secured revolving loan	SR + 5.75%	2/24/2028	—	(35)	(61)	0.0	%
Severin Acquisition, LLC (dba Powerschool)(6)(23)	First lien senior secured loan	L + 3.00%	8/1/2025	29,858	29,807	28,533	0.7	%
Sophia, L.P.(9)	First lien senior secured loan	SR + 4.00%	10/7/2027	25,000	24,757	24,750	0.6	%
Pluralsight, LLC(8)	First lien senior secured loan	L + 8.00%	4/6/2027	6,255	6,200	6,145	0.2	%

Owl Rock Core Income Corp.

Consolidated Schedule of Investments ~~(Continued)~~

As of June 30, ~~2021~~

2022

(Amounts in thousands, except share amounts)

(Unaudited)

Company^{(1)(2)(3)(14)(24)}

Investment

Interest

Maturity Date

Par / Units

Amortized Cost^(4)(20)

Fair Value

Percentage of Net Assets

Peter C. Foy & Associated Insurance Services, LLC^(8)(13)

First lien senior secured delayed draw term loan C

L + 6.25%

3/31/2026

8

8

8

—

%
Peter C. Foy & Associated Insurance Services, LLC^(8)(11)(13)

First lien senior secured delayed draw term loan D

L + 6.50%

9/12/2022

730

712

730

0.3

%
Peter C. Foy & Associated Insurance Services, LLC^(8)(11)

First lien senior secured revolving loan

L + 6.50%

3/31/2026

1

1

1

—

%

12,499

12,341

12,379

5.8

%
Internet software and services

BCTO BSI Buyer, Inc. (dba Buildertrend)⁽⁷⁾

First lien senior secured loan

L + 7.00%

12/23/2026

893

885

888

0.4

%
BCTO BSI Buyer, Inc. (dba Buildertrend)^(11)(12)

First lien senior secured revolving loan

L + 7.00%

12/23/2026

—

(1
)

(1
)

—

%
BCPE Nucleon (DE) SPV, LP⁽⁸⁾

First lien senior secured loan

L + 7.00%

9/24/2026

1,333

1,315

1,323

0.6

%
Granicus, Inc.⁽⁶⁾

First lien senior secured loan

L + 6.25%

1/29/2027

1,768

1,728

1,733

0.8

%
Granicus, Inc.^(11)(12)(13)

First lien senior secured delayed draw term loan

L + 6.25%

1/30/2023

—

(1
)

(1
)

—

%
Granicus, Inc.^(11)(12)(13)

First lien senior secured delayed draw term loan

L + 6.00%

4/23/2023

—

(3
)

(3
)

—

%
Granicus, Inc.^(11)(12)

First lien senior secured revolving loan

L + 6.25%

1/29/2027

—

(4
)

(3
)

—

%
Help/Systems Holdings, Inc.^(7)(18)

First lien senior secured loan

L + 4.75%

11/19/2026

6,484

6,484

6,484

3.1

%
Hyland Software, Inc.⁽⁶⁾

Second lien senior secured loan

L + 6.25%

7/7/2025

22,500

22,490

22,574

10.8

%
MessageBird Bidco B.V.^(7)(17)

First lien senior secured loan

L + 6.75%

5/5/2027

5,000

4,892

4,889

2.3

%
Thunder Purchaser, Inc.⁽⁷⁾

First lien senior secured note

L + 5.75%

6/30/2028

7,729

7,651

7,651

3.6

%
Thunder Purchaser, Inc.^(11)(12)

First lien senior secured revolving loan

P + 4.75%

6/30/2027

—

(7
)

(7
)

—

%
Thunder Purchaser, Inc.^(11)(13)

First lien senior secured delayed draw term loan

L + 5.75%

6/30/2023

—

—

—

—

%

45,707

45,429

45,527

21.6

%
Manufacturing

ACR Group Borrower, LLC⁽⁷⁾

First lien senior secured loan

L + 4.50%

3/31/2028

4,125

4,066

4,072

1.9

%
ACR Group Borrower, LLC^(11)(12)

First lien senior secured revolving loan

L + 4.50%

3/31/2026

—

(12
)

(11
)

—

%
Engineered Machinery Holdings (dba Duravant)^(7)(18)

Second lien senior secured loan

L + 6.50%

5/21/2029

21,000

20,900

20,895

10.0

%
Gloves Buyer, Inc. (dba Protective Industrial Products)⁽⁶⁾

Second lien senior secured loan

L + 8.25%

12/28/2028

900

878

887

0.4

%

26,025

25,832

25,843

12.3

%


Company(1)(2)(3)(21)(30)	Investment	Interest	Maturity Date	Par / Units	Amortized Cost(4)(26)	Fair Value	Percentage of Net Assets
Pluralsight, LLC(18)(19)	First lien senior secured revolving loan	L + 8.00%	4/6/2027	—	(3)	(7)	0.0	%
				172,908	170,906	169,038	4.3	%
Energy equipment and services
AZZ Inc.(9)(22)(24)	First lien senior secured loan	SR + 4.25%	5/13/2029	10,000	9,654	9,650	0.2	%
Brookfield WEC Holdings Inc.(9)(22)(23)	First lien senior secured loan	SR + 3.75%	8/1/2025	3,500	3,363	3,358	0.1	%
Pike Corp.(6)(22)(23)	First lien senior secured loan	L + 3.00%	1/21/2028	15,791	15,476	14,978	0.4	%
				29,291	28,493	27,986	0.7	%
Financial services
Acuris Finance US, Inc. (ION Analytics) (10)(22)(23)	First lien senior secured loan	SR + 4.00%	2/16/2028	15,000	14,888	14,100	0.4	%
AllSpring Buyer(10)(22)	First lien senior secured loan	SR + 4.00%	11/1/2028	5,000	4,802	4,800	0.1	%
AxiomSL Group, Inc.(6)	First lien senior secured loan	L + 6.00%	12/3/2027	35,008	34,695	34,133	0.9	%
AxiomSL Group, Inc.(18)(19)(20)	First lien senior secured delayed draw term loan	L + 6.00%	7/21/2023	—	(9)	(32)	0.0	%
AxiomSL Group, Inc.(18)(19)	First lien senior secured revolving loan	L + 6.00%	12/3/2025	—	(21)	(65)	0.0	%
Deerfield Dakota Holding, LLC(9)(22)(23)	First lien senior secured loan	SR + 3.75%	4/9/2027	5,940	5,936	5,547	0.1	%
Hg Genesis 9 Sumoco Limited(14)(24)	Unsecured facility	E + 7.00% PIK	3/10/2027	117,057	122,892	116,214	3.0	%
Hg Saturn LuchaCo Limited(15)(24)	Unsecured facility	SA + 7.50% PIK	3/30/2026	1,971	2,223	1,936	0.1	%
Muine Gall, LLC(8)(24)(28)	First lien senior secured loan	L + 7.00% PIK	9/20/2024	90,061	90,391	88,710	2.3	%
NMI Acquisitionco, Inc. (dba Network Merchants)(6)	First lien senior secured loan	L + 5.75%	9/8/2025	8,516	8,445	8,325	0.2	%
NMI Acquisitionco, Inc. (dba Network Merchants)(6)(18)(20)	First lien senior secured delayed draw term loan	L + 5.75%	10/2/2023	1,672	1,643	1,614	0.0	%
NMI Acquisitionco, Inc. (dba Network Merchants)(18)(19)(20)	First lien senior secured revolving loan	L + 5.75%	9/6/2025	—	(7)	(13)	0.0	%
Smarsh Inc.(11)	First lien senior secured loan	SR + 6.50%	2/16/2029	83,048	82,250	81,179	2.1	%
Smarsh Inc.(18)(19)(20)	First lien senior secured delayed draw term loan	SR + 6.50%	2/19/2024	—	(98)	(260)	0.0	%
Smarsh Inc.(18)(19)	First lien senior secured revolving loan	SR + 6.50%	2/16/2029	—	(49)	(117)	0.0	%
				363,273	367,981	356,071	9.2	%
Food and beverage
Balrog Acquisition, Inc. (dba Bakemark)(7)	First lien senior secured loan	L + 4.00%	9/5/2028	13,930	13,799	13,199	0.3	%
Balrog Acquisition, Inc. (dba BakeMark)(8)	Second lien senior secured loan	L + 7.00%	9/3/2029	6,000	5,954	5,835	0.2	%
CFS Brands, LLC(6)	First lien senior secured loan	L + 3.00%	3/20/2025	38,560	37,345	36,439	0.9	%
CFS Brands, LLC(18)(19)(20)	First lien senior secured delayed draw term loan	L + 3.00%	12/2/2022	—	—	(227)	0.0	%
Dessert Holdings(7)	First lien senior secured loan	L + 4.00%	6/9/2028	19,900	19,805	18,258	0.5	%
Eagle Parent Corp.(10)(23)	First lien senior secured loan	SR + 4.25%	4/2/2029	7,481	7,299	7,157	0.2	%
Hissho Sushi Merger Sub LLC(10)	First lien senior secured loan	SR + 6.00%	5/18/2028	113,686	112,569	112,549	2.9	%
Hissho Sushi Merger Sub LLC(10)(18)	First lien senior secured revolving loan	SR + 6.00%	5/18/2028	2,041	1,955	1,953	0.1	%
Innovation Ventures HoldCo, LLC (9)	First lien senior secured loan	SR + 6.25%	3/11/2027	275,000	269,997	267,439	7.0	%
KBP Brands, LLC(8)	First lien senior secured loan	L + 5.00%	5/26/2027	14,727	14,551	14,322	0.4	%
KBP Brands, LLC(8)(18)(20)	First lien senior secured delayed draw term loan	L + 5.00%	12/22/2023	33,280	32,844	32,271	0.8	%
Naked Juice LLC (dba Tropicana)(10)(23)	First lien senior secured loan	SR + 3.25%	1/24/2029	25,000	24,961	23,220	0.6	%
Ole Smoky Distillery, LLC(10)	First lien senior secured loan	SR + 5.25%	3/31/2028	25,035	24,552	24,159	0.6	%
Ole Smoky Distillery, LLC(18)(19)	First lien senior secured revolving loan	SR + 5.25%	3/31/2028	—	(63)	(116)	0.0	%
Shearer's Foods, LLC(6)(23)	First lien senior secured loan	L + 3.50%	9/23/2027	48,621	48,609	43,968	1.1	%
Sovos Brands Intermediate, Inc.(8)(23)	First lien senior secured loan	L + 3.50%	6/8/2028	10,145	10,136	9,555	0.2	%

Owl Rock Core Income Corp.

Consolidated Schedule of Investments ~~(Continued)~~

As of June 30, ~~2021~~

2022

(Amounts in thousands, except share amounts)

(Unaudited)

Company^{(1)(2)(3)(14)(24)}

Investment

Interest

Maturity Date

Par / Units

Amortized Cost^(4)(20)

Fair Value

Percentage of Net Assets

Professional Services

Relativity ODA LLC⁽⁶⁾

First lien senior secured loan

L + 7.50% PIK

5/12/2027

4,386

4,322

4,320

2.1

%
Relativity ODA LLC^(11)(12)

First lien senior secured revolving loan

L + 6.50%

5/12/2027

—

(6
)

(7
)

—

%

4,386

4,316

4,313

2.1

%
Specialty retail

Milan Laser Holdings LLC⁽⁷⁾

First lien senior secured loan

L + 5.00%

4/27/2027

20,735

20,533

20,528

9.8

%
Milan Laser Holdings LLC^(11)(12)

First lien senior secured revolving loan

L + 5.00%

4/27/2027

—

(17
)

(18
)

—

%

20,735

20,516

20,510

9.8

%
Telecommunications

Park Place Technologies, LLC⁽⁶⁾

First lien senior secured loan

L + 5.00%

11/10/2027

998

960

980

0.5

%

998

960

980

0.5

%
Total non-controlled/non-affiliated portfolio company debt investments

$
410,327

$
406,419

$
407,223

193.8

%
Equity Investments

Automotive

Metis HoldCo, Inc. (dba Mavis Tire Express Services)⁽¹⁰⁾

Series A Convertible Preferred Stock

7.00% PIK

N/A

10,887

10,524

10,514

5.0

%

10,524

10,514

5.0

%
Buildings and real estate

Skyline Holdco B, Inc. (dba Dodge Data & Analytics)^(10)(19)

Series A Preferred Stock

N/A

N/A

143,963

216

216

—

%

216

216

—

%
Business services

Hercules Buyer, LLC (dba The Vincit Group)^(10)(15)(19)

Common Units

N/A

N/A

12

10

12

—

%

10

12

—

%
Consumer products

ASP Conair Holdings LP^(10)(19)

Class A Units

N/A

N/A

9,286

929

929

0.4

%

929

929

0.4

%
Healthcare equipment and services

KPCI Holdings, L.P.^(10)(19)

LP Interest

N/A

N/A

313

313

362

0.2

%
Patriot Holdings SCSp (dba Corza Health, Inc.)⁽¹⁰⁾

Class A Units

8.00% PIK

N/A

47

47

47

—

%
Patriot Holdings SCSp (dba Corza Health, Inc.)^(10)(19)

Class B Units

N/A

N/A

629

—

—

—

%

360

409

0.2

%
Healthcare providers and services

Restore OMH Intermediate Holdings, Inc.⁽¹⁰⁾

Senior Preferred Stock

13.00% PIK

N/A

327

319

319

0.2

%

319

319

0.2

%
Insurance

Evolution Parent, LP^(10)(19)

LP Interest

N/A

N/A

270,270

270

270

0.1

%
PCF Holdco, LLC^(10)(11)(19)

Class A Units

N/A

N/A

—

—

—

—

%

270

270

0.1

%
Internet software and services

MessageBird BidCo B.V.^(10)(17)(19)

Warrants

N/A

N/A

798

49

49

—

%


Company(1)(2)(3)(21)(30)	Investment	Interest	Maturity Date	Par / Units	Amortized Cost(4)(26)	Fair Value	Percentage of Net Assets
Ultimate Baked Goods Midco, LLC(6)	First lien senior secured loan	L + 6.50%	8/13/2027	16,418	16,057	15,597	0.4	%
Ultimate Baked Goods Midco, LLC(6)(18)	First lien senior secured revolving loan	L + 6.50%	8/13/2027	1,200	1,157	1,100	0.0	%
				651,024	641,527	626,678	16.2	%
Healthcare equipment and services
Canadian Hospital Specialties Ltd.(13)(24)	First lien senior secured loan	C + 4.50%	4/14/2028	3,439	3,495	3,336	0.1	%
Canadian Hospital Specialties Ltd.(13)(18)(20)(24)	First lien senior secured delayed draw term loan	C + 4.50%	4/15/2023	250	251	208	0.0	%
Canadian Hospital Specialties Ltd.(12)(18)(24)	First lien senior secured revolving loan	C + 4.50%	4/15/2027	306	311	286	0.0	%
Confluent Medical Technologies, Inc.(10)	First lien senior secured loan	SR + 3.75%	2/16/2029	34,913	34,745	33,952	0.9	%
Confluent Medical Technologies, Inc.(10)	Second lien senior secured loan	SR + 6.50%	2/18/2030	46,000	45,113	43,815	1.1	%
Dermatology Intermediate Holdings III, Inc(9)(22)	First lien senior secured loan	SR + 4.25%	4/2/2029	23,169	22,718	22,706	0.6	%
Dermatology Intermediate Holdings III, Inc(9)(18)(20)(22)	First lien senior secured delayed draw term loan	SR + 4.25%	4/1/2024	684	671	671	0.0	%
CSC MKG Topco LLC. (dba Medical Knowledge Group)(7)	First lien senior secured loan	L + 5.75%	2/1/2029	98,202	96,331	95,011	2.5	%
CSC MKG Topco LLC. (dba Medical Knowledge Group)(18)(19)	First lien senior secured revolving loan	L + 5.75%	2/1/2029	—	(243)	(420)	0.0	%
Medline Borrower, LP(6)(23)	First lien senior secured loan	L + 3.25%	10/23/2028	31,297	30,866	28,974	0.8	%
Medline Borrower, LP(18)(19)	First lien senior secured revolving loan	L + 3.25%	10/21/2026	—	(39)	(187)	0.0	%
MJH Healthcare Holdings, LLC(9)(22)	First lien senior secured loan	SR + 3.50%	1/28/2029	23,800	23,715	23,205	0.6	%
Packaging Coordinators Midco, Inc.(7)	Second lien senior secured loan	L + 7.00%	12/13/2029	53,918	52,322	51,492	1.3	%
Patriot Acquisition TopCo S.A.R.L (dba Corza Health, Inc.)(7)(24)	First lien senior secured loan	L + 6.75%	1/31/2028	50,553	49,844	49,542	1.3	%
Patriot Acquisition TopCo S.A.R.L (dba Corza Health, Inc.)(7)(24)	First lien senior secured delayed draw term loan	L + 6.75%	1/31/2028	605	596	593	0.0	%
Patriot Acquisition TopCo S.A.R.L (dba Corza Health, Inc.)(18)(19)(24)	First lien senior secured revolving loan	L + 6.75%	1/29/2026	—	(1)	(2)	0.0	%
Rhea Parent, Inc.(10)	First lien senior secured loan	SR + 5.75%	2/19/2029	77,768	76,278	75,240	1.9	%
				444,904	436,973	428,422	11.1	%
Healthcare providers and services
Ex Vivo Parent Inc. (dba OB Hospitalist)(6)	First lien senior secured loan	L + 9.50%	9/27/2028	30,503	29,901	29,740	0.8	%
Natural Partners, LLC(6)(24)	First lien senior secured loan	L + 6.00%	11/29/2027	69,025	67,719	66,782	1.7	%
Natural Partners, LLC(18)(19)(24)	First lien senior secured revolving loan	L + 6.00%	11/29/2027	—	(96)	(165)	0.0	%
OB Hospitalist Group, Inc.(7)	First lien senior secured loan	L + 5.50%	9/27/2027	61,348	60,252	60,238	1.6	%
OB Hospitalist Group, Inc.(6)(18)	First lien senior secured revolving loan	L + 5.50%	9/27/2027	853	713	708	0.0	%
Phoenix Newco, Inc. (dba Parexel)(6)(23)	First lien senior secured loan	L + 3.25%	11/15/2028	27,431	27,305	25,703	0.7	%
Parexel International, Inc. (dba Parexel)(6)	Second lien senior secured loan	L + 6.50%	11/15/2029	140,000	138,632	135,100	3.5	%
Plasma Buyer LLC (dba Pathgroup)(10)	First lien senior secured loan	SR + 5.75%	5/14/2029	110,132	107,964	107,929	2.8	%
Plasma Buyer LLC (dba Pathgroup)(18)(19)(20)	First lien senior secured delayed draw term loan	SR + 5.75%	5/13/2024	—	(280)	(286)	0.0	%
Plasma Buyer LLC (dba Pathgroup)(18)(19)	First lien senior secured revolving loan	SR + 5.75%	5/12/2028	—	(239)	(245)	0.0	%
Pediatric Associates Holding Company, LLC(22)	First lien senior secured loan	L + 3.25%	12/29/2028	23,389	23,303	22,746	0.6	%
Pediatric Associates Holding Company, LLC(18)(20)(22)	First lien senior secured delayed draw term loan	L + 3.25%	2/11/2024	1,772	1,767	1,683	0.0	%
Physician Partners, LLC(9)	First lien senior secured loan	SR + 4.00%	12/26/2028	22,943	22,680	21,681	0.6	%
Premise Health Holding(10)(22)	First lien senior secured loan	SR + 4.75%	7/10/2025	3,250	3,186	3,185	0.1	%
TC Holdings, LLC (dba TrialCard)(10)	First lien senior secured loan	SR + 5.00%	4/14/2027	64,732	64,109	64,085	1.7	%
TC Holdings, LLC (dba TrialCard)(18)(19)	First lien senior secured revolving loan	SR + 5.00%	4/14/2027	—	(74)	(78)	0.0	%
Tivity Health, Inc(10)	First lien senior secured loan	SR + 6.00%	6/28/2029	152,000	148,222	148,218	3.8	%
Unified Women's Healthcare, LP(9)	First lien senior secured loan	SR + 5.50%	6/18/2029	78,836	78,248	78,245	2.0	%

Owl Rock Core Income Corp.

Consolidated Schedule of Investments ~~(Continued)~~

As of June 30, ~~2021~~

2022

(Amounts in thousands, except share amounts)

(Unaudited)

Company^{(1)(2)(3)(14)(24)}

Investment

Interest

Maturity Date

Par / Units

Amortized Cost^(4)(20)

Fair Value

Percentage of Net Assets

Thunder Topco L.P.^(10)(19)

Common Units

N/A

N/A

680,457

680

680

0.3

%

729

729

0.3

%
Manufacturing

Gloves Holding, LP (dba Protective Industrial Products)^(10)(19)

LP Interest

N/A

N/A

100

100

112

0.1

%

100

112

0.1

%
Total non-controlled/non-affiliated portfolio company equity investments

$
13,457

$
13,510

6.3

%
Total Investments

$
419,876

$
420,733

200.1

%


Company(1)(2)(3)(21)(30)	Investment	Interest	Maturity Date	Par / Units	Amortized Cost(4)(26)	Fair Value	Percentage of Net Assets
Unified Women's Healthcare, LP(18)(19)(20)	First lien senior secured delayed draw term loan	SR + 5.50%	6/17/2024	—	(38)	(38)	0.0	%
Unified Women's Healthcare, LP(18)(19)	First lien senior secured revolving loan	SR + 5.50%	6/18/2029	—	(61)	(61)	0.0	%
Quva Pharma, Inc. (7)	First lien senior secured loan	L + 5.50%	4/12/2028	4,511	4,395	4,399	0.1	%
Quva Pharma, Inc. (8)(18)	First lien senior secured revolving loan	L + 5.50%	4/10/2026	236	226	225	0.0	%
Diagnostic Services Holdings, Inc. (dba Rayus Radiology)(7)	First lien senior secured loan	L + 5.50%	3/17/2025	120,290	120,290	118,786	3.1	%
Vermont Aus Pty Ltd.(10)(24)	First lien senior secured loan	SR + 5.50%	3/22/2028	54,364	53,060	52,325	1.4	%
				965,615	951,184	940,905	24.5	%
Healthcare technology
Athenahealth Group Inc.(9)(23)	First lien senior secured loan	SR + 3.50%	2/15/2029	38,478	38,294	35,327	0.9	%
Athenahealth Group Inc.(18)(19)(20)(23)	First lien senior secured delayed draw term loan	SR + 3.50%	8/15/2023	—	—	(502)	0.0	%
BCPE Osprey Buyer, Inc. (dba PartsSource)(8)	First lien senior secured loan	L + 5.75%	8/23/2028	54,039	53,263	52,418	1.4	%
BCPE Osprey Buyer, Inc. (dba PartsSource)(18)(19)(20)	First lien senior secured delayed draw term loan	L + 5.75%	8/23/2023	—	(206)	(582)	0.0	%
BCPE Osprey Buyer, Inc. (dba PartsSource)(18)(19)	First lien senior secured revolving loan	L + 5.75%	8/21/2026	—	(62)	(140)	0.0	%
IMO Investor Holdings, Inc.(11)	First lien senior secured loan	SR + 6.00%	5/11/2029	20,846	20,436	20,429	0.5	%
IMO Investor Holdings, Inc.(18)(19)(20)	First lien senior secured delayed draw term loan	SR + 6.00%	5/13/2024	—	(49)	(50)	0.0	%
IMO Investor Holdings, Inc.(9)(18)	First lien senior secured revolving loan	SR + 6.00%	5/11/2028	248	200	199	0.0	%
Interoperability Bidco, Inc. (dba Lyniate)(10)	First lien senior secured loan	SR + 7.00%	12/24/2026	76,331	75,865	74,995	1.9	%
Interoperability Bidco, Inc. (dba Lyniate)(18)(19)	First lien senior secured revolving loan	L + 7.00%	12/26/2024	—	(19)	(61)	0.0	%
GI Ranger Intermediate, LLC (dba Rectangle Health)(10)	First lien senior secured loan	SR + 6.00%	10/30/2028	20,922	20,535	20,242	0.6	%
GI Ranger Intermediate, LLC (dba Rectangle Health)(18)(19)(20)	First lien senior secured delayed draw term loan	SR + 6.00%	10/29/2023	—	(95)	(225)	0.0	%
GI Ranger Intermediate, LLC (dba Rectangle Health)(10)(18)	First lien senior secured revolving loan	SR + 6.00%	10/29/2027	167	138	113	0.0	%
Imprivata, Inc.(9)	First lien senior secured loan	SR + 4.25%	12/1/2027	25,420	24,683	24,683	0.6	%
Imprivata, Inc.(9)	Second lien senior secured loan	SR + 6.25%	12/1/2028	50,294	49,791	49,791	1.3	%
Inovalon Holdings, Inc.(7)	First lien senior secured loan	L + 6.25% (incl. 2.75% PIK)	11/24/2028	80,560	78,720	77,338	2.0	%
Inovalon Holdings, Inc.(18)(19)(20)	First lien senior secured delayed draw term loan	L + 5.75%	5/24/2024	—	(97)	(233)	0.0	%
Inovalon Holdings, Inc.(6)	Second lien senior secured loan	L + 10.50% PIK	11/24/2033	40,321	39,585	39,212	1.0	%
Intelerad Medical Systems Inc.(7)(24)	First lien senior secured loan	L + 6.25%	8/21/2026	28,711	28,396	28,280	0.7	%
Intelerad Medical Systems Inc.(7)(18)(24)	First lien senior secured revolving loan	L + 6.25%	8/21/2026	744	744	727	0.0	%
PointClickCare Technologies Inc.(10)(24)	First lien senior secured loan	SR + 4.00%	12/29/2027	19,950	19,663	19,352	0.5	%
Verscend Holding Corp.(6)(22)(23)	First lien senior secured loan	L + 4.00%	8/27/2025	9,995	9,727	9,545	0.2	%
Project Ruby Ultimate Parent Corp. (dba Wellsky)(6)(23)	First lien senior secured loan	L + 3.25%	3/10/2028	4,444	4,425	4,156	0.1	%
				471,470	463,937	455,014	11.7	%
Household products
Aptive Environmental, LLC(17)	First lien senior secured loan	12.00% (incl. 6.00% PIK)	1/23/2026	7,184	5,984	5,999	0.2	%
Mario Purchaser, LLC (dba Len the Plumber)(9)	First lien senior secured loan	SR + 5.75%	4/25/2029	76,093	74,602	74,571	1.9	%
Mario Purchaser, LLC (dba Len the Plumber)(18)(19)(20)	First lien senior secured delayed draw term loan	SR + 5.75%	4/25/2024	—	(392)	(402)	0.0	%
Mario Purchaser, LLC (dba Len the Plumber)(18)(19)	First lien senior secured revolving loan	SR + 5.75%	4/25/2028	—	(156)	(161)	0.0	%
LTP Holdco, LLC (dba Len the Plumber)(9)	Unsecured facility	SR + 10.75% PIK	4/25/2032	22,162	21,518	21,498	0.6	%
Simplisafe Holding Corporation(9)	First lien senior secured loan	SR + 6.25%	4/30/2027	128,395	125,893	125,827	3.3	%
Simplisafe Holding Corporation(18)(19)(20)	First lien senior secured delayed draw term loan	SR + 6.25%	5/2/2024	—	(155)	(160)	0.0	%
Southern Air & Heat Holdings, LLC(7)	First lien senior secured loan	L + 4.50%	10/1/2027	1,085	1,070	1,052	0.0	%

Owl Rock Core Income Corp.

Consolidated Schedule of Investments

As of June 30, 2022

(Amounts in thousands, except share amounts)

(Unaudited)


Company(1)(2)(3)(21)(30)	Investment	Interest	Maturity Date	Par / Units	Amortized Cost(4)(26)	Fair Value	Percentage of Net Assets
Southern Air & Heat Holdings, LLC(7)(18)(20)	First lien senior secured delayed draw term loan	L + 4.50%	10/1/2023	276	262	242	0.0	%
Southern Air & Heat Holdings, LLC(7)(18)	First lien senior secured revolving loan	L + 4.50%	10/1/2027	79	75	70	0.0	%
Walker Edison Furniture Company LLC(7)	First lien senior secured loan	L + 8.75% (incl. 3.00% PIK)	3/31/2027	10,047	10,047	8,440	0.2	%
				245,321	238,748	236,976	6.2	%
Human resource support services
Cornerstone OnDemand, Inc.(6)(22)	First lien senior secured loan	L + 3.75%	10/16/2028	19,950	19,859	17,805	0.5	%
Cornerstone OnDemand, Inc.(6)	Second lien senior secured loan	L + 6.50%	10/15/2029	44,583	43,959	40,348	1.0	%
IG Investments Holdings, LLC (dba Insight Global)(7)	First lien senior secured loan	L + 6.00%	9/22/2028	48,274	47,416	47,067	1.3	%
IG Investments Holdings, LLC (dba Insight Global)(16)(18)	First lien senior secured revolving loan	P + 5.00%	9/22/2027	993	931	903	0.0	%
				113,800	112,165	106,123	2.8	%
Infrastructure and environmental services
Aegion Corp.(6)(22)	First lien senior secured loan	L + 4.75%	5/17/2028	4,962	4,942	4,528	0.1	%
The Goldfield Corp.(9)	First lien senior secured loan	SR + 6.25%	12/30/2026	1,000	980	980	0.0	%
Osmose Utilities Services, Inc.(6)(22)(23)	First lien senior secured loan	L + 3.25%	6/23/2028	24,685	24,626	21,923	0.6	%
USIC Holdings, Inc.(6)(22)(23)	First lien senior secured loan	L + 3.50%	5/12/2028	7,955	7,919	7,382	0.2	%
USIC Holdings, Inc.(6)(22)	Second lien senior secured loan	L + 6.50%	5/14/2029	39,691	39,469	37,111	1.0	%
Tamarack Intermediate, L.L.C. (dba Verisk 3E)(10)	First lien senior secured loan	SR + 5.50%	3/13/2028	32,610	31,985	31,550	0.8	%
Tamarack Intermediate, L.L.C. (dba Verisk 3E)(18)(19)	First lien senior secured revolving loan	SR + 5.50%	3/13/2028	—	(101)	(173)	0.0	%
				110,903	109,820	103,301	2.7	%
Insurance
Alera Group, Inc.(6)	First lien senior secured loan	L + 5.50%	10/2/2028	81,158	79,493	79,478	2.1	%
Alera Group, Inc.(6)(18)(20)	First lien senior secured delayed draw term loan	L + 5.50%	10/2/2023	22,272	21,809	21,803	0.6	%
Alera Group, Inc.(6)(18)(20)	First lien senior secured delayed draw term loan	L + 5.50%	10/2/2023	12,827	12,271	12,202	0.3	%
AmeriLife Holdings LLC(6)(23)	First lien senior secured loan	L + 4.00%	3/18/2027	3,980	3,942	3,799	0.1	%
AssuredPartners, Inc.(6)(22)(23)	First lien senior secured loan	L + 3.50%	2/12/2027	7,920	7,920	7,408	0.2	%
AssuredPartners, Inc.(9)(22)(23)	First lien senior secured loan	SR + 3.50%	2/12/2027	24,938	24,880	23,192	0.6	%
Asurion, LLC(6)(23)	Second lien senior secured loan	L + 5.25%	1/22/2029	154,017	150,163	130,145	3.4	%
Brightway Holdings, LLC(6)	First lien senior secured loan	L + 6.50%	12/16/2027	17,850	17,643	17,359	0.4	%
Brightway Holdings, LLC(18)(19)	First lien senior secured revolving loan	L + 6.50%	12/16/2027	—	(24)	(58)	0.0	%
Evolution BuyerCo, Inc. (dba SIAA)(7)	First lien senior secured loan	L + 6.25%	4/28/2028	8,986	8,875	8,762	0.2	%
Evolution BuyerCo, Inc. (dba SIAA)(18)(20)	First lien senior secured delayed draw term loan	L + 6.25%	6/16/2023	6,861	6,797	6,532	0.2	%
Evolution BuyerCo, Inc. (dba SIAA)(18)(19)	First lien senior secured revolving loan	L + 6.25%	4/30/2027	—	(8)	(17)	0.0	%
Hub International Limited(7)(22)(23)	First lien senior secured loan	L + 3.25%	4/25/2025	9,975	9,968	9,441	0.2	%
KUSRP Intermediate, Inc. (dba U.S. Retirement and Benefits Partners)(8)	First lien senior secured loan	L + 9.50% PIK	7/24/2028	12,887	12,664	12,565	0.3	%
KWOR Acquisition, Inc. (dba Alacrity Solutions)(18)(19)(20)	First lien senior secured delayed draw term loan	L + 5.25%	6/22/2024	—	(87)	(87)	0.0	%
Peter C. Foy & Associates Insurance Services, LLC (dba PCF Insurance Services)(8)	First lien senior secured loan	L + 6.00%	11/1/2028	84,421	83,620	83,578	2.2	%
Peter C. Foy & Associates Insurance Services, LLC (dba PCF Insurance Services)(9)(18)(20)	First lien senior secured delayed draw term loan	SR + 6.00%	8/16/2023	42,000	41,591	41,580	1.1	%
Peter C. Foy & Associated Insurance Services, LLC(18)(20)	First lien senior secured delayed draw term loan	SR + 0.00%	12/15/2023	—	—	—	0.0	%
Peter C. Foy & Associates Insurance Services, LLC (dba PCF Insurance Services)(18)(19)	First lien senior secured revolving loan	L + 6.00%	11/1/2027	—	(23)	(26)	0.0	%
PCF Midco II, LLC (dba PCF Insurance Services)(17)	First lien senior secured loan	9.00% PIK	10/31/2031	47,065	43,019	41,064	1.1	%
Tempo Buyer Corp. (dba Global Claims Services)(7)	First lien senior secured loan	L + 5.50%	8/28/2028	36,341	35,686	35,069	0.9	%

Owl Rock Core Income Corp.

Consolidated Schedule of Investments

As of June 30, 2022

(Amounts in thousands, except share amounts)

(Unaudited)


Company(1)(2)(3)(21)(30)	Investment	Interest	Maturity Date	Par / Units	Amortized Cost(4)(26)	Fair Value	Percentage of Net Assets
Tempo Buyer Corp. (dba Global Claims Services)(18)(19)(20)	First lien senior secured delayed draw term loan	L + 5.50%	8/26/2023	—	(91)	(258)	0.0	%
Tempo Buyer Corp. (dba Global Claims Services)(16)(18)	First lien senior secured revolving loan	P + 4.50%	8/26/2027	206	118	26	0.0	%
USRP Holdings, Inc. (dba U.S. Retirement and Benefits Partners)(7)	First lien senior secured loan	L + 5.50%	7/23/2027	14,980	14,719	14,455	0.4	%
USRP Holdings, Inc. (dba U.S. Retirement and Benefits Partners)(18)(19)	First lien senior secured revolving loan	L + 5.50%	7/23/2027	—	(19)	(38)	0.0	%
KWOR Acquisition, Inc. (dba Alacrity Solutions)(6)	First lien senior secured loan	L + 5.25%	12/22/2028	32,867	32,356	32,210	0.8	%
KWOR Acquisition, Inc. (dba Alacrity Solutions)(16)(18)	First lien senior secured revolving loan	P + 4.25%	12/22/2027	461	414	393	0.0	%
				622,012	607,696	580,577	15.1	%
Internet software and services
Anaplan, Inc.(9)	First lien senior secured loan	SR + 6.50%	6/21/2029	229,639	227,355	227,343	5.9	%
Anaplan, Inc.(18)(19)	First lien senior secured revolving loan	SR + 6.50%	6/21/2028	—	(164)	(165)	0.0	%
Appfire Technologies, LLC(18)(19)(20)	First lien senior secured delayed draw term loan	SR + 5.50%	6/14/2024	—	(135)	(138)	0.0	%
Appfire Technologies, LLC(6)(18)	First lien senior secured revolving loan	L + 5.50%	3/9/2027	93	69	69	0.0	%
Armstrong Bidco Ltd. (dba The Access Group)(15)(24)	First lien senior secured loan	SA +5.75%	6/28/2029	32,268	31,874	31,462	0.8	%
Armstrong Bidco Ltd. (dba The Access Group)(18)(20)(24)	First lien senior secured delayed draw term loan	SA +5.75%	6/30/2025	—	—	—	0.0	%
Bayshore Intermediate #2, L.P. (dba Boomi)(7)	First lien senior secured loan	L + 7.75% PIK	10/2/2028	20,264	19,868	19,656	0.5	%
Bayshore Intermediate #2, L.P. (dba Boomi)(18)(19)	First lien senior secured revolving loan	L + 6.75%	10/1/2027	—	(31)	(48)	0.0	%
BCPE Nucleon (DE) SPV, LP(8)	First lien senior secured loan	L + 7.00%	9/24/2026	24,012	23,776	23,712	0.6	%
BCTO BSI Buyer, Inc. (dba Buildertrend)(7)	First lien senior secured loan	L + 8.00% PIK	12/23/2026	911	904	904	0.0	%
BCTO BSI Buyer, Inc. (dba Buildertrend)(6)(18)	First lien senior secured revolving loan	L + 7.00%	12/23/2026	71	70	70	0.0	%
CivicPlus, LLC(7)	First lien senior secured loan	L + 6.00%	8/24/2027	23,023	22,805	22,793	0.5	%
CivicPlus, LLC(7)	First lien senior secured delayed draw term loan	L + 6.00%	8/24/2027	4,400	4,357	4,356	0.1	%
CivicPlus, LLC(18)(19)	First lien senior secured revolving loan	L + 6.00%	8/24/2027	—	(21)	(22)	0.0	%
CP PIK Debt Issuer, LLC (dba CivicPlus, LLC)(9)	Unsecured notes	SR + 11.75% PIK	6/9/2034	13,429	13,028	13,027	0.3	%
Delta TopCo, Inc. (dba Infoblox, Inc.)(7)(23)	First lien senior secured loan	L + 3.75%	12/1/2027	14,962	14,884	13,512	0.3	%
Delta TopCo, Inc. (dba Infoblox, Inc.)(8)	Second lien senior secured loan	L + 7.25%	12/1/2028	49,222	48,948	45,776	1.2	%
E2open, LLC(7)(22)(23)(24)	First lien senior secured loan	L + 3.50%	2/4/2028	3,888	3,869	3,663	0.1	%
EET Buyer, Inc. (dba e-Emphasys)(8)	First lien senior secured loan	L + 5.75%	11/8/2027	19,497	19,320	19,107	0.5	%
EET Buyer, Inc. (dba e-Emphasys)(18)(19)	First lien senior secured revolving loan	L + 5.75%	11/8/2027	—	(17)	(39)	0.0	%
GovBrands Intermediate, Inc.(7)	First lien senior secured loan	L + 5.50%	8/4/2027	8,304	8,123	7,910	0.2	%
GovBrands Intermediate, Inc.(7)(18)(20)	First lien senior secured delayed draw term loan	L + 5.50%	8/4/2023	1,868	1,818	1,749	0.0	%
GovBrands Intermediate, Inc.(18)(19)	First lien senior secured revolving loan	L + 5.50%	8/4/2027	—	(19)	(42)	0.0	%
Granicus, Inc.(7)	First lien senior secured loan	L + 6.50%	1/29/2027	1,821	1,786	1,762	0.0	%
Granicus, Inc.(18)(19)	First lien senior secured revolving loan	L + 6.50%	1/29/2027	—	(3)	(5)	0.0	%
Granicus, Inc.(7)(18)(20)	First lien senior secured delayed draw term loan	L + 6.00%	4/23/2023	207	203	197	0.0	%
GS Acquisitionco, Inc. (dba insightsoftware)(8)	First lien senior secured loan	L + 5.75%	5/25/2026	8,042	8,006	7,921	0.2	%
GS Acquisitionco, Inc. (dba insightsoftware)(18)(19)(20)	First lien senior secured delayed draw term loan	L + 5.75%	11/2/2022	—	(6)	(35)	0.0	%
Help/Systems Holdings, Inc.(9)(23)	First lien senior secured loan	SR + 4.00%	11/19/2026	64,866	64,576	60,617	1.6	%
Help/Systems Holdings, Inc.(9)	Second lien senior secured loan	SR + 6.75%	11/19/2027	25,000	24,763	23,813	0.6	%
Hyland Software, Inc.(6)(23)	First lien senior secured loan	L + 3.50%	7/1/2024	19,897	19,864	19,156	0.5	%
Hyland Software, Inc.(6)	Second lien senior secured loan	L + 6.25%	7/7/2025	60,517	60,232	59,155	1.5	%
Ivanti Software, Inc.(7)	Second lien senior secured loan	L + 7.25%	12/1/2028	19,000	18,911	17,385	0.5	%

Owl Rock Core Income Corp.

Consolidated Schedule of Investments

As of June 30, 2022

(Amounts in thousands, except share amounts)

(Unaudited)


Company(1)(2)(3)(21)(30)	Investment	Interest	Maturity Date	Par / Units	Amortized Cost(4)(26)	Fair Value	Percentage of Net Assets
MessageBird BidCo B.V.(7)(24)	First lien senior secured loan	L + 6.75%	5/5/2027	5,000	4,907	4,850	0.1	%
Ministry Brands Holdings, LLC.(7)	First lien senior secured loan	L + 5.50%	12/29/2028	49,311	48,383	47,462	1.2	%
Ministry Brands Holdings, LLC.(18)(19)(20)	First lien senior secured delayed draw term loan	L + 5.50%	12/29/2023	—	(147)	(435)	0.0	%
Ministry Brands Holdings, LLC.(18)(19)	First lien senior secured revolving loan	L + 5.50%	12/30/2027	—	(87)	(178)	0.0	%
Mitnick Corporate Purchaser, Inc.(18)(22)	First lien senior secured revolving loan	L + 3.50%	5/3/2027	—	8	—	0.0	%
QAD Inc.(6)	First lien senior secured loan	L + 6.00%	11/5/2027	46,384	45,540	44,644	1.2	%
QAD Inc.(18)(19)	First lien senior secured revolving loan	L + 6.00%	11/5/2027	—	(107)	(225)	0.0	%
Perforce Software, Inc.(9)	First lien senior secured loan	SR + 4.50%	7/1/2026	14,963	14,599	14,588	0.4	%
Proofpoint, Inc.(8)(23)	Second lien senior secured loan	L + 6.25%	8/31/2029	7,500	7,465	7,163	0.2	%
Securonix, Inc.(10)	First lien senior secured loan	SR + 6.50%	4/5/2028	29,661	29,374	29,364	0.8	%
Securonix, Inc.(18)(19)	First lien senior secured revolving loan	SR + 6.50%	4/5/2028	—	(51)	(53)	0.0	%
Sophos Holdings, LLC(7)(22)(23)(24)	First lien senior secured loan	L + 3.50%	3/5/2027	31,838	31,746	29,832	0.8	%
Tahoe Finco, LLC(7)(24)	First lien senior secured loan	L + 6.00%	9/29/2028	83,721	82,955	81,628	2.1	%
Tahoe Finco, LLC(18)(19)(24)	First lien senior secured revolving loan	L + 6.00%	10/1/2027	—	(55)	(157)	0.0	%
Thunder Purchaser, Inc. (dba Vector Solutions)(7)	First lien senior secured loan	L + 5.75%	6/30/2028	12,002	11,897	11,702	0.4	%
Thunder Purchaser, Inc. (dba Vector Solutions)(8)(18)	First lien senior secured revolving loan	L + 5.75%	6/30/2027	245	239	227	0.0	%
Thunder Purchaser, Inc. (dba Vector Solutions)(18)(19)(20)	First lien senior secured delayed draw term loan	L + 5.75%	8/17/2023	—	—	(31)	0.0	%
Trader Interactive, LLC (fka Dominion Web Solutions, LLC)(6)	First lien senior secured loan	L + 3.75%	7/28/2028	11,765	11,729	11,706	0.3	%
When I Work, Inc.(8)	First lien senior secured loan	L + 7.00% PIK	11/2/2027	22,650	22,448	22,027	0.6	%
When I Work, Inc.(18)(19)	First lien senior secured revolving loan	L + 6.00%	11/2/2027	—	(37)	(114)	0.0	%
				960,241	949,819	928,621	24.0	%
Leisure and entertainment
Troon Golf, L.L.C.(8)	First lien senior secured loan	L + 5.75%	8/5/2027	93,885	93,475	93,416	2.4	%
Troon Golf, L.L.C.(18)(19)	First lien senior secured revolving loan	L + 6.00%	8/5/2026	—	(30)	(36)	0.0	%
Troon Golf, L.L.C.(18)(20)	First lien senior secured delayed draw term loan	L + 5.75%	5/2/2024	20,000	19,562	19,900	0.5	%
				113,885	113,007	113,280	2.9	%
Manufacturing
ACR Group Borrower, LLC(7)	First lien senior secured loan	L + 4.50%	3/31/2028	4,084	4,033	3,971	0.1	%
ACR Group Borrower, LLC(16)(18)	First lien senior secured revolving loan	P + 3.25%	3/31/2026	850	840	826	0.0	%
Engineered Machinery Holdings, Inc. (dba Duravant)(7)(23)	First lien senior secured loan	L + 3.75%	5/19/2028	4,975	4,953	4,661	0.1	%
Engineered Machinery Holdings, Inc. (dba Duravant)(7)(22)	Second lien senior secured loan	L + 6.50%	5/21/2029	37,181	37,017	36,437	0.9	%
Engineered Machinery Holdings, Inc. (dba Duravant)(7)(22)	Second lien senior secured loan	L + 6.00%	5/21/2029	19,160	19,113	18,729	0.5	%
Gloves Buyer, Inc. (dba Protective Industrial Products)(6)	First lien senior secured loan	L + 4.00%	12/29/2027	18,775	18,404	18,446	0.5	%
Gloves Buyer, Inc. (dba Protective Industrial Products)(6)	Second lien senior secured loan	L + 8.25%	12/29/2028	11,728	11,441	11,464	0.3	%
MHE Intermediate Holdings, LLC (dba OnPoint Group)(8)	First lien senior secured loan	L + 6.00%	7/21/2027	46,091	45,689	45,054	1.1	%
MHE Intermediate Holdings, LLC (dba OnPoint Group)(7)(18)(20)	First lien senior secured delayed draw term loan	L + 6.00%	4/5/2024	12,838	12,710	12,192	0.3	%
MHE Intermediate Holdings, LLC (dba OnPoint Group)(18)(19)	First lien senior secured revolving loan	L + 5.75%	7/21/2027	—	(30)	(80)	0.0	%
Pro Mach Group, Inc.(6)(23)	First lien senior secured loan	L + 4.00%	8/31/2028	47,979	47,716	45,158	1.2	%
Pro Mach Group, Inc.(18)(19)(20)(23)	First lien senior secured delayed draw term loan	L + 4.00%	8/31/2023	—	(16)	(129)	0.0	%
				203,661	201,870	196,729	5.0	%
Professional Services

Owl Rock Core Income Corp.

Consolidated Schedule of Investments

As of June 30, 2022

(Amounts in thousands, except share amounts)

(Unaudited)


Company(1)(2)(3)(21)(30)	Investment	Interest	Maturity Date	Par / Units		Amortized Cost(4)(26)		Fair Value		Percentage of Net Assets
Apex Group Treasury, LLC(7)(24)	Second lien senior secured loan	L + 6.75%	7/27/2029	5,000		4,954		4,800		0.1	%
Apex Group Treasury, LLC(18)(19)(24)	Second lien senior secured delayed draw term loan	L + 6.75%	7/27/2029	—		—		(132)		0.0	%
Apex Group Treasury, LLC(7)(24)	First lien senior secured loan	L + 3.75%	7/27/2028	4,963		4,952		4,714		0.1	%
Apex Service Partners, LLC(9)(18)(20)	First lien senior secured delayed draw term loan	SR + 5.50%	10/23/2023	42,510		41,557		41,502		1.1	%
Apex Service Partners, LLC(8)(18)	First lien senior secured revolving loan	L + 5.25%	7/31/2025	920		855		851		0.0	%
EM Midco2 Ltd. (dba Element Materials Technology)(22)(23)(24)	First lien senior secured loan	L + 4.25%	4/12/2029	30,000		29,960		29,128		0.7	%
Guidehouse Inc.(6)	First lien senior secured loan	L + 5.50%	10/16/2028	92,518		91,671		90,205		2.3	%
Relativity ODA LLC(7)	First lien senior secured loan	L + 7.50% PIK	5/12/2027	4,723		4,668		4,652		0.1	%
Relativity ODA LLC(18)(19)	First lien senior secured revolving loan	L + 6.50%	5/12/2027	—		(5)		(7)		0.0	%
Sovos Compliance, LLC(6)(23)	First lien senior secured loan	L + 4.50%	8/11/2028	25,027		24,715		23,511		0.6	%
				205,661		203,327		199,224		5.0	%
Specialty retail
Notorious Topco, LLC (dba Beauty Industry Group)(8)	First lien senior secured loan	L + 6.50%	11/23/2027	60,611		59,776		59,702		1.5	%
Notorious Topco, LLC (dba Beauty Industry Group)(7)	First lien senior secured loan	L + 6.50%	11/23/2027	165,086		162,662		162,610		4.2	%
Notorious Topco, LLC (dba Beauty Industry Group)(18)(19)(20)	First lien senior secured delayed draw term loan	L + 6.50%	11/23/2023	—		(49)		(22)		0.0	%
Notorious Topco, LLC (dba Beauty Industry Group)(8)(18)	First lien senior secured revolving loan	L + 6.50%	5/24/2027	2,289		2,218		2,210		0.1	%
Milan Laser Holdings LLC(6)	First lien senior secured loan	L + 5.00%	4/27/2027	20,528		20,357		20,271		0.5	%
Milan Laser Holdings LLC(18)(19)	First lien senior secured revolving loan	L + 5.00%	4/27/2026	—		(13)		(22)		0.0	%
The Shade Store, LLC(6)	First lien senior secured loan	L + 6.00%	10/13/2027	67,841		67,077		65,806		1.7	%
The Shade Store, LLC(8)(18)	First lien senior secured revolving loan	L + 6.00%	10/13/2026	3,409		3,336		3,205		0.1	%
				319,764		315,364		313,760		8.1	%
Telecommunications
Park Place Technologies, LLC(9)(23)	First lien senior secured loan	SR + 5.00%	11/10/2027	10,962		10,608		10,505		0.3	%
Zayo Group Holdings, Inc.(9)(22)(23)	First lien senior secured loan	SR + 4.25%	3/9/2027	9,975		9,728		9,285		0.2	%
				20,937		20,336		19,790		0.5	%
Transportation
Motus Group, LLC(6)	Second lien senior secured loan	L + 6.50%	12/10/2029	10,000		9,905		9,700		0.3	%
Safe Fleet Holdings, LLC(22)(23)	First lien senior secured loan	SR + 3.75%	2/23/2029	26,183		25,544		24,340		0.6	%
				36,183		35,449		34,040		0.9	%
Total non-controlled/non-affiliated portfolio company debt investments				$	8,210,818	$	8,095,665	$	7,911,327	204.8	%
Equity Investments
Automotive
CD&R Value Building Partners I, L.P. (dba Belron)(24)(25)(27)	LP Interest	N/A	N/A	330		33,108		30,171		0.8	%
Metis HoldCo, Inc. (dba Mavis Tire Express Services)(17)(25)	Series A Convertible Preferred Stock	7.00% PIK	N/A	11,669		11,345		10,823		0.3	%
						44,453		40,994		1.1	%
Buildings and real estate
Associations Finance, Inc.(17)(25)	Preferred Stock	12.00% PIK	N/A	215,000		209,114		209,088		5.4	%
Dodge Contruction Network Holdings, LP(25)(27)	Series A Preferred Units	N/A	N/A	—		3		3		0.0	%
Dodge Contruction Network Holdings, LP(25)(27)	Class A-2 Common Units	N/A	N/A	144		123		123		0.0	%
						209,240		209,214		5.4	%
Business services

Owl Rock Core Income Corp.

Consolidated Schedule of Investments

As of June 30, 2022

(Amounts in thousands, except share amounts)

(Unaudited)


Company(1)(2)(3)(21)(30)	Investment	Interest	Maturity Date	Par / Units	Amortized Cost(4)(26)	Fair Value	Percentage of Net Assets
Denali Holding, LP(25)(27)	Class A Units	N/A	N/A	687	7,076	8,259	0.2	%
Hercules Buyer LLC (dba The Vincit Group)(25)(27)(29)	Common Units	N/A	N/A	10	10	10	0.0	%
Knockout Intermediate Holdings I Inc. (dba Kaseya)(17)(25)	Perpetual Preferred Stock	11.75% PIK	N/A	53,600	52,263	52,260	1.4	%
					59,349	60,529	1.6	%
Consumer products
ASP Conair Holdings LP(25)(27)	Class A Units	N/A	N/A	9	929	580	0.0	%
					929	580	0.0	%
Food and beverage
Hissho Sushi Holdings, LLC(25)(27)	Class A Units	N/A	N/A	942	9,418	9,418	0.2	%
					9,418	9,418	0.2	%
Healthcare equipment and services
Maia Aggregator, LP (dba Medical Knowledge Group)(25)(27)	Class A-2 Units	N/A	N/A	12,921	12,921	12,921	0.3	%
KPCI Holdings, L.P.(25)(27)	Class A Units	N/A	N/A	2,313	2,313	2,301	0.1	%
Patriot Holdings SCSp(17)(24)(25)	Class A Units	8.00% PIK	N/A	1,031	1,031	1,031	0.0	%
Patriot Holdings SCSp(24)(25)(27)	Class B Units	N/A	N/A	129	146	146	0.0	%
Rhea Acquistion Holdings, LP(25)(27)	Series A-2 Units	N/A	N/A	11,964	11,964	11,964	0.3	%
					28,375	28,363	0.7	%
Healthcare providers and services
KOBHG Holdings, L.P. (dba OB Hospitalist)(25)(27)	Class A Interests	N/A	N/A	4	3,520	2,968	0.1	%
					3,520	2,968	0.1	%
Healthcare technology
Minerva Holdco, Inc.(17)(25)	Series A Preferred Stock	10.75% PIK	N/A	104,067	102,138	95,741	2.5	%
BEHP Co-Investor II, L.P.(24)(25)(27)	Common Units	N/A	N/A	1,270	1,272	1,270	0.0	%
WP Irving Co-Invest, L.P.(24)(25)(27)	Common Units	N/A	N/A	1,250	1,251	1,250	0.0	%
					104,661	98,261	2.5	%
Household products
Evology LLC(25)(27)	Class B Units	N/A	N/A	—	1,176	1,176	0.0	%
					1,176	1,176	0.0	%
Human resource support services
Sunshine Software Holdings, Inc. (dba Cornerstone OnDemand)(17)(25)	Series A Preferred Stock	10.50% PIK	N/A	13,036	12,736	11,211	0.3	%
					12,736	11,211��	0.3	%
Insurance
Evolution Parent, LP(25)(27)	LP Interest	N/A	N/A	3	270	270	0.0	%
GrowthCurve Capital Sunrise Co-Invest LP (dba Brightway)(25)(27)	LP Interest	N/A	N/A	4	422	421	0.0	%
PCF Holdco, LLC (dba PCF Insurance Services)(25)(27)	Class A Units	N/A	N/A	4,649	11,789	14,716	0.4	%
PCF Holdco, LLC (dba PCF Insurance Services)(25)(27)	Class A Warrants	N/A	N/A	1,399	3,547	4,432	0.1	%
					16,028	19,839	0.5	%
Internet software and services
Brooklyn Lender Co-Invest 2, L.P. (dba Boomi)(25)(27)	Common Units	N/A	N/A	1,729	1,729	1,462	0.0	%
Insight CP (Blocker) Holdings, L.P. (dba CivicPlus, LLC)(24)(25)(27)	LP Interest	N/A	N/A	—	987	987	0.0	%
MessageBird Holding B.V.(24)(25)(27)	Extended Series C Warrants	N/A	N/A	8	49	17	0.0	%
Project Alpine Co-Invest Fund, L.P.(24)(25)(27)	LP Interest	N/A	N/A	17,000	17,010	17,000	0.4	%
Thunder Topco L.P.(25)(27)	Common Units	N/A	N/A	713	713	652	0.0	%
WMC Bidco, Inc. (dba West Monroe)(17)(25)	Senior Preferred Stock	11.25% PIK	N/A	35,858	35,035	32,810	0.8	%

Owl Rock Core Income Corp.

Consolidated Schedule of Investments

As of June 30, 2022

(Amounts in thousands, except share amounts)

(Unaudited)


Company(1)(2)(3)(21)(30)	Investment	Interest	Maturity Date	Par / Units	Amortized Cost(4)(26)		Fair Value		Percentage of Net Assets
BCTO WIW Holdings, Inc. (dba When I Work)(25)(27)	Class A Common Stock	N/A	N/A	57	5,700		4,313		0.1	%
					61,223		57,241		1.3	%
Manufacturing
Gloves Holding, LP (dba Protective Industrial Products)(25)(27)	LP Interest	N/A	N/A	100	100		107		0.0	%
					100		107		0.0	%
Total non-controlled/non-affiliated portfolio company equity investments					$	551,208	$	539,901	13.7	%
Total Investments					$	8,646,873	$	8,451,228	218.5	%

	⁽¹⁾	~~Certain portfolio company investments are subject to contractual restrictions on sales.~~

⁽²⁾(1)Certain portfolio company investments are subject to contractual restrictions on sales.

(2)Unless otherwise indicated, all investments are non-controlled, non-affiliated investments. Non-controlled, non-affiliated investments are defined as investments in which the Company owns less than 5% of the portfolio company’s outstanding voting securities and does not have the power to exercise control over the management or policies of such portfolio company.

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

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

(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-, six-, or twelve-month LIBOR), Secured Overnight Financing Rate ("SOFR" or "SR") (which can include one-, three-, six- or twelve-month SOFR), Euro Interbank Offered Rate ("EURIBOR" or "E"), Canadian Dollar Offered Rate ("CDOR" or "C") (which can include one-, the-, six- or twelve-month CDOR), Serling Overnight Interbank Average Rate ("SONIA" or "SA") or an alternate base rate (which can include the Federal Funds Effective Rate or the Prime Rate ("Prime" or "P")), 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 June 30, 2022 was 1.79%.

(7)The interest rate on these loans is subject to 3 month LIBOR, which as of June 30, 2022 was 2.29%.

(8)The interest rate on these loans is subject to 6 month LIBOR, which as of June 30, 2022 was 2.94%.

(9)The interest rate on these loans is subject to 1 month SOFR, which as of June 30, 2022 was 1.69%.

(10)The interest rate on these loans is subject to 3 month SOFR, which as of June 30, 2022 was 2.12%.

(11)The interest rate on these loans is subject to 6 month SOFR, which as of June 30, 2022 was 2.63%.

(12)The interest rate on these loans is subject to 1 month CDOR, which as of June 30, 2022 was 2.14%.

(13)The interest rate on these loans is subject to 3 month CDOR, which as of June 30, 2022 was 2.17%.

(14)The interest rate on these loans is subject to 3 month EURIBOR, which as of June 30, 2022 was (0.20)%.

(15)The interest rate on these loans is subject to SONIA, which as of June 30, 2022 was 1.19%.

(16)The interest rate on these loans is subject to the Prime rate, which as of June 30, 2022 was 4.75%

(17)Investment does not contain a variable rate structure.

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

(19)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.

(20)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.

(21)Unless otherwise indicated, loan represents a co-investment made with the Company’s affiliates in accordance with the terms of exemptive relief that the Company received from the U.S. Securities and Exchange Commission. See Note 3 "Agreements and Related Party Transactions".

(22)This portfolio company was not a co-investment made with the Company's affiliates in accordance with the terms of exemptive relief that the Company received from the U.S. Securities and Exchange Commission.

(23)Level 2 Investment.

(24)This portfolio company is not a qualifying asset under Section 55(a) of 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 June 30, 2022, non-qualifying assets represented 9.2% of total assets as calculated in accordance with the regulatory requirements.

Owl Rock Core Income Corp.

Consolidated Schedule of Investments

As of June 30, 2022

(Amounts in thousands, except share amounts)

(Unaudited)

(25)Security acquired in transaction exempt from registration under the Securities Act of 1933, and may be deemed to be “restricted security” under the Securities Act. As of June 30, 2022, the aggregate fair value of these securities is $539.9 million, or 14.0% of the Company’s net assets. The acquisition dates of the restricted securities are as follows:

Unless otherwise indicated, all investments are non-controlled, non-affiliated investments. Non-controlled, non-affiliated investments are defined as investments in which the Company owns less than 5% of the portfolio company’s outstanding voting securities and does not have the power to exercise control over the management or policies of such portfolio company.

⁽³⁾

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

⁽⁴⁾

~~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.~~

⁽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),British pound sterling LIBOR (“GBPLIBOR” or “G”), 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 June 30, 2021 was 0.10%.~~

⁽⁷⁾

~~The interest rate on these loans is subject to 3 month LIBOR, which as of June 30, 2021 was 0.15%.~~

⁽⁸⁾

~~The interest rate on these loans is subject to 6 month LIBOR, which as of June 30, 2021 was 0.16%.~~

⁽⁹⁾

~~The interest rate on these loans is subject to Prime, which as of June 30, 2021 was 3.25%.~~

⁽¹⁰⁾

Security acquired in transaction exempt from registration under the Securities Act of 1933, and may be deemed to be “restricted security” under the Securities Act. As of June 30, 2021, the aggregate fair value of these securities is $13.5 million, or 6.4% of the Company’s net assets. The acquisition dates of the restricted securities are as follows:

~~Portfolio Company~~

~~Investment~~

~~Acquisition Date~~

Portfolio Company

Investment

Acquisition Date

ASP Conair Holdings LP

Class A Units

May 17, 2021

Associations Finance, Inc.

Preferred Stock

June 10, 2022

BCTO WIW Holdings, Inc. (dba When I Work)

Class A Common Stock

November 2, 2021

BEHP Co-Investor II, L.P.

Common Equity

May 11, 2022

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 Construction Network Holdings, L.P.

Class A-2 Common Units

February 23, 2022

Dodge Construction Network Holdings, L.P.

Series A Preferred Units

February 23, 2022

Evology LLC

Class B Units

January 24, 2022

Evolution Parent, LP

(dba SIAA)

~~LP Interest~~

Class A Interests

April 30, 2021

Gloves Holding, 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

Hissho Sushi Holdings, LLC

Class A Units

May 17, 2022

Insight CP (Blocker) Holdings, L.P.

LP Interest

June 8, 2022

Knockout Intermediate Holdings I Inc.

Perpetual Preferred Stock

June 23, 2022

KOBHG Holdings, L.P. (dba OB Hospitalist)

Class A Interests

September 27, 2021

KPCI Holdings, L.P.

LP Interest

November 30, 2020

Maia Aggregator, LP

Class A-2 Units

February 1, 2022

MessageBird ~~BidCo~~Holding B.V.

Extended Series C Warrants

April 29, 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

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

~~March 30,~~November 1, 2021

~~Restore OMH Intermediate Holdings, Inc.~~

PCF Holdco, LLC (dba PCF Insurance Services)

~~Senior Preferred Stock~~

Class A Warrants

~~December 9, 2020~~

November 1, 2021

~~Skyline Holdco B,~~Project Alpine Co-Invest Fund, L.P.

LP Interest

June 10, 2022

Rhea Acquistion Holdings, LP

Series A-2 Units

February 18, 2022

Sunshine Software Holdings, Inc.

(dba Cornerstone OnDemand)

Series A Preferred Stock

~~April 14,~~October 15, 2021

Thunder Topco L.P.

(dba Vector Solutions)

Common Units

June 30, 2021

WMC Bidco, Inc. (dba West Monroe)

Senior Preferred Stock

November 9, 2021

WP Irving Co-Invest, L.P.

Common Equity

May 18, 2022

(26)As of June 30, ~~2021~~

~~(Amounts~~2022, the net estimated unrealized loss on investments for U.S. federal income tax purposes was $186.0 million based on a tax cost basis of $8.6 billion. As of June 30, 2022, the estimated aggregate gross unrealized loss for U.S. federal income tax purposes was $191.9 million. As of June 30, 2022, the estimated aggregate gross unrealized gain for U.S. federal income tax purposes was $5.9 million.

(27)Investment is non-income producing.

(28)Investment is not pledged as collateral for the credit facilities.

(29)We invest in ~~thousands, except share amounts)~~

~~(Unaudited)~~

⁽¹¹⁾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.

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

⁽¹²⁾(30)Unless otherwise indicated, the Company’s portfolio companies are pledged as collateral supporting the amounts outstanding under the Revolving Credit Facility and SPV Asset Facilities. See Note 6 "Debt".

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.

⁽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⁾

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

⁽¹⁵⁾

~~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.~~

⁽¹⁶⁾

~~Level 2 investment.~~

⁽¹⁷⁾

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 June 30, 2021, non-qualifying assets represented 7.4% of total assets as calculated in accordance with the regulatory requirements.

⁽¹⁸⁾

This portfolio company was not a co-investment made with the Company’s affiliates in accordance with the terms of exemptive relief that the Company received from the U.S. Securities and Exchange Commission.

⁽¹⁹⁾

~~Investment is non-income producing.~~

⁽²⁰⁾

As of June 30, 2021, the net estimated unrealized gain on investments for U.S. federal income tax purposes was $0.9 million based on a tax cost basis of $419.9 million. As of June 30, 2021, the estimated aggregate gross unrealized gain for U.S. federal income tax purposes was $1.0 million and the estimated aggregate gross unrealized loss for U.S. federal income tax purposes was $ 0.1 million.

⁽²¹⁾

~~Investment does not contain a variable rate structure.~~

⁽²²⁾

~~The interest rate on this loan is subject to 6 month GBPLIBOR, which as of June 30, 2021 was 0.11%.~~

⁽²³⁾

~~The interest rate on this loan is subject to 3 month Canadian Dollar Offered Rate (“CDOR” or “C”), which as of June 30, 2021 was 0.44%~~

⁽²⁴⁾

~~Unless otherwise indicated, the Company’s portfolio companies are pledged as collateral supporting the amounts outstanding under the Revolving Credit Facility.~~

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

Owl Rock Core Income Corp.

Consolidated Schedule of Investments

As of December 31, ~~2020~~

2021

(Amounts in thousands, except share amounts)

Company^{(1)(2)(3)(14)}

Investment

Interest

Maturity Date

Par / Units

Amortized Cost⁽⁴⁾⁽⁵⁾

Fair Value

Percentage of Net Assets

Non-controlled/non-affiliated portfolio company investments

Debt Investments⁽⁶⁾

Business services

Hercules Borrower, LLC(dba The Vincit Group)⁽⁹⁾

First lien senior secured loan

L + 6.50%

12/15/2026

$
822

$
810

$
810

6.6

%
Hercules Borrower LLC (dba The Vincit Group)^(11)(12)

First lien senior secured revolving loan

L + 6.50%

12/15/2026

—

(1
)

(1
)

—

Hercules Buyer, LLC (dba The Vincit Group)⁽¹⁵⁾

Unsecured notes

0.48% (PIK)

12/14/2029

22

22

22

0.1

844

831

831

6.7

%
Chemicals

Aruba Investments Holdings LLC (dba Angus Chemical Company)⁽⁹⁾

Second lien senior secured loan

L + 7.75%

11/24/2028

1,000

985

984

8.0

%

1,000

985

984

8.0

%
Consumer products

Olaplex, Inc.(7)

First lien senior secured loan

L + 6.50%

1/8/2026

994

984

984

8.0

%

994

984

984

8.0

%
Distribution

Individual Foodservice Holdings, LLC⁽⁹⁾

First lien senior secured loan

L + 6.25%

11/22/2025

1,318

1,298

1,298

10.6

%
Individual Foodservice Holdings, LLC^(11)(12)(13)

First lien senior secured delayed draw term loan

L + 6.25%

6/30/2022

—

(1
)

(1
)

—

Individual Foodservice Holdings, LLC^(9)(11)

First lien senior secured revolving loan

L + 6.25%

11/22/2024

19

17

17

0.1

1,337

1,314

1,314

10.7

%
Financial Services

AxiomSL Group, Inc.(8)

First lien senior secured loan

L + 6.50%

12/3/2027

1,788

1,761

1,761

14.3

%
AxiomSL Group, Inc.(11)(12)

First lien senior secured revolving loan

L + 6.50%

12/3/2025

—

(3
)

(3
)

—

1,788

1,758

1,758

14.3

%
Healthcare equipment and services

Packaging Coordinators Midco, Inc.⁽⁹⁾

Second lien senior secured loan

L + 8.25%

11/30/2028

2,418

2,370

2,370

19.3

%

2,418

2,370

2,370

19.3

%
Healthcare providers and services

Refresh Parent Holdings, Inc.⁽⁸⁾

First lien senior secured loan

L + 6.50%

12/9/2026

1,198

1,180

1,180

9.6

Refresh Parent Holdings, Inc.^(11)(12)(13)

First lien senior secured delayed draw term loan

L + 6.50%

6/9/2022

—

(1
)

(1
)

—

Refresh Parent Holdings, Inc.^(8)(11)

First lien senior secured revolving loan

L + 6.50%

12/9/2026

41

39

39

0.3

1,239

1,218

1,218

9.9

%
Internet software and services

BCTO BSI Buyer, Inc. (dba Buildertrend)⁽⁸⁾

First lien senior secured loan

L + 7.00%

12/23/2026

893

884

884

7.2

%
BCTO BSI Buyer, Inc. (dba Buildertrend)^(11)(12)

First lien senior secured revolving loan

L + 7.00%

12/23/2026

—

(1
)

(1
)

—

BCPE Nucleon (DE) SPV, LP⁽⁸⁾

First lien senior secured loan

L + 7.00%

9/24/2026

1,500

1,478

1,478

12.0

2,393

2,361

2,361

19.2

%


Company(1)(2)(3)(25)	Investment	Interest	Maturity Date	Par / Units		Amortized Cost(4)(20)		Fair Value		Percentage of Net Assets
Non-controlled/non-affiliated portfolio company investments
Debt Investments(5)
Advertising and media
Global Music Rights, LLC(8)(16)	First lien senior secured loan	L + 5.75%	8/28/2028	$	84,375	$	82,754	$	82,688	5.2	%
Global Music Rights, LLC(13)(14)(16)	First lien senior secured revolving loan	L + 5.75%	8/27/2027	—		(141)		(150)		—	%
IRI Holdings, Inc.(6)(16)(17)	First lien senior secured loan	L + 4.25%	12/1/2025	4,974		4,980		4,968		0.3	%
				89,349		87,593		87,506		5.5	%
Aerospace and Defense
Bleriot US Bidco Inc.(8)(16)(17)	First lien senior secured loan	L + 4.00%	10/30/2026	4,975		4,975		4,966		0.3	%
Peraton Corp.(6)(17)	First lien senior secured loan	L + 3.75%	2/1/2028	4,963		4,974		4,961		0.3	%
Peraton Corp.(6)(16)	Second lien senior secured loan	L + 7.75%	2/1/2029	5,000		4,932		4,975		0.3	%
				14,938		14,881		14,902		0.9	%
Automotive
Mavis Tire Express Services Topco Corp.(6)(17)	First lien senior secured loan	L + 4.00%	5/4/2028	9,950		9,904		9,950		0.6	%
				9,950		9,904		9,950		0.6	%
Buildings and real estate
Associations, Inc.(8)(16)	First lien senior secured loan	L + 6.50% (incl. 2.50% PIK)	7/2/2027	121,391		120,001		120,175		7.5	%
Associations, Inc.(13)(14)(16)	First lien senior secured revolving loan	L + 6.50%	7/2/2027	—		(44)		(48)		—	%
Dodge Data & Analytics LLC(9)(16)	First lien senior secured loan	L + 7.50%	4/14/2026	2,149		2,111		2,213		0.1	%
Dodge Data & Analytics LLC(13)(14)(16)	First lien senior secured revolving loan	L + 7.50%	4/14/2026	—		(2)		—		—	%
REALPAGE, INC.(6)(16)	Second lien senior secured loan	L + 6.50%	4/23/2029	2,500		2,465		2,529		0.2	%
				126,040		124,531		124,869		7.8	%
Business services
Denali BuyerCo, LLC (dba Summit Companies)(8)(16)	First lien senior secured loan	L + 6.00%	9/15/2028	97,901		96,587		96,922		6.1	%
Denali BuyerCo, LLC (dba Summit Companies)(8)(13)(15)(16)	First lien senior secured delayed draw term loan	L + 6.00%	9/15/2023	4,173		4,014		4,131		0.3	%
Denali BuyerCo, LLC (dba Summit Companies)(13)(14)(16)	First lien senior secured revolving loan	L + 6.00%	9/15/2027	—		(70)		(74)		—	%
Diamondback Acquisition, Inc. (dba Sphera)(6)(16)	First lien senior secured loan	L + 5.50%	9/13/2028	47,827		46,904		46,871		3.0	%
Diamondback Acquisition, Inc. (dba Sphera)(13)(14)(15)(16)	First lien senior secured delayed draw term loan	L + 5.50%	9/13/2023	—		(91)		(96)		—	%
Hercules Borrower, LLC (dba The Vincit Group)(8)(16)	First lien senior secured loan	L + 6.50%	12/15/2026	816		805		816		0.1	%
Hercules Borrower, LLC (dba The Vincit Group)(8)(16)	First lien senior secured loan	L + 5.50%	12/15/2026	2,215		2,194		2,193		0.1	%
Hercules Borrower, LLC (dba The Vincit Group)(13)(15)(16)	First lien senior secured delayed draw term loan	L + 5.50%	9/10/2023	—		—		—		—	%
Hercules Borrower, LLC (dba The Vincit Group)(13)(14)(16)	First lien senior secured revolving loan	L + 6.50%	12/15/2026	—		(1)		—		—	%
Hercules Buyer, LLC (dba The Vincit Group)(16)(23)(24)	Unsecured notes	0.48% PIK	12/14/2029	24		24		24		—	%

Owl Rock Core Income Corp.

Consolidated Schedule of Investments (Continued)

As of December 31, ~~2020~~

2021

(Amounts in thousands, except share amounts)

Company^{(1)(2)(3)(14)}

Investment

Interest

Maturity Date

Par / Units

Amortized Cost⁽⁴⁾⁽⁵⁾

Fair Value

Percentage of Net Assets

Manufacturing

Gloves Buyer, Inc. (dba Protective Industrial Products)⁽⁷⁾

Second lien senior secured loan

L + 8.25%

12/28/2028

900

878

878

7.2

%

900

878

878

7.2

%
Telecommunications

Park Place Technologies, LLC⁽⁷⁾

First lien senior secured loan

L + 5.00%

11/10/2027

1,000

960

960

7.8

%

1,000

960

960

7.8

%
Total non-controlled/non-affiliated portfolio company debt investments

$
13,913

$
13,659

$
13,658

111.1

%
Equity Investments

Business services

Hercules Buyer, LLC (dba The Vincit Group)^(10)(15)

Common Units

N/A

N/A

10,000

10

10

—

%

10,000

10

10

—

%
Healthcare equipment and services

KPCI Holdings, L.P.⁽¹⁰⁾

LP Interest

N/A

N/A

313

313

313

2.6

%

313

313

313

2.6

%
Healthcare providers and services

Restore OMH Intermediate Holdings, Inc. ⁽¹⁰⁾

Senior Preferred Stock

N/A

N/A

30

296

295

2.4

%

30

296

295

2.4

%
Manufacturing

Gloves Holding, LP (dba Protective Industrial Products)⁽¹⁰⁾

LP Interest

N/A

N/A

100

100

100

0.8

%

100

100

100

0.8

%
Total non-controlled/non-affiliated portfolio company equity investments

$
719

$
718

5.8

%
Total Investments

$
14,378

$
14,376

116.9

%

~~________________~~

⁽¹⁾

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

⁽²⁾

⁽³⁾

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


Company(1)(2)(3)(25)	Investment	Interest	Maturity Date	Par / Units	Amortized Cost(4)(20)	Fair Value	Percentage of Net Assets
KPSKY Acquisition, Inc. (dba BluSky)(6)(16)	First lien senior secured loan	L + 5.50%	10/19/2028	76,315	74,824	74,789	4.7	%
KPSKY Acquisition, Inc. (dba BluSky)(12)(13)(15)(16)	First lien senior secured delayed draw term loan	P + 4.50%	10/19/2023	4,361	4,233	4,230	0.3	%
Packers Holdings, LLC(9)(17)	First lien senior secured loan	L + 3.25%	3/9/2028	4,269	4,250	4,239	0.3	%
				237,901	233,673	234,045	14.9	%
Chemicals
Aruba Investments Holdings LLC (dba Angus Chemical Company)(9)(16)	Second lien senior secured loan	L + 7.75%	11/24/2028	1,000	987	1,000	0.1	%
Gaylord Chemical Company, L.L.C.(8)(16)	First lien senior secured loan	L + 6.50%	3/30/2027	104,356	103,339	103,835	6.6	%
Gaylord Chemical Company, L.L.C.(13)(14)(16)	First lien senior secured revolving loan	L + 6.50%	3/30/2026	—	(7)	(4)	—	%
Gaylord Chemical Company, L.L.C.(13)(14)(16)	First lien senior secured revolving loan	L + 6.50%	3/30/2026	—	(31)	(16)	—	%
Velocity HoldCo III Inc. (dba VelocityEHS)(8)(16)	First lien senior secured loan	L + 5.75%	4/22/2027	2,347	2,299	2,300	0.1	%
Velocity HoldCo III Inc. (dba VelocityEHS)(13)(14)(16)	First lien senior secured revolving loan	L + 5.75%	4/22/2026	—	(3)	(3)	—	%
				107,703	106,584	107,112	6.8	%
Consumer products
ConAir Holdings LLC(8)(16)	Second lien senior secured loan	L + 7.50%	5/17/2029	32,500	32,003	32,500	2.1	%
Lignetics Investment Corp.(8)(16)	First lien senior secured loan	L + 6.00%	11/1/2027	76,471	75,537	75,515	4.8	%
Lignetics Investment Corp.(13)(14)(15)(16)	First lien senior secured delayed draw term loan	L + 6.00%	11/1/2023	—	(116)	(119)	—	%
Lignetics Investment Corp.(8)(13)(16)	First lien senior secured revolving loan	L + 6.00%	11/1/2026	1,912	1,773	1,768	0.1	%
Olaplex, Inc.(6)(16)	First lien senior secured loan	L + 6.25%	1/8/2026	968	960	968	0.1	%
				111,851	110,157	110,632	7.1	%
Containers and packaging
Ascend Buyer, LLC (dba PPC Flexible Packaging)(8)(16)	First lien senior secured loan	L + 5.75%	10/2/2028	50,206	49,718	49,704	3.1	%
Ascend Buyer, LLC (dba PPC Flexible Packaging)(8)(13)(16)	First lien senior secured revolving loan	L + 5.75%	9/30/2027	851	802	800	0.1	%
BW Holding, Inc. (dba Brook & Whittle)(8)(16)	First lien senior secured loan	L + 4.00%	12/14/2028	15,816	15,658	15,658	1.0	%
BW Holding, Inc. (dba Brook & Whittle)(13)(14)(15)(16)	First lien senior secured delayed draw term loan	L + 4.00%	12/17/2023	—	(21)	(21)	—	%
Fortis Solutions Group, LLC(8)(16)	First lien senior secured loan	L + 5.50%	10/13/2028	48,576	47,631	47,604	3.0	%
Fortis Solutions Group, LLC(13)(14)(15)(16)	First lien senior secured delayed draw term loan	L + 5.50%	10/13/2023	—	(191)	(197)	0.0	%
Fortis Solutions Group, LLC(13)(14)(16)	First lien senior secured revolving loan	L + 5.50%	10/15/2027	—	(130)	(135)	0.0	%
Pregis Topco LLC(6)(16)	Second lien senior secured loan	L + 6.75%	8/1/2029	30,000	30,000	30,000	1.9	%
Pregis Topco LLC(6)(16)	Second lien senior secured loan	L + 8.00%	8/1/2029	2,500	2,500	2,500	0.2	%
Ring Container Technologies Group, LLC(6)(16)(17)	First lien senior secured loan	L + 3.75%	8/12/2028	5,000	4,988	5,005	0.3	%
				152,949	150,955	150,918	9.6	%

⁽⁴⁾

As of December 31, 2020, the net estimated unrealized loss on investments for U.S. federal income tax purposes was $2 thousand based on a tax cost basis of $14.4 million. As of December 31, 2020, the estimated aggregate gross unrealized loss for U.S. federal income tax purposes was $2 thousand.

⁽⁵⁾20

~~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.~~

⁽⁶⁾

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.

⁽⁷⁾

~~The interest rate on these loans is subject to 1 month LIBOR, which as of December 31, 2020 was 0.14%.~~

⁽⁸⁾

~~The interest rate on these loans is subject to 3 month LIBOR, which as of December 31, 2020 was 0.24%.~~

⁽⁹⁾

~~The interest rate on these loans is subject to 6 month LIBOR, which as of December 31, 2020 was 0.26%~~

⁽¹⁰⁾

Security acquired in transaction exempt from registration under the Securities Act of 1933, and may be deemed to be “restricted security” under the Securities Act. As of December 31, 2020, the aggregate fair value of these securities is $ 0.7 million, or 5.8% of the Company’s net assets. The acquisition dates of the restricted securities are as follows:

Owl Rock Core Income Corp.


Company(1)(2)(3)(25)	Investment	Interest	Maturity Date	Par / Units	Amortized Cost(4)(20)	Fair Value	Percentage of Net Assets
Distribution
Dealer Tire, LLC(6)(16)(17)	First lien senior secured loan	L + 4.25%	12/12/2025	5,077	5,086	5,069	0.3	%
Individual Foodservice Holdings, LLC(9)(16)	First lien senior secured loan	L + 6.25%	11/21/2025	44,758	44,324	44,534	2.8	%
Individual Foodservice Holdings, LLC(9)(13)(14)(15)(16)	First lien senior secured delayed draw term loan	L + 6.25%	6/30/2022	70	(73)	(5)	0.0	%
Individual Foodservice Holdings, LLC(6)(13)(16)	First lien senior secured revolving loan	L + 6.25%	11/22/2024	4	3	3	0.0	%
SRS Distribution, Inc.(9)(16)(17)	First lien senior secured loan	L + 3.75%	6/2/2028	4,988	4,953	4,972	0.3	%
				54,897	54,293	54,573	3.4	%
Education
Pluralsight, LLC(9)(16)	First lien senior secured loan	L + 8.00%	4/6/2027	6,255	6,196	6,191	0.4	%
Pluralsight, LLC(13)(14)(16)	First lien senior secured revolving loan	L + 8.00%	4/6/2027	—	(3)	(4)	0.0	%
				6,255	6,193	6,187	0.4	%
Financial services
AxiomSL Group, Inc.(8)(16)	First lien senior secured loan	L + 6.00%	12/3/2027	35,185	34,846	34,921	2.2	%
AxiomSL Group, Inc.(13)(14)(15)(16)	First lien senior secured delayed draw term loan	L + 6.00%	7/21/2023	—	(10)	—	0.0	%
AxiomSL Group, Inc.(13)(14)(16)	First lien senior secured revolving loan	L + 6.00%	12/3/2025	—	(24)	(19)	0.0	%
Hg Saturn Luchaco Limited(11)(16)(18)	Unsecured facility	S + 7.50% PIK	3/30/2026	2,114	2,140	2,092	0.1	%
Muine Gall, LLC(9)(16)(18)(22)	First lien senior secured loan	L + 7.00% PIK	9/21/2024	86,771	86,891	86,771	5.5
NMI Acquisitionco, Inc. (dba Network Merchants)(6)(16)	First lien senior secured loan	L + 5.75%	9/6/2025	8,559	8,478	8,504	0.5	%
NMI Acquisitionco, Inc. (dba Network Merchants)(6)(13)(15)(16)	First lien senior secured delayed draw term loan	L + 5.75%	10/2/2023	1,680	1,646	1,669	0.1	%
NMI Acquisitionco, Inc. (dba Network Merchants)(13)(14)(16)	First lien senior secured revolving loan	L + 5.75%	9/6/2025	—	(8)	(4)	0.0	%
				134,309	133,959	133,934	8.4	%
Food and beverage
Balrog Acquisition, Inc. (dba Bakemark)(9)(16)	First lien senior secured loan	L + 4.00%	9/5/2028	14,000	13,860	13,965	0.9	%
Balrog Acquisition, Inc. (dba Bakemark)(9)(16)	Second lien senior secured loan	L + 7.00%	9/3/2029	6,000	5,951	5,950	0.4	%
Shearer's Foods, LLC(6)(16)(17)	First lien senior secured loan	L + 3.50%	9/23/2027	4,920	4,920	4,900	0.3	%
Sovos Brands Intermediate, Inc.(8)(16)(17)	First lien senior secured loan	L + 3.75%	6/8/2028	4,145	4,135	4,139	0.3	%
Ultimate Baked Goods Midco, LLC(6)(16)	First lien senior secured loan	L + 6.25%	8/13/2027	16,500	16,109	16,087	1.0	%
Ultimate Baked Goods Midco, LLC(12)(13)(16)	First lien senior secured revolving loan	P + 6.25%	8/13/2027	1,050	1,003	1,000	0.1	%
				46,615	45,978	46,041	3.0	%
Healthcare equipment and services
Canadian Hospital Specialties Ltd.(10)(16)	First lien senior secured loan	C + 4.25%	4/14/2028	3,530	3,509	3,486	0.2	%
Canadian Hospital Specialties Ltd.(13)(14)(15)(16)	First lien senior secured delayed draw term loan	C + 4.50%	4/15/2023	—	(6)	(12)	0.0	%

Owl Rock Core Income Corp.

Consolidated Schedule of Investments (Continued)

As of December 31, 2021

(Amounts in thousands, except share amounts)


Company(1)(2)(3)(25)	Investment	Interest	Maturity Date	Par / Units	Amortized Cost(4)(20)	Fair Value	Percentage of Net Assets
Canadian Hospital Specialties Ltd.(10)(13)(16)	First lien senior secured revolving loan	C + 4.25%	4/15/2027	82	75	69	0.0	%
Medline Borrower, LP(6)(16)(17)	First lien senior secured loan	L + 3.25%	10/23/2028	25,000	24,880	24,990	1.6	%
Medline Borrower, LP(13)(14)(16)	First lien senior secured revolving loan	L + 3.25%	10/21/2026	—	(44)	(45)	0.0	%
Packaging Coordinators Midco, Inc.(8)(16)	Second lien senior secured loan	L + 7.00%	12/13/2029	53,918	52,247	52,840	3.3	%
Patriot Acquisition TopCo S.A.R.L (dba Corza Health, Inc.)(7)(16)	First lien senior secured loan	L + 6.75%	1/31/2028	42,462	41,832	41,932	2.6	%
Patriot Acquisition TopCo S.A.R.L (dba Corza Health, Inc.)(13)(14)(16)	First lien senior secured revolving loan	L + 6.75%	1/29/2026	—	(1)	(1)	0.0	%
				124,992	122,492	123,259	7.7	%
Healthcare providers and services
Ex Vivo Parent Inc. (dba OB Hospitalist)(8)(16)	First lien senior secured loan	L + 9.50%PIK	9/27/2028	30,503	29,909	29,893	1.9	%
OB Hospitalist Group, Inc.(8)(16)	First lien senior secured loan	L + 5.50%	9/27/2027	61,657	60,469	60,424	3.8	%
OB Hospitalist Group, Inc.(6)(13)(16)	First lien senior secured revolving loan	L + 5.50%	9/27/2027	853	700	693	0.0	%
Phoenix Newco, Inc. (dba Parexel)(6)(16)(17)	First lien senior secured loan	L + 3.50%	11/15/2028	27,500	27,363	27,489	1.7	%
Phoenix Newco, Inc. (dba Parexel)(6)(16)	Second lien senior secured loan	L + 6.50%	11/15/2029	135,000	133,666	133,650	8.5	%
Quva Pharma, Inc.(9)(16)	First lien senior secured loan	L + 5.50%	4/12/2028	4,534	4,409	4,409	0.3	%
Quva Pharma, Inc.(13)(14)(16)	First lien senior secured revolving loan	L + 5.50%	4/10/2026	—	(12)	(13)	0.0	%
Refresh Parent Holdings, Inc.(8)(16)	First lien senior secured loan	L + 6.50%	12/9/2026	7,836	7,756	7,778	0.5	%
Refresh Parent Holdings, Inc.(8)(13)(15)(16)	First lien senior secured delayed draw term loan	L + 6.50%	6/9/2022	380	375	377	0.0	%
Refresh Parent Holdings, Inc.(13)(14)(15)(16)	First lien senior secured delayed draw term loan	L + 6.50%	5/17/2023	—	(104)	(80)	0.0	%
Refresh Parent Holdings, Inc.(8)(13)(16)	First lien senior secured revolving loan	P + 6.50%	12/9/2026	52	50	51	0.0	%
				268,315	264,581	264,671	16.7	%
Healthcare technology
BCPE Osprey Buyer, Inc. (dba PartsSource)(9)(16)	First lien senior secured loan	L + 5.75%	8/23/2028	54,310	53,480	53,441	3.4	%
BCPE Osprey Buyer, Inc. (dba PartsSource)(13)(14)(15)(16)	First lien senior secured delayed draw term loan	L + 5.75%	8/23/2023	—	(223)	(147)	0.0	%
BCPE Osprey Buyer, Inc. (dba PartsSource)(13)(14)(16)	First lien senior secured revolving loan	L + 5.75%	8/21/2026	—	(69)	(74)	0.0	%
GI Ranger Intermediate, LLC (dba Rectangle Health)(8)(16)	First lien senior secured loan	L + 6.00%	10/30/2028	18,238	17,881	17,873	1.1	%
GI Ranger Intermediate, LLC (dba Rectangle Health)(13)(14)(15)(16)	First lien senior secured delayed draw term loan	L + 6.00%	10/29/2023	—	(27)	(28)	0.0	%
GI Ranger Intermediate, LLC (dba Rectangle Health)(13)(14)(16)	First lien senior secured revolving loan	L + 6.00%	10/29/2027	—	(32)	(33)	0.0	%
Inovalon Holdings, Inc.(8)(16)	First lien senior secured loan	L + 5.75%	11/24/2028	79,270	77,313	77,289	4.9	%
Inovalon Holdings, Inc.(13)(14)(15)(16)	First lien senior secured delayed draw term loan	L + 5.75%	5/24/2024	—	(104)	(106)	0.0	%

Owl Rock Core Income Corp.

Consolidated Schedule of Investments (Continued)

As of December 31, 2021

(Amounts in thousands, except share amounts)


Company(1)(2)(3)(25)	Investment	Interest	Maturity Date	Par / Units	Amortized Cost(4)(20)	Fair Value	Percentage of Net Assets
Inovalon Holdings, Inc.(8)(16)	Second lien senior secured loan	L + 10.50% PIK	11/24/2033	37,761	37,009	37,005	2.3	%
Intelerad Medical Systems Incorporated (fka 11849573 Canada Inc.)(8)(16)(18)	First lien senior secured loan	L + 6.25%	8/21/2026	28,855	28,506	28,783	1.8	%
Intelerad Medical Systems Incorporated (fka 11849573 Canada Inc.)(8)(13)(16)(18)	First lien senior secured revolving loan	L + 6.25%	8/21/2026	744	744	741	0.0	%
Project Ruby Ultimate Parent Corp. (dba Wellsky)(6)(16)(17)	First lien senior secured loan	L + 3.25%	3/10/2028	4,466	4,446	4,459	0.3	%
				223,644	218,924	219,203	13.8	%
Household products
Southern Air & Heat Holdings, LLC(8)(16)	First lien senior secured loan	L + 4.50%	10/1/2027	1,090	1,074	1,074	0.1	%
Southern Air & Heat Holdings, LLC(8)(13)(15)(16)	First lien senior secured delayed draw term loan	L + 4.50%	10/1/2023	76	60	59	0.0	%
Southern Air & Heat Holdings, LLC(13)(14)(16)	First lien senior secured revolving loan	L + 4.50%	10/1/2027	—	(4)	(4)	0.0	%
Walker Edison Furniture Company LLC(8)(16)	First lien senior secured loan	L + 8.75% (incl. 3.00% PIK)	3/31/2027	9,994	9,994	9,494	0.6	%
				11,160	11,124	10,623	0.7	%
Human resource support services
Cornerstone OnDemand, Inc.(8)(17)	First lien senior secured loan	L + 3.75%	10/16/2028	20,000	19,902	19,922	1.3	%
Cornerstone OnDemand, Inc.(9)(16)	Second lien senior secured loan	L + 6.50%	10/15/2029	44,583	43,927	43,915	2.8	%
IG Investments Holdings, LLC (dba Insight Global)(8)(16)	First lien senior secured loan	L + 6.00%	9/22/2028	46,271	45,377	45,462	2.9	%
IG Investments Holdings, LLC (dba Insight Global)(6)(13)(16)	First lien senior secured revolving loan	L + 6.00%	9/22/2027	1,806	1,737	1,743	0.1	%
				112,660	110,943	111,042	7.1	%
Infrastructure and environmental services
Aegion Corporation(8)	First lien senior secured loan	L + 4.75%	5/17/2028	4,988	4,965	5,003	0.3	%
USIC Holdings, Inc.(6)(17)	First lien senior secured loan	L + 3.50%	5/12/2028	4,988	4,965	4,976	0.3	%
USIC Holdings, Inc.(6)(16)	Second lien senior secured loan	L + 6.50%	5/14/2029	18,000	17,831	17,865	1.1	%
				27,976	27,761	27,844	1.7	%
Insurance
Alera Group, Inc.(6)(16)	First lien senior secured loan	L + 5.50%	10/2/2028	81,567	79,786	79,731	5.0	%
Alera Group, Inc.(6)(13)(15)(16)	First lien senior secured delayed draw term loan	L + 5.50%	10/2/2023	22,412	21,449	21,316	1.3	%
AssuredPartners, Inc.(6)(17)	First lien senior secured loan	L + 3.50%	2/12/2027	7,960	7,960	7,940	0.5	%
Asurion, LLC(6)(16)(17)	Second lien senior secured loan	L + 5.25%	1/22/2029	48,000	47,543	47,770	3.0	%
Brightway Holdings, LLC(8)(16)	First lien senior secured loan	L + 6.50%	12/15/2027	17,895	17,672	17,671	1.1	%
Brightway Holdings, LLC(13)(14)	First lien senior secured revolving loan	L + 6.50%	12/15/2027	—	(26)	(26)	0.0	%
Evolution BuyerCo, Inc. (dba SIAA)(8)(16)	First lien senior secured loan	L + 6.25%	4/28/2028	9,031	8,911	8,918	0.6	%
Evolution BuyerCo, Inc. (dba SIAA)(8)(13)(15)(16)	First lien senior secured delayed draw term loan	L + 6.25%	4/28/2023	6,895	6,652	6,784	0.4	%
Evolution BuyerCo, Inc. (dba SIAA)(13)(14)(16)	First lien senior secured revolving loan	L + 6.25%	4/30/2027	—	(9)	(8)	0.0	%

Owl Rock Core Income Corp.

Consolidated Schedule of Investments (Continued)

As of December 31, 2021

(Amounts in thousands, except share amounts)


Company(1)(2)(3)(25)	Investment	Interest	Maturity Date	Par / Units	Amortized Cost(4)(20)	Fair Value	Percentage of Net Assets
KUSRP Intermediate, Inc. (dba U.S. Retirement and Benefits Partners)(8)(16)	First lien senior secured loan	L + 9.50% PIK	7/24/2028	12,348	12,113	12,101	$0.8	%
Peter C. Foy & Associates Insurance Services, LLC (dba PCF Insurance Services)(9)(16)	First lien senior secured loan	L + 6.00%	11/1/2028	45,235	44,791	44,782	2.8	%
Peter C. Foy & Associates Insurance Services, LLC (dba PCF Insurance Services)(9)(13)(15)(16)	First lien senior secured delayed draw term loan D	L + 6.00%	5/1/2023	7,986	7,907	7,906	0.5	%
Peter C. Foy & Associates Insurance Services, LLC (dba PCF Insurance Services)(13)(14)(16)	First lien senior secured revolving loan	L + 6.00%	11/1/2027	—	(25)	(26)	0.0	%
PCF Midco II, LLC (dba PCF Insurance Services)(16)(24)	First lien senior secured loan	9.00% PIK	10/31/2031	44,340	40,169	40,128	2.5	%
TEMPO BUYER CORP. (dba Global Claims Services)(8)(16)	First lien senior secured loan	L + 5.50%	8/26/2028	36,524	35,823	35,793	2.3	%
TEMPO BUYER CORP. (dba Global Claims Services)(13)(14)(15)(16)	First lien senior secured delayed draw term loan	L + 5.50%	8/26/2023	—	(98)	(103)	0.0	%
TEMPO BUYER CORP. (dba Global Claims Services)(13)(14)(16)	First lien senior secured revolving loan	L + 5.50%	8/26/2027	—	(97)	(103)	0.0	%
USRP Holdings, Inc. (dba U.S. Retirement and Benefits Partners)(8)(16)	First lien senior secured loan	L + 5.50%	7/23/2027	15,055	14,771	14,754	0.9	%
USRP Holdings, Inc. (dba U.S. Retirement and Benefits Partners)(8)(13)(14)(16)	First lien senior secured revolving loan	L + 5.50%	7/23/2027	18	(2)	(4)	0.0	%
KWOR Acquisition, Inc. (dba Alacrity Solutions)(6)(16)	First lien senior secured loan	L + 5.25%	12/22/2028	24,585	24,218	24,218	1.5	%
KWOR Acquisition, Inc. (dba Alacrity Solutions)(12)(13)(16)	First lien senior secured revolving loan	P + 4.25%	12/22/2027	341	290	290	0.0	%
				380,192	369,798	369,832	23.2	%
Internet software and services
Bayshore Intermediate #2, L.P. (dba Boomi)(8)(16)	First lien senior secured loan	L + 7.75%PIK	10/2/2028	19,121	18,702	18,690	1.2	%
Bayshore Intermediate #2, L.P. (dba Boomi)(13)(14)(16)	First lien senior secured revolving loan	L + 6.75%	10/1/2027	—	(34)	(36)	0.0	%
BCPE Nucleon (DE) SPV, LP(9)(16)	First lien senior secured loan	L + 7.00%	9/24/2026	1,333	1,316	1,327	0.1	%
BCTO BSI Buyer, Inc. (dba Buildertrend)(8)(16)	First lien senior secured loan	L + 7.00%	12/23/2026	893	885	888	0.1	%
BCTO BSI Buyer, Inc. (dba Buildertrend)(8)(13)(16)	First lien senior secured revolving loan	L + 7.00%	12/23/2026	60	59	60	0.0	%
CivicPlus, LLC(8)(16)	First lien senior secured loan	L + 6.00%	8/24/2027	9,387	9,297	9,293	0.6	%
CivicPlus, LLC(13)(15)(16)	First lien senior secured delayed draw term loan	L + 6.00%	8/24/2023	—	—	—	0.0	%
CivicPlus, LLC(13)(14)(16)	First lien senior secured revolving loan	L + 6.00%	8/24/2027	—	(8)	(9)	0.0	%
EET Buyer, Inc. (dba e-Emphasys)(8)(16)	First lien senior secured loan	L + 5.75%	11/8/2027	19,545	19,355	19,350	1.2	%
EET Buyer, Inc. (dba e-Emphasys)(13)(14)(16)	First lien senior secured revolving loan	L + 5.75%	11/8/2027	—	(19)	(20)	0.0	%
GovBrands Intermediate, Inc.(8)(16)	First lien senior secured loan	L + 5.50%	8/4/2027	8,346	8,149	8,137	0.5	%
GovBrands Intermediate, Inc.(6)(13)(15)(16)	First lien senior secured delayed draw term loan	L + 5.50%	8/4/2023	1,883	1,827	1,825	0.1	%
GovBrands Intermediate, Inc.(13)(14)(16)	First lien senior secured revolving loan	L + 5.50%	8/4/2027	—	(21)	(22)	0.0	%
Granicus, Inc.(8)(16)	First lien senior secured loan	L + 6.50%	1/29/2027	1,830	1,792	1,798	0.1	%

Owl Rock Core Income Corp.

Consolidated Schedule of Investments (Continued)

As of December 31, 2021

(Amounts in thousands, except share amounts)


Company(1)(2)(3)(25)	Investment	Interest	Maturity Date	Par / Units	Amortized Cost(4)(20)	Fair Value	Percentage of Net Assets
Granicus, Inc.(13)(14)(16)	First lien senior secured revolving loan	L + 6.50%	1/29/2027	—	(3)	(3)	0.0	%
Granicus, Inc.(8)(13)(15)(16)	First lien senior secured delayed draw term loan	L + 6.00%	1/30/2023	208	203	203	0.0	%
GS Acquisitionco, Inc. (dba insightsoftware)(8)	First lien senior secured loan	L + 5.75%	5/22/2026	5,805	5,777	5,776	0.4	%
GS Acquisitionco, Inc. (dba insightsoftware)(8)(13)(14)(15)	First lien senior secured delayed draw term loan	L + 5.75%	11/2/2022	—	(12)	(13)	0.0	%
Help/Systems Holdings, Inc.(7)(16)(17)	First lien senior secured loan	L + 4.75%	11/19/2026	7,698	7,695	7,665	0.5	%
Hyland Software, Inc.(6)	Second lien senior secured loan	L + 6.25%	7/7/2025	22,500	22,491	22,642	1.4	%
Ivanti Software, Inc.(8)	Second lien senior secured loan	L + 7.25%	12/1/2028	19,000	18,906	18,905	1.2	%
MessageBird BidCo B.V.(8)(16)(18)	First lien senior secured loan	L + 6.75%	4/29/2027	5,000	4,899	4,900	0.3	%
Ministry Brands Holdings, LLC(8)(16)	First lien senior secured loan	L + 5.50%	12/29/2028	49,435	48,447	48,446	3.1	%
Ministry Brands Holdings, LLC(13)(14)(15)(16)	First lien senior secured delayed draw term loan	L + 5.50%	12/29/2023	—	(158)	(158)	0.0	%
Ministry Brands Holdings, LLC(13)(14)(16)	First lien senior secured revolving loan	L + 5.50%	12/27/2027	—	(95)	(95)	0.0	%
QAD, Inc.(8)(16)	First lien senior secured loan	L + 6.00%	11/5/2027	46,500	45,589	45,570	2.9	%
QAD, Inc.(13)(14)(16)	First lien senior secured revolving loan	L + 6.00%	11/5/2027	—	(117)	(120)	0.0	%
Proofpoint, Inc.(8)(16)	Second lien senior secured loan	L + 6.25%	9/1/2029	7,500	7,464	7,463	0.5	%
Tahoe Finco, LLC(8)(16)(18)	First lien senior secured loan	L + 6.00%	9/29/2028	83,721	82,906	82,716	5.2	%
Tahoe Finco, LLC(13)(14)(16)(18)	First lien senior secured revolving loan	L + 6.00%	10/1/2027	—	(60)	(75)	0.0	%
Thunder Purchaser, Inc. (dba Vector Solutions)(9)(16)	First lien senior secured loan	L + 5.75%	6/30/2028	12,063	11,949	11,972	0.7	%
Thunder Purchaser, Inc. (dba Vector Solutions)(13)(14)(16)	First lien senior secured revolving loan	L + 5.75%	6/30/2027	—	(7)	(5)	0.0	%
Thunder Purchaser, Inc. (dba Vector Solutions)(13)(15)(16)	First lien senior secured delayed draw term loan	L + 5.75%	8/17/2023	—	—	—	0.0	%
Trader Interactive, LLC (fka Dominion Web Solutions, LLC)(9)(16)	First lien senior secured loan	L + 4.00%	7/28/2028	5,000	4,979	4,975	0.3	%
When I Work, Inc.(8)	First lien senior secured loan	L + 6.00%	11/2/2027	22,206	21,988	21,983	1.4	%
When I Work, Inc.(13)(14)	First lien senior secured revolving loan	L + 6.00%	11/2/2027	—	(40)	(42)	0.0	%
				349,034	344,101	343,986	21.8	%
Leisure and entertainment
Troon Golf, L.L.C.(8)(16)	First lien senior secured loan	L + 6.00%	8/5/2027	94,358	93,913	93,886	5.9	%
Troon Golf, L.L.C.(13)(14)(16)	First lien senior secured revolving loan	L + 6.00%	8/5/2026	—	(33)	(36)	0.0	%
				94,358	93,880	93,850	5.9	%
Manufacturing
ACR Group Borrower, LLC(8)(16)	First lien senior secured loan	L + 4.25%	3/31/2028	4,104	4,050	4,063	0.3	%

Owl Rock Core Income Corp.

Consolidated Schedule of Investments (Continued)

As of December 31, 2021

(Amounts in thousands, except share amounts)


Company(1)(2)(3)(25)	Investment	Interest	Maturity Date	Par / Units	Amortized Cost(4)(20)	Fair Value	Percentage of Net Assets
ACR Group Borrower, LLC(13)(14)(16)	First lien senior secured revolving loan	L + 4.50%	3/31/2026	—	(11)	(9)	0.0	%
Engineered Machinery Holdings, Inc. (dba Duravant)(8)(16)(17)	First lien senior secured loan	L + 3.75%	5/19/2028	5,000	4,976	4,981	0.3	%
Engineered Machinery Holdings, Inc. (dba Duravant)(8)	Second lien senior secured loan	L + 6.50%	5/21/2029	21,000	20,905	21,000	1.3	%
Gloves Buyer, Inc. (dba Protective Industrial Products)(6)(16)	Second lien senior secured loan	L + 8.25%	12/29/2028	900	879	888	0.1	%
MHE Intermediate Holdings, LLC (dba OnPoint Group)(8)(16)	First lien senior secured loan	L + 5.75%	7/21/2027	40,969	40,584	40,559	2.6	%
MHE Intermediate Holdings, LLC (dba OnPoint Group)(8)(13)(15)(16)	First lien senior secured delayed draw term loan	L + 5.75%	7/21/2023	3,085	3,055	3,054	0.2	%
MHE Intermediate Holdings, LLC (dba OnPoint Group)(13)(14)(16)	First lien senior secured revolving loan	L + 5.75%	7/21/2027	—	(33)	(36)	0.0	%
				75,058	74,405	74,500	4.8	%
Professional Services
Apex Group Treasury, LLC(8)(16)(18)	Second lien senior secured loan	L + 6.75%	7/27/2029	5,000	4,952	4,950	0.3	%
Apex Group Treasury, LLC(13)(15)(16)(18)	Second lien senior secured delayed draw term loan	L + 6.75%	6/30/2022	—	—	—	0.0	%
Apex Group Treasury, LLC(8)(16)(18)	First lien senior secured loan	L + 3.75%	7/27/2028	4,988	4,976	4,975	0.3	%
Guidehouse Inc.(6)(16)	First lien senior secured loan	L + 5.50%	10/16/2028	92,982	92,077	92,053	5.8	%
Guidehouse Inc.(13)(16)	First lien senior secured revolving loan	L + 5.50%	10/15/2027	—	—	(70)	0.0	%
Relativity ODA LLC(6)(16)	First lien senior secured loan	L + 7.50% PIK	5/12/2027	4,585	4,526	4,528	0.3	%
Relativity ODA LLC(13)(14)(16)	First lien senior secured revolving loan	L + 6.50%	5/12/2027	—	(6)	(5)	0.0	%
Sovos Compliance, LLC(6)(16)(17)	First lien senior secured loan	L + 4.50%	8/11/2028	6,396	6,380	6,408	0.4	%
Sovos Compliance, LLC(13)(16)(17)	First lien senior secured delayed draw term loan	L + 4.50%	8/12/2023	—	—	—	0.0	%
				113,951	112,905	112,839	7.1	%
Specialty retail
Notorious Topco, LLC (dba Beauty Industry Group)(8)(16)	First lien senior secured loan	L + 6.50%	11/23/2027	60,915	60,015	60,002	3.8	%
Notorious Topco, LLC (dba Beauty Industry Group)(13)(14)(15)(16)	First lien senior secured delayed draw term loan	L + 6.50%	11/23/2023	—	(54)	(22)	0.0	%
Notorious Topco, LLC (dba Beauty Industry Group)(13)(16)	First lien senior secured revolving loan	L + 6.50%	5/24/2027	880	803	801	0.1	%
Milan Laser Holdings LLC(8)(16)	First lien senior secured loan	L + 5.00%	4/27/2027	20,632	20,445	20,477	1.3	%
Milan Laser Holdings LLC(13)(14)(16)	First lien senior secured revolving loan	L + 5.00%	4/27/2026	—	(15)	(13)	0.0	%
The Shade Store, LLC(8)(16)	First lien senior secured loan	L + 6.00%	10/13/2027	68,182	67,355	67,330	4.3	%
The Shade Store, LLC(13)(14)(16)	First lien senior secured revolving loan	L + 6.00%	10/13/2027	—	(81)	(85)	0.0	%
				150,609	148,468	148,490	9.5	%
Telecommunications
Park Place Technologies, LLC(6)(16)(17)	First lien senior secured loan	L + 5.00%	11/10/2027	993	958	989	0.1	%
				993	958	989	0.1	%

Owl Rock Core Income Corp.

Consolidated Schedule of Investments (Continued)

As of December 31, 2021

(Amounts in thousands, except share amounts)


Company(1)(2)(3)(25)	Investment	Interest	Maturity Date	Par / Units		Amortized Cost(4)(20)		Fair Value		Percentage of Net Assets
Transportation
Motus Group, LLC(8)(16)	Second lien senior secured loan	L + 6.50%	12/10/2029	10,000		9,901		9,900		0.6	%
				10,000		9,901		9,900		0.6
Total non-controlled/non-affiliated portfolio company debt investments				$	3,035,699	$	2,988,942	$	2,991,697	189.1	%
Equity Investments
Automotive
CD&R Value Building Partners I, L.P. (dba Belron)(16)(18)(19)(21)	LP Interest	N/A	N/A	$33,000		$33,064		$33,000		2.1	%
Metis HoldCo, Inc. (dba Mavis Tire Express Services)(16)(19)	Series A Convertible Preferred Stock	7.00% PIK	N/A	10,769		10,928		11,215		0.7	%
						43,992		44,215		2.8	%
Buildings and real estate
Skyline Holdco B, Inc. (dba Dodge Data & Analytics)(16)(19)(21)	Series A Preferred Stock	N/A	N/A	143,963		216		238		0.0	%
						216		238		0.0	%
Business services
Denali Holding LP (dba Summit Companies)(16)(19)(21)	Class A Units	N/A	N/A	596,708		5,967		5,967		0.4	%
Hercules Buyer LLC (dba The Vincit Group)(16)(19)(21)(23)	Common Units	N/A	N/A	10,000		11		12		0.0	%
						5,978		5,979		0.4	%
Consumer products
ASP Conair Holdings LP(16)(19)(21)	Class A Units	N/A	N/A	9,286		929		929		0.1	%
						929		929		0.1	%
Healthcare equipment and services
KPCI Holdings, L.P.(16)(19)(21)	Class A Units	N/A	N/A	30,425		2,313		2,675		0.1	%
Patriot Holdings SCSp (dba Corza Health, Inc.)(16)(19)	Class A Units	8.00% PIK	N/A	982		991		991		0.1	%
Patriot Holdings SCSp (dba Corza Health, Inc.)(16)(19)(21)	Class B Units	N/A	N/A	13,517		146		153		0.0	%
						3,450		3,819		0.2	%
Healthcare providers and services
KOBHG Holdings, L.P. (dba OB Hospitalist)(16)(19)(21)	Class A Interests	N/A	N/A	3,520		3,520		3,520		0.2	%
Restore OMH Intermediate Holdings, Inc.(16)(19)	Senior Preferred Stock	13.00% (PIK)	N/A	349		341		340		0.0	%
						3,861		3,860		0.2	%
Human resource support services
Sunshine Software Holdings, Inc. (dba Cornerstone OnDemand)(16)(19)	Series A Preferred Stock	10.50% PIK	N/A	12,750		12,717		12,710		0.8	%
						12,717		12,710		0.8	%
Insurance
Evolution Parent, LP (dba SIAA)(16)(19)(21)	LP Interest	N/A	N/A	270		270		270		0.0	%
GrowthCurve Capital Sunrise Co-Invest LP (dba Brightway)(16)(19)(21)	LP Interest	N/A	N/A	421		422		421		0.0	%
PCF Holdco, LLC (dba PCF Insurance Services)(16)(19)(21)	Class A Units	N/A	N/A	4,639,506		11,788		11,789		0.7	%
PCF Holdco, LLC (dba PCF Insurance Services)(16)(19)(21)	Class A Warrants	N/A	N/A	1,398,737		3,547		3,547		0.2	%
						16,027		16,027		0.9	%
Internet software and services
Brooklyn Lender Co-Invest 2, L.P. (dba Boomi)(16)(19)(21)	Common Units	N/A	N/A	1,729,438		1,729		1,729		0.1	%
MessageBird Holding B.V.(16)(18)(19)(21)	Extended Series C Warrants	N/A	N/A	7,980		49		49		0.0	%
Thunder Topco L.P. (dba Vector Solutions)(16)(19)(21)	Common Units	N/A	N/A	712,884		713		841		0.1	%

Owl Rock Core Income Corp.

Consolidated Schedule of Investments (Continued)

As of December 31, 2021

(Amounts in thousands, except share amounts)


Company(1)(2)(3)(25)	Investment	Interest	Maturity Date	Par / Units	Amortized Cost(4)(20)		Fair Value		Percentage of Net Assets
WMC Bidco, Inc. (dba West Monroe)(16)(19)	Senior Preferred Stock	11.25% PIK	N/A	33,385	32,494		32,467		2.1		%
BCTO WIW Holdings, Inc. (dba When I Work)(16)(19)(21)	Class A Common Stock	N/A	N/A	57,000	5,700		5,700		0.4		%
					40,685		40,786		2.7		%
Manufacturing
Gloves Holding, LP (dba Protective Industrial Products)(16)(19)(21)	LP Interest	N/A	N/A	100	100		112		0.0		%
					100		112		0.0		%
Total non-controlled/non-affiliated portfolio company equity investments					$	127,955	$	128,675	8.1		%
Total Investments					$	3,116,897	$	3,120,372	197.2	%	%

~~Portfolio Company~~		~~Investment~~		~~Acquisition Date~~
~~Hercules Buyer LLC~~

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

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

(4)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.

(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)The interest rate on these loans is subject to 3 month CDOR, which as of December 31, 2021 was 0.52%.

(11)The interest rate on these loans is subject to SONIA, which as of December 31, 2021 was 0.19%.

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

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

(14)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.

(15)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.

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

(17)Level 2 Investment.

(18)This portfolio company is not a qualifying asset under Section 55(a) of the 1940 Act. Under the 1940 Act, the Company may not acquire any non-qualifying assets 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 7.9% of total assets as calculated in accordance with the regulatory requirements.

(19)Security acquired in transaction exempt from registration under the Securities Act of 1933, and may be deemed to be “restricted security” under the Securities Act. As of December 31, 2021, the aggregate fair value of these securities is $128.7 million, or 8.1% of the Company’s net assets. The acquisition dates of the restricted securities are as follows:

~~Common Units~~

~~December 15, 2020~~

~~KPCI Holdings, L.P.~~

Portfolio Company

~~LP Interest~~

Investment

~~November 30, 2020~~

Acquisition Date

~~Restore OMH Intermediate~~ASP Conair Holdings ~~Inc.~~

~~Senior Preferred Stock~~

Class A Units

~~December 9, 2020~~

May 17, 2021

BCTO WIW Holdings, Inc. (dba When I Work)

Class A Common Stock

November 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 12, 2021

Owl Rock Core Income Corp.

Consolidated Schedule of Investments (Continued)

As of December 31, 2021

(Amounts in thousands, except share amounts)

Denali Holding LP (dba Summit Companies)

Class A Units

September 15, 2021

Evolution Parent, LP (dba SIAA)

Class A Interests

April 30, 2021

Gloves Holding, LP (dba Protective Industrial Products)

LP Interest

December 29, 2020

GrowthCurve Capital Sunrise Co-Invest LP (dba Brightway)

⁽¹¹⁾

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

LP Interest

December 16, 2021

Hercules Buyer, LLC (dba The Vincit Group)

Common Units

December 15, 2020

KOBHG Holdings, L.P. (dba OB Hospitalist)

Class A Interests

September 27, 2021

KPCI Holdings, L.P.

LP Interest

November 30, 2020

MessageBird Holding B.V.

Extended Series C Warrants

April 29, 2021

Metis HoldCo, Inc. (dba Mavis Tire Express Services)

Series A Convertible Preferred Stock

May 4, 2021

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

November 1, 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

Sunshine Software Holdings, Inc. (dba Cornerstone OnDemand)

Series A Preferred Stock

October 15, 2021

Thunder Topco L.P. (dba Vector Solutions)

Common Units

June 30, 2021

WMC Bidco, Inc. (dba West Monroe)

Senior Preferred Stock

November 9, 2021

⁽¹²⁾

⁽¹³⁾(20)As of December 31, 2021, the net estimated unrealized gain on investments for U.S. federal income tax purposes was $4.2 million based on a tax cost basis of $3.1 billion. As of December 31, 2021, the estimated aggregate gross unrealized loss for U.S. federal income tax purposes was $1.5 million. As of December 31, 2021, the estimated aggregate gross unrealized gain for U.S. federal income tax purposes was $5.7 million.

⁽¹⁴⁾(20)Investment is non-income producing.

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

⁽¹⁵⁾(21)Investment is not pledged as collateral for the credit facilities.

~~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.~~

(22)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.

(23)Investment does not contain a variable rate structure.

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

(Amounts in thousands)


	For the Three Months Ended June 30,				For the Six Months Ended June 30,
	2022		2021		2022		2021
Increase (Decrease) in Net Assets Resulting from Operations
Net investment income (loss)	$	69,073	$	2,306	$	111,664	$	2,231
Net change in unrealized gain (loss)	(168,930)		803		(192,387)		834
Net realized gain (loss) on investments	131		(12)		568		7
Net Increase (Decrease) in Net Assets Resulting from Operations	(99,726)		3,097		(80,155)		3,072
Distributions
Class S	(20,656)		(253)		(34,381)		(253)
Class D	(5,880)		(323)		(10,014)		(339)
Class I	(36,741)		(1,815)		(59,261)		(2,009)
Net Decrease in Net Assets Resulting from Shareholders' Distributions	(63,277)		(2,391)		(103,656)		(2,601)
Capital Share Transactions
Class S:
Issuance of shares of common stock	416,884		26,580		866,252		26,580
Repurchase of common shares	(8,365)		—		(14,366)		—
Reinvestment of shareholders' distributions	6,264		70		9,894		70
Net Increase (Decrease) in Net Assets Resulting from Capital Share Transactions - Class S	414,783		26,650		861,780		26,650
Class D:
Issuance of shares of common stock	72,746		28,196		188,148		31,192
Repurchase of common shares	(1,110)		—		(1,414)		—
Reinvestment of shareholders' distributions	2,400		114		3,861		114
Net Increase (Decrease) in Net Assets Resulting from Capital Share Transactions - Class D	74,036		28,310		190,595		31,306
Class I:
Issuance of shares of common stock	779,907		115,968		1,430,903		138,848
Repurchase of common shares	(18,414)		—		(35,392)		—
Reinvestment of shareholders' distributions	10,708		239		16,593		239
Net Increase (Decrease) in Net Assets Resulting from Capital Share Transactions - Class I	772,201		116,207		1,412,104		139,087
Total Increase (Decrease) in Net Assets	1,098,017		171,873		2,280,668		197,514
Net Assets, at beginning of period	2,763,379		37,914		1,580,728		12,273
Net Assets, at end of period	$	3,861,396	$	209,787	$	3,861,396	$	209,787

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

Three Months Ended June 30, 2021

Six Months Ended June 30, 2021

Increase (Decrease) in Net Assets Resulting from Operations

Net investment income (loss)

$
2,306

$
2,231

Net change in unrealized gain (loss)

803

834

Net realized gain (loss) on investments

(12
)

7

Net Increase (Decrease) in Net Assets Resulting from Operations

3,097

3,072

Distributions

      Class S

(253
)

(253
)
      Class D

(323
)

(339
)
      Class I

(1,815
)

(2,009
)
Net Decrease in Net Assets Resulting from Shareholders' Distributions

(2,391
)

(2,601
)
Capital Share Transactions

Class S:

Issuance of shares of common stock

26,580

26,580

Reinvestment of shareholders' distributions

70

70

Net Increase (Decrease) in Net Assets Resulting from Capital Share Transactions - Class S

26,650

26,650

Class D:

Issuance of shares of common stock

28,196

31,192

Reinvestment of shareholders' distributions

114

114

Net Increase (Decrease) in Net Assets Resulting from Capital Share Transactions - Class D

28,310

31,306

Class I:

Issuance of shares of common stock

115,968

138,848

Reinvestment of shareholders' distributions

239

239

Net Increase (Decrease) in Net Assets Resulting from Capital Share Transactions - Class I

116,207

139,087

Total Increase (Decrease) in Net Assets

171,873

197,514

Net Assets, at beginning of period

37,914

12,273

Net Assets, at end of period

$
209,787

$
209,787


	For the Six Months Ended June 30,
	2022		2021
Cash Flows from Operating Activities
Net Increase (Decrease) in Net Assets Resulting from Operations	$	(80,155)	$	3,072
Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash used in operating activities:
Purchases of investments, net	(5,777,986)		(412,050)
Proceeds from investments and investment repayments, net	277,973		6,851
Net change in unrealized (gain) loss on investments	191,514		(812)
Net change in unrealized (gain) loss on translation of assets and liabilities in foreign currencies	873		(22)
Net realized (gain) loss on investments	(359)		(7)
Net realized (gain) loss on foreign currency transactions relating to investments	—		(3)
Paid-in-kind interest and dividends	(23,514)		(176)
Net amortization/accretion of premium/discount on investments	(6,090)		(113)
Amortization of debt issuance costs	4,069		267
Amortization of offering costs	2,350		—
Changes in operating assets and liabilities:
(Increase) decrease in interest receivable	(19,041)		(1,199)
(Increase) decrease in receivable for investments sold	(423)		—
(Increase) decrease in due from adviser	(6,775)		(659)
(Increase) decrease in prepaid expenses and other assets	(103,397)		(15)
Increase (decrease) in payable for investments purchased	48,211		64,597
Increase (decrease) in payables to affiliates	9,209		(191)
Increase (decrease) in tender payable	26,476		—
Increase (decrease) in accrued expenses and other liabilities	29,820		999
Net cash used in operating activities	(5,427,245)		(339,461)
Cash Flows from Financing Activities
Borrowings on debt	6,000,061		496,358
Repayments of debt	(2,838,600)		(338,600)
Debt issuance costs	(30,864)		(6,265)
Repurchase of common stock	(51,172)		—
Proceeds from issuance of common shares	2,485,303		196,619
Distributions paid to shareholders	(59,048)		(1,042)
Net cash provided by financing activities	5,505,680		347,070
Net increase (decrease) in cash	78,435		7,609
Cash, beginning of period	21,459		8,153
Cash, end of period	$	99,894	$	15,762

Supplemental and Non-Cash Information
Interest paid during the period	$20,029		$766
Distributions declared during the period	$103,656		$2,601
Reinvestment of distributions during the period	$30,348		$423
Distributions payable	$23,265		$1,136

Owl Rock Core Income Corp.

~~Consolidated Statement of Cash Flows~~

~~(Amounts in thousands)~~

~~(Unaudited)~~

For the Six Months Ended June 30, 2021

Cash Flows from Operating Activities

Net Increase (Decrease) in Net Assets Resulting from Operations

$
3,072

Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash used in operating activities:

Purchases of investments, net

(412,050
)
Proceeds from investments and investment repayments, net

6,851

Net change in unrealized (gain) loss on investments

(812
)
Net change in unrealized (gain) loss on translation of assets and liabilities in foreign currencies

(22
)
Net realized (gain) loss on investments

(7
)
Net realized (gain) loss on foreign currency transactions relating to investments

(3
)
Paid-in-kind interest

(176
)
Net amortization of discount on investments

(113
)
Amortization of debt issuance costs

267

Changes in operating assets and liabilities:

(Increase) decrease in interest receivable

(1,199
)
(Increase) decrease in Due from Adviser

(659
)
(Increase) decrease in prepaid expenses and other assets

(15
)
Increase (decrease) in payable for investments purchased

64,597

Increase (decrease) in payables to affiliates

(191
)
Increase (decrease) in accrued expenses and other liabilities

999

Net cash used in operating activities

(339,461
)
Cash Flows from Financing Activities

Borrowings on debt

496,358

Repayments of debt

(338,600
)
Debt issuance costs

(6,265
)
Proceeds from issuance of common shares

196,619

Distributions paid to shareholders

(1,042
)
Net cash provided by financing activities

347,070

Net increase (decrease) in cash

7,609

Cash, beginning of period

8,153

Cash, end of period

$
15,762

Supplemental and Non-Cash Information

Interest paid during the period

$
766

Distributions declared during the period

$
2,601

Reinvestment of distributions during the period

$
423

Distributions payable

$
1,136

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

~~Owl Rock Core Income Corp.~~

Notes to Consolidated Financial Statements (Unaudited)

Owl Rock Core Income Corp., (“Owl Rock” or the “Company”) is a Maryland corporation formed on April 22, 2020. 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’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 invests in senior secured or unsecured loans, subordinated loans or mezzanine loans and, to a lesser extent, equity and equity-related securities which include common and preferred stock, securities convertible into common stock, and warrants. The Company may on occasion invest in smaller or larger companies if an attractive opportunity presents itself, especially when there are dislocations in the capital markets, including the high yield and large syndicated loan markets, which are often referred to as “junk” investments. Once the Company raises sufficient capital, the target credit investments will typically have maturities between three and ten years and generally range in size between $10 million and $125 million, although the investment size will vary with the size of the Company’s capital base. Prior to raising sufficient capital, the Company may make a greater number of investments in syndicated loan opportunities than it otherwise would expect to make in the future.

The Company is an externally managed closed-end management investment company that has elected to be regulated as a business development company, or BDC, under the Investment Company Act of 1940, as amended (the “1940 Act”). The Company ~~intends to elect~~has elected to be treated for federal income tax purposes, and intends to qualify annually, ~~thereafter,~~ as a regulated investment company (a “RIC”) under the Internal Revenue Code of 1986, as amended (the “Code”). Because the Company has elected to be regulated as a BDC and ~~intends to qualify~~ as a RIC under the Code, the ~~Company’s~~Company's portfolio is subject to diversification and other requirements.

In November 2020, the Company commenced operations and made its first portfolio company investment. On October 23, 2020, the Company formed a wholly-owned subsidiary, OR Lending IC LLC, a Delaware limited liability ~~company.~~company, which holds a California finance lenders license. OR Lending IC 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.

The Company is managed by Owl Rock Capital Advisors LLC (the “Adviser”). The Adviser is 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. The Adviser is registered with the Securities and Exchange Commission (“SEC”) as an investment adviser under the Investment Advisers Act of 1940 (the “Advisers Act”). 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, the Adviser manages the day-to-day operations of, and provides investment advisory and management services to, the Company.

The Company ~~has~~ received an exemptive order that permits it to offer multiple classes of shares of common stock and to impose asset-based servicing and distribution fees and early withdrawal fees. ~~The~~On November 12, 2020, the Company ~~offers~~commenced it's initial public offering pursuant to which it offered, on a ~~best efforts,~~ continuous basis, ~~up to~~ $2,500,000,000 in any combination of amount of shares of Class S, Class D and Class I common stock. On February 14, 2022, the Company commenced it's follow-on offering, on a continuous basis, of up to $7,500,000,000 in any combination of amount of shares of Class S, Class D and Class I common stock. The share classes have different upfront selling commissions and ongoing servicing fees. Each class of common stock iswill be offered through Blue Owl Securities LLC ~~(formerly Owl Rock Capital Securities LLC)~~ (d/b/a Blue Owl Securities) (the “Dealer Manager”). The Dealer Manager is entitled to receive upfront selling commissions of up to 3.50% of the offering price of each Class S share sold in the offering and 1.50% of the offering price of each Class D share ~~sold in the offering.~~sold. Class I shares are not subject to upfront selling commissions. Any upfront selling commissions for the Class S shares and Class D shares sold in the offering will be deducted from the purchase price. Class S, Class D and Class I shares were offered at initial purchase prices per shares of $10.35, $10.15 and $10.00, respectively. ~~Thereafter,~~Currently, the purchase price per share for

each class of common stock ~~will vary and~~varies, but will not be sold at a price below the Company’s net asset value per share of such class, as determined in accordance with the ~~Company’s~~Company's share pricing policy, plus applicable upfront selling commissions. The Company also engages in private placement offerings of its common stock.

On September 30, 2020, the Adviser purchased 100 shares of the Company’s Class I common stock at $10.00 per share, which represented the initial public offering price of such shares. The Adviser will not tender these shares for repurchase as long as Owl Rock Capital Advisors LLC remains the investment adviser of Owl Rock Core Income Corp. There is no current intention for Owl Rock Capital Advisors LLC to discontinue its role. On October 15, 2020, the Company received a subscription agreement, totaling $25.0 million for the purchase of Class I common shares of its common stock from Owl Rock Feeder FIC ORCIC Equity LLC (“Feeder FIC Equity”). The shares purchased by the Adviser and Feeder FIC Equity are subject to a lock-up pursuant to FINRA Rule 5110(e)(1) for a period of 180 days from the date of commencement of sales in the offering, and the Adviser, Feeder FIC Equity, and their permitted assigns may not engage in any transaction that would result in the effective economic disposition of the Class I shares.

The Company commenced a continuous public offering of up to $2,500,000,000 in any combination of Class S, Class D, and Class I shares of its common stock on November 12, 2020. On November 12, 2020, the Company sold 700,000 shares pursuant to the

~~Owl Rock Core Income Corp.~~

~~Notes to Consolidated Financial Statements (Unaudited) – Continued~~

subscription agreement with Feeder FIC Equity and met the minimum offering requirement for its continuous public offering of $2.5 million. The purchase price of these shares sold in the private placement was $10.00 per share.

Since meeting the minimum offering requirement and commencing its continuous public offering through June 30, ~~2021,~~2022, the Company has issued ~~2,868,538~~154,260,988 shares of Class S common stock, ~~3,368,067~~38,744,127 shares of Class D common stock and ~~16,282,774~~244,521,750 shares of Class I common stock for gross proceeds of ~~$27.0~~$1,441.8 million, ~~$31.2~~$360.0 million and ~~$151.8~~$2,267.7 million, respectively, including ~~$1,000~~

Owl Rock Core Income Corp.

Notes to Consolidated Financial Statements (Unaudited) - Continued

$1,000 of seed capital contributed by its Adviser in September of 2020, ~~and approximately~~ $25.0 million in gross proceeds raised in ~~the~~a private placement from Owl Rock Feeder FIC ~~Equity.~~

ORCIC Equity LLC and 8,578,458 shares of Class I common stock issued in a private placement to feeder vehicles primarily created to hold the Company's Class I shares for gross proceeds of approximately $79.3 million.

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’s fiscal year ends on December 31.

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 consists of deposits held at a custodian bank. 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~~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.

~~Owl Rock Core Income Corp.~~

~~Notes to Consolidated Financial Statements (Unaudited) – Continued~~

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;

Owl Rock Core Income Corp.

Notes to Consolidated Financial Statements (Unaudited) - Continued

•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 Accounting Standards Codification (“FASB”) 820, Fair Value Measurements (“(“ASC 820”), as amended, 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, 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 ~~quarter~~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. We intend to comply with the new rule`s requirements on or before the compliance date in September 2022.

~~Owl Rock Core Income Corp.~~

~~Notes to Consolidated Financial Statements (Unaudited) – Continued~~

Interest and Dividend Income Recognition

Interest income is recorded on the accrual basis and includes accretion and amortization of discounts or premiums. Certain investments may have contractual payment-in-kind (“PIK”) interest or dividends. PIK interest ~~represents~~and dividends represent accrued interest or dividends that isare 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.~~maturity or at the occurrence of a liquidation event. For the three months ended June 30, 2022, PIK interest income earned was $7.2 million, representing 5.6% of total investment income. For the six months ended June 30, 2022, PIK interest income earned was $12.2 million, representing 6.1% of total investment income. For the three and six months ended June 30, 2021, PIK interest earned was less than 5% of investment income.

Discounts to par value on securities purchased are ~~amortized~~accreted 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

Owl Rock Core Income Corp.

Notes to Consolidated Financial Statements (Unaudited) - Continued

investments represents the original cost adjusted for the accretion and 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. As of June 30, ~~2021,~~2022, no investments are on non-accrual status.

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 normally paid at the closing of the investments, are generally ~~non-recurring,~~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.

Organization Expenses

Costs associated with the organization of the Company are expensed as incurred. These expenses consist primarily of legal fees and other costs of organizing the Company.

Offering Expenses

Costs associated with the offering of common shares of the Company are capitalized as deferred offering expenses and are included in prepaid expenses and other assets in the Consolidated Statements of Assets and Liabilities and are amortized over a twelve-month period from incurrence. These expenses consist primarily of legal fees and other costs incurred in connection with the Company’s continuous public offering of its common shares, the preparation of the Company’s registration statement, and registration fees.

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 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.

~~Owl Rock Core Income Corp.~~

~~Notes to Consolidated Financial Statements (Unaudited) – Continued~~

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.

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.

Owl Rock Core Income Corp.

Notes to Consolidated Financial Statements (Unaudited) - Continued

Income Taxes

The Company ~~intends to elect~~has elected to be treated as a RIC under the Code beginning with the taxable year ended December 31, 2020 and intends to qualify as a RIC thereafter. So long as the Company obtains and maintains its ~~tax treatment for~~ 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.

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 income tax positions ~~as of~~through December 31, ~~2020.~~

2021. The 2020 tax year remains subject to examination by U.S. federal, state and local tax authorities.

Income and Expense Allocations

Income and realized and unrealized capital gains and losses are allocated to each class of shares of the Company on the basis of the aggregate net asset value of that class in relation to the aggregate net asset value of the Company.

Expenses that are common to all share classes are borne by each class of shares based on the net assets of the Company attributable to each class. Expenses that are specific to a class of shares are allocated to such class either directly or through the servicing fees paid pursuant to the Company’s distribution plan. “See Note 3. ~~Agreements~~"Agreements and Related Party Transactions – Shareholder Servicing Plan.”

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 be generally distributed at least annually although the Company may decide to retain such capital gains for investment.

Subject to the Company’s board of directors’ discretion and applicable legal restrictions, the Company intends to authorize and declare cash distributions to the Company’s shareholders on a monthly or quarterly basis and pay such distributions on a monthly basis. The per share amount of distributions for Class S, Class D, and Class I shares will differ because of different allocations of class-specific expenses. Specifically, because the ongoing servicing fees are calculated based on the Company’s net asset value for the

~~Owl Rock Core Income Corp.~~

~~Notes to Consolidated Financial Statements (Unaudited) – Continued~~

Company’s Class S and Class D shares, the ongoing service fees will reduce the net asset value or, alternatively, the distributions payable, with respect to the shares of each such class, including shares issued under the Company’s distribution reinvestment plan. As a result, the distributions on Class S shares and Class D shares may be lower than the distributions on Class I shares.

The Company has adopted a distribution reinvestment plan pursuant to which shareholders (except for residents of Alabama, Arkansas, Idaho, Kansas, Kentucky, Maine, Maryland, Massachusetts, Nebraska, New Jersey, North Carolina, Oklahoma, Oregon, Vermont and Washington and clients of participating broker-dealers that do not permit automatic enrollment in the distribution reinvestment plan) will have their cash distributions automatically reinvested in additional shares of the Company's same class of common stock to which the distribution relates unless they elect to receive their distributions in cash. The Company expects to use newly issued shares to implement the distribution reinvestment plan.

Consolidation

Owl Rock Core Income Corp.

Notes to Consolidated Financial Statements (Unaudited) - Continued

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 in its consolidated financial statements. All significant intercompany balances and transactions have been eliminated in consolidation.

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 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~~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

As of June 30, ~~2021,~~2022, the Company had ~~receivables from~~payables to affiliates of ~~$0.7~~$18.3 million, primarily comprised of ~~expense support due from the Adviser partially offset by amounts~~$9.5 million of accrued performance based incentive fees, $6.7 million of management fees, and $2.0 million of costs and expenses reimbursable to the Adviser pursuant to the Administration Agreement. As of December 31, ~~2020,~~2021, the Company had payables to affiliates of ~~$0.2~~$9.1 million, primarily comprised of ~~amounts~~$4.2 million of accrued performance based incentive fees, $1.1 million of management fees, $2.1 million in obligations to repay expense support from the Adviser pursuant to the Investment Advisory Agreement, and $1.7 million of costs and expenses reimbursable to the Adviser pursuant to the Administration Agreement.

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 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 "Transaction"). 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 include 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.

On May 3, 2022, the Board approved the continuation of the Administration Agreement.

The Administration Agreement also provides that the Company reimburses the Adviser for certain organization costs incurred prior to the commencement of the Company’s operations, and 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

~~Owl Rock Core Income Corp.~~

~~Notes to Consolidated Financial Statements (Unaudited) – Continued~~

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.

For the three and six months ended June 30, 2021, the Company incurred expenses of approximately $0.6 million and $0.9 million, respectively, for costs and expenses reimbursable to the Adviser under the terms of the Administration Agreement.

Unless earlier terminated as described below, the Administration Agreement ~~and subject to the consummation of the Transaction, the amended and restated administration agreement,~~ will remain in effect ~~until September 30, 2022~~for two years from the date it first became effective, and will remain in effect and from year to year thereafter if approved annually by a majority of the Board or by the holders of a majority of the Company’s outstanding voting securities and, in each case, a majority of the independent directors.

The Administration Agreement may be terminated at any time, without the payment of any penalty, upon 60 days’ written notice, by the vote of a majority of the outstanding voting securities of the Company (as defined in the 1940 Act), or by the vote of a majority of the Board or by the Adviser.

Owl Rock Core Income Corp.

Notes to Consolidated Financial Statements (Unaudited) - Continued

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 and six months ended June 30, 2022, the Company incurred expenses of approximately $1.0 million and $2.0 million, respectively, for costs and expenses reimbursable to the Adviser under the terms of the Administration Agreement. For the three and six months ended June 30, 2021, the Company incurred expenses of approximately $0.6 million and $0.9 million, respectively, 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. On May 3, 2022, the Board approved the continuation of the Investment Advisory Agreement.

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.

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

Unless earlier terminated as described below, the Investment Advisory Agreement ~~and subject to the consummation of the Transaction, the amended and restated investment advisory agreement,~~ will remain in effect ~~until September 30, 2022~~for two years from the date it first became effective, and will remain in effect and from year-to-year thereafter if approved annually by a majority of the Board or by the holders of a majority of the Company’s outstanding voting securities and, in each case, by a majority of independent directors.

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 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 of Directors 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 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.

The base management fee is payable monthly in arrears. The base management fee is calculated at an annual rate of 1.25% based on the average value of the Company’s net assets at the end of the two most recently completed calendar months. All or part of the base management fee not taken as to any month will be deferred without interest and may be taken in any such month prior to the occurrence of a liquidity event. Base management fees for any partial month are prorated based on the number of days in the month.

~~Owl Rock Core Income Corp.~~

~~Notes to Consolidated Financial Statements (Unaudited) – Continued~~

On September 30,2020 and February 23, 2021, the Adviser agreed to waive 100% of the base management fee for the ~~quarter~~quarters ended December 31, 2020 and March 31, ~~2021.~~2021, respectively. Any portion of management fees waived shall not be subject to recoupment.

For the three and six months ended June 30, 2022, management fees were $9.3 million and $14.9 million, respectively. For the three and six months ended June 30, 2021, management fees (gross of waivers) were $214 thousand and $266 thousand, respectively. For the six months ended June 30, 2021, $52 thousand of management fees were waived.

Pursuant to the Investment Advisory Agreement, the Adviser is entitled to an incentive fee. The incentive fee consists of two parts: (i) an incentive fee on income and (ii) an incentive fee on capital gains. Each part of the incentive fee is outlined below.

Owl Rock Core Income Corp.

Notes to Consolidated Financial Statements (Unaudited) - Continued

The incentive fee on income will be calculated and payable quarterly in arrears and will be based upon the Company’s ~~pre-incentive~~pre- incentive fee net investment income for the immediately preceding calendar quarter. In the case of a liquidation of the Company or if the Investment Advisory Agreement is terminated, the fee will also become payable as of the effective date of the event.

The incentive fee on income for each calendar quarter will be calculated as follows:

•No incentive fee on income will be payable in any calendar quarter in which the pre-incentive fee net investment income does not exceed a quarterly return to investors of 1.25% of the Company’s net asset value for that immediately preceding calendar quarter. The Company refers to this as the quarterly preferred return.

•All of the Company’s pre-incentive fee net investment income, if any, that exceeds the quarterly preferred return, but is less than or equal to 1.43%, which the Company refers to as the upper level breakpoint, of the Company’s net asset value for that immediately preceding calendar quarter, will be payable to the Company’s Adviser. The Company refers to this portion of the incentive fee on income as the “catch-up.” It is intended to provide an incentive fee of 12.50% on all of the Company’s pre-incentive fee net investment income when the pre-incentive fee net investment income reaches 1.43% of the Company’s net asset value for that calendar quarter, measured as of the end of the immediately preceding calendar quarter. The quarterly preferred return of 1.25% and upper level breakpoint of 1.43% are also adjusted for the actual number of days each calendar quarter.

•For any quarter in which the Company’s pre-incentive fee net investment income exceeds the upper level break point of 1.43% of the Company’s net asset value for that immediately preceding calendar quarter, the incentive fee on income will equal 12.50% of the amount of the Company’s pre-incentive fee net investment income, because the quarterly preferred return and catch up will have been achieved.

•Pre-incentive fee net investment income is defined as investment income and any other income, accrued during the calendar quarter, minus operating expenses for the quarter, including the base management fee, expenses payable under the Investment Advisory Agreement and the Administration Agreement, any interest expense and dividends paid on any issued and outstanding preferred stock, but excluding the incentive fee. Pre-incentive fee net investment income does not include any expense support payments or any reimbursement by the Company of expense support payments, or any realized capital gains, realized capital losses or unrealized capital appreciation or depreciation.

The second component of the incentive fee, the ~~“Capital~~"Capital Gains Incentive ~~Fee,”~~Fee", will be determined and payable in arrears as of the end of each calendar year during which the Investment Advisory Agreement is in effect. In the case of a liquidation, or if the Investment Advisory Agreement is terminated, the fee will also become payable as of the effective date of such event. The annual fee will equal (i) 12.50% of the Company’s realized capital gains on a cumulative basis from inception through the end of such calendar year, computed net of all realized capital losses and unrealized capital depreciation on a cumulative basis, less (ii) the aggregate amount of any previously paid incentive fees on capital gains as calculated in accordance with U.S. GAAP. The Company will accrue but will not pay a Capital Gains Incentive Fee with respect to unrealized appreciation because a Capital Gains Incentive Fee would be owed to the Adviser if the Company was to sell the relevant investment and realize a capital gain. In no event will the incentive fee on capital gains payable pursuant hereto be in excess of the amount permitted by the Advisers Act, including Section 205 thereof.

For the three and six months ended June 30, 2022, the Company incurred performance based incentive fees on net investment income of $9.5 million and $14.9 million, respectively. For the three and six months ended June 30, 2021, the Company incurred performance based incentive fees on net investment income of $94 thousand.

For the three and six months ended June 30, 2022, the Company did not incur performance based incentive fees based on capital gains. For the six months ended June 30, 2022, the Company recorded a reversal of previously recorded performance based incentive fees based on capital gains of $0.6 million. For the three and six months ended June 30, 2021, the Company incurred performance based incentive fees ~~based~~ on capital gains of $105 thousand.

~~Owl Rock Core Income Corp.~~

~~Notes to Consolidated Financial Statements (Unaudited) – Continued~~

Under the terms of the Investment Advisory Agreement, the Adviser is entitled to receive up to 1.5% of gross offering proceeds raised in the continuous public offering until all organization and offering costs paid by the Adviser or its affiliates have been recovered. The Company bears all other expenses of its operations and transactions including, without limitation, those relating to: expenses deemed to be “organization and offering expenses” for purposes of Conduct Rule 2310(a)(12) of Financial Industry Regulatory Authority (exclusive of commissions, the dealer manager fee, any discounts and other similar expenses paid by investors at the time of sale of the Company’s stock); the cost of corporate and organizational expenses relating to offerings of shares of common stock, subject to limitations included in the Investment Advisory Agreement; the cost of calculating the Company’s net asset value, including the cost of any third-party valuation services; the cost of effecting any sales and repurchases of the common stock and other

Owl Rock Core Income Corp.

Notes to Consolidated Financial Statements (Unaudited) - Continued

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; 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 the Company’s rights; escrow agent, transfer agent and custodial fees and expenses; 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 fees, listing fees and licenses, and the compensation of professionals responsible for the preparation of the foregoing; the costs of any reports, proxy statements or other notices to shareholders (including printing and mailing costs); the costs of any shareholder or director meetings and the compensation of 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 the Company’s assets for tax or other purposes; extraordinary expenses (such as litigation or indemnification); and costs associated with reporting and compliance obligations under the Advisers Act and applicable federal and state securities laws. Notwithstanding anything to the contrary contained herein, the Company shall reimburse 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 and Chief Financial Officer and their respective staffs (based on a percentage of time such individuals devote, on an estimated basis, to the business affairs of the Company). Any such reimbursements will not exceed actual expenses incurred by the Adviser and its affiliates. The Adviser is responsible for the payment of the Company’s organization and offering expenses to the extent that these expenses exceed 1.5% of the aggregate gross offering proceeds, without recourse against or reimbursement by the Company.

For the three and six months ended June 30, 2022, subject to the 1.5% organization and offering cost cap, the Company did not accrue any initial organization and offering expenses that are reimbursable to the Adviser.

For the six months ended June 30, 2021, subject to the 1.5% organization and offering cost cap, the Company accrued initial organization ~~and offering~~ expenses of $0.3 ~~million.~~million that are reimbursable to the Adviser. The Company did not accrue initial organization and offering expenses that are reimbursable to the Adviser for the three months ended June 30, 2021.

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 relies on an order for exemptive relief (the "Order") that has been granted by the SEC to the Adviser to co-invest with other funds managed by 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,~~Order, 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.

~~Owl Rock Core Income Corp.~~

~~Notes to Consolidated Financial Statements (Unaudited) – Continued~~

In addition, pursuant to an exemptive order issued by the SEC on April 8, 2020 and applicable to all BDCs, through December 31, 2020, the Company was permitted, subject to the satisfaction of certain conditions, to complete follow-on investments in its existing portfolio companies with certain private funds managed by the Adviser or its affiliates and covered by the Company’s exemptive relief, even if such private funds have not previously invested in such existing portfolio company. Without this order, private funds would generally not be able to participate in such co-investments with the Company unless the private funds had previously acquired securities of the portfolio company in a co-investment transaction with the Company. Although the conditional exemptive order has expired, the SEC`s Division of Investment Management has indicated that until March 31, 2022, it will not recommend enforcement action, to the extend that any BDC with an existing coinvestment order continues to engage in certain transactions described in the conditional exemptive order, pursuant to the same terms and conditions described therein.

The Adviser is affiliated with Owl Rock Technology Advisors LLC (“ORTA”), Owl Rock Capital Private Fund Advisors LLC (“ORPFA”), and Owl Rock Diversified Advisors LLC (“ORDA”). , Owl Rock Technology Advisors II LLC, ("ORTA ~~ORPFA~~II"), and the Adviser, the “Owl Rock Advisers”, 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’~~Adviser's or its affiliates' investment 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,~~the Order, there could be significant overlap in the Company’s investment portfolio and the

Owl Rock Core Income Corp.

Notes to Consolidated Financial Statements (Unaudited) - Continued

investment portfolio of other funds managed by ~~Owl Rock~~the Adviser or its affiliates that could avail themselves of ~~exemptive relief~~the Order and that have an investment objective similar to the Company’s.

Dealer Manager Agreement

The Company has entered into a dealer manager agreement (the “Dealer Manager Agreement”) with Blue Owl Securities, ~~LLC (“Blue Owl Securities”),~~ an affiliate of the Adviser, and participating broker-dealer agreements with certain broker-dealers. Under the terms of the Dealer Manager Agreement and the participating broker-dealer agreements, Blue Owl Securities serves as the dealer manager, and certain participating broker-dealers solicit capital, for the Company’s public offering of shares of Class S, Class D, and Class I common stock. Blue Owl Securities will be entitled to receive upfront selling commissions of up to 3.50% of the offering price of each Class S share sold in this offering. Blue Owl Securities will be entitled to receive upfront selling commissions of up to 1.50% of the offering price of each Class D share sold in this offering. Blue Owl Securities anticipates that all or a portion of the upfront selling commissions will be retained by, or reallowed (paid) to, participating broker-dealers. Blue Owl Securities will not receive upfront selling commissions with respect to any class of shares issued pursuant to the Company’s distribution reinvestment plan or with respect to purchases of Class I shares.

Upfront selling commissions for sales of Class S and Class D shares may be reduced or waived in connection with volume or other discounts, other fee arrangements or for sales to certain categories of purchasers.

Blue Owl Securities, an affiliate of Blue Owl, is registered as a broker-dealer with the SEC and is a member of the Financial Industry Regulatory Authority.

Shareholder Servicing Plan

Subject to FINRA limitations on underwriting compensation and pursuant to a distribution plan adopted by the Company in compliance with Rules 12b-1 and 17d-3 under the 1940 Act, as if those rules applied to the Company, the Company will pay Blue Owl Securities servicing fees for ongoing services as follows:

•with respect to the Company’s outstanding Class S shares equal to 0.85% per annum of the aggregate net asset value of the Company’s outstanding Class S shares; and

•with respect to the Company’s outstanding Class D shares equal to 0.25% per annum of the aggregate net asset value of the Company’s outstanding Class D shares.

The Company will not pay an ongoing servicing fee with respect to the Company’s outstanding Class I shares.

For the three and six months ended June 30, 2022, the Company paid servicing fees with respect to Class D shares of $0.2 million and $0.4 million, respectively. For the three and six months ended June 30, 2022, the Company paid servicing fees with respect to Class S shares of $2.7 million and $4.5 million, respectively.

For the three and six months ended June 30, 2021, the Company paid servicing fees with respect to Class D shares of $13 thousand. For the three and six months ended June 30, 2021, the Company paid servicing fees with respect to Class S shares of $37 thousand.

~~Owl Rock Core Income Corp.~~

~~Notes to Consolidated Financial Statements (Unaudited) – Continued~~

The servicing fees are paid monthly in arrears. Blue Owl Securities will reallow (pay) all or a portion of the ongoing servicing fees to participating broker-dealers and servicing broker-dealers for ongoing services performed by such broker-dealers, and will waive ongoing servicing fees to the extent a broker-dealer is not eligible to receive it for failure to provide such services. Because the ongoing servicing fees are calculated based on the Company’s net asset values for the Company’s Class S and Class D shares, they will reduce the net asset values or, alternatively, the distributions payable, with respect to the shares of each such class, including shares issued under it`s distribution reinvestment plan. The Company will cease paying ongoing servicing fees at the date at which total underwriting compensation from any source in connection with this offering equals 10% of the gross proceeds from it`s offering (excluding proceeds from issuances pursuant to it`s distribution reinvestment plan). This limitation is intended to ensure that the Company satisfies the requirements of FINRA Rule 2310, which provides that the maximum aggregate underwriting compensation from any source, including compensation paid from offering proceeds and in the form of “trail commissions,” payable to underwriters, broker-dealers, or affiliates thereof participating in an offering may not exceed 10% of gross offering proceeds, excluding proceeds received in connection with the issuance of shares through a distribution reinvestment plan.

Expense Support and Conditional Reimbursement Agreement

Owl Rock Core Income Corp.

Notes to Consolidated Financial Statements (Unaudited) - Continued

The Company has entered into the Expense Support and Conditional Reimbursement Agreement (the “Expense Support Agreement”) with the Adviser, the purpose of which is to ensure that no portion of the Company’s distributions to shareholders will represent a return of capital for U.S. federal income tax purposes. The Expense Support Agreement became effective as of the date that the Company met the minimum offering requirement.

On a quarterly basis, the Adviser reimburses the Company for “Operating Expenses” (as defined below) in an amount equal to the excess of the Company’s cumulative distributions paid to the Company’s shareholders in each quarter over “Available Operating Funds” (as defined below) received by the Company on account of its investment portfolio during such quarter. Any payments required to be made by the Adviser pursuant to the preceding sentence are referred to herein as an “Expense Payment”.

Pursuant to the Expense Support Agreement, “Operating Expenses” means all of the Company’s operating costs and expenses incurred, as determined in accordance with generally accepted accounting principles for investment companies. “Available Operating Funds” means the sum of (i) the Company’s estimated investment company taxable income (including realized net short-term capital gains reduced by realized net long-term capital losses), (ii) the Company’s realized net capital gains (including the excess of realized net long-term capital gains over realized net short-term capital losses) and (iii) dividends and other distributions paid to the Company on account of preferred and common equity investments in portfolio companies, if any (to the extent such amounts listed in clause (iii) are not included under clauses (i) and (ii) above).

The Adviser’s obligation to make an Expense Payment will automatically become a liability of the Adviser and the right to such Expense Payment will be an asset of the Company’s on the last business day of the applicable quarter. The Expense Payment for any quarter will be paid by the Adviser to the Company in any combination of cash or other immediately available funds, and/or offset against amounts due from the Company to the Adviser no later than the earlier of (i) the date on which the Company closes it’s books for such quarter, or (ii) forty-five days after the end of such quarter.

Following any quarter in which Available Operating Funds exceed the cumulative distributions paid by the Company in respect of such quarter (the amount of such excess being hereinafter referred to as “Excess Operating Funds”), the Company will pay such Excess Operating Funds, or a portion thereof, in accordance with the stipulations below, as applicable, to the Adviser, until such time as all Expense Payments made by the Adviser to the Company within three years prior to the last business day of such quarter have been reimbursed. Any payments required to be made by the Company are referred to as a “Reimbursement Payment”.

The amount of the Reimbursement Payment for any quarter shall equal the lesser of (i) the Excess Operating Funds in respect of such quarter and (ii) the aggregate amount of all Expense Payments made by the Adviser to the Company within three years prior to the last business day of such quarter that have not been previously reimbursed by the Company to the Adviser. The payment will be reduced to the extent that such Reimbursement Payments, together with all other Reimbursement Payments paid during the fiscal year, would cause Other Operating Expenses defined as the Company’s total Operating Expenses, excluding base management fees, incentive fees, organization and offering expenses, distribution and shareholder servicing fees, financing fees and costs, interest expense, brokerage commissions and extraordinary expenses ~~(on~~on an annualized basis and net of any Expense Payments received by the Company during the fiscal ~~year)~~year to exceed the lesser of: (i) 1.75% of the Company’s average net assets attributable to the shares of the Company’s common stock for the fiscal year-to-date period after taking such Expense Payments into account; and (ii) the percentage of the Company’s average net assets attributable to shares of the ~~Company’s~~Company's common stock represented by Other

~~Owl Rock Core Income Corp.~~

~~Notes to Consolidated Financial Statements (Unaudited) – Continued~~

Operating Expenses during the fiscal year in which such Expense Payment was made (provided, however, that this clause (ii) shall not apply to any Reimbursement Payment which relates to an Expense Payment made during the same fiscal year).

No Reimbursement Payment for any quarter will be made if: (1) the “Effective Rate of Distributions Per Share” (as defined below) declared by the Company at the time of such Reimbursement Payment is less than the Effective Rate of Distributions Per Share at the time the Expense Payment was made to which such Reimbursement Payment relates, or (2) the Company’s “Operating Expense Ratio” (as defined below) at the time of such Reimbursement Payment is greater than the Operating Expense Ratio at the time the Expense Payment was made to which such Reimbursement Payment relates. Pursuant to the Expense Support Agreement, “Effective Rate of Distributions Per Share” means the annualized rate (based on a 365 day year) of regular cash distributions per share exclusive of returns of capital, distribution rate reductions due to distribution and shareholder fees, and declared special dividends or special distributions, if any. The “Operating Expense Ratio” is calculated by dividing Operating Expenses, less organizational and offering expenses, base management and incentive fees owed to Adviser, and interest expense, by the Company’s net assets.

The specific amount of expenses reimbursed by the Adviser, if any, will be determined at the end of each quarter. The Company or the Adviser may terminate the Expense Support Agreement at any time, with or without notice. The Expense Support Agreement will automatically terminate in the event of (a) the termination of the Investment Advisory Agreement, or (b) a determination by the ~~Company`s~~

Owl Rock Core Income Corp.

Notes to Consolidated Financial Statements (Unaudited) - Continued

Company’s Board to dissolve or liquidate the Company. Upon termination of the Expense Support Agreement, the Company will be required to fund any Expense Payments that have not been reimbursed by the Company to the Adviser.

As of June 30, 2022, the amount of Expense Support Payments provided by the Adviser since inception is $9.4 million. During the three and six months ended June 30, 2022, the Company did not repay expense support to the Adviser. The Company may or may not reimburse remaining expense support in the future. As of June 30, 2021, the amount of Expense Support Payments provided by the Adviser since inception is $2.6 million. During the three and six months ended June 30, 2021, the Company did not repay expense support to the Adviser. The Company may or may not reimburse remaining expense support in the future.

The following table presents a summary of all expenses supported, and recouped, by the Adviser for each of the following three month periods in which the Company received Expense Support from the Adviser and the associated dates through which such expenses may be subject to reimbursement from the Company pursuant to the Expense Support Agreement:

For the Quarter Ended

Amount of Expense Support

Recoupment of Expense Support

Unreimbursed Expense Support

Effective Rate of Distribution per Share⁽¹⁾

Reimbursement Eligibility Expiration

Operating Expense Ratio⁽²⁾

($ in thousands)

March 31, 2021

$
822

$
—

$
822

6.7%

March 31, 2024

9.47%

June 30, 2021

1,756

-

1,756

6.6%

June 30, 2024

2.43%

Total

$
2,578

$
—

$
2,578

~~________________~~


For the Quarter Ended	Amount of Expense Support		Recoupment of Expense Support		Unreimbursed Expense Support		Effective Rate of Distribution per Share(1)		Reimbursement Eligibility Expiration	Operating Expense Ratio(2)
($ in thousands)
March 31, 2021	$	822	$	822	$	—	6.7	%	March 31, 2024	9.47	%
June 30, 2021	1,756		1,756		—		6.6	%	June 30, 2024	2.43	%
March 31, 2022	4,062		—		4,062		7.2	%	March 31, 2025	0.67	%
June 30, 2022	2,713		—		2,713		7.4	%	June 30, 2025	0.67	%
Total	$	9,353	$	2,578	$	6,775

	⁽¹⁾	The effective rate of distribution per share is expressed as a percentage equal to the projected annualized distribution amount as of the end of the applicable period (which is calculated by annualizing the regular monthly cash distributions per share as of such date without compounding), divided by the Company’s net asset value per share as of such date.

⁽²⁾(1)The effective rate of distribution per share is expressed as a percentage equal to the projected annualized distribution amount as of the end of the applicable period (which is calculated by annualizing the regular monthly cash distributions per share as of such date without compounding), divided by the Company’s net asset value per share as of such date.

The operating expense ratio is calculated by dividing operating expenses, less organizational and offering expenses, base management and incentive fees owed to the Adviser, and interest expense, by the Company’s net assets.

(2)The operating expense ratio is calculated by dividing operating expenses, less organizational and offering expenses, base management and incentive fees owed to the Adviser, and interest expense, by the Company’s net assets.

License Agreement

On September 30, 2020, the Company 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.

~~Owl Rock Core Income Corp.~~

~~Notes to Consolidated Financial Statements (Unaudited) – Continued~~

Promissory Note

~~On October 15, 2020, the~~

The Company as borrower, entered into a Loan Agreement as amended and restated through the date herof (the ~~"Original Loan~~"Loan Agreement") with Owl Rock Feeder FIC ORCIC Debt LLC ("Feeder FIC Debt"), an affiliate of the Adviser, as lender, to enter into revolving promissory notes (the "Promissory Notes") to borrow up to an aggregate of ~~$50~~$250 million from Feeder FIC Debt. ~~The Original Loan Agreement was amended and restated (as amended and restated, the “Loan Agreement”) on May 12, 2021.~~ See Note 6 “Debt”.

On June 22, 2022, the Company and Feeder FIC Debt, entered into a Termination Agreement (the “Termination Agreement”) pursuant to which the Loan Agreement was terminated. Upon execution of the Termination Agreement there were no amounts outstanding pursuant to the Loan Agreement or the Promissory Notes.

Note 4. Investments

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

Owl Rock Core Income Corp.

Notes to Consolidated Financial Statements (Unaudited) - Continued

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 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 June 30, ~~2021~~2022 and December 31, ~~2020:~~

2021:

June 30, 2021

December 31, 2020

($ in thousands)

Amortized Cost

Fair Value

Amortized Cost

Fair Value

First-lien senior secured debt investments

$
299,521

$
299,908

$
9,404

$
9,404

Second-lien senior secured debt investments

104,818

105,203

4,233

4,232

Unsecured debt investments

2,080

2,112

22

22

Preferred equity investments⁽¹⁾

11,059

11,049

296

295

Common equity investments⁽¹⁾

2,398

2,461

423

423

Total Investments

$
419,876

$
420,733

$
14,378

$
14,376

~~________________~~

~~(1)~~

~~As of December 31, 2020, preferred equity investments and common equity investments were reported in aggregate as equity investments.~~


	June 30, 2022				December 31, 2021
($ in thousands)	Amortized Cost		Fair Value		Amortized Cost		Fair Value
First-lien senior secured debt investments	$	6,934,459	$	6,809,423	$	2,490,219	$	2,491,334
Second-lien senior secured debt investments	946,684		900,730		496,559		498,247
Unsecured debt investments	214,522		201,174		2,164		2,116
Preferred equity investments	422,634		411,936		56,696		56,970
Common equity investments	128,574		127,965		71,259		71,705
Total Investments	$	8,646,873	$	8,451,228	$	3,116,897	$	3,120,372

~~Owl Rock Core Income Corp.~~

~~Notes to Consolidated Financial Statements (Unaudited) – Continued~~

The industry composition of investments based on fair value as of June 30, ~~2021~~2022 and December 31, ~~2020~~2021 was as follows:

June 30, 2021

December 31, 2020

Aerospace and defense

2.4

%

-

%
Automotive

4.9

-

Buildings and real estate

4.7

-

Business services

1.2

6.0

Chemicals

2.9

6.8

Consumer products

8.1

6.8

Containers and packaging

1.9

-

Distribution

1.5

9.1

Education

2.9

-

Financial services

0.9

12.2

Food and beverage

15.2

-

Healthcare equipment and services

1.7

18.7

Healthcare providers and services

4.8

10.5

Healthcare technology

1.1

-

Household products

2.3

-

Infrastructure and environmental services

17.2

-

Insurance

3.0

-

Internet software and services

11.0

16.4

Manufacturing

6.2

6.8

Professional services

1.0

-

Specialty retail

4.9

-

Telecommunications

0.2

6.7

Total

100.0

%

100.0

%


	June 30, 2022		December 31, 2021
Advertising and media	1.0	%	2.8	%
Aerospace and defense	0.4		0.5
Automotive	1.1		1.7
Buildings and real estate	5.2		4.0
Business services	7.5		7.7
Chemicals	1.8		3.4
Consumer products	3.4		3.6
Containers and packaging	4.5		4.8
Distribution	3.4		1.7
Education	2.0		0.2
Energy equipment and services	0.3		—
Financial services	4.3		4.3
Food and beverage	7.5		1.5
Healthcare equipment and services	5.4		4.1
Healthcare providers and services	11.2		8.6
Healthcare technology	6.5		7.0
Household products	2.8		0.3
Human resource support services	1.4		4.0
Infrastructure and environmental services	1.2		0.9
Insurance	7.1		12.4
Internet software and services	11.7		12.3
Leisure and entertainment	1.3		3.0
Manufacturing	2.3		2.4
Professional services	2.4		3.6
Specialty retail	3.7		4.8
Telecommunications	0.2		0.1
Transportation	0.4		0.3
Total	100.0	%	100.0	%

The geographic composition of investments based on fair value as of June 30, ~~2021~~2022 and December 31, ~~2020~~2021 was as follows:

June 30, 2021

December 31, 2020

United States:

Midwest

41.7

%

19.7

%
Northeast

22.2

37.7

South

17.7

26.7

West

15.9

15.9

International

2.5

-

Total

100.0

%

100.0

%

Owl Rock Core Income Corp.

Notes to Consolidated Financial Statements (Unaudited) –- Continued


	June 30, 2022		December 31, 2021
United States:
Midwest	22.9	%	22.8	%
Northeast	17.5		17.1
South	33.3		28.0
West	19.4		26.8
International	6.9		5.3
Total	100.0	%	100.0	%

Note 5. Fair Value of Investments

Investments

The following tables present the fair value hierarchy of investments as of June 30, ~~2021~~2022 and December 31, ~~2020:~~

2021:

Fair Value Hierarchy as of June 30, 2021

($ in thousands)

Level 1

Level 2

Level 3

Total

First-lien senior secured debt investments

$
—

$
74,131

$
225,777

$
299,908

Second-lien senior secured debt investments

-

-

105,203

105,203

Unsecured debt investments

-

-

2,112

2,112

Preferred equity investments

-

-

11,049

11,049

Common equity investments

-

-

2,461

2,461

Total Investments

$
—

$
74,131

$
346,602

$
420,733


	Fair Value Hierarchy as of December 31, 2020									June 30, 2022
($ in thousands)	Level 1		Level 2		Level 3		Total		($ in thousands)	Level 1		Level 2		Level 3		Total
First-lien senior secured debt investments	$	—	$	—	$	9,404	$	9,404	First-lien senior secured debt investments	$	—	$	963,781	$	5,845,642	$	6,809,423
Second-lien senior secured debt investments		-		-		4,232		4,232	Second-lien senior secured debt investments	—		141,809		758,921		900,730
Unsecured debt investments		-		-		22		22	Unsecured debt investments	—		48,476		152,698		201,174
Preferred equity investments⁽¹⁾		-		-		295		295
Common equity investments⁽¹⁾		-		-		423		423
Preferred equity investments									Preferred equity investments	—		—		411,936		411,936
Common equity investments									Common equity investments	—		—		127,965		127,965
Total Investments	$	—	$	—	$	14,376	$	14,376	Total Investments	$	—	$	1,154,066	$	7,297,162	$	8,451,228

~~________________~~

~~(1)~~

~~As of December 31, 2020, preferred equity investments and common equity investments were reported in aggregate as equity investments.~~


	December 31, 2021
($ in thousands)	Level 1		Level 2		Level 3		Total
First-lien senior secured debt investments	$	—	$	162,988	$	2,328,346	$	2,491,334
Second-lien senior secured debt investments	—		47,770		450,477		498,247
Unsecured debt investments	—		—		2,116		2,116
Preferred equity investments	—		—		56,970		56,970
Common equity investments	—		—		71,705		71,705
Total Investments	$	—	$	210,758	$	2,909,614	$	3,120,372

Owl Rock Core Income Corp.

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 and six months ended June 30, ~~2021:~~

As of and for the Three Months Ended June 30, 2021

($ 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

$
46,724

$
4,254

$
2,068

$
307

$
471

$
53,824

Purchases of investments, net⁽²⁾

191,087

100,571

—

10,747

1,929

304,334

Proceeds from investments, net

(235
)

—

—

—

—

(235
)
Net change in unrealized gain (loss)

60

366

43

(5
)

61

525

Net realized gains (losses)

2

—

—

—

—

2

Net amortization of discount on investments

78

12

1

—

—

91

Transfers into (out of) Level 3⁽¹⁾

(11,939
)

—

—

—

—

(11,939
)
Fair value, end of period

$
225,777

$
105,203

$
2,112

$
11,049

$
2,461

$
346,602

~~________________~~

⁽¹⁾2022 and 2021:

Transfers between levels, if any, are recognized at the beginning of the quarter in which the transfers occur. For the three months ended June 30, 2021, transfers into Level 2 from Level 3 were as a result of changes in the observability of significant inputs for certain portfolio companies.

⁽²⁾

~~Purchases may include payment-in-kind (“PIK”).~~

As of and for the Six Months Ended June 30, 2021

($ 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

$
9,404

$
4,232

$
22

$
295

$
423

$
14,376

Purchases of investments, net⁽²⁾

234,107

100,571

2,056

10,761

1,973

349,468

Proceeds from investments, net

(6,024
)

-

-

-

-

(6,024
)
Net change in unrealized gain (loss) on investments

133

386

33

(7
)

65

610

Net realized gain (loss) on investments

10

-

-

-

-

10

Net amortization of discount on investments

86

14

1

-

-

101

Transfers into (out of) Level 3⁽¹⁾

(11,939
)

-

-

-

-

(11,939
)
Fair value, end of period

$
225,777

$
105,203

$
2,112

$
11,049

$
2,461

$
346,602

~~________________~~

⁽¹⁾

Transfers between levels, if any, are recognized at the beginning of the quarter in which the transfers occur. For the six months ended June 30, 2021, transfers into Level 2 from Level 3 were as a result of changes in the observability of significant inputs for certain portfolio companies.


	As of and for the Three Months Ended June 30, 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	$	3,735,077	$	602,817	$	123,608	$	156,555	$	101,090	$	4,719,147
Purchases of investments, net	2,292,454		215,592		34,078		261,348		31,046		2,834,518
Payment-in-kind	7,701		1,475		2,532		3,915		14		15,637
Proceeds from investments, net	(152,174)		(39,832)		—		—		—		(192,006)
Net change in unrealized gain (loss)	(45,346)		(23,870)		(7,565)		(9,976)		(4,183)		(90,940)
Net realized gains (losses)	108		—		—		—		—		108
Net amortization/accretion of premium/discount on investments	2,887		236		45		94		(2)		3,260
Transfers into (out of) Level 3(1)	4,935		2,503		—		—		—		7,438
Fair value, end of period	$	5,845,642	$	758,921	$	152,698	$	411,936	$	127,965	$	7,297,162

⁽²⁾

~~Purchases may include payment-in-kind (“PIK”).~~

_______________

(1)Transfers between levels, if any, are recognized at the beginning of the period in which the transfers occur. For the three months ended June 30, 2022, transfers out of Level 2 into Level 3 were as a result of changes in the observability of significant inputs for certain portfolio companies.


	As of and for the Six Months Ended June 30, 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	$	2,328,346	$	450,477	$	2,116	$	56,970	$	71,705	$	2,909,614
Purchases of investments, net	3,731,936		384,585		154,853		359,358		57,151		4,687,883
Payment-in-kind	11,360		2,561		2,614		6,938		40		23,513
Proceeds from investments, net	(196,052)		(39,832)		—		(642)		—		(236,526)
Net change in unrealized gain (loss)	(59,849)		(26,799)		(6,940)		(10,958)		(1,054)		(105,600)
Net realized gains (losses)	156		—		—		202		—		358
Net amortization/accretion of premium/discount on investments	4,855		367		55		191		—		5,468
Transfers between investment types	—		—		—		(123)		123		—
Transfers into (out of) Level 3(1)	24,890		(12,438)		—		—		—		12,452
Fair value, end of period	$	5,845,642	$	758,921	$	152,698	$	411,936	$	127,965	$	7,297,162

_______________

(1)Transfers between levels, if any, are recognized at the beginning of the period in which the transfers occur. For the six months ended June 30, 2022, transfers out of Level 2 into Level 3 and transfers into Level 2 from Level 3 were as a result of changes in the observability of significant inputs for certain portfolio companies.

Owl Rock Core Income Corp.

Notes to Consolidated Financial Statements (Unaudited) –- Continued


	As of and for the Three Months Ended June 30, 2021
($ 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	$	46,724	$	4,254	$	2,068	$	307	$	471	$	53,824
Purchases of investments, net(1)	191,087		100,571		—		10,747		1,929		304,334

Proceeds from investments, net	(235)		—		—		—		—		(235)
Net change in unrealized gain (loss) on investments	60		366		43		(5)		61		525
Net realized gain (loss) on investments	2		—		—		—		—		2
Net amortization/accretion of premium/discount on investments	78		12		1		—		—		91
Transfers into (out of) Level 3(2)	(11,939)		—		—		—		—		(11,939)
Fair value, end of period	$	225,777	$	105,203	$	2,112	$	11,049	$	2,461	$	346,602

(1)Purchases may include payment-in-kind (“PIK”).

(2)Transfers between levels, if any, are recognized at the beginning of the period in which the transfers occur. For the three months ended June 30, 2021, transfers into Level 2 from Level 3 were as a result of changes in the observability of significant inputs for certain portfolio companies.


	As of and for the Six Months Ended June 30, 2021
($ 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	$	9,404	$	4,232	$	22	$	295	$	423	$	14,376
Purchases of investments, net (1)	234,107		100,571		2,056		10,761		1,973		349,468

Proceeds from investments, net	(6,024)		—		—		—		—		(6,024)
Net change in unrealized gain (loss) on investments	133		386		33		(7)		65		610
Net realized gain (loss) on investments	10		—		—		—		—		10
Net amortization/accretion of premium/discount on investments	86		14		1		—		—		101
Transfers into (out of) Level 3(2)	(11,939)		—		—		—		—		(11,939)
Fair value, end of period	$	225,777	$	105,203	$	2,112	$	11,049	$	2,461	$	346,602

(1)Purchases may include payment-in-kind (“PIK”).

(2)Transfers between levels, if any, are recognized at the beginning of the period in which the transfers occur. For the six months ended June 30, 2021, transfers into Level 2 from Level 3 were as a result of changes in the observability of significant inputs for certain portfolio companies.

Owl Rock Core Income Corp.

Notes to Consolidated Financial Statements (Unaudited) - Continued

The following tables present information with respect to the net change in unrealized gains (losses) on investments for which Level 3 inputs were used in determining the fair value that are still held by the Company for the three and six months ended June 30, 2022 and 2021:


($ in thousands)	Net change in unrealized gain (loss) for the Three Months Ended June 30, 2021 on Investments Held at June 30, 2021			($ in thousands)	Net change in unrealized gain (loss) for the Three Months Ended June 30, 2022 on Investments Held at June 30, 2022		Net change in unrealized gain (loss) for the Three Months Ended June 30, 2021 on Investments Held at June 30, 2021
First-lien senior secured debt investments	$	60		First-lien senior secured debt investments	$	(45,471)	$	60
Second-lien senior secured debt investments		366		Second-lien senior secured debt investments	(23,860)		366
Unsecured debt investments		43		Unsecured debt investments	(7,565)		43
Preferred equity investments		(5	)	Preferred equity investments	(9,991)		(5)
Common equity investments		61		Common equity investments	(4,182)		61
Total Investments	$	525		Total Investments	$	(91,069)	$	525


($ in thousands)	Net change in unrealized gain (loss) for the Six Months Ended June 30, 2021 on Investments Held at June 30, 2021			($ in thousands)	Net change in unrealized gain (loss) for the Six Months Ended June 30, 2022 on Investments Held at June 30, 2022		Net change in unrealized gain (loss) for the Six Months Ended June 30, 2021 on Investments Held at June 30, 2021
First-lien senior secured debt investments	$	133		First-lien senior secured debt investments	$	(59,851)	$	133
Second-lien senior secured debt investments		386		Second-lien senior secured debt investments	(26,165)		386
Unsecured debt investments		33		Unsecured debt investments	(6,940)		33
Preferred equity investments		(5	)	Preferred equity investments	(10,958)		(5)
Common equity investments		63		Common equity investments	(740)		63
Total Investments	$	610		Total Investments	$	(104,654)	$	610

~~Owl Rock Core Income Corp.~~

~~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 June 30, ~~2021~~2022 and December 31, ~~2020.~~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 June 30, 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

$
199,723

Recent Transaction

Transaction Price

97.0% - 100.0% (98.9%)

Increase

26,054

Yield Analysis

Market Yield

4.3%-8.9% (7.6%)

Decrease
Second-lien senior secured debt investments⁽¹⁾

$
78,359

Recent Transaction

Transaction Price

98.5% - 100.0% (99.2%)

Increase

4,270

Yield Analysis

Market Yield

9.3%-10.5% (10.0%)

Decrease
Unsecured debt investments

$
24

Market Approach

EBITDA Multiple

14.5x

Increase

2,088

Yield Analysis

Market Yield

8.8%

Decrease
Preferred equity investments

$
10,730

Recent Transaction

Transaction Price

96.6% - 100.0% (96.6%)

Increase

319

Yield Analysis

Market Yield

14.5%

Decrease
Common equity investments

$
1,928

Recent Transaction

Transaction Price

100.0%

Increase

533

Market Approach

EBITDA Multiple

12.0x-17.0x (15.7x)

Increase

~~________________~~

~~(1)~~

~~Excludes Level 3 investment with a fair value of $22,574 which the Company valued using indicative bid prices obtained from brokers.~~

Owl Rock Core Income Corp.

Notes to Consolidated Financial Statements (Unaudited) –- Continued

As of December 31, 2020

As of June 30, 2022

($ in thousands)

Fair Value

Valuation Technique

Unobservable Input

Range (Weighted Average)

Impact to Valuation from an Increase in Input

($ 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

9,404

Recent Transaction

Transaction Price

96.0% - 99.0% (98.3%)

Increase

First-lien senior secured debt investments

3,877,574

Yield Analysis

Market Yield

7.0% - 21.6% (10.9%)

Decrease

1,968,068

Recent Transaction

Transaction Price

94.0% - 99.6% (98.4%)

Increase

Second-lien senior secured debt investments

4,232

Recent Transaction

Transaction Price

97.5%-98.5% (98.0%)

Increase

Second-lien senior secured debt investments

709,130

Yield Analysis

Market Yield

10.8% - 17.8% (13.9%)

Decrease

49,791

Recent Transaction

Transaction Price

99.0%

Increase

Unsecured debt investments

Recent Transaction

Transaction Price

100.0%

Increase

Unsecured debt investments

1,936

Yield Analysis

Market Yield

11.6%

Decrease

Preferred equity investments⁽¹⁾

295

Recent Transaction

Transaction Price

97.0%

Increase

Common equity investments⁽¹⁾

423

Recent Transaction

Transaction Price

100.0%

Increase

150,738

Recent Transaction

Transaction Price

97.0% - 99.3% (98.7%)

Increase

Market Approach

EBITDA Multiple

14.8x

Increase

Preferred equity investments

150,585

Yield Analysis

Market Yield

14.1% - 16.1% (14.8%)

Decrease

261,348

Recent Transaction

Transaction Price

97.3% - 97.5% (97.3%)

Increase

Market Approach

EBITDA Multiple

11.5x

Increase

Common equity investments

38,183

Recent Transaction

Transaction Price

100.0% - 123.5% (104.4%)

Increase

82,814

Market Approach

EBITDA Multiple

9.8x - 23.3x (15.8x)

Increase

6,951

Market Approach

Revenue Multiple

1.8x - 11.0x (6.7x)

Increase

Market Approach

Gross Profit Multiple

16.5x

Increase

~~________________~~

~~(1)~~

~~As of December 31, 2020, preferred equity investments and common equity investments were reported in aggregate as equity investments.~~

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

1,401,867

Yield Analysis

Market Yield

5.1% - 12.4% (8.2%)

Decrease

921,476

Recent Transaction

Transaction Price

90.5% - 100.0% (98.1%)

Increase

5,003

Indicative Bid

Broker Quotes

N/A

Increase

Second-lien senior secured debt investments

164,066

Yield Analysis

Market Yield

6.1% - 10.7% (8.7%)

Decrease

261,240

Recent Transaction

Transaction Price

98.0% - 99.5% (98.8%)

Increase

25,171

Indicative Bid

Broker Quotes

N/A

Increase

Unsecured debt investments

2,092

Yield Analysis

Market Yield

9.4%

Decrease

Market Approach

EBITDA Multiple

14.8x

Increase

Preferred equity investments

11,555

Yield Analysis

Market Yield

11.4% - 14.6% (11.5%)

Decrease

238

Market Approach

EBITDA Multiple

9.3x

Increase

45,177

Recent Transaction

Transaction Price

97.3% - 97.5% (97.3%)

Increase

Common equity investments

56,186

Recent Transaction

Transaction Price

100.0%

Increase

15,470

Market Approach

EBITDA Multiple

7.6x - 24.0x (16.9x)

Increase

Market Approach

Gross Profit Multiple

27.0x

Increase

Owl Rock Core Income Corp.

Notes to Consolidated Financial Statements (Unaudited) - Continued

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, EBITDA, or some combination thereof and comparable market transactions typically would be used.

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~~tables present the carrying and fair values of the Company’s debt obligations as of June 30, ~~2021~~2022 and December 31, ~~2020.~~

2021.

June 30, 2021

December 31, 2020

($ in thousands)

Net Carrying Value⁽¹⁾

Fair Value

Net Carrying Value

Fair Value

Promissory Note

$
20,000

$
20,000

$
10,000

$
10,000

Revolving Credit Facility

141,784

141,784

-

-

Total Debt

$
161,784

$
161,784

$
10,000

$
10,000

~~________________~~


	June 30, 2022						December 31, 2021
($ in thousands)	Net Carrying Value(1)		Fair Value				Net Carrying Value(2)				Fair Value

Revolving Credit Facility(3)	$	928,140	$	928,140			$	445,188			$	445,188
SPV Asset Facility I	546,496		546,496				298,015				298,015
SPV Asset Facility II	1,187,691		1,187,691				438,637				438,637
SPV Asset Facility III	199,286		199,286				—				—
SPV Asset Facility IV	460,701		460,701				—				—
March 2025 Notes	494,310		480,000				—				—
September 2026 Notes	344,087		301,875				343,971				337,750
February 2027 Notes	493,033		457,500				—				—
Total Debt	$	4,653,744	$	4,561,689	$	—	$	1,525,811	$	—	$	1,519,590

	~~(1)~~	~~The carrying value of the Company’s Revolving Credit Facility is presented net of unamortized debt issuance costs of $6.0 million.~~

(1)The carrying values of the Company's Revolving Credit Facility, SPV Asset Facility I, SPV Asset Facility II, SPV Asset Facility III, SPV Asset Facility IV, March 2025 Notes, September 2026 Notes and February 2027 Notes are presented net of unamortized debt issuance costs of $7.3 million, $3.3 million, $10.3 million, $5.7 million, $4.3 million, $5.7 million, $5.9 million and $7.0 million, respectively.

(2)The carrying values of the Company’s Revolving Credit Facility, SPV Asset Facility I, SPV Asset Facility II, and September 2026 Notes are presented net of unamortized debt issuance costs of $6.0 million, $3.3 million, $7.4 million, and $6.0 million, respectively.

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

The following table presents fair value measurements of the Company’s debt obligations as of June 30, ~~2021~~2022 and December 31, ~~2020:~~

~~Owl Rock Core Income Corp.~~

~~Notes to Consolidated Financial Statements (Unaudited) – Continued~~

2021:

($ in thousands)

June 30, 2021

December 31, 2020

Level 1

$
—

—

Level 2

—

—

Level 3

161,784

10,000

Total Debt

$
161,784

$
10,000


($ in thousands)	June 30, 2022		December 31, 2021
Level 1	$	—	$	—
Level 2	1,239,375		337,750
Level 3	3,322,314		1,181,840
Total Debt	$	4,561,689	$	1,519,590

Financial Instruments Not Carried at Fair Value

~~The fair value of the Company’s credit facilities, which are categorized as Level 3 within the fair value hierarchy as~~

Owl Rock Core Income Corp.

Notes to Consolidated Financial Statements (Unaudited) - Continued

As of June 30, ~~2021~~2022 and December 31, ~~2020, approximates their~~2021, the carrying ~~value. The carrying amount~~amounts of the Company’s assets and liabilities, other than investments at fair value and debt, approximate fair value due to their short maturities.

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% after such borrowing. The Company’s asset coverage was ~~190%~~180% and ~~223%~~200% as of June 30, ~~2021~~ 2022 and December 31, ~~2020~~2021, respectively.

~~, respectively.~~

Debt obligations consisted of the following as of June 30, ~~2021~~ 2022 and December 31, ~~2020:~~2021:


	June 30, 2021									June 30, 2022
($ in thousands)	Aggregate Principal Committed		Outstanding Principal		Amount Available⁽¹⁾		Net Carrying Value⁽²⁾		($ in thousands)	Aggregate Principal Committed		Outstanding Principal		Amount Available(1)		Net Carrying Value(2)
Promissory Note	$	75,000	$	20,000	$	55,000	$	20,000
Revolving Credit Facility		600,000		147,782		152,559		141,784

Revolving Credit Facility(3)									Revolving Credit Facility(3)	$	1,175,000	$	935,398	$	239,602	$	928,140
SPV Asset Facility I									SPV Asset Facility I	550,000		549,782		218		546,496
SPV Asset Facility II									SPV Asset Facility II	1,650,000		1,198,000		119,352		1,187,691
SPV Asset Facility III									SPV Asset Facility III	750,000		205,000		43,351		199,286
SPV Asset Facility IV									SPV Asset Facility IV	500,000		465,000		14,595		460,701
March 2025 Notes									March 2025 Notes	500,000		500,000		—		494,310
September 2026 Notes									September 2026 Notes	350,000		350,000		—		344,087
February 2027 Notes									February 2027 Notes	500,000		500,000		—		493,033
Total Debt	$	675,000	$	167,782	$	207,559	$	161,784	Total Debt	$	5,975,000	$	4,703,180	$	417,118	$	4,653,744

~~________________~~

	~~(1)~~	~~The amount available reflects any limitations related to each credit facility’s borrowing base.~~

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

(2)The carrying values of the Company's Revolving Credit Facility, SPV Asset Facility I, SPV Asset Facility II, SPV Asset Facility III, SPV Asset Facility IV, March 2025 Notes, September 2026 Notes and February 2027 Notes are presented net of unamortized debt issuance costs of $7.3 million, $3.3 million, $10.3 million, $5.7 million, $4.3 million, $5.7 million, $5.9 million and $7.0 million, respectively.

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


	December 31, 2021
($ in thousands)	Aggregate Principal Committed		Outstanding Principal		Amount Available(1)		Net Carrying Value(2)
Promissory Note	$	250,000	$	—	$	250,000	$	—
Revolving Credit Facility	750,000		451,170		298,830		445,188
SPV Asset Facility I	550,000		301,282		33,740		298,015
SPV Asset Facility II	1,000,000		446,000		83,678		438,637
September 2026 Notes	350,000		350,000		—		343,971
Total Debt	$	2,900,000	$	1,548,452	$	666,248	$	1,525,811

	~~(2)~~	~~The carrying value of the Company’s Revolving Credit Facility is presented net of unamortized debt issuance costs of $6.0 million.~~

December 31, 2020

($ in thousands)

Aggregate Principal Committed

Outstanding Principal

Amount Available

Net Carrying Value

Promissory Note

$
50,000

$
10,000

$
40,000

$
10,000

Total Debt

$
50,000

$
10,000

$
40,000

$
10,000

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

For the three and six months ended June 30, 2022 and 2021, the components of interest expense were as follows:

($ in thousands)

For the Three Months Ended June 30, 2021

For the Six Months Ended June 30, 2021

Interest expense

$
1,165

$
1,236

Amortization of debt issuance costs

267

267

Total Interest Expense

$
1,432

$
1,503

Average interest rate

4.0

%

4.0

%
Average daily borrowings

$
115,223

$
61,267

Owl Rock Core Income Corp.

Notes to Consolidated Financial Statements (Unaudited) –- Continued


	For the Three Months Ended June 30,						For the Six Months Ended June 30,
($ in thousands)	2022			2021			2022			2021
Interest expense	$	32,308		$	1,165		$	47,412		$	1,236
Amortization of debt issuance costs	3,802			267			4,069			267
Total Interest Expense	$	36,110		$	1,432		$	51,481		$	1,503
Average interest rate	3.9		%	4.0		%	3.6		%	4.0		%
Average daily borrowings	$	3,310,387		$	115,223		$	2,598,780		$	61,267

Promissory Note

On October 15, 2020, the Company as borrower, entered into a Loan Agreement (the ~~"Original Loan~~"Loan Agreement") with Owl Rock Feeder FIC ORCIC Debt LLC ("Feeder FIC Debt"), an affiliate of the Adviser, as lender, to enter into revolving promissory notes (the "Promissory Notes") to borrow up to an aggregate of $50 million from Feeder FIC Debt.

On The Loan Agreement was subsequently amended on March 31, 2021, ~~the Company entered into an amendment~~August 26, 2021, September 13, 2021, and March 8, 2022, and amended and restated on May 12, 2021. Prior to ~~the Original Loan Agreement to increase~~June 22, 2022, the aggregate amount that could be borrowed under the Loan Agreement was $250 million and the stated maturity date was February 28, 2023.

The interest rate on amounts borrowed pursuant to the Promissory ~~Note~~Notes after March 8, 2022 was based on the lesser of the rate of interest for a SOFR Loan or an ABR Loan under the Credit Agreement dated as of December 7, 2021, as amended or supplemented from ~~$50 million~~time to ~~$75 million. The Original Loan Agreement was amended~~time, by and ~~restated (as amended~~among Blue Owl Finance LLC, as Borrower, Blue Owl Capital Holdings LP and ~~restated,~~Blue Owl Capital Carry LP as Parent Guarantors, the ~~"Loan Agreement") on May 12, 2021. The Company may re-borrow any amount repaid; however there is no funding commitment between Feeder FIC Debt~~Subsidiary Guarantors party thereto, Bank of America, N.A., as Syndication Agent, JPMorgan Chase Bank, N.A., Wells Fargo Bank, National Association and ~~the Company.~~

Sumitomo Mitsui Banking Corporation, as Co-Documentation Agents and MUFG Bank, Ltd., as Administrative Agent.

The interest rate on amounts borrowed pursuant to the Promissory Notes between March 8, 2022 and May 12, 2021 was based on the lesser of the rate of interest for an ABR Loan or a Eurodollar Loan under the Credit Agreement dated as of April 15, 2021, as amended or supplemented from time to time, by and among the Adviser, as borrower, the several lenders from time to time party thereto, MUFG Union Bank, N.A., as Collateral Agent and MUFG Bank, Ltd., as Administrative Agent.

The interest rate on amounts borrowed pursuant to Promissory Notes, prior to May 12, 2021, ~~may be~~was based on either the rate of interest for a LIBOR-Based Advance or the rate of interest for a Prime-Based Advance as defined in the Loan and Security Agreement, dated as of February 20, 2020, as amended from time to time, by and among the Owl Rock Capital Advisors LLC, as borrower, East West Bank, as Administrative Agent, Issuing Lender, Swingline Lender and a Lender and Investec Bank PLC as a Lender.

The interest rate on amounts borrowed pursuant to the Promissory Notes after May 12, 2021 may be based on the lesser of the rate of interest for an ABR Loan or a Eurodollar Loan under the Credit Agreement dated as of April 15, 2021, as amended or supplemented from time to time, by and among the Adviser, as borrower, the several lenders from time to time party thereto, MUFG Union Bank, N.A., as Collateral Agent and MUFG Bank, Ltd., as Administrative Agent.

The unpaid principal balance of the Revolving Promissory Note and accrued interest thereon iswas payable by the Company from time to time at the discretion of the Company but immediately due and payable upon 120 days written notice by Owl Rock Feeder FIC ORCIC Debt LLC, and in any event due and payable in full no later than February 28, ~~2022. The~~2023.

On June 22, 2022, the Company ~~intends~~and Feeder FIC Debt entered into a Termination Agreement (the “Termination Agreement”) pursuant to ~~use~~which the ~~borrowed funds~~Loan Agreement was terminated. At the time the Termination Agreement was executed, there were no amounts outstanding pursuant to ~~among other things, make investments in portfolio companies consistent with its investment strategies.~~the Loan Agreement or the Promissory Notes.

Revolving Credit Facility

On April 14, 2021, the Company entered into a Senior Secured Revolving Credit Agreement ~~(the~~(as amended through the date hereof, the “Revolver”). The parties to the Facility include the Company, as Borrower, the lenders from time to time parties thereto (each a “Lender” and collectively, the “Lenders”), the issuing banks from time to time party thereto (each an "Issuing Bank" and collectively, the "Issuing Banks"), Sumitomo Mitsui Banking Corporation as Administrative Agent, Sumitomo Mitsui Banking Corporation and MUFG Union Bank, N.A. as Joint Lead Arrangers, Joint Book Runners and Syndication Agents, and JPMorgan Chase Bank, N.A. and Bank of America, N.A., as Documentation Agents.

Owl Rock Core Income Corp.

Notes to Consolidated Financial Statements (Unaudited) - Continued

On September 29, 2021, the Company entered into an amendment to the Revolver to among other things, (i) change the rate under the Revolver for borrowings denominated in Sterling from a LIBOR-based rate to daily simple SONIA (Sterling Overnight Index Average) subject to certain adjustments specified in the Revolver and (ii) change the rate under the Revolver for borrowings denominated in Swiss Francs from a LIBOR-based rate to SARON (Swiss Average Rate Overnight) subject to certain adjustments specified in the Revolver. The other material terms of the Revolver were unchanged.

On February 28, 2022, the Company entered into a second amendment to the Revolver to, among other things, (i) increase the aggregate commitments under the Revolver to $1.175 billion, (ii) increase the accordion feature, which allows the Company, under certain circumstances, to increase the size of the Revolver, to a maximum of $1.3 billion, (iii) change the rate under the Revovler for borrowings denominated in U.S. Dollar from a LIBOR-based rate to SOFR (Secured Overnight Financing Rate) subject to certain adjustments specified in the Revolver. The other material terms of the Revolver were unchanged.

The Revolver is guaranteed by OR Lending IC 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 Revolver may be used for general corporate purposes, including the funding of portfolio investments.

The maximum principal amount of the Revolver is ~~$600,000,000,~~$1.175 billion, subject to availability under the borrowing base, which is based on the Company’s portfolio investments and other outstanding indebtedness. Maximum capacity under the Revolver may be increased to ~~$1,100,000,000~~$1.3 billion through the exercise by the Borrower of an uncommitted accordion feature through which existing and new lenders may, at their option, agree to provide additional financing. The Revolver 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, and includes a $50,000,000 limit for swingline loans.

The availability period under the Revolver will terminate on April 14, 2025 (“Commitment Termination Date”) and the Revolver will mature on April 14, 2026 (“Maturity Date”). During the period from the Commitment Termination Date to the Maturity Date, the Company will be obligated to make mandatory prepayments under the Revolver 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 Revolver, will bear interest at either ~~LIBOR~~SOFR plus a margin of 2.00%, or the prime rate plus a margin of 1.00%. The Company may elect either the ~~LIBOR~~SOFR or prime 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. Further, the Revolver builds in a hardwired approach for the replacement of ~~LIBOR~~SOFR loans in U.S. dollars. For ~~LIBOR~~SOFR loans in other permitted currencies, the Revolver includes customary fallback mechanics for the Company and the

~~Owl Rock Core Income Corp.~~

~~Notes to Consolidated Financial Statements (Unaudited) – Continued~~

Administrative Agent to select an alternative benchmark, subject to the negative consent of required Lenders. The Company will also pay a fee of 0.375% on undrawn amounts under the Revolver.

The Revolver 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 its 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.

SPV Asset Facility I

On September 16, 2021 (the “SPV Asset I Facility Closing Date”), Core Income Funding I LLC ("Core Income Funding I”), a Delaware limited liability company and newly formed wholly-owned subsidiary of the Company entered into a Credit Agreement ( as amended through the date hereof, “the SPV Asset Facility I”), with Core Income Funding I, as borrower, the lenders from time to time parties thereto (the “Lenders”), Natixis, New York Branch, as Administrative Agent, State Street Bank and Trust Company as Collateral Agent and Alter Domus (US) LLC as Document Custodian.

On December 27, 2021, the parties to the SPV Asset Facility I amended certain terms of the facility, including increasing the total revolving commitment under the SPV Asset Facility I from $300 million to $350 million and the total term commitment under the SPV Asset Facility I from $0 to $200 million and adding additional parties as lenders. The following describes the terms of SPV Asset Facility I as amended through December 27, 2021.

From time to time, the Company expects to sell and contribute certain investments to Core Income Funding I pursuant to a Sale and Contribution Agreement by and between the Company and Core Income Funding I. No gain or loss will be recognized as a result

Owl Rock Core Income Corp.

Notes to Consolidated Financial Statements (Unaudited) - Continued

of the contribution. Proceeds from the SPV Asset Facility I will be used to finance the origination and acquisition of eligible assets by Core Income Funding I, including the purchase of such assets from the Company. The Company retains a residual interest in assets contributed to or acquired by Core Income Funding I through its ownership of Core Income Funding I. The maximum principal amount of the Credit Facility is $550 million; the availability of this amount is subject to an overcollateralization ratio test, which is based on the value of Core Income Funding I’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 I provides for the ability to (1) draw term loans and (2) draw and redraw revolving loans under the SPV Asset Facility I for a period of up to two years after the Closing Date unless the revolving commitments are terminated or converted to term loans sooner as provided in the SPV Asset Facility I (the “Commitment Termination Date”). Unless otherwise terminated, the SPV Asset Facility I will mature on September 16, 2031 (the “Stated Maturity”). Prior to the Stated Maturity, proceeds received by Core Income Funding I 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 Stated Maturity, Core Income Funding I 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.

Amounts drawn bear interest at LIBOR (or, in the case of certain lenders that are commercial paper conduits, the lower of their cost of funds and LIBOR plus 0.25%) plus an applicable margin that ranges from 1.55% to 2.15% depending on a ratio of broadly syndicated loans to middle market loans in the collateral. From the Closing Date to the Commitment Termination Date, there is a commitment fee that steps up during the year after the Closing Date from 0.00% to 0.625% per annum on the undrawn amount, if any, of the revolving commitments in the SPV Asset Facility I. The SPV Asset Facility I contains customary covenants, including certain financial maintenance covenants, limitations on the activities of Core Income Funding I, including limitations on incurrence of incremental indebtedness, and customary events of default. The SPV Asset Facility I is secured by a perfected first priority security interest in the assets of Core Income Funding I and on any payments received by Core Income Funding I in respect of those assets. Assets pledged to the Lenders will not be available to pay the debts of the Company.

Borrowings of Core Income Funding I are considered our borrowings for purposes of complying with the asset coverage requirements under the Investment Company Act of 1940, as amended.

SPV Asset Facility II

On October 5, 2021, Core Income Funding II LLC (“Core Income Funding II”), a Delaware limited liability company and our newly formed subsidiary entered into a loan and financing and servicing agreement (as amended through the date hereof, the “SPV Asset Facility II”), with Core Income Funding II, as borrower, us, as equityholder and service 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 Alter Domus (US) LLC as collateral custodian.

On October 27, 2021, the parties to the SPV Asset Facility II amended certain terms of the facility, including increasing the aggregate commitment of the Lenders under the Facility from $500 million to $1 billion.

On December 20, 2021, the parties to the SPV Asset Facility II amended certain terms of the facility, including changes related to the elevation of Assigned Participation Interests.

On February 18, 2022, the parties to the SPV Asset Facility II amended certain terms of the facility including, among other changes, reallocating commitments of the lenders under SPV Asset Facility II and converting the benchmark rate of the facility from LIBOR to term SOFR.

On April 11, 2022, the parties to the SPV Asset Facility II amended certain terms of the facility including, among other changes, increasing the Facility Amount from $1 billion to $1.275 billion, extending the Ramp-up Period through December 31, 2022 and adding two additional lenders.

On May 3, 2022, the parties to the SPV Asset Facility II amended certain terms of the facility including, among other changes, increasing the Facility Amount from $1.275 billion to $1.650 billion and adding two additional lenders.

From time to time, we expect to sell and contribute certain loan assets to Core Income Funding II pursuant to a Sale and Contribution Agreement by and between us and Core Income Funding 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 Core Income Funding II, including the purchase of such assets from us. We retain a residual interest in assets contributed to or acquired by Core Income Funding II through our ownership of Core Income Funding II. The maximum principal amount of the SPV Asset Facility

Owl Rock Core Income Corp.

Notes to Consolidated Financial Statements (Unaudited) - Continued

II is $1.65 billion; the availability of this amount is subject to the borrowing base, which is determined on the basis of the value and types of Core Income Funding II’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 II provides for the ability to borrow, reborrow, repay and prepay advances under the SPV Asset Facility II for a period of up to three years after the Closing Date unless such period is extended or accelerated under the terms of the SPV Asset Facility II (the “Revolving Period”). Unless otherwise extended, accelerated or terminated under the terms of the SPV Asset Facility II, the SPV Asset Facility II will mature on the date that is two years after the last day of the Revolving Period (the “Facility Termination Date”). Prior to the Facility Termination Date, proceeds received by Core Income Funding II 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 Facility Termination Date, Core Income Funding II 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 under the SPV Asset Facility II bear interest at Term SOFR (or, in the case of certain Lenders that are commercial paper conduits, the lower of (a) their cost of funds and (b) Term SOFR, such Term SOFR not to be lower than zero) plus a spread equal to 2.00% per annum, which spread will increase (a) on and after the end of the 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”). Term SOFR may be replaced as a base rate under certain circumstances. During the Revolving Period, Core Income Funding II will pay an undrawn fee ranging from 0.00% to 0.25% per annum on the undrawn amount, if any, of the revolving commitments in the SPV Asset Facility II. During the Revolving Period, if the undrawn commitments are in excess of a certain portion (initially 12.5% and increasing in stages to 25%, 50% and 75%) of the total commitments under the SPV Asset Facility II, Core Income Funding II 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. Core Income Funding II will also pay Deutsche Bank AG, New York Branch, certain fees (and reimburse certain expenses) in connection with its role as facility agent. The SPV Asset Facility II contains customary covenants, including certain financial maintenance covenants, limitations on the activities of Core Income Funding 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 Core Income Funding II and on any payments received by Core Income Funding II in respect of those assets. Assets pledged to the Lenders will not be available to pay our debts.

Borrowings of Core Income Funding II are considered our borrowings for purposes of complying with the asset coverage requirements under the Investment Company Act of 1940, as amended.

SPV Asset Facility III

On March 24, 2022 (the “SPV Asset Facility III Closing Date”), Core Income Funding III LLC (“ORCIC III Financing”), a Delaware limited liability company and newly formed subsidiary of the Company entered into a Credit Agreement (the “SPV Asset Facility III”), with ORCIC III Financing, as borrower, the Adviser, as servicer, the lenders from time to time parties thereto, Bank of America, N.A., as administrative agent, State Street Bank and Trust Company, as collateral agent, Alter Domus (US) LLC as collateral custodian and Bank of America, N.A., as sole lead arranger and sole book manager.

From time to time, the Company expects to sell and contribute certain investments to ORCIC III Financing pursuant to a Sale and Contribution Agreement, dated as of the SPV Asset Facility III Closing Date, by and between the Company and ORCIC III Financing. 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 ORCIC III Financing, including the purchase of such assets from the Company. The Company retains a residual interest in assets contributed to or acquired by ORCIC III Financing through the Company’s ownership of ORCIC III Financing. The maximum principal amount of the SPV Asset Facility III is $750 million, which can be drawn in multiple currencies subject to certain conditions; the availability of this amount is subject to the borrowing base, which is determined on the basis of the value and types of ORCIC III Financing’s assets from time to time, and satisfaction of certain conditions, including certain portfolio criteria.

The SPV Asset Facility III provides for the ability to draw and redraw revolving loans under the SPV Asset Facility III for a period of up to three years after the SPV Asset Facility III Closing Date unless the commitments are terminated sooner as provided in the SPV Asset Facility III (the “SPV Asset Facility III Commitment Termination Date”). Unless otherwise terminated, the SPV Asset Facility III will mature on March 24, 2027 (the “SPV Asset Facility III Stated Maturity”). To the extent the commitments are terminated or permanently reduced during the first two years following the SPV Asset Facility III Closing Date, ORCC III Financing may owe a prepayment penalty. Prior to the SPV Asset Facility III Stated Maturity, proceeds received by ORCIC III 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 the Company, subject to certain conditions. On the SPV Asset Facility III Stated Maturity, ORCIC III

Owl Rock Core Income Corp.

Notes to Consolidated Financial Statements (Unaudited) - Continued

Financing 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.

Amounts drawn in U.S. dollars are benchmarked to Daily SOFR, amounts drawn in British pounds are benchmarked to SONIA plus an adjustment of 0.11930%, amounts drawn in Canadian dollars are benchmarked to CDOR, and amounts drawn in Euros are benchmarked to EURIBOR, and in each case plus a spread equal to the Applicable Margin. The “SPV Asset Facility III Applicable Margin” ranges from 1.60% to 2.10% depending on the composition of the collateral. The SPV Asset Facility III also allows for amounts drawn in U.S. dollars to bear interest at an alternate base rate without a spread.

From the SPV Asset Facility III Closing Date to the SPV Asset Facility III Commitment Termination Date, there is a commitment fee, calculated on a daily basis, ranging from 0.25% to 1.25% on the undrawn amount under the SPV Asset Facility III. The SPV Asset Facility III contains customary covenants, including certain limitations on the activities of ORCIC III Financing, 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 ORCIC III Financing and on any payments received by ORCIC III Financing in respect of those assets. Assets pledged to the lenders under the SPV Asset Facility III will not be available to pay the debts of the Company.

Borrowings of ORCIC III Financing are considered the Company’s borrowings for purposes of complying with the asset coverage requirements under the 1940 Act.

SPV Asset Facility IV

On March 16, 2022 (the “SPV Facility IV Closing Date”), Core Income Funding IV LLC (“Core Income Funding IV”), a Delaware limited liability company and newly formed subsidiary of the Company, entered into a Credit Agreement (the “SPV Asset Facility IV”), with Core Income Funding IV, as Borrower, the lenders from time to time parties thereto (the “Lenders”), Sumitomo Mitsui Banking Corporation, as Administrative Agent, State Street Bank and Trust Company, as Collateral Agent, Collateral Administrator and Custodian and Alter Domus (US) LLC as Document Custodian.

From time to time, the Company expects to sell and contribute certain investments to Core Income Funding IV pursuant to a Sale and Contribution Agreement, dated as of the Closing Date, by and between the Company and Core Income Funding IV. No gain or loss will be recognized as a result of the contribution. Proceeds from the SPV Facility IV will be used to finance the origination and acquisition of eligible assets by Core Income Funding IV, including the purchase of such assets from the Company. The Company retains a residual interest in assets contributed to or acquired by Core Income Funding IV through its ownership of Core Income Funding IV. The maximum principal amount of the SPV Facility IV is $500 million; the availability of this amount is subject to an overcollateralization ratio test, which is based on the value of Core Income Funding 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 Facility IV provides for the ability to (1) draw term loans and (2) draw and redraw revolving loans under the SPV Facility IV for a period of up to three years after the Closing Date unless the revolving commitments are terminated or converted to term loans sooner as provided in the SPV Facility IV (the “Commitment Termination Date”). Unless otherwise terminated, the SPV Facility IV will mature on March 16, 2033 (the “Stated Maturity”). Prior to the Stated Maturity, proceeds received by Core Income Funding 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 Stated Maturity, Core Income Funding 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.

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 0.15%) plus an applicable margin that ranges from 1.70% to 2.30% depending on a ratio of broadly syndicated loans to middle market loans in the collateral. From the Closing Date to the Commitment Termination Date, there is a commitment fee that steps up during the year after the Closing Date from 0.00% to 0.50% per annum on the undrawn amount, if any, of the revolving commitments in the SPV Facility IV. The SPV Facility IV contains customary covenants, including certain financial maintenance covenants, limitations on the activities of Core Income Funding IV, including limitations on incurrence of incremental indebtedness, and customary events of default. The SPV Facility IV is secured by a perfected first priority security interest in the assets of Core Income Funding IV and on any payments received by Core Income Funding IV in respect of those assets. Assets pledged to the Lenders will not be available to pay the debts of the Company.

Owl Rock Core Income Corp.

Notes to Consolidated Financial Statements (Unaudited) - Continued

Borrowings of Core Income Funding IV are considered the Company’s borrowings for purposes of complying with the asset coverage requirements under the 1940 Act.

Unsecured Notes

September 2026 Notes

On September 23, 2021, the Company issued $350 million aggregate principal amount of 3.125% notes due 2026 (the “September 2026 Notes”) in a private placement in reliance on Section 4(a)(2) of the Securities Act of 1933, as amended (the “Securities Act”), and for initial resale to qualified institutional buyers pursuant to the exemption from registration provided by Rule 144A promulgated under the Securities Act. The September 2026 Notes have not been registered under the Securities Act and may not be offered or sold in the United States absent registration or an applicable exemption from registration.

The September 2026 Notes were issued pursuant to an Indenture dated as of September 23, 2021 (the “Base Indenture”), between the Company and Computershare Trust Company, N.A., as successor to Wells Fargo Bank, National Association, as trustee (the “Trustee”), and a First Supplemental Indenture, dated as of September 23, 2021 (the “First Supplemental Indenture” and together with the Base Indenture, the “September 2026 Indenture”), between the Company and the Trustee. The September 2026 Notes will mature on September 23, 2026 and may be redeemed in whole or in part at our option at any time or from time to time at the redemption prices set forth in the September 2026 Indenture. The September 2026 Notes initially bear interest at a rate of 3.125% per year payable semi-annually on March 23 and September 23 of each year, commencing on March 23, 2022. Concurrent with the issuance of the September 2026 Notes, the Company entered into a Registration Rights Agreement (the "September 2026 Registration Rights Agreement") for the benefit of the purchasers of the September 2026 Notes. Pursuant to the September 2026 Registration Rights Agreement, the Company is obligated to file a registration statement with the SEC with respect to an offer to exchange the September 2026 Notes for a new issue of debt securities registered under the Securities Act with terms substantially identical to those of the September 2026 Notes (except for provisions relating to transfer restrictions and payment of additional interest) and to use its commercially reasonable efforts to consummate such exchange offer on the earliest practicable date after the registration statement has been declared effective but in no event later than 365 days after the initial issuance of the September 2026 Notes. If the Company fails to satisfy its registration obligations under the September 2026 Registration Rights Agreement, it will be required to pay additional interest to the holders of the September 2026 Notes. The Company filed a registration statement with the SEC and, on July 25, 2022, commenced an offer to exchange the September 2026 Notes for newly issuer registered notes with substantially similar terms. See Note 12. "Subsequent Events."

The September 2026 Notes are the direct, general unsecured obligations and will rank senior in right of payment to all of the future indebtedness or other obligations that are expressly subordinated, or junior, in right of payment to the September 2026 Notes. The September 2026 Notes rank pari passu, or equal, in right of payment with all of the Company’s existing and future indebtedness or other obligations that are not so subordinated, or junior. The September 2026 Notes rank effectively subordinated, or junior, to any of the Company’s future secured indebtedness or other obligations (including unsecured indebtedness that the Company later secures) to the extent of the value of the assets securing such indebtedness. The September 2026 Notes rank structurally subordinated, or junior, to all existing and future indebtedness and other obligations (including trade payables) incurred by the Company’s subsidiaries, financing vehicles or similar facilities.

The September 2026 Indenture contains certain covenants, including covenants requiring the Company to (i) comply with the asset coverage requirements of the 1940 Act, whether or not it is subject to those requirements, and (ii) provide financial information to the holders of the September 2026 Notes and the Trustee if the Company is no longer subject to the reporting requirements under the Exchange Act. These covenants are subject to important limitations and exceptions that are described in the September 2026 Indenture.

In addition, if a change of control repurchase event, as defined in the September 2026 Indenture, occurs prior to maturity, holders of the September 2026 Notes will have the right, at their option, to require the Company to repurchase for cash some or all of the September 2026 Notes at a repurchase price equal to 100% of the aggregate principal amount of the September 2026 Notes being repurchased, plus accrued and unpaid interest to, but excluding, the repurchase date.

February 2027 Notes

On February 8, 2022, the Company issued $500 million aggregate principal amount of 4.70% notes due 2027 (the “February 2027 Notes”) in a private placement in reliance on Section 4(a)(2) of the Securities Act, and for initial resale to qualified institutional buyers pursuant to the exemption from registration provided by Rule 144A promulgated under the Securities Act. The February 2027 Notes have not been registered under the Securities Act and may not be offered or sold in the United States absent registration or an applicable exemption from registration.

Owl Rock Core Income Corp.

Notes to Consolidated Financial Statements (Unaudited) - Continued

The February 2027 Notes were issued pursuant to the Base Indenture and a Second Supplemental Indenture, dated as of February 8, 2022 (the “Second Supplemental Indenture” and together with the Base Indenture, the “February 2027 Indenture”), between the Company and the Trustee. The February 2027 Notes will mature on February 8, 2027 and may be redeemed in whole or in part at the Company’s option at any time or from time to time at the redemption prices set forth in the February 2027 Indenture. The February 2027 Notes initially bear interest at a rate of 4.70% per year payable semi-annually on February 8 and August 8 of each year, commencing on August 8, 2022. Concurrent with the issuance of the February 2027 Notes the Company entered into a Registration Rights Agreement (the “February 2027 Registration Rights Agreement”) for the benefit of the purchasers of the February 2027 Notes. Pursuant to the February 2027 Registration Rights Agreement the Company is obligated to file a registration statement with the SEC with respect to an offer to exchange the February 2027 Notes for a new issue of debt securities registered under the Securities Act with terms substantially identical to those of the February 2027 Notes (except for provisions relating to transfer restrictions and payment of additional interest) and to use its commercially reasonable efforts to consummate such exchange offer on the earliest practicable date after the registration statement has been declared effective but in no event later than 365 days after the initial issuance of the February 2027 Notes. If the Company fails to satisfy its registration obligations under the February 2027 Registration Rights Agreement, the Company will be required to pay additional interest to the holders of the February 2027 Notes. The Company filed a registration statement with the SEC and, on July 25, 2022, commenced an offer to exchange the February 2027 Notes for newly issuer registered notes with substantially similar terms. See Note 12 "Subsequent Events."

The February 2027 Notes are the Company’s direct, general unsecured obligations and rank senior in right of payment to all of its future indebtedness or other obligations that are expressly subordinated, or junior, in right of payment to the February 2027 Notes. The February 2027 Notes rank pari passu, or equal, in right of payment with all of the Company’s existing and future indebtedness or other obligations that are not so subordinated, or junior to the February 2027 Notes. The February 2027 Notes rank effectively subordinated, or junior, to any of the Company’s future secured indebtedness or other obligations (including unsecured indebtedness that we later secure) to the extent of the value of the assets securing such indebtedness. The February 2027 Notes rank structurally subordinated, or junior, to all existing and future indebtedness and other obligations (including trade payables) incurred by the Company’s subsidiaries, financing vehicles or similar facilities.

The February 2027 Indenture contains certain covenants, including covenants requiring the Company to (i) comply with asset coverage requirements of the 1940 Act, whether or not it is subject to those requirements, and (ii) provide financial information to the holders of the February 2027 Notes and the Trustee if the Company is no longer subject to the reporting requirements under the Exchange Act. These covenants are subject to important limitations and exceptions that are described in the Indenture. In addition, if a change of control repurchase event, as defined in the February 2027 Indenture, occurs prior to maturity, holders of the February 2027 Notes have the right, at their option, to require us to repurchase for cash some or all of the February 2027 Notes at a repurchase price equal to 100% of the aggregate principal amount of the February 2027 Notes being repurchased, plus accrued and unpaid interest to, but excluding, the repurchase date.

March 2025 Notes

On March 29, 2022, the Company issued $500 million aggregate principal amount of its 5.500% notes due 2025 (the “March 2025 Notes”) in a private placement in reliance on Section 4(a)(2) of the Securities Act, and for initial resale by the Initial Purchasers to persons they reasonably believe to be qualified institutional buyers pursuant to the exemption from registration provided by Rule 144A promulgated under the Securities Act. The March 2025 Notes have not been registered under the Securities Act and may not be offered or sold in the United States absent registration or an applicable exemption from registration.

The March 2025 Notes were issued pursuant to the Base Indenture and a Third Supplemental Indenture, dated as of March 29, 2022 (the “Third Supplemental Indenture” and together with the Base Indenture, the “March 2025 Indenture”), between the Company and the Trustee. The March 2025 Notes will mature on March 21, 2025 and may be redeemed in whole or in part at the Company’s option at any time or from time to time at the redemption prices set forth in the March 2025 Indenture. The March 2025 Notes bear interest at a rate of 5.500% per year payable semi-annually on March 21 and September 21 of each year, commencing on September 21, 2022. Concurrent with the issuance of the March 2025 Notes, the Company In connection with the offering, the Company entered into a Registration Rights Agreement, dated as of March 29, 2022 (the “March 2025 Registration Rights Agreement”), for the benefit of the purchasers of the March 2025 Notes. Pursuant to the March 2025 Registration Rights Agreement, the Company is obligated to file with the SEC a registration statement with respect to an offer to exchange the March 2025 Notes for a new issue of debt securities registered under the Securities Act with terms substantially identical to those of the March 2025 Notes (except for provisions relating to transfer restrictions and payment of additional interest) and to use its commercially reasonable efforts to consummate such exchange offer on the earliest practicable date after the registration statement has been declared effective but in no event later than 365 days after the initial issuance of the March 2025 Notes. If the Company fails to satisfy its registration obligations under the March

Owl Rock Core Income Corp.

Notes to Consolidated Financial Statements (Unaudited) - Continued

2025 Registration Rights Agreement, it will be required to pay additional interest to the holders of the March 2025 Notes. The Company filed a registration statement with the SEC and, on July 25, 2022, commenced an offer to exchange the March 2025 Notes for newly issuer registered notes with substantially similar terms. See Note 12. "Subsequent Events."

The March 2025 Notes are the Company’s direct, general unsecured obligations and rank senior in right of payment to all of the Company’s future indebtedness or other obligations that are expressly subordinated, or junior, in right of payment to the March 2025 Notes. The March 2025 Notes rank pari passu, or equal, in right of payment with all of the Company’s existing and future indebtedness or other obligations that are not so subordinated, or junior to the March 2025 Notes. The March 2025 Notes rank effectively subordinated, or junior, to any of the Company’s future secured indebtedness or other obligations (including unsecured indebtedness that the Company later secures) to the extent of the value of the assets securing such indebtedness. The March 2025 Notes rank structurally subordinated, or junior, to all existing and future indebtedness and other obligations (including trade payables) incurred by the Company’s subsidiaries, financing vehicles or similar facilities.

The March 2025 Indenture contains certain covenants, including covenants requiring the Company to (i) comply with Section 18(a)(1)(A) of the 1940 Act, as modified by Section 61(a) of the 1940 Act, for the period of time during which the March 2025 Notes are outstanding, whether or not it is subject to those requirements, and (ii) provide financial information to the holders of the March 2025 Notes and the Trustee if the Company is no longer subject to the reporting requirements under the Exchange Act. These covenants are subject to important limitations and exceptions that are described in the March 2025 Indenture. In addition, if a change of control repurchase event, as defined in the March 2025 Indenture, occurs prior to maturity, holders of the March 2025 Notes will have the right, at their option, to require the Company to repurchase for cash some or all of the March 2025 Notes at a repurchase price equal to 100% of the aggregate principal amount of the March 2025 Notes being repurchased, plus accrued and unpaid interest to, but excluding, the repurchase date.

Note 7. Commitments and Contingencies

Portfolio Company Commitments

From time to time, the Company may enter into commitments to fund investments. As of June 30, ~~2021~~2022 and December 31, ~~2020,~~2021, the Company had the following outstanding commitments to fund investments in current portfolio companies:

Portfolio Company

Investment

June 30, 2021

December 31, 2020

($ in thousands)

ACR Group Borrower, LLC

First lien senior secured revolving loan

$
875

$
—

AxiomSL Group, Inc.

First lien senior secured revolving loan

212

212

BCTO BSI Buyer, Inc. (dba Buildertrend)

First lien senior secured revolving loan

107

107

Canadian Hospital Specialties Ltd.

First lien senior secured delayed draw term loan

958

—

Canadian Hospital Specialties Ltd.

First lien senior secured revolving loan

479

—

Dodge Data & Analytics LLC

First lien senior secured revolving loan

125

—

Evolution BuyerCo, Inc.

First lien senior secured delayed draw term loan

1,351

—

Evolution BuyerCo, Inc.

First lien senior secured revolving loan

676

—

Gaylord Chemical Company, L.L.C.

First lien senior secured revolving loan

791

—

Granicus, Inc.

First lien senior secured delayed draw term loan

71

—

Granicus, Inc.

First lien senior secured delayed draw term loan

345

—

Granicus, Inc.

First lien senior secured revolving loan

161

—

Hercules Borrower, LLC (dba The Vincit Group)

First lien senior secured revolving loan

96

96

Individual Foodservice Holdings, LLC

First lien senior secured delayed draw term loan

89

99

Individual Foodservice Holdings, LLC

First lien senior secured revolving loan

76

65

Milan Laser Holdings LLC

First lien senior secured revolving loan

1,765

—

PATRIOT ACQUISITION TOPCO S.A.R.L. (dba Corza Health, Inc.)

First lien senior secured revolving loan

88

—

Peter C. Foy & Associated Insurance Services, LLC

First lien senior secured delayed draw term loan D

1,189

—

Peter C. Foy & Associated Insurance Services, LLC

First lien senior secured revolving loan

5

—

PCF Holdco, LLC

Class A Units

163

—

Pluralsight, LLC

First lien senior secured revolving loan

392

—

Quva Pharma, Inc.

First lien senior secured revolving loan

455

—

Refresh Parent Holdings, Inc.

First lien senior secured delayed draw term loan

110

393

Refresh Parent Holdings, Inc.

First lien senior secured revolving loan

144

103

Relativity ODA LLC

First lien senior secured revolving loan

435

—

Thunder Purchaser, Inc.

First lien senior secured revolving loan

714

—

Thunder Purchaser, Inc.

First lien senior secured delayed draw term loan

2,041

—

Velocity HoldCo III Inc

First lien senior secured revolving loan

142

—

Total Unfunded Portfolio Company Commitments

$
14,055

$
1,075


Portfolio Company	Investment	June 30, 2022		December 31, 2021
($ in thousands)
ABB/Con-cise Optical Group LLC	First lien senior secured revolving loan	$	480	$	—
ACR Group Borrower, LLC	First lien senior secured revolving loan	25		875
Alera Group, Inc.	First lien senior secured delayed draw term loan	790		47,273
Alera Group, Inc.	First lien senior secured delayed draw term loan	33,654		—
Anaplan, Inc.	First lien senior secured revolving loan	16,528		—
Apex Group Treasury, LLC	Second lien senior secured delayed draw term loan	6,618		6,618
Apex Service Partners, LLC	First lien senior secured delayed draw term loan	49,383		—
Apex Service Partners, LLC	First lien senior secured revolving loan	3,680		—
Appfire Technologies, LLC	First lien senior secured delayed draw term loan	18,367		—
Appfire Technologies, LLC	First lien senior secured revolving loan	1,539		—
Armstrong Bidco Ltd. (dba The Access Group)	First lien senior secured delayed draw term loan	16,836		—
Ascend Buyer, LLC (dba PPC Flexible Packaging)	First lien senior secured revolving loan	4,425		4,255
Associations, Inc.	First lien senior secured revolving loan	4,829		4,829
Associations, Inc.	First lien senior secured delayed draw term loan	65,207		—

Owl Rock Core Income Corp.

Notes to Consolidated Financial Statements (Unaudited) –- Continued


Portfolio Company	Investment	June 30, 2022	December 31, 2021
Athenahealth Group Inc.	First lien senior secured delayed draw term loan	6,522	—
AxiomSL Group, Inc.	First lien senior secured revolving loan	2,591	2,591
AxiomSL Group, Inc.	First lien senior secured delayed draw term loan	2,145	2,145
Bayshore Intermediate #2, L.P. (dba Boomi)	First lien senior secured revolving loan	1,593	1,593
BCPE Osprey Buyer, Inc. (dba PartsSource)	First lien senior secured delayed draw term loan	31,034	31,034
BCPE Osprey Buyer, Inc. (dba PartsSource)	First lien senior secured revolving loan	4,655	4,655
BCTO BSI Buyer, Inc. (dba Buildertrend)	First lien senior secured revolving loan	36	47
Brightway Holdings, LLC	First lien senior secured revolving loan	2,105	2,105
BW Holding, Inc.	First lien senior secured delayed draw term loan	—	4,184
Canadian Hospital Specialties Ltd	First lien senior secured delayed draw term loan	669	939
Canadian Hospital Specialties Ltd	First lien senior secured revolving loan	154	388
CFS Brands, LLC	First lien senior secured delayed draw term loan	11,344	—
CivicPlus, LLC	First lien senior secured delayed draw term loan	—	4,400
CivicPlus, LLC	First lien senior secured revolving loan	2,244	880
Community Brands ParentCo, LLC	First lien senior secured delayed draw term loan	3,750	—
Community Brands ParentCo, LLC	First lien senior secured revolving loan	1,875	—
CSC MKG Topco LLC. (dba Medical Knowledge Group)	First lien senior secured revolving loan	12,921	—
Denali BuyerCo, LLC (dba Summit Companies)	First lien senior secured delayed draw term loan	24,276	20,519
Denali BuyerCo, LLC (dba Summit Companies)	First lien senior secured revolving loan	7,306	7,407
Dermatology Intermediate Holdings III, Inc	First lien senior secured delayed draw term loan	3,646	—
Diamondback Acquisition, Inc. (dba Sphera)	First lien senior secured delayed draw term loan	9,553	9,553
Dodge Data & Analytics LLC	First lien senior secured revolving loan	—	125
EET Buyer, Inc. (dba e-Emphasys)	First lien senior secured revolving loan	1,955	1,955
Entertainment Benefits Group, LLC	First lien senior secured revolving loan	11,600	—
Evolution BuyerCo, Inc. (dba SIAA)	First lien senior secured delayed draw term loan	10,605	10,605
Evolution BuyerCo, Inc. (dba SIAA)	First lien senior secured revolving loan	676	676
Fortis Solutions Group, LLC	First lien senior secured delayed draw term loan	6,409	19,678
Fortis Solutions Group, LLC	First lien senior secured revolving loan	6,297	6,747
Fullsteam Operations, LLC	First lien senior secured delayed draw term loan	66,257	—
Gaylord Chemical Company, L.L.C.	First lien senior secured revolving loan	791	791
Gaylord Chemical Company, L.L.C.	First lien senior secured revolving loan	3,182	3,182
GI Ranger Intermediate, LLC (dba Rectangle Health)	First lien senior secured delayed draw term loan	—	2,789
GI Ranger Intermediate, LLC (dba Rectangle Health)	First lien senior secured delayed draw term loan	10,000	—
GI Ranger Intermediate, LLC (dba Rectangle Health)	First lien senior secured revolving loan	1,506	1,673
Global Music Rights, LLC	First lien senior secured revolving loan	7,500	7,500
GovBrands Intermediate, Inc.	First lien senior secured delayed draw term loan	870	870
GovBrands Intermediate, Inc.	First lien senior secured revolving loan	881	881
Granicus, Inc.	First lien senior secured revolving loan	161	161
Granicus, Inc.	First lien senior secured delayed draw term loan	136	136
GS Acquisitionco, Inc. (dba insightsoftware)	First lien senior secured delayed draw term loan	2,808	5,081
Guidehouse Inc.	First lien senior secured revolving loan	—	7,018
Hercules Borrower, LLC (dba The Vincit Group)	First lien senior secured revolving loan	85	96

Owl Rock Core Income Corp.

Notes to Consolidated Financial Statements (Unaudited) - Continued


Portfolio Company	Investment	June 30, 2022	December 31, 2021
Hercules Borrower, LLC (dba The Vincit Group)	First lien senior secured delayed draw term loan	11,964	20,239
Hissho Sushi Merger Sub LLC	First lien senior secured revolving loan	6,705	—
IMO Investor Holdings, Inc.	First lien senior secured delayed draw term loan	4,963	—
IMO Investor Holdings, Inc.	First lien senior secured revolving loan	2,234	—
IG Investments Holdings, LLC (dba Insight Global)	First lien senior secured revolving loan	2,619	1,806
Indigo Buyer, Inc. (dba Inovar Packaging Group)	First lien senior secured delayed draw term loan	31,750	—
Indigo Buyer, Inc. (dba Inovar Packaging Group)	First lien senior secured revolving loan	10,583	—
Individual Foodservice Holdings, LLC	First lien senior secured delayed draw term loan	33,169	—
Individual Foodservice Holdings, LLC	First lien senior secured delayed draw term loan	—	14,861
Individual Foodservice Holdings, LLC	First lien senior secured delayed draw term loan	—	29
Individual Foodservice Holdings, LLC	First lien senior secured delayed draw term loan	9,822	—
Individual Foodservice Holdings, LLC	First lien senior secured revolving loan	83	80
Inovalon Holdings, Inc.	First lien senior secured delayed draw term loan	8,469	8,469
Intelerad Medical Systems Inc.	First lien senior secured revolving loan	401	401
Interoperability Bidco, Inc. (dba Lyniate)	First lien senior secured revolving loan	3,478	—
Kaseya Inc.	First lien senior secured delayed draw term loan	4,342	—
Kaseya Inc.	First lien senior secured revolving loan	4,342	—
KBP Brands, LLC	First lien senior secured delayed draw term loan	3,416	—
KPSKY Acquisition, Inc. (dba BluSky)	First lien senior secured delayed draw term loan	19,000	—
KPSKY Acquisition, Inc. (dba BluSky)	First lien senior secured delayed draw term loan	525	4,372
KWOR Acquisition, Inc. (dba Alacrity Solutions)	First lien senior secured delayed draw term loan	8,748	—
KWOR Acquisition, Inc. (dba Alacrity Solutions)	First lien senior secured revolving loan	2,954	3,073
Lignetics Investment Corp.	First lien senior secured delayed draw term loan	9,559	9,559
Lignetics Investment Corp.	First lien senior secured revolving loan	956	9,559
Mario Purchaser, LLC (dba Len the Plumber)	First lien senior secured delayed draw term loan	40,190	—
Mario Purchaser, LLC (dba Len the Plumber)	First lien senior secured revolving loan	8,038	—
Medline Borrower, LP	First lien senior secured revolving loan	2,020	2,020
MHE Intermediate Holdings, LLC (dba OnPoint Group)	First lien senior secured delayed draw term loan	28,558	—
MHE Intermediate Holdings, LLC (dba OnPoint Group)	First lien senior secured delayed draw term loan	—	2,264
MHE Intermediate Holdings, LLC (dba OnPoint Group)	First lien senior secured revolving loan	3,571	3,571
Milan Laser Holdings LLC	First lien senior secured revolving loan	1,765	1,765
Ministry Brands Holdings, LLC.	First lien senior secured delayed draw term loan	15,819	15,819
Ministry Brands Holdings, LLC.	First lien senior secured revolving loan	4,746	4,746
Mitnick Corporate Purchaser, Inc.,	First lien senior secured revolving loan	9,375	—
Natural Partners, LLC	First lien senior secured revolving loan	5,063	—
NMI Acquisitionco, Inc. (dba Network Merchants)	First lien senior secured revolving loan	558	558
NMI Acquisitionco, Inc. (dba Network Merchants)	First lien senior secured delayed draw term loan	1,375	1,375
Notorious Topco, LLC (dba Beauty Industry Group)	First lien senior secured delayed draw term loan	8,803	8,803
Notorious Topco, LLC (dba Beauty Industry Group)	First lien senior secured revolving loan	2,993	4,401

Owl Rock Core Income Corp.

Notes to Consolidated Financial Statements (Unaudited) - Continued


Portfolio Company	Investment	June 30, 2022	December 31, 2021
OAC Holdings I Corp. (dba Omega Holdings)	First lien senior secured revolving loan	551	—
OB Hospitalist Group, Inc.	First lien senior secured revolving loan	7,140	7,140
Ole Smoky Distillery, LLC	First lien senior secured revolving loan	3,302	—
Patriot Acquisition TopCo S.A.R.L (dba Corza Health, Inc.)	First lien senior secured revolving loan	88	88
Pediatric Associates Holding Company, LLC	First lien senior secured delayed draw term loan	1,776	—
Peter C. Foy & Associated Insurance Services, LLC	First lien senior secured delayed draw term loan	69,643	—
Peter C. Foy & Associates Insurance Services, LLC (dba PCF Insurance Services)	First lien senior secured delayed draw term loan	—	3,627
Peter C. Foy & Associates Insurance Services, LLC (dba PCF Insurance Services)	First lien senior secured delayed draw term loan	8,000	—
Peter C. Foy & Associates Insurance Services, LLC (dba PCF Insurance Services)	First lien senior secured revolving loan	2,570	2,570
Plasma Buyer LLC (dba Pathgroup)	First lien senior secured delayed draw term loan	28,553	—
Plasma Buyer LLC (dba Pathgroup)	First lien senior secured revolving loan	12,237	—
Pluralsight, LLC	First lien senior secured revolving loan	392	392
Pro Mach Group, Inc.	First lien senior secured delayed draw term loan	2,404	—
QAD Inc.	First lien senior secured revolving loan	6,000	6,000
Quva Pharma, Inc.	First lien senior secured revolving loan	218	455
Refresh Parent Holdings, Inc.	First lien senior secured delayed draw term loan	—	11
Refresh Parent Holdings, Inc.	First lien senior secured delayed draw term loan	—	10,667
Refresh Parent Holdings, Inc.	First lien senior secured revolving loan	—	92
Relativity ODA LLC	First lien senior secured revolving loan	435	435
Securonix, Inc.	First lien senior secured revolving loan	5,339	—
Simplisafe Holding Corporation	First lien senior secured delayed draw term loan	16,049	—
Smarsh Inc.	First lien senior secured delayed draw term loan	20,762	—
Smarsh Inc.	First lien senior secured revolving loan	5,190	—
Southern Air & Heat Holdings, LLC	First lien senior secured delayed draw term loan	850	1,052
Southern Air & Heat Holdings, LLC	First lien senior secured revolving loan	203	282
Sovos Compliance, LLC	First lien senior secured delayed draw term loan	—	1,104
SWK BUYER, Inc. (dba Stonewall Kitchen)	First lien senior secured revolving loan	1,953	—
SWK BUYER, Inc. (dba Stonewall Kitchen)	First lien senior secured delayed draw term loan	13,947	—
Tahoe Finco, LLC	First lien senior secured revolving loan	6,279	6,279
Tamarack Intermediate, L.L.C. (dba Verisk 3E)	First lien senior secured revolving loan	5,336	—
TC Holdings, LLC (dba TrialCard)	First lien senior secured revolving loan	7,768	—
Tempo Buyer Corp. (dba Global Claims Services)	First lien senior secured delayed draw term loan	10,317	10,317
Tempo Buyer Corp. (dba Global Claims Services)	First lien senior secured revolving loan	4,952	5,159
The Shade Store, LLC	First lien senior secured revolving loan	3,409	6,818
Thunder Purchaser, Inc. (dba Vector Solutions)	First lien senior secured revolving loan	470	714
Thunder Purchaser, Inc. (dba Vector Solutions)	First lien senior secured delayed draw term loan	2,041	2,041

Owl Rock Core Income Corp.

Notes to Consolidated Financial Statements (Unaudited) - Continued


Portfolio Company	Investment	June 30, 2022		December 31, 2021
Troon Golf, L.L.C.	First lien senior secured delayed draw term loan	30,000		—
Troon Golf, L.L.C.	First lien senior secured revolving loan	7,207		7,207
Ultimate Baked Goods Midco, LLC	First lien senior secured revolving loan	800		950
Unified Women's Healthcare, LP	First lien senior secured delayed draw term loan	5,075		—
Unified Women's Healthcare, LP	First lien senior secured revolving loan	8,120		—
USRP Holdings, Inc. (dba U.S. Retirement and Benefits Partners)	First lien senior secured revolving loan	1,096		1,078
Velocity HoldCo III Inc. (dba VelocityEHS)	First lien senior secured revolving loan	142		142
When I Work, Inc.	First lien senior secured revolving loan	4,164		4,164
Total Unfunded Portfolio Company Commitments		$	1,100,236	$	422,808

As of June 30, ~~2021,~~2022, the Company believed it had adequate financial resources to satisfy the unfunded portfolio company commitments.

~~Other Commitments and Contingencies~~

The Company raised $25.0 million in total Capital Commitments from investors, of which $25.0 million is from Feeder FIC Equity, an affiliate of the Adviser. As of March 1, 2021, all outstanding Capital Commitments had been drawn.

Organizational and Offering Costs

The Adviser has incurred organization and offering costs on behalf of the Company in the amount of ~~$3.2~~$2.7 million for the period from April 22, 2020 (Inception) to June 30, ~~2021,~~2022, of which ~~$0.5~~$2.7 million has been charged to the Company pursuant to the Investment Advisory Agreement. Under the Investment Advisory Agreement and Administration Agreement, the Adviser is entitled to receive up to 1.5% of gross offering proceeds raised in the Company’s continuous public offering until all organization and offering costs paid by the Adviser have been recovered. The Adviser is responsible for the payment of the Company’s organization and offering expenses to the extent that these expenses exceed 1.5% of the aggregate gross offering proceeds, without recourse against or reimbursement by the Company.

The Adviser has incurred organization and offering costs on behalf of the Company in the amount of ~~$2.3~~$2.7 million for the period from April 22, 2020 (Inception) to December 31, ~~2020,~~2021, of which ~~$0.2~~$2.7 million has been charged to the Company pursuant to the Investment Advisory Agreement. See Note ~~3. Agreements~~3 "Agreements and Related Party Transactions – Investment Advisory Agreement.

Other Commitments and Contingencies

From time to time, the Company may become a party to certain legal proceedings incidental to the normal course of its business. As of June 30, ~~2021,~~2022, management was not aware of any pending or threatened litigation.

Note 8. Net Assets

Authorized Capital and Share Class Description

In connection with its formation, the Company has the authority to issue the following shares:

Classification

Number of Shares
(in thousands)

Par Value

Class S Shares

1,000,000

$
0.01

Class D Shares

1,000,000

$
0.01

Class I Shares

1,000,000

$
0.01

Total

3,000,000


Classification	Number of Shares (in thousands)	Par Value
Class S Shares	1,000,000	$	0.01
Class D Shares	1,000,000	$	0.01
Class I Shares	1,000,000	$	0.01
Total	3,000,000

The Company’s Class S shares are subject to upfront selling commissions of up to 3.50% of the offering price. Pursuant to a distribution plan adopted by the Company in compliance with Rules 12b-1 and 17d-3 under the 1940 Act, as if those rules applied to the Company, the Company’s Class S shares are subject to annual ongoing services fees of 0.85% of the current net asset value of such shares, as determined in accordance with FINRA rules.

Owl Rock Core Income Corp.

Notes to Consolidated Financial Statements (Unaudited) - Continued

The Company’s Class D shares are subject to upfront selling commissions of up to 1.50% of the offering price. Pursuant to a distribution plan adopted by the Company in compliance with Rules 12b-1 and 17d-3 under the 1940 act, as if those rules applied to the Company, the Company’s Class D shares are subject to annual ongoing services fees of 0.25% of the current net asset value of such shares, as determined in accordance with FINRA rules.

The Company’s Class I shares are not subject to upfront selling commissions. The Company’s Class I shares are not subject to annual ongoing servicing fees.

Share Issuances

~~Owl Rock Core Income Corp.~~

~~Notes to Consolidated Financial Statements (Unaudited) – Continued~~

On September 30, 2020, the Company issued 100 Class I common shares for $1,000 to the Adviser.

On November 12, 2020, the Company issued 700,000 Class I common shares for $7.0 million to Feeder FIC Equity, an entity affiliated with the Adviser, and met the minimum offering requirement for the ~~Company`s~~Company's continuous public offering of $2.5 million.

~~Owl Rock Core Income Corp.~~

~~Notes to Consolidated Financial Statements (Unaudited) – Continued~~

The following table summarizes transactions with respect to shares of the Company’s common stock during the three months ended June 30, 2022 and 2021:


	For the Three Months Ended June 30, 2022
	Class S			Class D			Class I			Total
($ in thousands, except share amounts)	Shares	Amount		Shares	Amount		Shares	Amount		Shares	Amount
Shares/gross proceeds from the continuous public offering	45,473,732	$	420,307	7,913,719	$	72,860	80,385,794	$	739,398	133,773,245	$	1,232,565
Shares/gross proceeds from the private placements	—	—		—	—		4,402,193	40,509		4,402,193	40,509
Reinvestment of distributions	684,558	6,264		261,628	2,400		1,167,560	10,708		2,113,746	19,372
Repurchased shares	(946,284)	(8,365)		(125,276)	(1,110)		(2,073,617)	(18,414)		(3,145,177)	(27,889)
Total shares/gross proceeds	45,212,006	418,206		8,050,071	74,150		83,881,930	772,201		137,144,007	1,264,557
Sales load	—	(3,423)		—	(114)		—	—		—	(3,537)
Total shares/net proceeds	45,212,006	$	414,783	8,050,071	$	74,036	83,881,930	$	772,201	137,144,007	$	1,261,020


	For the Three Months Ended June 30, 2021
	Class S			Class D			Class I			Total
($ in thousands, except share amounts)	Shares	Amount		Shares	Amount		Shares	Amount		Shares	Amount
Shares/gross proceeds from the continuous public offering	2,868,538	$	27,047	3,044,525	$	28,196	12,511,653	$	115,968	18,424,716	$	171,211
Shares/gross proceeds from the private placements	—	—		—	—		—	—		—	—
Reinvestment of distributions	7,543	70		12,344	114		25,832	239		45,719	423
Repurchased shares	—	—		—	—		—	—		—	—
Total shares/gross proceeds	2,876,081	27,117		3,056,869	28,310		12,537,485	116,207		18,470,435	171,634
Sales load	—	(467)		—	—		—	—		—	(467)
Total shares/net proceeds	2,876,081	$	26,650	3,056,869	$	28,310	12,537,485	$	116,207	18,470,435	$	171,167

Owl Rock Core Income Corp.

Notes to Consolidated Financial Statements (Unaudited) - Continued

The following table summarizes transactions with respect to shares of the Company’s common stock during the six months ended June 30, ~~2021~~2022 and 2021:


	For the Six Months Ended June 30, 2022
	Class S			Class D			Class I			Total
($ in thousands, except share amounts)	Shares	Amount		Shares	Amount		Shares	Amount		Shares	Amount
Shares/gross proceeds from the continuous public offering	93,745,587	$	873,325	20,317,574	$	188,594	146,097,662	$	1,351,638	260,160,823	$	2,413,557
Shares/gross proceeds from the private placements	—	—		—	—		8,578,458	79,265		8,578,458	79,265
Reinvestment of distributions	1,074,628	9,894		418,701	3,861		1,799,245	16,593		3,292,574	30,348
Repurchased shares	(1,595,704)	(14,366)		(158,129)	(1,414)		(3,907,137)	(35,392)		(5,660,970)	(51,172)
Total shares/gross proceeds	93,224,511	868,853		20,578,146	191,041		152,568,228	1,412,104		266,370,885	2,471,998
Sales load	—	(7,073)		—	(446)		—	—		—	(7,519)
Total shares/net proceeds	93,224,511	$	861,780	20,578,146	$	190,595	152,568,228	$	1,412,104	266,370,885	$	2,464,479


	For the Six Months Ended June 30, 2021
	Class S			Class D			Class I			Total
($ in thousands, except share amounts)	Shares	Amount		Shares	Amount		Shares	Amount		Shares	Amount
Shares/gross proceeds from the continuous public offering	2,868,538	$	27,047	3,368,067	$	31,192	14,982,573	$	138,848	21,219,178	$	197,087
Shares/gross proceeds from the private placements	—	—		—	—		—	—		—	—
Reinvestment of distributions	7,543	70		12,344	114		25,832	239		45,719	423
Repurchased shares	—	—		—	—		—	—		—	—
Total shares/gross proceeds	2,876,081	27,117		3,380,411	31,306		15,008,405	139,087		21,264,897	197,510
Sales load	—	(467)		—	—		—	—		—	(467)
Total shares/net proceeds	2,876,081	$	26,650	3,380,411	$	31,306	15,008,405	$	139,087	21,264,897	$	197,043

For the Three Months Ended June 30, 2021

Class S

Class D

Class I

Total

($ in thousands, except share amounts)

Shares

Amount

Shares

Amount

Shares

Amount

Shares

Amount

Shares/gross proceeds from the continuous public offering

2,868,538

$
27,047

3,044,525

$
28,196

12,511,653

$
115,968

18,424,716

$
171,211

Reinvestment of distributions

7,543

70

12,344

114

25,832

239

45,719

423

Total shares/gross proceeds

2,876,081

27,117

3,056,869

28,310

12,537,485

116,207

18,470,435

171,634

Sales load

-

(467
)

-

-

-

-

-

(467
)
Total shares/net proceeds

2,876,081

$
26,650

3,056,869

$
28,310

12,537,485

$
116,207

18,470,435

$
171,167

For the Six Months Ended June 30, 2021

Class S

Class D

Class I

Total

($ in thousands, except share amounts)

Shares

Amount

Shares

Amount

Shares

Amount

Shares

Amount

Shares/gross proceeds from the continuous public offering

2,868,538

$
27,047

3,368,067

$
31,192

14,982,573

$
138,848

21,219,178

$
197,087

Reinvestment of distributions

7,543

70

12,344

114

25,832

239

45,719

423

Total shares/gross proceeds

2,876,081

27,117

3,380,411

31,306

15,008,405

139,087

21,264,897

197,510

Sales load

-

(467
)

-

-

-

-

-

(467
)
Total shares/net proceeds

2,876,081

$
26,650

3,380,411

$
31,306

15,008,405

$
139,087

21,264,897

$
197,043

In accordance with the Company’s share pricing policy, the Company will modify its public offering prices to the extent necessary to comply with the requirements of the 1940 Act, including the requirement that it not sell shares at a net offering price below the net asset value per share unless the Company obtains the requisite approval from its shareholders.

The changes to the ~~Company’s~~Company's offering price per share since the commencement of the ~~Company’s~~Company's initial continuous public offering and associated effective dates of such changes were as follows:

Owl Rock Core Income Corp.

Notes to Consolidated Financial Statements (Unaudited) –- Continued


Class S	Class S							Class S
Effective Date		Net Offering Price (per share)		Maximum Upfront Sales Load (per share)		Maximum Offering Price (per share)		Effective Date	Net Offering Price (per share)		Maximum Upfront Sales Load (per share)		Maximum Offering Price (per share)
March 1, 2021		$	9.26	$	0.32	$	9.58	March 1, 2021	$	9.26	$	0.32	$	9.58
April 1, 2021		$	9.26	$	0.32	$	9.58	April 1, 2021	$	9.26	$	0.32	$	9.58
May 1, 2021		$	9.26	$	0.32	$	9.58	May 1, 2021	$	9.26	$	0.32	$	9.58
June 1, 2021		$	9.28	$	0.32	$	9.60	June 1, 2021	$	9.28	$	0.32	$	9.60
Class D
Effective Date		Net Offering Price (per share)		Maximum Upfront Sales Load (per share)		Maximum Offering Price (per share)
March 1, 2021		$	9.26	$	0.14	$	9.40
April 1, 2021		$	9.26	$	0.14	$	9.40
May 1, 2021		$	9.25	$	0.14	$	9.39
June 1, 2021		$	9.27	$	0.14	$	9.41

Class I
Effective Date		Net Offering Price (per share)		Maximum Upfront Sales Load (per share)		Maximum Offering Price (per share)
Initial offering price		$	10.00	$	—	$	10.00
March 1, 2021		$	9.26	$	—	$	9.26
April 1, 2021		$	9.26	$	—	$	9.26
May 1, 2021		$	9.26	$	—	$	9.26
June 1, 2021		$	9.28	$	—	$	9.28
July 1, 2021								July 1, 2021	$	9.30	$	0.33	$	9.63
August 1, 2021								August 1, 2021	$	9.30	$	0.33	$	9.63
September 1, 2021								September 1, 2021	$	9.30	$	0.33	$	9.63
October 1, 2021								October 1, 2021	$	9.31	$	0.33	$	9.64
November 1, 2021								November 1, 2021	$	9.32	$	0.33	$	9.65
December 1, 2021								December 1, 2021	$	9.31	$	0.33	$	9.64
January 1, 2022								January 1, 2022	$	9.33	$	0.33	$	9.66
February 1, 2022								February 1, 2022	$	9.33	$	0.33	$	9.66
March 1, 2022								March 1, 2022	$	9.27	$	0.32	$	9.59
April 1, 2022								April 1, 2022	$	9.24	$	0.32	$	9.56
May 1, 2022								May 1, 2022	$	9.23	$	0.32	$	9.55
June 1, 2022								June 1, 2022	$	9.02	$	0.32	$	9.34


Class D
Effective Date	Net Offering Price (per share)		Maximum Upfront Sales Load (per share)		Maximum Offering Price (per share)
March 1, 2021	$	9.26	$	0.14	$	9.40
April 1, 2021	$	9.26	$	0.14	$	9.40
May 1, 2021	$	9.25	$	0.14	$	9.39
June 1, 2021	$	9.27	$	0.14	$	9.41
July 1, 2021	$	9.29	$	0.14	$	9.43
August 1, 2021	$	9.29	$	0.14	$	9.43
September 1, 2021	$	9.29	$	0.14	$	9.43
October 1, 2021	$	9.31	$	0.14	$	9.45
November 1, 2021	$	9.32	$	0.14	$	9.46
December 1, 2021	$	9.31	$	0.14	$	9.45
January 1, 2022	$	9.34	$	0.14	$	9.48
February 1, 2022	$	9.33	$	0.14	$	9.47
March 1, 2022	$	9.27	$	0.14	$	9.41
April 1, 2022	$	9.25	$	0.14	$	9.39
May 1, 2022	$	9.24	$	0.14	$	9.38
June 1, 2022	$	9.04	$	0.14	$	9.18

Owl Rock Core Income Corp.

Notes to Consolidated Financial Statements (Unaudited) - Continued


Class I
Effective Date	Net Offering Price (per share)		Maximum Upfront Sales Load (per share)		Maximum Offering Price (per share)
March 1, 2021	$	9.26	$	—	$	9.26
April 1, 2021	$	9.26	$	—	$	9.26
May 1, 2021	$	9.25	$	—	$	9.25
June 1, 2021	$	9.27	$	—	$	9.27
July 1, 2021	$	9.29	$	—	$	9.29
August 1, 2021	$	9.29	$	—	$	9.29
September 1, 2021	$	9.29	$	—	$	9.29
October 1, 2021	$	9.31	$	—	$	9.31
November 1, 2021	$	9.32	$	—	$	9.32
December 1, 2021	$	9.31	$	—	$	9.31
January 1, 2022	$	9.34	$	—	$	9.34
February 1, 2022	$	9.33	$	—	$	9.33
March 1, 2022	$	9.27	$	—	$	9.27
April 1, 2022	$	9.26	$	—	$	9.26
May 1, 2022	$	9.25	$	—	$	9.25
June 1, 2022	$	9.05	$	—	$	9.05

The Board authorizes and declares monthly distribution amounts per share of common stock, payable monthly in arrears. The following table presents cash distributions per share that were declared during the six months ended June 30, ~~2021:~~

2022:

Class S common stock distributions

Class D common stock distributions

Class I common stock distributions

($ in thousands)

Per Share⁽¹⁾

Amount

Per Share⁽¹⁾

Amount

Per Share⁽¹⁾

Amount

2021

March 31, 2021

$
—

$
—

$
0.05

$
16

$
0.05

$
194

April 30, 2021

0.05

33

0.05

54

0.05

418

May 31, 2021

0.05

91

0.05

101

0.05

558

June 30, 2021

0.05

129

0.05

168

0.05

839

Total

$
0.15

$
253

$
0.20

$
339

$
0.20

$
2,009


	Class S common stock distributions				Class D common stock distributions				Class I common stock distributions
($ in thousands)	Per Share(1)(2)		Amount		Per Share(1)(2)		Amount		Per Share(2)		Amount
2022
January 31, 2022	$	0.06	$	3,798	$	0.06	$	1,094	$	0.06	$	6,348
February 28, 2022	0.06		4,593		0.06		1,367		0.06		7,312
March 31, 2022	0.06		5,334		0.06		1,673		0.06		8,860
April 30, 2022	0.06		6,147		0.06		1,767		0.06		10,893
May 31, 2022	0.06		6,896		0.06		2,003		0.06		12,307
June 30, 2022	0.06		7,613		0.06		2,110		0.06		13,541






Total	$	0.36	$	34,381	$	0.36	$	10,014	$	0.36	$	59,261

	~~(1)~~	~~Distributions per share are gross of shareholder servicing fees.~~

(1)Distributions per share are gross of shareholder servicing fees.

(2)Amounts presented differ slightly to actuals due to rounding.

The following table presents cash distributions per share that were declared during the six months ended June 30, 2021:

Owl Rock Core Income Corp.

Notes to Consolidated Financial Statements (Unaudited) - Continued


	Class S common stock distributions				Class D common stock distributions				Class I common stock distributions
($ in thousands)	Per Share(1)		Amount		Per Share(1)		Amount		Per Share(1)		Amount
2021


March 31, 2021	$	—	$	—	$	0.05	$	16	$	0.05	$	194
April 30, 2021	0.05		33		0.05		54		0.05		418
May 31, 2021	0.05		91		0.05		101		0.05		558
June 30, 2021	0.05		129		0.05		168		0.05		839






Total	$	0.15	$	253	$	0.20	$	339	$	0.20	$	2,009

(1)Distributions per share are gross of shareholder servicing fees.

On February 23, 2021 the ~~Company’s~~Company's Board declared regular monthly distributions for March 2021 through June 2021. The regular monthly cash distributions, each in the gross amount of $0.05145833 per share, are payable on April 28, 2021, May 28, 2021, June 28, 2021 and July 29, 2021 to shareholders of records as of March 31, 2021, April 30, 2021, May 31, 2021 and June 30, 2021, respectively.

On May 5, 2021, the Company’s Board declared regular monthly distributions for July 2021 through September 2021. The regular monthly cash distributions, each in the gross amount of $0.05145833 per share, are payable on August 27, 2021, September 28, 2021, and October 28, 2021 to shareholders of records as of July 31, 2021, August 31, 2021, and September 30, 2021, respectively.

On February 23, 2022, the Company’s Board declared regular monthly distributions for April 2022 through June 2022. The regular monthly cash distributions, each in the gross amount of $0.05580000, $0.05580000, and $0.05580000 per share, are payable on May 31, 2022, June 30, 2022, and July 29, 2022 to shareholders of records of April 30, 2022, May 31, 2022, and June 30, 2022, respectively.

On May 3, 2022, the Company’s Board declared regular monthly distributions for July 2022 through September 2022. The regular monthly cash distributions, each in the gross amount of $0.05580000, $0.05580000, and $0.05580000 per share, are payable on August 26, 2022, September 29, 2022, and October 31, 2022 to shareholders of records of July 31, 2022, August 31, 2022, and September 30, 2022, respectively.

On May 9, 2022, the Company's Board declared special monthly distributions for July 2022 through September 2022. The special monthly cash distributions, each in the gross amount of $0.0020750, $0.0020750, and $0.0020750 per share, are payable on August 26, 2022, September 29, 2022, and October 31, 2022 to shareholders of records of July 31, 2022, August 31, 2022, and September 30, 2022, respectively.

~~Owl Rock Core Income Corp.~~

~~Notes to Consolidated Financial Statements (Unaudited) – Continued~~

Washington and clients of participating broker-dealers that do not permit automatic enrollment in the distribution reinvestment plan) will have their cash distributions automatically reinvested in additional shares of the Company’s same class of common stock to which the distribution relates unless they elect to receive their distributions in cash. The Company expects to use newly issued shares to implement the distribution reinvestment plan.

The Company may fund its cash distributions to shareholders from any source of funds available to the Company, including but not limited to offering proceeds, net investment income from operations, capital gains proceeds from the sale of assets, dividends or other distributions paid to it on account of preferred and common equity investments in portfolio companies and expense support from the Adviser, which is subject to recoupment. In no event, however, will funds be advanced or borrowed for the purpose of distributions, if the amount of such distributions would exceed the Company’s accrued and received revenues for the previous four quarters, less paid and accrued operating expenses with respect to such revenues and costs.

Through June 30, ~~2021,~~2022, a portion of the Company’s distributions resulted from expense support from the Adviser, and future distributions may result from expense support from the Adviser, each of which is subject to repayment by the Company within three years from the date of payment. The purpose of this arrangement is to avoid distributions being characterized as a return of capital for U.S. federal income tax purposes. Shareholders should understand that any such distribution is not based on the Company’s investment performance, and can only be sustained if the Company achieves positive investment performance in future periods and/or the Adviser continues to provide expense support. Shareholders should also understand that the Company’s future

Owl Rock Core Income Corp.

Notes to Consolidated Financial Statements (Unaudited) - Continued

repayments of expense support will reduce the distributions that they would otherwise receive. There can be no assurance that the Company will achieve the performance necessary to sustain these distributions, or be able to pay distributions at all.

Sources of distributions, other than net investment income and realized gains on a U.S. GAAP basis, include required adjustments to U.S. GAAP net investment income in the current period to determine taxable income available for distributions. The following ~~table reflects~~tables reflect the sources of cash distributions on a U.S. GAAP basis that the Company has declared on its shares of common stock during the six months ended June 30, 2022 and 2021:

Six Months Ended June 30, 2021

Source of Distribution

Per Share⁽¹⁾⁽³⁾

Amount⁽³⁾

Percentage

($ in thousands, except per share amounts)

Distributions in excess of net investment income

$
0.19

$
2,595

99.8

%
Net realized gain (loss) on investments⁽²⁾

—

6

0.2

Total

$
0.19

$
2,601

100.0

%


	For the Six Months Ended June 30, 2022
Source of Distribution(2)	Per Share(1)		Amount		Percentage
($ in thousands, except per share amounts)
Net investment income	$	0.36	$	103,656	100.0	%
Total	$	0.36	$	103,656	100.0	%

	~~(1)~~	~~Distributions per share are gross of shareholder servicing fees.~~

(1)Distributions per share are gross of shareholder servicing fees.

(2)Data in this table is presented on a consolidated basis. Refer to Note 11 "Financial Highlights" for amounts by share class.


	For the Six Months Ended June 30, 2021
Source of Distribution(3)	Per Share(1)		Amount		Percentage
($ in thousands, except per share amounts)
Distributions in excess of net investment income	$	0.19	$	2,595	99.8	%
Net realized gain (loss) on investments(2)	$	—	$	6	0.2	%
Total	$	0.19	$	2,601	100.0	%

	~~(2)~~	~~The net realized gain (loss) on investments per share for the six months ended June 30, 2021, rounds to less than $0.01 per share.~~

~~(3)~~

~~Data in this table is presented on a consolidated basis. Refer to Note 11 for amounts by share class.~~(1)Distributions per share are gross of shareholder servicing fees.

(2)The net realized gain (loss) on investments per share for the six months ended June 30, 2021, rounds to less than $0.01 per share.

(3)Data in this table is presented on a consolidated basis. Refer to Note 11 "Financial Highlights" for amounts by share class.

The Board has complete discretion to determine whether the Company will engage in any share repurchase, and if so, the terms of such repurchase. At the discretion of the Board, the Company may use cash on hand, cash available from borrowings, and cash from the sale of its investments as of the end of the applicable period to repurchase shares.

~~Beginning no later than the third full calendar quarter of 2021, the~~The Company ~~intends to commence~~has commenced a share repurchase program pursuant to which the Company intends to conduct quarterly repurchase offers to allow its shareholders to tender their shares at a price equal to the net offering price per share for the applicable class of shares on each date of repurchase.

All shares purchased by the Company pursuant to the terms of each offer to repurchase will be retired and thereafter will be authorized and unissued shares. The Company intends to limit the number of shares to be repurchased in each quarter to no more than 5.00% of its’ outstanding shares of common stock.

Any periodic repurchase offers are subject in part to the Company’s available cash and compliance with the BDC and RIC qualification and diversification rules promulgated under the 1940 Act and the Code, respectively. While the Company intends to continue to conduct quarterly tender offers as described above, the Company is not required to do so and may suspend or terminate the share repurchase program at any time.

Owl Rock Core Income Corp.

Notes to Consolidated Financial Statements (Unaudited) –- Continued


Offer Date	Class	Tender Offer Expiration	Tender Offer		Purchase Price per Share		Shares Repurchased
August 25, 2021	D	September 30, 2021	$	55	$	9.31	5,933
August 25, 2021	I	September 30, 2021	$	291	$	9.32	31,255
November 26, 2021	S	December 30, 2021	$	150	$	9.33	16,129
November 26, 2021	D	December 30, 2021	$	51	$	9.34	5,394
November 26, 2021	I	December 30, 2021	$	1,213	$	9.34	129,828
February 25, 2022	S	March 31, 2022	$	6,001	$	9.24	649,420
February 25, 2022	D	March 31, 2022	$	304	$	9.25	32,853
February 25, 2022	I	March 31, 2022	$	16,978	$	9.26	1,833,520
May 25, 2022	S	June 30, 2022	$	8,365	$	8.84	946,284
May 25, 2022	D	June 30, 2022	$	1,110	$	8.86	125,276
May 25, 2022	I	June 30, 2022	$	18,414	$	8.88	2,073,617

The following ~~table sets~~tables set forth the computation of basic and diluted earnings per common share for the three and six months ended June 30, 2022 and 2021:

Three Months Ended June 30, 2021

Six Months Ended June 30, 2021

($ in thousands, except per share amounts)

Class S common stock

Class D common stock

Class I common stock

Class S common stock

Class D common stock

Class I common stock

Increase (decrease) in net assets resulting from operations

$
344

$
424

$
2,329

$
344

$
433

$
2,295

Weighted average shares of common stock
outstanding—basic and diluted

1,855,501

2,146,434

11,690,142

927,751

1,130,104

6,929,568

Earnings (loss) per common share—basic and diluted

$
0.19

$
0.20

$
0.20

$
0.37

$
0.38

$
0.33

	~~Page~~
		Page
PART I.		CONSOLIDATED FINANCIAL INFORMATION
Item 1.		Consolidated Financial Statements		4
		Consolidated Statements of Assets and Liabilities as of June 30, ~~2021~~20 2 2 (Unaudited) and December 31, ~~2020~~20 21		4
		Consolidated Statements of Operations ~~for~~ fo r the Three and Six Months Ended June 30, 2022 and 2021 ~~(Unaudited)~~ (Una udited )		5
		Consolidated Schedules of Investments as of ~~June~~Ju ne 30, ~~2021~~202 2 (Unaudited) and December 31, ~~2020~~20 21		6
		Consolidated Statements of Changes in Net Assets for the Three and Six Months Ended June ~~30,~~ , 202 2 and 2021 ~~(Unaudited)~~(Unaudited )		16 30
		Consolidated Statement of Cash Flows for the Six Months Ended June 30, 202 2 and 2021 ~~(Unaudited)~~(Unaudited )		17 31
		Notes to Consolidated Financial Statements (Unaudited)		18 32
Item 2.		Management’s Discussion and Analysis of Financial Condition and Results of Operations		48 76
Item 3.		Quantitative and Qualitative Disclosures About Market Risk		74 120
Item 4.		Controls and Procedures		76 121
PART II.		OTHER INFORMATION
Item 1.		Legal Proceedings		77 121
Item 1A.		Risk Factors		77 122
Item 2.		Unregistered Sales of Equity Securities and Use of Proceeds		80 122
Item 3.		Defaults Upon Senior Securities		80 122
Item 4.		Mine Safety Disclosures		80 122
Item 5.		Other Information		80 122
Item 6.		Exhibits		82 123
Signatures			83 124

Company^{(1)(2)(3)(14)(24)}	Investment	Interest	Maturity Date	Par / Units		Amortized Cost^(4)(20)			Fair Value			Percentage of Net Assets
Non-controlled/non-affiliated portfolio company investments
Debt Investments⁽⁵⁾
Aerospace and Defense
Peraton Corp.^(6)(16)	First lien senior secured loan	L + 3.75%	2/1/2028		4,988		4,963			4,998			2.4	%
Peraton Corp.⁽⁶⁾	Second lien senior secured loan	L + 7.75%	2/1/2029		5,000		4,927			4,925			2.3	%
					9,988		9,890			9,923			4.7	%
Automotive
Mavis Tire Express Services Topco Corp.^(7)(16)	First lien senior secured loan	L + 4.00%	5/4/2028		10,000		9,951			10,025			4.8	%
					10,000		9,951			10,025			4.8	%
Buildings and real estate
CoreLogic, Inc.^(6)(16)(18)	First lien senior secured loan	L + 3.50%	6/2/2028		15,000		14,925			14,948			7.1	%
Dodge Data & Analytics, LLC⁽⁹⁾	First lien senior secured loan	P + 6.50%	4/14/2026		2,159		2,118			2,116			1.0	%
Dodge Data & Analytics, LLC^(11)(12)	First lien senior secured revolving loan	L + 7.50%	4/14/2026		—		(2	)		(2	)		—	%
REALPAGE, INC.⁽⁶⁾	Second lien senior secured loan	L + 6.50%	4/23/2029		2,500		2,463			2,463			1.2	%
					19,659		19,504			19,525			9.3	%
Business services
Hercules Borrower, LLC (dba The Vincit Group)⁽⁷⁾	First lien senior secured loan	L + 6.50%	12/15/2026	$	820	$	809		$	814			0.4	%
Hercules Borrower LLC (dba The Vincit Group)^(11)(12)	First lien senior secured revolving loan	L + 6.50%	12/15/2026		—		(1	)		(1	)		—	%
Hercules Buyer, LLC (dba The Vincit Group)^(15)(21)	Unsecured notes	0.48% (PIK)	12/14/2029		24		24			24			—	%
Packers Holdings, LLC^(8)(16)	First lien senior secured loan	L + 3.25%	3/9/2028		4,291		4,270			4,265			2.0	%
					5,135		5,102			5,102			2.4	%
Chemicals									��
Aruba Investments Holdings LLC (dba Angus Chemical Company)⁽⁸⁾	Second lien senior secured loan	L + 7.75%	11/24/2028		1,000		986			995			0.5	%
Gaylord Chemical Company, L.L.C⁽⁷⁾	First lien senior secured loan	L + 6.00%	3/30/2027		9,186		9,098			9,095			4.3	%
Gaylord Chemical Company, L.L.C^(11)(12)	First lien senior secured revolving loan	L + 6.00%	3/30/2026		—		(8	)		(8	)		—	%
Velocity HoldCo III Inc⁽⁷⁾	First lien senior secured loan	L + 5.75%	4/22/2027		2,358		2,307			2,305			1.1	%
Velocity HoldCo III Inc^(11)(12)	First lien senior secured revolving loan	L + 5.75%	4/22/2026		—		(3	)		(3	)		—	%
					12,544		12,380			12,384			5.9	%
Consumer products
Conair Holdings, LLC⁽⁷⁾	Second lien senior secured loan	L + 7.50%	5/17/2029		32,500		31,979			32,256			15.4	%
Olaplex, Inc.⁽⁶⁾	First lien senior secured loan	L + 6.50%	1/8/2026		981		972			981			0.5	%
					33,481		32,951			33,237			15.9	%
Containers and packaging

Company^{(1)(2)(3)(14)}	Investment	Interest	Maturity Date	Par / Units		Amortized Cost⁽⁴⁾⁽⁵⁾			Fair Value			Percentage of Net Assets
Non-controlled/non-affiliated portfolio company investments
Debt Investments⁽⁶⁾
Business services
Hercules Borrower, LLC(dba The Vincit Group)⁽⁹⁾	First lien senior secured loan	L + 6.50%	12/15/2026	$	822	$	810		$	810			6.6	%
Hercules Borrower LLC (dba The Vincit Group)^(11)(12)	First lien senior secured revolving loan	L + 6.50%	12/15/2026		—		(1	)		(1	)		—
Hercules Buyer, LLC (dba The Vincit Group)⁽¹⁵⁾	Unsecured notes	0.48% (PIK)	12/14/2029		22		22			22			0.1
					844		831			831			6.7	%
Chemicals
Aruba Investments Holdings LLC (dba Angus Chemical Company)⁽⁹⁾	Second lien senior secured loan	L + 7.75%	11/24/2028		1,000		985			984			8.0	%
					1,000		985			984			8.0	%
Consumer products
Olaplex, Inc.(7)	First lien senior secured loan	L + 6.50%	1/8/2026		994		984			984			8.0	%
					994		984			984			8.0	%
Distribution
Individual Foodservice Holdings, LLC⁽⁹⁾	First lien senior secured loan	L + 6.25%	11/22/2025		1,318		1,298			1,298			10.6	%
Individual Foodservice Holdings, LLC^(11)(12)(13)	First lien senior secured delayed draw term loan	L + 6.25%	6/30/2022		—		(1	)		(1	)		—
Individual Foodservice Holdings, LLC^(9)(11)	First lien senior secured revolving loan	L + 6.25%	11/22/2024		19		17			17			0.1
					1,337		1,314			1,314			10.7	%
Financial Services
AxiomSL Group, Inc.(8)	First lien senior secured loan	L + 6.50%	12/3/2027		1,788		1,761			1,761			14.3	%
AxiomSL Group, Inc.(11)(12)	First lien senior secured revolving loan	L + 6.50%	12/3/2025		—		(3	)		(3	)		—
					1,788		1,758			1,758			14.3	%
Healthcare equipment and services
Packaging Coordinators Midco, Inc.⁽⁹⁾	Second lien senior secured loan	L + 8.25%	11/30/2028		2,418		2,370			2,370			19.3	%
					2,418		2,370			2,370			19.3	%
Healthcare providers and services
Refresh Parent Holdings, Inc.⁽⁸⁾	First lien senior secured loan	L + 6.50%	12/9/2026		1,198		1,180			1,180			9.6
Refresh Parent Holdings, Inc.^(11)(12)(13)	First lien senior secured delayed draw term loan	L + 6.50%	6/9/2022		—		(1	)		(1	)		—
Refresh Parent Holdings, Inc.^(8)(11)	First lien senior secured revolving loan	L + 6.50%	12/9/2026		41		39			39			0.3
					1,239		1,218			1,218			9.9	%
Internet software and services
BCTO BSI Buyer, Inc. (dba Buildertrend)⁽⁸⁾	First lien senior secured loan	L + 7.00%	12/23/2026		893		884			884			7.2	%
BCTO BSI Buyer, Inc. (dba Buildertrend)^(11)(12)	First lien senior secured revolving loan	L + 7.00%	12/23/2026		—		(1	)		(1	)		—
BCPE Nucleon (DE) SPV, LP⁽⁸⁾	First lien senior secured loan	L + 7.00%	9/24/2026		1,500		1,478			1,478			12.0
					2,393		2,361			2,361			19.2	%

	Three Months Ended June 30, 2021			Six Months Ended June 30, 2021
Increase (Decrease) in Net Assets Resulting from Operations
Net investment income (loss)	$	2,306		$	2,231
Net change in unrealized gain (loss)		803			834
Net realized gain (loss) on investments		(12	)		7
Net Increase (Decrease) in Net Assets Resulting from Operations		3,097			3,072
Distributions
Class S		(253	)		(253	)
Class D		(323	)		(339	)
Class I		(1,815	)		(2,009	)
Net Decrease in Net Assets Resulting from Shareholders' Distributions		(2,391	)		(2,601	)
Capital Share Transactions
Class S:
Issuance of shares of common stock		26,580			26,580
Reinvestment of shareholders' distributions		70			70
Net Increase (Decrease) in Net Assets Resulting from Capital Share Transactions - Class S		26,650			26,650
Class D:
Issuance of shares of common stock		28,196			31,192
Reinvestment of shareholders' distributions		114			114
Net Increase (Decrease) in Net Assets Resulting from Capital Share Transactions - Class D		28,310			31,306
Class I:
Issuance of shares of common stock		115,968			138,848
Reinvestment of shareholders' distributions		239			239
Net Increase (Decrease) in Net Assets Resulting from Capital Share Transactions - Class I		116,207			139,087
Total Increase (Decrease) in Net Assets		171,873			197,514
Net Assets, at beginning of period		37,914			12,273
Net Assets, at end of period	$	209,787		$	209,787

Classification	Number of Shares (in thousands)		Par Value
Class S Shares		1,000,000	$	0.01
Class D Shares		1,000,000	$	0.01
Class I Shares		1,000,000	$	0.01
Total		3,000,000

	Six Months Ended June 30, 2021
Source of Distribution	Per Share⁽¹⁾⁽³⁾		Amount⁽³⁾		Percentage
($ in thousands, except per share amounts)
Distributions in excess of net investment income	$	0.19	$	2,595		99.8	%
Net realized gain (loss) on investments⁽²⁾		—		6		0.2
Total	$	0.19	$	2,601		100.0	%


	Three Months Ended June 30,
	2022						2021
($ in thousands, except per share amounts)	Class S common stock		Class D common stock		Class I common stock		Class S common stock		Class D common stock		Class I common stock
Increase (decrease) in net assets resulting from operations	$	(36,762)	$	(8,956)	$	(54,008)	$	344	$	424	$	2,329
Weighted average shares of common stock outstanding—basic and diluted	139,449,179		36,329,375		219,206,555		1,855,501		2,146,434		11,690,142
Earnings (loss) per common share— basic and diluted	$	(0.26)	$	(0.25)	$	(0.25)	$	0.19	$	0.20	$	0.20


	Six Months Ended June 30,
	2022						2021
($ in thousands, except per share amounts)	Class S common stock		Class D common stock		Class I common stock		Class S common stock		Class D common stock		Class I common stock
Increase (decrease) in net assets resulting from operations	$	(30,601)	$	(6,998)	$	(42,556)	$	344	$	433	$	2,295
Weighted average shares of common stock outstanding—basic and diluted	116,093,069		30,964,275		176,900,067		927,751		1,130,104		6,929,568
Earnings (loss) per common share— basic and diluted	$	(0.26)	$	(0.23)	$	(0.24)	$	0.37	$	0.38	$	0.33

	⁽¹⁾	~~The per share data was derived using the weighted average shares outstanding during the period.~~


($ in thousands)	For the Three Months Ended June 30, 2021
New investment commitments
Gross originations	$	362,600
Less: Sell downs		(1,250	)
Total new investment commitments	$	361,350
Principal amount of investments funded:
First-lien senior secured debt investments	$	237,153
Second-lien senior secured debt investments		101,500
Unsecured debt investments		—
Preferred equity investments		10,985
Common equity investments		1,928
Total principal amount of investments funded	$	351,566
Number of new investment commitments in new portfolio companies⁽¹⁾	27
Average new investment commitment amount	$	13,067
Weighted average term for new investment commitments (in years)		6.5
Percentage of new debt investment commitments at floating rates		100.0	%
Percentage of new debt investment commitments at fixed rates		—
Weighted average interest rate of new debt investment commitments⁽²⁾		5.9	%
Weighted average spread over LIBOR of new floating rate debt investment commitments		5.2	%

	⁽¹⁾	~~Number of new investment commitments represents commitments to a particular portfolio company.~~


~~Investment Rating~~	~~Description~~
1 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.

	June 30, 2021					December 31, 2020
Investment Rating	Fair Value		Percentage			Fair Value		Percentage
($ in thousands)
1	$	981		0.2	%	$	—		—	%
2		419,752		99.8			14,376		100.0
3		—		—			—		—
4		—		—			—		—
5		—		—			—		—
Total	$	420,733		100.0	%	$	14,376		100.0	%


Portfolio Company ($ in millions)	Net Change in Unrealized Gain (Loss) For the Three Months Ended June 30, 2022
Asurion, LLC	$	(18.9)
Athenahealth Group Inc.	(9.5)
Dealer Tire, LLC	(6.8)
Cornerstone OnDemand, Inc.	(6.6)
CoreLogic Inc.	(6.0)
Delta TopCo, Inc. (dba Infoblox, Inc.)	(4.5)
Phoenix Newco, Inc. (dba Parexel)	(4.3)
Help/Systems Holdings, Inc.	(4.3)
ConnectWise, LLC	(3.6)
Shearer's Foods, LLC	(3.1)
Remaining portfolio companies	(100.6)
Total	$	(168.2)


Portfolio Company ($ in millions)	Net Change in Unrealized Gain (Loss) For the Three Months Ended June 30, 2021
ConAir Holdings LLC	$	0.3
Hyland Software, Inc.	0.1
KPCI Holdings, L.P.	0.1
Mavis Tire Express Services Topco Corp.	0.1
Canadian Hospital Specialties Limited	0.1
Cambium Learning Group, Inc.	0.1
Walker Edison Furniture Company LLC(1)	—
Peraton Corp.(1)	—
Hg Saturn LuchaCo Limited(1)	—
SRS Distribution, Inc.(1)	—
Remaining portfolio companies(1)	—
Total	$	0.8

	Six Months Ended June 30, 2021
Source of Distribution	Per Share⁽¹⁾		Amount		Percentage
($ in thousands, except per share amounts)
Distributions in excess of net investment income	$	0.19	$	2,595		99.8	%
Net realized gain (loss) on investments⁽²⁾		—		6		0.2
Total	$	0.19	$	2,601		100.0	%

	~~(2)~~	~~The carrying value of our Revolving Credit Facility is presented net of unamortized debt issuance costs of $6.0 million.~~

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⁾
Promissory Note
June 30, 2021 (unaudited)	$	20.0	$	1,901		—	N/A
December 31, 2020	$	10.0	$	2,227		—	N/A
Revolving Credit Facility
June 30, 2021 (unaudited)	$	147.8	$	1,901		—	N/A
December 31, 2020	$	-	$	-		—	N/A
Total Senior Securities


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)
Promissory Note(5)
June 30, 2022 (unaudited)	$	—	—	—	N/A
December 31, 2021	$	—	—	—	N/A
December 31, 2020	$	10.0	2,226.8	—	N/A
SPV Asset Facility I
June 30, 2022 (unaudited)	$	549.8	1,802.2	—	N/A
December 31, 2021	$	301.3	1,998.5	—	N/A
December 31, 2020	$	—	—	—	N/A
SPV Asset Facility II
June 30, 2022 (unaudited)	$	1,198.0	1,802.2	—	N/A
December 31, 2021	$	446.0	1,998.5	—	N/A
December 31, 2020	$	—	—	—	N/A

	~~(1)~~	~~Total amount of each class of senior securities outstanding at the end of the period presented.~~

	Payments Due by Period
($ in thousands)	Total		Less than 1 year		1-3 years		3-5 years		After 5 years
Promissory Note	$	20,000	$	20,000	$	—	$	—	$	—
Revolving Credit Facility		147,782		—		—		147,782		—
Total Contractual Obligations	$	167,782	$	20,000	$	—	$	147,782	$	—

($ in millions)	Interest Income		Interest Expense			Net Income
Up 300 basis points	$	9.8	$	4.8		$	5.0
Up 200 basis points	$	5.7	$	3.1		$	2.6
Up 100 basis points	$	1.6	$	1.5		$	0.1
Up 50 basis points	$	0.1	$	0.7		$	(0.6	)
Down 25 basis points	$	-	$	(0.2	)	$	0.2
Down 50 basis points	$	-	$	(0.2	)	$	0.2

Date of Issuance	Record Date	Number of Shares		Purchase Price		Share Class
April 28, 2021	March 31, 2021		1,571	$	9.26	Class D
April 28, 2021	March 31, 2021		1,317	$	9.26	Class I
May 27, 2021	April 30, 2021		2,460	$	9.26	Class S
May 27, 2021	April 30, 2021		3,859	$	9.25	Class D
May 27, 2021	April 30, 2021		9,976	$	9.26	Class I
June 24, 2021	May 31, 2021		5,083	$	9.28	Class S
June 24, 2021	May 31, 2021		6,914	$	9.27	Class D
June 24, 2021	May 31, 2021		14,539	$	9.28	Class I

~~Exhibit~~ ~~Number~~
Exhibit Number		Description of Exhibits

3.1		~~Articles of Incorporation of the Registrant (incorporated by reference to Exhibit (a)(1) to the Company’s Registration Statement on Form N-2, filed on October 16, 2020).~~

~~3.2~~	Second Articles of Amendment and Restatement (incorporated by reference to Exhibit 3.1 of the Company’s Current Report on Form 8-K, filed on February 23, 2021).

~~3.3~~ 3.2		Amended and Restated Bylaws of the Registrant (incorporated by reference to Exhibit 3.2 of the Company’s Current Report on Form 8-K, filed on February 23, 2021).
~~10.1~~
10.1		~~Amended~~Amendment No. 4 to the Loan Financing and ~~Restated Investment Advisory~~Servicing Agreement, ~~between~~dated as of April 11, 2022, among Core Income Funding II LLC, as Borrower, Owl Rock Core Income Corp., as Equityholder and ~~Owl Rock Capital Advisors~~Services Provider, the Lenders from time to time parties thereto, Deutsche Bank AG, New York Branch, as Facility Agent, the other Agents parties thereto, State Street Bank and Trust Company, as Collateral Agent, and Alter Domus (US) LLC, ~~dated May 18, 2021~~as Collateral Custodian (incorporated by reference to Exhibit 10.1 of the Company’s Current Report on Form 8-K, filed on April 13, 2022).

10.2		Amendment No. 5 to the Loan Financing and Servicing Agreement, dated as of May 3, 2022, among Core Income Funding II LLC, as Borrower, Owl Rock Core Income Corp., as Equityholder and Services Provider, the Lenders from time to time parties thereto, Deutsche Bank AG, New York Branch, as Facility Agent, the other Agents parties thereto, State Street Bank and Trust Company, as Collateral Agent, and Alter Domus (US) LLC, as Collateral Custodian (incorporated by reference to Exhibit 10.1 of the Company’s ~~current report~~Current Report on Form 8-K, filed on May ~~19, 2021)~~5, 2022).

~~10.2~~ 10.3		Amended and Restated Administration Agreement between Owl Rock Core Income Corp. and Owl Rock Capital Advisors LLC, dated May 18, 2021 (incorporated by reference to Exhibit 10.2 to the Company’s current report on Form 8-K, filed on May 19, 2021).

~~10.3~~	~~Senior Secured Revolving Credit~~Termination Agreement, dated as of April 13, 2021, among Owl Rock Core Income Corp. as Borrower, the Lenders and Issuing Banks party thereto, and Sumitomo Mitsui Banking Corporation as Administrative Agent, Sumitomo Mitsui Banking Corporation and MUFG Union Bank, N.A. as Syndication Agents, Sumitomo Mitsui Banking Corporation and MUFG Union Bank, N.A. as Joint Lead Arrangers and Joint Book Runners, JP Morgan Chase Bank, N.A. and Bank of America as Documentation Agents (incorporated by reference to Exhibit 10.1 to the Company’s current report on Form 8-K/A, filed on May 18, 2021).

~~10.4~~	~~Amended and Restated Loan Agreement, dated May 12, 2021, by and~~June 22, 2022, between Owl Rock Core Income Corp. and Owl Rock Feeder FIC ORCIC Debt LLC (incorporated by reference to Exhibit ~~10.3~~10.1 of the Company’s Current Report on Form 8-K, filed on June 23, 2022).

10.4*		Third Amendment to the ~~Company's quarterly report on Form 10-Q, filed on May 13, 2021)~~Senior Secured Revolving Credit Agreement , dated as of August 11, 2022, among Owl Rock Core I ncome Corp . as Borrower, the Lenders and Issu ing Banks party thereto, and Sumitomo Mitsui Banking Corporation as Administrative Agent.

31.1*		Certification of Principal Executive Officer Pursuant to Rules 13a-14(a) and 15d-14(a) under the Securities and Exchange Act of 1934, as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

31.2*		Certification of Principal Executive Officer Pursuant to Rules 13a-14(a) and 15d-14(a) under the Securities and 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.

99.1*	~~Code of Ethics.~~