UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q


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

For the quarter ended ~~June~~September 30, 2022


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

Commission File Number 000-56173

OWL ROCK CAPITAL CORPORATION III

(Exact name of Registrant as specified in its Charter)


Maryland						84-4493477
(State or other jurisdiction of incorporation or organization)						(I.R.S. Employer Identification No.)

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

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

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

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

None

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

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 o NO 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 definition of “large accelerated filer”, “accelerated filer”, “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer

Accelerated filer

Non-accelerated filer

Small reporting company

Emerging growth company

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

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

As of ~~August 5,~~November 4, 2022 the registrant had ~~119,534,012~~120,064,110 shares of common stock, $0.01 par value per share, outstanding.

Table of Contents


		Page
PART I	CONSOLIDATED FINANCIAL INFORMATION
Item 1.	Consolidated Financial Statements	3
	Consolidated Statements of Assets and Liabilities as of ~~June~~ September 30, ~~202~~2 2022 (Unaudited) and December 31, ~~202~~12021	3
	Consolidated Statements of Operations for the Three and ~~Six~~Nine Months Ended ~~June~~ September 30, ~~202~~2 2022 and ~~202~~1 2021 (Unaudited)	4
	Consolidated Schedules of Investments as of ~~June~~September 30, ~~202~~2 2022 (Unaudited) and December 31, ~~202~~12021	5
	Consolidated Statements of Changes in Net Assets for the Three and ~~Six~~Nine Months Ended ~~June~~ September 30, ~~202~~2 2022 and ~~202~~1 2021 (Unaudited)	4144
	Consolidated Statements of Cash Flows for the ~~Six~~Nine Months Ended ~~June~~September 30, ~~202~~2 2022 and ~~202~~1 2021 (Unaudited)	4245
	Notes to Consolidated Financial Statements (Unaudited)	4446
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	7981
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	~~113~~118
Item 4.	Controls and Procedures	~~114~~119

PART II	OTHER INFORMATION
Item 1.	Legal Proceedings	~~116~~121
Item 1A.	Risk Factors	~~116~~121
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	~~116~~121
Item 3.	Defaults Upon Senior Securities	~~117~~122
Item 4.	Mine Safety Disclosures	~~118~~123
Item 5.	Other Information	~~118~~123
Item 6.	Exhibits	~~119~~124
Signatures

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS

This report contains forward-looking statements that involve substantial risks and uncertainties. Such statements involve known and unknown risks, uncertainties and other factors and undue reliance should not be placed thereon. These forward-looking statements are not historical facts, but rather are based on current expectations, estimates and projections about Owl Rock Capital Corporation III (the “Company,” “we” or “our”), our current and prospective portfolio investments, our industry, our beliefs and opinions, and our assumptions. Words such as “anticipates,” “expects,” “intends,” “plans,” “will,” “may,” “continue,” “believes,” “seeks,” “estimates,” “would,” “could,” “should,” “targets,” “projects,” “outlook,” “potential,” “predicts” and variations of these words and similar expressions are intended to identify forward-looking statements. These statements are not guarantees of future performance and are subject to risks, uncertainties and other factors, some of which are beyond our control and difficult to predict and could cause actual results to differ materially from those expressed or forecasted in the forward-looking statements, including without limitation:

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

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

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

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

•the impact of the “COVID-19” pandemic, changes in base interest rates and significant market volatility on our business and 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, including as a result of ongoing supply chain disruptions;

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

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

•our future operating results;

•the impact of rising interest and inflation rates and the risk of recession 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 Diversified 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 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 including the recently announced Inflation Reduction Act of 2022;

•the impact that environmental, social and governance matters could have on our brand and reputation and our portfolio companies;

•the impact of geo-political conditions, including revolution, insurgency, terrorism or war, including those arising out of the ongoing conflict between Russia and ~~Ukraine;~~Ukraine and general uncertainty surrounding the financial and political stability of the United States, the United Kingdom, the European Union and China; and

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

Although we believe that the assumptions on which these forward-looking statements are based are reasonable, any of those assumptions could prove to be inaccurate, and as a result, the forward-looking statements based on those

assumptions also could be inaccurate. In light of these and other uncertainties, the inclusion of a projection or forward-looking statement in this report should not be regarded as a representation by us that our plans and objectives will be achieved. These forward-looking statements apply only as of the date of this report. Moreover, we assume no duty and do not undertake to update the forward-looking statements. Because we are an investment company, the forward-looking

statements and projections contained in this report are excluded from the safe harbor protection provided by Section 21E of the U.S. Securities Exchange Act of 1934, as amended (the “Exchange Act”).

PART I. CONSOLIDATED FINANCIAL INFORMATION

Item 1. Consolidated Financial Statements

Owl Rock Capital Corporation III

Consolidated Statements of Assets and Liabilities

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


		June 30, 2022 (Unaudited)		December 31, 2021			September 30, 2022 (Unaudited)		December 31, 2021
Assets	Assets					Assets
Investments at fair value	Investments at fair value					Investments at fair value
Non-controlled, non-affiliated investments (amortized cost of $3,076,221 and $2,889,829, respectively)		$	3,016,702	$	2,897,037
Non-controlled, non-affiliated investments (amortized cost of $3,319,293 and $2,889,829, respectively)						Non-controlled, non-affiliated investments (amortized cost of $3,319,293 and $2,889,829, respectively)	$	3,286,883	$	2,897,037
Non-controlled, affiliated investments (amortized cost of $7,262 and $0, respectively)						Non-controlled, affiliated investments (amortized cost of $7,262 and $0, respectively)	7,260		—
Cash	Cash	53,119		27,245		Cash	56,303		27,245
Interest receivable	Interest receivable	11,308		18,328		Interest receivable	21,144		18,328
Subscriptions receivable		463		—

Prepaid expenses and other assets	Prepaid expenses and other assets	5,979		1,825		Prepaid expenses and other assets	2,624		1,825
Total Assets	Total Assets	$	3,087,571	$	2,944,435	Total Assets	$	3,374,214	$	2,944,435
Liabilities	Liabilities					Liabilities
Debt (net of unamortized debt issuance costs of $16,012 and $13,170, respectively)		$	1,290,354	$	1,237,486
Debt (net of unamortized debt issuance costs of $18,634 and $13,170, respectively)						Debt (net of unamortized debt issuance costs of $18,634 and $13,170, respectively)	$	1,516,002	$	1,237,486
Distribution payable	Distribution payable	35,424		29,725		Distribution payable	42,326		29,725
Management fee payable	Management fee payable	3,713		2,799		Management fee payable	3,810		2,799
Payables to affiliates	Payables to affiliates	1,207		1,178		Payables to affiliates	1,456		1,178
Accrued expenses and other liabilities	Accrued expenses and other liabilities	7,830		4,949		Accrued expenses and other liabilities	16,157		4,949
Total Liabilities	Total Liabilities	1,338,528		1,276,137		Total Liabilities	1,579,751		1,276,137
Commitments and contingencies (Note 7)	Commitments and contingencies (Note 7)					Commitments and contingencies (Note 7)
Net Assets	Net Assets					Net Assets
Common shares $0.01 par value, 500,000,000 shares authorized; 119,534,012 and 110,830,108 shares issued and outstanding, respectively		1,195		1,108
Common shares $0.01 par value, 500,000,000 shares authorized; 120,064,110 and 110,830,108 shares issued and outstanding, respectively						Common shares $0.01 par value, 500,000,000 shares authorized; 120,064,110 and 110,830,108 shares issued and outstanding, respectively	1,201		1,108
Additional paid-in-capital	Additional paid-in-capital	1,782,514		1,651,416		Additional paid-in-capital	1,790,264		1,651,416
Accumulated undistributed (overdistributed) earnings	Accumulated undistributed (overdistributed) earnings	(34,666)		15,774		Accumulated undistributed (overdistributed) earnings	2,998		15,774
Total Net Assets	Total Net Assets	1,749,043		1,668,298		Total Net Assets	1,794,463		1,668,298
Total Liabilities and Net Assets	Total Liabilities and Net Assets	$	3,087,571	$	2,944,435	Total Liabilities and Net Assets	$	3,374,214	$	2,944,435
Net Asset Value Per Share	Net Asset Value Per Share	$	14.63	$	15.05	Net Asset Value Per Share	$	14.95	$	15.05

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

Owl Rock Capital Corporation III

Consolidated Statements of Operations

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

(Unaudited)


		For the Three Months Ended June 30,				For the Six Months Ended June 30,					For the Three Months Ended September 30,				For the Nine Months Ended September 30,
		2022		2021		2022		2021			2022		2021		2022		2021
Investment Income	Investment Income									Investment Income
Investment income from non-controlled, non-affiliated investments:	Investment income from non-controlled, non-affiliated investments:									Investment income from non-controlled, non-affiliated investments:
Interest income (excluding payment-in-kind (“PIK”) interest income)	Interest income (excluding payment-in-kind (“PIK”) interest income)	$	48,036	$	12,346	$	94,535	$	21,321	Interest income (excluding payment-in-kind (“PIK”) interest income)	$	58,748	$	21,459	$	153,282	$	42,780
PIK interest income	PIK interest income	7,455		1,511		14,084		2,424		PIK interest income	9,956		2,348		24,040		4,772
Dividend income										Dividend income	3,765		733		8,416		1,384
Other income	Other income	3,073		782		6,200		1,070		Other income	1,482		476		3,031		895
Total investment income from non-controlled, non-affiliated investments	Total investment income from non-controlled, non-affiliated investments	58,564		14,639		114,819		24,815		Total investment income from non-controlled, non-affiliated investments	73,951		25,016		188,769		49,831

Total Investment Income	Total Investment Income	58,564		14,639		114,819		24,815		Total Investment Income	73,951		25,016		188,769		49,831
Expenses	Expenses									Expenses

Interest expense	Interest expense	11,478		2,594		20,818		4,026		Interest expense	18,784		4,330		39,602		8,356
Management fee	Management fee	3,713		782		7,376		1,325		Management fee	3,811		1,347		11,187		2,672
Professional fees	Professional fees	955		522		1,954		1,033		Professional fees	1,032		625		2,986		1,658
Directors' fees	Directors' fees	282		311		593		568		Directors' fees	299		262		892		829
Other general and administrative	Other general and administrative	613		399		1,212		760		Other general and administrative	689		695		1,901		1,456
Total Expenses	Total Expenses	17,041		4,608		31,953		7,712		Total Expenses	24,615		7,259		56,568		14,971
Net Investment Income (Loss) Before Taxes	Net Investment Income (Loss) Before Taxes	41,523		10,031		82,866		17,103		Net Investment Income (Loss) Before Taxes	49,336		17,757		132,201		34,860
Excise tax expense (benefit)	Excise tax expense (benefit)	126		33		539		66		Excise tax expense (benefit)	151		57		690		123
Net Investment Income (Loss) After Taxes	Net Investment Income (Loss) After Taxes	$	41,397	$	9,998	$	82,327	$	17,037	Net Investment Income (Loss) After Taxes	$	49,185	$	17,700	$	131,511	$	34,737
Net Realized and Change in Unrealized Gain (Loss)	Net Realized and Change in Unrealized Gain (Loss)									Net Realized and Change in Unrealized Gain (Loss)
Net change in unrealized gain (loss):	Net change in unrealized gain (loss):									Net change in unrealized gain (loss):
Non-controlled, non-affiliated investments	Non-controlled, non-affiliated investments	(45,847)		2,581		(61,347)		4,365		Non-controlled, non-affiliated investments	31,216		2,045		(30,131)		6,410
Non-controlled, affiliated investments										Non-controlled, affiliated investments	(2)		—		(2)		—
Translation of assets and liabilities in foreign currencies	Translation of assets and liabilities in foreign currencies	(85)		(12)		(92)		(233)		Translation of assets and liabilities in foreign currencies	(382)		(56)		(474)		(289)
Total Net Change in Unrealized Gain (Loss)	Total Net Change in Unrealized Gain (Loss)	(45,932)		2,569		(61,439)		4,132		Total Net Change in Unrealized Gain (Loss)	30,832		1,989		(30,607)		6,121
Net realized gain (loss):	Net realized gain (loss):									Net realized gain (loss):
Non-controlled, non-affiliated investments	Non-controlled, non-affiliated investments	6		224		875		246		Non-controlled, non-affiliated investments	—		11		875		257

Foreign currency transactions	Foreign currency transactions	(4)		2		11		195		Foreign currency transactions	(26)		(5)		(15)		190
Total Net Realized Gain (Loss)	Total Net Realized Gain (Loss)	2		226		886		441		Total Net Realized Gain (Loss)	(26)		6		860		447
Total Net Realized and Change in Unrealized Gain (Loss)	Total Net Realized and Change in Unrealized Gain (Loss)	(45,930)		2,795		(60,553)		4,573		Total Net Realized and Change in Unrealized Gain (Loss)	30,806		1,995		(29,747)		6,568
Net Increase (Decrease) in Net Assets Resulting from Operations	Net Increase (Decrease) in Net Assets Resulting from Operations	$	(4,533)	$	12,793	$	21,774	$	21,610	Net Increase (Decrease) in Net Assets Resulting from Operations	$	79,991	$	19,695	$	101,764	$	41,305
Earnings (Loss) Per Share - Basic and Diluted	Earnings (Loss) Per Share - Basic and Diluted	$	(0.04)	$	0.50	$	0.19	$	0.95	Earnings (Loss) Per Share - Basic and Diluted	$	0.67	$	0.45	$	0.89	$	1.39
Weighted Average Shares Outstanding - Basic and Diluted	Weighted Average Shares Outstanding - Basic and Diluted	112,765,115		25,419,524		111,929,620		22,664,814		Weighted Average Shares Outstanding - Basic and Diluted	119,804,823		43,582,571		114,583,534		29,714,021

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

Owl Rock Capital Corporation III

Consolidated Schedule of Investments

as of ~~June~~September 30, 2022

(Amounts in thousands, except share amounts)

(Unaudited)


Company(1)(2)(26)	Company(1)(2)(26)	Investment	Interest	Maturity Date	Par / Units		Amortized Cost(3)(4)		Fair Value		Percentage of Net Assets		Company(1)(2)(26)	Investment	Interest	Maturity Date	Par / Units		Amortized Cost(3)(4)		Fair Value		Percentage of Net Assets
Non-controlled/non-affiliated portfolio company investments	Non-controlled/non-affiliated portfolio company investments												Non-controlled/non-affiliated portfolio company investments
Debt Investments	Debt Investments												Debt Investments
Advertising and media	Advertising and media												Advertising and media
Global Music Rights, LLC(5)(7)(21)	Global Music Rights, LLC(5)(7)(21)	First lien senior secured loan	L + 5.50%	8/28/2028	$	83,953	$	82,437	$	82,274	4.7	%	Global Music Rights, LLC(5)(7)(21)	First lien senior secured loan	L + 5.50%	8/28/2028	$	83,742	$	82,281	$	83,324	4.6	%
Global Music Rights, LLC(5)(16)(17)(21)	Global Music Rights, LLC(5)(16)(17)(21)	First lien senior secured revolving loan	L + 5.50%	8/27/2027	—		(129)		(150)		—	%	Global Music Rights, LLC(5)(16)(17)(21)	First lien senior secured revolving loan	L + 5.50%	8/27/2027	—		(123)		(38)		—	%
The NPD Group, L.P. (5)(10)(21)													The NPD Group, L.P. (5)(10)(21)	First lien senior secured loan	SR + 6.25% (incl. 2.75% PIK)	12/1/2028	23,546		23,069		23,056		1.3	%
The NPD Group, L.P. (5)(16)(17)(21)													The NPD Group, L.P. (5)(16)(17)(21)	First lien senior secured revolving loan	SR + 5.75%	12/1/2027	—		(29)		(31)		—	%
					83,953		82,308		82,124		4.7	%					107,288		105,198		106,311		5.9	%
Aerospace and defense	Aerospace and defense												Aerospace and defense
Peraton Corp.(5)(6)(20)(21)	Peraton Corp.(5)(6)(20)(21)	Second lien senior secured loan	L + 7.75%	2/1/2029	14,562		14,371		13,506		0.8	%	Peraton Corp.(5)(6)(20)(21)	Second lien senior secured loan	L + 7.75%	2/1/2029	14,562		14,376		13,734		0.8	%
					14,562		14,371		13,506		0.8	%					14,562		14,376		13,734		0.8	%
Buildings and real estate	Buildings and real estate												Buildings and real estate
Associations, Inc.(5)(7)(21)		First lien senior secured loan	L + 6.50% (incl. 2.50% PIK)	7/2/2027	81,339		80,335		80,523		4.6	%
Associations, Inc.(5)(16)(17)(18)(21)		First lien senior secured delayed draw term loan	L + 6.50% (incl. 2.50% PIK)	6/10/2024	—		(4)		(4)		—	%
Associations, Inc.(5)(11)(21)													Associations, Inc.(5)(11)(21)	First lien senior secured loan	SR + 6.50% (incl. 2.50% PIK)	7/2/2027	81,855		80,898		81,652		4.6	%
Associations, Inc.(5)(11)(16)(18)(21)													Associations, Inc.(5)(11)(16)(18)(21)	First lien senior secured delayed draw term loan	SR + 6.50% (incl. 2.50% PIK)	6/10/2024	19		16		19		—	%
Associations, Inc.(5)(16)(17)(21)	Associations, Inc.(5)(16)(17)(21)	First lien senior secured revolving loan	L + 6.50%	7/2/2027	—		(59)		(53)		—	%	Associations, Inc.(5)(16)(17)(21)	First lien senior secured revolving loan	SR + 6.50%	7/2/2027	—		(56)		(13)		—	%
RealPage, Inc.(5)(6)(21)		Second lien senior secured loan	L + 6.50%	4/23/2029	6,500		6,414		6,159		0.4	%
RealPage, Inc.(5)(6)(20)(21)													RealPage, Inc.(5)(6)(20)(21)	Second lien senior secured loan	L + 6.50%	4/23/2029	6,500		6,416		6,260		0.3	%
					87,839		86,686		86,625		5.0	%					88,374		87,274		87,918		4.9	%
Business services	Business services												Business services
Denali Buyerco LLC (dba Summit Companies)(5)(8)(21)		First lien senior secured loan	L + 6.00%	9/15/2028	52,002		51,538		50,833		2.9	%
Denali Buyerco LLC (dba Summit Companies)(5)(7)(16)(18)(21)		First lien senior secured delayed draw term loan	L + 6.00%	9/15/2023	5,430		5,309		5,122		0.3	%
Denali Buyerco LLC (dba Summit Companies)(5)(7)(16)(21)		First lien senior secured revolving loan	L + 6.00%	9/15/2027	1,621		1,569		1,485		0.1	%
Diamondback Acquisition, Inc. (dba Sphera)(5)(6)(21)		First lien senior secured loan	L + 5.50%	9/13/2028	47,588		46,723		46,717		2.7	%
Diamondback Acquisition, Inc. (dba Sphera)(5)(16)(17)(18)(21)		First lien senior secured delayed draw term loan	L + 5.50%	9/13/2023	—		(85)		(79)		—	%
Denali Buyerco, LLC (dba Summit Companies)(5)(7)(21)													Denali Buyerco, LLC (dba Summit Companies)(5)(7)(21)	First lien senior secured loan	L + 5.75%	9/15/2028	51,871		51,427		51,224		2.9	%
Denali Buyerco, LLC (dba Summit Companies)(5)(7)(16)(18)(21)													Denali Buyerco, LLC (dba Summit Companies)(5)(7)(16)(18)(21)	First lien senior secured delayed draw term loan	L + 5.75%	9/15/2023	12,088		11,906		11,916		0.7	%

Owl Rock Capital Corporation III

Consolidated Schedule of Investments

as of ~~June~~September 30, 2022

(Amounts in thousands, except share amounts)

(Unaudited)


Company(1)(2)(26)	Company(1)(2)(26)	Investment	Interest	Maturity Date	Par / Units	Amortized Cost(3)(4)	Fair Value	Percentage of Net Assets		Company(1)(2)(26)	Investment	Interest	Maturity Date	Par / Units	Amortized Cost(3)(4)	Fair Value	Percentage of Net Assets
Denali Buyerco, LLC (dba Summit Companies)(5)(16)(17)(21)										Denali Buyerco, LLC (dba Summit Companies)(5)(16)(17)(21)	First lien senior secured revolving loan	L + 5.75%	9/15/2027	—	(50)	(76)	—	%
Diamondback Acquisition, Inc. (dba Sphera)(5)(6)(21)										Diamondback Acquisition, Inc. (dba Sphera)(5)(6)(21)	First lien senior secured loan	L + 5.50%	9/13/2028	47,468	46,633	46,993	2.6	%
Diamondback Acquisition, Inc. (dba Sphera)(5)(16)(17)(18)(21)										Diamondback Acquisition, Inc. (dba Sphera)(5)(16)(17)(18)(21)	First lien senior secured delayed draw term loan	L + 5.50%	9/13/2023	—	(81)	—	—	%
Entertainment Benefits Group, LLC(5)(10)(21)	Entertainment Benefits Group, LLC(5)(10)(21)	First lien senior secured loan	SR + 4.75%	5/1/2028	867	858	858	—	%	Entertainment Benefits Group, LLC(5)(10)(21)	First lien senior secured loan	SR + 4.75%	5/1/2028	865	856	862	—	%
Entertainment Benefits Group, LLC(5)(16)(17)(21)	Entertainment Benefits Group, LLC(5)(16)(17)(21)	First lien senior secured revolving loan	SR + 4.75%	4/29/2027	—	(1)	(1)	—	%	Entertainment Benefits Group, LLC(5)(16)(17)(21)	First lien senior secured revolving loan	SR + 4.75%	4/29/2027	—	(1)	—	—	%
Gainsight, Inc.(5)(7)(21)	Gainsight, Inc.(5)(7)(21)	First lien senior secured loan	L + 6.75% PIK	7/30/2027	5,077	5,000	4,938	0.3	%	Gainsight, Inc.(5)(7)(21)	First lien senior secured loan	L + 6.75% PIK	7/30/2027	5,378	5,304	5,270	0.3	%
Gainsight, Inc.(5)(16)(17)(21)	Gainsight, Inc.(5)(16)(17)(21)	First lien senior secured revolving loan	L + 6.00%	7/30/2027	—	(13)	(24)	—	%	Gainsight, Inc.(5)(16)(17)(21)	First lien senior secured revolving loan	L + 6.25%	7/30/2027	—	(12)	(17)	—	%
Hercules Borrower, LLC (dba The Vincit Group)(5)(7)(21)		First lien senior secured loan	L + 6.50%	12/15/2026	36,533	36,103	36,167	2.1	%
Hercules Borrower, LLC (dba The Vincit Group)(5)(7)(21)		First lien senior secured loan	L + 5.50%	12/15/2026	402	399	391	—	%
Hercules Borrower, LLC (dba The Vincit Group)(5)(7)(16)(18)(21)		First lien senior secured delayed draw term loan	L + 5.50%	9/10/2023	1,504	1,490	1,425	0.1	%
Hercules Borrower, LLC (dba The Vincit Group)(5)(7)(16)(21)		First lien senior secured revolving loan	L + 6.50%	12/15/2026	458	411	415	—	%
Hercules Borrower, LLC (dba The Vincit Group)(5)(8)(21)										Hercules Borrower, LLC (dba The Vincit Group)(5)(8)(21)	First lien senior secured loan	L + 6.50%	12/15/2026	36,440	36,032	36,349	2.0	%
Hercules Borrower, LLC (dba The Vincit Group)(5)(8)(21)										Hercules Borrower, LLC (dba The Vincit Group)(5)(8)(21)	First lien senior secured loan	L + 5.50%	12/15/2026	401	398	393	—	%
Hercules Borrower, LLC (dba The Vincit Group)(5)(8)(16)(18)(21)										Hercules Borrower, LLC (dba The Vincit Group)(5)(8)(16)(18)(21)	First lien senior secured delayed draw term loan	L + 5.50%	9/10/2023	1,675	1,661	1,622	0.1	%
Hercules Borrower, LLC (dba The Vincit Group)(5)(8)(16)(21)										Hercules Borrower, LLC (dba The Vincit Group)(5)(8)(16)(21)	First lien senior secured revolving loan	L + 6.50%	12/15/2026	458	413	448	—	%
Hercules Buyer, LLC (dba The Vincit Group)(21)(22)(25)	Hercules Buyer, LLC (dba The Vincit Group)(21)(22)(25)	Unsecured notes	0.48% PIK	12/14/2029	1,056	1,056	1,056	—	%	Hercules Buyer, LLC (dba The Vincit Group)(21)(22)(25)	Unsecured notes	0.48% PIK	12/14/2029	1,056	1,056	1,056	—	%
Kaseya Inc.(5)(11)(21)		First lien senior secured loan	SR + 5.75%	6/25/2029	8,028	7,868	7,867	0.4	%
Kaseya Inc.(5)(12)(21)										Kaseya Inc.(5)(12)(21)	First lien senior secured loan	SR + 5.75%	6/25/2029	8,028	7,872	7,928	0.4	%
Kaseya Inc.(5)(16)(17)(18)(21)	Kaseya Inc.(5)(16)(17)(18)(21)	First lien senior secured delayed draw term loan	SR + 5.75%	6/24/2024	—	(5)	(5)	—	%	Kaseya Inc.(5)(16)(17)(18)(21)	First lien senior secured delayed draw term loan	SR + 5.75%	6/24/2024	—	(5)	(1)	—	%
Kaseya Inc.(5)(16)(17)(21)	Kaseya Inc.(5)(16)(17)(21)	First lien senior secured revolving loan	SR + 5.75%	6/25/2029	—	(10)	(10)	—	%	Kaseya Inc.(5)(16)(17)(21)	First lien senior secured revolving loan	SR + 5.75%	6/25/2029	—	(9)	(6)	—	%
KPSKY Acquisition, Inc. (dba BluSky)(5)(6)(21)	KPSKY Acquisition, Inc. (dba BluSky)(5)(6)(21)	First lien senior secured loan	L + 5.50%	10/19/2028	35,628	34,973	34,381	2.0	%	KPSKY Acquisition, Inc. (dba BluSky)(5)(6)(21)	First lien senior secured loan	L + 5.50%	10/19/2028	35,538	34,906	34,562	1.9	%
KPSKY Acquisition, Inc. (dba BluSky)(5)(9)(16)(18)(21)		First lien senior secured delayed draw term loan	P + 4.50%	10/19/2023	3,841	3,768	3,700	0.2	%
KPSKY Acquisition, Inc. (dba BluSky)(5)(9)(21)										KPSKY Acquisition, Inc. (dba BluSky)(5)(9)(21)	First lien senior secured delayed draw term loan	P + 4.50%	10/19/2028	4,082	4,010	3,970	0.2	%
					200,035	196,951	195,236	11.1	%					205,348	202,316	202,493	11.1	%
Chemicals
Aruba Investments Holdings, LLC (dba Angus Chemical Company)(5)(7)(21)		Second lien senior secured loan	L + 7.75%	11/24/2028	6,500	6,418	6,354	0.4	%
Gaylord Chemical Company, L.L.C.(5)(7)(21)		First lien senior secured loan	L + 6.50%	3/30/2027	70,613	69,998	69,731	4.0	%

Owl Rock Capital Corporation III

Consolidated Schedule of Investments

as of ~~June~~September 30, 2022

(Amounts in thousands, except share amounts)

(Unaudited)


Company(1)(2)(26)	Company(1)(2)(26)	Investment	Interest	Maturity Date	Par / Units	Amortized Cost(3)(4)	Fair Value	Percentage of Net Assets		Company(1)(2)(26)	Investment	Interest	Maturity Date	Par / Units	Amortized Cost(3)(4)	Fair Value	Percentage of Net Assets
Chemicals										Chemicals
Aruba Investments Holdings, LLC (dba Angus Chemical Company)(5)(6)(21)										Aruba Investments Holdings, LLC (dba Angus Chemical Company)(5)(6)(21)	Second lien senior secured loan	L + 7.75%	11/24/2028	6,500	6,420	6,321	0.4	%
Gaylord Chemical Company, L.L.C.(5)(7)(21)										Gaylord Chemical Company, L.L.C.(5)(7)(21)	First lien senior secured loan	L + 6.50%	3/30/2027	70,435	69,847	70,260	3.9	%
Gaylord Chemical Company, L.L.C.(5)(16)(17)(21)	Gaylord Chemical Company, L.L.C.(5)(16)(17)(21)	First lien senior secured revolving loan	L + 6.50%	3/30/2026	—	(32)	(50)	—	%	Gaylord Chemical Company, L.L.C.(5)(16)(17)(21)	First lien senior secured revolving loan	L + 6.50%	3/30/2026	—	(29)	(10)	—	%
Velocity HoldCo III Inc. (dba VelocityEHS)(5)(8)(21)		First lien senior secured loan	L + 5.75%	4/22/2027	6,071	5,957	6,071	0.3	%
Velocity HoldCo III Inc. (dba VelocityEHS)(5)(7)(21)										Velocity HoldCo III Inc. (dba VelocityEHS)(5)(7)(21)	First lien senior secured loan	L + 5.75%	4/22/2027	6,055	5,947	6,055	0.3	%
Velocity HoldCo III Inc. (dba VelocityEHS)(5)(16)(17)(21)	Velocity HoldCo III Inc. (dba VelocityEHS)(5)(16)(17)(21)	First lien senior secured revolving loan	L + 5.75%	4/22/2026	—	(6)	—	—	%	Velocity HoldCo III Inc. (dba VelocityEHS)(5)(16)(17)(21)	First lien senior secured revolving loan	L + 5.75%	4/22/2026	—	(6)	—	—	%
					83,184	82,335	82,106	4.7	%					82,990	82,179	82,626	4.6	%
Consumer products	Consumer products									Consumer products
ConAir Holdings LLC(5)(7)(21)	ConAir Holdings LLC(5)(7)(21)	Second lien senior secured loan	L + 7.50%	5/17/2029	45,000	44,346	40,950	2.3	%	ConAir Holdings LLC(5)(7)(21)	Second lien senior secured loan	L + 7.50%	5/17/2029	45,000	44,363	40,950	2.3	%
Foundation Consumer Brands, LLC(5)(8)(21)		First lien senior secured loan	L + 5.50%	2/12/2027	3,804	3,804	3,757	0.2	%
Foundation Consumer Brands, LLC(5)(7)(21)										Foundation Consumer Brands, LLC(5)(7)(21)	First lien senior secured loan	L + 5.50%	2/12/2027	3,529	3,529	3,512	0.2	%
Lignetics Investment Corp.(5)(7)(21)	Lignetics Investment Corp.(5)(7)(21)	First lien senior secured loan	L + 6.00%	11/1/2027	50,725	50,150	48,823	2.8	%	Lignetics Investment Corp.(5)(7)(21)	First lien senior secured loan	L + 6.00%	11/1/2027	50,598	50,046	49,080	2.7	%
Lignetics Investment Corp.(5)(16)(17)(18)(21)	Lignetics Investment Corp.(5)(16)(17)(18)(21)	First lien senior secured delayed draw term loan	L + 6.00%	11/1/2023	—	(71)	(239)	—	%	Lignetics Investment Corp.(5)(16)(17)(18)(21)	First lien senior secured delayed draw term loan	L + 6.00%	11/1/2023	—	(68)	(191)	—	%
Lignetics Investment Corp.(5)(9)(16)(21)		First lien senior secured revolving loan	P + 5.00%	11/2/2026	7,010	6,927	6,723	0.4	%
Lignetics Investment Corp.(5)(7)(16)(21)										Lignetics Investment Corp.(5)(7)(16)(21)	First lien senior secured revolving loan	L + 6.00%	11/2/2026	6,755	6,677	6,525	0.4	%
SWK BUYER, Inc. (dba Stonewall Kitchen)(5)(12)(21)	SWK BUYER, Inc. (dba Stonewall Kitchen)(5)(12)(21)	First lien senior secured loan	SR + 5.25%	3/12/2029	754	740	732	—	%	SWK BUYER, Inc. (dba Stonewall Kitchen)(5)(12)(21)	First lien senior secured loan	SR + 5.25%	3/12/2029	753	739	734	—	%
SWK BUYER, Inc. (dba Stonewall Kitchen)(5)(16)(17)(18)(21)	SWK BUYER, Inc. (dba Stonewall Kitchen)(5)(16)(17)(18)(21)	First lien senior secured delayed draw term loan	SR + 5.25%	3/11/2024	—	(2)	(4)	—	%	SWK BUYER, Inc. (dba Stonewall Kitchen)(5)(16)(17)(18)(21)	First lien senior secured delayed draw term loan	SR + 5.25%	3/11/2024	—	(2)	(3)	—	%
SWK BUYER, Inc. (dba Stonewall Kitchen)(5)(9)(16)(21)		First lien senior secured revolving loan	P + 4.25%	3/12/2029	46	44	44	—	%
SWK BUYER, Inc. (dba Stonewall Kitchen)(5)(12)(16)(21)										SWK BUYER, Inc. (dba Stonewall Kitchen)(5)(12)(16)(21)	First lien senior secured revolving loan	SR + 5.25%	3/12/2029	63	62	61	—	%
SWK BUYER, Inc. (dba Stonewall Kitchen) (5)(12)(16)(21)										SWK BUYER, Inc. (dba Stonewall Kitchen) (5)(12)(16)(21)	First lien senior secured revolving loan	SR + 5.25%	12/31/2022	7	7	7	—	%
					107,339	105,938	100,786	5.7	%					106,705	105,353	100,675	5.6	%
Containers and packaging	Containers and packaging									Containers and packaging
Ascend Buyer, LLC (dba PPC Flexible Packaging)(5)(7)(21)	Ascend Buyer, LLC (dba PPC Flexible Packaging)(5)(7)(21)	First lien senior secured loan	L + 5.75%	10/2/2028	49,955	49,498	48,955	2.8	%	Ascend Buyer, LLC (dba PPC Flexible Packaging)(5)(7)(21)	First lien senior secured loan	L + 5.75%	10/2/2028	49,829	49,388	49,205	2.7	%
Ascend Buyer, LLC (dba PPC Flexible Packaging)(5)(6)(16)(21)		First lien senior secured revolving loan	L + 5.75%	9/30/2027	681	636	578	—	%
Fortis Solutions Group, LLC(5)(7)(21)		First lien senior secured loan	L + 5.50%	10/13/2028	28,729	28,205	27,722	1.6	%
Fortis Solutions Group, LLC(5)(16)(17)(18)(21)		First lien senior secured delayed draw term loan	L + 5.50%	10/13/2023	—	(27)	(76)	—	%
Fortis Solutions Group, LLC(5)(7)(16)(21)		First lien senior secured revolving loan	L + 5.50%	10/15/2027	210	154	99	—	%

Owl Rock Capital Corporation III

Consolidated Schedule of Investments

as of ~~June~~September 30, 2022

(Amounts in thousands, except share amounts)

(Unaudited)


Company(1)(2)(26)	Company(1)(2)(26)	Investment	Interest	Maturity Date	Par / Units	Amortized Cost(3)(4)	Fair Value	Percentage of Net Assets		Company(1)(2)(26)	Investment	Interest	Maturity Date	Par / Units	Amortized Cost(3)(4)	Fair Value	Percentage of Net Assets
Ascend Buyer, LLC (dba PPC Flexible Packaging)(5)(6)(16)(21)										Ascend Buyer, LLC (dba PPC Flexible Packaging)(5)(6)(16)(21)	First lien senior secured revolving loan	L + 5.75%	9/30/2027	681	638	616	—	%
Fortis Solutions Group, LLC(5)(7)(21)										Fortis Solutions Group, LLC(5)(7)(21)	First lien senior secured loan	L + 5.50%	10/13/2028	28,638	28,136	27,850	1.6	%
Fortis Solutions Group, LLC(5)(7)(16)(18)(21)										Fortis Solutions Group, LLC(5)(7)(16)(18)(21)	First lien senior secured delayed draw term loan	L + 5.50%	10/13/2023	1,936	1,891	1,864	0.1	%
Fortis Solutions Group, LLC(5)(8)(16)(21)										Fortis Solutions Group, LLC(5)(8)(16)(21)	First lien senior secured revolving loan	L + 5.50%	10/15/2027	210	157	122	—	%
Indigo Buyer, Inc. (dba Inovar Packaging Group)(5)(11)(21)	Indigo Buyer, Inc. (dba Inovar Packaging Group)(5)(11)(21)	First lien senior secured loan	SR + 5.75%	5/23/2028	650	644	643	—	%	Indigo Buyer, Inc. (dba Inovar Packaging Group)(5)(11)(21)	First lien senior secured loan	SR + 5.75%	5/23/2028	648	642	646	—	%
Indigo Buyer, Inc. (dba Inovar Packaging Group)(5)(16)(18)(21)	Indigo Buyer, Inc. (dba Inovar Packaging Group)(5)(16)(18)(21)	First lien senior secured delayed draw term loan	SR + 5.75%	5/23/2024	—	—	(1)	—	%	Indigo Buyer, Inc. (dba Inovar Packaging Group)(5)(16)(18)(21)	First lien senior secured delayed draw term loan	SR + 5.75%	5/23/2024	—	—	—	—	%
Indigo Buyer, Inc. (dba Inovar Packaging Group)(5)(11)(16)(21)	Indigo Buyer, Inc. (dba Inovar Packaging Group)(5)(11)(16)(21)	First lien senior secured revolving loan	SR + 5.75%	5/23/2028	17	16	15	—	%	Indigo Buyer, Inc. (dba Inovar Packaging Group)(5)(11)(16)(21)	First lien senior secured revolving loan	SR + 5.75%	5/23/2028	17	16	15	—	%
Pregis Topco LLC(5)(6)(21)		Second lien senior secured loan	L + 6.75%	8/1/2029	30,000	30,000	29,400	1.7	%
Pregis Topco LLC(5)(6)(21)		Second lien senior secured loan	L + 8.00%	8/1/2029	2,500	2,500	2,481	0.1	%
Pregis Topco LLC(5)(7)(21)										Pregis Topco LLC(5)(7)(21)	Second lien senior secured loan	L + 6.75%	8/1/2029	30,000	30,000	29,550	1.6	%
Pregis Topco LLC(5)(7)(21)										Pregis Topco LLC(5)(7)(21)	Second lien senior secured loan	L + 8.00%	8/1/2029	2,500	2,500	2,488	0.1	%
					112,742	111,626	109,816	6.2	%					114,459	113,368	112,356	6.1	%
Distribution	Distribution									Distribution
ABB/Con-cise Optical Group LLC(5)(8)(21)		First lien senior secured loan	L + 7.50%	2/23/2028	903	890	894	0.1	%
ABB/Con-cise Optical Group LLC(5)(9)(16)(21)		First lien senior secured revolving loan	P + 6.50%	2/23/2028	82	81	81	—	%
ABB/Con-cise Optical Group LLC(5)(7)(21)										ABB/Con-cise Optical Group LLC(5)(7)(21)	First lien senior secured loan	L + 7.50%	2/23/2028	901	889	899	0.1	%
ABB/Con-cise Optical Group LLC(5)(7)(16)(21)										ABB/Con-cise Optical Group LLC(5)(7)(16)(21)	First lien senior secured revolving loan	L + 7.50%	2/23/2028	88	86	88	—	%
Individual Foodservice Holdings, LLC(5)(8)(21)	Individual Foodservice Holdings, LLC(5)(8)(21)	First lien senior secured loan	L + 6.25%	11/21/2025	58,573	57,977	57,843	3.3	%	Individual Foodservice Holdings, LLC(5)(8)(21)	First lien senior secured loan	L + 6.25%	11/21/2025	58,426	57,871	58,133	3.2	%
Individual Foodservice Holdings, LLC(5)(16)(17)(21)	Individual Foodservice Holdings, LLC(5)(16)(17)(21)	First lien senior secured revolving loan	L + 6.25%	11/22/2024	—	(23)	(31)	—	%	Individual Foodservice Holdings, LLC(5)(16)(17)(21)	First lien senior secured revolving loan	L + 6.25%	11/22/2024	—	(21)	(12)	—	%
					59,558	58,925	58,787	3.4	%					59,415	58,825	59,108	3.3	%
Education	Education									Education
Pluralsight, LLC(5)(8)(21)		First lien senior secured loan	L + 8.00%	4/6/2027	20,640	20,463	20,279	1.2	%
Pluralsight, LLC(5)(6)(21)										Pluralsight, LLC(5)(6)(21)	First lien senior secured loan	L + 8.00%	4/6/2027	20,640	20,450	20,537	1.1	%
Pluralsight, LLC(5)(16)(17)(21)	Pluralsight, LLC(5)(16)(17)(21)	First lien senior secured revolving loan	L + 8.00%	4/6/2027	—	(10)	(23)	—	%	Pluralsight, LLC(5)(16)(17)(21)	First lien senior secured revolving loan	L + 8.00%	4/6/2027	—	(13)	(6)	—	%
					20,640	20,453	20,256	1.2	%					20,640	20,437	20,531	1.1	%
Financial services	Financial services									Financial services
AxiomSL Group, Inc.(5)(6)(21)		First lien senior secured loan	L + 6.00%	12/3/2027	45,758	45,294	44,613	2.6	%
AxiomSL Group, Inc.(5)(16)(17)(18)(21)		First lien senior secured delayed draw term loan	L + 6.00%	7/21/2023	—	(8)	(28)	—	%
AxiomSL Group, Inc.(5)(16)(17)(21)		First lien senior secured revolving loan	L + 6.00%	12/3/2025	—	(37)	(100)	—	%
Hg Genesis 8 Sumoco Limited(5)(13)(19)(21)		Unsecured facility	SA + 7.50% PIK	8/28/2025	18,797	20,461	18,656	1.1	%

Owl Rock Capital Corporation III

Consolidated Schedule of Investments

as of ~~June~~September 30, 2022

(Amounts in thousands, except share amounts)

(Unaudited)


Company(1)(2)(26)	Company(1)(2)(26)	Investment	Interest	Maturity Date	Par / Units	Amortized Cost(3)(4)	Fair Value	Percentage of Net Assets		Company(1)(2)(26)	Investment	Interest	Maturity Date	Par / Units	Amortized Cost(3)(4)	Fair Value	Percentage of Net Assets
AxiomSL Group, Inc.(5)(6)(21)										AxiomSL Group, Inc.(5)(6)(21)	First lien senior secured loan	L + 6.00%	12/3/2027	45,642	45,197	44,842	2.5	%
AxiomSL Group, Inc.(5)(16)(17)(18)(21)										AxiomSL Group, Inc.(5)(16)(17)(18)(21)	First lien senior secured delayed draw term loan	L + 6.00%	7/21/2023	—	(7)	(14)	—	%
AxiomSL Group, Inc.(5)(16)(17)(21)										AxiomSL Group, Inc.(5)(16)(17)(21)	First lien senior secured revolving loan	L + 6.00%	12/3/2025	—	(34)	(70)	—	%
Hg Genesis 8 Sumoco Limited(5)(13)(19)(21)										Hg Genesis 8 Sumoco Limited(5)(13)(19)(21)	Unsecured facility	SA + 7.50% PIK	8/28/2025	17,278	20,472	17,278	1.0	%
Hg Genesis 9 Sumoco Limited(5)(14)(19)(21)	Hg Genesis 9 Sumoco Limited(5)(14)(19)(21)	Unsecured facility	E + 7.00% PIK	3/10/2027	958	1,005	950	0.1	%	Hg Genesis 9 Sumoco Limited(5)(14)(19)(21)	Unsecured facility	E + 7.00% PIK	3/10/2027	914	1,023	914	0.1	%
Hg Saturn LuchaCo Limited(5)(13)(19)(21)	Hg Saturn LuchaCo Limited(5)(13)(19)(21)	Unsecured facility	SA + 7.50% PIK	3/30/2026	23,649	26,678	23,235	1.3	%	Hg Saturn LuchaCo Limited(5)(13)(19)(21)	Unsecured facility	SA + 7.50% PIK	3/30/2026	22,707	27,660	22,423	1.2	%
Muine Gall, LLC(5)(8)(19)(21)(27)	Muine Gall, LLC(5)(8)(19)(21)(27)	First lien senior secured loan	L + 7.00% PIK	9/20/2024	84,763	85,073	83,492	4.8	%	Muine Gall, LLC(5)(8)(19)(21)(27)	First lien senior secured loan	L + 7.00% PIK	9/20/2024	84,763	85,173	83,492	4.7	%
NMI Acquisitionco, Inc. (dba Network Merchants)(5)(6)(21)	NMI Acquisitionco, Inc. (dba Network Merchants)(5)(6)(21)	First lien senior secured loan	L + 5.75%	9/8/2025	8,516	8,445	8,326	0.5	%	NMI Acquisitionco, Inc. (dba Network Merchants)(5)(6)(21)	First lien senior secured loan	L + 5.75%	9/8/2025	8,495	8,429	8,368	0.5	%
NMI Acquisitionco, Inc. (dba Network Merchants)(5)(6)(16)(18)(21)	NMI Acquisitionco, Inc. (dba Network Merchants)(5)(6)(16)(18)(21)	First lien senior secured delayed draw term loan	L + 5.75%	10/2/2023	1,672	1,643	1,614	0.1	%	NMI Acquisitionco, Inc. (dba Network Merchants)(5)(6)(16)(18)(21)	First lien senior secured delayed draw term loan	L + 5.75%	10/2/2023	1,668	1,641	1,632	0.1	%
NMI Acquisitionco, Inc. (dba Network Merchants)(5)(16)(17)(21)	NMI Acquisitionco, Inc. (dba Network Merchants)(5)(16)(17)(21)	First lien senior secured revolving loan	L + 5.75%	9/8/2025	—	(7)	(13)	—	%	NMI Acquisitionco, Inc. (dba Network Merchants)(5)(16)(17)(21)	First lien senior secured revolving loan	L + 5.75%	9/8/2025	—	(6)	(8)	—	%
Smarsh Inc.(5)(12)(21)		First lien senior secured loan	SR + 6.50%	2/16/2029	762	755	745	—	%
Smarsh Inc.(5)(11)(21)										Smarsh Inc.(5)(11)(21)	First lien senior secured loan	SR + 6.50%	2/16/2029	762	755	750	—	%
Smarsh Inc.(5)(16)(17)(18)(21)	Smarsh Inc.(5)(16)(17)(18)(21)	First lien senior secured delayed draw term loan	SR + 6.50%	2/19/2024	—	(1)	(2)	—	%	Smarsh Inc.(5)(16)(17)(18)(21)	First lien senior secured delayed draw term loan	SR + 6.50%	2/19/2024	—	(1)	(1)	—	%
Smarsh Inc.(5)(16)(21)	Smarsh Inc.(5)(16)(21)	First lien senior secured revolving loan	SR + 6.50%	2/16/2029	—	—	(1)	—	%	Smarsh Inc.(5)(16)(21)	First lien senior secured revolving loan	SR + 6.50%	2/16/2029	—	—	(1)	—	%
					184,875	189,301	181,487	10.5	%					182,229	190,302	179,605	10.1	%
Food and beverage	Food and beverage									Food and beverage
Balrog Acquisition, Inc. (dba BakeMark)(5)(8)(21)		Second lien senior secured loan	L + 7.00%	9/3/2029	6,000	5,954	5,835	0.3	%
Balrog Acquisition, Inc. (dba BakeMark)(5)(7)(21)										Balrog Acquisition, Inc. (dba BakeMark)(5)(7)(21)	Second lien senior secured loan	L + 7.00%	9/3/2029	6,000	5,955	5,880	0.3	%
BP Veraison Buyer, LLC (dba Sun World)(5)(7)(21)	BP Veraison Buyer, LLC (dba Sun World)(5)(7)(21)	First lien senior secured loan	L + 5.75%	5/12/2027	35,319	34,952	34,524	2.0	%	BP Veraison Buyer, LLC (dba Sun World)(5)(7)(21)	First lien senior secured loan	L + 5.75%	5/12/2027	35,230	34,880	34,966	1.9	%
BP Veraison Buyer, LLC (dba Sun World)(5)(16)(17)(18)(21)	BP Veraison Buyer, LLC (dba Sun World)(5)(16)(17)(18)(21)	First lien senior secured delayed draw term loan	L + 5.75%	5/12/2023	—	(15)	(167)	—	%	BP Veraison Buyer, LLC (dba Sun World)(5)(16)(17)(18)(21)	First lien senior secured delayed draw term loan	L + 5.75%	5/12/2023	—	(14)	—	—	%
BP Veraison Buyer, LLC (dba Sun World)(5)(16)(17)(21)		First lien senior secured revolving loan	L + 5.75%	5/12/2027	—	(45)	(100)	—	%
CFS Brands, LLC(5)(6)(21)		First lien senior secured loan	L + 3.00%	3/20/2025	1,928	1,867	1,822	0.1	%
CFS Brands, LLC(5)(16)(18)(21)		First lien senior secured delayed draw term loan	L + 3.00%	12/2/2022	—	—	(11)	—	%
Hissho Sushi Merger Sub LLC(5)(11)(21)		First lien senior secured loan	SR + 6.00%	5/18/2028	906	897	897	0.1	%
Hissho Sushi Merger Sub LLC(5)(11)(16)(21)		First lien senior secured revolving loan	SR + 6.00%	5/18/2028	16	16	16	—	%

Owl Rock Capital Corporation III

Consolidated Schedule of Investments

as of ~~June~~September 30, 2022

(Amounts in thousands, except share amounts)

(Unaudited)

Company(1)(2)(26) Investment Interest Maturity Date Par / Units Amortized Cost(3)(4) Fair Value Percentage of Net Assets
Innovation Ventures HoldCo, LLC (dba 5 Hour Energy)(5)(10)(21) First lien senior secured loan SR + 6.25% 3/11/2027 37,000 36,326 35,984 2.1 %
KBP Brands, LLC(5)(8)(21) First lien senior secured loan L + 5.00% 5/26/2027 286 283 278 — %
KBP Brands, LLC(5)(8)(16)(18)(21) First lien senior secured delayed draw term loan L + 5.00% 12/22/2023 646 638 627 — %
Nutraceutical International Corporation(5)(6)(21) First lien senior secured loan L + 7.00% 9/30/2026 11,323 11,196 10,558 0.6 %
Nutraceutical International Corporation(5)(6)(21) First lien senior secured revolving loan L + 7.00% 9/30/2025 735 728 686 — %
Shearer's Foods, LLC(5)(6)(21) Second lien senior secured loan L + 7.75% 9/22/2028 30,000 29,750 29,250 1.7 %
Ultimate Baked Goods Midco, LLC(5)(6)(21) First lien senior secured loan L + 6.50% 8/13/2027 16,417 16,057 15,597 0.9 %
Ultimate Baked Goods Midco, LLC(5)(6)(16)(21) First lien senior secured revolving loan L + 6.50% 8/13/2027 1,200 1,157 1,100 0.1 %
141,776 139,761 136,896 7.9 %
Healthcare equipment and services
Confluent Medical Technologies, Inc.(5)(11)(21) Second lien senior secured loan SR + 6.50% 2/18/2030 1,000 981 953 0.1 %
CSC MKG Topco LLC. (dba Medical Knowledge Group)(5)(7)(21) First lien senior secured loan L + 5.75% 2/1/2029 854 838 826 — %
CSC MKG Topco LLC. (dba Medical Knowledge Group)(5)(16)(17)(21) First lien senior secured revolving loan L + 5.75% 2/1/2029 — (2) (4) — %
Medline Borrower, LP(5)(16)(17)(21) First lien senior secured revolving loan L + 3.25% 10/21/2026 — (36) (171) — %
Packaging Coordinators Midco, Inc.(5)(7)(21) Second lien senior secured loan L + 7.00% 12/13/2029 54,269 53,102 51,827 3.0 %
Patriot Acquisition TopCo S.A.R.L (dba Corza Health, Inc.)(5)(7)(19)(21) First lien senior secured loan L + 6.75% 1/31/2028 38,221 37,680 37,455 2.1 %
Patriot Acquisition TopCo S.A.R.L (dba Corza Health, Inc.)(5)(16)(17)(19)(21) First lien senior secured revolving loan L + 6.75% 1/29/2026 — (39) (53) — %
Rhea Parent, Inc.(5)(11)(21) First lien senior secured loan SR + 5.75% 2/19/2029 774 759 749 — %
95,118 93,283 91,582 5.2 %
Healthcare providers and services


Company(1)(2)(26)	Investment	Interest	Maturity Date	Par / Units	Amortized Cost(3)(4)	Fair Value	Percentage of Net Assets
BP Veraison Buyer, LLC (dba Sun World)(5)(16)(17)(21)	First lien senior secured revolving loan	L + 5.75%	5/12/2027	—	(43)	(33)	—	%
CFS Brands, LLC(5)(8)(21)	First lien senior secured loan	L + 3.00%	3/20/2025	1,923	1,868	1,817	0.1	%
CFS Brands, LLC(5)(16)(18)(21)	First lien senior secured delayed draw term loan	L + 3.00%	11/4/2022	—	—	(11)	—	%
Hissho Sushi Merger Sub LLC(5)(11)(21)	First lien senior secured loan	SR + 6.00%	5/18/2028	903	895	901	0.1	%
Hissho Sushi Merger Sub LLC(5)(11)(16)(21)	First lien senior secured revolving loan	SR + 6.00%	5/18/2028	5	4	4	—	%
Innovation Ventures HoldCo, LLC (dba 5 Hour Energy)(5)(10)(21)	First lien senior secured loan	SR + 6.25%	3/11/2027	37,000	36,360	35,984	2.0	%
KBP Brands, LLC(5)(7)(21)	First lien senior secured loan	L + 5.50%	5/26/2027	285	282	277	—	%
KBP Brands, LLC(5)(6)(16)(18)(21)	First lien senior secured delayed draw term loan	L + 5.50%	12/22/2023	646	638	627	—	%
Nutraceutical International Corporation(5)(7)(21)	First lien senior secured loan	L + 7.00%	9/30/2026	10,180	10,072	9,263	0.5	%
Nutraceutical International Corporation(5)(7)(21)	First lien senior secured revolving loan	L + 7.00%	9/30/2025	735	729	669	—	%
Shearer's Foods, LLC(5)(6)(21)	Second lien senior secured loan	L + 7.75%	9/22/2028	30,000	29,757	29,550	1.6	%
Ultimate Baked Goods Midco, LLC(5)(7)(21)	First lien senior secured loan	L + 6.50%	8/13/2027	16,376	16,031	15,721	0.9	%
Ultimate Baked Goods Midco, LLC(5)(7)(16)(21)	First lien senior secured revolving loan	L + 6.50%	8/13/2027	1,400	1,359	1,320	0.1	%
				140,683	138,773	136,935	7.5	%
Healthcare equipment and services
Confluent Medical Technologies, Inc.(5)(11)(21)	Second lien senior secured loan	SR + 6.50%	2/18/2030	1,000	981	985	0.1	%
CSC MKG Topco LLC. (dba Medical Knowledge Group)(5)(6)(21)	First lien senior secured loan	SR + 5.75%	2/1/2029	852	836	831	—	%
CSC MKG Topco LLC. (dba Medical Knowledge Group) (5)(11)(21)	First lien senior secured loan	SR + 5.75%	2/1/2029	2,993	2,897	2,918	0.2	%
Medline Borrower, LP(5)(16)(17)(21)	First lien senior secured revolving loan	L + 3.25%	10/21/2026	—	(34)	(185)	—	%

Owl Rock Capital Corporation III

Consolidated Schedule of Investments

as of ~~June~~September 30, 2022

(Amounts in thousands, except share amounts)

(Unaudited)

Company(1)(2)(26) Investment Interest Maturity Date Par / Units Amortized Cost(3)(4) Fair Value Percentage of Net Assets
Diagnostic Services Holdings, Inc. (dba Rayus Radiology)(5)(7)(21) First lien senior secured loan L + 5.50% 3/17/2025 2,497 2,497 2,465 0.1 %
Ex Vivo Parent Inc.(5)(6)(21) First lien senior secured loan L + 9.50% 9/27/2028 26,145 25,622 25,492 1.5 %
National Dentex Labs LLC (fka Barracuda Dental LLC)(5)(7)(21) First lien senior secured loan L + 7.00% 10/27/2025 11,728 11,582 11,405 0.7 %
National Dentex Labs LLC (fka Barracuda Dental LLC)(5)(7)(16)(21) First lien senior secured delayed draw term loan L + 7.00% 10/27/2025 5,900 5,841 5,728 0.3 %
National Dentex Labs LLC (fka Barracuda Dental LLC)(5)(7)(16)(21) First lien senior secured revolving loan L + 7.00% 10/27/2025 1,132 1,104 1,089 0.1 %
Natural Partners, LLC(5)(6)(19)(21) First lien senior secured loan L + 6.00% 11/29/2027 2,323 2,279 2,247 0.1 %
Natural Partners, LLC(5)(16)(17)(19)(21) First lien senior secured revolving loan L + 6.00% 11/29/2027 — (3) (6) — %
OB Hospitalist Group, Inc.(5)(7)(21) First lien senior secured loan L + 5.50% 9/27/2027 52,584 51,644 51,632 3.0 %
OB Hospitalist Group, Inc.(5)(6)(16)(21) First lien senior secured revolving loan L + 5.50% 9/27/2027 731 611 607 — %
Parexel International, Inc. (dba Parexel)(5)(6)(21) Second lien senior secured loan L + 6.50% 11/15/2029 85,000 84,201 82,025 4.7 %
Plasma Buyer LLC (dba Pathgroup)(5)(11)(21) First lien senior secured loan SR + 5.75% 5/14/2029 681 667 667 — %
Plasma Buyer LLC (dba Pathgroup)(5)(16)(17)(18)(21) First lien senior secured delayed draw term loan SR + 5.75% 5/13/2024 — (2) (2) — %
Plasma Buyer LLC (dba Pathgroup)(5)(16)(17)(21) First lien senior secured revolving loan SR + 5.75% 5/12/2028 — (1) (2) — %
Quva Pharma, Inc.(5)(7)(21) First lien senior secured loan L + 5.50% 4/12/2028 11,730 11,428 11,436 0.7 %
Quva Pharma, Inc.(5)(8)(16)(21) First lien senior secured revolving loan L + 5.50% 4/10/2026 615 588 585 — %
TC Holdings, LLC (dba TrialCard)(5)(11)(21) First lien senior secured loan SR + 5.00% 4/14/2027 2,232 2,211 2,210 0.1 %
TC Holdings, LLC (dba TrialCard)(5)(16)(17)(21) First lien senior secured revolving loan SR + 5.00% 4/14/2027 — (3) (3) — %
Tivity Health, Inc(5)(11)(21) First lien senior secured loan SR + 6.00% 6/28/2029 1,000 975 975 0.1 %
Unified Women's Healthcare, LP(5)(10)(21) First lien senior secured loan SR + 5.50% 6/18/2029 858 851 851 — %


Company(1)(2)(26)	Investment	Interest	Maturity Date	Par / Units	Amortized Cost(3)(4)	Fair Value	Percentage of Net Assets
Packaging Coordinators Midco, Inc.(5)(7)(21)	Second lien senior secured loan	L + 7.00%	12/13/2029	54,269	53,130	51,556	2.9	%
Patriot Acquisition TopCo S.A.R.L (dba Corza Health, Inc.)(5)(11)(19)(21)	First lien senior secured loan	SR + 6.75%	1/31/2028	38,124	37,607	37,551	2.1	%
Patriot Acquisition TopCo S.A.R.L (dba Corza Health, Inc.)(5)(16)(17)(19)(21)	First lien senior secured revolving loan	SR + 6.75%	1/29/2026	—	(37)	(40)	—	%
Rhea Parent, Inc.(5)(11)(21)	First lien senior secured loan	SR + 5.75%	2/19/2029	772	758	753	—	%
				98,010	96,138	94,369	5.3	%
Healthcare providers and services
Diagnostic Services Holdings, Inc. (dba Rayus Radiology)(5)(6)(21)	First lien senior secured loan	L + 5.50%	3/17/2025	2,495	2,495	2,483	0.1	%
Ex Vivo Parent Inc.(5)(7)(21)	First lien senior secured loan	L + 9.50%	9/27/2028	26,145	25,676	25,688	1.4	%
National Dentex Labs LLC (fka Barracuda Dental LLC)(5)(7)(21)	First lien senior secured loan	L + 7.00%	10/27/2025	17,584	17,392	17,143	1.0	%
National Dentex Labs LLC (fka Barracuda Dental LLC)(5)(7)(21)	First lien senior secured revolving loan	L + 7.00%	10/27/2025	1,561	1,536	1,522	0.1	%
Natural Partners, LLC(5)(8)(19)(21)	First lien senior secured loan	L + 6.00%	11/29/2027	2,317	2,274	2,265	0.1	%
Natural Partners, LLC(5)(16)(17)(19)(21)	First lien senior secured revolving loan	L + 6.00%	11/29/2027	—	(3)	(4)	—	%
OB Hospitalist Group, Inc.(5)(7)(21)	First lien senior secured loan	L + 5.50%	9/27/2027	52,452	51,551	51,927	2.9	%
OB Hospitalist Group, Inc.(5)(7)(16)(21)	First lien senior secured revolving loan	L + 5.50%	9/27/2027	1,370	1,256	1,302	0.1	%
Pacific BidCo Inc. (5)(11)(19)(21)	First lien senior secured loan	SR + 5.75%	8/13/2029	10,308	10,055	10,050	0.6	%
Pacific BidCo Inc. (5)(16)(17)(18)(19)(21)	First lien senior secured delayed draw term loan	SR + 5.75%	8/11/2025	—	(14)	(14)	—	%
Parexel International, Inc. (dba Parexel)(5)(6)(21)	Second lien senior secured loan	L + 6.50%	11/15/2029	85,000	84,221	82,875	4.6	%
Plasma Buyer LLC (dba Pathgroup)(5)(11)(21)	First lien senior secured loan	SR + 5.75%	5/14/2029	681	668	672	—	%
Plasma Buyer LLC (dba Pathgroup)(5)(16)(17)(18)(21)	First lien senior secured delayed draw term loan	SR + 5.75%	5/13/2024	—	(2)	—	—	%
Plasma Buyer LLC (dba Pathgroup)(5)(16)(17)(21)	First lien senior secured revolving loan	SR + 5.75%	5/12/2028	—	(1)	(1)	—	%

Owl Rock Capital Corporation III

Consolidated Schedule of Investments

as of ~~June~~September 30, 2022

(Amounts in thousands, except share amounts)

(Unaudited)


Company(1)(2)(26)	Company(1)(2)(26)	Investment	Interest	Maturity Date	Par / Units	Amortized Cost(3)(4)	Fair Value	Percentage of Net Assets		Company(1)(2)(26)	Investment	Interest	Maturity Date	Par / Units	Amortized Cost(3)(4)	Fair Value	Percentage of Net Assets
PPV Intermediate Holdings, LLC (5)(12)(21)										PPV Intermediate Holdings, LLC (5)(12)(21)	First lien senior secured loan	SR + 5.75%	8/31/2029	22,099	21,669	21,657	1.2	%
PPV Intermediate Holdings, LLC (5)(11)(16)(18)(21)										PPV Intermediate Holdings, LLC (5)(11)(16)(18)(21)	First lien senior secured delayed draw term loan	SR + 5.75%	9/2/2024	480	409	416	—	%
PPV Intermediate Holdings, LLC (5)(16)(17)(21)										PPV Intermediate Holdings, LLC (5)(16)(17)(21)	First lien senior secured revolving loan	SR + 5.75%	8/31/2029	—	(40)	(40)	—	%
Quva Pharma, Inc.(5)(7)(21)										Quva Pharma, Inc.(5)(7)(21)	First lien senior secured loan	L + 5.50%	4/12/2028	11,700	11,409	11,408	0.6	%
Quva Pharma, Inc.(5)(8)(16)(21)										Quva Pharma, Inc.(5)(8)(16)(21)	First lien senior secured revolving loan	L + 5.50%	4/10/2026	520	495	490	—	%
TC Holdings, LLC (dba TrialCard)(5)(11)(21)										TC Holdings, LLC (dba TrialCard)(5)(11)(21)	First lien senior secured loan	SR + 5.00%	4/14/2027	2,227	2,206	2,221	0.1	%
TC Holdings, LLC (dba TrialCard)(5)(16)(17)(21)										TC Holdings, LLC (dba TrialCard)(5)(16)(17)(21)	First lien senior secured revolving loan	SR + 5.00%	4/14/2027	—	(2)	(1)	—	%
Tivity Health, Inc(5)(11)(21)										Tivity Health, Inc(5)(11)(21)	First lien senior secured loan	SR + 6.00%	6/28/2029	1,000	976	985	0.1	%
Unified Women's Healthcare, LP(5)(10)(21)										Unified Women's Healthcare, LP(5)(10)(21)	First lien senior secured loan	SR + 5.50%	6/18/2029	858	852	858	—	%
Unified Women's Healthcare, LP(5)(16)(18)(21)	Unified Women's Healthcare, LP(5)(16)(18)(21)	First lien senior secured delayed draw term loan	SR + 5.50%	6/17/2024	—	—	—	—	%	Unified Women's Healthcare, LP(5)(16)(18)(21)	First lien senior secured delayed draw term loan	SR + 5.50%	6/17/2024	—	—	—	—	%
Unified Women's Healthcare, LP(5)(16)(17)(21)	Unified Women's Healthcare, LP(5)(16)(17)(21)	First lien senior secured revolving loan	SR + 5.50%	6/18/2029	—	(1)	(1)	—	%	Unified Women's Healthcare, LP(5)(16)(17)(21)	First lien senior secured revolving loan	SR + 5.50%	6/18/2029	—	(1)	—	—	%
Vermont Aus Pty Ltd(5)(11)(19)(21)	Vermont Aus Pty Ltd(5)(11)(19)(21)	First lien senior secured loan	SR + 5.50%	3/22/2028	998	974	960	0.1	%	Vermont Aus Pty Ltd(5)(11)(19)(21)	First lien senior secured loan	SR + 5.50%	3/22/2028	995	972	968	0.1	%
					206,154	203,065	200,360	11.5	%					239,792	236,049	234,870	13.0	%
Healthcare technology	Healthcare technology									Healthcare technology
BCPE Osprey Buyer, Inc. (dba PartsSource)(5)(8)(21)		First lien senior secured loan	L + 5.75%	8/23/2028	54,039	53,261	52,418	3.0	%
BCPE Osprey Buyer, Inc. (dba PartsSource)(5)(7)(21)										BCPE Osprey Buyer, Inc. (dba PartsSource)(5)(7)(21)	First lien senior secured loan	L + 5.75%	8/23/2028	53,903	53,152	52,690	2.9	%
BCPE Osprey Buyer, Inc. (dba PartsSource)(5)(16)(17)(18)(21)	BCPE Osprey Buyer, Inc. (dba PartsSource)(5)(16)(17)(18)(21)	First lien senior secured delayed draw term loan	L + 5.75%	8/23/2023	—	(66)	(250)	—	%	BCPE Osprey Buyer, Inc. (dba PartsSource)(5)(16)(17)(18)(21)	First lien senior secured delayed draw term loan	L + 5.75%	8/23/2023	—	(63)	(150)	—	%
BCPE Osprey Buyer, Inc. (dba PartsSource)(5)(16)(17)(21)	BCPE Osprey Buyer, Inc. (dba PartsSource)(5)(16)(17)(21)	First lien senior secured revolving loan	L + 5.75%	8/21/2026	—	(81)	(169)	—	%	BCPE Osprey Buyer, Inc. (dba PartsSource)(5)(16)(17)(21)	First lien senior secured revolving loan	L + 5.75%	8/21/2026	—	(76)	(127)	—	%
Datix Bidco Limited (dba RLDatix)(5)(13)(19)(21)	Datix Bidco Limited (dba RLDatix)(5)(13)(19)(21)	First lien senior secured loan	SA + 4.50%	4/27/2025	387	431	375	—	%	Datix Bidco Limited (dba RLDatix)(5)(13)(19)(21)	First lien senior secured GBP term loan	SA + 4.50%	4/28/2025	356	432	348	—	%
Datix Bidco Limited (dba RLDatix)(5)(13)(19)(21)	Datix Bidco Limited (dba RLDatix)(5)(13)(19)(21)	Second lien senior secured loan	SA + 7.75%	4/27/2026	2,024	2,253	1,969	0.1	%	Datix Bidco Limited (dba RLDatix)(5)(13)(19)(21)	Second lien senior secured GBP term loan	SA + 7.75%	4/27/2026	1,860	2,255	1,823	0.1	%
GI Ranger Intermediate, LLC (dba Rectangle Health)(5)(11)(21)		First lien senior secured loan	SR + 6.00%	10/30/2028	20,922	20,535	20,242	1.2	%
GI Ranger Intermediate, LLC (dba Rectangle Health)(5)(11)(16)(21)		First lien senior secured revolving loan	SR + 6.00%	10/29/2027	167	138	113	—	%
Imprivata, Inc.(5)(10)(21)		Second lien senior secured loan	SR + 6.25%	12/1/2028	882	874	874	—	%
Inovalon Holdings, Inc.(5)(7)(21)		First lien senior secured loan	L + 6.25% (incl. 2.75% PIK)	11/24/2028	51,353	50,180	49,299	2.8	%
Inovalon Holdings, Inc.(5)(16)(17)(18)(21)		First lien senior secured delayed draw term loan	L + 5.75%	5/24/2024	—	(62)	(148)	—	%
Inovalon Holdings, Inc.(5)(6)(21)		Second lien senior secured loan	L + 10.50% PIK	11/24/2033	25,703	25,233	24,996	1.4	%
Intelerad Medical Systems Incorporated(5)(7)(19)(21)		First lien senior secured loan	L + 6.25%	8/21/2026	42,588	42,121	41,949	2.4	%
Intelerad Medical Systems Incorporated(5)(7)(16)(19)(21)		First lien senior secured revolving loan	L + 6.25%	8/21/2026	1,104	1,104	1,078	0.1	%
Engage Debtco Limited (5)(10)(19)(21)										Engage Debtco Limited (5)(10)(19)(21)	First lien senior secured loan	SR + 5.75%	7/13/2029	1,000	976	975	0.1	%

Owl Rock Capital Corporation III

Consolidated Schedule of Investments

as of ~~June~~September 30, 2022

(Amounts in thousands, except share amounts)

(Unaudited)

Company(1)(2)(26) Investment Interest Maturity Date Par / Units Amortized Cost(3)(4) Fair Value Percentage of Net Assets
Interoperability Bidco, Inc. (dba Lyniate)(5)(11)(21) First lien senior secured loan SR + 7.00% 12/24/2026 4,771 4,741 4,687 0.3 %
Interoperability Bidco, Inc. (dba Lyniate)(5)(16)(17)(21) First lien senior secured revolving loan SR + 7.00% 12/26/2024 — (1) (4) — %
RL Datix Holdings (USA), Inc.(5)(12)(19)(21) First lien senior secured loan SR + 4.50% 4/28/2025 5,000 4,917 4,682 0.3 %
RL Datix Holdings (USA), Inc.(5)(16)(17)(18)(19)(21) First lien senior secured delayed draw term loan SR + 4.50% 4/14/2024 — (66) (155) — %
RL Datix Holdings (USA), Inc.(5)(16)(17)(19)(21) First lien senior secured revolving loan SR + 4.50% 4/27/2025 — (57) (98) — %
RL Datix Holdings (USA), Inc.(5)(12)(16)(19)(21) Second lien senior secured delayed draw term loan SR + 7.75% 4/27/2026 5,000 4,895 4,842 0.3 %
213,940 210,350 206,700 11.9 %
Household products
Aptive Environmental, LLC(21)(25) First lien senior secured loan 12% (incl. 6.00% PIK) 1/23/2026 2,566 2,137 2,142 0.1 %
LTP Holdco, LLC(5)(10)(21) Unsecured facility SR + 10.75% PIK 4/25/2032 1,523 1,479 1,477 0.1 %
Mario Purchaser, LLC(5)(10)(21) First lien senior secured loan SR + 5.75% 4/25/2029 5,230 5,127 5,125 0.3 %
Mario Purchaser, LLC(5)(16)(17)(18)(21) First lien senior secured delayed draw term loan SR + 5.75% 4/25/2024 — (27) (28) — %
Mario Purchaser, LLC(5)(16)(17)(21) First lien senior secured revolving loan SR + 5.75% 4/25/2028 — (11) (11) — %
Simplisafe Holding Corporation(5)(10)(21) First lien senior secured loan SR + 6.25% 4/30/2027 2,058 2,018 2,016 0.1 %
Simplisafe Holding Corporation(5)(16)(17)(18)(21) First lien senior secured delayed draw term loan SR + 6.25% 5/2/2024 — (2) (3) — %
Walker Edison Furniture Company LLC(5)(7)(21) First lien senior secured loan L + 8.75% (incl. 3.00% PIK) 3/31/2027 25,238 25,238 21,200 1.2 %
36,615 35,959 31,918 1.8 %
Human resource support services
Cornerstone OnDemand, Inc.(5)(6)(21) Second lien senior secured loan L + 6.50% 10/15/2029 44,583 43,959 40,348 2.3 %


Company(1)(2)(26)	Investment	Interest	Maturity Date	Par / Units	Amortized Cost(3)(4)	Fair Value	Percentage of Net Assets
GI Ranger Intermediate, LLC (dba Rectangle Health)(5)(11)(21)	First lien senior secured loan	SR + 6.00%	10/30/2028	20,869	20,497	20,348	1.1	%
GI Ranger Intermediate, LLC (dba Rectangle Health)(5)(11)(16)(21)	First lien senior secured revolving loan	SR + 6.00%	10/29/2027	167	139	125	—	%
Imprivata, Inc.(5)(10)(21)	Second lien senior secured loan	SR + 6.25%	12/1/2028	882	874	867	—	%
Inovalon Holdings, Inc.(5)(7)(21)	First lien senior secured loan	L + 6.25% (incl. 2.75% PIK)	11/24/2028	51,593	50,458	50,045	2.8	%
Inovalon Holdings, Inc.(5)(16)(17)(18)(21)	First lien senior secured delayed draw term loan	L + 3.50%	5/24/2024	—	(59)	(94)	—	%
Inovalon Holdings, Inc.(5)(7)(21)	Second lien senior secured loan	L + 10.50% PIK	11/24/2033	26,265	25,800	25,739	1.4	%
Intelerad Medical Systems Incorporated(5)(11)(19)(21)	First lien senior secured loan	SR + 6.50%	8/21/2026	44,733	44,259	44,509	2.5	%
Intelerad Medical Systems Incorporated(5)(11)(16)(19)(21)	First lien senior secured revolving loan	SR + 6.50%	8/21/2026	1,104	1,104	1,095	0.1	%
Interoperability Bidco, Inc. (dba Lyniate)(5)(11)(21)	First lien senior secured loan	SR + 7.00%	12/24/2026	4,759	4,731	4,711	0.3	%
Interoperability Bidco, Inc. (dba Lyniate)(5)(16)(17)(21)	First lien senior secured revolving loan	SR + 7.00%	12/26/2024	—	(1)	(2)	—	%
RL Datix Holdings (USA), Inc.(5)(12)(19)(21)	First lien senior secured loan	SR + 4.50%	4/28/2025	11,900	11,700	11,603	0.6	%
RL Datix Holdings (USA), Inc.(5)(16)(17)(19)(21)	First lien senior secured revolving loan	SR + 4.50%	4/28/2025	—	(52)	(75)	—	%
RL Datix Holdings (USA), Inc.(5)(12)(16)(19)(21)	Second lien senior secured delayed draw term loan	SR + 7.75%	4/27/2026	5,000	4,900	4,888	0.3	%
				224,391	221,026	219,318	12.2	%
Household products
Aptive Environmental, LLC(21)(25)	First lien senior secured loan	12% (incl. 6.00% PIK)	1/23/2026	3,011	2,486	2,567	0.1	%
Mario Midco Holdings, Inc. (dba Len the Plumber)(5)(10)(21)	Unsecured facility	SR + 10.75% PIK	4/26/2032	1,574	1,531	1,547	0.1	%
Mario Purchaser, LLC (dba Len the Plumber)(5)(10)(21)	First lien senior secured loan	SR + 5.75%	4/26/2029	5,230	5,130	5,164	0.3	%

Owl Rock Capital Corporation III

Consolidated Schedule of Investments

as of ~~June~~September 30, 2022

(Amounts in thousands, except share amounts)

(Unaudited)

Company(1)(2)(26) Investment Interest Maturity Date Par / Units Amortized Cost(3)(4) Fair Value Percentage of Net Assets
IG Investments Holdings, LLC (dba Insight Global)(5)(7)(21) First lien senior secured loan L + 6.00% 9/22/2028 69,059 67,803 67,333 3.8 %
IG Investments Holdings, LLC (dba Insight Global)(5)(9)(16)(21) First lien senior secured revolving loan P + 5.00% 9/22/2027 1,490 1,396 1,355 0.1 %
115,132 113,158 109,036 6.2 %
Infrastructure and environmental services
Tamarack Intermediate, L.L.C. (dba Verisk 3E)(5)(11)(21) First lien senior secured loan SR + 5.50% 3/13/2028 685 672 663 — %
Tamarack Intermediate, L.L.C. (dba Verisk 3E)(5)(16)(17)(21) First lien senior secured revolving loan SR + 5.50% 3/13/2028 — (2) (4) — %
685 670 659 — %
Insurance
Alera Group, Inc.(5)(6)(21) First lien senior secured loan L + 5.50% 10/2/2028 69,564 68,137 68,124 3.9 %
Alera Group, Inc.(5)(6)(16)(18)(21) First lien senior secured delayed draw term loan L + 5.50% 10/2/2023 19,091 18,694 18,688 1.1 %
Ardonagh Midco 2 Plc(19)(21)(25) Unsecured notes 12% 1/15/2027 241 239 252 — %
Ardonagh Midco 3 Plc(5)(13)(19)(21) First lien senior secured GBP loan SA + 7.00% 7/14/2026 2,263 2,299 2,259 0.1 %
Ardonagh Midco 3 Plc(5)(15)(19)(21) First lien senior secured EUR loan E + 7.00% 7/14/2026 205 216 204 — %
Ardonagh Midco 3 Plc(5)(8)(19)(21) First lien senior secured USD loan L + 5.75% 7/14/2026 576 566 570 — %
Ardonagh Midco 3 Plc(5)(16)(17)(18)(19)(21) First lien senior secured GBP delayed draw term loan SA + 5.75% 8/19/2023 — — (3) — %
Asurion, LLC(5)(6)(20)(21) Second lien senior secured loan L + 5.25% 1/31/2028 5,000 5,000 4,250 0.2 %
Asurion, LLC(5)(6)(20)(21) Second lien senior secured loan L + 5.25% 1/22/2029 15,000 14,866 12,675 0.7 %
Brightway Holdings, LLC(5)(6)(21) First lien senior secured loan L + 6.50% 12/16/2027 17,850 17,643 17,359 1.0 %
Brightway Holdings, LLC(5)(16)(17)(21) First lien senior secured revolving loan L + 6.50% 12/16/2027 — (24) (58) — %
Evolution BuyerCo, Inc. (dba SIAA)(5)(7)(21) First lien senior secured loan L + 6.25% 4/28/2028 29,654 29,287 28,914 1.7 %


Company(1)(2)(26)	Investment	Interest	Maturity Date	Par / Units	Amortized Cost(3)(4)	Fair Value	Percentage of Net Assets
Mario Purchaser, LLC (dba Len the Plumber)(5)(10)(16)(18)(21)	First lien senior secured delayed draw term loan	SR + 5.75%	4/26/2024	810	776	795	—	%
Mario Purchaser, LLC (dba Len the Plumber)(5)(16)(17)(21)	First lien senior secured revolving loan	SR + 5.75%	4/26/2028	—	(10)	(7)	—	%
Simplisafe Holding Corporation(5)(10)(21)	First lien senior secured loan	SR + 6.25%	4/30/2027	2,052	2,014	2,027	0.1	%
Simplisafe Holding Corporation(5)(16)(17)(18)(21)	First lien senior secured delayed draw term loan	SR + 6.25%	5/2/2024	—	(2)	(1)	—	%
Walker Edison Furniture Company LLC(5)(7)(21)(28)	First lien senior secured loan	L + 8.75% (incl. 3.00% PIK)	3/31/2027	25,369	24,667	17,504	1.0	%
				38,046	36,592	29,596	1.6	%
Human resource support services
Cornerstone OnDemand, Inc.(5)(6)(21)	Second lien senior secured loan	L + 6.50%	10/15/2029	44,583	43,975	42,689	2.4	%
IG Investments Holdings, LLC (dba Insight Global)(5)(7)(21)	First lien senior secured loan	L + 6.00%	9/22/2028	68,885	67,672	67,680	3.8	%
IG Investments Holdings, LLC (dba Insight Global)(5)(16)(17)(21)	First lien senior secured revolving loan	L + 6.00%	9/22/2027	—	(90)	(95)	—	%
				113,468	111,557	110,274	6.2	%
Infrastructure and environmental services
Tamarack Intermediate, L.L.C. (dba Verisk 3E)(5)(12)(21)	First lien senior secured loan	SR + 5.50%	3/13/2028	683	671	668	—	%
Tamarack Intermediate, L.L.C. (dba Verisk 3E)(5)(16)(17)(21)	First lien senior secured revolving loan	SR + 5.50%	3/13/2028	—	(2)	(3)	—	%
				683	669	665	—	%
Insurance
Alera Group, Inc.(5)(11)(21)	First lien senior secured loan	SR + 6.00%	10/2/2028	89,109	87,341	88,441	4.9	%
AmeriLife Holdings LLC (5)(11)(21)	First lien senior secured loan	SR + 5.75%	8/31/2029	7,273	7,129	7,127	0.4	%
AmeriLife Holdings LLC (5)(16)(17)(18)(21)	First lien senior secured delayed draw term loan	SR + 5.75%	9/2/2024	—	(18)	(18)	—	%
AmeriLife Holdings LLC (5)(16)(17)(21)	First lien senior secured revolving loan	SR + 5.75%	8/31/2028	—	(18)	(18)	—	%

Owl Rock Capital Corporation III

Consolidated Schedule of Investments

as of ~~June~~September 30, 2022

(Amounts in thousands, except share amounts)

(Unaudited)

Company(1)(2)(26) Investment Interest Maturity Date Par / Units Amortized Cost(3)(4) Fair Value Percentage of Net Assets
Evolution BuyerCo, Inc. (dba SIAA)(5)(16)(17)(21) First lien senior secured revolving loan L + 6.25% 4/30/2027 — (26) (56) — %
KUSRP Intermediate, Inc. (dba U.S. Retirement and Benefits Partners)(5)(8)(21) First lien senior secured loan L + 9.50% PIK 7/24/2028 12,887 12,664 12,565 0.7 %
Peter C. Foy & Associates Insurance Services, LLC (dba PCF Insurance Services)(5)(8)(21) First lien senior secured loan L + 6.00% 11/1/2028 34,152 33,837 33,810 1.9 %
Peter C. Foy & Associates Insurance Services, LLC (dba PCF Insurance Services)(5)(16)(17)(21) First lien senior secured revolving loan L + 6.00% 11/1/2027 — (14) (16) — %
PCF Midco II, LLC (dba PCF Insurance Services)(21)(25) First lien senior secured loan 9.00% PIK 10/31/2031 34,108 31,176 29,759 1.7 %
TEMPO BUYER CORP. (dba Global Claims Services)(5)(7)(21) First lien senior secured loan L + 5.50% 8/28/2028 36,341 35,686 35,069 2.0 %
TEMPO BUYER CORP. (dba Global Claims Services)(5)(16)(17)(18)(21) First lien senior secured delayed draw term loan L + 5.50% 8/26/2023 — (91) (258) — %
TEMPO BUYER CORP. (dba Global Claims Services)(5)(9)(16)(21) First lien senior secured revolving loan P + 4.50% 8/26/2027 206 118 26 — %
USRP Holdings, Inc. (dba U.S. Retirement and Benefits Partners)(5)(7)(21) First lien senior secured loan L + 5.50% 7/23/2027 14,980 14,719 14,455 0.8 %
USRP Holdings, Inc. (dba U.S. Retirement and Benefits Partners)(5)(16)(17)(21) First lien senior secured revolving loan L + 5.50% 7/23/2027 — (19) (38) — %
292,118 284,973 278,550 15.8 %
Internet software and services
Anaplan, Inc.(5)(10)(21) First lien senior secured loan SR + 6.50% 6/21/2029 27,016 26,748 26,746 1.5 %
Anaplan, Inc.(5)(16)(17)(21) First lien senior secured revolving loan SR + 6.50% 6/21/2028 — (19) (19) — %
Bayshore Intermediate #2, L.P. (dba Boomi)(5)(7)(21) First lien senior secured loan L + 7.75% PIK 10/2/2028 20,264 19,868 19,656 1.1 %
Bayshore Intermediate #2, L.P. (dba Boomi)(5)(16)(17)(21) First lien senior secured revolving loan L + 6.75% 10/1/2027 — (31) (48) — %
BCPE Nucleon (DE) SPV, LP(5)(8)(21) First lien senior secured loan L + 7.00% 9/24/2026 40,000 39,534 39,500 2.3 %


Company(1)(2)(26)	Investment	Interest	Maturity Date	Par / Units	Amortized Cost(3)(4)	Fair Value	Percentage of Net Assets
Ardonagh Midco 2 Plc(19)(21)(25)	Unsecured notes	11.50%	1/15/2027	241	239	237	—	%
Ardonagh Midco 3 Plc(5)(13)(19)(21)	First lien senior secured GBP term loan	SA + 7.00%	7/14/2026	2,081	2,302	2,080	0.1	%
Ardonagh Midco 3 Plc(5)(15)(19)(21)	First lien senior secured EUR term loan	E + 7.00%	7/14/2026	192	216	192	—	%
Ardonagh Midco 3 Plc(5)(8)(19)(21)	First lien senior secured USD term loan	L + 5.75%	7/14/2026	576	567	572	—	%
Ardonagh Midco 3 Plc(5)(16)(18)(19)(21)	First lien senior secured GBP delayed draw term loan	SA + 5.75%	8/19/2023	—	—	(2)	—	%
Ardonagh Midco 3 Plc (5)(15)(16)(17)(18)(19)(21)	First lien senior secured EUR delayed draw term loan	E + 6.50%	12/30/2022	—	(395)	(63)	—	%
Asurion, LLC(5)(6)(20)(21)	Second lien senior secured loan	L + 5.25%	1/31/2028	5,000	5,000	3,750	0.2	%
Asurion, LLC(5)(6)(20)(21)	Second lien senior secured loan	L + 5.25%	1/22/2029	15,000	14,870	11,400	0.6	%
Brightway Holdings, LLC(5)(6)(21)	First lien senior secured loan	L + 6.50%	12/16/2027	17,805	17,607	17,449	1.0	%
Brightway Holdings, LLC(5)(16)(17)(21)	First lien senior secured revolving loan	L + 6.50%	12/16/2027	—	(23)	(42)	—	%
Evolution BuyerCo, Inc. (dba SIAA)(5)(7)(21)	First lien senior secured loan	L + 6.25%	4/28/2028	29,580	29,227	29,062	1.7	%
Evolution BuyerCo, Inc. (dba SIAA)(5)(16)(17)(21)	First lien senior secured revolving loan	L + 6.25%	4/30/2027	—	(24)	(39)	—	%
KUSRP Intermediate, Inc. (dba U.S. Retirement and Benefits Partners)(5)(8)(21)	First lien senior secured loan	L + 9.50% PIK	7/24/2028	13,235	13,018	13,036	0.7	%
Peter C. Foy & Associates Insurance Services, LLC (dba PCF Insurance Services)(5)(8)(21)	First lien senior secured loan	L + 6.00%	11/1/2028	34,065	33,762	33,981	1.9	%
Peter C. Foy & Associates Insurance Services, LLC (dba PCF Insurance Services)(5)(16)(17)(21)	First lien senior secured revolving loan	L + 6.00%	11/1/2027	—	(13)	(4)	—	%
PCF Midco II, LLC (dba PCF Insurance Services)(21)(25)	First lien senior secured loan	9.00% PIK	10/31/2031	34,892	32,008	31,403	1.7	%
TEMPO BUYER CORP. (dba Global Claims Services)(5)(7)(21)	First lien senior secured loan	L + 5.50%	8/28/2028	36,250	35,617	35,253	2.0	%
TEMPO BUYER CORP. (dba Global Claims Services)(5)(16)(17)(18)(21)	First lien senior secured delayed draw term loan	L + 5.50%	8/26/2023	—	(87)	(181)	—	%

Owl Rock Capital Corporation III

Consolidated Schedule of Investments

as of ~~June~~September 30, 2022

(Amounts in thousands, except share amounts)

(Unaudited)

Company(1)(2)(26) Investment Interest Maturity Date Par / Units Amortized Cost(3)(4) Fair Value Percentage of Net Assets
BCTO BSI Buyer, Inc. (dba Buildertrend)(5)(7)(21) First lien senior secured loan L + 8.00% (incl. 8.00% PIK) 12/23/2026 8,654 8,587 8,589 0.5 %
BCTO BSI Buyer, Inc. (dba Buildertrend)(5)(6)(16)(21) First lien senior secured revolving loan L + 7.00% 12/23/2026 675 668 668 — %
CivicPlus, LLC(5)(7)(21) First lien senior secured loan L + 6.00% 8/24/2027 15,332 15,191 15,179 0.9 %
CivicPlus, LLC(5)(16)(17)(21) First lien senior secured revolving loan L + 6.00% 8/24/2027 — (9) (10) — %
CP PIK Debt Issuer, LLC (dba CivicPlus, LLC)(5)(10)(21) Unsecured notes SR + 11.75% PIK 6/9/2034 6,395 6,204 6,203 0.4 %
EET Buyer, Inc. (dba e-Emphasys)(5)(8)(21) First lien senior secured loan L + 5.75% 11/8/2027 19,497 19,320 19,107 1.1 %
EET Buyer, Inc. (dba e-Emphasys)(5)(16)(17)(21) First lien senior secured revolving loan L + 5.75% 11/8/2027 — (17) (39) — %
Forescout Technologies, Inc.(5)(7)(21) First lien senior secured loan L + 9.50% (incl. 9.50% PIK) 8/17/2026 41,763 41,334 41,763 2.4 %
Forescout Technologies, Inc.(5)(16)(17)(21) First lien senior secured delayed draw term loan L + 8.00% 8/17/2026 — (83) (21) — %
Forescout Technologies, Inc.(5)(16)(17)(18)(21) First lien senior secured delayed draw term loan L + 8.00% 7/1/2024 — (49) (24) — %
Forescout Technologies, Inc.(5)(6)(16)(21) First lien senior secured revolving loan L + 8.50% 8/18/2025 1,373 1,348 1,373 0.1 %
GovBrands Intermediate, Inc.(5)(7)(21) First lien senior secured loan L + 5.50% 8/4/2027 8,304 8,123 7,910 0.5 %
GovBrands Intermediate, Inc.(5)(7)(16)(18)(21) First lien senior secured delayed draw term loan L + 5.50% 8/4/2023 1,868 1,818 1,749 0.1 %
GovBrands Intermediate, Inc.(5)(16)(17)(21) First lien senior secured revolving loan L + 5.50% 8/4/2027 — (19) (42) — %
Granicus, Inc.(5)(7)(21) First lien senior secured loan L + 6.50% 1/29/2027 13,428 13,169 12,991 0.7 %
Granicus, Inc.(5)(7)(16)(18)(21) First lien senior secured delayed draw term loan L + 6.00% 4/23/2023 1,527 1,494 1,455 0.1 %
Granicus, Inc.(5)(16)(17)(21) First lien senior secured revolving loan L + 6.50% 1/29/2027 — (22) (39) — %


Company(1)(2)(26)	Investment	Interest	Maturity Date	Par / Units	Amortized Cost(3)(4)	Fair Value	Percentage of Net Assets
TEMPO BUYER CORP. (dba Global Claims Services)(5)(9)(16)(21)	First lien senior secured revolving loan	P + 4.50%	8/26/2027	310	225	168	—	%
USRP Holdings, Inc. (dba U.S. Retirement and Benefits Partners)(5)(9)(21)	First lien senior secured loan	L + 5.50%	7/23/2027	14,942	14,692	14,568	0.8	%
USRP Holdings, Inc. (dba U.S. Retirement and Benefits Partners)(5)(16)(17)(21)	First lien senior secured revolving loan	L + 5.50%	7/23/2027	—	(18)	(27)	—	%
				300,551	293,224	288,325	16.0	%
Internet software and services
Anaplan, Inc.(5)(10)(21)	First lien senior secured loan	SR + 6.50%	6/21/2029	27,016	26,754	26,949	1.5	%
Anaplan, Inc.(5)(16)(17)(21)	First lien senior secured revolving loan	SR + 6.50%	6/21/2028	—	(19)	(5)	—	%
Bayshore Intermediate #2, L.P. (dba Boomi)(5)(6)(21)	First lien senior secured loan	L + 7.75% PIK	10/2/2028	20,772	20,388	20,304	1.1	%
Bayshore Intermediate #2, L.P. (dba Boomi)(5)(16)(17)(21)	First lien senior secured revolving loan	L + 6.75%	10/1/2027	—	(30)	(36)	—	%
BCPE Nucleon (DE) SPV, LP(5)(8)(19)(21)	First lien senior secured loan	L + 7.00%	9/24/2026	40,000	39,557	39,800	2.3	%
BCTO BSI Buyer, Inc. (dba Buildertrend)(5)(11)(21)	First lien senior secured loan	SR + 8.00% (incl. 8.00% PIK)	12/23/2026	9,859	9,775	9,859	0.5	%
BCTO BSI Buyer, Inc. (dba Buildertrend)(5)(16)(17)(21)	First lien senior secured revolving loan	SR + 7.00%	12/23/2026	—	(17)	—	—	%
CivicPlus, LLC(5)(6)(21)	First lien senior secured loan	L + 6.75% (incl. 2.50% PIK)	8/24/2027	15,332	15,197	15,294	0.9	%
CivicPlus, LLC(5)(16)(17)(21)	First lien senior secured revolving loan	L + 6.25%	8/24/2027	—	(9)	(3)	—	%
CP PIK Debt Issuer, LLC (dba CivicPlus, LLC)(5)(12)(21)	Unsecured notes	SR + 11.75% PIK	6/9/2034	6,395	6,208	6,267	0.3	%
EET Buyer, Inc. (dba e-Emphasys)(5)(7)(21)	First lien senior secured loan	L + 5.25%	11/8/2027	19,448	19,278	19,205	1.1	%
EET Buyer, Inc. (dba e-Emphasys)(5)(16)(17)(21)	First lien senior secured revolving loan	L + 5.25%	11/8/2027	—	(17)	(24)	—	%

Owl Rock Capital Corporation III

Consolidated Schedule of Investments

as of ~~June~~September 30, 2022

(Amounts in thousands, except share amounts)

(Unaudited)

Company(1)(2)(26) Investment Interest Maturity Date Par / Units Amortized Cost(3)(4) Fair Value Percentage of Net Assets
GS Acquisitionco, Inc. (dba insightsoftware)(5)(8)(21) First lien senior secured loan L + 5.75% 5/25/2026 8,042 8,006 7,921 0.5 %
GS Acquisitionco, Inc. (dba insightsoftware)(5)(16)(17)(18)(21) First lien senior secured delayed draw term loan L + 5.75% 11/2/2022 — (6) (35) — %
Hyland Software, Inc.(5)(6)(21) Second lien senior secured loan L + 6.25% 7/7/2025 6,000 5,998 5,865 0.3 %
MessageBird BidCo B.V.(5)(7)(19)(21) First lien senior secured loan L + 6.75% 5/5/2027 16,000 15,702 15,520 0.9 %
Ministry Brands Holdings, LLC. (5)(7)(21) First lien senior secured loan L + 5.50% 12/29/2028 10,479 10,281 10,086 0.6 %
Ministry Brands Holdings, LLC. (5)(16)(17)(18)(21) First lien senior secured delayed draw term loan L + 5.50% 12/29/2023 — (31) (92) — %
Ministry Brands Holdings, LLC. (5)(16)(17)(21) First lien senior secured revolving loan L + 5.50% 12/30/2027 — (18) (38) — %
Proofpoint, Inc.(5)(8)(20)(21) Second lien senior secured loan L + 6.25% 8/31/2029 7,500 7,465 7,163 0.4 %
QAD Inc.(5)(7)(21) First lien senior secured loan L + 6.00% 11/5/2027 46,384 45,540 44,644 2.6 %
QAD Inc.(5)(16)(17)(21) First lien senior secured revolving loan L + 6.00% 11/5/2027 — (107) (225) — %
Securonix, Inc.(5)(11)(21) First lien senior secured loan SR + 6.50% 4/5/2028 847 839 839 — %
Securonix, Inc.(5)(16)(17)(21) First lien senior secured revolving loan SR + 6.50% 4/5/2028 — (1) (2) — %
Tahoe Finco, LLC(5)(7)(19)(21) First lien senior secured loan L + 6.00% 9/29/2028 83,721 82,955 81,628 4.6 %
Tahoe Finco, LLC(5)(16)(17)(19)(21) First lien senior secured revolving loan L + 6.00% 10/1/2027 — (55) (157) — %
Thunder Purchaser, Inc. (dba Vector Solutions)(5)(7)(21) First lien senior secured loan L + 5.75% 6/30/2028 36,007 35,689 35,106 2.0 %
Thunder Purchaser, Inc. (dba Vector Solutions)(5)(16)(17)(18)(21) First lien senior secured delayed draw term loan L + 5.75% 8/17/2023 — — (92) — %
Thunder Purchaser, Inc. (dba Vector Solutions)(5)(8)(16)(21) First lien senior secured revolving loan L + 5.75% 6/30/2027 735 717 681 — %
When I Work, Inc.(5)(8)(21) First lien senior secured loan L + 7.00% PIK 11/2/2027 22,650 22,448 22,026 1.3 %
When I Work, Inc.(5)(16)(17)(21) First lien senior secured revolving loan L + 6.00% 11/2/2027 — (37) (114) — %
444,461 438,542 433,371 24.9 %


Company(1)(2)(26)	Investment	Interest	Maturity Date	Par / Units	Amortized Cost(3)(4)	Fair Value	Percentage of Net Assets
Forescout Technologies, Inc.(5)(7)(21)	First lien senior secured loan	L + 9.50% (incl. 9.50% PIK)	8/17/2026	42,777	42,369	42,777	2.4	%
Forescout Technologies, Inc.(5)(7)(21)	First lien senior secured loan	L + 9.00% (incl. 9.00% PIK)	8/17/2026	8,495	8,416	8,452	0.5	%
Forescout Technologies, Inc.(5)(16)(17)(18)(21)	First lien senior secured delayed draw term loan	L + 8.00%	7/1/2024	—	(46)	—	—	%
Forescout Technologies, Inc.(5)(16)(17)(21)	First lien senior secured revolving loan	L + 8.50%	8/18/2025	—	(23)	—	—	%
GovBrands Intermediate, Inc.(5)(7)(21)	First lien senior secured loan	L + 5.50%	8/4/2027	8,283	8,110	7,973	0.4	%
GovBrands Intermediate, Inc.(5)(7)(16)(18)(21)	First lien senior secured delayed draw term loan	L + 5.50%	8/4/2023	1,864	1,816	1,772	0.1	%
GovBrands Intermediate, Inc.(5)(7)(16)(21)	First lien senior secured revolving loan	L + 5.50%	8/4/2027	245	227	212	—	%
Granicus, Inc.(5)(8)(21)	First lien senior secured loan	L + 6.50%	1/29/2027	13,394	13,148	13,059	0.8	%
Granicus, Inc.(5)(7)(16)(18)(21)	First lien senior secured delayed draw term loan	L + 6.00%	4/23/2023	1,524	1,492	1,470	0.1	%
Granicus, Inc.(5)(16)(17)(21)	First lien senior secured revolving loan	L + 6.50%	1/29/2027	—	(21)	(30)	—	%
GS Acquisitionco, Inc. (dba insightsoftware)(5)(7)(21)	First lien senior secured loan	L + 5.75%	5/25/2026	8,648	8,611	8,583	0.5	%
GS Acquisitionco, Inc. (dba insightsoftware)(5)(16)(17)(18)(21)	First lien senior secured delayed draw term loan	L + 5.75%	11/2/2022	—	(4)	(11)	—	%
Hyland Software, Inc.(5)(6)(21)	Second lien senior secured loan	L + 6.25%	7/7/2025	6,000	5,998	5,880	0.3	%
MessageBird BidCo B.V.(5)(8)(19)(21)	First lien senior secured loan	L + 6.75%	5/5/2027	16,000	15,714	15,640	0.9	%
Ministry Brands Holdings, LLC. (5)(7)(21)	First lien senior secured loan	L + 5.50%	12/29/2028	10,452	10,261	10,165	0.6	%
Ministry Brands Holdings, LLC. (5)(16)(17)(18)(21)	First lien senior secured delayed draw term loan	L + 5.50%	12/29/2023	—	(30)	(59)	—	%
Ministry Brands Holdings, LLC. (5)(16)(17)(21)	First lien senior secured revolving loan	L + 5.50%	12/30/2027	—	(18)	(28)	—	%
Proofpoint, Inc.(5)(7)(20)(21)	Second lien senior secured loan	L + 6.25%	8/31/2029	7,500	7,466	7,191	0.4	%
QAD Inc.(5)(6)(21)	First lien senior secured loan	L + 6.00%	11/5/2027	46,267	45,458	45,111	2.6	%

Owl Rock Capital Corporation III

Consolidated Schedule of Investments

as of ~~June~~September 30, 2022

(Amounts in thousands, except share amounts)

(Unaudited)

Company(1)(2)(26) Investment Interest Maturity Date Par / Units Amortized Cost(3)(4) Fair Value Percentage of Net Assets
Leisure and entertainment
Troon Golf, L.L.C.(5)(8)(21) First lien senior secured loan L + 5.75% 8/5/2027 70,414 70,106 70,062 4.0 %
Troon Golf, L.L.C.(5)(16)(17)(21) First lien senior secured revolving loan L + 6.00% 8/5/2026 — (22) (27) — %
70,414 70,084 70,035 4.0 %
Manufacturing
Gloves Buyer, Inc. (dba Protective Industrial Products)(5)(6)(21) Second lien senior secured loan L + 8.25% 12/29/2028 6,300 6,164 6,158 0.4 %
MHE Intermediate Holdings, LLC (dba OnPoint Group)(5)(8)(21) First lien senior secured loan L + 6.00% 7/21/2027 40,763 40,410 39,845 2.3 %
MHE Intermediate Holdings, LLC (dba OnPoint Group)(5)(7)(21) First lien senior secured delayed draw term loan L + 6.00% 7/21/2027 5,328 5,279 5,208 0.3 %
MHE Intermediate Holdings, LLC (dba OnPoint Group)(5)(16)(17)(21) First lien senior secured revolving loan L + 5.75% 7/21/2027 — (30) (80) — %
Sonny's Enterprises LLC(5)(6)(21) First lien senior secured loan L + 6.75% 8/5/2026 49,207 48,521 49,207 2.8 %
Sonny's Enterprises LLC(5)(6)(16)(21) First lien senior secured revolving loan L + 6.75% 8/5/2025 1,127 1,078 1,127 0.1 %
102,725 101,422 101,465 5.9 %
Professional services
Apex Group Treasury LLC(5)(7)(19)(21) Second lien senior secured loan L + 6.75% 7/27/2029 5,000 4,955 4,800 0.3 %
Apex Group Treasury LLC(5)(16)(17)(18)(19)(21) Second lien senior secured delayed draw term loan L + 6.75% 10/31/2022 — — (132) — %
Apex Service Partners, LLC(5)(10)(16)(18)(21) First lien senior secured delayed draw term loan SR + 5.50% 10/23/2023 462 452 451 — %
Apex Service Partners, LLC(5)(8)(16)(21) First lien senior secured revolving loan L + 5.25% 7/31/2025 10 9 9 — %
Guidehouse Inc.(5)(6)(21) First lien senior secured loan L + 5.50% 10/16/2028 44,243 43,837 43,137 2.4 %
Relativity ODA LLC(5)(7)(21) First lien senior secured loan L + 7.50% PIK 5/12/2027 16,059 15,871 15,819 0.9 %
Relativity ODA LLC(5)(16)(17)(21) First lien senior secured revolving loan L + 6.50% 5/12/2027 — (18) (22) — %
65,774 65,106 64,062 3.6 %


Company(1)(2)(26)	Investment	Interest	Maturity Date	Par / Units	Amortized Cost(3)(4)	Fair Value	Percentage of Net Assets
QAD Inc.(5)(16)(17)(21)	First lien senior secured revolving loan	L + 6.00%	11/5/2027	—	(102)	(150)	—	%
Sailpoint Technologies Holdings, Inc. (5)(10)(21)	First lien senior secured loan	SR + 6.25%	8/15/2029	22,820	22,344	22,339	1.2	%
Sailpoint Technologies Holdings, Inc. (5)(16)(17)(21)	First lien senior secured revolving loan	SR + 6.25%	8/15/2028	—	(43)	(46)	—	%
Securonix, Inc.(5)(11)(21)	First lien senior secured loan	SR + 6.50%	4/5/2028	847	840	845	—	%
Securonix, Inc.(5)(16)(17)(21)	First lien senior secured revolving loan	SR + 6.50%	4/5/2028	—	(1)	—	—	%
Tahoe Finco, LLC(5)(6)(19)(21)	First lien senior secured loan	L + 6.00%	9/29/2028	83,721	82,979	82,256	4.7	%
Tahoe Finco, LLC(5)(16)(17)(19)(21)	First lien senior secured revolving loan	L + 6.00%	10/1/2027	—	(52)	(110)	—	%
Thunder Purchaser, Inc. (dba Vector Solutions)(5)(7)(21)	First lien senior secured loan	L + 5.75%	6/30/2028	35,916	35,611	35,198	2.0	%
Thunder Purchaser, Inc. (dba Vector Solutions)(5)(7)(16)(18)(21)	First lien senior secured delayed draw term loan	L + 5.75%	8/17/2023	2,199	2,178	2,116	0.1	%
Thunder Purchaser, Inc. (dba Vector Solutions)(5)(7)(16)(21)	First lien senior secured revolving loan	L + 5.75%	6/30/2027	735	718	692	—	%
When I Work, Inc.(5)(7)(21)	First lien senior secured loan	L + 7.00% PIK	11/2/2027	23,113	22,918	22,649	1.4	%
When I Work, Inc.(5)(16)(17)(21)	First lien senior secured revolving loan	L + 6.00%	11/2/2027	—	(35)	(83)	—	%
				479,622	473,364	471,473	26.7	%
Leisure and entertainment
Troon Golf, L.L.C.(5)(8)(21)	First lien senior secured loan	L + 5.75%	8/5/2027	70,236	69,942	70,236	3.9	%
Troon Golf, L.L.C.(5)(16)(17)(21)	First lien senior secured revolving loan	L + 6.00%	8/5/2026	—	(21)	—	—	%
				70,236	69,921	70,236	3.9	%
Manufacturing
BCPE Watson (DE) ORML, LP (5)(12)(19)(21)(27)	First lien senior secured loan	SR + 6.50%	7/1/2028	5,000	4,952	4,950	0.3	%
Gloves Buyer, Inc. (dba Protective Industrial Products)(5)(6)(21)	Second lien senior secured loan	L + 8.25%	12/29/2028	6,300	6,168	6,206	0.3	%

Owl Rock Capital Corporation III

Consolidated Schedule of Investments

as of ~~June~~September 30, 2022

(Amounts in thousands, except share amounts)

(Unaudited)

Company(1)(2)(26) Investment Interest Maturity Date Par / Units Amortized Cost(3)(4) Fair Value Percentage of Net Assets
Specialty retail
Milan Laser Holdings LLC(5)(6)(21) First lien senior secured loan L + 5.00% 4/27/2027 41,056 40,715 40,543 2.3 %
Milan Laser Holdings LLC(5)(16)(17)(21) First lien senior secured revolving loan L + 5.00% 4/27/2026 — (27) (44) — %
Notorious Topco, LLC (dba Beauty Industry Group)(5)(8)(21) First lien senior secured loan L + 6.50% 11/23/2027 60,611 59,777 59,702 3.3 %
Notorious Topco, LLC (dba Beauty Industry Group)(5)(16)(17)(18)(21) First lien senior secured delayed draw term loan L + 6.50% 11/23/2023 — (49) (22) — %
Notorious Topco, LLC (dba Beauty Industry Group)(5)(8)(16)(21) First lien senior secured revolving loan L + 6.50% 5/24/2027 2,289 2,218 2,210 0.1 %
The Shade Store, LLC(5)(6)(21) First lien senior secured loan L + 6.00% 10/13/2027 58,795 58,134 57,032 3.3 %
The Shade Store, LLC(5)(8)(16)(21) First lien senior secured revolving loan L + 6.00% 10/13/2026 2,955 2,891 2,777 0.2 %
165,706 163,659 162,198 9.2 %
Telecommunications
Park Place Technologies, LLC(5)(10)(20)(21) First lien senior secured loan SR + 5.00% 11/10/2027 7,406 7,167 7,097 0.4 %
7,406 7,167 7,097 0.4 %
Transportation
Motus Group, LLC(5)(6)(21) Second lien senior secured loan L + 6.50% 12/10/2029 10,000 9,905 9,700 0.5 %
10,000 9,905 9,700 0.5 %
Total non-controlled/non-affiliated portfolio company debt investments 2,922,751 2,885,998 2,834,358 162.1 %
Equity Investments
Automotive
CD&R Value Building Partners I, L.P. (dba Belron)(19)(21)(23)(24) LP Interest N/A N/A 33,000 33,108 30,172 1.7 %
Metis HoldCo, Inc. (dba Mavis Tire Express Services)(21)(23)(25) Series A Convertible Preferred Stock 7.00% PIK N/A 32,308 34,035 32,470 1.9 %
67,143 62,642 3.6 %
Buildings and real estate
Associations Finance, Inc.(21)(23)(25) Preferred Stock 12.00% PIK N/A 25,000,000 24,316 24,313 1.4 %


Company(1)(2)(26)	Investment	Interest	Maturity Date	Par / Units	Amortized Cost(3)(4)	Fair Value	Percentage of Net Assets
MHE Intermediate Holdings, LLC (dba OnPoint Group)(5)(12)(21)	First lien senior secured loan	SR + 6.00%	7/21/2027	40,661	40,322	40,151	2.2	%
MHE Intermediate Holdings, LLC (dba OnPoint Group)(5)(12)(21)	First lien senior secured loan	SR + 6.25%	7/21/2027	7,000	6,862	6,929	0.4	%
MHE Intermediate Holdings, LLC (dba OnPoint Group)(5)(12)(21)	First lien senior secured loan	SR + 5.75%	7/21/2027	5,315	5,268	5,248	0.3	%
MHE Intermediate Holdings, LLC (dba OnPoint Group)(5)(16)(17)(21)	First lien senior secured revolving loan	SR + 6.00%	7/21/2027	—	(29)	(45)	—	%
Sonny's Enterprises LLC(5)(7)(21)	First lien senior secured loan	L + 6.75%	8/5/2026	49,082	48,435	49,082	2.7	%
Sonny's Enterprises LLC(5)(16)(17)(21)	First lien senior secured revolving loan	L + 6.75%	8/5/2025	—	(45)	—	—	%
				113,358	111,933	112,521	6.2	%
Professional services
Apex Group Treasury, LLC(5)(7)(19)(21)	Second lien senior secured loan	L + 6.75%	7/27/2029	11,618	11,443	11,153	0.6	%
Apex Service Partners, LLC(5)(11)(16)(18)(21)	First lien senior secured delayed draw term loan	SR + 5.50%	10/23/2023	832	820	826	—	%
Apex Service Partners, LLC(5)(16)(17)(21)	First lien senior secured revolving loan	SR + 5.50%	7/31/2025	—	(1)	—	—	%
Apex Service Partners Intermediate 2, LLC (21)(25)	First lien senior secured loan	12.50% PIK	7/22/2027	20,000	19,514	19,500	1.1	%
Guidehouse Inc.(5)(6)(21)	First lien senior secured loan	L + 5.50%	10/16/2028	44,131	43,740	43,690	2.5	%
Relativity ODA LLC(5)(6)(21)	First lien senior secured loan	L + 7.50% PIK	5/12/2027	16,470	16,290	16,389	0.9	%
Relativity ODA LLC(5)(16)(17)(21)	First lien senior secured revolving loan	L + 6.50%	5/12/2027	—	(17)	(7)	—	%
Spotless Brands, LLC (5)(11)(21)	First lien senior secured loan	SR + 6.50%	7/25/2028	40,868	40,070	40,051	2.2	%
Spotless Brands, LLC (5)(10)(16)(18)(21)	First lien senior secured delayed draw term loan A	SR + 6.50%	7/25/2023	2,088	2,024	2,022	0.1	%
Spotless Brands, LLC (5)(16)(17)(18)(21)	First lien senior secured delayed draw term loan B	SR + 6.50%	7/25/2023	—	(32)	(33)	—	%
Spotless Brands, LLC (5)(10)(16)(21)	First lien senior secured revolving loan	SR + 6.50%	7/25/2028	945	919	919	0.1	%
				136,952	134,770	134,510	7.5	%

Owl Rock Capital Corporation III

Consolidated Schedule of Investments

as of ~~June~~September 30, 2022

(Amounts in thousands, except share amounts)

(Unaudited)

Company(1)(2)(26) Investment Interest Maturity Date Par / Units Amortized Cost(3)(4) Fair Value Percentage of Net Assets
Dodge Construction Network Holdings, L.P.(21)(23)(24) Class A-2 Common Units N/A N/A 431,889 368 367 — %
Dodge Construction Network Holdings, L.P.(21)(23)(24) Series A Preferred Units N/A N/A — 9 9 — %
24,693 24,689 1.4 %
Business services
Denali Holding, LP (dba Summit Companies)(21)(23)(24) Class A Units N/A N/A 413,725 4,215 5,110 0.3 %
Hercules Buyer LLC (dba The Vincit Group)(21)(22)(23)(24) Common Units N/A N/A 452 452 452 — %
Knockout Intermediate Holdings I Inc. (dba Kaseya)(21)(23)(25) Perpetual Preferred Stock 11.75% PIK N/A 6,000 5,850 5,850 0.3 %
10,517 11,412 0.6 %
Consumer products
ASP Conair Holdings LP(21)(23)(24) Class A Units N/A N/A 12,857 1,286 803 — %
1,286 803 — %
Food and beverage
Hissho Sushi Holdings, LLC(21)(23)(24) Class A Units N/A N/A 7,502 75 75 — %
75 75 — %
Healthcare equipment and services
KPCI Holdings, LP(21)(23)(24) Class A Units N/A N/A 6,701 6,701 6,665 0.5 %
Maia Aggregator, LP(21)(23)(24) Class A-2 Units N/A N/A 112,360 112 112 — %
Patriot Holdings SCSp (dba Corza Health, Inc.)(19)(21)(23)(25) Class A Units 8.00% PIK N/A 1,653 1,830 1,830 0.1 %
Patriot Holdings SCSp (dba Corza Health, Inc.)(19)(21)(23)(24) Class B Units N/A N/A 22,767 44 258 — %
Rhea Acquisition Holdings, LP(21)(23)(24) Series A-2 Units N/A N/A 119,048 119 119 — %
8,806 8,984 0.6 %
Healthcare providers and services
KOBHG Holdings, L.P. (dba OB Hospitalist)(21)(23)(24) Class A Interests N/A N/A 3,017 3,017 2,544 0.1 %
3,017 2,544 0.1 %


Company(1)(2)(26)	Investment	Interest	Maturity Date	Par / Units	Amortized Cost(3)(4)	Fair Value	Percentage of Net Assets
Specialty retail
Ideal Image Development, LLC (5)(10)(21)	First lien senior secured loan	SR + 6.50%	9/1/2027	7,805	7,651	7,649	0.4	%
Ideal Image Development, LLC (5)(16)(17)(21)	First lien senior secured delayed draw term loan	SR + 6.50%	3/1/2024	—	(5)	(5)	—	%
Ideal Image Development, LLC (5)(16)(17)(21)	First lien senior secured revolving loan	SR + 6.50%	9/1/2027	—	(24)	(24)	—	%
Milan Laser Holdings LLC(5)(6)(21)	First lien senior secured loan	L + 5.00%	4/27/2027	40,952	40,627	40,747	2.3	%
Milan Laser Holdings LLC(5)(16)(17)(21)	First lien senior secured revolving loan	L + 5.00%	4/27/2026	—	(25)	(18)	—	%
Notorious Topco, LLC (dba Beauty Industry Group)(5)(10)(21)	First lien senior secured loan	SR + 6.75%	11/23/2027	60,459	59,658	60,156	3.5	%
Notorious Topco, LLC (dba Beauty Industry Group)(5)(10)(16)(18)(21)	First lien senior secured delayed draw term loan	SR + 6.75%	11/23/2023	5,268	5,156	5,242	0.3	%
Notorious Topco, LLC (dba Beauty Industry Group)(5)(16)(17)(21)	First lien senior secured revolving loan	SR + 6.75%	5/24/2027	—	(67)	(26)	—	%
The Shade Store, LLC(5)(6)(21)	First lien senior secured loan	L + 6.00%	10/13/2027	58,648	58,013	57,182	3.2	%
The Shade Store, LLC (5)(11)(21)	First lien senior secured loan	SR + 7.00%	10/13/2027	9,286	9,012	9,146	0.5	%
The Shade Store, LLC(5)(16)(17)(21)	First lien senior secured revolving loan	L + 6.00%	10/13/2026	—	(60)	(148)	—	%
				182,418	179,936	179,901	10.2	%
Telecommunications
Park Place Technologies, LLC(5)(10)(21)	First lien senior secured loan	SR + 5.00%	11/10/2027	7,388	7,158	7,000	0.4	%
				7,388	7,158	7,000	0.4	%
Transportation
Motus Group, LLC(5)(6)(21)	Second lien senior secured loan	L + 6.50%	12/10/2029	10,000	9,908	9,775	0.6	%
				10,000	9,908	9,775	0.6	%
Total non-controlled/non-affiliated portfolio company debt investments				3,137,608	3,100,646	3,065,125	170.8	%
Equity Investments
Automotive
CD&R Value Building Partners I, L.P. (dba Belron)(19)(21)(23)(24)	LP Interest	N/A	N/A	33,000	33,108	32,614	1.8	%

Owl Rock Capital Corporation III

Consolidated Schedule of Investments

as of ~~June~~September 30, 2022

(Amounts in thousands, except share amounts)

(Unaudited)

Company(1)(2)(26) Investment Interest Maturity Date Par / Units Amortized Cost(3)(4) Fair Value Percentage of Net Assets
Healthcare technology
Minerva Holdco, Inc.(21)(23)(25) Series A Preferred Stock 10.75% PIK N/A 2,000 2,043 1,915 0.1 %
2,043 1,915 0.1 %
Household products
Evology LLC(21)(23)(24) Class B Units N/A N/A 88 420 420 — %
420 420 — %
Human resource support services
Sunshine Software Holdings, Inc. (dba Cornerstone OnDemand)(21)(23)(25) Series A Preferred Stock 10.50% PIK N/A 12,750 13,415 11,795 0.8 %
13,415 11,795 0.8 %
Insurance
Evolution Parent, LP (dba SIAA)(21)(23)(24) LP Interest N/A N/A 8,919 892 892 0.1 %
GrowthCurve Capital Sunrise Co-Invest LP (dba Brightway)(21)(23)(24) LP Interest N/A N/A 421 422 421 — %
PCF Holdco, LLC (dba PCF Insurance Services)(21)(23)(24) Class A Units N/A N/A 2,757,106 6,992 8,728 0.5 %
PCF Holdco, LLC (dba PCF Insurance Services)(21)(23)(24) Class A Warrants N/A N/A 1,013,666 2,571 3,212 0.2 %
10,877 13,253 0.8 %
Internet software and services
BCTO WIW Holdings, Inc. (dba When I Work)(21)(23)(24) Class A Common Stock N/A N/A 57,000 5,700 4,313 0.2 %
Brooklyn Lender Co-Invest 2, L.P. (dba Boomi)(21)(23)(24) Common Units N/A N/A 1,729,439 1,729 1,462 0.1 %
Insight CP (Blocker) Holdings, L.P. (dba CivicPlus, LLC)(19)(21)(23)(24) LP Interest N/A N/A 470,219 470 470 — %
MessageBird Holding B.V.(19)(21)(23)(24) Extended Series C Warrants N/A N/A 25,540 157 53 — %
Project Alpine Co-Invest Fund, L.P.(19)(21)(23)(24) LP Interest N/A N/A 2,000,000 2,001 2,000 0.1 %
Thunder Topco L.P. (dba Vector Solutions)(21)(23)(24) Common Units N/A N/A 2,138,653 2,139 1,955 0.1 %


Company(1)(2)(26)	Investment	Interest	Maturity Date	Par / Units	Amortized Cost(3)(4)	Fair Value	Percentage of Net Assets
Metis HoldCo, Inc. (dba Mavis Tire Express Services)(21)(23)(25)	Series A Convertible Preferred Stock	7.00% PIK	N/A	32,308	34,677	33,572	1.9	%
					67,785	66,186	3.7	%
Buildings and real estate
Associations Finance, Inc.(21)(23)(25)	Preferred Stock	12.00% PIK	N/A	25,000,000	24,479	24,644	1.4	%
Dodge Construction Network Holdings, L.P.(21)(23)(24)	Class A-2 Common Units	N/A	N/A	431,889	368	367	—	%
Dodge Construction Network Holdings, L.P. (21)(23)(24)	Series A Preferred Units	N/A	N/A	—	9	9	—	%
					24,856	25,020	1.4	%
Business services
Denali Holding, LP (dba Summit Companies)(21)(23)(24)	Class A Units	N/A	N/A	413,725	4,215	5,110	0.3	%
Hercules Buyer LLC (dba The Vincit Group)(21)(22)(23)(24)	Common Units	N/A	N/A	452	452	452	—	%
Knockout Intermediate Holdings I Inc. (dba Kaseya)(21)(23)(25)	Perpetual Preferred Stock	11.75% PIK	N/A	6,000	5,854	5,910	0.3	%
					10,521	11,472	0.6	%
Consumer products
ASP Conair Holdings LP(21)(23)(24)	Class A Units	N/A	N/A	12,857	1,286	1,160	0.1	%
					1,286	1,160	0.1	%
Financial services
Amergin Asset Management, LLC (19)(21)(23)(24)	Class A Units	N/A	N/A	50,000,000	—	—	—	%
					—	—	—	%
Food and beverage
Hissho Sushi Holdings, LLC (21)(23)(24)	Class A Units	N/A	N/A	7,502	75	75	—	%
					75	75	—	%
Healthcare equipment and services
KPCI Holdings, LP(21)(23)(24)	Class A Units	N/A	N/A	6,701	6,701	6,665	0.5	%
Maia Aggregator, LP(21)(23)(24)	Class A-2 Units	N/A	N/A	112,360	112	112	—	%

Owl Rock Capital Corporation III

Consolidated Schedule of Investments

as of ~~June~~September 30, 2022

(Amounts in thousands, except share amounts)

(Unaudited)

Company(1)(2)(26) Investment Interest Maturity Date Par / Units Amortized Cost(3)(4) Fair Value Percentage of Net Assets
WMC Bidco, Inc. (dba West Monroe)(21)(23)(25) Senior Preferred Stock 11.25% PIK N/A 33,385 35,035 32,810 1.9 %
47,231 43,063 2.4 %
Manufacturing
Gloves Holdings, LP (dba Protective Industrial Products)(21)(23)(24) LP Interest N/A N/A 700 700 749 — %
700 749 — %
Total non-controlled/non-affiliated portfolio company equity investments 190,223 182,344 10.4 %
Total Investments $ 3,076,221 $ 3,016,702 172.5 %


Company(1)(2)(26)	Investment	Interest	Maturity Date	Par / Units	Amortized Cost(3)(4)	Fair Value	Percentage of Net Assets
Patriot Holdings SCSp (dba Corza Health, Inc.)(19)(21)(23)(25)	Class A Units	8.00% PIK	N/A	1,653	1,866	1,866	0.1	%
Patriot Holdings SCSp (dba Corza Health, Inc.)(19)(21)(23)(24)	Class B Units	N/A	N/A	22,767	44	258	—	%
Rhea Acquisition Holdings, LP(21)(23)(24)	Series A-2 Units	N/A	N/A	119,048	119	119	—	%
					8,842	9,020	0.6	%
Healthcare providers and services
KOBHG Holdings, L.P. (dba OB Hospitalist)(21)(23)(24)	Class A Interests	N/A	N/A	3,017	3,017	2,915	0.2	%
					3,017	2,915	0.2	%
Healthcare technology
Minerva Holdco, Inc.(21)(23)(25)	Series A Preferred Stock	10.75% PIK	N/A	2,000	2,100	1,908	0.1	%
					2,100	1,908	0.1	%
Household products
Evology LLC(21)(23)(24)	Class B Units	N/A	N/A	113	540	540	—	%
					540	540	—	%
Human resource support services
Sunshine Software Holdings, Inc. (dba Cornerstone OnDemand) (21)(23)(25)	Series A Preferred Stock	10.50% PIK	N/A	12,750	13,422	12,378	0.8	%
					13,422	12,378	0.8	%
Insurance
Accelerate Topco Holdings, LLC (21)(23)(24)	Common Units	N/A	N/A	4,928	136	136	—	%
Evolution Parent, LP (dba SIAA)(21)(23)(24)	LP Interest	N/A	N/A	8,919	892	892	—	%
GrowthCurve Capital Sunrise Co-Invest LP (dba Brightway)(21)(23)(24)	LP Interest	N/A	N/A	421	426	421	—	%
PCF Holdco, LLC (dba PCF Insurance Services)(21)(23)(24)	Class A Units	N/A	N/A	3,770,772	9,563	16,821	0.9	%
					11,017	18,270	0.9	%
Internet software and services

Owl Rock Capital Corporation III

Consolidated Schedule of Investments

as of September 30, 2022

(Amounts in thousands, except share amounts)

(Unaudited)


Company(1)(2)(26)	Investment	Interest	Maturity Date	Par / Units		Amortized Cost(3)(4)		Fair Value		Percentage of Net Assets
BCTO WIW Holdings, Inc. (dba When I Work)(21)(23)(24)	Class A Common Stock	N/A	N/A	57,000		5,700		5,134		0.3	%
Brooklyn Lender Co-Invest 2, L.P. (dba Boomi)(21)(23)(24)	Common Units	N/A	N/A	1,729,439		1,729		1,701		0.1	%
Elliott Alto Co-Investor Aggregator L.P. (19)(21)(23)(24)	LP Interest	N/A	N/A	2,873,134		2,882		2,873		0.2	%
Project Hotel California Co-Invest Fund, L.P. (19)(21)(23)(24)	LP Interest	N/A	N/A	1,342,354		1,343		1,342		0.1	%
Insight CP (Blocker) Holdings, L.P. (dba CivicPlus, LLC) (19)(21)(23)(24)	LP Interest	N/A	N/A	470,219		470		470		—	%
MessageBird Holding B.V.(19)(21)(23)(24)	Extended Series C Warrants	N/A	N/A	25,540		157		26		—	%
Picard Holdco, LLC (5)(11)(21)(23)	Series A Preferred Stock	SR + 12.00% PIK	N/A	23,344		21,977		21,977		1.2	%
Project Alpine Co-Invest Fund, LP (19)(21)(23)(24)	LP Interest	N/A	N/A	2,000,000		2,001		2,000		0.1	%
Thunder Topco L.P. (dba Vector Solutions)(21)(23)(24)	Common Units	N/A	N/A	2,138,653		2,139		2,051		0.1	%
WMC Bidco, Inc. (dba West Monroe)(21)(23)(25)	Senior Preferred Stock	11.25% PIK	N/A	33,385		36,088		34,491		1.9	%
						74,486		72,065		4.0	%
Manufacturing
Gloves Holdings, LP (dba Protective Industrial Products)(21)(23)(24)	LP Interest	N/A	N/A	700		700		749		—	%
						700		749		—	%
Total non-controlled/non-affiliated portfolio company equity investments						218,647		221,758		12.4	%
Total non-controlled/non-affiliated portfolio company investments						3,319,293		3,286,883		183.2	%
Non-controlled/affiliated portfolio company investments
Equity Investments
Financial services
AAM Series 2.1 Aviation Feeder, LLC (16)(19)(21)(23)(24)(29)	LLC Interest	N/A	N/A	$	—	$	229	$	228	—	%

Owl Rock Capital Corporation III

Consolidated Schedule of Investments

as of September 30, 2022

(Amounts in thousands, except share amounts)

(Unaudited)


Company(1)(2)(26)	Investment	Interest	Maturity Date	Par / Units		Amortized Cost(3)(4)		Fair Value		Percentage of Net Assets
AAM Series 1.1 Rail and Domestic Intermodal Feeder, LLC (16)(19)(21)(23)(24)(29)	LLC Interest	N/A	N/A	$	228,000	$	1	$	—	—	%
						230		228		—	%
Insurance
Chapford SMA Partnership, L.P. (16)(19)(21)(23)(24)(27)(29)	LP Interest	N/A	N/A	$	7,350,000	$	7,032	$	7,032	0.4	%
						$	7,032	$	7,032	0.4	%
Total non-controlled/affiliated portfolio company equity investments						7,262		7,260		0.4	%
Total non-controlled/affiliated portfolio company investments						7,262		7,260		0.4	%
Total Investments						$	3,326,555	$	3,294,143	183.6	%

_________

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

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

(3)The amortized cost represents the original cost adjusted for the amortization or accretion of premium or discount, as applicable, on debt investments using the effective interest method.

(4)As of ~~June~~September 30, 2022, the net estimated unrealized loss for U.S. federal income tax purposes was ~~$53.4~~$25.1 million based on a tax cost basis of ~~$3.1~~$3.3 billion. As of ~~June~~September 30, 2022, the estimated aggregate gross unrealized loss for U.S. federal income tax purposes was ~~$58.7~~$43.5 million and the estimated aggregate gross unrealized gain for U.S. federal income tax purposes was ~~$5.3~~$18.4 million.

(5)Loan contains a variable rate structure and may be subject to an interest rate floor. Variable rate loans bear interest at a rate that may be determined by reference to either the London Interbank Offered Rate (“LIBOR” or “L”) (which can include one-, three-, six-, 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”), Sterling 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~~September 30, 2022 was ~~1.79%~~3.14%.

(7)The interest rate on these loans is subject to 3 month LIBOR, which as of ~~June~~September 30, 2022 was ~~2.29%~~3.75%.

(8)The interest rate on these loans is subject to 6 month LIBOR, which as of ~~June~~September 30, 2022 was ~~2.94%~~4.23%.

(9)The interest rate on these loans is subject to Prime, which as of ~~June~~September 30, 2022 was ~~4.75%~~6.25%.

(10)The interest rate on these loans is subject to 1 month SOFR, which as of ~~June~~September 30, 2022 was ~~1.69%~~3.04%.

(11)The interest rate on these loans is subject to 3 month SOFR, which as of ~~June~~September 30, 2022 was ~~2.12%~~3.59%.

(12)The interest rate on these loans is subject to 6 month SOFR, which as of ~~June~~September 30, 2022 was ~~2.63%~~3.99%.

(13)The interest rate on these loans is subject to SONIA, which as of ~~June~~September 30, 2022 was ~~1.19%~~2.19%.

(14)The interest rate on these loans is subject to 3 month EURIBOR, which as of ~~June~~September 30, 2022 was ~~(0.20)%~~1.17%.

(15)The interest rate on this loan is subject to 6 month EURIBOR, which as of ~~June~~September 30, 2022 was ~~0.15%~~1.81%.

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

Owl Rock Capital Corporation III

Consolidated Schedule of Investments

as of September 30, 2022

(Amounts in thousands, except share amounts)

(Unaudited)

(17)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.

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

~~Owl Rock Capital Corporation III~~

~~Consolidated Schedule of Investments~~

~~as of June 30, 2022~~

~~(Amounts in thousands, except share amounts)~~

~~(Unaudited)~~

(19)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~~September 30, 2022, non-qualifying assets represented ~~11.6%~~13.1% of total assets as calculated in accordance with the regulatory requirements.

(20)Level 2 investment.

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

(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)Security acquired in transaction exempt from registration under the Securities Act of 1933, as amended (the “Securities Act”), and may be deemed to be “restricted securities” under the Securities Act. As of ~~June~~September 30, 2022, the aggregate fair value of these securities is ~~$182.3~~$229.0 million or ~~10.4%~~12.8% of the Company’s net assets. The acquisition dates of the restricted securities are as follows:

Portfolio Company

Investment

Acquisition Date

AAM Series 1.1 Rail and Domestic Intermodal Feeder, LLC

LLC Interest

July 1, 2022

AAM Series 2.1 Aviation Feeder, LLC

LLC Interest

July 1, 2022

Accelerate Topco Holdings, LLC

Common Units

September 1, 2022

Project Alpine Co-Invest Fund, LP

LP Interest

June 10, 2022

Amergin Asset Management, LLC

Class A Units

July 1, 2022

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

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

Chapford SMA Partnership, L.P.

LP Interest

July 18, 2022

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

Elliott Alto Co-Investor Aggregator L.P.

LP Interest

September 27, 2022

Evology LLC

Class B Units

January 24, 2022

Evolution Parent, LP (dba SIAA)

LP Interest

April 30, 2021

Gloves Holdings, LP (dba Protective Industrial Products)

LP Interest

December 29, 2020

GrowthCurve Capital Sunrise Co-Invest LP (dba Brightway)

LP Interest

December 16, 2021

Owl Rock Capital Corporation III

Consolidated Schedule of Investments

as of September 30, 2022

(Amounts in thousands, except share amounts)

(Unaudited)

Portfolio Company

Investment

Acquisition Date

Hercules Buyer, LLC (dba The Vincit Group)

Common Units

December 15, 2020

Hissho Sushi Holdings, LLC

Class A Units

May 17, 2022

Project Hotel California Co-Invest Fund, L.P.

LP Interest

August 9, 2022

Insight CP (Blocker) Holdings, L.P. (dba CivicPlus, LLC)

LP Interest

June 8, 2022

Knockout Intermediate Holdings I Inc. (dba Kaseya)

Perpetual Preferred Stock

June 23, 2022

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

Class A Interests

September 27, 2021

KPCI Holdings, LP

Class A Units

November 30, 2020

Maia Aggregator, LP

Class A-2 Units

February 1, 2022

MessageBird Holding B.V.

Extended Series C Warrants

May 5, 2021

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

Series A Convertible Preferred Stock

May 4, 2021

Minerva Holdco, Inc.

Series A Preferred Stock

February 15, 2022

~~Owl Rock Capital Corporation III~~

~~Consolidated Schedule of Investments~~

~~as of June 30, 2022~~

~~(Amounts in thousands, except share amounts)~~

~~(Unaudited)~~

~~Portfolio Company~~

~~Investment~~

~~Acquisition Date~~

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~~Picard Holdco, ~~LLC (dba PCF Insurance Services)~~Inc.

~~Class~~Series A ~~Warrants~~Preferred Stock

~~November 1, 2021~~

~~Project Alpine Co-Invest Fund, L.P.~~

~~LP Interest~~

~~June 10,~~September 30, 2022

Rhea Acquisition Holdings, LP

Series A-2 Units

February 18, 2022

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

(24)Investment is non-income producing.

(25)Investment contains a fixed-rate structure.

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

(27)Investment is not pledged as collateral for the ~~credit facilities.~~Revolving Credit Facility, SPV Asset Facility I or SPV Asset Facility II.

(28)Loan was on non-accrual status as of September 30, 2022.

(29)Under the 1940 Act, the Company is deemed to be an "Affiliated Person" of this portfolio company as the Company owns more than 5% but less than 25% of the portfolio company's outstanding voting securities. The Company’s investments in affiliates for the period ended September 30, 2022, were as follows:

Owl Rock Capital Corporation III

Consolidated Schedule of Investments

as of September 30, 2022

(Amounts in thousands, except share amounts)

(Unaudited)


Company	Fair value as of December 31, 2021		Gross Additions(a)		Gross Reductions(b)		Net Change in Unrealized Gain/ (Loss)		Realized Gain/(Loss)		Fair value as of September 30, 2022		Dividend Income		Other Income
AAM Series 1.1 Rail and Domestic Intermodal Feeder, LLC(c)	$	—	$	1	$	—	$	(1)	$	—	$	—	$	—	$	—
AAM Series 2.1 Aviation Feeder, LLC(c)	—		229		—		(1)		—		228		—		—
Chapford SMA Partnership, L.P.	—		7,032		—		—		—		7,032		—		—
Total	$	—	$	7,262	$	—	$	(2)	$	—	$	7,260	$	—	$	—

________

(a) Gross additions include increases in the cost basis of investments resulting from new investments, payment-in-kind interest or dividends, and the amortization of any unearned income or discounts on equity investments, as applicable.

(b) Gross reductions include decreases in the cost basis of investments resulting from principal collections related to investment repayments or sales, and the amortization of any premiums on equity investments, as applicable.

(c) In connection with its investment in AAM Series 1.1 Rail and Domestic Intermodal Feeder, LLC and AAM Series 2.1 Aviation Feeder, LLC (collectively, “Amergin AssetCo”) the Company made a minority investment in Amergin Asset Management, LLC which has entered into a Servicing Agreement with Amergin AssetCo.

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

2427

Owl Rock Capital Corporation III

Consolidated Schedule of Investments

as of December 31, 2021

(Amounts in thousands, except share amounts)


Company(1)(2)(23)	Investment	Interest	Maturity Date	Par / Units		Amortized Cost(3)(4)		Fair Value		Percentage of Net Assets
Non-controlled/non-affiliated portfolio company investments
Debt Investments
Advertising and media
Global Music Rights, LLC(5)(7)(18)	First lien senior secured loan	L + 5.75%	8/28/2028	$	84,375	$	82,753	$	82,688	5.0	%
Global Music Rights, LLC(5)(13)(14)(18)	First lien senior secured revolving loan	L + 5.75%	8/27/2027	—		(141)		(150)		—	%
				84,375		82,612		82,538		5.0	%
Aerospace and defense
Peraton Corp.(5)(6)(18)	Second lien senior secured loan	L + 7.75%	2/1/2029	15,000		14,791		14,925		0.9	%
				15,000		14,791		14,925		0.9	%
Buildings and real estate
Associations, Inc.(5)(7)(18)	First lien senior secured loan	L + 6.50% (incl. 2.50% PIK)	7/2/2027	85,036		83,890		84,186		5.0	%
Associations, Inc.(5)(13)(14)(18)	First lien senior secured revolving loan	L + 6.50%	7/2/2027	—		(65)		(53)		—	%
Dodge Data & Analytics LLC(5)(8)(18)	First lien senior secured loan	L + 7.50%	4/14/2026	6,446		6,332		6,639		0.4	%
Dodge Data & Analytics LLC(5)(13)(14)(18)	First lien senior secured revolving loan	L + 7.50%	4/14/2026	—		(6)		—		—	%
RealPage, Inc.(5)(6)(18)	Second lien senior secured loan	L + 6.50%	4/23/2029	6,500		6,409		6,575		0.4	%
				97,982		96,560		97,347		5.8	%
Business services
Denali Buyerco LLC (dba Summit Companies)(5)(7)(18)	First lien senior secured loan	L + 6.00%	9/15/2028	62,809		62,205		62,182		3.8	%
Denali Buyerco LLC (dba Summit Companies)(5)(7)(13)(15)(18)	First lien senior secured delayed draw term loan	L + 6.00%	9/15/2023	3,860		3,713		3,821		0.2	%
Denali Buyerco LLC (dba Summit Companies)(5)(13)(14)(18)	First lien senior secured revolving loan	L + 6.00%	9/15/2027	—		(65)		(69)		—	%
Diamondback Acquisition, Inc. (dba Sphera)(5)(6)(18)	First lien senior secured loan	L + 5.50%	9/13/2028	47,827		46,903		46,871		2.8	%

2528

Owl Rock Capital Corporation III

Consolidated Schedule of Investments

as of December 31, 2021

(Amounts in thousands, except share amounts)


Company(1)(2)(23)	Investment	Interest	Maturity Date	Par / Units	Amortized Cost(3)(4)	Fair Value	Percentage of Net Assets
Diamondback Acquisition, Inc. (dba Sphera)(5)(13)(14)(15)(18)	First lien senior secured delayed draw term loan	L + 5.50%	9/13/2023	—	(91)	(96)	—	%
Gainsight, Inc.(5)(8)(18)	First lien senior secured loan	L + 6.75% PIK	7/30/2027	5,077	4,994	5,001	0.3	%
Gainsight, Inc.(5)(13)(14)(18)	First lien senior secured revolving loan	L + 6.00%	7/30/2027	—	(14)	(13)	—	%
Hercules Borrower, LLC (dba The Vincit Group)(5)(7)(18)	First lien senior secured loan	L + 6.50%	12/15/2026	36,718	36,246	36,718	2.3	%
Hercules Borrower, LLC (dba The Vincit Group)(5)(7)(18)	First lien senior secured loan	L + 5.50%	12/15/2026	404	400	400	—	%
Hercules Borrower, LLC (dba The Vincit Group)(5)(13)(15)(18)	First lien senior secured delayed draw term loan	L + 5.50%	9/10/2023	—	—	—	—	%
Hercules Borrower, LLC (dba The Vincit Group)(5)(13)(14)(18)	First lien senior secured revolving loan	L + 6.50%	12/15/2026	—	(53)	—	—	%
Hercules Buyer, LLC (dba The Vincit Group)(18)(19)(22)	Unsecured notes	0.48% PIK	12/14/2029	1,056	1,054	1,056	—	%
KPSKY Acquisition, Inc. (dba BluSky) (5)(6)(18)	First lien senior secured loan	L + 5.50%	10/19/2028	35,808	35,108	35,092	2.1	%
KPSKY Acquisition, Inc. (dba BluSky) (5)(9)(13)(15)(18)	First lien senior secured delayed draw term loan	P + 4.50%	10/19/2023	2,046	1,986	1,985	0.1	%
				195,605	192,386	192,948	11.6	%
Chemicals
Aruba Investments Holdings, LLC (dba Angus Chemical Company)(5)(8)(18)	Second lien senior secured loan	L + 7.75%	11/24/2028	6,500	6,413	6,500	0.4	%
Gaylord Chemical Company, L.L.C.(5)(7)(18)	First lien senior secured loan	L + 6.50%	3/30/2027	70,970	70,299	70,616	4.2	%
Gaylord Chemical Company, L.L.C.(5)(13)(14)(18)	First lien senior secured revolving loan	L + 6.50%	3/30/2026	—	(35)	(20)	—	%
Velocity HoldCo III Inc. (dba VelocityEHS)(5)(7)(18)	First lien senior secured loan	L + 5.75%	4/22/2027	6,101	5,977	5,979	0.4	%
Velocity HoldCo III Inc. (dba VelocityEHS)(5)(13)(14)(18)	First lien senior secured revolving loan	L + 5.75%	4/22/2026	—	(7)	(7)	—	%
				83,571	82,647	83,068	5.0	%
Consumer products

2629

Owl Rock Capital Corporation III

Consolidated Schedule of Investments

as of December 31, 2021

(Amounts in thousands, except share amounts)


Company(1)(2)(23)	Investment	Interest	Maturity Date	Par / Units	Amortized Cost(3)(4)	Fair Value	Percentage of Net Assets
ConAir Holdings LLC(5)(7)(18)	Second lien senior secured loan	L + 7.50%	5/17/2029	45,000	44,312	45,000	2.7	%
Lignetics Investment Corp.(5)(7)(18)	First lien senior secured loan	L + 6.00%	11/1/2027	50,980	50,358	50,343	3.0	%
Lignetics Investment Corp.(5)(13)(14)(15)(18)	First lien senior secured delayed draw term loan	L + 6.00%	11/1/2023	—	(77)	(80)	—	%
Lignetics Investment Corp.(5)(7)(13)(18)	First lien senior secured revolving loan	L + 6.00%	11/2/2026	1,275	1,182	1,179	0.1	%
Olaplex, Inc.(5)(6)(18)	First lien senior secured loan	L + 6.25%	1/8/2026	12,104	12,004	12,104	0.7	%
				109,359	107,779	108,546	6.5	%
Containers and packaging
Ascend Buyer, LLC (dba PPC Flexible Packaging)(5)(7)(18)	First lien senior secured loan	L + 5.75%	10/2/2028	50,206	49,718	49,703	3.0	%
Ascend Buyer, LLC (dba PPC Flexible Packaging)(5)(7)(13)(18)	First lien senior secured revolving loan	L + 5.75%	9/30/2027	851	802	799	—	%
Fortis Solutions Group, LLC(5)(7)(18)	First lien senior secured loan	L + 5.50%	10/13/2028	22,669	22,231	22,214	1.3	%
Fortis Solutions Group, LLC(5)(13)(14)(15)(18)	First lien senior secured delayed draw term loan	L + 5.50%	10/13/2023	—	(89)	(93)	—	%
Fortis Solutions Group, LLC(5)(13)(14)(18)	First lien senior secured revolving loan	L + 5.50%	10/15/2027	—	(61)	(64)	—	%
Pregis Topco LLC(5)(7)(18)	Second lien senior secured loan	L + 6.75%	8/1/2029	30,000	30,000	30,000	1.8	%
Pregis Topco LLC(5)(7)(18)	Second lien senior secured loan	L + 8.00%	8/1/2029	2,500	2,500	2,500	0.1	%
				106,226	105,101	105,059	6.2	%
Distribution
Individual Foodservice Holdings, LLC(5)(8)(18)	First lien senior secured loan	L + 6.25%	11/21/2025	41,052	40,551	40,845	2.4	%
Individual Foodservice Holdings, LLC(5)(8)(13)(15)(18)	First lien senior secured delayed draw term loan	L + 6.25%	6/30/2022	2,095	1,918	2,007	0.1	%
Individual Foodservice Holdings, LLC(5)(6)(13)(18)	First lien senior secured revolving loan	L + 6.25%	11/22/2024	111	83	99	—	%
				43,258	42,552	42,951	2.5	%
Education
Pluralsight, LLC(5)(8)(18)	First lien senior secured loan	L + 8.00%	4/6/2027	20,641	20,448	20,434	1.2	%

2730

Owl Rock Capital Corporation III

Consolidated Schedule of Investments

as of December 31, 2021

(Amounts in thousands, except share amounts)


Company(1)(2)(23)	Investment	Interest	Maturity Date	Par / Units	Amortized Cost(3)(4)	Fair Value	Percentage of Net Assets
Pluralsight, LLC(5)(13)(14)(18)	First lien senior secured revolving loan	L + 8.00%	4/6/2027	—	(11)	(13)	—	%
				20,641	20,437	20,421	1.2	%
Financial services
AxiomSL Group, Inc.(5)(7)(18)	First lien senior secured loan	L + 6.00%	12/3/2027	45,989	45,489	45,643	2.7	%
AxiomSL Group, Inc.(5)(13)(14)(15)(18)	First lien senior secured delayed draw term loan	L + 6.00%	7/21/2023	—	(9)	—	—	%
AxiomSL Group, Inc.(5)(13)(14)(18)	First lien senior secured revolving loan	L + 6.00%	12/3/2025	—	(42)	(30)	—	%
Hg Genesis 8 Sumoco Limited(5)(10)(16)(18)	Unsecured facility	S + 7.50% PIK	8/28/2025	20,204	19,732	20,204	1.2	%
Hg Saturn LuchaCo Limited(5)(10)(16)(18)	Unsecured facility	S + 7.50% PIK	3/30/2026	25,363	25,676	25,110	1.5	%
Muine Gall, LLC(5)(8)(16)(18)(24)	First lien senior secured loan	L + 7.00% PIK	9/20/2024	81,667	81,780	81,667	4.9	%
NMI Acquisitionco, Inc. (dba Network Merchants)(5)(6)(18)	First lien senior secured loan	L + 5.75%	9/8/2025	8,559	8,478	8,505	0.5	%
NMI Acquisitionco, Inc. (dba Network Merchants)(5)(6)(13)(15)(18)	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)(5)(13)(14)(18)	First lien senior secured revolving loan	L + 5.75%	9/8/2025	—	(8)	(4)	—	%
				183,462	182,742	182,764	10.9	%
Food and beverage
Balrog Acquisition, Inc. (dba BakeMark)(5)(8)(18)	Second lien senior secured loan	L + 7.00%	9/3/2029	6,000	5,951	5,950	0.4	%
BP Veraison Buyer, LLC (dba Sun World)(5)(7)(18)	First lien senior secured loan	L + 5.75%	5/12/2027	35,497	35,095	35,142	2.1	%
BP Veraison Buyer, LLC (dba Sun World)(5)(13)(14)(15)(18)	First lien senior secured delayed draw term loan	L + 5.75%	5/12/2023	—	(17)	—	—	%
BP Veraison Buyer, LLC (dba Sun World)(5)(13)(14)(18)	First lien senior secured revolving loan	L + 5.75%	5/12/2027	—	(50)	(45)	—	%
Nutraceutical International Corporation(5)(6)(18)	First lien senior secured loan	L + 7.00%	9/30/2026	11,471	11,329	11,240	0.7	%

2831

Owl Rock Capital Corporation III

Consolidated Schedule of Investments

as of December 31, 2021

(Amounts in thousands, except share amounts)


Company(1)(2)(23)	Investment	Interest	Maturity Date	Par / Units	Amortized Cost(3)(4)	Fair Value	Percentage of Net Assets
Nutraceutical International Corporation(5)(6)(18)	First lien senior secured revolving loan	L + 7.00%	9/30/2025	735	727	721	—	%
Shearer's Foods, LLC(5)(6)(18)	Second lien senior secured loan	L + 7.75%	9/22/2028	30,000	29,735	30,000	1.8	%
Ultimate Baked Goods Midco, LLC(5)(6)(18)	First lien senior secured loan	L + 6.25%	8/13/2027	16,500	16,109	16,088	1.0	%
Ultimate Baked Goods Midco, LLC(5)(8)(13)(18)	First lien senior secured revolving loan	L + 6.25%	8/13/2027	1,050	1,003	1,000	0.1	%
				101,253	99,882	100,096	6.1	%
Healthcare equipment and services
Medline Borrower, LP(5)(13)(14)(18)	First lien senior secured revolving loan	L + 3.25%	10/21/2026	—	(40)	(42)	—	%
Packaging Coordinators Midco, Inc.(5)(7)(18)	Second lien senior secured loan	L + 7.00%	11/30/2028	54,269	53,046	53,184	3.2	%
Patriot Acquisition TopCo S.A.R.L (dba Corza Health, Inc.)(5)(7)(18)	First lien senior secured loan	L + 6.75%	1/31/2028	38,382	37,796	37,901	2.3	%
Patriot Acquisition TopCo S.A.R.L (dba Corza Health, Inc.)(5)(13)(14)(18)	First lien senior secured revolving loan	L + 6.75%	1/29/2026	—	(45)	(33)	—	%
				92,651	90,757	91,010	5.5	%
Healthcare providers and services
Ex Vivo Parent Inc. (dba OB Hospitalist)(5)(7)(18)	First lien senior secured loan	L + 9.50% PIK	9/27/2028	26,145	25,636	25,622	1.5	%
National Dentex Labs LLC (fka Barracuda Dental LLC)(5)(7)(18)	First lien senior secured loan	L + 7.00%	10/27/2025	11,787	11,622	11,699	0.7	%
National Dentex Labs LLC (fka Barracuda Dental LLC)(5)(7)(13)(15)(18)	First lien senior secured delayed draw term loan	L + 7.00%	3/31/2022	5,930	5,861	5,886	0.4	%
National Dentex Labs LLC (fka Barracuda Dental LLC)(5)(7)(13)(18)	First lien senior secured revolving loan	L + 7.00%	10/27/2025	507	476	496	—	%
OB Hospitalist Group, Inc.(5)(7)(18)	First lien senior secured loan	L + 5.50%	9/27/2027	52,849	51,831	51,792	3.1	%
OB Hospitalist Group, Inc.(5)(6)(13)(18)	First lien senior secured revolving loan	L + 5.50%	9/27/2027	731	600	594	—	%
Phoenix Newco, Inc. (dba Parexel)(5)(6)(18)	Second lien senior secured loan	L + 6.50%	11/15/2029	85,000	84,160	84,150	5.0	%
Quva Pharma, Inc.(5)(8)(18)	First lien senior secured loan	L + 5.50%	4/12/2028	11,789	11,464	11,464	0.7	%

2932

Owl Rock Capital Corporation III

Consolidated Schedule of Investments

as of December 31, 2021

(Amounts in thousands, except share amounts)


Company(1)(2)(23)	Investment	Interest	Maturity Date	Par / Units	Amortized Cost(3)(4)	Fair Value	Percentage of Net Assets
Quva Pharma, Inc.(5)(13)(14)(18)	First lien senior secured revolving loan	L + 5.50%	4/10/2026	—	(30)	(33)	—	%
Refresh Parent Holdings, Inc.(5)(7)(18)	First lien senior secured loan	L + 6.50%	12/9/2026	14,829	14,639	14,717	0.9	%
Refresh Parent Holdings, Inc.(5)(7)(13)(15)(18)	First lien senior secured delayed draw term loan	L + 6.50%	6/9/2022	4,744	4,681	4,707	0.3	%
Refresh Parent Holdings, Inc.(5)(7)(13)(18)	First lien senior secured revolving loan	L + 6.50%	12/9/2026	647	624	633	—	%
				214,958	211,564	211,727	12.6	%
Healthcare technology
BCPE Osprey Buyer, Inc. (dba PartsSource)(5)(8)(18)	First lien senior secured loan	L + 5.75%	8/23/2028	54,310	53,480	53,441	3.2	%
BCPE Osprey Buyer, Inc. (dba PartsSource)(5)(13)(14)(15)(18)	First lien senior secured delayed draw term loan	L + 5.75%	8/23/2023	—	(71)	(63)	—	%
BCPE Osprey Buyer, Inc. (dba PartsSource)(5)(13)(14)(18)	First lien senior secured revolving loan	L + 5.75%	8/21/2026	—	(90)	(90)	—	%
Datix Bidco Limited (dba RLDatix)(5)(11)(16)(18)	First lien senior secured loan	G + 4.50%	4/27/2025	432	430	424	—	%
Datix Bidco Limited (dba RLDatix)(5)(11)(16)(18)	Second lien senior secured loan	G + 7.75%	4/27/2026	2,257	2,248	2,218	0.1	%
GI Ranger Intermediate, LLC (dba Rectangle Health)(5)(7)(18)	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)(5)(13)(14)(15)(18)	First lien senior secured delayed draw term loan	L + 6.00%	10/30/2023	—	(27)	(28)	—	%
GI Ranger Intermediate, LLC (dba Rectangle Health)(5)(13)(14)(18)	First lien senior secured revolving loan	L + 6.00%	10/29/2027	—	(32)	(33)	—	%
Inovalon Holdings, Inc.(5)(7)(18)	First lien senior secured loan	L + 5.75%	11/24/2028	50,531	49,283	49,268	3.0	%
Inovalon Holdings, Inc.(5)(13)(14)(15)(18)	First lien senior secured delayed draw term loan	L + 5.75%	5/24/2024	—	(66)	(67)	—	%
Inovalon Holdings, Inc.(5)(7)(18)	Second lien senior secured loan	L + 10.50% PIK	11/24/2033	24,071	23,591	23,589	1.4	%
Intelerad Medical Systems Incorporated(5)(7)(16)(18)	First lien senior secured loan	L + 6.25%	8/21/2026	42,802	42,286	42,695	2.6	%

3033

Owl Rock Capital Corporation III

Consolidated Schedule of Investments

as of December 31, 2021

(Amounts in thousands, except share amounts)


Company(1)(2)(23)	Investment	Interest	Maturity Date	Par / Units	Amortized Cost(3)(4)	Fair Value	Percentage of Net Assets
Intelerad Medical Systems Incorporated(5)(7)(13)(16)(18)	First lien senior secured revolving loan	L + 6.25%	8/21/2026	1,104	1,104	1,099	0.1	%
RL Datix Holdings (USA), Inc.(5)(8)(16)(18)	First lien senior secured loan	L + 4.50%	4/28/2025	5,000	4,902	4,913	0.3	%
RL Datix Holdings (USA), Inc.(5)(8)(16)(18)	Second lien senior secured loan	L + 7.75%	4/27/2026	5,000	4,897	4,913	0.3	%
				203,745	199,816	200,152	12.1	%
Household products
Walker Edison Furniture Company LLC(5)(7)(18)	First lien senior secured loan	L + 8.75% (incl. 3.00% PIK)	3/31/2027	24,985	24,985	23,736	1.4	%
				24,985	24,985	23,736	1.4	%
Human resource support services
Cornerstone OnDemand, Inc.(5)(8)(18)	Second lien senior secured loan	L + 6.50%	10/15/2029	44,583	43,927	43,915	2.6	%
IG Investments Holdings, LLC (dba Insight Global)(5)(7)(18)	First lien senior secured loan	L + 6.00%	9/22/2028	69,407	68,066	68,192	4.1	%
IG Investments Holdings, LLC (dba Insight Global)(5)(6)(13)(18)	First lien senior secured revolving loan	L + 6.00%	9/22/2027	2,710	2,606	2,615	0.2	%
				116,700	114,599	114,722	6.9	%
Insurance
Alera Group, Inc.(5)(6)(18)	First lien senior secured loan	L + 5.50%	10/2/2028	69,915	68,389	68,342	4.1	%
Alera Group, Inc.(5)(6)(13)(15)(18)	First lien senior secured delayed draw term loan	L + 5.50%	10/2/2023	19,210	18,780	18,769	1.1	%
Ardonagh Midco 2 Plc(16)(18)(22)	Unsecured notes	12.75% PIK	1/15/2027	226	225	250	—	%
Ardonagh Midco 3 Plc(5)(10)(16)(18)	First lien senior secured loan	S + 6.75%	7/14/2026	2,524	2,294	2,524	0.2	%
Ardonagh Midco 3 Plc(5)(12)(16)(18)	First lien senior secured loan	E + 6.75%	7/14/2026	223	215	224	—	%
Ardonagh Midco 3 Plc(5)(7)(16)(18)	First lien senior secured loan	L + 5.50%	7/14/2026	576	565	576	—	%
Ardonagh Midco 3 Plc(5)(13)(15)(16)(18)	First lien senior secured delayed draw term loan	S + 6.00%	8/19/2023	—	—	—	—	%
Asurion, LLC(5)(6)(17)(18)	Second lien senior secured loan	L + 5.25%	1/31/2028	5,000	5,000	5,013	0.3	%
Asurion, LLC(5)(6)(17)(18)	Second lien senior secured loan	L + 5.25%	1/22/2029	15,000	14,857	14,928	0.9	%
Brightway Holdings, LLC(5)(7)(18)	First lien senior secured loan	L + 6.50%	12/16/2027	17,895	17,672	17,671	1.1	%

3134

Owl Rock Capital Corporation III

Consolidated Schedule of Investments

as of December 31, 2021

(Amounts in thousands, except share amounts)


Company(1)(2)(23)	Investment	Interest	Maturity Date	Par / Units	Amortized Cost(3)(4)	Fair Value	Percentage of Net Assets
Brightway Holdings, LLC(5)(13)(14)(18)	First lien senior secured revolving loan	L + 6.50%	12/16/2027	—	(26)	(26)	—	%
Evolution BuyerCo, Inc. (dba SIAA)(5)(7)(18)	First lien senior secured loan	L + 6.25%	4/28/2028	29,804	29,409	29,431	1.8	%
Evolution BuyerCo, Inc. (dbaSIAA)(5)(13)(14)(18)	First lien senior secured revolving loan	L + 6.25%	4/30/2027	—	(28)	(28)	—	%
KUSRP Intermediate, Inc. (dba U.S. Retirement and Benefits Partners)(5)(7)(18)	First lien senior secured loan	L + 9.50% PIK	7/24/2028	12,348	12,113	12,101	0.7	%
Peter C. Foy & Associates Insurance Services, LLC (dba PCF Insurance Services)(5)(8)(18)	First lien senior secured loan	L + 6.00%	11/1/2028	27,311	27,044	27,038	1.6	%
Peter C. Foy & Associates Insurance Services, LLC (dba PCF Insurance Services)(5)(8)(13)(15)(18)	First lien senior secured delayed draw term loan	L + 6.00%	5/1/2023	4,822	4,774	4,774	0.3	%
Peter C. Foy & Associates Insurance Services, LLC (dba PCF Insurance Services)(5)(13)(14)(18)	First lien senior secured revolving loan	L + 6.00%	11/1/2027	—	(15)	(16)	—	%
PCF Midco II, LLC (dba PCF Insurance Services)(18)(22)	First lien senior secured loan	9.00% PIK	10/31/2031	32,133	29,111	29,081	1.7	%
TEMPO BUYER CORP. (dba Global Claims Services)(5)(7)(18)	First lien senior secured loan	L + 5.50%	8/28/2028	36,524	35,823	35,793	2.1	%
TEMPO BUYER CORP. (dba Global Claims Services)(5)(13)(14)(15)(18)	First lien senior secured delayed draw term loan	L + 5.50%	8/26/2023	—	(98)	(103)	—	%
TEMPO BUYER CORP. (dba Global Claims Services)(5)(13)(14)(18)	First lien senior secured revolving loan	L + 5.50%	8/26/2027	—	(97)	(103)	—	%
USRP Holdings, Inc. (dba U.S. Retirement and Benefits Partners)(5)(7)(18)	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)(5)(7)(13)(14)(18)	First lien senior secured revolving loan	L + 5.50%	7/23/2027	18	(2)	(4)	—	%
				288,584	280,776	280,989	16.8	%
Internet software and services
Bayshore Intermediate #2, L.P. (dba Boomi)(5)(7)(18)	First lien senior secured loan	L + 7.75% PIK	10/2/2028	19,121	18,702	18,690	1.1	%

3235

Owl Rock Capital Corporation III

Consolidated Schedule of Investments

as of December 31, 2021

(Amounts in thousands, except share amounts)


Company(1)(2)(23)	Investment	Interest	Maturity Date	Par / Units	Amortized Cost(3)(4)	Fair Value	Percentage of Net Assets
Bayshore Intermediate #2, L.P. (dba Boomi)(5)(13)(14)(18)	First lien senior secured revolving loan	L + 6.75%	10/1/2027	—	(34)	(36)	—	%
BCPE Nucleon (DE) SPV, LP(5)(8)(18)	First lien senior secured loan	L + 7.00%	9/24/2026	40,000	39,489	39,800	2.4	%
BCTO BSI Buyer, Inc. (dba Buildertrend)(5)(7)(18)	First lien senior secured loan	L + 7.00%	12/23/2026	8,482	8,409	8,440	0.5	%
BCTO BSI Buyer, Inc. (dba Buildertrend)(5)(7)(13)(18)	First lien senior secured revolving loan	L + 7.00%	12/23/2026	573	565	568	—	%
CivicPlus, LLC(5)(7)(18)	First lien senior secured loan	L + 6.00%	8/24/2027	9,387	9,297	9,293	0.6	%
CivicPlus, LLC(5)(13)(15)(18)	First lien senior secured delayed draw term loan	L + 6.00%	8/24/2023	—	—	—	—	%
CivicPlus, LLC(5)(13)(14)(18)	First lien senior secured revolving loan	L + 6.00%	8/24/2027	—	(8)	(9)	—	%
EET Buyer, Inc. (dba e-Emphasys)(5)(7)(18)	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)(5)(13)(14)(18)	First lien senior secured revolving loan	L + 5.75%	11/8/2027	—	(19)	(20)	—	%
Forescout Technologies, Inc.(5)(7)(18)	First lien senior secured loan	L + 9.50% (incl. 9.50% PIK)	8/17/2026	23,458	23,161	23,458	1.4	%
Forescout Technologies, Inc.(5)(13)(14)(18)	First lien senior secured revolving loan	L + 8.50%	8/18/2025	—	(29)	—	—	%
GovBrands Intermediate, Inc.(5)(7)(18)	First lien senior secured loan	L + 5.50%	8/4/2027	8,346	8,149	8,137	0.5	%
GovBrands Intermediate, Inc.(5)(6)(13)(15)(18)	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.(5)(13)(14)(18)	First lien senior secured revolving loan	L + 5.50%	8/4/2027	—	(21)	(22)	—	%
Granicus, Inc.(5)(7)(18)	First lien senior secured loan	L + 6.50%	1/29/2027	13,495	13,212	13,259	0.8	%
Granicus, Inc.(5)(7)(13)(15)(18)	First lien senior secured delayed draw term loan	L + 6.00%	4/23/2023	1,535	1,498	1,501	0.1	%
Granicus, Inc.(5)(13)(14)(18)	First lien senior secured revolving loan	L + 6.50%	1/29/2027	—	(24)	(21)	—	%
GS Acquisitionco, Inc. (dba insightsoftware)(5)(7)(18)	First lien senior secured loan	L + 5.75%	5/25/2026	5,805	5,777	5,776	0.3	%

3336

Owl Rock Capital Corporation III

Consolidated Schedule of Investments

as of December 31, 2021

(Amounts in thousands, except share amounts)


Company(1)(2)(23)	Investment	Interest	Maturity Date	Par / Units	Amortized Cost(3)(4)	Fair Value	Percentage of Net Assets
GS Acquisitionco, Inc. (dba insightsoftware)(5)(13)(14)(15)(18)	First lien senior secured delayed draw term loan	L + 5.75%	11/2/2022	—	(12)	(13)	—	%
Hyland Software, Inc.(5)(6)(18)	Second lien senior secured loan	L + 6.25%	7/7/2025	6,000	5,998	6,038	0.4	%
MessageBird BidCo B.V.(5)(7)(16)(18)	First lien senior secured loan	L + 6.75%	5/5/2027	16,000	15,677	15,680	0.9	%
Ministry Brands Holdings, LLC. (5)(7)(18)	First lien senior secured loan	L + 5.50%	12/29/2028	10,505	10,295	10,295	0.6	%
Ministry Brands Holdings, LLC. (5)(13)(14)(15)(18)	First lien senior secured delayed draw term loan	L + 5.50%	12/29/2023	—	(34)	(34)	—	%
Ministry Brands Holdings, LLC. (5)(13)(14)(18)	First lien senior secured revolving loan	L + 5.50%	12/30/2027	—	(20)	(20)	—	%
Proofpoint, Inc.(5)(7)(18)	Second lien senior secured loan	L + 6.25%	8/31/2029	7,500	7,464	7,463	0.4	%
QAD Inc.(5)(7)(18)	First lien senior secured loan	L + 6.00%	11/5/2027	46,500	45,590	45,570	2.7	%
QAD Inc.(5)(13)(14)(18)	First lien senior secured revolving loan	L + 6.00%	11/5/2027	—	(117)	(120)	—	%
Tahoe Finco, LLC(5)(7)(16)(18)	First lien senior secured loan	L + 6.00%	9/29/2028	83,721	82,907	82,716	5.0	%
Tahoe Finco, LLC(5)(13)(14)(16)(18)	First lien senior secured revolving loan	L + 6.00%	10/1/2027	—	(60)	(75)	—	%
Thunder Purchaser, Inc. (dba Vector Solutions)(5)(8)(18)	First lien senior secured loan	L + 5.75%	6/30/2028	29,163	28,890	28,945	1.7	%
Thunder Purchaser, Inc. (dba Vector Solutions)(5)(7)(18)	First lien senior secured loan	L + 5.75%	6/30/2028	7,025	6,958	6,972	0.4	%
Thunder Purchaser, Inc. (dba Vector Solutions)(5)(13)(15)(18)	First lien senior secured delayed draw term loan	L + 5.75%	8/17/2023	—	—	—	—	%
Thunder Purchaser, Inc. (dba Vector Solutions)(5)(13)(14)(18)	First lien senior secured revolving loan	L + 5.75%	6/30/2027	—	(20)	(16)	—	%
When I Work, Inc.(5)(7)(18)	First lien senior secured loan	L + 6.00%	11/2/2027	22,206	21,988	21,982	1.3	%
When I Work, Inc.(5)(13)(14)(18)	First lien senior secured revolving loan	L + 6.00%	11/2/2027	—	(40)	(42)	—	%
				380,250	374,770	375,330	22.4	%
Leisure and entertainment
Troon Golf, L.L.C.(5)(7)(18)	First lien senior secured loan	L + 6.00%	8/5/2027	70,769	70,434	70,415	4.2	%
Troon Golf, L.L.C.(5)(13)(14)(18)	First lien senior secured revolving loan	L + 6.00%	8/5/2026	—	(25)	(27)	—	%

3437

Owl Rock Capital Corporation III

Consolidated Schedule of Investments

as of December 31, 2021

(Amounts in thousands, except share amounts)


Company(1)(2)(23)	Investment	Interest	Maturity Date	Par / Units	Amortized Cost(3)(4)	Fair Value	Percentage of Net Assets
				70,769	70,409	70,388	4.2	%
Manufacturing
Gloves Buyer, Inc. (dba Protective Industrial Products)(5)(6)(18)	Second lien senior secured loan	L + 8.25%	12/29/2028	6,300	6,156	6,221	0.4	%
MHE Intermediate Holdings, LLC(5)(7)(18)	First lien senior secured loan	L + 5.75%	7/21/2027	40,969	40,584	40,558	2.4	%
MHE Intermediate Holdings, LLC (dba OnPoint Group)(5)(7)(13)(15)(18)	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)(5)(13)(14)(18)	First lien senior secured revolving loan	L + 5.75%	7/21/2027	—	(33)	(36)	—	%
Sonny's Enterprises LLC(5)(6)(18)	First lien senior secured loan	L + 6.75%	8/5/2026	49,457	48,695	49,457	3.0	%
Sonny's Enterprises LLC(5)(6)(13)(18)	First lien senior secured revolving loan	L + 6.75%	8/5/2025	563	507	563	—	%
				100,374	98,964	99,817	6.0	%
Professional services
Apex Group Treasury LLC(5)(7)(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(5)(13)(15)(16)(18)	Second lien senior secured delayed draw term loan	L + 6.75%	6/30/2022	—	—	—	—	%
Guidehouse Inc.(5)(6)(18)	First lien senior secured loan	L + 5.50%	10/16/2028	44,465	44,032	44,020	2.6	%
Guidehouse Inc.(5)(13)(18)	First lien senior secured revolving loan	L + 5.50%	10/15/2027	—	—	(34)	—	%
Relativity ODA LLC(5)(6)(18)	First lien senior secured loan	L + 7.50% PIK	5/12/2027	15,590	15,387	15,396	0.9	%
Relativity ODA LLC(5)(13)(14)(18)	First lien senior secured revolving loan	L + 6.50%	5/12/2027	—	(20)	(18)	—	%
				65,055	64,351	64,314	3.8	%
Specialty retail
Milan Laser Holdings LLC(5)(7)(18)	First lien senior secured loan	L + 5.00%	4/27/2027	41,263	40,891	40,954	2.5	%
Milan Laser Holdings LLC(5)(13)(14)(18)	First lien senior secured revolving loan	L + 5.00%	4/27/2026	—	(30)	(26)	—	%
Notorious Topco, LLC (dba Beauty Industry Group)(5)(7)(18)	First lien senior secured loan	L + 6.50%	11/23/2027	60,915	60,015	60,002	3.6	%

3538

Owl Rock Capital Corporation III

Consolidated Schedule of Investments

as of December 31, 2021

(Amounts in thousands, except share amounts)


Company(1)(2)(23)	Investment	Interest	Maturity Date	Par / Units	Amortized Cost(3)(4)	Fair Value	Percentage of Net Assets
Notorious Topco, LLC (dba Beauty Industry Group)(5)(13)(14)(15)(18)	First lien senior secured delayed draw term loan	L + 6.50%	11/23/2023	—	(54)	(22)	—	%
Notorious Topco, LLC (dba Beauty Industry Group)(5)(7)(13)(18)	First lien senior secured revolving loan	L + 6.50%	5/24/2027	880	803	801	—	%
The Shade Store, LLC(5)(7)(18)	First lien senior secured loan	L + 6.00%	10/13/2027	59,091	58,375	58,352	3.5	%
The Shade Store, LLC(5)(13)(14)(18)	First lien senior secured revolving loan	L + 6.00%	10/13/2026	—	(71)	(74)	—	%
				162,149	159,929	159,987	9.6	%
Telecommunications
Park Place Technologies, LLC(5)(6)(17)(18)	First lien senior secured loan	L + 5.00%	11/10/2027	7,444	7,185	7,416	0.4	%
				7,444	7,185	7,416	0.4	%
Transportation
Motus Group, LLC(5)(7)(18)	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				2,778,396	2,735,495	2,740,151	164.0	%
Equity Investments
Automotive
CD&R Value Building Partners I, L.P. (dba Belron)(16)(18)(20)(21)	LP Interest	N/A	N/A	33,000	33,065	33,000	2.0	%
Metis HoldCo, Inc. (dba Mavis Tire Express Services)(18)(20)	Series A Convertible Preferred Stock	7.00% PIK	N/A	32,308	32,783	33,645	2.0	%
					65,848	66,645	4.0	%
Buildings and real estate
Skyline Holdco B, Inc. (dba Dodge Data & Analytics)(18)(20)(21)	Series A Preferred Stock	N/A	N/A	431,889	648	715	—	%
					648	715	—	%
Business services
Denali Holding, LP (dba Summit Companies)(18)(20)(21)	Class A Units	N/A	N/A	380,658	3,807	3,807	0.2	%
Hercules Buyer LLC (dba The Vincit Group)(18)(19)(20)(21)	Common Units	N/A	N/A	452	450	452	—	%

3639

Owl Rock Capital Corporation III

Consolidated Schedule of Investments

as of December 31, 2021

(Amounts in thousands, except share amounts)


Company(1)(2)(23)	Investment	Interest	Maturity Date	Par / Units	Amortized Cost(3)(4)	Fair Value	Percentage of Net Assets
					4,257	4,259	0.2	%
Consumer products
ASP Conair Holdings LP(18)(20)(21)	Class A Units	N/A	N/A	12,857	1,286	1,286	0.1	%
					1,286	1,286	0.1	%
Healthcare equipment and services
KPCI Holdings, LP(18)(20)(21)	LP Interest	N/A	N/A	6,701	6,701	7,749	0.5	%
Patriot Holdings SCSp (dba Corza Health, Inc.)(18)(20)	Class A Units	8.00% PIK	N/A	1,653	1,759	1,759	0.1	%
Patriot Holdings SCSp (dba Corza Health, Inc.)(18)(20)(21)	Class B Units	N/A	N/A	22,767	44	258	—	%
					8,504	9,766	0.6	%
Healthcare providers and services
KOBHG Holdings, L.P. (dba OB Hospitalist)(18)(20)(21)	LP Interest	N/A	N/A	3,017	3,017	3,017	0.2	%
Restore OMH Intermediate Holdings, Inc.(18)(20)	Senior Preferred Stock	13.00% PIK	N/A	381	4,261	4,251	0.3	%
					7,278	7,268	0.5	%
Human resource support services
Sunshine Software Holdings, Inc. (dba Cornerstone OnDemand)(18)(20)	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)(18)(20)(21)	LP Interest	N/A	N/A	8,919	892	892	0.1	%
GrowthCurve Capital Sunrise Co-Invest LP (dba Brightway)(18)(20)(21)	LP Interest	N/A	N/A	421	422	421	—	%
PCF Holdco, LLC (dba PCF Insurance Services)(18)(20)(21)	Class A Units	N/A	N/A	2,757,106	6,992	6,992	0.4	%
PCF Holdco, LLC (dba PCF Insurance Services)(18)(20)(21)	Class A Warrants	N/A	N/A	1,013,666	2,571	2,571	0.2	%
					10,877	10,876	0.7	%
Internet software and services

3740

Owl Rock Capital Corporation III

Consolidated Schedule of Investments

as of December 31, 2021

(Amounts in thousands, except share amounts)


Company(1)(2)(23)	Investment	Interest	Maturity Date	Par / Units	Amortized Cost(3)(4)		Fair Value		Percentage of Net Assets
BCTO WIW Holdings, Inc. (dba When I Work)(18)(20)(21)	Class A Common Stock	N/A	N/A	57,000	5,700		5,700		0.3	%
Brooklyn Lender Co-Invest 2, L.P. (dba Boomi)(18)(20)(21)	Common Units	N/A	N/A	1,729,439	1,729		1,729		0.1	%
Thunder Topco L.P. (dba Vector Solutions)(18)(20)(21)	Common Units	N/A	N/A	2,138,653	2,139		2,524		0.2	%
MessageBird Holding B.V.(16)(18)(20)(21)	Extended Series C Warrants	N/A	N/A	25,540	157		157		—	%
WMC Bidco, Inc. (dba West Monroe)(18)(20)	Senior Preferred Stock	11.25% PIK	N/A	33,385	32,494		32,467		1.9	%
					42,219		42,577		2.5	%
Manufacturing
Gloves Holdings, LP (dba Protective Industrial Products)(18)(20)(21)	LP Interest	N/A	N/A	700	700		784		—	%
					700		784		—	%
Total non-controlled/non-affiliated portfolio company equity investments					154,334		156,886		9.4	%
Total Investments					$	2,889,829	$	2,897,037	173.4	%

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

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

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

(4)As of December 31, 2021, the net estimated unrealized gain for U.S. federal income tax purposes was $9.4 million based on a tax cost basis of $2.9 billion. As of December 31, 2021, the estimated aggregate gross unrealized loss for U.S. federal income tax purposes was $1.0 million and the estimated aggregate gross unrealized gain for U.S. federal income tax purposes was $10.4 million.

(5)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), Euro Interbank Offered Rate (“EURIBOR” or “E”), British pound sterling LIBOR (“GBPLIBOR” or “G”), Sterling Overnight Interbank Average Rate ("SONIA" or "S") 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 December 31, 2021 was 0.10%.

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

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

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

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

(11)The interest rate on these loans is subject to 6 month GBPLIBOR, which as of December 31, 2021 was 0.47%.

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

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

3841

Owl Rock Capital Corporation III

Consolidated Schedule of Investments

as of December 31, 2021

(Amounts in thousands, except share amounts)

(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)This portfolio company is not a qualifying asset under Section 55(a) of the Investment Company Act of 1940, as amended (the "1940 Act"). Under the 1940 Act, the Company may not acquire any non-qualifying asset unless, at the time such acquisition is made, qualifying assets represent at least 70% of total assets. As of December 31, 2021, non-qualifying assets represented 10.9% of total assets as calculated in accordance with the regulatory requirements.

(17)Level 2 investment.

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

(19)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.

(20)Security acquired in transaction exempt from registration under the Securities Act of 1933, as amended (the "Securities Act") and may be deemed to be “restricted securities” under the Securities Act. As of December 31, 2021, the aggregate fair value of these securities is $156.9 million or 9.4% of the Company’s net assets. The acquisition dates of the restricted securities are as follows:

3942

Owl Rock Capital Corporation III

Consolidated Schedule of Investments

as of December 31, 2021

(Amounts in thousands, except share amounts)

Portfolio Company

Investment

Acquisition Date

ASP Conair Holdings LP

Class A Units

May 17, 2021

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

Class A Common Stock

November 2, 2021

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 17, 2021

Denali Holding, LP (dba Summit Companies)

Class A Units

September 15, 2021

Evolution Parent, LP (dba SIAA)

LP Interest

April 30, 2021

Gloves Holdings, LP (dba Protective Industrial Products)

LP Interest

December 29, 2020

GrowthCurve Capital Sunrise Co-Invest LP (dba Brightway)

LP Interest

December 16, 2021

Hercules Buyer, LLC (dba The Vincit Group)

Common Units

December 15, 2020

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

LP Interest

September 27, 2021

KPCI Holdings, LP

LP Interest

November 30, 2020

MessageBird Holding B.V.

Extended Series C Warrants

May 5, 2021

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

Series A Convertible Preferred Stock

May 4, 2021

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

(21)Investment is non-income producing.

(22)Loan contains a fixed-rate structure.

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

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

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

4043

Owl Rock Capital Corporation III

Consolidated Statements of Changes in Net Assets

(Amounts in thousands)

(Unaudited)


		Three Months Ended June 30,				For the Six Months Ended June 30,					For the Three Months Ended September 30,				For the Nine Months Ended September 30,
		2022		2021		2022		2021			2022		2021		2022		2021
Increase (Decrease) in Net Assets Resulting from Operations	Increase (Decrease) in Net Assets Resulting from Operations									Increase (Decrease) in Net Assets Resulting from Operations
Net investment income (loss)	Net investment income (loss)	$	41,397	$	9,998	$	82,327	$	17,037	Net investment income (loss)	$	49,185	$	17,700	$	131,511	$	34,737
Net change in unrealized gain (loss)	Net change in unrealized gain (loss)	(45,932)		2,569		(61,439)		4,132		Net change in unrealized gain (loss)	30,832		1,989		(30,607)		6,121
Net realized gain (loss)	Net realized gain (loss)	2		226		886		441		Net realized gain (loss)	(26)		6		860		447
Net Increase (Decrease) in Net Assets Resulting from Operations	Net Increase (Decrease) in Net Assets Resulting from Operations	(4,533)		12,793		21,774		21,610		Net Increase (Decrease) in Net Assets Resulting from Operations	79,991		19,695		101,764		41,305
Distributions	Distributions									Distributions
Distributions declared from earnings	Distributions declared from earnings	(35,424)		(9,318)		(72,214)		(15,965)		Distributions declared from earnings	(42,326)		(16,018)		(114,540)		(31,984)
Net Decrease in Net Assets Resulting from Shareholders' Distributions	Net Decrease in Net Assets Resulting from Shareholders' Distributions	(35,424)		(9,318)		(72,214)		(15,965)		Net Decrease in Net Assets Resulting from Shareholders' Distributions	(42,326)		(16,018)		(114,540)		(31,984)
Capital Share Transactions	Capital Share Transactions									Capital Share Transactions
Issuance of common shares	Issuance of common shares	118,180		150,000		118,180		150,000		Issuance of common shares	—		550,000		118,180		700,000
Reinvestment of distributions	Reinvestment of distributions	7,254		1,403		13,005		1,844		Reinvestment of distributions	7,755		1,911		20,761		3,756
Net Increase in Net Assets Resulting from Capital Share Transactions	Net Increase in Net Assets Resulting from Capital Share Transactions	125,434		151,403		131,185		151,844		Net Increase in Net Assets Resulting from Capital Share Transactions	7,755		551,911		138,941		703,756
Total Increase (Decrease) in Net Assets	Total Increase (Decrease) in Net Assets	85,477		154,878		80,745		157,489		Total Increase (Decrease) in Net Assets	45,420		555,588		126,165		713,077
Net Assets, at beginning of period	Net Assets, at beginning of period	1,663,566		289,065		1,668,298		286,454		Net Assets, at beginning of period	1,749,043		443,943		1,668,298		286,454
Net Assets, at end of period	Net Assets, at end of period	$	1,749,043	$	443,943	$	1,749,043	$	443,943	Net Assets, at end of period	$	1,794,463	$	999,531	$	1,794,463	$	999,531

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

4144

Owl Rock Capital Corporation III

Consolidated Statements of Cash Flows

(Amounts in thousands)

(Unaudited)

Six Months Ended June 30,
2022 2021
Cash Flows from Operating Activities
Net Increase (Decrease) in Net Assets Resulting from Operations $ 21,774 $ 21,610
Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash used in operating activities:
Purchases of investments, net (260,537) (488,743)
Proceeds from investments and investment repayments, net 98,676 51,085
Net amortization/accretion of premium/discount on investments (3,980) (1,418)
Payment-in-kind interest (15,177) (1,912)
Payment-in-kind dividends (4,499) (682)
Net change in unrealized (gain) loss on investments 61,347 (4,365)
Net change in unrealized (gain) loss on translation of assets and liabilities in foreign currencies 92 233
Net realized (gain) loss on investments (875) (246)
Amortization of debt issuance costs 1,758 763
Amortization of offering costs 30 246
Changes in operating assets and liabilities:
(Increase) decrease in interest receivable 7,020 (3,604)
(Increase) decrease in prepaid expenses and other assets (4,166) (240)
Increase (decrease) in management fee payable 914 568
Increase (decrease) in payables to affiliates 29 56
Increase (decrease) in accrued expenses and other liabilities 2,881 240
Net cash provided by (used in) operating activities (94,713) (426,409)
Cash Flows from Financing Activities
Borrowings on debt 311,000 547,928
Payments on debt (250,000) (309,000)
Debt issuance costs (4,600) (869)
Proceeds from issuance of common shares 117,717 154,711
Offering costs paid (20) (43)
Cash distributions paid to shareholders (53,510) (6,901)
Net cash provided by (used in) financing activities 120,587 385,826
Net increase (decrease) in cash 25,874 (40,583)
Cash, beginning of period 27,245 82,612
Cash, end of period $ 53,119 $ 42,029
Supplemental and Non-Cash Information
Interest expense paid $ 16,481 $ 2,834
Distributions declared during the period $ 72,214 $ 15,965
Reinvestment of distributions during the period $ 13,005 $ 1,844
Distribution payable $ 35,424 $ 9,318
Excise taxes paid $ 228 $ 8
Subscriptions receivable $ 463 $ —
Subscriptions received in advance $ — $ 1,302


	For the Nine Months Ended September 30,
	2022		2021
Cash Flows from Operating Activities
Net Increase (Decrease) in Net Assets Resulting from Operations	$	101,764	$	41,305
Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash used in operating activities:
Purchases of investments, net	(531,388)		(1,558,503)
Proceeds from investments and investment repayments, net	129,675		84,030
Net amortization/accretion of premium/discount on investments	(5,914)		(2,468)
Payment-in-kind interest	(21,841)		(4,431)
Payment-in-kind dividends	(6,383)		(1,415)
Net change in unrealized (gain) loss on investments	30,133		(6,410)
Net change in unrealized (gain) loss on translation of assets and liabilities in foreign currencies	474		289
Net realized (gain) loss on investments	(875)		(257)
Amortization of debt issuance costs	2,961		1,331
Amortization of offering costs	42		300
Changes in operating assets and liabilities:
(Increase) decrease in interest receivable	(2,816)		(6,067)
(Increase) decrease in prepaid expenses and other assets	(827)		(204)
Increase (decrease) in management fee payable	1,011		1,133
Increase (decrease) in payables to affiliates	278		267
Increase (decrease) in accrued expenses and other liabilities	11,208		1,431
Net cash provided by (used in) operating activities	(292,498)		(1,449,669)
Cash Flows from Financing Activities
Borrowings on debt	903,000		1,762,656
Payments on debt	(610,000)		(919,000)
Debt issuance costs	(8,425)		(6,231)
Proceeds from issuance of common shares	118,180		702,493
Offering costs paid	(20)		(51)
Cash distributions paid to shareholders	(81,179)		(14,308)
Net cash provided by (used in) financing activities	321,556		1,525,559
Net increase (decrease) in cash	29,058		75,890
Cash, beginning of period	27,245		82,612
Cash, end of period	$	56,303	$	158,502

Supplemental and Non-Cash Information
Interest expense paid	$	25,165	$	5,437
Distributions declared during the period	$	114,540	$	31,984
Reinvestment of distributions during the period	$	20,761	$	3,756
Distribution payable	$	42,326	$	16,018
Excise taxes paid	$	228	$	8
Subscriptions receivable	$	—	$	916

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

4345

Owl Rock Capital Corporation III

Notes to Consolidated Financial Statements (Unaudited)

Note 1. Organization

Owl Rock Capital Corporation III (the “Company”) is a Maryland corporation formed on January 27, 2020. The Company was formed primarily to originate and make loans to, and make debt and equity investments in middle-market companies based primarily in the United States. The Company invests in senior secured or unsecured loans, subordinated loans or mezzanine loans and, to a lesser extent, equity and equity-related securities including warrants, preferred stock and similar forms of senior equity, which may or may not be convertible into a portfolio company’s common equity. The Company’s investment objective is to generate current income and, to a lesser extent, capital appreciation by targeting investment opportunities with favorable risk-adjusted returns.

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

On April 24, 2020, the Company formed a wholly-owned subsidiary, OR Lending III LLC, a Delaware limited liability company, which holds a California finance lenders license. OR Lending III 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.

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

The Company conducts private offerings (the “Private Offering”) of its common shares to accredited investors in reliance on exemptions from the registration requirements of the Securities Act of 1933, as amended. At the closing of any Private Offering, each investor makes a capital commitment (a “Capital Commitment”) to purchase shares of the Company’s common stock pursuant to a subscription agreement (“Subscription Agreement”) entered into with the Company. Until the earlier of a Liquidity Event (as defined below) and the end of the Commitment Period (as defined below), investors are required to fund drawdowns to purchase shares of the Company’s common stock up to the amount of their respective Capital Commitment on an as-needed basis each time the Company delivers a drawdown notice to its investors. The initial closing of the Private Offering occurred on June 5, 2020 (the “Initial Closing”). During the Commitment Period (as defined below), the Adviser may, in its sole discretion, permit one or more additional closings (“Subsequent Closings”) as additional Capital Commitments are obtained (the conclusion of all Subsequent Closings, if any, the “Final Closing”). The “Commitment Period” will continue until the seven year anniversary of the Initial Closing. If the Company has not consummated a Liquidity Event (as defined below) by the end of the Commitment Period, subject to extension for two additional one-year periods, in the sole discretion of the Board, the Board (subject to any necessary shareholder approvals and applicable requirements of the Investment Company Act of 1940 (the “1940 Act”)) will use its commercially reasonable efforts to wind down and/or liquidate and dissolve the Company in an orderly manner. A “Liquidity Event” could include: (i) future quotation or listing of the Company’s securities on a national securities exchange (“Exchange Listing"); (ii) a transaction, including a merger, in which shareholders receive cash or shares of an entity, including an entity that is affiliated with the Company, and such shares are listed on a national securities exchange; or (iii) the sale of all or substantially all of the Company’s assets.

On June 17, 2020, the Company commenced its loan origination and investment activities contemporaneously with the initial drawdown from investors in the Private Offering. In June 2020, the Company made its first portfolio investment.

4446

Owl Rock Capital Corporation III

Notes to Consolidated Financial Statements (Unaudited) - Continued

Note 2. Significant Accounting Policies

Basis of Presentation

The accompanying consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). The Company is an investment company and, therefore, applies the specialized accounting and reporting guidance in Accounting Standards Codification (“ASC”) Topic 946, Financial Services – Investment Companies. In the opinion of management, all adjustments considered necessary for the fair presentation of the consolidated financial statements have been included. The Company was initially capitalized on June 4, 2020 and commenced operations on June 5, 2020 with the initial closing of its Private Offering. The Company’s fiscal year ends on December 31.

Use of Estimates

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

Cash

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

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

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

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

4547

Owl Rock Capital Corporation III

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

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

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

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

Transfers between levels, if any, are recognized at the beginning of the period in which the transfer occurs. In addition to using the above inputs in investment valuations, the Company applies the valuation policy approved by its Board that is consistent with ASC 820. Consistent with the valuation policy, the Company evaluates the source of the inputs, including any markets in which its investments are trading (or any markets in which securities with similar attributes are trading), in determining fair value. When an investment is valued based on prices provided by reputable dealers or pricing services (such as broker quotes), the Company subjects those prices to various criteria in making the determination as to whether a particular investment would qualify for treatment as a Level 2 or Level 3 investment. For example, the Company, or the independent valuation firm(s), reviews pricing support provided by dealers or pricing services in order to determine if observable market information is being used, versus unobservable inputs. Due to the inherent uncertainty of determining the fair value of investments that do not have a readily available market value, the fair value of the Company’s investments may fluctuate from period to period. Additionally, the fair value of such investments may differ significantly from the values that would have been used had a ready market existed for such investments and may differ materially from the values that may ultimately be realized. Further, such investments are generally less liquid than publicly traded securities and may be subject to contractual and other restrictions on resale. If the Company were required to liquidate a portfolio investment in a forced or liquidation sale, it could realize amounts that are different from the amounts presented and such differences could be material.

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

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

Foreign Currency

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

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

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

~~Owl Rock Capital Corporation III~~

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

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

Owl Rock Capital Corporation III

Notes to Consolidated Financial Statements (Unaudited) - Continued

borrowings are included with the net change in unrealized gains (losses) on translation of assets and liabilities in foreign currencies on the Consolidated Statements of Operations.

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

Interest and Dividend Income Recognition

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

Loans are generally placed on non-accrual status when there is reasonable doubt that principal or interest will be collected in full. Accrued interest is generally reversed when a loan is placed on non-accrual status. Interest payments received on non-accrual loans may be recognized as income or applied to principal depending upon management’s judgment regarding collectability. If at any point the Company believes PIK interest or dividends are not expected to be realized, the investment generating PIK interest or dividends will be placed on non-accrual status. When a PIK investment is placed on non-accrual status, the accrued, uncapitalized interest or dividends are generally reversed through interest income. Non-accrual loans are restored to accrual status when past due principal and interest is paid current and, in management’s judgment, are likely to remain current. Management may make exceptions to this treatment and determine to not place a loan on non-accrual status if the loan has sufficient collateral value and is in the process of collection. ~~As of June 30, 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 generally paid at the closing of the investments, are generally non-recurring and are recognized as revenue when earned upon closing of the investment. The services that the Adviser provides vary by investment, but can include closing, work, diligence or other similar fees and fees for providing managerial assistance to the Company’s 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 beginning with commencement of operations and any additional expenses for other offerings from incurrence. These expenses consist primarily of legal fees and other costs incurred in connection with the Company’s share offerings, the preparation of the Company’s registration statement, and registration fees.

~~Owl Rock Capital Corporation III~~

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

Debt Issuance Costs

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

Owl Rock Capital Corporation III

Notes to Consolidated Financial Statements (Unaudited) - Continued

financial statements when the debt issuance costs are incurred, such debt issuance costs will be reported on the Consolidated Statements of Assets and Liabilities as an asset until the debt liability is recorded.

Reimbursement of Transaction-Related Expenses

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

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

Income Taxes

The Company has elected to be treated as a BDC under the 1940 Act. The Company has elected to be treated as a RIC under the Code beginning with its taxable year ending December 31, 2020 and intends to continue to qualify as a RIC. So long as the Company maintains its tax treatment as a RIC, it generally will not pay corporate-level U.S. federal income taxes on any ordinary income or capital gains that it distributes at least annually to its shareholders as dividends. Instead, any tax liability related to income earned and distributed by the Company represents obligations of the Company’s investors and will not be reflected in the consolidated financial statements of the Company.

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

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

Distributions to Common Shareholders

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

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

~~Owl Rock Capital Corporation III~~

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

Consolidation

As provided under Regulation S-X and ASC Topic 946 - Financial Services - Investment Companies, the Company will generally not consolidate its investment in a company other than a wholly-owned investment company or controlled operating company whose business consists of providing services to the Company. Accordingly, the Company

Owl Rock Capital Corporation III

Notes to Consolidated Financial Statements (Unaudited) - Continued

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.

In June 2022, the FASB issued ASU No. 2022-03, “Fair Value Measurement (Topic 820),” which clarifies the guidance in Topic 820 when measuring the fair value of an equity security subject to contractual restrictions that prohibit the sale of an equity security and introduces new disclosure requirements for equity securities subject to contractual sale restrictions that are measured at fair value in accordance with Topic 820. The amendments affect all entities that have investments in equity securities measured at fair value that are subject to a contractual sale restriction. ASU 2022-03 is effective for public business entities for fiscal years beginning after December 15, 2023, and interim periods within those fiscal years. For all other entities the amendments are effective for fiscal years beginning after December 15, 2024, and interim periods within those fiscal years. Early adoption is permitted for both interim and annual financial statements that have not yet been issued or made available for issuance. An entity that qualifies as an investment company under Topic 946 should apply the amendments in ASU No. 2022-03 to an investment in an equity security subject to a contractual sale restriction that is executed or modified on or after the date of adoption. The Company is currently evaluating the impact of adopting ASU No. 2022-03 on the consolidated financial statements.

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

Note 3. Agreements and Related Party Transactions

Administration Agreement

The Company has entered into an amended and restated Administration Agreement (the “Administration Agreement”) with the Adviser. The Administration Agreement became effective on May 18, 2021 upon consummation of the transaction (the "Transaction") pursuant to which Owl Rock Capital Group, the parent of the Adviser (and a subsidiary of Owl Rock Capital Partners LP), and Dyal Capital Partners merged to form Blue Owl. The terms of the Administration Agreement are identical to the terms of the prior administration agreement. Under the terms of the Administration Agreement, the Adviser performs, or oversees the performance of, required administrative services, which 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.

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 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.

~~Owl Rock Capital Corporation III~~

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

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

Owl Rock Capital Corporation III

Notes to Consolidated Financial Statements (Unaudited) - Continued

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.

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~~nine months ended ~~June~~September 30, 2022, the Company incurred expenses of approximately $0.5 million and ~~$0.9~~$1.4 million, respectively, for costs and expenses reimbursable to the Adviser under the terms of the Administration Agreement. For the three and ~~six~~nine months ended ~~June~~September 30, 2021, the Company incurred expenses of approximately $0.3 million and ~~$0.6~~$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.

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

Unless earlier terminated as described below, the Investment Advisory Agreement will remain in effect for two years from the date it first became effective, and will remain in effect from year-to-year thereafter if approved annually by a majority of the Board or by the holders of a majority of the Company’s outstanding voting securities and, in each case, by a majority of independent directors. On May 3, 2022, the Board approved the continuation of the Investment Advisory Agreement.

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

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

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

~~Owl Rock Capital Corporation III~~

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

The management fee is payable quarterly in arrears. Prior to an Exchange Listing, the management fee is payable at an annual rate of 0.50% of the Company’s average gross assets, excluding cash and cash equivalents but including assets purchased with borrowed amounts, at the end of the Company’s two most recently completed calendar quarters.

Following an Exchange Listing, the management fee is payable at an annual rate of (x) 1.50% of the Company’s average gross assets (excluding cash and cash equivalents but including assets purchased with borrowed amounts) that is above an asset coverage ratio of 200% calculated in accordance with Sections 18 and 61 of the 1940 Act and (y) 1.00% of the Company’s average gross assets (excluding cash and cash equivalents but including assets purchased with borrowed amounts) that is below an asset coverage ratio of 200% calculated in accordance with Sections 18 and 61 of the 1940 Act,

Owl Rock Capital Corporation III

Notes to Consolidated Financial Statements (Unaudited) - Continued

in each case, at the end of the two most recently completed calendar quarters. The management fee for any partial month or quarter, as the case may be, will be appropriately prorated and adjusted for any share issuances or repurchases during the relevant calendar months or quarters, as the case may be.

For the three and ~~six~~nine months ended ~~June~~September 30, 2022, management fees were ~~$3.7~~$3.8 million and ~~$7.4~~$11.2 million, respectively. For the three and ~~six~~nine months ended ~~June~~September 30, 2021, management fees were ~~$0.8~~$1.3 million and ~~$1.3~~$2.7 million respectively.

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

The second component of the incentive fee, the capital gains incentive fee, payable at the end of each calendar year in arrears, equals 17.5% of cumulative realized capital gains from the date on which an Exchange Listing, if any, becomes effective (the "Listing Date") to the end of each calendar year, less cumulative realized capital losses and unrealized capital depreciation from the Listing Date to the end of each calendar year, less the aggregate amount of any previously paid capital gains incentive fee for prior periods. 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 were to sell the relevant investment and realize a capital gain. The fees that are payable under the Investment Advisory Agreement for any partial period will be appropriately prorated. For the sole purpose of calculating the capital gains incentive fee, the cost basis as of the Listing Date for all of our investments made prior to the Listing Date will be equal to the fair market value of such investments as of the last day of the calendar quarter in which the Listing Date occurs; provided, however, that in no event will the capital gains incentive fee payable pursuant to the Investment Advisory Agreement be in excess of the amount permitted by the Advisers Act of 1940, as amended, including Section 205 thereof.

There were no performance based incentive fees on net investment income for the three and ~~six~~nine months ended ~~June~~September 30, 2022. There were no performance based incentive fees on net investment income for the three and ~~six~~nine months ended ~~June~~September 30, 2021.

There were no capital gains based incentive fees for the three and ~~six~~nine months ended ~~June~~September 30, 2022. There were no capital gains based incentive fees for the three and ~~six~~nine months ended ~~June~~September 30, 2021.

Dealer Manager Agreement; Placement Agent Agreement

On June 4, 2020, the Company and the Adviser entered into a dealer manager agreement (the “Dealer Manager Agreement”) with Blue Owl Securities LLC (formerly, Owl Rock Capital Securities LLC) (“Blue Owl Securities”), pursuant to which Blue Owl Securities and certain participating broker-dealers will solicit Capital Commitments. In addition, the Company has entered into a placement agent agreement (the “Placement Agent Agreement”) with Blue Owl Securities pursuant to which employees of Blue Owl Securities may conduct placement activities.

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. Fees paid pursuant to these agreements will be paid by the Adviser.

~~Owl Rock Capital Corporation III~~

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

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 to Owl Rock Capital Advisors LLC (“ORCA”) and its affiliates to co-invest with other funds managed by the Adviser or ~~its~~certain 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 the 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

Owl Rock Capital Corporation III

Notes to Consolidated Financial Statements (Unaudited) - Continued

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. In addition, the Company has received an amendment to its Order to permit it to co-invest in its existing portfolio companies with certain affiliates that are private funds, even if such private funds did not have an investment in such existing portfolio company.

The Adviser is affiliated with ORCA, Owl Rock Technology Advisors LLC (“ORTA”), Owl Rock Technology Advisors II LLC ("ORTA II") and Owl Rock Capital Private Fund Advisors LLC (“ORPFA” and together with ORCA, ORTA, ORTA II and the Adviser, the “Owl Rock Advisers”), which are also investment advisers. The Owl Rock Advisers are indirect affiliates of Blue Owl and comprise part of “Owl Rock,” a division of Blue Owl focused on direct lending. The Owl Rock Advisers’ allocation policy seeks to ensure equitable allocation of investment opportunities over time between the Company and other funds managed by the Adviser or its affiliates. As a result of the Order, there could be significant overlap in the Company’s investment portfolio and the investment portfolio of other funds managed by the Adviser or its affiliates that could avail themselves of the Order and that have an investment objective similar to the Company’s.

License Agreement

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

~~Promissory Note~~

The Company, as borrower, has entered into a Loan Agreement as amended and restated through the date hereof (the "FIC Agreement") with Owl Rock Feeder FIC BDC III LLC ("Feeder FIC"), an affiliate of the Adviser, as lender, to enter into revolving promissory notes (the "Promissory Notes") to borrow up to an aggregate of $250 million from Feeder FIC. See Note 6 "Debt".

On June 22, 2022, the Company and Feeder FIC entered into a Termination Agreement (the "Termination Agreement") pursuant to which the FIC Agreement was terminated. At the time the Termination Agreement was executed there were no amounts outstanding pursuant to the FIC Agreement or Promissory Notes.

~~Note 4. Investments~~Non-Controlled/Affiliated Portfolio Companies

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

The ~~information~~Company has made investments in non-controlled, affiliated companies, including Amergin AssetCo and Chapford SMA Partnership, L.P. ("Chapford SMA").

Amergin was created to invest in a leasing platform focused on railcar and aviation assets and consists of Amergin AssetCo and Amergin Asset Management LLC, which has entered into a Servicing Agreement with Amergin AssetCo. The Company made a $15.0 million equity commitment to Amergin on July 1, 2022. The Company's investment in Amergin is a co-investment made with the ~~tables below~~Company's affiliates in accordance with the terms of the exemptive relief that the Company received from the SEC.

Chapford SMA is a portfolio company created to invest in life settlement assets. On July 18, 2022, the Company made a $15.9 million equity commitment to Chapford SMA. The Company's investment in Chapford SMA is a co-investment with the Company's affiliates in accordance with the terms of the exemptive relief that the Company received from the SEC.

Promissory Note

5254

Owl Rock Capital Corporation III

Notes to Consolidated Financial Statements (Unaudited) - Continued

into revolving promissory notes (the "Promissory Notes") to borrow up to an aggregate of $250 million from Feeder FIC. See Note 6 "Debt".

Note 4. Investments

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

Investments at fair value and amortized cost consisted of the following as of ~~June~~September 30, 2022 and December 31, 2021:


		June 30, 2022				December 31, 2021					September 30, 2022				December 31, 2021
($ in thousands)	($ in thousands)	Amortized Cost		Fair Value		Amortized Cost		Fair Value		($ in thousands)	Amortized Cost		Fair Value		Amortized Cost		Fair Value
First-lien senior secured debt investments	First-lien senior secured debt investments	$	2,419,272	$	2,390,281	$	2,282,500	$	2,285,599	First-lien senior secured debt investments	$	2,625,681	$	2,613,893	$	2,282,500	$	2,285,599
Second-lien senior secured debt investments	Second-lien senior secured debt investments	409,604		392,248		406,308		407,932		Second-lien senior secured debt investments	416,776		401,510		406,308		407,932
Unsecured debt investments	Unsecured debt investments	57,122		51,829		46,687		46,620		Unsecured debt investments	58,189		49,722		46,687		46,620
Preferred equity investments	Preferred equity investments	114,703		109,162		82,903		83,788		Preferred equity investments	138,606		134,889		82,903		83,788
Common equity investments	Common equity investments	75,520		73,182		71,431		73,098		Common equity investments	87,303		94,129		71,431		73,098
Total Investments	Total Investments	$	3,076,221	$	3,016,702	$	2,889,829	$	2,897,037	Total Investments	$	3,326,555	$	3,294,143	$	2,889,829	$	2,897,037

5355

Owl Rock Capital Corporation III

Notes to Consolidated Financial Statements (Unaudited) - Continued

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


		June 30, 2022		December 31, 2021			September 30, 2022		December 31, 2021
Advertising and media	Advertising and media	2.7	%	2.8	%	Advertising and media	3.2	%	2.8	%
Aerospace and defense	Aerospace and defense	0.4		0.5		Aerospace and defense	0.4		0.5
Automotive	Automotive	2.1		2.3		Automotive	2.0		2.3
Buildings and real estate	Buildings and real estate	3.7		3.4		Buildings and real estate	3.4		3.4
Business services	Business services	7.0		6.8		Business services	6.5		6.8
Chemicals	Chemicals	2.7		2.9		Chemicals	2.5		2.9
Consumer products	Consumer products	3.5		3.8		Consumer products	3.1		3.8
Containers and packaging	Containers and packaging	3.6		3.6		Containers and packaging	3.4		3.6
Distribution	Distribution	1.9		1.5		Distribution	1.8		1.5
Education	Education	0.7		0.7		Education	0.6		0.7
Financial services	Financial services	6.0		6.3		Financial services	5.5		6.3
Food and beverage	Food and beverage	4.5		3.5		Food and beverage	4.3		3.5
Healthcare equipment and services	Healthcare equipment and services	3.3		3.5		Healthcare equipment and services	3.1		3.5
Healthcare providers and services	Healthcare providers and services	6.7		7.6		Healthcare providers and services	7.2		7.6
Healthcare technology	Healthcare technology	6.9		6.9		Healthcare technology	6.7		6.9
Household products	Household products	1.1		0.8		Household products	0.9		0.8
Human resource support services	Human resource support services	4.0		4.4		Human resource support services	3.7		4.4
Infrastructure and environmental services	Infrastructure and environmental services	0.0		—		Infrastructure and environmental services	0.0		—
Insurance	Insurance	9.7		10.1		Insurance	9.5		10.1
Internet software and services	Internet software and services	15.8		14.4		Internet software and services	16.5		14.4
Leisure and entertainment	Leisure and entertainment	2.3		2.4		Leisure and entertainment	2.1		2.4
Manufacturing	Manufacturing	3.4		3.5		Manufacturing	3.4		3.5
Professional services	Professional services	2.1		2.2		Professional services	4.2		2.2
Specialty retail	Specialty retail	5.4		5.5		Specialty retail	5.5		5.5
Telecommunications	Telecommunications	0.2		0.3		Telecommunications	0.2		0.3
Transportation	Transportation	0.3		0.3		Transportation	0.3		0.3
Total	Total	100.0	%	100.0	%	Total	100.0	%	100.0	%

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


		June 30, 2022		December 31, 2021			September 30, 2022		December 31, 2021
United States:	United States:					United States:
Midwest	Midwest	21.3	%	20.7	%	Midwest	21.4	%	20.7	%
Northeast	Northeast	16.2		16.9		Northeast	16.8		16.9
South	South	30.4		30.7		South	30.9		30.7
West	West	24.3		23.3		West	22.9		23.3
International	International	7.8		8.4		International	8.0		8.4
Total	Total	100.0	%	100.0	%	Total	100.0	%	100.0	%

5456

Owl Rock Capital Corporation III

Notes to Consolidated Financial Statements (Unaudited) - Continued

Note 5. Fair Value of Investments

Investments

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


		Fair Value Hierarchy as of June 30, 2022									Fair Value Hierarchy as of September 30, 2022
($ in thousands)	($ in thousands)	Level 1		Level 2		Level 3		Total		($ in thousands)	Level 1		Level 2		Level 3		Total
First-lien senior secured debt investments	First-lien senior secured debt investments	$	—	$	7,097	$	2,383,184	$	2,390,281	First-lien senior secured debt investments	$	—	$	—	$	2,613,893	$	2,613,893
Second-lien senior secured debt investments	Second-lien senior secured debt investments	—		37,594		354,654		392,248		Second-lien senior secured debt investments	—		42,335		359,175		401,510
Unsecured debt investments	Unsecured debt investments	—		—		51,829		51,829		Unsecured debt investments	—		—		49,722		49,722
Preferred equity investments	Preferred equity investments	—		—		109,162		109,162		Preferred equity investments	—		—		134,889		134,889
Common equity investments	Common equity investments	—		—		73,182		73,182		Common equity investments	—		—		94,129		94,129
Total Investments at fair value	Total Investments at fair value	$	—	$	44,691	$	2,972,011	$	3,016,702	Total Investments at fair value	$	—	$	42,335	$	3,251,808	$	3,294,143


	Fair Value Hierarchy as of December 31, 2021
($ in thousands)	Level 1		Level 2		Level 3		Total
First-lien senior secured debt investments	$	—	$	7,416	$	2,278,183	$	2,285,599
Second-lien senior secured debt investments	—		19,941		387,991		407,932
Unsecured debt investments	—		—		46,620		46,620
Preferred equity investments	—		—		83,788		83,788
Common equity investments	—		—		73,098		73,098
Total Investments at fair value	$	—	$	27,357	$	2,869,680	$	2,897,037

5557

Owl Rock Capital Corporation III

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~~nine months ended ~~June~~September 30, 2022 and 2021:

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 $ 2,304,544 $ 358,626 $ 47,214 $ 81,700 $ 75,477 $ 2,867,561
Purchases of investments, net 106,116 1,560 7,650 30,163 2,954 148,443
Payment-in-kind 7,934 940 753 2,327 34 11,988
Proceeds from investments, net (17,766) (699) — — — (18,465)
Net realized gains (losses) 6 — — — — 6
Net change in unrealized gain (loss) (19,146) (12,399) (3,808) (5,091) (5,283) (45,727)
Net amortization/accretion of premium/discount on investments 1,496 118 20 — 63 — 1,697
Transfers into (out of) Level 3(1) — 6,508 — — — 6,508
Fair value, end of period $ 2,383,184 $ 354,654 $ 51,829 $ 109,162 $ 73,182 $ 2,972,011

~~_____________~~

~~(1)Transfers between levels, if any, are recognized at the beginning of the period in which the transfers occur.~~

~~Owl Rock Capital Corporation III~~

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

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 $ 2,278,183 $ 387,991 $ 46,620 $ 83,788 $ 73,098 $ 2,869,680
Purchases of investments, net 213,586 2,540 8,638 32,124 3,648 260,536
Payment-in-kind 11,793 1,632 1,751 4,428 71 19,675
Proceeds from investments, net (92,040) (699) — (5,464) — (98,203)
Net realized gains (losses) 43 — — 831 — 874
Net change in unrealized gain (loss) (31,791) (14,655) (5,223) (6,426) (4,003) (62,098)
Net amortization/accretion of premium/discount on investments 3,410 233 43 249 — 3,935
Transfers between investment types — — — (368) 368 —
Transfers into (out of) Level 3(1)
— (22,388) — — — (22,388)
Fair value, end of period $ 2,383,184 $ 354,654 $ 51,829 $ 109,162 $ 73,182 $ 2,972,011
~~________________~~

~~(1)Transfers between levels, if any, are recognized at the beginning of the period in which the transfers occur.~~

~~Owl Rock Capital Corporation III~~

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


		As of and for the Three Months Ended June 30, 2021													As of and for the Three Months Ended September 30, 2022
($ in thousands)	($ in thousands)	First-lien senior secured debt investments		Second-lien senior secured debt investments		Unsecured debt investments		Preferred equity investments		Common equity investments		Total		($ 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	Fair value, beginning of period	$	368,812	$	83,842	$	45,506	$	3,842	$	7,239	$	509,241	Fair value, beginning of period	$	2,383,184	$	354,654	$	51,829		$	109,162	$	73,182	$	2,972,011
Purchases of investments, net	Purchases of investments, net	236,804		83,327		—		31,848		4,380		356,359		Purchases of investments, net	230,647		6,485		—			21,976		11,746		270,854
Payment-in-kind	Payment-in-kind	640		—		—		482		28		1,150		Payment-in-kind	5,064		562		1,038			1,847		37		8,548
Proceeds from investments, net	Proceeds from investments, net	(6,550)		—		—		—		—		(6,550)		Proceeds from investments, net	(31,001)		—		—			—		—		(31,001)
Net realized gains (losses)														Net realized gains (losses)	—		—		—			—		—		—
Net change in unrealized gain (loss)	Net change in unrealized gain (loss)	655		599		821		(17)		815		2,873		Net change in unrealized gain (loss)	17,202		3,521		(3,174)			1,824		9,164		28,537
Net amortization/accretion of premium/discount on investments														Net amortization/accretion of premium/discount on investments	1,700		112		29		—	80		—		1,921

Net amortization/accretion of premium/discount on investments		349		46		33		22		2		452
Transfers into (out of) Level 3(1)		—		—		—		—		—		—
Transfers into (out of) Level 3(1)														Transfers into (out of) Level 3(1)	7,097		(6,159)		—			—		—		938
Fair value, end of period	Fair value, end of period	$	600,710	$	167,814	$	46,360	$	36,177	$	12,464	$	863,525	Fair value, end of period	$	2,613,893	$	359,175	$	49,722		$	134,889	$	94,129	$	3,251,808

_____________

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

Owl Rock Capital Corporation III

Notes to Consolidated Financial Statements (Unaudited) - Continued

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 $ 304,900 $ 88,048 $ 20,308 $ 3,693 $ 5,851 $ 422,800
Purchases of investments, net 333,186 83,327 24,658 31,847 5,750 478,768
Payment-in-kind 1,173 — 739 636 46 2,594
Proceeds from investments, net (42,018) (4,641) — — — (46,659)
Net change in unrealized gain (loss) 2,279 911 610 (25) 815 4,590
Net realized gains (losses) 22 — — — — 22
Net amortization/accretion of premium/discount on investments 1,168 169 45 26 2 1,410
Transfers into (out of) Level 3(1)
— — — — — —
Fair value, end of period $ 600,710 $ 167,814 $ 46,360 $ 36,177 $ 12,464 $ 863,525


	As of and for the Nine Months Ended September 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	$	2,278,183	$	387,991	$	46,620	$	83,788	$	73,098	$	2,869,680
Purchases of investments, net	444,232		9,025		8,638		54,100		15,394		531,389
Payment-in-kind	16,858		2,194		2,789		6,275		108		28,224
Proceeds from investments, net	(123,041)		(699)		—		(5,464)		—		(129,204)
Net realized gains (losses)	43		—		—		831		—		874
Net change in unrealized gain (loss)	(14,890)		(10,713)		(8,398)		(4,602)		5,161		(33,442)
Net amortization/accretion of premium/discount on investments	5,092		340		73		329		—		5,834
Transfers between investment types	—		—		—		(368)		368		—
Transfers into (out of) Level 3(1)	7,416		(28,963)		—		—		—		(21,547)
Fair value, end of period	$	2,613,893	$	359,175	$	49,722	$	134,889	$	94,129	$	3,251,808

________________

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

Owl Rock Capital Corporation III

Notes to Consolidated Financial Statements (Unaudited) - Continued


	As of and for the Three Months Ended September 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	$	600,710	$	167,814	$	46,360	$	36,177	$	12,464	$	863,525
Purchases of investments, net	989,934		53,109		1		1		6,923		1,049,967
Payment-in-kind	905		—		1,614		704		28		3,252
Proceeds from investments, net	(20,259)		(12,655)		—		—		—		(32,914)
Net realized gains (losses)	—		15		—		—		(4)		11
Net change in unrealized gain (loss)	1,581		474		(1,932)		606		4		733
Net amortization/accretion of premium/discount on investments	794		181		17		32		—		1,024
Transfers into (out of) Level 3(1)	(7,350)		—		—		—		—		(7,350)
Fair value, end of period	$	1,566,315	$	208,938	$	46,060	$	37,520	$	19,415	$	1,878,248

_____________

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

Owl Rock Capital Corporation III

Notes to Consolidated Financial Statements (Unaudited) - Continued


	As of and for the Nine Months Ended September 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	$	304,900	$	88,048	$	20,308	$	3,693	$	5,851	$	422,800
Purchases of investments, net	1,323,120		136,436		24,659		31,848		12,672		1,528,735
Payment-in-kind	2,078		—		2,353		1,340		75		5,846
Proceeds from investments, net	(62,258)		(17,296)		—		—		—		(79,554)
Net change in unrealized gain (loss)	3,709		1,385		(1,322)		581		819		5,172
Net realized gains (losses)	22		15		—		—		(4)		33
Net amortization/accretion of premium/discount on investments	1,944		350		62		58		2		2,416
Transfers into (out of) Level 3(1)	(7,200)		—		—		—		—		(7,200)
Fair value, end of period	$	1,566,315	$	208,938	$	46,060	$	37,520	$	19,415	$	1,878,248

________________

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

The following tables present information with respect to 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~~nine months ended ~~June~~September 30, 2022 and 2021:


($ in thousands)	($ 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		($ in thousands)	Net change in unrealized gain (loss) for the Three Months Ended September 30, 2022 on Investments Held at September 30, 2022		Net change in unrealized gain (loss) for the Three Months Ended September 30, 2021 on Investments Held at September 30, 2021
First-lien senior secured debt investments	First-lien senior secured debt investments	$	(19,159)	$	658	First-lien senior secured debt investments	$	17,200	$	1,579
Second-lien senior secured debt investments	Second-lien senior secured debt investments	(12,399)		599		Second-lien senior secured debt investments	3,521		491
Unsecured debt investments	Unsecured debt investments	(3,808)		818		Unsecured debt investments	(3,174)		(1,932)
Preferred equity investments	Preferred equity investments	(5,091)		(17)		Preferred equity investments	1,824		606
Common equity investments	Common equity investments	(5,283)		815		Common equity investments	9,164		—
Total Investments	Total Investments	$	(45,740)	$	2,873	Total Investments	$	28,535	$	744

5961

Owl Rock Capital Corporation III

Notes to Consolidated Financial Statements (Unaudited) - Continued

($ 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 $ (31,295) $ 2,913
Second-lien senior secured debt investments (14,446) 910
Unsecured debt investments (5,223) 607
Preferred equity investments (6,376) (25)
Common equity investments (3,690) 815
Total Investments $ (61,030) $ 5,220

~~Owl Rock Capital Corporation III~~

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


($ in thousands)	Net change in unrealized gain (loss) for the Nine Months Ended September 30, 2022 on Investments Held at September 30, 2022		Net change in unrealized gain (loss) for the Nine Months Ended September 30, 2021 on Investments Held at September 30, 2021
First-lien senior secured debt investments	$	(14,394)	$	4,343
Second-lien senior secured debt investments	(10,504)		1,403
Unsecured debt investments	(8,398)		(1,325)
Preferred equity investments	(4,552)		581
Common equity investments	5,161		819
Total Investments	$	(32,687)	$	5,821

The following tables present quantitative information about the significant unobservable inputs of the Company’s Level 3 investments as of ~~June~~September 30, 2022 and December 31, 2021. The weighted average range of unobservable inputs is based on fair value of investments. The tables are not intended to be all-inclusive but instead capture the significant unobservable inputs relevant to the Company’s determination of fair value.

As of June 30, 2022
($ in thousands) Fair Value Valuation Technique Unobservable Input Range (Weighted Average) Impact to Valuation from an Increase in Input
First-lien senior secured debt investments $ 2,033,136 Yield Analysis Market Yield 8.5% - 21.6% (11.4%) Decrease
350,048 Recent Transaction Transaction Price 97.5% - 99.3% (98.5%) Increase
Second-lien senior secured debt investments $ 353,780 Yield Analysis Market Yield 11.7% - 17.7% (14.2%) Decrease
874 Recent Transaction Transaction Price 99% Increase
Unsecured debt investments $ 42,142 Yield Analysis Market Yield 9.1% - 11.3% (10.4%) Decrease
1,056 Market Approach EBITDA Multiple 14.8x Increase
8,631 Recent Transaction Transaction Price 97.0% - 99.3% (97.3%) Increase
Preferred equity investments $ 78,990 Yield Analysis Market Yield 14.0% - 16.1% (14.7%) Decrease
30,163 Recent Transaction Transaction Price 97.3% - 97.5% (97.3%) Increase
9 Market Approach EBITDA Multiple 11.5x Increase
Common equity investments $ 59,279 Market Approach EBITDA Multiple 9.8x - 23.3x (15.7x) Increase
420 Market Approach Revenue Multiple 1.8x Increase
53 Market Approach Gross Profit Multiple 16.5x Increase
5,775 Market Approach Last Quarter Annualized Recurring Revenue Multiple 6.5x - 11.0x (7.6x) Increase
7,655 Recent Transaction Transaction Price 100.0% - 123.5% (115.7%) Increase

As of September 30, 2022

($ in thousands)

Fair Value

Valuation Technique

Unobservable Input

Range (Weighted Average)

Impact to Valuation from an Increase in Input

First-lien senior secured debt investments

2,435,907

Yield Analysis

Market Yield

9.1% - 21.3% (12.1%)

Decrease

160,482

Recent Transaction

Transaction Price

97.5% - 99.0% (98.0%)

Increase

17,504

Collateral Analysis

Recovery Rate

69.0%

Increase

Second-lien senior secured debt investments

359,175

Yield Analysis

Market Yield

11.8% - 17.7% (14.8%)

Decrease

Unsecured debt investments

48,666

Yield Analysis

Market Yield

10.2% - 20.0% (12.9%)

Decrease

1,056

Market Approach

EBITDA Multiple

14.0x

Increase

Preferred equity investments

112,903

Yield Analysis

Market Yield

12.0% - 16.8% (13.9%)

Decrease

21,977

Recent Transaction

Transaction Price

97.0%

Increase

Market Approach

EBITDA Multiple

13.2x

Increase

Common equity investments

67,537

Market Approach

EBITDA Multiple

11.5x - 24.3x (16.1x)

Increase

9,845

Market Approach

Revenue Multiple

1.6x - 24.5x (10.7x)

Increase

Market Approach

Gross Profit Multiple

10.0x

Increase

16,721

Recent Transaction

Transaction Price

95.7% - 123.5% (105.4%)

Increase

6162

Owl Rock Capital Corporation III

Notes to Consolidated Financial Statements (Unaudited) - Continued

As of December 31, 2021

($ in thousands)

Fair Value

Valuation Technique

Unobservable Input

Range (Weighted Average)

Impact to Valuation from an Increase in Input

First-lien senior secured debt investments

1,650,640

Yield Analysis

Market Yield

6.5% - 12.4% (8.3%)

Decrease

627,543

Recent Transaction

Transaction Price

90.5% - 99.4% (98.2%)

Increase

Second-lien senior secured debt investments(1)

213,824

Yield Analysis

Market Yield

6.5% - 10.7% (9.2%)

Decrease

161,554

Recent Transaction

Transaction Price

98.0% - 99.0% (98.7%)

Increase

Unsecured debt investments(2)

45,314

Yield Analysis

Market Yield

7.2% - 9.4% (8.4%)

Decrease

1,056

Market Approach

EBITDA Multiple

14.8x

Increase

Preferred equity investments

37,896

Yield Analysis

Market Yield

11.4% - 14.6% (11.8%)

Decrease

45,177

Recent Transaction

Transaction Price

97.3% - 97.5% (97.3%)

Increase

715

Market Approach

EBITDA Multiple

9.3x

Increase

Common equity investments

22,528

Market Approach

EBITDA Multiple

7.6x - 24.0x (17.1x)

Increase

157

Market Approach

Gross Profit Multiple

27.0x

Increase

50,413

Recent Transaction

Transaction Price

100.0%

Increase

________________

(1)Excludes Level 3 investments with a fair value of $12.6 million, which the Company valued using indicative bid prices obtained from brokers.

(2)Excludes Level 3 investment with a fair value of $250.0 thousand, which the Company valued using indicative bid prices obtained from brokers.

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

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

6263

Owl Rock Capital Corporation III

Notes to Consolidated Financial Statements (Unaudited) - Continued

Debt Not Carried at Fair Value

Fair value is estimated by discounting remaining payments using applicable current market rates, which take into account changes in the Company’s marketplace credit ratings, or market quotes, if available. The following table presents the carrying and fair values of the Company’s debt obligations as of ~~June~~September 30, 2022 and December 31, 2021:


		June 30, 2022				December 31, 2021					September 30, 2022				December 31, 2021
($ in thousands)	($ in thousands)	Net Carrying Value(1)		Fair Value		Net Carrying Value(2)		Fair Value		($ in thousands)	Net Carrying Value(1)		Fair Value		Net Carrying Value(2)		Fair Value
Subscription Credit Facility		$	—	$	—	$	—	$	—

Revolving Credit Facility	Revolving Credit Facility	172,518		172,518		211,373		211,373		Revolving Credit Facility	$	128,970	$	128,970	$	211,373	$	211,373
SPV Asset Facility I	SPV Asset Facility I	569,095		569,095		572,676		572,676		SPV Asset Facility I	494,508		494,508		572,676		572,676
SPV Asset Facility II	SPV Asset Facility II	227,540		227,540		132,286		132,286		SPV Asset Facility II	242,680		242,680		132,286		132,286
2027 Notes	2027 Notes	321,201		278,687		321,151		316,875		2027 Notes	321,368		264,875		321,151		316,875
Promissory Note		—		—		—		—
July 2025 Notes										July 2025 Notes	140,464		139,515		—		—
July 2027 Notes										July 2027 Notes	188,012		186,675		—		—

Total Debt	Total Debt	$	1,290,354	$	1,247,840	$	1,237,486	$	1,233,210	Total Debt	$	1,516,002	$	1,457,223	$	1,237,486	$	1,233,210

________________

(1)The carrying value of the Company’s Revolving Credit Facility, SPV Asset Facility I, SPV Asset Facility II, 2027 Notes, July 2025 Notes and July 2027 Notes are presented net of deferred financing costs of ~~$3.8~~$3.7 million, ~~$5.9~~$5.5 million, ~~$2.5~~$2.3 million, $3.6 million, $1.5 million and ~~$3.8~~$2.0 million, respectively.

(2)The carrying value of the Company’s Revolving Credit Facility, SPV Asset Facility I, SPV Asset Facility II, and 2027 Notes are presented net of deferred financing costs of $4.3 million, $2.3 million, $2.7 million, and $3.8 million, respectively.

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


($ in thousands)	($ in thousands)	June 30, 2022		December 31, 2021		($ in thousands)	September 30, 2022		December 31, 2021
Level 1	Level 1	$	—	$	—	Level 1	$	—	$	—
Level 2	Level 2	278,687		316,875		Level 2	264,875		316,875
Level 3	Level 3	969,153		916,335		Level 3	1,192,348		916,335
Total Debt	Total Debt	$	1,247,840	$	1,233,210	Total Debt	$	1,457,223	$	1,233,210

Financial Instruments Not Carried at Fair Value

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

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. As of ~~June~~September 30, 2022 and December ~~31, 2021,~~31,2021, the Company’s asset coverage was ~~233%~~216% and 233%, respectively.

6364

Owl Rock Capital Corporation III

Notes to Consolidated Financial Statements (Unaudited) - Continued

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


		June 30, 2022									September 30, 2022
($ in thousands)	($ 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)
Revolving Credit Facility(3)	Revolving Credit Facility(3)	$	450,000	$	176,366	$	273,634	$	172,518	Revolving Credit Facility(3)	$	450,000	$	132,636	$	317,364	$	128,970
SPV Asset Facility I	SPV Asset Facility I	$	625,000	$	575,000	$	25,927	$	569,095	SPV Asset Facility I	$	625,000	$	500,000	$	72,297	$	494,508
SPV Asset Facility II	SPV Asset Facility II	$	350,000	$	230,000	$	120,000	$	227,540	SPV Asset Facility II	$	350,000	$	245,000	$	105,000	$	242,680
2027 Notes	2027 Notes	$	325,000	$	325,000	$	—	$	321,201	2027 Notes	$	325,000	$	325,000	$	—	$	321,368
July 2025 Notes										July 2025 Notes	$	142,000	$	142,000	$	—	$	140,464
July 2027 Notes										July 2027 Notes	$	190,000	$	190,000	$	—	$	188,012

Total Debt	Total Debt	$	1,750,000	$	1,306,366	$	419,561	$	1,290,354	Total Debt	$	2,082,000	$	1,534,636	$	494,661	$	1,516,002

________________

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

(2)The carrying value of the Company’s Revolving Credit Facility, SPV Asset Facility I, SPV Asset Facility II, 2027 Notes, July 2025 Notes and July 2027 Notes are presented net of deferred financing costs of $~~3.8~~3.7 million, ~~$5.9~~$5.5 million, ~~$2.5~~$2.3 million, $3.6 million, $1.5 million and ~~$3.8~~$2.0 million, respectively.

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


	December 31, 2021
($ in thousands)	Aggregate Principal Committed		Outstanding Principal		Amount Available(1)		Net Carrying Value(2)
Revolving Credit Facility(3)	$	450,000	$	215,656	$	234,344	$	211,373
SPV Asset Facility I	$	625,000	$	575,000	$	24,665	$	572,676
SPV Asset Facility II	$	350,000	$	135,000	$	15,139	$	132,286
2027 Notes	$	325,000	$	325,000	$	—	$	321,151
Promissory Note	$	250,000	$	—	$	250,000	$	—
Total Debt	$	2,000,000	$	1,250,656	$	524,148	$	1,237,486

________________

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

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

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


		For the Three Months Ended June 30,						For the Six Months Ended June 30,							For the Three Months Ended September 30,						For the Nine Months Ended September 30,
($ in thousands)	($ in thousands)	2022			2021			2022			2021			($ in thousands)	2022			2021			2022			2021
Interest expense	Interest expense	$	10,461		$	2,169		$	19,060		$	3,263		Interest expense	$	17,580		$	3,761		$	36,641		$	7,025
Amortization of debt issuance costs	Amortization of debt issuance costs	1,017			425			1,758			763			Amortization of debt issuance costs	1,204			569			2,961			1,331
Total Interest Expense	Total Interest Expense	$	11,478		$	2,594		$	20,818		$	4,026		Total Interest Expense	$	18,784		$	4,330		$	39,602		$	8,356
Average interest rate	Average interest rate	3.1		%	2.3		%	2.9		%	2.4		%	Average interest rate	4.8		%	2.3		%	3.6		%	2.4		%
Average daily borrowings	Average daily borrowings	$	1,323,119		$	365,274		$	1,299,030		$	267,914		Average daily borrowings	$	1,443,054		$	635,647		$	1,347,566		$	391,839

6465

Owl Rock Capital Corporation III

Notes to Consolidated Financial Statements (Unaudited) - Continued

Description of Facilities

Revolving Credit Facility

On September 10, 2021, the Company entered into a senior secured revolving credit agreement (the “Revolving Credit Facility”). The Revolving Credit Facility became effective on September 13, 2021. The parties to the Revolving Credit Facility include the Company, as Borrower, the lenders from time to time parties thereto (each a “Lender” and collectively, the “Lenders”), the issuing banks from time to time parties thereto (each an "Issuing Bank" and collectively, the "Issuing Banks"), JPMorgan Chase Bank, N.A. as Administrative Agent, JPMorgan Chase Bank, N.A., MUFG Union Bank, N.A. and Sumitomo Mitsui Banking Corporation as Joint Lead Arrangers and Joint Book Runners.

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

The maximum principal amount of the Revolving Credit Facility is $450 million (increased from $375 million on December 22, 2021), subject to availability under the borrowing base, which is based on the Company’s portfolio investments and other outstanding indebtedness. Maximum capacity under the Revolving Credit Facility may be increased to $1.1 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 Revolving Credit Facility 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 million limit for swingline loans.

The availability period under the Revolving Credit Facility will terminate on September 9, 2025 (“Revolving Credit Facility Commitment Termination Date”) and the Revolving Credit Facility will mature on September 9, 2026 (“Revolving Credit Facility Maturity Date”). During the period from the Revolving Credit Facility Commitment Termination Date to the Revolving Credit Facility Maturity Date, the Company will be obligated to make mandatory prepayments under the Revolving Credit Facility out of the proceeds of certain asset sales and other recovery events and equity and debt issuances.

The Company may borrow amounts in U.S. dollars or certain other permitted currencies. Amounts drawn under the Revolving Credit Facility, will bear interest at either LIBOR plus a margin, or the prime rate plus a margin. The Company may elect either the LIBOR 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 Revolving Credit Facility builds in a hardwired approach for the replacement of LIBOR loans in U.S. dollars. For LIBOR loans in other permitted currencies, the Revolving Credit Facility includes customary fallback mechanics for the Company and the Administrative Agent to select an alternative benchmark, subject to the negative consent of required Lenders. The Company will also pay a fee of 0.375% on undrawn amounts under the Revolving Credit Facility.

The Revolving Credit Facility includes customary covenants, including certain limitations on the incurrence by 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.

Subscription Credit Facility

On August 12, 2020 (the “Closing Date”), the Company entered into a revolving credit facility (the “Subscription Credit Facility”) with State Street Bank and Trust Company (“State Street”) as administrative agent (the “Administrative Agent”), and State Street and PNC Bank, National Association (“PNC”), as lenders.

The Subscription Credit Facility permitted the Company to borrow up to $550 million, subject to availability under the borrowing base, which was based on unused capital commitments. Effective November 12, 2021, the outstanding balance on the Subscription Credit Facility was paid in full and the facility was terminated pursuant to its terms.

Borrowings under the Subscription Credit Facility bore interest, at the Company's election at the time of drawdown, at a rate per annum equal to (i) in the case of LIBOR rate loans, an adjusted LIBOR rate for the applicable interest period plus 2.00% or (ii) in the case of reference rate loans, the greatest of (A) a prime rate plus 1.00%, (B) the federal funds rate plus 1.50%, and (C) one-month LIBOR plus 1.00%. Loans were able to be converted from one rate to another at any time at the Company's election, subject to certain conditions. The Company predominantly borrowed utilizing LIBOR loans,

6566

Owl Rock Capital Corporation III

Notes to Consolidated Financial Statements (Unaudited) - Continued

generally electing one-month LIBOR upon borrowing. The Company also paid an unused commitment fee of 0.25% per annum on the unused commitments.

SPV Asset Facilities

SPV Asset Facility I

On July 29, 2021 (the “SPV Asset Facility I Closing Date”), ORCC III Financing LLC (“ORCC III Financing”), a Delaware limited liability company and newly formed subsidiary of the Company entered into a credit agreement (as amended through the date hereof, the “SPV Asset Facility I”), with ORCC III Financing, as borrower, the Company, as equityholder, the Adviser, as collateral manager, the lenders from time to time parties thereto, Société Générale, as agent, State Street Bank and Trust Company, as collateral agent, collateral administrator and custodian, and Alter Domus (US) LLC as collateral custodian. The parties to the SPV Asset Facility I have entered into various amendments, including to admit new lenders, increase the maximum principal amount available under the facility, add a swingline commitment to the facility, extend the availability period and maturity date, change the interest rate and make various other changes. The following describes the terms of SPV Asset Facility I amended through March 16, 2022 (the “SPV Asset Facility I Third Amendment Date”).

From time to time, the Company expects to sell and contribute certain investments to ORCC III Financing pursuant to a Sale and Contribution Agreement by and between the Company and ORCC III Financing. No gain or loss will be recognized as a result of the contribution. Proceeds from the SPV Asset Facility I will be used to finance the origination and acquisition of eligible assets by ORCC III Financing, including the purchase of such assets from the Company. The Company retains a residual interest in assets contributed to or acquired by ORCC III Financing through its ownership of ORCC III Financing. The maximum principal amount of the SPV Asset Facility I is $625 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 ORCC III Financing’s assets from time to time, and satisfaction of certain conditions, including certain concentration limits. The SPV Asset Facility I includes a $100 million sub-limit for swingline loans.

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 through March 15, 2024, unless the commitments are terminated sooner as provided in the SPV Asset Facility I (the “SPV Asset Facility I Commitment Termination Date”). Unless otherwise terminated, the SPV Asset Facility I will mature on March 16, 2026 (the “SPV Asset Facility I Stated Maturity”). Prior to the SPV Asset Facility I Stated Maturity, proceeds received by ORCC 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 I Stated Maturity, ORCC III 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 bear interest at SOFR plus a spread of 2.30%; amounts drawn in Canadian dollars bear interest at CDOR plus a spread of 2.30%; amounts drawn in Euros bear interest at EURIBOR plus a spread of 2.30%; and amounts drawn in British pounds bear interest either at SONIA plus a spread of 2.2693% or at an alternate base rate plus a spread of 2.30%. From the SPV Asset Facility I Closing Date to the SPV Asset Facility I Commitment Termination Date, there is a commitment fee, calculated on a daily basis, ranging from 0.00% to 1.00% on the undrawn amount under the SPV Asset Facility I. The SPV Asset Facility I contains customary covenants, including certain limitations on the activities of ORCC III Financing, 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 ORCC III Financing and on any payments received by ORCC III Financing in respect of those assets. Assets pledged to the lenders under the SPV Asset Facility I will not be available to pay the debts of the Company.

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

SPV Asset Facility II

On December 2, 2021 (the “SPV Asset Facility II Closing Date”), ORCC III Financing II LLC (“ORCC III Financing II”), a Delaware limited liability company and newly formed subsidiary of the Company entered into a loan financing and servicing agreement (the “SPV Asset Facility II”), with ORCC III Financing II, as borrower, the Company, as equityholder and services provider, the lenders from time to time parties thereto, Deutsche Bank AG, New York Branch,

6667

Owl Rock Capital Corporation III

Notes to Consolidated Financial Statements (Unaudited) - Continued

as facility agent, State Street Bank and Trust Company, as collateral agent and Alter Domus (US) LLC, as collateral custodian. The parties to the SPV Asset Facility II have entered an amendment which converted the benchmark rate of the facility from LIBOR to term SOFR and added an additional lender and reallocated lender commitments. The following describes the terms of SPV Asset Facility II amended through February 18, 2022 (the "SPV Asset Facility II First Amendment Date").

From time to time, the Company expects to sell and contribute certain loan assets to ORCC III Financing II pursuant to a Sale and Contribution Agreement by and between the Company and ORCC III Financing II. No gain or loss will be recognized as a result of the contribution. Proceeds from the SPV Asset Facility II will be used to finance the origination and acquisition of eligible assets by ORCC III Financing II, including the purchase of such assets from the Company. The Company retains a residual interest in assets contributed to or acquired by ORCC III Financing II through our ownership of ORCC III Financing II. The maximum principal amount of the SPV Asset Facility II is $350 million; the availability of this amount is subject to a borrowing base test, which is based on the value of ORCC III Financing 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 SPV Asset Facility II Closing Date unless such period is extended or accelerated under the terms of the SPV Asset Facility II (the “SPV Asset Facility II 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 SPV Asset Facility II Revolving Period (the “SPV Asset Facility II Termination Date”). Prior to the SPV Asset Facility II Termination Date, proceeds received by ORCC III Financing 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 SPV Asset Facility II Termination Date, ORCC III Financing 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 the Company.

Amounts drawn bear interest at SOFR (or, in the case of certain lenders that are commercial paper conduits, the lower of (a) their cost of funds and (b) SOFR, such SOFR not to be lower than zero) plus a spread equal to 1.95% per annum, which spread will increase (a) on and after the end of the SPV Asset Facility II 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”). SOFR may be replaced as a base rate under certain circumstances. During the SPV Asset Facility II Revolving Period, ORCC III Financing 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 SPV Asset Facility II Revolving Period, if the undrawn commitments are in excess of a certain portion (initially 12.5% and increasing in stages to 25%, 50% and 70%) of the total commitments under the SPV Asset Facility II, ORCC III Financing 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. ORCC III Financing 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 ORCC III Financing II, including limitations on incurrence of incremental indebtedness, and customary events of default. The SPV Asset Facility II is secured by a perfected first priority security interest in the assets of ORCC III Financing II and on any payments received by ORCC III Financing II in respect of those assets. Assets pledged to the lenders will not be available to pay the debts of the Company.

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

Unsecured Notes

2027 Notes

On October 13, 2021, the Company issued $325 million aggregate principal amount of notes that mature on April 13, 2027 (the “2027 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 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 Capital Corporation III

Notes to Consolidated Financial Statements (Unaudited) - Continued

The Notes were issued pursuant to an Indenture dated as of October 13, 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 October 13, 2021 (the “First Supplemental Indenture” and together with the Base Indenture, the “Indenture”), between the Company and the Trustee. The Notes will mature on April 13, 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 Indenture.

~~Owl Rock Capital Corporation III~~

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

Registration Rights Agreement for the benefit of the purchasers of the 2027 Notes. Pursuant to the Registration Rights Agreement, we are obligated to file a registration statement with the SEC with respect to an offer to exchange the 2027 Notes for a new issue of debt securities registered under the Securities Act with terms substantially identical to those of the 2027 Notes (except for provisions relating to transfer restrictions and payment of additional interest) and to use our 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 2027 Notes. If ~~we fail~~the Company fails to satisfy ~~our~~its registration obligations under the Registration Rights Agreement, weit will be required to pay additional interest to the holders of the 2027 Notes. The Company ~~may redeem~~filed a registration statement with the SEC and, on August 25, 2022 commenced an offer to exchange the 2027 Notes for newly issued registered notes with substantially similar terms, which expired on September 28, 2022.

The 2027 Notes are the Company's direct, general unsecured obligations and will 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 2027 Notes. The 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. The 2027 Notes rank effectively subordinated, or junior, to any of the Company's existing and 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 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 Indenture contains certain covenants, including covenants requiring the Company to (i) comply with the asset coverage requirements of the Investment Company Act of 1940, as amended, whether or not it is subject to those requirements, and (ii) provide financial information to the holders of the 2027 Notes and the Trustee if the Company is no longer subject to the reporting requirements under the Securities Exchange Act of 1934, as amended. 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 Indenture, occurs prior to maturity, holders of the 2027 Notes will have the right, at their option, to require the Company to repurchase for cash some or all of the 2027 Notes at a repurchase price equal to 100% of the aggregate principal amount of the 2027 Notes being repurchased, plus accrued and unpaid interest to, but excluding, the repurchase date.

Series 2022A Notes

On July 21, 2022, the Company entered into a Master Note Purchase Agreement (the “Note Purchase Agreement”) governing the issuance of (i) $142,000,000 in aggregate principal amount of Series 2022A Notes, Tranche A, due July 21, 2025, with a fixed interest rate of 7.50% per year (the “July 2025 Notes”) and (ii) $190,000,000 in aggregate principal amount of Series 2022A Notes, Tranche B, due July 21, 2027, with a fixed interest rate of 7.58% per year (the “July 2027 Notes” and, together with the July 2025 Notes, the “Series 2022A Notes”), in each case, to qualified institutional investors in a private placement. The Series 2022A Notes are guaranteed by OR Lending III LLC, a subsidiary of the Company.

Interest on the Series 2022A Notes will be due semiannually on January 21 and July 21 each year, beginning on January 21, 2023. The Series 2022A Notes may be redeemed in whole or in part at any time or from time to time at ~~a redemption price equal to~~ the ~~greater of (1) 100% of the principal amount of the 2027 Notes to be redeemed or (2) the sum of the present values of the remaining scheduled payments of principal and interest (exclusive of~~Company’s option at par plus accrued ~~and unpaid~~ interest to the prepayment date ~~of redemption) on~~and, if applicable, a make-whole premium. In addition, the ~~2027~~Company is obligated to offer to prepay the Series 2022A Notes to be redeemed through March 13, 2027 (the date falling one month prior to the maturity date of the 2027 Notes), discounted to the redemption date on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) using the applicable Treasury Rate plus 35 basis points, plus, in each case, accrued and unpaid interest to the redemption date; provided, however, that if we redeem any 2027 Notes on or after March 13, 2027 (the date falling one month prior to the maturity date of the 2027 Notes), the redemption price for the 2027 Notes will be equal to 100% of the principal amount of the 2027 Notes to be redeemed,at par plus accrued and unpaid interest ~~if any,~~up to, but excluding, the date of ~~redemption.~~prepayment, if certain change in control events occur. The Series 2022A Notes are general unsecured obligations of the Company that rank pari passu with all outstanding and future unsecured unsubordinated indebtedness issued by the Company.

Owl Rock Capital Corporation III

Notes to Consolidated Financial Statements (Unaudited) - Continued

The Note Purchase Agreement contains customary terms and conditions for senior unsecured notes issued in a private placement, including, without limitation, affirmative and negative covenants such as information reporting, maintenance of the Company’s status as a BDC within the meaning of the 1940 Act, a minimum net worth of $800,000,000, and a minimum asset coverage ratio of 1.50 to 1.00.

In addition, in the event that a Below Investment Grade Event (as defined in the Note Purchase Agreement) occurs, the Series 2022A Notes will bear interest at a fixed rate per annum which is 1.00% above the stated rate of the Series 2022A Notes from the date of the occurrence of the Below Investment Grade Event to and until the date on which the Below Investment Grade Event is no longer continuing. In the event that a Secured Debt Ratio Event (as defined in the Note Purchase Agreement) occurs, the Series 2022A Notes will bear interest at a fixed rate per annum which is 1.50% above the stated rate of the Series 2022A Notes from the date of the occurrence of the Secured Debt Ratio Event to and until the date on which the Below Investment Grade Event is no longer continuing. In the event that both a Below Investment Grade Event and a Secured Debt Ratio Event have occurred and are continuing, the Series 2022A Notes will bear interest at a fixed rate per annum which is 2.00% above the stated rate of the Series 2022A Notes from the date of the occurrence of the later to occur of the Below Investment Grade Event and the Secured Debt Ratio Event to and until the date on which one of such events is no longer continuing.

The Note Purchase Agreement also contains customary events of default with customary cure and notice periods, including, without limitation, nonpayment, incorrect representation in any material respect, breach of covenant, certain cross-defaults or cross-acceleration under other indebtedness of the Company, certain judgments and orders and certain events of bankruptcy.

Promissory Note

On September 13, 2021, the Company, as borrower, entered into a Loan Agreement (the “FIC Agreement”) with Owl Rock Feeder FIC BDC III LLC (“Feeder FIC”), an affiliate of the Adviser, as lender, to enter into revolving promissory notes (the “Promissory Notes”) to borrow up to an aggregate of $250 million from Feeder FIC. On February 23, 2022, the Company entered into an amendment to the FIC Agreement to reduce the amount that could be borrowed pursuant to the Promissory Notes from $250 million to $150 million. Under the FIC Agreement, the Company could re-borrow any amount repaid; however, there was no funding commitment between Feeder FIC and the Company.

The interest rate on amounts borrowed pursuant to the Promissory Notes, prior to February 23, 2022, 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 the Promissory Notes after February 23, 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 time to time, by and among Blue Owl Finance LLC, as Borrower, Blue Owl Capital Holdings LP and Blue Owl Capital Carry LP as Parent Guarantors, the Subsidiary Guarantors party thereto, Bank of America, N.A., as Syndication Agent, JPMorgan Chase Bank, N.A., Wells Fargo Bank, National Association and Sumitomo Mitsui Banking Corporation, as Co-Documentation Agents and MUFG Bank, Ltd., as Administrative Agent.

The unpaid principal balance of any Promissory Note and accrued interest thereon was 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 Feeder FIC, and in any event due and payable in full no later than February 28, 2023. The Company intends to use the borrowed funds to make investments in portfolio companies consistent with its investment strategies.

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

6870

Owl Rock Capital Corporation III

Notes to Consolidated Financial Statements (Unaudited) - Continued

Note 7. Commitments and Contingencies

Portfolio Company Commitments

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

Portfolio Company Investment June 30, 2022 December 31, 2021
($ in thousands)
ABB/Con-cise Optical Group LLC First lien senior secured revolving loan $ 12 $ —
Alera Group, Inc. First lien senior secured delayed draw term loan 677 677
Anaplan, Inc. First lien senior secured revolving loan 1,944 —
Apex Group Treasury LLC Second lien senior secured delayed draw term loan 6,617 6,617
Apex Service Partners, LLC First lien senior secured delayed draw term loan 537 —
Apex Service Partners, LLC First lien senior secured revolving loan 40 —
Ardonagh Midco 3 PLC First lien senior secured GBP delayed draw term loan 213 237
Ascend Buyer, LLC (dba PPC Flexible Packaging) First lien senior secured revolving loan 4,425 4,255
Associations, Inc. First lien senior secured delayed draw term loan 392 —
Associations, Inc. First lien senior secured revolving loan 5,315 5,315
AxiomSL Group, Inc. First lien senior secured delayed draw term loan 1,834 1,834
AxiomSL Group, Inc. First lien senior secured revolving loan 4,003 4,003
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 13,340 13,340
BCPE Osprey Buyer, Inc. (dba PartsSource) First lien senior secured revolving loan 5,645 5,645
BCTO BSI Buyer, Inc. (dba Buildertrend) First lien senior secured revolving loan 343 444
BP Veraison Buyer, LLC (dba Sun World) First lien senior secured delayed draw term loan 14,865 14,865
BP Veraison Buyer, LLC (dba Sun World) First lien senior secured revolving loan 4,459 4,459
Brightway Holdings, LLC First lien senior secured revolving loan 2,105 2,105
CFS Brands, LLC First lien senior secured delayed draw term loan 567 —

~~Owl Rock Capital Corporation III~~

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

Portfolio Company Investment June 30, 2022 December 31, 2021
CivicPlus, LLC First lien senior secured delayed draw term loan — 4,400
CivicPlus, LLC First lien senior secured revolving loan 1,035 880
CSC MKG Topco LLC. (dba Medical Knowledge Group) First lien senior secured revolving loan 112 —
Denali Buyerco LLC (dba Summit Companies) First lien senior secured delayed draw term loan 14,816 18,980
Denali Buyerco LLC (dba Summit Companies) First lien senior secured revolving loan 4,459 6,852
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 — 374
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 133 —
Evolution BuyerCo, Inc. (dba SIAA) First lien senior secured revolving loan 2,230 2,230
Forescout Technologies, Inc. First lien senior secured delayed draw term loan 8,306 —
Forescout Technologies, Inc. First lien senior secured delayed draw term loan 9,750 —
Forescout Technologies, Inc. First lien senior secured revolving loan 915 2,288
Fortis Solutions Group, LLC First lien senior secured delayed draw term loan 2,991 9,183
Fortis Solutions Group, LLC First lien senior secured revolving loan 2,939 3,148
Gainsight, Inc. First lien senior secured revolving loan 872 872
Gaylord Chemical Company, L.L.C. First lien senior secured revolving loan 3,973 3,973
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 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 delayed draw term loan 1,006 1,006
Granicus, Inc. First lien senior secured revolving loan 1,187 1,187

~~Owl Rock Capital Corporation III~~

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

Portfolio Company Investment June 30, 2022 December 31, 2021
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 — 3,356
Hercules Borrower LLC (dba The Vincit Group) First lien senior secured delayed draw term loan 2,183 3,693
Hercules Borrower LLC (dba The Vincit Group) First lien senior secured revolving loan 3,839 4,298
Hissho Sushi Merger Sub LLC First lien senior secured revolving loan 53 —
IG Investments Holdings, LLC (dba Insight Global) First lien senior secured revolving loan 3,929 2,710
Indigo Buyer, Inc. (dba Inovar Packaging Group) First lien senior secured delayed draw term loan 250 —
Indigo Buyer, Inc. (dba Inovar Packaging Group) First lien senior secured revolving loan 83 —
Individual Foodservice Holdings, LLC First lien senior secured delayed draw term loan — 15,723
Individual Foodservice Holdings, LLC First lien senior secured revolving loan 2,499 2,387
Inovalon Holdings, Inc. First lien senior secured delayed draw term loan 5,399 5,399
Intelerad Medical Systems Incorporated First lien senior secured revolving loan 594 594
Interoperability Bidco, Inc. (dba Lyniate) First lien senior secured revolving loan 217 —
Kaseya Inc. First lien senior secured delayed draw term loan 486 —
Kaseya Inc. First lien senior secured revolving loan 486 —
KBP Brands, LLC First lien senior secured delayed draw term loan 66 —
KPSKY Acquisition, Inc. (dba BluSky) First lien senior secured delayed draw term loan 246 2,051
Lignetics Investment Corp. First lien senior secured delayed draw term loan 6,373 6,373
Lignetics Investment Corp. First lien senior secured revolving loan 637 6,373
Mario Purchaser, LLC First lien senior secured delayed draw term loan 2,762 —
Mario Purchaser, LLC First lien senior secured revolving loan 552 —
Medline Borrower, LP First lien senior secured revolving loan 1,847 1,847
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 3,572 3,571


Portfolio Company	Investment	September 30, 2022		December 31, 2021
($ in thousands)
AAM Series 2.1 Aviation Feeder, LLC	LLC Interest	$	7,272	$	—
AAM Series 1.1 Rail and Domestic Intermodal Feeder, LLC	LLC Interest	7,500		—
ABB/Con-cise Optical Group LLC	First lien senior secured revolving loan	7		—
Alera Group, Inc.	First lien senior secured delayed draw term loan	—		677
AmeriLife Holdings LLC	First lien senior secured delayed draw term loan	1,819		—
AmeriLife Holdings LLC	First lien senior secured revolving loan	910		—
Anaplan, Inc.	First lien senior secured revolving loan	1,944		—
Apex Group Treasury LLC	Second lien senior secured delayed draw term loan	—		6,617
Apex Service Partners, LLC	First lien senior secured delayed draw term loan	164		—
Apex Service Partners, LLC	First lien senior secured revolving loan	50		—
Ardonagh Midco 3 PLC	First lien senior secured GBP delayed draw term loan	196		237
Ardonagh Midco 3 PLC	First lien senior secured EUR delayed draw term loan	12,540		—
Ascend Buyer, LLC (dba PPC Flexible Packaging)	First lien senior secured revolving loan	4,425		4,255
Associations, Inc.	First lien senior secured delayed draw term loan	305		—
Associations, Inc.	First lien senior secured revolving loan	5,315		5,315
AxiomSL Group, Inc.	First lien senior secured delayed draw term loan	1,834		1,834
AxiomSL Group, Inc.	First lien senior secured revolving loan	4,003		4,003
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	13,340		13,340
BCPE Osprey Buyer, Inc. (dba PartsSource)	First lien senior secured revolving loan	5,645		5,645

Owl Rock Capital Corporation III

Notes to Consolidated Financial Statements (Unaudited) - Continued

Portfolio Company Investment June 30, 2022 December 31, 2021
Milan Laser Holdings LLC First lien senior secured revolving loan 3,529 3,529
Ministry Brands Holdings, LLC. First lien senior secured delayed draw term loan 3,362 3,362
Ministry Brands Holdings, LLC. First lien senior secured revolving loan 1,008 1,008
National Dentex Labs LLC (fka Barracuda Dental LLC) First lien senior secured delayed draw term loan 663 663
National Dentex Labs LLC (fka Barracuda Dental LLC) First lien senior secured revolving loan 430 1,054
Natural Partners, LLC First lien senior secured revolving loan 170 —
NMI Acquisitionco, Inc. (dba Network Merchants) First lien senior secured delayed draw term loan 1,375 1,375
NMI Acquisitionco, Inc. (dba Network Merchants) First lien senior secured revolving loan 558 558
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
OB Hospitalist Group, Inc. First lien senior secured revolving loan 6,120 6,120
Patriot Acquisition TopCo S.A.R.L (dba Corza Health, Inc.) First lien senior secured revolving loan 2,654 2,654
Peter C. Foy & Associates Insurance Services, LLC (dba PCF Insurance Services) First lien senior secured delayed draw term loan — 2,190
Peter C. Foy & Associates Insurance Services, LLC (dba PCF Insurance Services) First lien senior secured revolving loan 1,552 1,552
Plasma Buyer LLC (dba Pathgroup) First lien senior secured delayed draw term loan 176 —
Plasma Buyer LLC (dba Pathgroup) First lien senior secured revolving loan 76 —
Pluralsight, LLC First lien senior secured revolving loan 1,294 1,294
QAD Inc. First lien senior secured revolving loan 6,000 6,000
Quva Pharma, Inc. First lien senior secured revolving loan 567 1,182
Refresh Parent Holdings, Inc. First lien senior secured delayed draw term loan — 133
Refresh Parent Holdings, Inc. First lien senior secured revolving loan — 1,149
Relativity ODA LLC First lien senior secured revolving loan 1,480 1,480
RL Datix Holdings (USA), Inc. First lien senior secured delayed draw term loan 6,900 —
RL Datix Holdings (USA), Inc. First lien senior secured revolving loan 3,000 —


Portfolio Company	Investment	September 30, 2022	December 31, 2021
BCTO BSI Buyer, Inc. (dba Buildertrend)	First lien senior secured revolving loan	1,527	444
BP Veraison Buyer, LLC (dba Sun World)	First lien senior secured delayed draw term loan	14,865	14,865
BP Veraison Buyer, LLC (dba Sun World)	First lien senior secured revolving loan	4,459	4,459
Brightway Holdings, LLC	First lien senior secured revolving loan	2,105	2,105
CFS Brands, LLC	First lien senior secured delayed draw term loan	567	—
Chapford SMA Partnership, L.P.	LP Interest	8,575	—
CivicPlus, LLC	First lien senior secured delayed draw term loan	—	4,400
CivicPlus, LLC	First lien senior secured revolving loan	1,035	880

Denali Buyerco, LLC (dba Summit Companies)	First lien senior secured delayed draw term loan	8,127	18,980
Denali Buyerco, LLC (dba Summit Companies)	First lien senior secured revolving loan	6,080	6,852
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	—	374
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	133	—
Evolution BuyerCo, Inc. (dba SIAA)	First lien senior secured revolving loan	2,230	2,230

Forescout Technologies, Inc.	First lien senior secured delayed draw term loan	9,750	—
Forescout Technologies, Inc.	First lien senior secured revolving loan	2,288	2,288
Fortis Solutions Group, LLC	First lien senior secured delayed draw term loan	1,055	9,183
Fortis Solutions Group, LLC	First lien senior secured revolving loan	2,939	3,148
Gainsight, Inc.	First lien senior secured revolving loan	872	872
Gaylord Chemical Company, L.L.C.	First lien senior secured revolving loan	3,973	3,973
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 revolving loan	1,506	1,673
Global Music Rights, LLC	First lien senior secured revolving loan	7,500	7,500

Owl Rock Capital Corporation III

Notes to Consolidated Financial Statements (Unaudited) - Continued

Portfolio Company Investment June 30, 2022 December 31, 2021
RL Datix Holdings (USA), Inc. Second lien senior secured delayed draw term loan 1,167 —
Securonix, Inc. First lien senior secured revolving loan 153 —
Simplisafe Holding Corporation First lien senior secured delayed draw term loan 257 —
Smarsh Inc. First lien senior secured delayed draw term loan 190 —
Smarsh Inc. First lien senior secured revolving loan 48 —
Sonny's Enterprises LLC First lien senior secured revolving loan 2,818 3,381
SWK BUYER, Inc. (dba Stonewall Kitchen) First lien senior secured delayed draw term loan 175 —
SWK BUYER, Inc. (dba Stonewall Kitchen) First lien senior secured revolving loan 25 —
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 112 —
TC Holdings, LLC (dba TrialCard) First lien senior secured revolving loan 268 —
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 2,955 5,909
Thunder Purchaser, Inc. (dba Vector Solutions) First lien senior secured delayed draw term loan 6,124 6,124
Thunder Purchaser, Inc. (dba Vector Solutions) First lien senior secured revolving loan 1,409 2,143
Troon Golf, L.L.C. First lien senior secured revolving loan 5,405 5,405
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 55 —
Unified Women's Healthcare, LP First lien senior secured revolving loan 88 —
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 368 368
When I Work, Inc. First lien senior secured revolving loan 4,164 4,164
Total Unfunded Portfolio Company Commitments $ 286,731 $ 311,487


Portfolio Company	Investment	September 30, 2022	December 31, 2021
GovBrands Intermediate, Inc.	First lien senior secured delayed draw term loan	870	870
GovBrands Intermediate, Inc.	First lien senior secured revolving loan	636	881
Granicus, Inc.	First lien senior secured delayed draw term loan	1,006	1,006
Granicus, Inc.	First lien senior secured revolving loan	1,187	1,187
GS Acquisitionco, Inc. (dba insightsoftware)	First lien senior secured delayed draw term loan	2,180	5,081
Guidehouse Inc.	First lien senior secured revolving loan	—	3,356
Hercules Borrower LLC (dba The Vincit Group)	First lien senior secured delayed draw term loan	2,008	3,693
Hercules Borrower LLC (dba The Vincit Group)	First lien senior secured revolving loan	3,839	4,298
Hissho Sushi Merger Sub LLC	First lien senior secured revolving loan	65	—
Ideal Image Development, LLC	First lien senior secured delayed draw term loan	976	—
Ideal Image Development, LLC	First lien senior secured revolving loan	1,220	—
IG Investments Holdings, LLC (dba Insight Global)	First lien senior secured revolving loan	5,419	2,710
Indigo Buyer, Inc. (dba Inovar Packaging Group)	First lien senior secured delayed draw term loan	250	—
Indigo Buyer, Inc. (dba Inovar Packaging Group)	First lien senior secured revolving loan	83	—
Individual Foodservice Holdings, LLC	First lien senior secured delayed draw term loan	—	15,723
Individual Foodservice Holdings, LLC	First lien senior secured revolving loan	2,498	2,387
Inovalon Holdings, Inc.	First lien senior secured delayed draw term loan	5,399	5,399
Intelerad Medical Systems Incorporated	First lien senior secured revolving loan	594	594
Interoperability Bidco, Inc. (dba Lyniate)	First lien senior secured revolving loan	217	—
Kaseya Inc.	First lien senior secured delayed draw term loan	486	—
Kaseya Inc.	First lien senior secured revolving loan	486	—
KBP Brands, LLC	First lien senior secured delayed draw term loan	66	—
KPSKY Acquisition, Inc. (dba BluSky)	First lien senior secured delayed draw term loan	—	2,051
Lignetics Investment Corp.	First lien senior secured delayed draw term loan	6,373	6,373

Owl Rock Capital Corporation III

Notes to Consolidated Financial Statements (Unaudited) - Continued


Portfolio Company	Investment	September 30, 2022	December 31, 2021
Lignetics Investment Corp.	First lien senior secured revolving loan	892	6,373
Mario Purchaser, LLC (dba Len the Plumber)	First lien senior secured delayed draw term loan	1,952	—
Mario Purchaser, LLC (dba Len the Plumber)	First lien senior secured revolving loan	552	—
Medline Borrower, LP	First lien senior secured revolving loan	1,847	1,847
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	3,529	3,529
Ministry Brands Holdings, LLC.	First lien senior secured delayed draw term loan	3,362	3,362
Ministry Brands Holdings, LLC.	First lien senior secured revolving loan	1,008	1,008
National Dentex Labs LLC (fka Barracuda Dental LLC)	First lien senior secured delayed draw term loan	—	663
National Dentex Labs LLC (fka Barracuda Dental LLC)	First lien senior secured revolving loan	—	1,054
Natural Partners, LLC	First lien senior secured revolving loan	170	—
NMI Acquisitionco, Inc. (dba Network Merchants)	First lien senior secured delayed draw term loan	1,375	1,375
NMI Acquisitionco, Inc. (dba Network Merchants)	First lien senior secured revolving loan	558	558
Notorious Topco, LLC (dba Beauty Industry Group)	First lien senior secured delayed draw term loan	3,521	8,803
Notorious Topco, LLC (dba Beauty Industry Group)	First lien senior secured revolving loan	5,282	4,401
OB Hospitalist Group, Inc.	First lien senior secured revolving loan	5,481	6,120
Pacific BidCo Inc.	First lien senior secured delayed draw term loan	1,145	—
Patriot Acquisition TopCo S.A.R.L (dba Corza Health, Inc.)	First lien senior secured revolving loan	2,654	2,654
Peter C. Foy & Associates Insurance Services, LLC (dba PCF Insurance Services)	First lien senior secured delayed draw term loan	—	2,190
Peter C. Foy & Associates Insurance Services, LLC (dba PCF Insurance Services)	First lien senior secured revolving loan	1,552	1,552
Plasma Buyer LLC (dba Pathgroup)	First lien senior secured delayed draw term loan	176	—
Plasma Buyer LLC (dba Pathgroup)	First lien senior secured revolving loan	76	—
Pluralsight, LLC	First lien senior secured revolving loan	1,294	1,294

Owl Rock Capital Corporation III

Notes to Consolidated Financial Statements (Unaudited) - Continued


Portfolio Company	Investment	September 30, 2022	December 31, 2021
PPV Intermediate Holdings, LLC	First lien senior secured delayed draw term loan	5,407	—
PPV Intermediate Holdings, LLC	First lien senior secured revolving loan	2,014	—
QAD Inc.	First lien senior secured revolving loan	6,000	6,000
Quva Pharma, Inc.	First lien senior secured revolving loan	662	1,182
Refresh Parent Holdings, Inc.	First lien senior secured delayed draw term loan	—	133
Refresh Parent Holdings, Inc.	First lien senior secured revolving loan	—	1,149
Relativity ODA LLC	First lien senior secured revolving loan	1,480	1,480
RL Datix Holdings (USA), Inc.	First lien senior secured revolving loan	3,000	—
RL Datix Holdings (USA), Inc.	Second lien senior secured delayed draw term loan	1,167	—
Sailpoint Technologies Holdings, Inc.	First lien senior secured revolving loan	2,179	—
Securonix, Inc.	First lien senior secured revolving loan	153	—
Simplisafe Holding Corporation	First lien senior secured delayed draw term loan	257	—
Smarsh Inc.	First lien senior secured delayed draw term loan	190	—
Smarsh Inc.	First lien senior secured revolving loan	48	—
Sonny's Enterprises LLC	First lien senior secured revolving loan	3,944	3,381
Spotless Brands, LLC	First lien senior secured delayed draw term loan A	2,349	—
Spotless Brands, LLC	First lien senior secured delayed draw term loan B	3,288	—
Spotless Brands, LLC	First lien senior secured revolving loan	360	—
SWK BUYER, Inc. (dba Stonewall Kitchen)	First lien senior secured delayed draw term loan	175	—
SWK BUYER, Inc. (dba Stonewall Kitchen)	First lien senior secured revolving loan	7	—
SWK BUYER, Inc. (dba Stonewall Kitchen)	First lien senior secured revolving loan	10	—
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	112	—
TC Holdings, LLC (dba TrialCard)	First lien senior secured revolving loan	268	—

Owl Rock Capital Corporation III

Notes to Consolidated Financial Statements (Unaudited) - Continued


Portfolio Company	Investment	September 30, 2022		December 31, 2021
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	4,849		5,159
The NPD Group, L.P.	First lien senior secured revolving loan	1,510		—
The Shade Store, LLC	First lien senior secured revolving loan	5,909		5,909
Thunder Purchaser, Inc. (dba Vector Solutions)	First lien senior secured delayed draw term loan	3,919		6,124
Thunder Purchaser, Inc. (dba Vector Solutions)	First lien senior secured revolving loan	1,409		2,143
Troon Golf, L.L.C.	First lien senior secured revolving loan	5,405		5,405
Ultimate Baked Goods Midco, LLC	First lien senior secured revolving loan	600		950
Unified Women's Healthcare, LP	First lien senior secured delayed draw term loan	55		—
Unified Women's Healthcare, LP	First lien senior secured revolving loan	88		—
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	368		368
When I Work, Inc.	First lien senior secured revolving loan	4,164		4,164
Total Unfunded Portfolio Company Commitments		$	314,849	$	311,487

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

Investor Commitments

~~As of June 30, 2022,~~In the Private Offering, the Company ~~had~~solicited approximately $1.8 billion in total Capital Commitments from investors, of which $62.4 million is from entities affiliated with or related to the Adviser. As of June 16, 2022, all ~~outstanding~~ Capital Commitments had been drawn.

As of December 31, 2021, the Company had approximately $1.7 billion in total Capital Commitment from investors (approximately $48.6 million undrawn), of which $62.4 million is from entities affiliated with or related to the Adviser. ~~These undrawn Capital Commitments will no longer remain in effect following the completion of a Liquidity Event.~~

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. At ~~June~~September 30, 2022, management was not aware of any material pending or threatened litigation that would require accounting recognition or financial statement disclosure.

Note 8. Net Assets

Subscriptions and Drawdowns

In connection with its formation, the Company has the authority to issue 500,000,000 common shares at $0.01 per share par value.

On June 4, 2020, the Company issued 100 common shares for $1,500 to Owl Rock Diversified Advisors LLC.

Owl Rock Capital Corporation III

Notes to Consolidated Financial Statements (Unaudited) - Continued

The Company has entered into Subscription Agreements with investors providing for the private placement of the Company’s common shares. Under the terms of the Subscription Agreements, investors are required to fund drawdowns to purchase the Company’s common shares up to the amount of their respective Capital Commitment on an as-needed basis each time the Company delivers a capital call notice to its investors.

During the ~~six~~nine months ended ~~June~~September 30, 2022, the Company delivered the following capital call notices to investors:


Capital Drawdown Notice Date	Common Share Issuance Date	Number of Common Shares Issued	Aggregate Offering Price
June 3, 2022	June 16, 2022	7,836,877	118,180,103
Total		7,836,877	$	118,180,103

During the ~~six~~nine months ended ~~June~~September 30, 2021, the Company delivered the following capital call notices to investors:

Capital Drawdown Notice Date Common Share Issuance Date Number of Common Shares Issued Aggregate Offering Price
April 30, 2021 May 13, 2021 10,176,391 150,000,000
Total 10,176,391 $ 150,000,000

~~Owl Rock Capital Corporation III~~

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


Capital Drawdown Notice Date	Common Share Issuance Date	Number of Common Shares Issued	Aggregate Offering Price
April 30, 2021	May 13, 2021	10,176,391	150,000,000
June 24, 2021	July 8, 2021	8,474,576	125,000,000
August 11, 2021	August 24, 2021	10,020,040	150,000,000
September 13, 2021	September 24, 2021	18,175,809	275,000,000
Total		46,846,816	$	700,000,000

Distributions

The following table reflects the distributions declared on shares of the Company’s common stock during the ~~six~~nine months ended ~~June~~September 30, 2022:

~~June~~September 30, 2022

Date Declared

Record Date

Payment Date

Distribution per Share

August 2, 2022

September 30, 2022

November 15, 2022

0.35

May 3, 2022

June 30, 2022

August 15, 2022

0.30

February 23, 2022

March 31, 2022

May 13, 2022

0.33

Owl Rock Capital Corporation III

Notes to Consolidated Financial Statements (Unaudited) - Continued

The following table reflects the distributions declared on shares of the Company's common stock during the ~~six~~nine months ended ~~June~~September 30, 2021:

~~June~~September 30, 2021

Date Declared

Record Date

Payment Date

Distribution per Share

August 3, 2021

September 30, 2021

November 15, 2021

0.24

May 5, 2021

June 30, 2021

August ~~31,~~13, 2021

0.31

February 23, 2021

March 31, 2021

May 14, 2021

0.33

Dividend Reinvestment

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

The following table reflects the common stock issued pursuant to the dividend reinvestment plan during the ~~six~~nine months ended ~~June~~September 30, 2022:

Date Declared

Record Date

Payment Date

May 3, 2022

June 30, 2022

August 15, 2022

530,098

February 23, 2022

March 31, 2022

May 13, 2022

484,928

November 2, 2021

December 31, 2021

January 31, 2022

382,099

The following table reflects the common stock issued pursuant to the dividend reinvestment plan during the ~~six~~nine months ended ~~June~~September 30, 2021:

Date Declared

Record Date

Payment Date

May 5, 2021

June 30, 2021

August 13, 2021

129,919

February 23, 2021

March 31, 2021

May 14, 2021

96,564

December 31, 2020

January 29, 2021

30,532

7578

Owl Rock Capital Corporation III

Notes to Consolidated Financial Statements (Unaudited) - Continued

Note 9. Earnings Per Share

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


		Three Months Ended June 30,				Six Months Ended June 30,					Three Months Ended September 30,				Nine Months Ended September 30,
($ in thousands, except per share amounts)	($ in thousands, except per share amounts)	2022		2021		2022		2021		($ in thousands, except per share amounts)	2022		2021		2022		2021
Increase (decrease) in net assets resulting from operations	Increase (decrease) in net assets resulting from operations	$	(4,533)	$	12,793	$	21,774	$	21,610	Increase (decrease) in net assets resulting from operations	$	79,991	$	19,695	$	101,764	$	41,305
Weighted average shares of common stock outstanding—basic and diluted	Weighted average shares of common stock outstanding—basic and diluted	112,765,115		25,419,524		111,929,620		22,664,814		Weighted average shares of common stock outstanding—basic and diluted	119,804,823		43,582,571		114,583,534		29,714,021
Earnings (loss) per common share—basic and diluted	Earnings (loss) per common share—basic and diluted	$	(0.04)	$	0.50	$	0.19	$	0.95	Earnings (loss) per common share—basic and diluted	$	0.67	$	0.45	$	0.89	$	1.39

Note 10. Income Tax

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

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

For the three and ~~six~~nine months ended ~~June~~September 30, 2022, the Company accrued U.S. federal excise tax of ~~$126.0~~$150.5 thousand and ~~$539.3~~$689.8 thousand, respectively. For the three and ~~six~~nine months ended ~~June~~September 30, 2021, the Company accrued U.S. federal excise tax of ~~$33.1~~$57.0 thousand and ~~$66.1~~$123.1 thousand, respectively.

7679

Owl Rock Capital Corporation III

Notes to Consolidated Financial Statements (Unaudited) - Continued

Note 11. Financial Highlights

The following are the financial highlights for a common share outstanding during the ~~six~~nine months ended ~~June~~September 30, 2022 and 2021:


		For the Six Months Ended June 30,							For the Nine Months Ended September 30,
($ in thousands, except share and per share amounts)	($ in thousands, except share and per share amounts)	2022			2021			($ in thousands, except share and per share amounts)	2022			2021
Per share data:	Per share data:							Per share data:
Net asset value, beginning of period	Net asset value, beginning of period	$	15.05		$	14.42		Net asset value, beginning of period	$	15.05		$	14.42
Net investment income (loss)(1)	Net investment income (loss)(1)	0.74			0.75			Net investment income (loss)(1)	1.15			1.17
Net realized and unrealized gain (loss)(2)	Net realized and unrealized gain (loss)(2)	(0.53)			0.19			Net realized and unrealized gain (loss)(2)	(0.27)			0.22
Total from operations	Total from operations	0.21			0.94			Total from operations	0.88			1.39
Distributions declared from net investment income(3)	Distributions declared from net investment income(3)	(0.63)			(0.64)			Distributions declared from net investment income(3)	(0.98)			(0.88)
Total increase in net assets	Total increase in net assets	(0.42)			0.30			Total increase in net assets	(0.10)			0.51
Net asset value, end of period	Net asset value, end of period	$	14.63		$	14.72		Net asset value, end of period	$	14.95		$	14.93
Shares outstanding, end of period	Shares outstanding, end of period	119,534,012			30,161,949			Shares outstanding, end of period	120,064,110			66,962,294
Total Return, based on net asset value(4)	Total Return, based on net asset value(4)	1.4		%	6.5		%	Total Return, based on net asset value(4)	5.8		%	9.6		%
Ratios / Supplemental Data	Ratios / Supplemental Data							Ratios / Supplemental Data
Asset coverage ratio(5)	Asset coverage ratio(5)	233.4		%	194.8		%	Asset coverage ratio(5)	215.9		%	193.1		%
Ratio of total expenses to average net assets(6)	Ratio of total expenses to average net assets(6)	3.9		%	4.6		%	Ratio of total expenses to average net assets(6)	4.5		%	4.0		%
Ratio of net investment income to average net assets(6)	Ratio of net investment income to average net assets(6)	9.8		%	10.1		%	Ratio of net investment income to average net assets(6)	10.2		%	9.2		%
Net assets, end of period	Net assets, end of period	$	1,749,043		$	443,943		Net assets, end of period	$	1,794,463		$	999,531
Weighted-average shares outstanding	Weighted-average shares outstanding	111,929,620			22,664,814			Weighted-average shares outstanding	114,583,534			29,714,021
Total capital commitments, end of period	Total capital commitments, end of period	1,764,610			1,531,676			Total capital commitments, end of period	1,764,610			1,614,655
Ratio of total contributed capital to total committed capital, end of period	Ratio of total contributed capital to total committed capital, end of period	100.0		%	28.4		%	Ratio of total contributed capital to total committed capital, end of period	100.0		%	61.0		%
Portfolio turnover rate	Portfolio turnover rate	2.3		%	7.5		%	Portfolio turnover rate	2.3		%	7.9		%

________________

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

(2)The amount shown at this caption is the balancing amount derived from the other figures in the schedule. The amount shown at this caption for a share outstanding throughout the year may not agree with the change in the aggregate gains and losses in portfolio securities for the year because of the timing of sales of the Company’s shares in relation to fluctuating market values for the portfolio.

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

(4)Total return is calculated as the change in net asset value (“NAV”) per share during the period, plus distributions per share, if any, divided by the beginning NAV per share.

(5)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.

(6)The ratio reflects an annualized amount, except in the case of non-recurring expenses (e.g. initial organization expenses).

Note 12. Subsequent Events

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

On July 21, 2022, the Company entered into a Master Note Purchase Agreement governing the issuance of (i) $142,000,000 in aggregate principal amount of Series 2022A Notes, Tranche A, due July 21, 2025, with a fixed interest rate of 7.50% per year (the “2025 Notes”) and (ii) $190,000,000 in aggregate principal amount of Series 2022A Notes, Tranche B, due July 21, 2027, with a fixed interest rate of 7.58% per year (the “July 2027 Notes” and, together with the 2025 Notes, the “Series 2022A Notes”), in each case, to qualified institutional investors in a private placement. The Series 2022A Notes are guaranteed by OR Lending III LLC, a subsidiary of the Company.

~~Owl Rock Capital Corporation III~~

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

Interest on the Series 2022A Notes will be due semiannually on January 21 and July 21 each year, beginning on January 21, 2023. The Series 2022A Notes may be redeemed in whole or in part at any time or from time to time at the Company’s option at par plus accrued interest to the prepayment date and, if applicable, a make-whole premium. In addition, the Company is obligated to offer to prepay the Series 2022A Notes at par plus accrued and unpaid interest up to, but excluding, the date of prepayment, if certain change in control events occur. The Series 2022A Notes are general unsecured obligations of the Company that rank pari passu with all outstanding and future unsecured unsubordinated indebtedness issued by the Company.

~~On August 2,~~November 1, 2022, the Board declared a distribution of 90% of estimated ~~third~~fourth quarter taxable income and net capital gains, if any, for shareholders of record on ~~September 30,~~December 31, 2022, payable on or before ~~November 15, 2022.~~January 31, 2023.

7880

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

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

Overview

Owl Rock Capital Corporation III (the “Company”, “we”, “us” or “our”) is a Maryland corporation formed on January 27, 2020. We were formed primarily to originate and make loans to, and make debt and equity investments in middle-market companies based primarily in the United States. We invest in senior secured or unsecured loans, subordinated loans or mezzanine loans and, to a lesser extent, equity and equity-related securities including warrants, preferred stock and similar forms of senior equity, which may or may not be convertible into a portfolio company’s common equity. Our investment objective is to generate current income and, to a lesser extent, capital appreciation by targeting investment opportunities with favorable risk-adjusted returns.

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

We conduct private offerings (each, a “Private Offering”) of our common shares to accredited investors in reliance on exemptions from the registration requirements of the Securities Act of 1933, as amended. At the closing of each Private Offering, each investor makes a capital commitment (a “Capital Commitment”) to purchase shares of our common stock pursuant to a subscription agreement entered into with us. Until the earlier of a Liquidity Event (as defined below) and the end of the Commitment Period (as defined below), investors are required to fund drawdowns to purchase shares of our common stock up to the amount of their respective Capital Commitment on an as-needed basis each time we deliver a drawdown notice to our investors. The initial closing of the Private Offering occurred on June 5, 2020 (the “Initial Closing”). ~~As of August 5, 2022, we had~~We have solicited $1.8 billion in total Capital Commitments from investors, of which $62.4 million is from entities affiliated with or related to our ~~Adviser.~~Adviser, and all of which has been drawn as of June 16, 2022. From time to time during the Commitment Period (as defined below), the Adviser may, in its sole discretion, permit one or more additional closings (“Subsequent Closings”) as additional Capital Commitments are obtained (the conclusion of all Subsequent Closings, if any, the “Final Closing”). The “Commitment Period” will continue until the seven year anniversary of the Initial Closing. If we have not consummated a Liquidity Event by the end of the Commitment Period, subject to extension for two additional one-year periods, in the sole discretion of the Board, the Board (subject to any necessary shareholder approvals and applicable requirements of the Investment Company Act of 1940 (the “1940 Act”)) will use its commercially reasonable efforts to wind down and/or liquidate and dissolve the Company in an orderly manner. A Liquidity Event could include: (i) future quotation or listing of our securities on a national securities exchange (“Exchange Listing"); (ii) a transaction, including a merger, in which shareholders receive cash or shares of an entity, including an entity that is affiliated with us, and such shares are listed on a national securities exchange; or (iii) the sale of all or substantially all of our assets.

Placement activities are conducted by our officers and the Adviser. In addition, we may enter into agreements with placement agents or broker-dealers to solicit Capital Commitments. For example, the Company and the Adviser entered into a dealer manager agreement with Blue Owl Securities LLC (“Blue Owl Securities”) pursuant to which Blue Owl Securities and certain participating broker-dealers will solicit Capital Commitments and the Company entered into a placement agent agreement with Blue Owl Securities pursuant to which employees of Blue Owl Securities may conduct placement activities. 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. In addition, the Company, the Adviser and third party placement

agents may enter into placement agreements from time to time, pursuant to which such placement agents will solicit Capital Commitments. Fees paid pursuant to these agreements will be paid by our Adviser.

Blue Owl consists of three divisions: (1) Owl Rock, which focuses on direct lending, (2) Dyal, which focuses on providing capital to institutional alternative asset managers and (3) Oak Street, which focuses on real estate strategies. Owl Rock is comprised of the Adviser, Owl Rock Capital Advisors LLC (“ORCA”), Owl Rock Technology Advisors LLC ("ORTA"), Owl Rock Technology Advisors II LLC ("ORTA II"), Owl Rock Technology Opportunities Advisors LLC ("ORTOA"), and Owl Rock Capital Private Fund Advisors LLC ("ORPFA" and together with the Adviser, ORCA, ORTA, ~~and~~ ORTA II, and ORTOA the “Owl Rock Advisers”), which are also investment advisers. As of ~~June~~September 30, 2022, the Adviser and its affiliates had ~~$56.8~~$65.7 billion of assets under management across the Owl Rock division of Blue Owl.

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

We may be prohibited under the 1940 Act from participating in certain transactions with our affiliates without the prior approval of our directors who are not interested persons and, in some cases, the prior approval of the SEC. We rely on an order for exemptive relief (the "Order"), that has been granted by the SEC to ORCA and certain of its affiliates, to permit us to co-invest with other funds managed by the Adviser or certain of its affiliates, in a manner consistent with our investment objective, positions, policies, strategies and restrictions as well as regulatory requirements and other pertinent factors. Pursuant to the Order, we generally are permitted to co-invest with certain of our affiliates if a “required majority” (as defined in Section 57(o) of the “1940 Act”) of our independent directors make certain conclusions in connection with a co-investment transaction, including that (1) the terms of the transactions, including the consideration to be paid, are reasonable and fair to us and our shareholders and do not involve overreaching by us or our shareholders on the part of any person concerned, (2) the transaction is consistent with the interests of our shareholders and is consistent with our investment objective and strategies, (3) the investment by our affiliates would not disadvantage us, and our participation would not be on a basis different from or less advantageous than that on which our affiliates are investing, and (4) the proposed investment by us would not benefit our Adviser or its affiliates or any affiliated person of any of them (other than the parties to the transaction), except to the extent permitted by the Order and applicable law, including the limitations set forth in Section 57(k) of the 1940 Act.

In addition, ~~pursuant~~we have received an amendment to ~~an exemptive order issued by the SEC on April 8, 2020 and applicable~~our Order to ~~all BDCs through December 31, 2020 (the “Temporary Relief), we were permitted, subject~~permit us to ~~the satisfaction of certain conditions, to~~ co-invest ~~in reliance on the Order~~ in our existing portfolio companies with certain affiliates that are private funds if such private funds did not have an investment in such existing portfolio company. ~~Without the Temporary Relief, such private~~The Owl Rock Advisers` investment allocation policy seeks to ensure equitable allocation of investment opportunities between us and/or other funds ~~would not be able to participate in such co-investments with us unless the private funds had previously acquired securities~~managed by our Adviser or its affiliates. As a result of the portfolio company in a co-investment transaction with us completed in reliance on the Order. Although the Temporary Relief expired on December 31, 2020, the SEC's Division of Investment Management had indicated that until March 31, 2022, it would not recommend enforcement action, to the extent that any BDC with an existing co-investment order continues to engage in certain transactions described in the Temporary Relief, pursuant to the same terms and conditions described therein. The Temporary Relief is no longer effective; however, we have filed an application to amend our existing Order, ~~to permit us to continue to co-invest~~there could be significant overlap in our ~~existing~~investment portfolio ~~companies with certain~~and the investment portfolio of other funds managed by the Adviser or its affiliates that ~~are~~

~~private funds if such private funds did not~~could avail themselves of exemptive relief and that have an investment ~~in such existing portfolio company. There can be no assurance if and when we will receive the amended exemptive order.~~objective similar to ours.

On April 24, 2020, we formed a wholly-owned subsidiary, OR Lending III LLC, a Delaware limited liability company, which holds a California finance lenders license. OR Lending III LLC makes loans to borrowers headquartered in California. From time to time we may form wholly-owned subsidiaries to facilitate our normal course of business.

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

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

•source of income limitations;

•asset diversification requirements; and

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

~~COVID-19~~Economic Developments and ~~Economic Developments~~COVID-19

~~In March 2020, the outbreak of COVID-19 was recognized as a pandemic by the World Health Organization.~~ We have observed and continue to assess the impact of COVID-19 on our portfolio companies and our operations. We cannot predict the full impact of the COVID-19 pandemic, including its duration in the United States and worldwide, the effectiveness of governmental responses designed to mitigate strain to businesses and the economy and the magnitude of the economic impact of the outbreak. The COVID-19 pandemic and preventative measures taken to contain or mitigate its spread have caused, and may in the future cause, business shutdowns and cancellations of events and travel. In addition, while economic activity has improved from the beginning of the COVID-19 pandemic, we continue to observe supply chain interruptions, significant labor ~~difficulties,~~and resource shortages, commodity inflation, rapidly rising interest rates, economic sanctions as a result of the ongoing ~~conflict~~war between Russia and Ukraine and elements of geo-political, economic and financial market instability ~~both globally and~~ in the United ~~States. In~~States, the United Kingdom, the European Union and China. One or more of these factors may contribute to increased market volatility, may have long term effects in the United States and worldwide financial markets, and may cause economic uncertainties or deterioration in the United States and worldwide. Additionally, in the event that the U.S. economy enters into a protracted recession, it is possible that the results of some of the middle-market companies similar to those in which we invest could experience deterioration. While we are not seeing signs of an overall, broad deterioration in our results or those of our portfolio ~~company results~~companies at this time, there can be no assurance that the performance of certain of our portfolio companies will not be negatively impacted by economic conditions, which could have a negative impact on our future results.

Over two years after COVID-19 was recognized as a pandemic by the World Health Organization, its continued persistence in the United States and worldwide and the magnitude of the economic impact of the outbreak continue to create an uncertain environment in which we and our portfolio companies operate. The ~~Adviser has implemented a policy that encourages a return~~preventative measure taken to ~~in-office work but allows for flexibility to work from home based on current conditions.~~contain or mitigate the spread of COVID-19 have caused, and may in the future cause, business shutdowns, cancellations of events and travel and other disruptions. We have built out our portfolio management team to include workout experts and on a quarterly basis continue to closely monitor our portfolio ~~companies; however, we~~companies and understand and mitigate issues. We are unable to predict the duration of any business and supply-chain disruptions or labor ~~difficulties, whether~~and resource shortages, the extent to which COVID-19 or economic conditions will negatively affect our portfolio companies’ operating results or the impact that such disruptions may have on our results of operations and financial condition.

Our Investment Framework

We are a Maryland corporation organized primarily to originate and make loans to, and make debt and equity investments in, U.S. middle market companies. Our investment objective is to generate current income, and to a lesser extent, capital appreciation by targeting investment opportunities with favorable risk-adjusted returns. Since our Adviser and its affiliates began investment activities in April 2016 through ~~June~~September 30, 2022, our Adviser and its affiliates have originated ~~$63.7~~$69.4 billion aggregate principal amount of investments, of which $~~60.1~~$65.9 billion of aggregate principal amount of investments prior to any subsequent exits or repayments, was retained by either us or a corporation or fund advised by our Adviser or its affiliates. We seek to participate in transactions sponsored by what we believe to be high-quality private equity and venture capital firms capable of providing both operational and financial resources. We seek to generate current income primarily in U.S. middle market companies through direct originations of senior secured loans or originations of unsecured loans, subordinated loans or mezzanine loans, broadly-syndicated loans and, to a lesser extent, investments in equity and equity-related securities including warrants, preferred stock and similar forms of senior equity, which may or may not be convertible into a portfolio company’s common equity. Our equity investments are typically not control-oriented investments and we may structure such equity investments to include provisions protecting our rights as a minority-interest holder.

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

below. Our target credit investments will typically have maturities between three and ten years and generally range in size between $20 million and $250 million. The investment size will vary with the size of our capital base.

We expect that generally our portfolio composition will be majority debt or income producing securities, which may include “covenant-lite” loans (as defined below), with a lesser allocation to equity or equity-linked opportunities, which we may hold directly or through special purpose vehicles. In addition, we may invest a portion of our portfolio in opportunistic investments and broadly syndicated loans, which will not be our primary focus, but will be intended to enhance returns to our shareholders and from time to time, we may evaluate and enter into strategic portfolio transactions which may result in portfolio companies which we are considered to control. These investments may include high-yield bonds and broadly-syndicated loans, including publicly traded debt instruments, which are typically originated and structured by banks on behalf of large corporate borrowers with employee counts, revenues, EBITDAs and enterprise values larger than the middle-market characteristics described above. Our portfolio composition may fluctuate from time to time based on market conditions and interest rates.

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

We target portfolio companies where we can structure larger transactions. As of ~~June~~September 30, 2022, our average debt investment size in each of our portfolio companies was approximately $25.3 million based on fair value. As of ~~June~~September 30, 2022, our portfolio companies, excluding investments that fall outside of our typical borrower profile, represented ~~82.0%~~83.5% of our total debt portfolio based on fair value and these portfolio companies had weighted average annual revenue of ~~$728~~$768 million, weighted average annual EBITDA of ~~$166~~$173 million and an average interest coverage of ~~3.2x.~~2.5x.

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

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

Key Components of Our Results of Operations

Investments

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

Our level of investment activity (both the number of investments and the size of each investment) can and will vary substantially from period to period depending on many factors, including the amount of debt and equity capital available to middle market companies, the level of merger and acquisition activity for such companies, the general economic environment and the competitive environment for the types of investments we make.

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

8284

Revenues

We generate revenues primarily in the form of interest income from the investments we hold. In addition, we may generate income from dividends on either direct equity investments or equity interests obtained in connection with originating loans, such as options, warrants or conversion rights. Our debt investments typically have a term of three to ten years. As of ~~June~~September 30, 2022, ~~98.8%~~98.2% of our debt investments based on fair value bear interest at a floating rate, subject to interest rate floors, in certain cases. Interest on our debt investments is generally payable either monthly or quarterly.

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

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

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

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

Expenses

Our primary operating expenses include the payment of the management fee, expenses reimbursable under the Administration Agreement and Investment Advisory Agreement, legal and professional fees, interest and other debt expenses and other operating expenses. The management fee compensates our Adviser for work in identifying, evaluating, negotiating, closing, monitoring and realizing our investments. The Adviser will not be entitled to an incentive fee prior to an Exchange Listing.

Except as specifically provided below, all investment professionals and staff of the Adviser, when and to the extent engaged in providing investment advisory and management services to us, the base compensation, bonus and benefits, and the routine overhead expenses of such personnel allocable to such services, are provided and paid for by the Adviser. In addition, the Adviser shall be solely responsible for any placement or “finder’s” fees payable to placement agents engaged by the Company or its affiliates in connection with the offering of securities by the Company. We bear our allocable portion of the costs of the compensation, benefits and related administrative expenses (including travel expenses) of our officers who provide operational and administrative services hereunder, their respective staffs and other professionals who provide services to us (including, in each case, employees of the Adviser or an affiliate) who assist with the preparation, coordination, and administration of the foregoing or provide other “back office” or “middle office” financial or operational services to us. We shall reimburse the Adviser (or its affiliates) for an allocable portion of the compensation paid by the Adviser (or its affiliates) to such individuals (based on a percentage of time such individuals devote, on an estimated basis, to our business affairs and in acting on our behalf). We also will bear all other costs and expenses of our operations, administration and transactions, including, but not limited to (i) investment advisory fees, including management fees and incentive fees, to the Adviser, pursuant to the Investment Advisory Agreement; (ii) our allocable portion of overhead and other expenses incurred by the Adviser in performing its administrative obligations under the Investment Advisory

8385

Agreement and the Administration Agreement; and (iii) all other costs and expenses of our operations and transactions including, without limitation, those relating to:

•the cost of our organization and any offerings;

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

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

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

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

•costs of hedging;

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

•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 our 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 our assets for tax or other purposes;

•extraordinary expenses (such as litigation or indemnification); and

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

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

Leverage

The amount of leverage we use in any period depends on a variety of factors, including cash available for investing, the cost of financing and general economic and market conditions. On June 4, 2020, we received shareholder approval that allows us to reduce our asset coverage ratio from 200% to 150% effective as of June 5, 2020. As a result, we are generally permitted, under specified conditions, to issue multiple classes of indebtedness and one class of stock senior to the common stock if our asset coverage, as defined in the 1940 Act, would at least be equal to 150% immediately after each such

8486

issuance. This reduced asset coverage ratio permits us to double the amount of leverage we can incur. For example, under a 150% asset coverage ratio we may borrow $2 for investment purposes of every $1 of investor equity whereas under a 200% asset coverage ratio we may only borrow $1 for investment purposes for every $1 of investor equity. Our current target leverage ratio is 0.90x-1.25x debt-to-equity. As of ~~June~~September 30, 2022, we had net leverage of ~~0.72x~~0.82x debt-to-equity.

In any period, our interest expense will depend largely on the extent of our borrowing and we expect interest expense will increase as we increase our leverage over time subject to the limits of the 1940 Act. In addition, we may dedicate assets to financing facilities.

Market Trends

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

Limited Availability of Capital for Middle-Market Companies. We believe that regulatory and structural changes in the market have reduced the amount of capital available to U.S. middle-market companies. In particular, we believe there are currently fewer providers of capital to middle market companies. We believe that many commercial and investment banks have, in recent years, de-emphasized their service and product offerings to middle-market businesses in favor of lending to large corporate clients and managing capital markets transactions. In addition, these lenders may be constrained in their ability to underwrite and hold bank loans and high yield securities for middle-market issuers as they seek to meet existing and future regulatory capital requirements. We also believe that there is a lack of market participants that are willing to hold meaningful amounts of certain middle-market loans. As a result, we believe our ability to minimize syndication risk for a company seeking financing by being able to hold its loans without having to syndicate them, coupled with reduced capacity of traditional lenders to serve the middle-market, present an attractive opportunity to invest in middle-market companies.

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

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

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

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

8587

The Middle Market is a Large Addressable Market. According to GE Capital’s National Center for the Middle Market 2nd quarter 2021 Middle Market Indicator, there are approximately 200,000 U.S. middle market companies, which have approximately 48 million aggregate employees. Moreover, the U.S. middle market accounts for one-third of private sector gross domestic product (“GDP”). GE defines U.S. middle market companies as those between $10 million and $1 billion in annual revenue, which we believe has significant overlap with our definition of U.S. middle market companies.

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

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

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

Portfolio and Investment Activity

As of ~~June~~September 30, 2022, based on fair value, our portfolio consisted of ~~79.2%~~79.3% first lien senior secured debt investments (of which ~~71.9%~~70.7% we consider to be unitranche debt investments (including “last out” portions of such loans)), ~~13.1%~~12.2% second lien senior secured debt investments, ~~1.7%~~1.5% unsecured debt investments, ~~3.6%~~4.1% preferred equity investments and ~~2.4%~~2.9% common equity investments.

As of ~~June~~September 30, 2022, our weighted average total yield of the portfolio at fair value and amortized cost was ~~8.6%~~9.8% and ~~8.4%~~9.8%, respectively, and our weighted average yield of accruing debt and income producing securities at fair value and amortized cost was ~~8.8%~~10.1% and ~~8.6%~~10.0%, ~~respectively.~~respectively(1).

As of ~~June~~September 30, 2022, we had investments in ~~117~~130 portfolio companies with an aggregate fair value of ~~$3.0~~$3.3 billion.

We expect the pace of our originations to vary. In periods with lower repayment volume, the pace of our originations is expected to slow. Currently, rapidly rising interest rates, reduced refinancing activity and market uncertainty has led to a decline in merger and acquisitions activity which in turn has led to decreased repayments and originations over the quarter. We continue to focus on investing in recession resistant industries that we are familiar with, including service oriented sectors such as software, insurance, and healthcare, and the credit quality of our portfolio remains consistent. The majority of our investments are supported by sophisticated financial sponsors who provide operational and financial resources. In addition, the current lending environment is favorable to direct lenders and Owl Rock continues to have the opportunity to invest in large unitranche transactions in excess of $1 billion in size which gives us the ability to structure

1Refer to footnote (1) of our weighted average yields and interest rates table for more information on our calculation of weighted average yields.

the terms and spreads of such ~~deals.~~deals to include wider spreads, lower loan to values, extended call protection, attractive leverage profiles and credit protections.

We have also begun to invest in specialty financing portfolio companies, including AAM Series 1.1 Rail and Domestic Intermodal Feeder, LLC and AAM Series 2.1 Aviation Feeder, LLC (collectively, "Amergin AssetCo"), Amergin Asset Management LLC and Chapford SMA Partnership, L.P. ("Chapford SMA"). These companies may use our capital to support acquisitions which could lead to increased dividend income. See "Specialty Financing Portfolio Companies."

We are continuing to monitor the effect that market volatility, including as a result of a rising interest rate environment may have on our portfolio companies and our investment activities. We believe that the rapid rise in interest rates will meaningfully benefit our net investment income ~~in the third quarter~~ as we begin to see the effect of interest rates exceeding our interest rate floors.

Our investment activity for the three months ended ~~June~~September 30, 2022 and 2021 is presented below (information presented herein is at par value unless otherwise indicated).


		For the Three Months Ended June 30,							For the Three Months Ended September 30,
($ in thousands)	($ in thousands)	2022			2021			($ in thousands)	2022			2021
New investment commitments	New investment commitments							New investment commitments
Gross originations	Gross originations	$	144,075		$	389,073		Gross originations	$	282,062		$	1,268,731
Less: Sell downs	Less: Sell downs	(10,858)			(4,125)			Less: Sell downs	—			—
Total new investment commitments	Total new investment commitments	$	133,217		$	384,948		Total new investment commitments	$	282,062		$	1,268,731
Principal amount of investments funded:	Principal amount of investments funded:							Principal amount of investments funded:
First-lien senior secured debt investments	First-lien senior secured debt investments	$	51,950		$	212,532		First-lien senior secured debt investments	$	183,475		$	941,892
Second-lien senior secured debt investments	Second-lien senior secured debt investments	883			84,500			Second-lien senior secured debt investments	—			73,300
Unsecured debt investments		7,887			—

Preferred equity investments	Preferred equity investments	19,077			32,956			Preferred equity investments	22,657			—
Common equity investments	Common equity investments	2,954			4,376			Common equity investments	11,830			6,921
Total principal amount of investments funded	Total principal amount of investments funded	$	82,751		$	334,364		Total principal amount of investments funded	$	217,962		$	1,022,113
Principal amount of investments sold or repaid:	Principal amount of investments sold or repaid:							Principal amount of investments sold or repaid:
First-lien senior secured debt investments	First-lien senior secured debt investments	$	(205)		$	(3,000)		First-lien senior secured debt investments	$	—		$	(15,834)

Second-lien senior secured debt investments								Second-lien senior secured debt investments	—			(12,645)

Total principal amount of investments sold or repaid	Total principal amount of investments sold or repaid	$	(205)		$	(3,000)		Total principal amount of investments sold or repaid	$	—		$	(28,479)
Number of new investment commitments in new portfolio companies(1)	Number of new investment commitments in new portfolio companies(1)	14			16			Number of new investment commitments in new portfolio companies(1)	13			23
Average new investment commitment amount	Average new investment commitment amount	$	9,515		$	22,320		Average new investment commitment amount	$	17,338		$	51,077
Weighted average term for new debt investment commitments (in years)	Weighted average term for new debt investment commitments (in years)	6.2			6.1			Weighted average term for new debt investment commitments (in years)	6.0			5.8
Percentage of new debt investment commitments at floating rates	Percentage of new debt investment commitments at floating rates	100.0		%	100.0		%	Percentage of new debt investment commitments at floating rates	90.9		%	100.0		%
Percentage of new debt investment commitments at fixed rates	Percentage of new debt investment commitments at fixed rates	—		%	—		%	Percentage of new debt investment commitments at fixed rates	9.1		%	—		%
Weighted average interest rate of new debt investment commitments~~(2)~~(3)	Weighted average interest rate of new debt investment commitments~~(2)~~(3)	9.0		%	7.1		%	Weighted average interest rate of new debt investment commitments~~(2)~~(3)	10.1		%	6.8		%
Weighted average spread over applicable base rate of new floating rate debt investment commitments	Weighted average spread over applicable base rate of new floating rate debt investment commitments	6.7		%	6.3		%	Weighted average spread over applicable base rate of new floating rate debt investment commitments	6.3		%	6.1		%

________________

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

(2)~~Assumes~~For the three months ended September 30, 2021, assumes each floating rate commitment is subject to the greater of the interest rate floor (if applicable) or 3-month LIBOR, which was ~~2.29% and 0.15%~~0.13% as of ~~June~~September 30, 2021.

(3)For the three months ended September 30, 2022, ~~and 2021, respectively.~~assumes each floating rate commitment is subject to the greater of the interest rate floor (if applicable) or 3-month SOFR, which was 3.59% as of September 30, 2022.

As of ~~June~~September 30, 2022 and December 31, 2021, our investments consisted of the following:


		June 30, 2022					December 31, 2021						September 30, 2022					December 31, 2021
($ in thousands)	($ in thousands)	Amortized Cost		Fair Value			Amortized Cost		Fair Value			($ in thousands)	Amortized Cost		Fair Value			Amortized Cost		Fair Value
First-lien senior secured debt investments	First-lien senior secured debt investments	$	2,419,272	$	2,390,281	(1)	$	2,282,500	$	2,285,599	(1)	First-lien senior secured debt investments	$	2,625,681	$	2,613,893	(1)	$	2,282,500	$	2,285,599	(1)
Second-lien senior secured debt investments	Second-lien senior secured debt investments	409,604		392,248			406,308		407,932			Second-lien senior secured debt investments	416,776		401,510			406,308		407,932
Unsecured debt investments	Unsecured debt investments	57,122		51,829			46,687		46,620			Unsecured debt investments	58,189		49,722			46,687		46,620
Preferred equity investments	Preferred equity investments	114,703		109,162			82,903		83,788			Preferred equity investments	138,606		134,889			82,903		83,788
Common equity investments	Common equity investments	75,520		73,182			71,431		73,098			Common equity investments	87,303		94,129			71,431		73,098
Total Investments	Total Investments	$	3,076,221	$	3,016,702		$	2,889,829	$	2,897,037		Total Investments	$	3,326,555	$	3,294,143		$	2,889,829	$	2,897,037

________________

(1)~~71.9%~~70.7% and 67.1% of which we consider unitranche loans as of ~~June~~September 30, 2022 and December 31, 2021, respectively.

The table below describes investments by industry composition based on fair value as of ~~June~~September 30, 2022 and December 31, 2021:


		June 30, 2022		December 31, 2021			September 30, 2022		December 31, 2021
Advertising and media	Advertising and media	2.7	%	2.8	%	Advertising and media	3.2	%	2.8	%
Aerospace and defense	Aerospace and defense	0.4		0.5		Aerospace and defense	0.4		0.5
Automotive	Automotive	2.1		2.3		Automotive	2.0		2.3
Buildings and real estate	Buildings and real estate	3.7		3.4		Buildings and real estate	3.4		3.4
Business services	Business services	7.0		6.8		Business services	6.5		6.8
Chemicals	Chemicals	2.7		2.9		Chemicals	2.5		2.9
Consumer products	Consumer products	3.5		3.8		Consumer products	3.1		3.8
Containers and packaging	Containers and packaging	3.6		3.6		Containers and packaging	3.4		3.6
Distribution	Distribution	1.9		1.5		Distribution	1.8		1.5
Education	Education	0.7		0.7		Education	0.6		0.7
Financial services	Financial services	6.0		6.3		Financial services	5.5		6.3
Food and beverage	Food and beverage	4.5		3.5		Food and beverage	4.3		3.5
Healthcare equipment and services	Healthcare equipment and services	3.3		3.5		Healthcare equipment and services	3.1		3.5
Healthcare providers and services	Healthcare providers and services	6.7		7.6		Healthcare providers and services	7.2		7.6
Healthcare technology	Healthcare technology	6.9		6.9		Healthcare technology	6.7		6.9
Household products	Household products	1.1		0.8		Household products	0.9		0.8
Human resource support services	Human resource support services	4.0		4.4		Human resource support services	3.7		4.4
Infrastructure and environmental services	Infrastructure and environmental services	0.0		—		Infrastructure and environmental services	0.0		—
Insurance	Insurance	9.7		10.1		Insurance	9.5		10.1
Internet software and services	Internet software and services	15.8		14.4		Internet software and services	16.5		14.4
Leisure and entertainment	Leisure and entertainment	2.3		2.4		Leisure and entertainment	2.1		2.4
Manufacturing	Manufacturing	3.4		3.5		Manufacturing	3.4		3.5
Professional services	Professional services	2.1		2.2		Professional services	4.2		2.2
Specialty retail	Specialty retail	5.4		5.5		Specialty retail	5.5		5.5
Telecommunications	Telecommunications	0.2		0.3		Telecommunications	0.2		0.3
Transportation	Transportation	0.3		0.3		Transportation	0.3		0.3
Total	Total	100.0	%	100.0	%	Total	100.0	%	100.0	%

The table below describes investments by geographic composition based on fair value as of ~~June~~September 30, 2022 and December 31, 2021:

June 30, 2022 December 31, 2021
United States:
Midwest 21.3 % 20.7 %
Northeast 16.2 16.9
South 30.4 30.7
West 24.3 23.3
International 7.8 8.4
Total 100.0 % 100.0 %


	September 30, 2022		December 31, 2021
United States:
Midwest	21.4	%	20.7	%
Northeast	16.8		16.9
South	30.9		30.7
West	22.9		23.3
International	8.0		8.4
Total	100.0	%	100.0	%

The weighted average yields and interest rates of our investments at fair value as of ~~June~~September 30, 2022 and December 31, 2021 were as follows:


		June 30, 2022		December 31, 2021			September 30, 2022		December 31, 2021
Weighted average total yield of portfolio(1)	Weighted average total yield of portfolio(1)	8.6	%	7.4	%	Weighted average total yield of portfolio(1)	9.8	%	7.4	%
Weighted average total yield of debt and income producing securities(1)	Weighted average total yield of debt and income producing securities(1)	8.8	%	7.6	%	Weighted average total yield of debt and income producing securities(1)	10.1	%	7.6	%
Weighted average interest rate of debt securities	Weighted average interest rate of debt securities	8.2	%	7.2	%	Weighted average interest rate of debt securities	9.5	%	7.2	%
Weighted average spread over base rate of all floating rate investments	Weighted average spread over base rate of all floating rate investments	6.4	%	6.4	%	Weighted average spread over base rate of all floating rate investments	6.4	%	6.4	%

________________

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

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

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

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

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

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

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

As part of the monitoring process, our Adviser employs an investment rating system to categorize our investments. In addition to various risk management and monitoring tools, our Adviser rates the credit risk of all investments on a scale of 1 to 5. This system is intended primarily to reflect the underlying risk of a portfolio investment relative to our initial cost basis in respect of such portfolio investment (i.e., at the time of origination or acquisition), although it may also take into

8991

account the performance of the portfolio company’s business, the collateral coverage of the investment and other relevant factors. The rating system is as follows:


Investment Rating						Description

1						Investments rated 1 involve the least amount of risk to our initial cost basis. The borrower is performing above expectations, and the trends and risk factors for this investment since origination or acquisition are generally favorable;

2						Investments rated 2 involve an acceptable level of risk that is similar to the risk at the time of origination or acquisition. The borrower is generally performing as expected and the risk factors are neutral to favorable. All investments or acquired investments in new portfolio companies are initially assessed a rating of 2;

3						Investments rated 3 involve a borrower performing below expectations and indicates that the loan’s risk has increased somewhat since origination or acquisition;

4						Investments rated 4 involve a borrower performing materially below expectations and indicates that the loan’s risk has increased materially since origination or acquisition. In addition to the borrower being generally out of compliance with debt covenants, loan payments may be past due (but generally not more than 120 days past due); and

5						Investments rated 5 involve a borrower performing substantially below expectations and indicates that the loan’s risk has increased substantially since origination or acquisition. Most or all of the debt covenants are out of compliance and payments are substantially delinquent. Loans rated 5 are not anticipated to be repaid in full and we will reduce the fair market value of the loan to the amount we anticipate will be recovered.

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

The following table shows the composition of our portfolio on the 1 to 5 rating scale as of ~~June~~September 30, 2022 and December 31, 2021:


		June 30, 2022				December 31, 2021					September 30, 2022				December 31, 2021
Investment Rating	Investment Rating	Investments at Fair Value		Percentage of Total Portfolio		Investments at Fair Value		Percentage of Total Portfolio		Investment Rating	Investments at Fair Value		Percentage of Total Portfolio		Investments at Fair Value		Percentage of Total Portfolio
($ in thousands)	($ in thousands)									($ in thousands)
1	1	$	231,518	7.7	%	$	105,702	3.7	%	1	$	245,618	7.5	%	$	105,702	3.7	%
2	2	2,736,042		90.7		2,755,637		95.1		2	3,004,048		91.2		2,755,637		95.1
3	3	27,942		0.9		35,698		1.2		3	26,973		0.8		35,698		1.2
4	4	21,200		0.7		—		—		4	17,504		0.5		—		—
5	5	—		—		—		—		5	—		—		—		—
Total	Total	$	3,016,702	100.0	%	$	2,897,037	100.0	%	Total	$	3,294,143	100.0	%	$	2,897,037	100.0	%

9092

The following table shows the amortized cost of our performing and non-accrual debt investments as of ~~June~~September 30, 2022 and December 31, 2021:


		June 30, 2022				December 31, 2021					September 30, 2022				December 31, 2021
($ in thousands)	($ in thousands)	Amortized Cost		Percentage		Amortized Cost		Percentage		($ in thousands)	Amortized Cost		Percentage		Amortized Cost		Percentage
Performing	Performing	$	2,885,998	100.0	%	$	2,735,495	100.0	%	Performing	$	3,075,979	99.2	%	$	2,735,495	100.0	%
Non-accrual	Non-accrual	—		—		—		—		Non-accrual	24,667		0.8		—		—
Total	Total	$	2,885,998	100.0	%	$	2,735,495	100.0	%	Total	$	3,100,646	100.0	%	$	2,735,495	100.0	%

Specialty Financing Portfolio Companies

Amergin

Amergin was created to invest in a leasing platform focused on railcar and aviation assets and consists of Amergin AssetCo and Amergin Asset Management LLC, which has entered into a Servicing Agreement with Amergin AssetCo. We made a $15.0 million equity commitment to Amergin on July 1, 2022. Our investment in Amergin is a co-investment made with our affiliates in accordance with the terms of the exemptive relief that we received from the SEC.

Chapford SMA

Chapford SMA is a portfolio company created to invest in life settlement assets. On July 18, 2022, we made a $15.9 million equity commitment to Chapford SMA. Our investment in Chapford SMA is a co-investment with our affiliates in accordance with the terms of the exemptive relief that we received from the SEC.

Results of Operations

The following table represents the operating results for the three and ~~six~~nine months ended ~~June~~September 30, 2022 and 2021:


		Three Months Ended June 30,				Six Months Ended June 30,					Three Months Ended September 30,				Nine Months Ended September 30,
($ in millions)	($ in millions)	2022		2021		2022		2021		($ in millions)	2022		2021		2022		2021
Total Investment Income	Total Investment Income	$	58.6	$	14.6	$	114.8	$	24.8	Total Investment Income	$	74.0	$	25.0	$	188.8	$	49.8
Less: Operating expenses	Less: Operating expenses	17.1		4.6		32.0		7.7		Less: Operating expenses	24.6		7.3		56.6		15.0
Net Investment Income (Loss) Before Taxes	Net Investment Income (Loss) Before Taxes	41.5		10.0		82.8		17.1		Net Investment Income (Loss) Before Taxes	49.4		17.7		132.2		34.8
Less: Income taxes (benefit), including excise taxes	Less: Income taxes (benefit), including excise taxes	0.1		0.0		0.5		0.0		Less: Income taxes (benefit), including excise taxes	0.2		0.0		0.7		0.1
Net Investment Income (Loss) After Taxes	Net Investment Income (Loss) After Taxes	$	41.4	$	10.0	$	82.3	$	17.1	Net Investment Income (Loss) After Taxes	$	49.2	$	17.7	$	131.5	$	34.7
Net change in unrealized gain (loss)	Net change in unrealized gain (loss)	(45.9)		2.6		(61.4)		4.1		Net change in unrealized gain (loss)	30.8		2.0		(30.6)		6.1
Net realized gain (loss)	Net realized gain (loss)	0.0		0.2		0.9		0.4		Net realized gain (loss)	(0.0)		—		0.9		0.5
Net Increase (Decrease) in Net Assets Resulting from Operations	Net Increase (Decrease) in Net Assets Resulting from Operations	$	(4.5)	$	12.8	$	21.8	$	21.6	Net Increase (Decrease) in Net Assets Resulting from Operations	$	80.0	$	19.7	$	101.8	$	41.3

Net increase (decrease) in net assets resulting from operations can vary from period to period as a result of various factors, including the level of new investment commitments, expenses, the recognition of realized gains and losses and changes in unrealized appreciation and depreciation on the investment portfolio. For the quarter ended ~~June~~September 30, 2022, our net asset value per share ~~decreased slightly,~~increased, primarily driven by market spreads ~~widening.~~tightening.

Investment Income

Investment income for the three and ~~six~~nine months ended ~~June~~September 30, 2022 and 2021 was as follows:

Three Months Ended June 30, Six Months Ended June 30,
($ in millions) 2022 2021 2022 2021
Interest income (excluding PIK interest income) $ 48.0 $ 12.3 $ 94.5 $ 21.3
PIK interest income 7.5 1.5 14.1 2.4
Other income 3.1 0.8 6.2 1.1
Total investment income $ 58.6 $ 14.6 $ 114.8 $ 24.8


	Three Months Ended September 30,				Nine Months Ended September 30,
($ in millions)	2022		2021		2022		2021
Interest income (excluding PIK interest income)	$	58.7	$	21.5	$	153.3	$	42.8
PIK interest income	10.0		2.3		24.1		4.8
Dividend income	3.8		0.7		8.4		1.4
Other income	1.5		0.5		3.0		0.8
Total investment income	$	74.0	$	25.0	$	188.8	$	49.8

For the three months ended ~~June~~September 30, 2022 and 2021

Investment income increased by ~~$44.0~~$49.0 million for the three months ended ~~June~~September 30, 2022 primarily due to an increase in interest income as a result of an increase in our debt investment portfolio which, at par, increased from ~~$832.3 million~~$1.9 billion as of ~~June~~September 30, 2021, to ~~$2.9~~$3.1 billion as of ~~June~~September 30, 2022. Other income increased period-over-period due to an increase in incremental fee income, which are fees that are generally available to us as a result of closing investments and generally paid at the time of closing, and an increase in dividend income driven by an increase in our portfolio of dividend income-producing investments. Payment-in-kind interest and dividend income represented approximately ~~16.5%~~17.6% of investment income for the three months ended ~~June~~September 30, 2022. Based on current market conditions, we expect repayments, and in turn, originations, to remain modest.

For the ~~six~~nine months ended ~~June~~September 30, 2022 and 2021

Investment income increased by ~~$90.0~~$139.0 million for the ~~six~~nine months ended ~~June~~September 30, 2022 primarily due to an increase in interest income as a result of an increase in our debt investment portfolio which, at par, increased from ~~$832.3 million~~$1.9 billion as of ~~June~~September 30, 2021, to ~~$2.9~~$3.1 billion as of ~~June~~September 30, 2022. Included in interest income are other fees such as prepayment fees and accelerated amortization of upfront fees from unscheduled paydowns. Income generated from these fees was $1.1 million for the ~~six~~nine months ended ~~June~~September 30, 2022. For the ~~six~~nine months ended ~~June~~September 30, 2022, income generated from one-time prepayment fees was $0.5 million. Other income increased period-over-period due to an increase in incremental fee income, which are fees that are generally available to us as a result of closing investments and generally paid at the time of closing, and an increase in dividend income driven by an increase in our portfolio of dividend income-producing investments. Payment-in-kind interest and dividend income represented approximately ~~15.9%~~16.5% of investment income for the ~~six~~nine months ended ~~June~~September 30, 2022. Based on current market conditions, we expect repayments, and in turn, originations, to remain modest.

Expenses

Expenses for the three and ~~six~~nine months ended ~~June~~September 30, 2022 and 2021 were as follows:


		Three Months Ended June 30,				Six Months Ended June 30,					Three Months Ended September 30,				Nine Months Ended September 30,
($ in millions)	($ in millions)	2022		2021		2022		2021		($ in millions)	2022		2021		2022		2021

Interest expense	Interest expense	$	11.5	$	2.6	$	20.8	$	4.0	Interest expense	$	18.8	$	4.3	$	39.6	$	8.4
Management fee	Management fee	3.7		0.8		7.4		1.3		Management fee	3.8		1.3		11.2		2.7
Professional fees	Professional fees	1.0		0.5		2.0		1.0		Professional fees	1.0		0.6		3.0		1.7
Directors' fees	Directors' fees	0.3		0.3		0.6		0.6		Directors' fees	0.3		0.3		0.9		0.8
Other general and administrative	Other general and administrative	0.6		0.4		1.2		0.8		Other general and administrative	0.7		0.7		1.9		1.4
Total operating expenses	Total operating expenses	$	17.1	$	4.6	$	32.0	$	7.7	Total operating expenses	$	24.6	$	7.2	$	56.6	$	15.0

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

For the three months ended ~~June~~September 30, 2022 and 2021

Total expenses increased by ~~$12.5~~$17.4 million for the three months ended ~~June~~September 30, 2022 due to an increase in management fees, interest expense and other expenses of ~~$2.9~~$2.5 million, ~~$8.9~~$14.5 million and ~~$0.7~~$0.4 million, respectively. The increase in interest expense was driven by an increase in average daily borrowings to $1.4 billion from $0.6 billion period over period, as well as an increase in the average interest rate to 4.8% from 2.3% period over period. Management fees increased primarily due to an increase in our investment portfolio, which at fair value, increased from $1.9 billion as of September 30, 2021, to $3.3 billion as of September 30, 2022.

For the nine months ended September 30, 2022 and 2021

Total expenses increased by $41.6 million for the nine months ended September 30, 2022 due to an increase in management fees, interest expense and other expenses of $8.5 million, $31.2 million and $1.9 million, respectively. The increase in interest expense was driven by an increase in average daily borrowings to $1.3 billion from $0.4 billion period over period, as well as an increase in the average interest rate to 3.1% from 2.3% period over period. Management fees increased primarily due to an increase in our investment portfolio, which at fair value, increased from $873.6 million as of June 30, 2021, to $3.0 billion as of June 30, 2022.

~~For the six months ended June 30, 2022 and 2021~~

Total expenses increased by $24.3 million for the six months ended June 30, 2022 due to an increase in management fees, interest expense and other expenses of $6.1 million, $16.8 million and $1.4 million, respectively. The increase in interest expense was driven by an increase in average daily borrowings to $1.3 billion from $0.3 billion period over period, as well as an increase in the average interest rate to 2.9%3.6% from 2.4% period over period. Management fees increased primarily due to an increase in our investment portfolio, which at fair value, increased from ~~$873.6 million~~$1.9 billion as of ~~June~~September 30, 2021, to ~~$3.0~~$3.3 billion as of ~~June~~September 30, 2022.

Income Taxes, Including Excise Taxes

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

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

For the three and ~~six~~nine months ended ~~June~~September 30, 2022, we accrued U.S. federal excise tax of ~~$126.0~~$150.5 thousand and ~~$539.3~~$689.8 thousand, respectively. For the three and ~~six~~nine months ended ~~June~~September 30, 2021, we accrued U.S. federal excise tax of ~~$33.1~~$57.0 thousand and ~~$66.1~~$123.1 thousand, respectively.

Net Change in Unrealized Gains (Losses)

We fair value our portfolio investments quarterly and any changes in fair value are recorded as unrealized gains or losses. During the three and ~~six~~nine months ended ~~June~~September 30, 2022 and 2021, net change in unrealized gains (losses) were comprised of the following:


		Three Months Ended June 30,				Six Months Ended June 30,					Three Months Ended September 30,				Nine Months Ended September 30,
($ in millions)	($ in millions)	2022		2021		2022		2021		($ in millions)	2022		2021		2022		2021
Net change in unrealized gain (loss) on investments	Net change in unrealized gain (loss) on investments	$	(45.8)	$	2.6	$	(61.3)	$	4.4	Net change in unrealized gain (loss) on investments	$	31.2	$	2.1	$	(30.1)	$	6.4
Net change in translation of assets and liabilities in foreign currencies	Net change in translation of assets and liabilities in foreign currencies	(0.1)		—		(0.1)		(0.3)		Net change in translation of assets and liabilities in foreign currencies	(0.4)		(0.1)		(0.5)		(0.3)
Net change in unrealized gain (loss)	Net change in unrealized gain (loss)	$	(45.9)	$	2.6	$	(61.4)	$	4.1	Net change in unrealized gain (loss)	$	30.8	$	2.0	$	(30.6)	$	6.1

For the three months ended ~~June~~September 30, 2022 and 2021

For the three months ended ~~June~~September 30, 2022, the net change in unrealized gain (loss) was primarily driven by ~~a decrease~~an increase in the fair value of our debt investments as compared to ~~March 31,~~June 30, 2022. As of ~~June~~September 30, 2022, the fair value of our debt investments as a percentage of principal was ~~97.0%~~97.7%, as compared to ~~98.1%~~97.0% as of ~~March 31,~~June 30, 2022. The primary driver of our portfolio’s unrealized ~~loss~~gain was due to current market conditions, including ~~public market volatility, and~~ credit spreads ~~widening~~tightening across the broader markets.

The ten largest contributors to the change in net unrealized gain (loss) on investments during the three months ended ~~June~~September 30, 2022 consisted of the following:


Portfolio Company	Net Change in Unrealized Gain (Loss)
($ in millions)
Peter C. Foy & Associates Insurance Services, LLC (dba PCF Insurance Services)	$	6.2
Walker Edison Furniture Company LLC	(3.1)
Cornerstone OnDemand, Inc.	$		~~(4.8)~~
~~Packaging Coordinators Midco, Inc.~~	~~(4.2)~~
~~ConAir Holdings LLC~~	~~(4.2)~~2.9
CD&R Value Building Partners I, L.P. (dba Belron)	~~(2.8)~~2.4
Packaging Coordinators Midco, Inc.	2.3
Metis HoldCo, Inc. (dba Mavis Tire Express Services)	(2.0)
Asurion, LLC	~~(2.6)~~
~~Walker Edison Furniture Company LLC~~	(1.8)
~~When I Work, Inc.~~Denali Buyerco, LLC (dba Summit Companies)	~~(1.7)~~1.7
~~Parexel International, Inc. (dba Parexel)~~Global Music Rights, LLC	~~(1.7)~~1.2
~~WMC Bidco, Inc. (dba West Monroe)~~Gaylord Chemical Company, L.L.C.	~~(1.7)~~
~~Muine Gall, LLC~~	~~(1.2)~~1.2
Remaining portfolio companies	~~(19.1)~~20.2
Total	$	~~(45.8)~~31.2

For the ~~six~~nine months ended ~~June~~September 30, 2022 and 2021

For the ~~six~~nine months ended ~~June~~September 30, 2022, the net change in unrealized gain (loss) was primarily driven by a decrease in the fair value of our debt investments as compared to December 31, 2021. As of ~~June~~September 30, 2022, the fair value of our debt investments as a percentage of principal was ~~97.0%~~97.7%, as compared to 98.6% as of December 31, 2021. The primary driver of our portfolio’s unrealized loss was due to current market conditions, including ~~public market volatility, and~~ credit spreads widening across the broader markets.

The ten largest contributors to the change in net unrealized gain (loss) on investments during the ~~six~~nine months ended ~~June~~September 30, 2022 consisted of the following:


Portfolio Company	Net Change in Unrealized Gain (Loss)
($ in millions)
Peter C. Foy & Associates Insurance Services, LLC (dba PCF Insurance Services)	$	6.9
Walker Edison Furniture Company LLC	(5.9)
Cornerstone OnDemand, Inc.	$		~~(5.2)~~
~~Packaging Coordinators Midco, Inc.~~	~~(5.1)~~
~~ConAir Holdings LLC~~	~~(4.6)~~(4.8)
CD&R Value Building Partners I, L.P. (dba Belron)	~~(3.0)~~(4.2)
Packaging Coordinators Midco, Inc.	(2.8)
Metis HoldCo, Inc. (dba Mavis Tire Express Services)	(2.3)
Asurion, LLC	~~(2.9)~~(2.0)
~~Walker Edison Furniture Company~~Denali Buyerco, LLC (dba Summit Companies)	(1.6)
Global Music Rights, LLC	~~(2.8)~~(1.6)
~~When I Work, Inc.~~Gaylord Chemical Company, L.L.C.	~~(2.2)~~
~~Parexel International, Inc. (dba Parexel)~~	~~(2.2)~~
~~WMC Bidco, Inc. (dba West Monroe)~~	~~(1.9)~~
~~Muine Gall, LLC~~	~~(1.7)~~(1.3)
Remaining Companies	~~(29.7)~~(10.5)
Total	$	~~(61.3)~~(30.1)

Net Realized Gains (Losses)

The realized gains and losses on fully exited portfolio companies, partially exited portfolio companies and foreign currency transactions during the three and ~~six~~nine months ended ~~June~~September 30, 2022 and 2021 were comprised of the following:


		Three Months Ended June 30,				Six Months Ended June 30,					Three Months Ended September 30,				Nine Months Ended September 30,
($ in millions)	($ in millions)	2022		2021		2022		2021		($ in millions)	2022		2021		2022		2021
Net realized gain (loss) on investments	Net realized gain (loss) on investments	$	0.0	$	0.2	$	0.9	$	0.2	Net realized gain (loss) on investments	$	—	$	—	$	0.9	$	0.2
Net realized gain (loss) on foreign currency transactions	Net realized gain (loss) on foreign currency transactions	0.0		0.0		0.0		0.2		Net realized gain (loss) on foreign currency transactions	—		—		0.0		0.2
Net realized gain (loss)	Net realized gain (loss)	$	0.0	$	0.2	$	0.9	$	0.4	Net realized gain (loss)	$	—	$	—	$	0.9	$	0.4

Realized Gross Internal Rate of Return

Since we began investing in 2020 through ~~June~~September 30, 2022, our exited investments have resulted in an aggregate cash flow realized gross internal rate of return to us of over 15.2% (based on total capital invested of $164.6 ~~million~~billion and total proceeds from these exited investments of $177.4 million). Eighty-seven percent of these exited investments resulted in an aggregate cash flow realized gross internal rate of return (“IRR”) to us of 10% or greater.

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

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

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

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

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

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

Financial Condition, Liquidity and Capital Resources

Our liquidity and capital resources are generated primarily from the proceeds of capital drawdowns of our privately placed Capital Commitments, cash flows from interest and fees earned from our investments and principal repayments, our credit facilities, and other secured and unsecured debt. The primary uses of our cash are (i) investments in portfolio companies and other investments and to comply with certain portfolio diversification requirements, (ii) the cost of operations (including paying or reimbursing our Adviser), (iii) debt service, repayment and other financing costs of any borrowings and (iv) cash distributions to the holders of our shares.

We may from time to time enter into additional debt facilities, increase the size of our existing credit facilities or issue additional debt securities. Additional financings could include SPV drop down facilities and unsecured notes. Any such incurrence or issuance would be subject to prevailing market conditions, our liquidity requirements, contractual and regulatory restrictions and other factors. In accordance with the 1940 Act, with certain limited exceptions, we are only allowed to incur borrowings, issue debt securities or issue preferred stock, if immediately after the borrowing or issuance, the ratio of total assets (less total liabilities other than indebtedness) to total indebtedness plus preferred stock, is at least 150%. As of ~~June~~September 30, 2022, our asset coverage ratio was ~~233%~~216%. We seek to carefully consider our unfunded commitments for the purpose of planning our ongoing financial leverage. Further, we maintain sufficient borrowing capacity within the 150% asset coverage limitation to cover any outstanding unfunded commitments we are required to fund.

Cash as of ~~June~~September 30, 2022, taken together with our available debt capacity of ~~$419.6~~$494.7 million, is expected to be sufficient for our investing activities and to conduct our operations in the near term. Our long-term cash needs will include principal payments on outstanding indebtedness and funding of additional portfolio investments. Funding for long-term cash needs will come from unused net proceeds from financing activities. We believe that our liquidity and sources of capital are adequate to satisfy our short and long-term cash requirements. We cannot, however, be certain that these sources of funds will be available at a time and upon terms acceptable to us in sufficient amounts in the future.

As of ~~June~~September 30, 2022, we had ~~$53.1~~$56.3 million in cash. During the ~~six~~nine months ended ~~June~~September 30, 2022, we used ~~$94.7~~$292.5 million in cash for operating activities, primarily as a result of funding portfolio investments of ~~$260.5~~$531.4 million, partially offset by sales and repayments of ~~$98.7~~$129.7 million and other operating activity of ~~$67.1~~$109.2 million. Lastly, cash provided by financing activities was ~~$120.6~~$321.6 million during the period, which was the result of proceeds from the issuance of shares, net of offering costs paid, of ~~$117.7~~$118.2 million and proceeds from net borrowings on our credit facilities, net of debt issuance costs, of ~~$56.4~~$284.6 million, partially offset by distributions paid of ~~$53.5~~$81.2 million.

Equity

Subscriptions and Drawdowns

In connection with our formation, we have the authority to issue 500,000,000 common shares at $0.01 per share par value.

On June 4, 2020, the Company issued 100 common shares for $1,500 to Owl Rock Diversified Advisors LLC.

We have entered into subscription agreements (the “Subscription Agreements”) with investors providing for the private placement of our common shares. Under the terms of the Subscription Agreements, investors are required to fund drawdowns to purchase our common shares up to the amount of their respective Capital Commitment on an as-needed basis each time we deliver a drawdown notice to our investors.

During the ~~six~~nine months ended ~~June~~September 30, 2022, we delivered the following capital call notices to investors:


Capital Drawdown Notice Date	Common Share Issuance Date	Number of Common Shares Issued	Aggregate Offering Price
June 3, 2022	June 16, 2022	7,836,877	118,180,103
Total		7,836,877	$	118,180,103

During the ~~six~~nine months ended ~~June~~September 30, 2021, we delivered the following capital call notices to investors:

Capital Drawdown Notice Date

Common Share Issuance Date

Number of Common Shares Issued

Aggregate Offering Price

Capital Drawdown Notice Date

Common Share Issuance Date

Number of Common Shares Issued

Aggregate Offering Price

April 30, 2021

May 13, 2021

10,176,391

150,000,000

April 30, 2021

May 13, 2021

10,176,391

150,000,000

June 24, 2021

July 8, 2021

8,474,576

125,000,000

August 11, 2021

August 24, 2021

10,020,040

150,000,000

September 13, 2021

September 24, 2021

18,175,809

275,000,000

Total

10,176,391

150,000,000

Total

46,846,816

700,000,000

Distributions

The following table reflects the distributions declared on shares of our common stock during the ~~six~~nine months ended ~~June~~September 30, 2022:

~~June~~September 30, 2022

Date Declared

Record Date

Payment Date

Distribution per Share

August 2, 2022

September 30, 2022

November 15, 2022

0.35

May 3, 2022

June 30, 2022

August 15, 2022

0.30

February 23, 2022

March 31, 2022

May 13, 2022

0.33

The following table reflects the distributions declared on shares of our common stock during the ~~six~~nine months ended ~~June~~September 30, 2021:

~~June~~September 30, 2021

Date Declared

Record Date

Payment Date

Distribution per Share

August 3, 2021

September 30, 2021

November 15, 2021

0.24

May 5, 2021

June 30, 2021

August 13, 2021

0.31

February 23, 2021

March 31, 2021

May 14, 2021

0.33

Dividend Reinvestment

With respect to distributions, we adopted an “opt out” dividend reinvestment plan for common shareholders. As a result, in the event of a declared distribution, each shareholder that has not “opted out” of the dividend reinvestment plan will have their dividends or distributions automatically reinvested in additional shares of our common stock rather than receiving cash distributions.

Shareholders who receive distributions in the form of shares of common stock will be subject to the same U.S. federal, state and local tax consequences as if they received cash distributions.

The following table reflects the common stock issued pursuant to the dividend reinvestment plan during the ~~six~~nine months ended ~~June~~September 30, 2022:

Date Declared

Record Date

Payment Date

May 3, 2022

June 30, 2022

August 15, 2022

530,098

February 23, 2022

March 31, 2022

May 13, 2022

484,928

November 2, 2021

December 31, 2021

January 31, 2022

382,099

The following table reflects the common stock issued pursuant to the dividend reinvestment plan during the ~~six~~nine months ended ~~June~~September 30, 2021:

Date Declared

Record Date

Payment Date

May 5, 2021

June 30, 2021

August 13, 2021

129,919

February 23, 2021

March 31, 2021

May 14, 2021

96,564

December 31, 2020

January 29, 2021

30,532

Debt

Aggregate Borrowings

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


		June 30, 2022									September 30, 2022
($ in thousands)	($ 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)
Revolving Credit Facility(3)	Revolving Credit Facility(3)	$	450,000	$	176,366	$	273,634	$	172,518	Revolving Credit Facility(3)	$	450,000	$	132,636	$	317,364	$	128,970
SPV Asset Facility I	SPV Asset Facility I	$	625,000	$	575,000	$	25,927	$	569,095	SPV Asset Facility I	$	625,000	$	500,000	$	72,297	$	494,508
SPV Asset Facility II	SPV Asset Facility II	$	350,000	$	230,000	$	120,000	$	227,540	SPV Asset Facility II	$	350,000	$	245,000	$	105,000	$	242,680
2027 Notes	2027 Notes	$	325,000	$	325,000	$	—	$	321,201	2027 Notes	$	325,000	$	325,000	$	—	$	321,368
July 2025 Notes										July 2025 Notes	$	142,000	$	142,000	$	—	$	140,464
July 2027 Notes										July 2027 Notes	$	190,000	$	190,000	$	—	$	188,012

Total Debt	Total Debt	$	1,750,000	$	1,306,366	$	419,561	$	1,290,354	Total Debt	$	2,082,000	$	1,534,636	$	494,661	$	1,516,002

________________

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

(2)The carrying value of the Company’s Revolving Credit Facility, SPV Asset Facility I, SPV Asset Facility II, 2027 Notes, July 2025 Notes and July 2027 Notes are presented net of deferred financing costs of $~~3.8~~3.7 million, ~~$5.9~~$5.5 million, ~~$2.5~~$2.3 million, $3.8 million, $1.5 million and ~~$3.8~~$2.0 million, respectively.

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

100


	December 31, 2021
($ in thousands)	Aggregate Principal Committed		Outstanding Principal		Amount Available(1)		Net Carrying Value(2)
Revolving Credit Facility(3)	$	450,000	$	215,656	$	234,344	$	211,373
SPV Asset Facility I	$	625,000	$	575,000	$	24,665	$	572,676
SPV Asset Facility II	$	350,000	$	135,000	$	15,139	$	132,286
2027 Notes	$	325,000	$	325,000	$	—	$	321,151
Promissory Note	$	250,000	$	—	$	250,000	$	—
Total Debt	$	2,000,000	$	1,250,656	$	524,148	$	1,237,486

________________

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

(2)The carrying value of the Company’s Revolving Credit Facility, SPV Asset Facility I, SPV Asset Facility II and 2027 Notes are presented net of deferred financing costs of $4.3 million, $2.3 million, $2.7 million and $3.8 million, respectively.

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

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


		For the Three Months Ended June 30,						For the Six Months Ended June 30,							For the Three Months Ended September 30,						For the Nine Months Ended September 30,
($ in thousands)	($ in thousands)	2022			2021			2022			2021			($ in thousands)	2022			2021			2022			2021
Interest expense	Interest expense	$	10,461		$	2,169		$	19,060		$	3,263		Interest expense	$	17,580		$	3,761		$	36,641		$	7,025
Amortization of debt issuance costs	Amortization of debt issuance costs	1,017			425			1,758			763			Amortization of debt issuance costs	1,204			569			2,961			1,331
Total Interest Expense	Total Interest Expense	$	11,478		$	2,594		$	20,818		$	4,026		Total Interest Expense	$	18,784		$	4,330		$	39,602		$	8,356
Average interest rate	Average interest rate	3.1		%	2.3		%	2.9		%	2.4		%	Average interest rate	4.8		%	2.3		%	3.6		%	2.4		%
Average daily borrowings	Average daily borrowings	$	1,323,119		$	365,274		$	1,299,030		$	267,914		Average daily borrowings	$	1,443,054		$	635,647		$	1,347,566		$	391,839

98101

Senior Securities

Information about our senior securities is shown in the following table as of ~~June~~September 30, 2022 and the fiscal years ended December 31, 2021 and 2020.


Class and Period	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)	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)
Subscription Credit Facility(5)	Subscription Credit Facility(5)							Subscription Credit Facility(5)
December 31, 2021	December 31, 2021	$	—	$	—	—	N/A	December 31, 2021	$	—	$	—	—	N/A
December 31, 2020	December 31, 2020	$	228.8	$	2,250	—	N/A	December 31, 2020	$	228.8	$	2,250	—	N/A
Revolving Credit Facility	Revolving Credit Facility							Revolving Credit Facility
June 30, 2022		$	176.4	$	2,334	—	N/A
September 30, 2022								September 30, 2022	$	132.6	$	2,159	—	N/A
December 31, 2021	December 31, 2021	$	215.7	$	2,331	—	N/A	December 31, 2021	$	215.7	$	2,331	—	N/A
SPV Asset Facility I	SPV Asset Facility I							SPV Asset Facility I
June 30, 2022		$	575.0	$	2,334	—	N/A
September 30, 2022								September 30, 2022	$	500.0	$	2,159	—	N/A
December 31, 2021	December 31, 2021	$	575.0	$	2,331	—	N/A	December 31, 2021	$	575.0	$	2,331	—	N/A
SPV Asset Facility II	SPV Asset Facility II							SPV Asset Facility II
June 30, 2022		$	230.0	$	2,334	—	N/A
September 30, 2022								September 30, 2022	$	245.0	$	2,159	—	N/A
December 31, 2021	December 31, 2021	$	135.0	$	2,331	—	N/A	December 31, 2021	$	135.0	$	2,331	—	N/A
2027 Notes	2027 Notes							2027 Notes
June 30, 2022		$	325.0	$	2,334	—	N/A
September 30, 2022								September 30, 2022	$	325.0	$	2,159	—	$	843.4
December 31, 2021	December 31, 2021	$	325.0	$	2,331	—	N/A	December 31, 2021	$	325.0	$	2,331	—	N/A
July 2025 Notes								July 2025 Notes
September 30, 2022								September 30, 2022	$	142.0	$	2,159	—	N/A
July 2027 Notes								July 2027 Notes
September 30, 2022								September 30, 2022	$	190.0	$	2,159	—	N/A
Promissory Note(6)	Promissory Note(6)							Promissory Note(6)
June 30, 2022		$	—	$	2,334	—	N/A
September 30, 2022								September 30, 2022	$	—	$	2,159	—	N/A
December 31, 2021	December 31, 2021	$	—	$	2,331	—	N/A	December 31, 2021	$	—	$	2,331	—	N/A

________________

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

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

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

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

(5)Facility was terminated in 2021.

(6)Facility was terminated in 2022.

102

Credit Facilities

Revolving Credit Facility

On September 10, 2021, we entered into a senior secured revolving credit agreement (the “Revolving Credit Facility”). The Revolving Credit Facility became effective on September 13, 2021. The parties to the Revolving Credit Facility include us, as Borrower, the lenders from time to time parties thereto (each a “Lender” and collectively, the “Lenders”), the issuing banks from time to time parties thereto (each an "Issuing Bank" and collectively, the "Issuing Banks"), JPMorgan Chase Bank, N.A. as Administrative Agent, JPMorgan Chase Bank, N.A., MUFG Union Bank, N.A. and Sumitomo Mitsui Banking Corporation as Joint Lead Arrangers and Joint Book Runners.

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

The maximum principal amount of the Revolving Credit Facility is $450 million (increased from $375 million on December 22, 2021), subject to availability under the borrowing base, which is based on our portfolio investments and other outstanding indebtedness. Maximum capacity under the Revolving Credit Facility may be increased to $1.1 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 Revolving Credit Facility is secured by a perfected first-priority interest in substantially all of the portfolio investments held by us and each Guarantor, subject to certain exceptions, and includes a $50 million limit for swingline loans.

The availability period under the Revolving Credit Facility will terminate on September 9, 2025 (“Revolving Credit Facility Commitment Termination Date”) and the Revolving Credit Facility will mature on September 9, 2026 (“Revolving Credit Facility Maturity Date”). During the period from the Revolving Credit Facility Commitment Termination Date to the Revolving Credit Facility Maturity Date, we will be obligated to make mandatory prepayments under the Revolving Credit Facility out of the proceeds of certain asset sales and other recovery events and equity and debt issuances.

We may borrow amounts in U.S. dollars or certain other permitted currencies. Amounts drawn under the Revolving Credit Facility, will bear interest at either LIBOR plus a margin, or the prime rate plus a margin. We may elect either the LIBOR or prime rate at the time of drawdown, and loans may be converted from one rate to another at any time at our option, subject to certain conditions. Further, the Revolving Credit Facility builds in a hardwired approach for the replacement of LIBOR loans in U.S. dollars. For LIBOR loans in other permitted currencies, the Revolving Credit Facility includes customary fallback mechanics for us and the Administrative Agent to select an alternative benchmark, subject to the negative consent of required Lenders. We will also pay a fee of 0.375% on undrawn amounts under the Revolving Credit Facility.

The Revolving Credit Facility includes customary covenants, including certain limitations on the incurrence by us of additional indebtedness and on our ability to make distributions to 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.

Subscription Credit Facility

On August 12, 2020 (the “Closing Date”), we entered into a revolving credit facility (the “Subscription Credit Facility”) with State Street Bank and Trust Company (“State Street”) as administrative agent (the “Administrative Agent”), and State Street and PNC Bank, National Association (“PNC”), as lenders.

Borrowings under the Subscription Credit Facility bore interest, at our election at the time of drawdown, at a rate per annum equal to (i) in the case of LIBOR rate loans, an adjusted LIBOR rate for the applicable interest period plus 2.00% or (ii) in the case of reference rate loans, the greatest of (A) a prime rate plus 1.00%, (B) the federal funds rate plus 1.50%, and (C) one-month LIBOR plus 1.00%. Loans were able to be converted from one rate to another at any time at our election, subject to certain conditions. We predominantly borrowed utilizing LIBOR loans, generally electing one-month LIBOR upon borrowing. We also paid an unused commitment fee of 0.25% per annum on the unused commitments.

103

SPV Asset Facilities

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

~~100~~

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

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

SPV Asset Facility I

On July 29, 2021 (the “SPV Asset Facility I Closing Date”), ORCC III Financing LLC (“ORCC III Financing”), a Delaware limited liability company and newly formed subsidiary entered into a Credit Agreement (as amended through the date hereof, the “SPV Asset Facility I”), with ORCC III Financing, as borrower, us, as equityholder, the Adviser, as collateral manager, the lenders from time to time parties thereto, Société Générale, as agent, State Street Bank and Trust Company, as collateral agent, collateral administrator and custodian, and Alter Domus (US) LLC as collateral custodian. The parties to the SPV Asset Facility I have entered into various amendments, including to admit new lenders, increase the maximum principal amount available under the facility, add a swingline commitment to the facility, extend the availability period and maturity date, change the interest rate and make various other changes. The following describes the terms of SPV Asset Facility I amended through March 16, 2022 (the “SPV Asset Facility I Third Amendment Date”).

From time to time, we expect to sell and contribute certain investments to ORCC III Financing pursuant to a Sale and Contribution Agreement by and between us and ORCC III Financing. No gain or loss will be recognized as a result of the contribution. Proceeds from the SPV Asset Facility I will be used to finance the origination and acquisition of eligible assets by ORCC III Financing, including the purchase of such assets from us. We retain a residual interest in assets contributed to or acquired by ORCC III Financing through our ownership of ORCC III Financing. The maximum principal amount of the SPV Asset Facility I is $625 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 ORCC III Financing’s assets from time to time, and satisfaction of certain conditions, including certain concentration limits. The SPV Asset Facility I includes a $100 million sub-limit for swingline loans.

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 through March 15, 2024, unless the commitments are terminated sooner as provided in the SPV Asset Facility I (the “Commitment Termination Date”). Unless otherwise terminated, the SPV Asset Facility I will mature on March 16, 2026 (the “SPV Asset Facility I Stated Maturity”). Prior to the SPV Asset Facility I Stated Maturity, proceeds received by ORCC 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 us, subject to certain conditions. On the SPV Asset Facility I Stated Maturity, ORCC III 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 us.

Amounts drawn in U.S. dollars bear interest at SOFR plus a spread of 2.30%; amounts drawn in Canadian dollars bear interest at CDOR plus a spread of 2.30%; amounts drawn in Euros bear interest at EURIBOR plus a spread of 2.30%; and amounts drawn in British pounds bear interest either at SONIA plus a spread of 2.2693% or at an alternate base rate plus a spread of 2.30%. From the SPV Asset Facility I Closing Date to the Commitment Termination Date, there is a commitment fee, calculated on a daily basis, ranging from 0.00% to 1.00% on the undrawn amount under the SPV Asset Facility I. The SPV Asset Facility I contains customary covenants, including certain limitations on the activities of ORCC III Financing, 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 ORCC III Financing and on any

104

payments received by ORCC III Financing in respect of those assets. Assets pledged to the lenders under the SPV Asset Facility I will not be available to pay our debts.

Borrowings of ORCC III Financing are considered our borrowings for purposes of complying with the asset coverage requirements under the 1940 Act.

SPV Asset Facility II

On December 2, 2021 (the “SPV Asset Facility II Closing Date”), ORCC III Financing II LLC (“ORCC III Financing II”), a Delaware limited liability company and newly formed subsidiary entered into a loan financing and servicing agreement (the “SPV Asset Facility II”), with ORCC III Financing II, as borrower, us, as equityholder and services provider, the lenders from time to time parties thereto, Deutsche Bank AG, New York Branch, as facility agent,

~~101~~

State Street Bank and Trust Company, as collateral agent and Alter Domus (US) LLC, as collateral custodian. The parties to the SPV Asset Facility II have entered an amendment which converted the benchmark rate of the facility from LIBOR to term SOFR and added an additional lender and reallocated lender commitments. The following describes the terms of SPV Asset Facility II amended through February 18, 2022 (the “SPV Asset Facility II First Amendment Date”).

From time to time, we expect to sell and contribute certain loan assets to ORCC III Financing II pursuant to a Sale and Contribution Agreement by and between us and ORCC III Financing II. No gain or loss will be recognized as a result of the contribution. Proceeds from the SPV Asset Facility II will be used to finance the origination and acquisition of eligible assets by ORCC III Financing II, including the purchase of such assets from us. We retain a residual interest in assets contributed to or acquired by ORCC III Financing II through our ownership of ORCC III Financing II. The maximum principal amount of the SPV Asset Facility II is $350 million; the availability of this amount is subject to a borrowing base test, which is based on the value of ORCC III Financing 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.

Borrowings of ORCC III Financing II are considered our borrowings for purposes of complying with the asset coverage requirements under the 1940 Act.

105

Unsecured Notes

2027 Notes

On October 13, 2021, we issued $325 million aggregate principal amount of notes that mature on April 13, 2027 (the “2027 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 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.

The Notes were issued pursuant to an Indenture dated as of October 13, 2021 (the “Base Indenture”), between the us 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 October 13, 2021 (the “First Supplemental Indenture” and together with the Base Indenture, the “Indenture”), between the Company and the Trustee. The Notes will mature on April 13, 2027 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 Indenture.

The 2027 Notes initially bear interest at a rate of 3.125% per year, payable semi-annually on April 13 and October 13 of each year, commencing on April 13, 2022. Concurrent with the issuance of the 2027 Notes, we entered into a Registration Rights Agreement for the benefit of the purchasers of the 2027 Notes. Pursuant to the Registration Rights

~~102~~

Agreement, we are obligated to file a registration statement with the SEC with respect to an offer to exchange the 2027 Notes for a new issue of debt securities registered under the Securities Act with terms substantially identical to those of the 2027 Notes (except for provisions relating to transfer restrictions and payment of additional interest) and to use our 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 2027 Notes. If we fail to satisfy our registration obligations under the Registration Rights Agreement, we will be required to pay additional interest to the holders of the 2027 Notes. We ~~may redeem~~filed a registration statement with the SEC and, on August 25, 2022 commenced an offer to exchange the 2027 Notes for newly issued registered notes with substantially similar terms, which expired on September 28, 2022.

The 2027 Notes are our direct, general unsecured obligations and will rank senior in right of payment to all of our future indebtedness or other obligations that are expressly subordinated, or junior, in right of payment to the 2027 Notes. The 2027 Notes rank pari passu, or equal, in right of payment with all of our existing and future indebtedness or other obligations that are not so subordinated, or junior. The 2027 Notes rank effectively subordinated, or junior, to any of our existing and 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 2027 Notes rank structurally subordinated, or junior, to all existing and future indebtedness and other obligations (including trade payables) incurred by our subsidiaries, financing vehicles or similar facilities. The Indenture contains certain covenants, including covenants requiring us to (i) comply with the asset coverage requirements of the Investment Company Act of 1940, as amended, whether or not we are subject to those requirements, and (ii) provide financial information to the holders of the 2027 Notes and the Trustee if we are no longer subject to the reporting requirements under the Securities Exchange Act of 1934, as amended. 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 Indenture, occurs prior to maturity, holders of the 2027 Notes will have the right, at their option, to require us to repurchase for cash some or all of the 2027 Notes at a repurchase price equal to 100% of the aggregate principal amount of the 2027 Notes being repurchased, plus accrued and unpaid interest to, but excluding, the repurchase date.

Series 2022A Notes

On July 21, 2022, we entered into a Master Note Purchase Agreement (the “Note Purchase Agreement”) governing the issuance of (i) $142,000,000 in aggregate principal amount of Series 2022A Notes, Tranche A, due July 21, 2025, with a fixed interest rate of 7.50% per year (the “July 2025 Notes”) and (ii) $190,000,000 in aggregate principal amount of Series 2022A Notes, Tranche B, due July 21, 2027, with a fixed interest rate of 7.58% per year (the “July 2027 Notes” and, together with the July 2025 Notes, the “Series 2022A Notes”), in each case, to qualified institutional investors in a private placement. The Series 2022A Notes are guaranteed by OR Lending III LLC, a subsidiary of ours.

106

option at par plus accrued ~~and unpaid~~ interest to the prepayment date ~~of redemption) on~~and, if applicable, a make-whole premium. In addition, we are obligated to offer to prepay the ~~2027~~Series 2022A Notes to be redeemed through March 13, 2027 (the date falling one month prior to the maturity date of the 2027 Notes), discounted to the redemption date on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) using the applicable Treasury Rate plus 35 basis points, plus, in each case, accrued and unpaid interest to the redemption date; provided, however, that if we redeem any 2027 Notes on or after March 13, 2027 (the date falling one month prior to the maturity date of the 2027 Notes), the redemption price for the 2027 Notes will be equal to 100% of the principal amount of the 2027 Notes to be redeemed,at par plus accrued and unpaid interest ~~if any,~~up to, but excluding, the date of ~~redemption.~~prepayment, if certain change in control events occur. The Series 2022A Notes are general unsecured obligations of ours that rank pari passu with all outstanding and future unsecured unsubordinated indebtedness issued by us.

The Note Purchase Agreement contains customary terms and conditions for senior unsecured notes issued in a private placement, including, without limitation, affirmative and negative covenants such as information reporting, maintenance of our status as a BDC within the meaning of the 1940 Act, a minimum net worth of $800,000,000, and a minimum asset coverage ratio of 1.50 to 1.00.

Promissory Note

On September 13, 2021, we as borrower, entered into a Loan Agreement (the “FIC Agreement”) with Owl Rock Feeder FIC BDC III LLC (“Feeder FIC”), an affiliate of the Adviser, as lender, to enter into revolving promissory notes (the “Promissory Notes”) to borrow up to an aggregate of $250 million from Feeder FIC. On February 23, 2022, we entered into an amendment to the FIC Agreement to reduce the amount that could be borrowed pursuant to the Promissory Notes from $250 million to $150 million. Under the FIC Agreement, we could re-borrow any amount repaid; however, there is no funding commitment between Feeder FIC and us.

The unpaid principal balance of any Promissory Note and accrued interest thereon was payable by us from time to time at our discretion but immediately due and payable upon 120 days written notice by Feeder FIC, and in any event due and payable in full no later than February 28, 2023. We intend to use the borrowed funds to make investments in portfolio companies consistent with our investment strategies.

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

107

Off-Balance Sheet Arrangements

Portfolio Company Commitments

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

~~Portfolio Company~~

~~Investment~~

~~June 30, 2022~~

~~December 31, 2021~~

~~($ in thousands)~~

~~ABB/Con-cise Optical Group LLC~~

~~First lien senior secured revolving loan~~

—


Portfolio Company	Investment	September 30, 2022		December 31, 2021
($ in thousands)
AAM Series 2.1 Aviation Feeder, LLC	LLC Interest	$	7,272	$	—
AAM Series 1.1 Rail and Domestic Intermodal Feeder, LLC	LLC Interest	7,500		—
ABB/Con-cise Optical Group LLC	First lien senior secured revolving loan	7		—
Alera Group, Inc.	First lien senior secured delayed draw term loan	—		677
AmeriLife Holdings LLC	First lien senior secured delayed draw term loan	1,819		—
AmeriLife Holdings LLC	First lien senior secured revolving loan	910		—
Anaplan, Inc.	First lien senior secured revolving loan	1,944		—
Apex Group Treasury LLC	Second lien senior secured delayed draw term loan	—		6,617
Apex Service Partners, LLC	First lien senior secured delayed draw term loan	164		—
Apex Service Partners, LLC	First lien senior secured revolving loan	50		—
Ardonagh Midco 3 PLC	First lien senior secured GBP delayed draw term loan	196		237
Ardonagh Midco 3 PLC	First lien senior secured EUR delayed draw term loan	12,540		—
Ascend Buyer, LLC (dba PPC Flexible Packaging)	First lien senior secured revolving loan	4,425		4,255
Associations, Inc.	First lien senior secured delayed draw term loan	305		—
Associations, Inc.	First lien senior secured revolving loan	5,315		5,315
AxiomSL Group, Inc.	First lien senior secured delayed draw term loan	1,834		1,834
AxiomSL Group, Inc.	First lien senior secured revolving loan	4,003		4,003
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	13,340		13,340
BCPE Osprey Buyer, Inc. (dba PartsSource)	First lien senior secured revolving loan	5,645		5,645
BCTO BSI Buyer, Inc. (dba Buildertrend)	First lien senior secured revolving loan	1,527		444

~~103~~108

Portfolio Company Investment June 30, 2022 December 31, 2021
Alera Group, Inc. First lien senior secured delayed draw term loan 677 677
Anaplan, Inc. First lien senior secured revolving loan 1,944 —
Apex Group Treasury LLC Second lien senior secured delayed draw term loan 6,617 6,617
Apex Service Partners, LLC First lien senior secured delayed draw term loan 537 —
Apex Service Partners, LLC First lien senior secured revolving loan 40 —
Ardonagh Midco 3 PLC First lien senior secured GBP delayed draw term loan 213 237
Ascend Buyer, LLC (dba PPC Flexible Packaging) First lien senior secured revolving loan 4,425 4,255
Associations, Inc. First lien senior secured delayed draw term loan 392 —
Associations, Inc. First lien senior secured revolving loan 5,315 5,315
AxiomSL Group, Inc. First lien senior secured delayed draw term loan 1,834 1,834
AxiomSL Group, Inc. First lien senior secured revolving loan 4,003 4,003
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 13,340 13,340
BCPE Osprey Buyer, Inc. (dba PartsSource) First lien senior secured revolving loan 5,645 5,645
BCTO BSI Buyer, Inc. (dba Buildertrend) First lien senior secured revolving loan 343 444
BP Veraison Buyer, LLC (dba Sun World) First lien senior secured delayed draw term loan 14,865 14,865
BP Veraison Buyer, LLC (dba Sun World) First lien senior secured revolving loan 4,459 4,459
Brightway Holdings, LLC First lien senior secured revolving loan 2,105 2,105
CFS Brands, LLC First lien senior secured delayed draw term loan 567 —
CivicPlus, LLC First lien senior secured delayed draw term loan — 4,400
CivicPlus, LLC First lien senior secured revolving loan 1,035 880
CSC MKG Topco LLC. (dba Medical Knowledge Group) First lien senior secured revolving loan 112 —
Denali Buyerco LLC (dba Summit Companies) First lien senior secured delayed draw term loan 14,816 18,980
Denali Buyerco LLC (dba Summit Companies) First lien senior secured revolving loan 4,459 6,852


Portfolio Company	Investment	September 30, 2022	December 31, 2021
BP Veraison Buyer, LLC (dba Sun World)	First lien senior secured delayed draw term loan	14,865	14,865
BP Veraison Buyer, LLC (dba Sun World)	First lien senior secured revolving loan	4,459	4,459
Brightway Holdings, LLC	First lien senior secured revolving loan	2,105	2,105
CFS Brands, LLC	First lien senior secured delayed draw term loan	567	—
Chapford SMA Partnership, L.P.	LP Interest	8,575	—
CivicPlus, LLC	First lien senior secured delayed draw term loan	—	4,400
CivicPlus, LLC	First lien senior secured revolving loan	1,035	880

Denali Buyerco, LLC (dba Summit Companies)	First lien senior secured delayed draw term loan	8,127	18,980
Denali Buyerco, LLC (dba Summit Companies)	First lien senior secured revolving loan	6,080	6,852
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	—	374
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	133	—
Evolution BuyerCo, Inc. (dba SIAA)	First lien senior secured revolving loan	2,230	2,230

Forescout Technologies, Inc.	First lien senior secured delayed draw term loan	9,750	—
Forescout Technologies, Inc.	First lien senior secured revolving loan	2,288	2,288
Fortis Solutions Group, LLC	First lien senior secured delayed draw term loan	1,055	9,183
Fortis Solutions Group, LLC	First lien senior secured revolving loan	2,939	3,148
Gainsight, Inc.	First lien senior secured revolving loan	872	872
Gaylord Chemical Company, L.L.C.	First lien senior secured revolving loan	3,973	3,973
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 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

~~104~~109

Portfolio Company Investment June 30, 2022 December 31, 2021
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 — 374
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 133 —
Evolution BuyerCo, Inc. (dba SIAA) First lien senior secured revolving loan 2,230 2,230
Forescout Technologies, Inc. First lien senior secured delayed draw term loan 8,306 —
Forescout Technologies, Inc. First lien senior secured delayed draw term loan 9,750 —
Forescout Technologies, Inc. First lien senior secured revolving loan 915 2,288
Fortis Solutions Group, LLC First lien senior secured delayed draw term loan 2,991 9,183
Fortis Solutions Group, LLC First lien senior secured revolving loan 2,939 3,148
Gainsight, Inc. First lien senior secured revolving loan 872 872
Gaylord Chemical Company, L.L.C. First lien senior secured revolving loan 3,973 3,973
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 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 delayed draw term loan 1,006 1,006
Granicus, Inc. First lien senior secured revolving loan 1,187 1,187
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 — 3,356
Hercules Borrower LLC (dba The Vincit Group) First lien senior secured delayed draw term loan 2,183 3,693
Hercules Borrower LLC (dba The Vincit Group) First lien senior secured revolving loan 3,839 4,298
Hissho Sushi Merger Sub LLC First lien senior secured revolving loan 53 —


Portfolio Company	Investment	September 30, 2022	December 31, 2021
GovBrands Intermediate, Inc.	First lien senior secured revolving loan	636	881
Granicus, Inc.	First lien senior secured delayed draw term loan	1,006	1,006
Granicus, Inc.	First lien senior secured revolving loan	1,187	1,187
GS Acquisitionco, Inc. (dba insightsoftware)	First lien senior secured delayed draw term loan	2,180	5,081
Guidehouse Inc.	First lien senior secured revolving loan	—	3,356
Hercules Borrower LLC (dba The Vincit Group)	First lien senior secured delayed draw term loan	2,008	3,693
Hercules Borrower LLC (dba The Vincit Group)	First lien senior secured revolving loan	3,839	4,298
Hissho Sushi Merger Sub LLC	First lien senior secured revolving loan	65	—
Ideal Image Development, LLC	First lien senior secured delayed draw term loan	976	—
Ideal Image Development, LLC	First lien senior secured revolving loan	1,220	—
IG Investments Holdings, LLC (dba Insight Global)	First lien senior secured revolving loan	5,419	2,710
Indigo Buyer, Inc. (dba Inovar Packaging Group)	First lien senior secured delayed draw term loan	250	—
Indigo Buyer, Inc. (dba Inovar Packaging Group)	First lien senior secured revolving loan	83	—
Individual Foodservice Holdings, LLC	First lien senior secured delayed draw term loan	—	15,723
Individual Foodservice Holdings, LLC	First lien senior secured revolving loan	2,498	2,387
Inovalon Holdings, Inc.	First lien senior secured delayed draw term loan	5,399	5,399
Intelerad Medical Systems Incorporated	First lien senior secured revolving loan	594	594
Interoperability Bidco, Inc. (dba Lyniate)	First lien senior secured revolving loan	217	—
Kaseya Inc.	First lien senior secured delayed draw term loan	486	—
Kaseya Inc.	First lien senior secured revolving loan	486	—
KBP Brands, LLC	First lien senior secured delayed draw term loan	66	—
KPSKY Acquisition, Inc. (dba BluSky)	First lien senior secured delayed draw term loan	—	2,051
Lignetics Investment Corp.	First lien senior secured delayed draw term loan	6,373	6,373
Lignetics Investment Corp.	First lien senior secured revolving loan	892	6,373

~~105~~110

Portfolio Company Investment June 30, 2022 December 31, 2021
IG Investments Holdings, LLC (dba Insight Global) First lien senior secured revolving loan 3,929 2,710
Indigo Buyer, Inc. (dba Inovar Packaging Group) First lien senior secured delayed draw term loan 250 —
Indigo Buyer, Inc. (dba Inovar Packaging Group) First lien senior secured revolving loan 83 —
Individual Foodservice Holdings, LLC First lien senior secured delayed draw term loan — 15,723
Individual Foodservice Holdings, LLC First lien senior secured revolving loan 2,499 2,387
Inovalon Holdings, Inc. First lien senior secured delayed draw term loan 5,399 5,399
Intelerad Medical Systems Incorporated First lien senior secured revolving loan 594 594
Interoperability Bidco, Inc. (dba Lyniate) First lien senior secured revolving loan 217 —
Kaseya Inc. First lien senior secured delayed draw term loan 486 —
Kaseya Inc. First lien senior secured revolving loan 486 —
KBP Brands, LLC First lien senior secured delayed draw term loan 66 —
KPSKY Acquisition, Inc. (dba BluSky) First lien senior secured delayed draw term loan 246 2,051
Lignetics Investment Corp. First lien senior secured delayed draw term loan 6,373 6,373
Lignetics Investment Corp. First lien senior secured revolving loan 637 6,373
Mario Purchaser, LLC First lien senior secured delayed draw term loan 2,762 —
Mario Purchaser, LLC First lien senior secured revolving loan 552 —
Medline Borrower, LP First lien senior secured revolving loan 1,847 1,847
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 3,572 3,571
Milan Laser Holdings LLC First lien senior secured revolving loan 3,529 3,529
Ministry Brands Holdings, LLC. First lien senior secured delayed draw term loan 3,362 3,362
Ministry Brands Holdings, LLC. First lien senior secured revolving loan 1,008 1,008
National Dentex Labs LLC (fka Barracuda Dental LLC) First lien senior secured delayed draw term loan 663 663
National Dentex Labs LLC (fka Barracuda Dental LLC) First lien senior secured revolving loan 430 1,054


Portfolio Company	Investment	September 30, 2022	December 31, 2021
Mario Purchaser, LLC (dba Len the Plumber)	First lien senior secured delayed draw term loan	1,952	—
Mario Purchaser, LLC (dba Len the Plumber)	First lien senior secured revolving loan	552	—
Medline Borrower, LP	First lien senior secured revolving loan	1,847	1,847
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	3,529	3,529
Ministry Brands Holdings, LLC.	First lien senior secured delayed draw term loan	3,362	3,362
Ministry Brands Holdings, LLC.	First lien senior secured revolving loan	1,008	1,008
National Dentex Labs LLC (fka Barracuda Dental LLC)	First lien senior secured delayed draw term loan	—	663
National Dentex Labs LLC (fka Barracuda Dental LLC)	First lien senior secured revolving loan	—	1,054
Natural Partners, LLC	First lien senior secured revolving loan	170	—
NMI Acquisitionco, Inc. (dba Network Merchants)	First lien senior secured delayed draw term loan	1,375	1,375
NMI Acquisitionco, Inc. (dba Network Merchants)	First lien senior secured revolving loan	558	558
Notorious Topco, LLC (dba Beauty Industry Group)	First lien senior secured delayed draw term loan	3,521	8,803
Notorious Topco, LLC (dba Beauty Industry Group)	First lien senior secured revolving loan	5,282	4,401
OB Hospitalist Group, Inc.	First lien senior secured revolving loan	5,481	6,120
Pacific BidCo Inc.	First lien senior secured delayed draw term loan	1,145	—
Patriot Acquisition TopCo S.A.R.L (dba Corza Health, Inc.)	First lien senior secured revolving loan	2,654	2,654
Peter C. Foy & Associates Insurance Services, LLC (dba PCF Insurance Services)	First lien senior secured delayed draw term loan	—	2,190
Peter C. Foy & Associates Insurance Services, LLC (dba PCF Insurance Services)	First lien senior secured revolving loan	1,552	1,552
Plasma Buyer LLC (dba Pathgroup)	First lien senior secured delayed draw term loan	176	—
Plasma Buyer LLC (dba Pathgroup)	First lien senior secured revolving loan	76	—
Pluralsight, LLC	First lien senior secured revolving loan	1,294	1,294
PPV Intermediate Holdings, LLC	First lien senior secured delayed draw term loan	5,407	—

~~106~~111


Portfolio Company	Portfolio Company	Investment	June 30, 2022	December 31, 2021	Portfolio Company	Investment	September 30, 2022	December 31, 2021
Natural Partners, LLC		First lien senior secured revolving loan	170	—
NMI Acquisitionco, Inc. (dba Network Merchants)		First lien senior secured delayed draw term loan	1,375	1,375
NMI Acquisitionco, Inc. (dba Network Merchants)		First lien senior secured revolving loan	558	558
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
OB Hospitalist Group, Inc.		First lien senior secured revolving loan	6,120	6,120
Patriot Acquisition TopCo S.A.R.L (dba Corza Health, Inc.)		First lien senior secured revolving loan	2,654	2,654
Peter C. Foy & Associates Insurance Services, LLC (dba PCF Insurance Services)		First lien senior secured delayed draw term loan	—	2,190
Peter C. Foy & Associates Insurance Services, LLC (dba PCF Insurance Services)		First lien senior secured revolving loan	1,552	1,552
Plasma Buyer LLC (dba Pathgroup)		First lien senior secured delayed draw term loan	176	—
Plasma Buyer LLC (dba Pathgroup)		First lien senior secured revolving loan	76	—
Pluralsight, LLC		First lien senior secured revolving loan	1,294	1,294
PPV Intermediate Holdings, LLC					PPV Intermediate Holdings, LLC	First lien senior secured revolving loan	2,014	—
QAD Inc.	QAD Inc.	First lien senior secured revolving loan	6,000	6,000	QAD Inc.	First lien senior secured revolving loan	6,000	6,000
Quva Pharma, Inc.	Quva Pharma, Inc.	First lien senior secured revolving loan	567	1,182	Quva Pharma, Inc.	First lien senior secured revolving loan	662	1,182
Refresh Parent Holdings, Inc.	Refresh Parent Holdings, Inc.	First lien senior secured delayed draw term loan	—	133	Refresh Parent Holdings, Inc.	First lien senior secured delayed draw term loan	—	133
Refresh Parent Holdings, Inc.	Refresh Parent Holdings, Inc.	First lien senior secured revolving loan	—	1,149	Refresh Parent Holdings, Inc.	First lien senior secured revolving loan	—	1,149
Relativity ODA LLC	Relativity ODA LLC	First lien senior secured revolving loan	1,480	1,480	Relativity ODA LLC	First lien senior secured revolving loan	1,480	1,480
RL Datix Holdings (USA), Inc.	RL Datix Holdings (USA), Inc.	First lien senior secured delayed draw term loan	6,900	—	RL Datix Holdings (USA), Inc.	First lien senior secured revolving loan	3,000	—
RL Datix Holdings (USA), Inc.	RL Datix Holdings (USA), Inc.	First lien senior secured revolving loan	3,000	—	RL Datix Holdings (USA), Inc.	Second lien senior secured delayed draw term loan	1,167	—
RL Datix Holdings (USA), Inc.		Second lien senior secured delayed draw term loan	1,167	—
Sailpoint Technologies Holdings, Inc.					Sailpoint Technologies Holdings, Inc.	First lien senior secured revolving loan	2,179	—
Securonix, Inc.	Securonix, Inc.	First lien senior secured revolving loan	153	—	Securonix, Inc.	First lien senior secured revolving loan	153	—
Simplisafe Holding Corporation	Simplisafe Holding Corporation	First lien senior secured delayed draw term loan	257	—	Simplisafe Holding Corporation	First lien senior secured delayed draw term loan	257	—
Smarsh Inc.	Smarsh Inc.	First lien senior secured delayed draw term loan	190	—	Smarsh Inc.	First lien senior secured delayed draw term loan	190	—
Smarsh Inc.	Smarsh Inc.	First lien senior secured revolving loan	48	—	Smarsh Inc.	First lien senior secured revolving loan	48	—
Sonny's Enterprises LLC					Sonny's Enterprises LLC	First lien senior secured revolving loan	3,944	3,381
Spotless Brands, LLC					Spotless Brands, LLC	First lien senior secured delayed draw term loan A	2,349	—
Spotless Brands, LLC					Spotless Brands, LLC	First lien senior secured delayed draw term loan B	3,288	—
Spotless Brands, LLC					Spotless Brands, LLC	First lien senior secured revolving loan	360	—
SWK BUYER, Inc. (dba Stonewall Kitchen)					SWK BUYER, Inc. (dba Stonewall Kitchen)	First lien senior secured delayed draw term loan	175	—
SWK BUYER, Inc. (dba Stonewall Kitchen)					SWK BUYER, Inc. (dba Stonewall Kitchen)	First lien senior secured revolving loan	7	—
SWK BUYER, Inc. (dba Stonewall Kitchen)					SWK BUYER, Inc. (dba Stonewall Kitchen)	First lien senior secured revolving loan	10	—
Tahoe Finco, LLC					Tahoe Finco, LLC	First lien senior secured revolving loan	6,279	6,279
Tamarack Intermediate, L.L.C. (dba Verisk 3E)					Tamarack Intermediate, L.L.C. (dba Verisk 3E)	First lien senior secured revolving loan	112	—
TC Holdings, LLC (dba TrialCard)					TC Holdings, LLC (dba TrialCard)	First lien senior secured revolving loan	268	—
TEMPO BUYER CORP. (dba Global Claims Services)					TEMPO BUYER CORP. (dba Global Claims Services)	First lien senior secured delayed draw term loan	10,317	10,317

~~107~~112


Portfolio Company	Portfolio Company	Investment	June 30, 2022		December 31, 2021		Portfolio Company	Investment	September 30, 2022		December 31, 2021
Sonny's Enterprises LLC		First lien senior secured revolving loan	2,818		3,381
SWK BUYER, Inc. (dba Stonewall Kitchen)		First lien senior secured delayed draw term loan	175		—
SWK BUYER, Inc. (dba Stonewall Kitchen)		First lien senior secured revolving loan	25		—
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	112		—
TC Holdings, LLC (dba TrialCard)		First lien senior secured revolving loan	268		—
TEMPO BUYER CORP. (dba Global Claims Services)	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	4,849		5,159
TEMPO BUYER CORP. (dba Global Claims Services)		First lien senior secured revolving loan	4,952		5,159
The NPD Group, L.P.							The NPD Group, L.P.	First lien senior secured revolving loan	1,510		—
The Shade Store, LLC	The Shade Store, LLC	First lien senior secured revolving loan	2,955		5,909		The Shade Store, LLC	First lien senior secured revolving loan	5,909		5,909
Thunder Purchaser, Inc. (dba Vector Solutions)	Thunder Purchaser, Inc. (dba Vector Solutions)	First lien senior secured delayed draw term loan	6,124		6,124		Thunder Purchaser, Inc. (dba Vector Solutions)	First lien senior secured delayed draw term loan	3,919		6,124
Thunder Purchaser, Inc. (dba Vector Solutions)	Thunder Purchaser, Inc. (dba Vector Solutions)	First lien senior secured revolving loan	1,409		2,143		Thunder Purchaser, Inc. (dba Vector Solutions)	First lien senior secured revolving loan	1,409		2,143
Troon Golf, L.L.C.	Troon Golf, L.L.C.	First lien senior secured revolving loan	5,405		5,405		Troon Golf, L.L.C.	First lien senior secured revolving loan	5,405		5,405
Ultimate Baked Goods Midco, LLC	Ultimate Baked Goods Midco, LLC	First lien senior secured revolving loan	800		950		Ultimate Baked Goods Midco, LLC	First lien senior secured revolving loan	600		950
Unified Women's Healthcare, LP	Unified Women's Healthcare, LP	First lien senior secured delayed draw term loan	55		—		Unified Women's Healthcare, LP	First lien senior secured delayed draw term loan	55		—
Unified Women's Healthcare, LP	Unified Women's Healthcare, LP	First lien senior secured revolving loan	88		—		Unified Women's Healthcare, LP	First lien senior secured revolving loan	88		—
USRP Holdings, Inc. (dba U.S. Retirement and Benefits Partners)	USRP Holdings, Inc. (dba U.S. Retirement and Benefits Partners)	First lien senior secured revolving loan	1,096		1,078		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)	Velocity HoldCo III Inc. (dba VelocityEHS)	First lien senior secured revolving loan	368		368		Velocity HoldCo III Inc. (dba VelocityEHS)	First lien senior secured revolving loan	368		368
When I Work, Inc.	When I Work, Inc.	First lien senior secured revolving loan	4,164		4,164		When I Work, Inc.	First lien senior secured revolving loan	4,164		4,164
Total Unfunded Portfolio Company Commitments	Total Unfunded Portfolio Company Commitments		$	286,731	$	311,487	Total Unfunded Portfolio Company Commitments		$	314,849	$	311,487

We seek to carefully consider our unfunded portfolio company commitments for the purpose of planning our ongoing financial leverage. Further, we consider any outstanding unfunded portfolio company commitments we are required to fund within the 150% asset coverage limitation. As of ~~June~~September 30, 2022, we believed we had adequate financial resources to satisfy the unfunded portfolio company commitments.

Investor Commitments

~~As of June 30, 2022,~~In the Private Offering, we ~~had~~solicited approximately $1.8 billion in total Capital Commitments from investors, of which $62.4 million is from entities affiliated with or related to the Adviser. As of June 16, 2022, all ~~outstanding~~ Capital Commitments had been drawn.

~~108~~

As of December 31, 2021, we had approximately $1.7 billion in total Capital Commitment from investors (approximately $48.6 million undrawn), of which $62.4 million is from entities affiliated with or related to the Adviser. ~~These undrawn Capital Commitments will no longer remain in effect following the completion of a Liquidity Event.~~

Other Commitments and Contingencies

From time to time, we may become a party to certain legal proceedings incidental to the normal course of our business. At ~~June~~September 30, 2022, we were not aware of any material pending or threatened litigation that would require accounting recognition or financial statement disclosure.

113

Contractual Obligations

A summary of our contractual payment obligations under our credit facilities as of ~~June~~September 30, 2022 is as follows:


		Payments Due by Period											Payments Due by Period
($ in millions)	($ in millions)	Total		Less than 1 year		1-3 years		3-5 years		After 5 years		($ in millions)	Total		Less than 1 year		1-3 years		3-5 years		After 5 years
Revolving Credit Facility	Revolving Credit Facility	176.4		—		—		176.4		—		Revolving Credit Facility	$	132.6	$	—	$	—	$	132.6	$	—
SPV Asset Facility I	SPV Asset Facility I	575.0		—		—		575.0		—		SPV Asset Facility I	500.0		—		—		500.0		—
SPV Asset Facility II	SPV Asset Facility II	230.0		—		—		230.0		—		SPV Asset Facility II	245.0		—		—		245.0		—
2027 Notes	2027 Notes	325.0		—		—		325.0		—		2027 Notes	325.0		—		—		325.0		—
July 2025 Notes												July 2025 Notes	142.0		—		142.0		—		—
July 2027 Notes												July 2027 Notes	190.0		—		—		190.0		—

Total Contractual Obligations	Total Contractual Obligations	$	1,306.4	$	—	$	—	$	1,306.4	$	—	Total Contractual Obligations	$	1,534.6	$	—	$	142.0	$	1,392.6	$	—

Related-Party Transactions

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

•the Investment Advisory Agreement;

•the Administration Agreement;

•the Dealer Manager Agreement;

•the Placement Agent Agreement; and

•the License Agreement.

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

We invest in Amergin AssetCo and Chapford SMA, affiliated investments as defined in the 1940 Act. See “ITEM 1. – Notes to Consolidated Financial Statements – Note 3. Agreements and Related Party Transactions” for further details.

Critical Accounting Policies

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

Investments at Fair Value

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

~~109~~

Investments for which market quotations are readily available are typically valued at the average bid price of those market quotations. To validate market quotations, we utilize a number of factors to determine if the quotations are representative of fair value, including the source and number of the quotations. Debt and equity securities that are not publicly traded or whose market prices are not readily available, as is the case for substantially all of our investments, are

114

valued at fair value as determined in good faith by our Board, based on, among other things, the input of the Adviser, our audit committee and independent third-party valuation firm(s) engaged at the direction of the Board.

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

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

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

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

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

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

We conduct this valuation process on a quarterly basis.

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

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

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

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

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

~~110~~

pricing support provided by dealers or pricing services in order to determine if observable market information is being used, versus unobservable inputs.

Due to the inherent uncertainty of determining the fair value of investments that do not have a readily available market value, the fair value of our investments may fluctuate from period to period. Additionally, the fair value of such

115

investments may differ significantly from the values that would have been used had a ready market existed for such investments and may differ materially from the values that may ultimately be realized. Further, such investments are generally less liquid than publicly traded securities and may be subject to contractual and other restrictions on resale. If we were required to liquidate a portfolio investment in a forced or liquidation sale, it could realize amounts that are different from the amounts presented and such differences could be material.

We complied with the mandatory provisions of Rule 2a-5 ~~under the 1940 Act was recently adopted~~ by the ~~SEC and establishes requirements for determining~~September 2022 compliance date. Additionally, commencing with the fourth quarter of 2022, pursuant to Rule 2a-5, the Board designated the Adviser as our valuation designee to perform fair value ~~in good faith~~determinations relating to the value of assets held by us 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.~~which market quotations are not readily available.

Interest and Dividend Income Recognition

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

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

Distributions

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

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

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

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

~~111~~

We intend to distribute annually all or substantially all of such income. To the extent that we retain our net capital gains or any investment company taxable income, we generally will be subject to corporate-level U.S. federal income tax.

116

We can be expected to carry forward our net capital gains or any investment company taxable income in excess of current year dividend distributions, and pay the U.S. federal excise tax as described below.

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

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

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

•100% of any income or gains recognized, but not distributed, in preceding years.

While we intend to distribute any income and capital gains in the manner necessary to minimize imposition of the 4% U.S. federal excise tax, sufficient amounts of our taxable income and capital gains may not be distributed and as a result, in such cases, the excise tax will be imposed. In such an event, we will be liable for this tax only on the amount by which we do not meet the foregoing distribution requirement.

We intend to pay quarterly distributions to our shareholders out of assets legally available for distribution. All distributions will be paid at the discretion of our Board and will depend on our earnings, financial condition, maintenance of our tax treatment as a RIC, compliance with applicable BDC regulations and such other factors as our Board may deem relevant from time to time.

To the extent our current taxable earnings for a year fall below the total amount of our distributions for that year, a portion of those distributions may be deemed a return of capital to our shareholders for U.S. federal income tax purposes. Thus, the source of a distribution to our shareholders may be the original capital invested by the shareholder rather than our income or gains. Shareholders should read written disclosure carefully and should not assume that the source of any distribution is our ordinary income or gains.

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

Income Taxes

We have elected to be treated as a BDC under the 1940 Act. We also have elected to be treated as a RIC under the Code beginning with the taxable year ending December 31, 2020 and intend to continue to qualify as a RIC. So long as we maintain our tax treatment as a RIC, we generally will not pay corporate-level U.S. federal income taxes on any ordinary income or capital gains that we distribute at least annually to our shareholders as distributions. Rather, any tax liability related to income earned and distributed by us represents obligations of our investors and will not be reflected in our consolidated financial statements.

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

We evaluate tax positions taken or expected to be taken in the course of preparing our consolidated financial statements to determine whether the tax positions are “more-likely-than-not” to be sustained by the applicable tax authority. Tax positions not deemed to meet the “more-likely-than-not” threshold are reserved and recorded as a tax benefit

~~112~~

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

117

not limited to, on-going analyses of tax laws, regulations and interpretations thereof. There were no material uncertain tax positions through December 31, 2021. The 2020 through 2021 tax ~~year remains~~years remain subject to examination by U.S. federal, state and local tax authorities.

Recent Developments

On July 21, 2022, we entered into a Master Note Purchase Agreement governing the issuance of (i) $142,000,000 in aggregate principal amount of Series 2022A Notes, Tranche A, due July 21, 2025, with a fixed interest rate of 7.50% per year (the “2025 Notes”) and (ii) $190,000,000 in aggregate principal amount of Series 2022A Notes, Tranche B, due July 21, 2027, with a fixed interest rate of 7.58% per year (the “July 2027 Notes” and, together with the 2025 Notes, the “Series 2022A Notes”), in each case, to qualified institutional investors in a private placement. The Series 2022A Notes are guaranteed by OR Lending III LLC, a subsidiary of ours.

Interest on the Series 2022A Notes will be due semiannually on January 21 and July 21 each year, beginning on January 21, 2023. The Series 2022A Notes may be redeemed in whole or in part at any time or from time to time at our option at par plus accrued interest to the prepayment date and, if applicable, a make-whole premium. In addition, we are obligated to offer to prepay the Series 2022A Notes at par plus accrued and unpaid interest up to, but excluding, the date of prepayment, if certain change in control events occur. The Series 2022A Notes are general unsecured obligations of ours that rank pari passu with all outstanding and future unsecured unsubordinated indebtedness issued by us.

Item 3. Quantitative and Qualitative Disclosures About Market Risk.

We are subject to financial market risks, including valuation risk, ~~and~~ interest rate risk, currency risk and inflation and supply chain risk.

Valuation Risk

We have invested, and plan to continue to invest, primarily in illiquid debt and equity securities of private companies. Most of our investments will not have a readily available market price, and we value these investments at fair value as determined in good faith by our Board, based on, among other things, the input of the Adviser, our Audit Committee and independent third-party valuation firm(s) engaged at the direction of the Board, and in accordance with our valuation policy. There is no single standard for determining fair value. As a result, determining fair value requires that judgment be applied to the specific facts and circumstances of each portfolio investment while employing a consistently applied valuation process for the types of investments we make. If we were required to liquidate a portfolio investment in a forced or liquidation sale, we may realize amounts that are different from the amounts presented and such differences could be material.

Interest Rate Risk

Interest rate sensitivity refers to the change in earnings that may result from changes in the level of interest rates. We intend to fund portions of our investments with borrowings, and at such time, our net investment income will be affected by the difference between the rate at which we invest and the rate at which we borrow. Accordingly, we cannot assure you that a significant change in market interest rates will not have a material adverse effect on our net investment income.

In a prolonged low interest rate environment, the difference between the total interest income earned on interest earning assets and the total interest expense incurred on interest bearing liabilities may be compressed, reducing our net income and potentially adversely affecting our operating results. Conversely, in a rising interest rate environment, such difference could potentially increase thereby increasing our net income as indicated per the table below.

Substantially all of our assets and liabilities are financial in nature. As a result, changes in interest rates and other factors drive our performance more directly than does inflation. Changes in interest rates do not necessarily correlate with inflation rates or changes in inflation rates.

As of ~~June~~September 30, 2022, ~~98.8%~~98.2% of our debt investments based on fair value were at floating rates. Additionally, the weighted average LIBOR floor, based on fair value, of our debt investments was 0.8%. The Revolving Credit Facility, SPV

~~113~~

Asset Facility I, and SPV Asset Facility II bear interest at variable interest rates with no interest rate floor. The 2027 Notes, July 2025 Notes and July 2027 Notes bear interest at a fixed rate.

118

Based on our Consolidated Statements of Assets and Liabilities as of ~~June~~September 30, 2022, the following table shows the annualized impact on net income of hypothetical base rate changes in interest rates on our debt investments (considering interest rate floors for floating rate instruments) assuming each floating rate investment is subject to 3-month LIBOR and there are no changes in our investment and borrowing structure:


($ in thousands)	($ in thousands)	Interest Income		Interest Expense		Net Income		($ in thousands)	Interest Income		Interest Expense		Net Income
Up 300 basis points	Up 300 basis points	$	86,543	$	29,441	$	57,102	Up 300 basis points	$	92,352	$	26,329	$	66,023
Up 200 basis points	Up 200 basis points	$	57,696	$	19,627	$	38,069	Up 200 basis points	$	61,568	$	17,553	$	44,015
Up 100 basis points	Up 100 basis points	$	28,848	$	9,814	$	19,034	Up 100 basis points	$	30,784	$	8,776	$	22,008
Up 50 basis points	Up 50 basis points	$	14,424	$	4,907	$	9,517	Up 50 basis points	$	15,392	$	4,388	$	11,004
Down 50 basis points	Down 50 basis points	$	(14,424)	$	(4,907)	$	(9,517)	Down 50 basis points	$	(15,392)	$	(4,388)	$	(11,004)
Down 100 basis points	Down 100 basis points	$	(28,848)	$	(9,814)	$	(19,034)	Down 100 basis points	$	(30,784)	$	(8,776)	$	(22,008)

We may in the future hedge against interest rate fluctuations by using hedging instruments such as interest rate swaps, futures, options, and forward contracts. While hedging activities may mitigate our exposure to adverse fluctuations in interest rates, certain hedging transactions that we may enter into in the future, such as interest rate swap agreements, may also limit our ability to participate in the benefits of lower interest rates with respect to our portfolio investments.

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

Currency Risk

From time to time, we may make investments that are denominated in a foreign currency. These investments are translated into U.S. dollars at each balance sheet date, exposing us to movements in foreign exchange rates. We may employ hedging techniques to minimize these risks, but we cannot assure you that such strategies will be effective or without risk to us. We may seek to utilize instruments such as, but not limited to, forward contracts to seek to hedge against fluctuations in the relative values of our portfolio positions from changes in currency exchange rates. We also have the ability to borrow in certain foreign currencies under our credit facilities. Instead of entering into a foreign currency forward contract in connection with loans or other investments we have made that are denominated in a foreign currency, we may borrow in that currency to establish a natural hedge against our loan or investment. To the extent the loan or investment is based on a floating rate other than a rate under which we can borrow under our credit facilities, we may seek to utilize interest rate derivatives to hedge our exposure to changes in the associated rate.

Inflation and Supply Chain Risk

Economic activity has continued to accelerate across sectors and regions. Nevertheless, due to global supply chain issues, geopolitical events, a rise in energy prices and strong consumer demand as economies continue to reopen, inflation is showing signs of acceleration in the U.S. and globally. Inflation is likely to continue in the near to medium-term, particularly in the U.S., with the possibility that monetary policy may tighten in response. Persistent inflationary pressures could affect our portfolio companies profit margins.

Item 4. Controls and Procedures.

(a)Evaluation of Disclosure Controls and Procedures

In accordance with Rules 13a-15(b) and 15d-15(b) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), we, under the supervision and with the participation of our Chief Executive Officer and Chief Financial Officer, carried out an evaluation of the effectiveness of our disclosure controls and procedures (as defined in Rule 13a-15(e) and Rule 15d-15(e) of the Exchange Act) as of the end of the period covered by this Quarterly Report on Form

~~114~~

10-Q and determined that our disclosure controls and procedures are effective as of the end of the period covered by the Quarterly Report on Form 10-Q.

119

(b)Changes in Internal Controls Over Financial Reporting

There have been no changes in our internal control over financial reporting that occurred during the quarter ended ~~June~~September 30, 2022 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

~~115~~120

PART II - OTHER INFORMATION

Item 1. Legal Proceedings

We are not currently subject to any material legal proceedings, nor, to our knowledge, are any material legal proceeding threatened against us. From time to time, we may be a party to certain legal proceedings in the ordinary course of business, including proceedings relating to the enforcement of our rights under contracts with our portfolio companies. Our business is also subject to extensive regulation, which may result in regulatory proceedings against us. While the outcome of any such future legal or regulatory proceedings cannot be predicted with certainty, we do not expect that any such future proceedings will have a material effect upon our financial condition or results of operations.

Item 1A. Risk Factors

In addition to the other information set forth in this report, you should carefully consider the risk factors discussed in Part I, “ITEM 1A. RISK FACTORS” in our Annual Report on Form 10-K for the fiscal year ended December 31, 2021 and in our Quarterly Report on Form 10-Q for the fiscal quarter ended March 31, 2022, which could materially affect our business, financial condition and/or operating results. The risks described in our Annual Report on Form 10-K for the fiscal year ended December 31, 2021 and in our Quarterly Report on Form 10-Q for the fiscal ~~quarter~~quarters ended March 31, 2022 and June 30, 2022 are not the only risks facing us. Additionally risks and uncertainties not currently known to us or that we currently deem to be immaterial also may materially and adversely affect our business, financial condition and/or operating results.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.

Other than the shares issued pursuant to our dividend reinvestment plan, we did not sell any unregistered equity securities, except as previously disclosed in certain 8-Ks filed with the SEC.

On ~~May 13,~~August 15, 2022, pursuant to our dividend reinvestment plan, we issued ~~484,928~~530,098 shares of our common stock, at a price of ~~$14.96~~$14.63 per share, to stockholders of record as of ~~March 31,~~June 30, 2022 that did not opt out of our dividend reinvestment plan in order to satisfy the reinvestment portion of our dividends. This issuance was not subject to the registration requirements of the Securities Act.

~~116~~121

Item 3. Defaults Upon Senior Securities.

None.

~~117~~122

Item 4. Mine Safety Disclosures.

Not applicable.

Item 5. Other Information.

None.

~~118~~123

Item 6. Exhibits


Exhibit Number						Description of Exhibits

3.1						Articles of Amendment and Restatement (incorporated by reference to Exhibit 3.1 to the Company's Registration Statement on Form 10 filed on June 5, 2020).

3.2						Bylaws (incorporated by reference to Exhibit 3.2 to the Company's Registration Statement on Form 10 filed on June 5, 2020).

10.1						~~Termination~~Form of Master Note Purchase Agreement, dated ~~June 22,~~July 21, 2022, by and between Owl Rock Capital Corporation III and ~~Owl Rock Feeder FIC BDC III LLC~~the purchasers party thereto (incorporated by reference to Exhibit 10.1 to the ~~Company's Current Report~~Company’s current report on Form 8-K filed ~~June 27,~~on July 21, 2022).

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

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

32.1**						Certification of Principal Executive Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

32.2**						Certification of Principal Financial Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

________________

* Filed herein.

**Furnished herein.

SIGNATURES

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, as amended, the Registrant has duly caused this Report to be signed on its behalf by the undersigned, thereunto duly authorized.


		Owl Rock Capital Corporation III

Date: ~~August 5,~~November 4, 2022	By:	/s/ Craig W. Packer
		Craig W. Packer
		Chief Executive Officer


		Owl Rock Capital Corporation III

Date: ~~August 5,~~November 4, 2022	By:	/s/ Bryan Cole
		Bryan Cole
		Chief Financial Officer and Chief Operating Officer

~~119~~124