0001812554Gloves Buyer, Inc. (dba Protective Industrial Products), First lien senior secured loan2022-12-310001812554us-gaap:EstimateOfFairValueFairValueDisclosureMemberorcic:SPVAssetFacilityIIMemberus-gaap:LineOfCreditMember2023-03-31


UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
__________________________

FORM 10-Q
__________________________
(Mark One)
xQUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
(Mark One)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2022March 31, 2023
OR
oTRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from_____tofrom___to
Commission File Number: 814-01369
_____________________________
OWL ROCK CORE INCOME CORP.
(Exact Namename of Registrant as Specifiedspecified in its Charter)
_____________________________

Maryland85-1187564
(State or other jurisdiction of
incorporation or organization)
(I.R.S. Employer
Identification No.)
399 Park Avenue, New York, New York

10022
(Address of principal executive offices)


(Zip Code)

Registrant’s telephone number, including area code: (212) 419-3000
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 classTrading Symbol(s)Name of each exchange on which registered
NoneNoneNone
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. YESxNOoYes No ☐

Indicate by check mark whether the registrantRegistrant 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). YesoNoo
Indicate by check mark whether the registrantRegistrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitionsdefinition of “large accelerated filer,”filer”, “accelerated filer”, “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated fileroAccelerated filero
Non-accelerated filerxSmall reporting companyo
Emerging growth companyo
i


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 registrantRegistrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).YESoNOx Yes ☐ No
As of November 10, 2022,May 11, 2023, the registrant had 186,343,019224,503,443 shares of Class S common stock, 46,612,98857,791,612 shares of Class D common stock, and 312,119,178384,386,229 shares of Class I common stock, each with a$0.01, par value per share, of $0.01, outstanding.
i


Table of Contents

Page
CONSOLIDATED FINANCIAL INFORMATIONSTATEMENTS
Item 1.
OTHER INFORMATION
Item 1.
Item 2.
Item 5.
Item 6.
ii



CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS


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


an economic downturn could impair our portfolio companies’ ability to continue to operate, which could lead to the loss of some or all of our investments in such portfolio companies;
an economic downturn could disproportionately impact the companies that we intend to target for investment, potentially causing us to experience a decrease in investment opportunities and diminished demand for capital from these companies;
the impact of rising interest rates, elevated inflation rates, ongoing supply chain and labor market disruptions, instability in the U.S. and international banking systems, and the risk of recession and of a failure to increase the U.S. debt ceiling on our business prospects and the prospects of our portfolio 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, 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;
risks related to the speculative and illiquid natureuncertainty of the value of our investments;portfolio investments, particularly those having no liquid trading market;;
risks related to the uncertainty of the value of our portfolio investments, particularly those having no liquid trading market;
the use of borrowed money to finance a portion of our investments as well as any estimates regarding potential use of leverage;
the adequacy of our financing sources and working capital;
the loss of key personnel;
the timing of cash flows, if any, from the operations of our portfolio companies;
the ability of Owl Rock Capital Advisors LLC (“the Adviser” or “our Adviser”) to locate suitable investments for us and to monitor and administer our investments;
the ability of the Adviser to attract and retain highly talented professionals;
our ability to qualify for and maintain our tax treatment as a regulated investment company (“RIC”) under Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”), and as a business development company (“BDC”);
the effect of legal, tax and regulatory changes including the 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 effect of legal, tax and regulatory changes;
the impact of information technology system failures, data security breaches, data privacy compliance, network disruptions, and cybersecurity attacks
the impact of geo-political conditions, including revolution, insurgency, terrorism or war, including those arising out of the ongoing conflictwar between Russia and Ukraine and general uncertainty surrounding the financial and political stability of the United States, the United Kingdom, the European Union and China;China, on financial market volatility, global economic markets, and various markets for commodities globally such as oil and natural gas; 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”).










3



PART I. CONSOLIDATED FINANCIAL INFORMATION

Item 1. Consolidated Financial Statements


Owl Rock Core Income Corp.
Consolidated Statements of Assets and Liabilities
(Amounts in thousands, except share and per share amounts)
September 30, 2022
(Unaudited)
December 31, 2021March 31, 2023
(Unaudited)
December 31, 2022
AssetsAssetsAssets
Investments at fair valueInvestments at fair valueInvestments at fair value
Non-controlled, non-affiliated investments (amortized cost of $10,153,647 and $3,116,897, respectively)$9,995,104 $3,120,372 
Non-controlled, affiliated investments (amortized cost of $7,032 and $0, respectively)7,032 — 
Controlled, affiliated investments (amortized cost of $1,368 and $0, respectively)1,368 — 
Total investments at fair value (amortized cost of $10,162,047 and $3,116,897, respectively)10,003,504 3,120,372 
Cash176,350 21,459 
Non-controlled, non-affiliated investments (amortized cost of $11,277,576 and $10,585,542, respectively)Non-controlled, non-affiliated investments (amortized cost of $11,277,576 and $10,585,542, respectively)$11,226,094 $10,469,767 
Non-controlled, affiliated investments (amortized cost of $79,322 and $6,224, respectively)Non-controlled, affiliated investments (amortized cost of $79,322 and $6,224, respectively)79,273 6,175 
Controlled, affiliated investments (amortized cost of $283,790 and $233,026, respectively)Controlled, affiliated investments (amortized cost of $283,790 and $233,026, respectively)285,657 231,642 
Total investments at fair value (amortized cost of $11,640,688 and $10,824,792, respectively)Total investments at fair value (amortized cost of $11,640,688 and $10,824,792, respectively)11,591,024 10,707,584 
Cash (restricted cash of $17,000 and $23,000, respectively)Cash (restricted cash of $17,000 and $23,000, respectively)464,051 225,247 
Interest receivableInterest receivable62,043 19,034 Interest receivable82,168 80,402 
Receivable for investments sold1,965 — 
Due from affiliatesDue from affiliates— 20,202 
Prepaid expenses and other assetsPrepaid expenses and other assets4,477 2,883 Prepaid expenses and other assets3,247 2,927 
Total AssetsTotal Assets$10,248,339$3,163,748Total Assets$12,140,490 $11,036,362 
LiabilitiesLiabilitiesLiabilities
Debt (net of unamortized debt issuance costs of $65,485 and $22,641, respectively)5,334,939 1,525,811 
Debt (net of unamortized debt issuance costs of $63,141 and $63,306, respectively)Debt (net of unamortized debt issuance costs of $63,141 and $63,306, respectively)5,928,078 5,477,411 
Distribution payableDistribution payable33,4859,005Distribution payable41,515 37,036 
Payable for investments purchasedPayable for investments purchased59,78827,363Payable for investments purchased113,705 41,706 
Payables to affiliatesPayables to affiliates22,5129,121Payables to affiliates33,099 32,590 
Tender offer payableTender offer payable42,8781,413Tender offer payable93,120 110,836 
Accrued expenses and other liabilitiesAccrued expenses and other liabilities48,48010,307Accrued expenses and other liabilities58,576 87,030 
Total LiabilitiesTotal Liabilities$5,542,082$1,583,020Total Liabilities$6,268,093 $5,786,609 
Commitments and contingencies (Note 7)Commitments and contingencies (Note 7)Commitments and contingencies (Note 7)
Net AssetsNet AssetsNet Assets
Class S Common shares $0.01 par value, 1,000,000,000 shares authorized; 179,513,911 and 60,700,920 shares issued and outstanding, respectively1,795607
Class D Common shares $0.01 par value, 1,000,000,000 shares authorized; 44,952,979 and 18,552,331 shares issued and outstanding, respectively450186
Class I Common shares $0.01 par value, 1,000,000,000 shares authorized; 298,101,538 and 90,103,200 shares issued and outstanding, respectively2,981901
Class S Common shares $0.01 par value, 1,000,000,000 shares authorized; 213,854,074 and 196,951,435 shares issued and outstanding, respectivelyClass S Common shares $0.01 par value, 1,000,000,000 shares authorized; 213,854,074 and 196,951,435 shares issued and outstanding, respectively2,139 1,970 
Class D Common shares $0.01 par value, 1,000,000,000 shares authorized; 54,057,157 and 48,895,298 shares issued and outstanding, respectivelyClass D Common shares $0.01 par value, 1,000,000,000 shares authorized; 54,057,157 and 48,895,298 shares issued and outstanding, respectively541 489 
Class I Common shares $0.01 par value, 1,000,000,000 shares authorized; 368,625,675 and 332,811,718 shares issued and outstanding, respectivelyClass I Common shares $0.01 par value, 1,000,000,000 shares authorized; 368,625,675 and 332,811,718 shares issued and outstanding, respectively3,686 3,328 
Additional paid-in-capitalAdditional paid-in-capital4,816,7661,574,366Additional paid-in-capital5,852,741 5,322,239 
Accumulated undistributed (overdistributed) earningsAccumulated undistributed (overdistributed) earnings(115,735)4,668 Accumulated undistributed (overdistributed) earnings13,290 (78,273)
Total Net AssetsTotal Net Assets$4,706,257$1,580,728Total Net Assets$5,872,397 $5,249,753 
Total Liabilities and Net AssetsTotal Liabilities and Net Assets$10,248,339$3,163,748Total Liabilities and Net Assets$12,140,490 $11,036,362 
Net Asset Value Per Class S ShareNet Asset Value Per Class S Share$8.99$9.33Net Asset Value Per Class S Share$9.21 $9.06 
Net Asset Value Per Class D ShareNet Asset Value Per Class D Share$9.00$9.33Net Asset Value Per Class D Share$9.22 $9.07 
Net Asset Value Per Class I ShareNet Asset Value Per Class I Share$9.01$9.34Net Asset Value Per Class I Share$9.24 $9.08 


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

















4





Owl Rock Core Income Corp.
Consolidated Statements of Operations
(Amounts in thousands, except share and per share amounts)
(Unaudited)


For the Three Months Ended September 30,For the Nine Months Ended September 30,

For the Three Months Ended March 31,
202220212022202120232022 (1)
Investment IncomeInvestment IncomeInvestment 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 incomeInterest income$174,782 $13,728 $345,230 $17,462 Interest income$263,262 $60,414 
PIK interest incomePIK interest income12,198 891 24,369 985 PIK interest income15,077 4,976 
Dividend income13,166 203 21,829 342 
PIK dividend incomePIK dividend income17,970 2,886 
Other incomeOther income5,073 804 12,857 850 Other income3,006 1,869 
Total investment income from non-controlled, non-affiliated investmentsTotal investment income from non-controlled, non-affiliated investments205,219 15,626 404,285 19,639 Total investment income from non-controlled, non-affiliated investments299,315 70,145 
Investment income from controlled, affiliated investments:Investment income from controlled, affiliated investments:
Dividend incomeDividend income6,097 — 
Total investment income from controlled, affiliated investmentsTotal investment income from controlled, affiliated investments6,097 — 
Total Investment IncomeTotal Investment Income205,219 15,626 404,285 19,639 Total Investment Income305,412 70,145 
Operating ExpensesOperating ExpensesOperating Expenses
Initial organization— — — 273 
Offering costsOffering costs1,090 1,524 3,440 1,524 Offering costs613 1,171 
Interest expenseInterest expense61,773 3,463 113,254 4,966 Interest expense89,595 15,371 
Management feesManagement fees12,672 836 27,570 1,102 Management fees16,941 5,550 
Performance based incentive feesPerformance based incentive fees15,142 1,372 29,489 1,570 Performance based incentive fees23,676 4,864 
Professional feesProfessional fees2,916 558 6,250 1,221 Professional fees2,768 1,281 
Directors' feesDirectors' fees296 257 845 788 Directors' fees265 282 
Shareholder servicing feesShareholder servicing fees3,558 256 8,444 306 Shareholder servicing fees4,327 1,962 
Other general and administrativeOther general and administrative1,755 857 4,087 1,785 Other general and administrative1,557 1,135 
Total Operating ExpensesTotal Operating Expenses99,202 9,123 193,379 13,535 Total Operating Expenses139,742 31,616 
Management fees waived (Note 3)— — — (52)
Expense support (Note 3)Expense support (Note 3)— — (6,775)(2,578)Expense support (Note 3)— (4,062)
Recoupment of expense support— 465 — 465 
Net Operating ExpensesNet Operating Expenses99,202 9,588 186,604 11,370 Net Operating Expenses139,742 27,554 
Net Investment Income (Loss) Before TaxesNet Investment Income (Loss) Before Taxes106,017 6,038 217,681 8,269 Net Investment Income (Loss) Before Taxes165,670 42,591 
Excise taxExcise tax(4)— (4)— Excise tax95 — 
Net Investment Income (Loss) After TaxesNet Investment Income (Loss) After Taxes106,013 6,038 217,677 8,269 Net Investment Income (Loss) After Taxes165,575 42,591 
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 investmentsNon-controlled, non-affiliated investments48,819 2,211 (142,695)3,023 Non-controlled, non-affiliated investments$60,654 $(23,285)
Non-controlled, affiliated investmentsNon-controlled, affiliated investments(1)— 
Controlled, affiliated investmentsControlled, affiliated investments3,251 — 
Translation of assets and liabilities in foreign currenciesTranslation of assets and liabilities in foreign currencies(1,779)(29)(2,652)(7)Translation of assets and liabilities in foreign currencies138 (172)
Income tax (provision) benefitIncome tax (provision) benefit(7)— 
Total Net Change in Unrealized Gain (Loss)Total Net Change in Unrealized Gain (Loss)47,040 2,182 (145,347)3,016 Total Net Change in Unrealized Gain (Loss)64,035 (23,457)
Net realized gain (loss):Net realized gain (loss):Net realized gain (loss):
Non-controlled, non-affiliated investmentsNon-controlled, non-affiliated investments(234)917 125 924 Non-controlled, non-affiliated investments(4,577)250 
Foreign currency transactionsForeign currency transactions52 (2)261 (2)Foreign currency transactions— 187 
Total Net Realized Gain (Loss)Total Net Realized Gain (Loss)(182)915 386 922 Total Net Realized Gain (Loss)(4,577)437 
Total Net Realized and Change in Unrealized Gain (Loss)Total Net Realized and Change in Unrealized Gain (Loss)46,858 3,097 (144,961)3,938 Total Net Realized and Change in Unrealized Gain (Loss)59,458 (23,020)
Total Net Increase (Decrease) in Net Assets Resulting from OperationsTotal Net Increase (Decrease) in Net Assets Resulting from Operations$152,871 $9,135 $72,716 $12,207 Total Net Increase (Decrease) in Net Assets Resulting from Operations$225,033 $19,571 
Net Increase (Decrease) in Net Assets Resulting from Operations- Class S Common StockNet Increase (Decrease) in Net Assets Resulting from Operations- Class S Common Stock$51,124 $1,946 $20,523 $2,290 Net Increase (Decrease) in Net Assets Resulting from Operations- Class S Common Stock$75,696 $6,161 
Net Increase (Decrease) in Net Assets Resulting from Operations- Class D Common StockNet Increase (Decrease) in Net Assets Resulting from Operations- Class D Common Stock$13,457 $1,057 $6,459 $1,490 Net Increase (Decrease) in Net Assets Resulting from Operations- Class D Common Stock$18,753 $1,958 
Net Increase (Decrease) in Net Assets Resulting from Operations- Class I Common StockNet Increase (Decrease) in Net Assets Resulting from Operations- Class I Common Stock$88,290 $6,132 $45,734 $8,427 Net Increase (Decrease) in Net Assets Resulting from Operations- Class I Common Stock$130,584 $11,452 
Earnings Per Share - Basic and Diluted of Class S Common StockEarnings Per Share - Basic and Diluted of Class S Common Stock$0.30 $0.17 $0.15 $0.52 Earnings Per Share - Basic and Diluted of Class S Common Stock$0.36 $0.07 
Weighted Average Shares of Class S Common Stock Outstanding - Basic and DilutedWeighted Average Shares of Class S Common Stock Outstanding - Basic and Diluted171,779,74711,160,688134,859,2764,363,627Weighted Average Shares of Class S Common Stock Outstanding - Basic and Diluted209,496,62792,693,920
Earnings Per Share - Basic and Diluted of Class D Common StockEarnings Per Share - Basic and Diluted of Class D Common Stock$0.31 $0.19 $0.18 $0.56 Earnings Per Share - Basic and Diluted of Class D Common Stock$0.36 $0.08 
Weighted Average Shares of Class D Common Stock Outstanding - Basic and DilutedWeighted Average Shares of Class D Common Stock Outstanding - Basic and Diluted43,183,9305,670,04135,082,2542,654,462Weighted Average Shares of Class D Common Stock Outstanding - Basic and Diluted51,902,05725,539,563
Earnings Per Share - Basic and Diluted of Class I Common StockEarnings Per Share - Basic and Diluted of Class I Common Stock$0.31 $0.19 $0.22 $0.55 Earnings Per Share - Basic and Diluted of Class I Common Stock$0.36 $0.08 
Weighted Average Shares of Class I Common Stock Outstanding - Basic and DilutedWeighted Average Shares of Class I Common Stock Outstanding - Basic and Diluted280,852,15531,988,535211,931,54015,343,528Weighted Average Shares of Class I Common Stock Outstanding - Basic and Diluted361,401,758134,734,682
The accompanying notes are an integral part of these consolidated financial statements.
(1) For the three months ended March 31, 2022 PIK dividend and other income were reported in aggregate as other income.


5

Owl Rock Core Income Corp.
Consolidated Schedule of Investments
As of September 30, 2022March 31, 2023
(Amounts in thousands, except share amounts)
(Unaudited)


Company(1)(2)(3)(21)(30)InvestmentInterestMaturity
Date
Par /
Units
Amortized
Cost(4)(26)
Fair
Value
Percentage
of Net
Assets
Non-controlled/non-affiliated portfolio
company investments
Debt Investments(5)
Advertising and media
Global Music Rights, LLC(7)First lien senior secured loanL + 5.50%8/28/202883,742 82,281 83,322 1.8%
Global Music Rights, LLC(18)(19)First lien senior secured revolving loanL + 5.50%8/27/2027— (123)(38)— %
The NPD Group, L.P.(9)First lien senior secured loanSR + 6.25% (incl. 2.75% PIK)12/1/2028222,463 217,921 217,836 4.6%
The NPD Group, L.P.(18)(19)First lien senior secured revolving loanSR + 5.75%12/1/2027— (276)(297)— %
306,205 299,803 300,823 6.4%
Aerospace and Defense
Bleriot US Bidco Inc.(7)(23)First lien senior secured loanL + 4.00%10/30/202610,396 10,397 10,031 0.2%
ManTech International Corporation(9)First lien senior secured loanSR + 5.75%9/14/202914,217 13,934 13,933 0.3%
ManTech International Corporation(18)(19)First lien senior secured delayed draw term loanSR + 5.75%9/14/2029— (33)(34)— %
ManTech International Corporation(9)(18)First lien senior secured revolving loanSR + 5.75%9/14/2028282 247 246 — %
Peraton Corp.(6)(23)First lien senior secured loanL + 3.75%2/1/202822,375 22,294 21,167 0.4%
Peraton Corp.(6)(23)Second lien senior secured loanL + 7.75%2/1/20294,854 4,793 4,578 0.1%
52,124 51,632 49,921 1.0%
Automotive
Holley Inc.(7)(23)First lien senior secured loanL + 3.75%11/17/20282,354 2,340 2,135 — %
Mavis Tire Express Services Topco Corp.(9)(23)First lien senior secured loanSR + 4.00%5/4/20289,875 9,834 9,239 0.2%
OAC Holdings I Corp. (dba Omega Holdings)(11)First lien senior secured loanSR + 5.00%3/30/20299,165 8,992 8,890 0.2%
OAC Holdings I Corp. (dba Omega Holdings)(10)(18)First lien senior secured revolving loanSR + 5.00%3/31/20281,066 1,019 989 — %
PAI Holdco, Inc.(7)(23)First lien senior secured loanL + 3.75%10/28/20274,962 4,848 4,693 0.1%
Power Stop, LLC(7)(22)First lien senior secured loanL + 4.75%1/26/202929,850 29,575 28,208 0.6%
57,272 56,608 54,154 1.1%
Buildings and real estate
Associations, Inc.(10)First lien senior secured loanSR + 6.50% (incl. 2.50% PIK)7/2/2027104,013 102,961 103,753 2.2%
Associations, Inc.(18)(19)First lien senior secured revolving loanSR + 6.50%7/2/2027— (38)(12)— %
Associations, Inc.(10)(18)(20)First lien senior secured delayed draw term loanSR + 6.50% (incl. 2.50% PIK)6/10/20243,589 3,018 3,437 0.1%
CoreLogic Inc.(6)(23)First lien senior secured loanL + 3.50%6/2/202842,163 41,312 31,517 0.7%
Dodge Construction Network, LLC(11)First lien senior secured loanSR + 4.75%2/23/202922,444 22,129 20,873 0.4%
RealPage, Inc.(6)(23)First lien senior secured loanL + 3.00%4/24/202824,812 24,784 23,207 0.5%
RealPage, Inc.(6)(23)Second lien senior secured loanL + 6.50%4/23/202927,500 27,137 26,485 0.6%
Company(1)(2)(3)(20)(29)InvestmentInterestMaturity
Date
Par /
Units
Amortized
Cost(4)(25)
Fair
Value
Percentage
of Net
Assets
Non-controlled/non-affiliated portfolio
company investments
Debt Investments(5)
Advertising and media
Global Music Rights, LLC(7)First lien senior secured loanL +5.50%08/2028$83,320 $81,960 $83,321 1.4 %
Global Music Rights, LLC(7)(17)(18)First lien senior secured revolving loanL +5.75%08/2027— (110)— — %
Circana Group, L.P. (fka The NPD Group, L.P.)(9)First lien senior secured loanSR +6.25% (2.75% PIK)12/2028225,088 220,811 221,712 3.8 %
Circana Group, L.P. (fka The NPD Group, L.P.)(9)(17)First lien senior secured revolving loanSR +5.75%12/20271,997 1,748 1,783 — %
310,405 304,409 306,816 5.2 %
Aerospace and defense
Bleriot US Bidco Inc.(7)(22)First lien senior secured loanL +4.00%10/2026$5,083 $5,084 $5,082 0.1 %
ManTech International Corporation(10)First lien senior secured loanSR +5.75%09/202914,146 13,879 13,969 0.2 %
ManTech International Corporation(10)(17)(18)(19)First lien senior secured delayed draw term loanSR +5.75%09/2024— (31)(8)— %
ManTech International Corporation(10)(17)(18)First lien senior secured revolving loanSR +5.75%09/2028— (33)(23)— %
Peraton Corp.(6)(22)First lien senior secured loanL +3.75%02/202814,708 14,685 14,493 0.2 %
Peraton Corp.(7)(22)Second lien senior secured loanL +7.75%02/20294,854 4,796 4,708 0.1 %
38,791 38,380 38,221 0.6 %
Automotive
Holley Inc.(7)(22)First lien senior secured loanL +3.75%11/2028$2,341 $2,329 $1,916 — %
Mavis Tire Express Services Topco Corp.(9)(22)First lien senior secured loanSR +4.00%05/20289,825 9,787 9,615 0.2 %
OAC Holdings I Corp. (dba Omega Holdings)(11)First lien senior secured loanSR +5.00%03/20299,119 8,957 8,891 0.2 %
OAC Holdings I Corp. (dba Omega Holdings)(10)(17)First lien senior secured revolving loanSR +5.00%03/20282,095 2,052 2,030 — %
Power Stop, LLC(6)(21)First lien senior secured loanL +4.75%01/202929,700 29,443 23,834 0.4 %
Spotless Brands, LLC(10)First lien senior secured loanSR +6.50%07/202854,166 53,181 53,491 1.0 %
Spotless Brands, LLC(10)(17)First lien senior secured revolving loanSR +6.50%07/2028292 266 274 — %
107,538 106,015 100,051 1.8 %
Asset based lending and fund finance
Hg Genesis 9 Sumoco Ltd.(13)(23)Unsecured facilityE+7.00% PIK03/2027$129,195 $130,287 $129,194 2.2 %
Hg Saturn LuchaCo Ltd.(14)(23)Unsecured facilityS +7.50% PIK03/20262,054 2,248 2,034 — %
131,249 132,535 131,228 2.2 %
Buildings and real estate
Associations, Inc.(10)First lien senior secured loanSR +6.50% (2.50% PIK)07/2027$105,335 $104,375 $105,335 1.8 %
Associations, Inc.(10)(17)(18)First lien senior secured revolving loanSR +4.00%07/2027— (34)— — %
Associations, Inc.(10)(17)(19)First lien senior secured delayed draw term loanSR +6.50% (2.50% PIK)06/202416,191 15,680 16,191 0.3 %

6

Owl Rock Core Income Corp.
Consolidated Schedule of Investments (Continued)
As of September 30, 2022March 31, 2023
(Amounts in thousands, except share amounts)
(Unaudited)
Company(1)(2)(3)(21)(30)InvestmentInterestMaturity
Date
Par /
Units
Amortized
Cost(4)(26)
Fair
Value
Percentage
of Net
Assets
Wrench Group LLC(7)First lien senior secured loanL + 4.00%4/30/202620,359 20,034 20,308 0.4%
244,880 241,337 229,568 4.9%
Business services
Access CIG, LLC(7)Second lien senior secured loanL + 7.75%2/27/20262,385 2,380 2,355 0.1%
BrightView Landscapes, LLC(9)(22)(23)First lien senior secured loanSR + 3.25%4/20/202919,950 19,506 19,128 0.4%
Brown Group Holdings, LLC(9)(22)(23)First lien senior secured loanSR + 3.75%7/2/20292,031 1,982 1,965 — %
ConnectWise, LLC(7)(23)First lien senior secured loanL + 3.50%9/29/202840,652 40,730 37,907 0.8%
CoreTrust Purchasing Group LLC(9)First lien senior secured loanSR + 6.75%9/28/202997,393 95,447 95,444 2.0%
CoreTrust Purchasing Group LLC(18)(19)First lien senior secured delayed draw term loanSR + 6.75%9/28/2029— (71)(71)— %
CoreTrust Purchasing Group LLC(18)(19)First lien senior secured revolving loanSR + 6.75%9/28/2029— (284)(284)— %
Denali BuyerCo, LLC (dba Summit Companies)(7)First lien senior secured loanL + 5.75%9/15/2028131,831 130,009 130,183 2.8%
Denali BuyerCo, LLC (dba Summit Companies)(7)First lien senior secured loanL + 5.75%9/15/202835,293 34,535 34,852 0.7%
Denali BuyerCo, LLC (dba Summit Companies)(7)(18)(20)First lien senior secured delayed draw term loanL + 5.75%9/15/202319,807 19,450 19,526 0.4%
Denali BuyerCo, LLC (dba Summit Companies)(18)(19)First lien senior secured revolving loanL + 5.75%9/15/2027— (106)(125)— %
Diamondback Acquisition, Inc. (dba Sphera)(6)First lien senior secured loanL + 5.50%9/13/202847,468 46,634 46,993 1.0%
Diamondback Acquisition, Inc. (dba Sphera)(18)(19)(20)First lien senior secured delayed draw term loanL + 5.50%9/13/2023— (81)— — %
Entertainment Benefits Group, LLC(9)First lien senior secured loanSR + 4.75%5/1/202875,212 74,504 75,023 1.6%
Entertainment Benefits Group, LLC(18)(19)First lien senior secured revolving loanSR + 4.75%4/29/2027— (106)(29)— %
Fullsteam Operations, LLC(7)(18)(20)First lien senior secured delayed draw term loanL + 7.50%5/13/202425,319 24,091 24,602 0.5%
Hercules Borrower, LLC (dba The Vincit Group)(8)First lien senior secured loanL + 6.50%12/15/2026810 801 808 — %
Hercules Borrower, LLC (dba The Vincit Group)(8)First lien senior secured loanL + 5.50%12/15/20262,198 2,180 2,155 — %
Hercules Borrower, LLC (dba The Vincit Group)(8)(18)(20)First lien senior secured delayed draw term loanL + 5.50%9/10/20239,181 9,100 8,888 0.2%
Hercules Borrower, LLC (dba The Vincit Group)(8)(18)First lien senior secured revolving loanL + 6.50%12/15/202610 10 — %
Hercules Buyer, LLC (dba The Vincit Group)(17)(29)Unsecured notes0.48% PIK12/14/202923 23 23 — %
Kaseya Inc.(11)First lien senior secured loanSR + 5.75%6/25/202971,717 70,325 70,820 1.5%
Kaseya Inc.(18)(19)(20)First lien senior secured delayed draw term loanSR + 5.75%6/24/2024— (42)(11)— %
Kaseya Inc.(18)(19)First lien senior secured revolving loanSR + 5.75%6/25/2029— (83)(54)— %
KPSKY Acquisition, Inc. (dba BluSky)(6)First lien senior secured loanL + 5.50%10/19/202884,441 82,939 82,119 1.8%
Company(1)(2)(3)(20)(29)InvestmentInterestMaturity
Date
Par /
Units
Amortized
Cost(4)(25)
Fair
Value
Percentage
of Net
Assets
CoreLogic Inc.(6)(22)First lien senior secured loanL +3.50%06/202841,950 41,161 35,674 0.6 %
Cushman & Wakefield U.S. Borrower, LLC(6)(22)First lien senior secured loanL +2.75%08/202510,000 9,900 9,733 0.2 %
Dodge Construction Network, LLC(11)First lien senior secured loanSR +4.75%02/202917,071 16,847 14,340 0.2 %
RealPage, Inc.(6)(22)First lien senior secured loanL +3.00%04/202814,167 14,152 13,718 0.2 %
RealPage, Inc.(6)(22)Second lien senior secured loanL +6.50%04/202927,500 27,157 25,886 0.4 %
Wrench Group LLC(7)First lien senior secured loanL +4.50%04/202617,000 16,667 16,575 0.3 %
Wrench Group LLC(7)First lien senior secured loanL +4.00%04/202610,518 10,392 10,202 0.2 %
259,732 256,297 247,654 4.2 %
Business services
Access CIG, LLC(7)Second lien senior secured loanL +7.75%02/2026$2,385 $2,381 $2,379 — %
BrightView Landscapes, LLC(10)(22)First lien senior secured loanSR +3.25%04/20299,330 9,017 9,089 0.2 %
Capstone Acquisition Holdings, Inc.(9)First lien senior secured loanSR +4.75%11/20279,975 9,900 9,949 0.2 %
ConnectWise, LLC(6)(22)First lien senior secured loanL +3.50%09/202829,927 29,987 28,835 0.5 %
CoreTrust Purchasing Group LLC(9)First lien senior secured loanSR +6.75%10/202997,150 95,305 95,935 1.6 %
CoreTrust Purchasing Group LLC(9)(17)(18)(19)First lien senior secured delayed draw term loanSR +6.75%09/2024— (66)— — %
CoreTrust Purchasing Group LLC(9)(17)(18)First lien senior secured revolving loanSR +6.75%10/2029— (255)(177)— %
Denali BuyerCo, LLC (dba Summit Companies)(7)First lien senior secured loanL +5.75%09/2028199,255 196,446 198,258 3.4 %
Denali BuyerCo, LLC (dba Summit Companies)(7)(17)(18)First lien senior secured revolving loanL +5.75%09/2027— (96)(50)— %
Diamondback Acquisition, Inc. (dba Sphera)(6)First lien senior secured loanL +5.50%09/202847,228 46,453 46,756 0.8 %
Diamondback Acquisition, Inc. (dba Sphera)(6)(17)(18)(19)First lien senior secured delayed draw term loanL +5.50%09/2023— (74)— — %
Entertainment Benefits Group, LLC(9)First lien senior secured loanSR +4.75%05/202874,835 74,184 74,835 1.3 %
Entertainment Benefits Group, LLC(9)(17)First lien senior secured revolving loanSR +4.75%04/20273,867 3,772 3,867 0.1 %
Fullsteam Operations, LLC(7)First lien senior secured loanL +12.30% (7.80% PIK)10/202782,009 80,243 81,189 1.4 %
Hercules Borrower, LLC (dba The Vincit Group)(7)First lien senior secured loanL +6.50%12/2026806 798 806 — %
Hercules Borrower, LLC (dba The Vincit Group)(7)First lien senior secured loanL +5.50%12/20262,187 2,171 2,160 — %
Hercules Borrower, LLC (dba The Vincit Group)(7)(17)(19)First lien senior secured delayed draw term loanL +5.50%09/202313,066 12,956 12,885 0.2 %
Hercules Borrower, LLC (dba The Vincit Group)(7)(17)First lien senior secured revolving loanL +6.50%12/202610 10 — %
Hercules Buyer, LLC (dba The Vincit Group)(16)(28)Unsecured notes0.48% PIK12/202924 24 24 — %
Kaseya Inc.(10)First lien senior secured loanSR +5.75%06/202971,717 70,401 71,538 1.2 %

7

Owl Rock Core Income Corp.
Consolidated Schedule of Investments (Continued)
As of September 30, 2022March 31, 2023
(Amounts in thousands, except share amounts)
(Unaudited)
Company(1)(2)(3)(21)(30)InvestmentInterestMaturity
Date
Par /
Units
Amortized
Cost(4)(26)
Fair
Value
Percentage
of Net
Assets
KPSKY Acquisition, Inc. (dba BluSky)(16)(18)(20)First lien senior secured delayed draw term loanP + 4.50%6/17/20242,369 2,165 2,013 — %
Packers Holdings, LLC(6)(23)First lien senior secured loanL + 3.25%3/9/202840,294 39,971 36,893 0.8%
Vistage Worldwide, Inc.(10)(22)First lien senior secured loanSR + 5.25%7/1/20295,000 4,866 4,863 0.1%
713,384 700,874 695,996 14.7%
Chemicals
Aruba Investments Holdings LLC (dba Angus Chemical Company)(6)(23)First lien senior secured loanL + 4.00%11/24/202712,935 12,720 11,884 0.3%
Aruba Investments Holdings, LLC (dba Angus Chemical Company)(6)Second lien senior secured loanL + 7.75%11/24/202840,137 40,125 39,033 0.8%
Gaylord Chemical Company, L.L.C.(7)First lien senior secured loanL + 6.50%3/30/2027103,571 102,682 103,313 2.2%
Gaylord Chemical Company, L.L.C.(18)(19)First lien senior secured revolving loanL + 6.00%3/30/2026— (32)(10)— %
Velocity HoldCo III Inc. (dba VelocityEHS)(7)First lien senior secured loanL + 5.75%4/22/20272,329 2,287 2,329 — %
Velocity HoldCo III Inc. (dba VelocityEHS)(18)(19)First lien senior secured revolving loanL + 5.75%4/22/2026— (2)— — %
158,972 157,780 156,549 3.3%
Consumer products
ConAir Holdings LLC(7)Second lien senior secured loanL + 7.50%5/17/202932,500 32,040 29,575 0.6%
Foundation Consumer Brands, LLC(7)First lien senior secured loanL + 5.50%2/12/202750,754 50,766 50,499 1.1%
Lignetics Investment Corp.(7)First lien senior secured loanL + 6.00%11/1/202775,897 75,068 73,620 1.6%
Lignetics Investment Corp.(18)(19)(20)First lien senior secured delayed draw term loanL + 6.00%11/1/2023— (101)(287)— %
Lignetics Investment Corp.(7)(18)First lien senior secured revolving loanL + 6.00%11/2/202610,132 10,015 9,788 0.2%
Olaplex, Inc.(10)(24)First lien senior secured loanSR + 3.75%2/23/202945,760 45,593 45,188 1.0%
SWK BUYER, Inc. (dba Stonewall Kitchen)(11)First lien senior secured loanSR + 5.25%3/12/202959,824 58,728 58,328 1.2%
SWK BUYER, Inc. (dba Stonewall Kitchen)(11)(18)First lien senior secured revolving loanSR + 5.25%3/12/20295,010 4,907 4,870 0.1%
SWK BUYER, Inc. (dba Stonewall Kitchen)(11)(18)First lien senior secured revolving loanSR + 5.25%3/12/2029569 559 534 — %
SWK BUYER, Inc. (dba Stonewall Kitchen)(18)(19)(20)First lien senior secured delayed draw term loanSR + 5.25%3/11/2024— (128)(209)— %
280,446 277,447 271,906 5.8%
Containers and packaging
Ascend Buyer, LLC (dba PPC Flexible Packaging)(7)First lien senior secured loanL + 5.75%10/2/202849,829 49,390 49,205 1.0%
Ascend Buyer, LLC (dba PPC Flexible Packaging)(6)(18)First lien senior secured revolving loanL + 5.75%9/30/2027681 638 617 — %
Berlin Packaging L.L.C.(6)(22)(23)First lien senior secured loanL + 3.75%3/11/202825,621 24,939 24,147 0.5%
BW Holding, Inc.(10)First lien senior secured loanSR + 4.00%12/14/202821,898 21,654 21,515 0.5%
Charter NEX US, Inc.(7)(22)(23)First lien senior secured loanL + 3.75%12/1/202728,292 27,931 26,790 0.6%
Five Star Lower Holding LLC(10)First lien senior secured loanSR + 4.25%5/5/202921,875 21,584 20,891 0.4%
Company(1)(2)(3)(20)(29)InvestmentInterestMaturity
Date
Par /
Units
Amortized
Cost(4)(25)
Fair
Value
Percentage
of Net
Assets
Kaseya Inc.(10)(17)(18)(19)First lien senior secured delayed draw term loanSR +5.75%06/2024— (39)— — %
Kaseya Inc.(10)(17)(18)First lien senior secured revolving loanSR +5.75%06/2029— (77)(11)— %
KPSKY Acquisition, Inc. (dba BluSky)(9)First lien senior secured loanSR +5.50%10/202884,037 82,639 82,566 1.4 %
KPSKY Acquisition, Inc. (dba BluSky)(7)(17)(19)First lien senior secured delayed draw term loanL +5.50%06/20244,489 4,281 4,302 0.1 %
Packers Holdings, LLC(9)(22)First lien senior secured loanSR +3.25%03/202833,918 33,781 30,591 0.5 %
Ping Identity Holding Corp.(9)First lien senior secured loanSR +7.00%10/202921,818 21,506 21,600 0.4 %
Ping Identity Holding Corp.(9)(17)(18)First lien senior secured revolving loanSR +7.00%10/2028— (30)(22)— %
788,033 775,617 777,314 13.3 %
Chemicals
Aruba Investments Holdings LLC (dba Angus Chemical Company)(6)(22)First lien senior secured loanL +3.75%11/2027$13,867 $13,640 $13,497 0.2 %
Aruba Investments Holdings LLC (dba Angus Chemical Company)(6)Second lien senior secured loanL +7.75%11/202840,137 40,125 39,535 0.7 %
Douglas Products and Packaging Company LLC(10)First lien senior secured loanSR +7.00%06/202524,371 24,154 24,188 0.4 %
Douglas Products and Packaging Company LLC(17)(18)First lien senior secured revolving loanSR +7.00%06/2025— (28)(24)— %
Gaylord Chemical Company, L.L.C.(7)First lien senior secured loanL +6.50%03/2027102,258 101,458 102,258 1.7 %
Gaylord Chemical Company, L.L.C.(7)(17)(18)First lien senior secured revolving loanL +6.00%03/2026— (27)— — %
Nouryon Finance B.V.(10)(23)First lien senior secured loanSR +4.00%03/20283,000 2,993 2,993 0.1 %
Nouryon Finance B.V.(10)(22)(23)First lien senior secured loanSR +2.75%10/20254,983 4,965 4,937 0.1 %
Velocity HoldCo III Inc. (dba VelocityEHS)(8)First lien senior secured loanL +5.75%04/20272,317 2,279 2,317 — %
Velocity HoldCo III Inc. (dba VelocityEHS)(6)(17)First lien senior secured revolving loanL +5.75%04/202628 26 28 — %
190,961 189,585 189,729 3.2 %
Consumer products
ConAir Holdings LLC(7)Second lien senior secured loanL +7.50%05/2029$32,500 $32,065 $29,900 0.5 %
Foundation Consumer Brands, LLC(7)First lien senior secured loanL +5.50%02/202748,302 48,314 48,302 0.8 %
Lignetics Investment Corp.(7)First lien senior secured loanL +6.00%11/202775,515 74,755 74,382 1.3 %
Lignetics Investment Corp.(11)First lien senior secured delayed draw term loanSR +6.00%11/20279,559 9,467 9,415 0.2 %
Lignetics Investment Corp.(7)(17)First lien senior secured revolving loanL +6.00%10/20266,118 6,015 5,946 0.1 %
Olaplex, Inc.(9)(22)(23)First lien senior secured loanSR +3.50%02/202949,559 48,803 44,068 0.8 %
SWK BUYER, Inc. (dba Stonewall Kitchen)(11)First lien senior secured loanSR +5.25%03/202959,524 58,497 57,441 1.0 %
SWK BUYER, Inc. (dba Stonewall Kitchen)(11)(17)First lien senior secured revolving loanSR +5.25%03/20293,208 3,113 3,013 0.1 %

8

Owl Rock Core Income Corp.
Consolidated Schedule of Investments (Continued)
As of September 30, 2022March 31, 2023
(Amounts in thousands, except share amounts)
(Unaudited)
Company(1)(2)(3)(21)(30)InvestmentInterestMaturity
Date
Par /
Units
Amortized
Cost(4)(26)
Fair
Value
Percentage
of Net
Assets
Fortis Solutions Group, LLC(7)First lien senior secured loanL + 5.50%10/13/202861,403 60,309 59,714 1.3%
Fortis Solutions Group, LLC(7)(18)(20)First lien senior secured delayed draw term loanL + 5.50%10/13/20234,149 4,045 3,996 0.1%
Fortis Solutions Group, LLC(8)(18)First lien senior secured revolving loanL + 5.50%10/15/2027450 336 264 — %
Indigo Buyer, Inc. (dba Inovar Packaging Group)(10)First lien senior secured loanSR + 5.75%5/23/202882,344 81,563 82,138 1.7%
Indigo Buyer, Inc. (dba Inovar Packaging Group)(18)(20)First lien senior secured delayed draw term loanSR + 5.75%5/23/2024— — — — %
Indigo Buyer, Inc. (dba Inovar Packaging Group)(10)(18)First lien senior secured revolving loanSR + 5.75%5/23/20282,117 1,997 2,085 — %
Pregis Topco LLC(7)Second lien senior secured loanL + 6.75%8/1/202930,000 30,000 29,550 0.6%
Pregis Topco LLC(7)Second lien senior secured loanL + 8.00%8/1/20292,500 2,500 2,488 0.1%
Ring Container Technologies Group, LLC(6)(23)First lien senior secured loanL + 3.75%8/12/202826,078 25,994 25,079 0.5%
Tricorbraun Holdings, Inc.(6)(22)(23)First lien senior secured loanL + 3.25%3/3/202826,499 25,568 24,838 0.5%
Valcour Packaging, LLC(6)First lien senior secured loanL + 3.75%10/4/20289,950 9,913 9,925 0.2%
393,686 388,361 383,242 8.0%
Distribution
ABB/Con-cise Optical Group LLC(7)First lien senior secured loanL + 7.50%2/23/202835,294 34,808 35,205 0.7%
ABB/Con-cise Optical Group LLC(7)(18)First lien senior secured revolving loanL + 7.50%2/23/20283,436 3,386 3,427 0.1%
BCPE Empire Holdings, Inc. (dba Imperial-Dade)(9)First lien senior secured loanSR + 4.63%6/11/202641,690 40,318 40,648 0.9%
Dealer Tire, LLC(6)(23)First lien senior secured loanL + 4.25%12/12/20259,008 8,980 8,749 0.2%
Dealer Tire, LLC(17)(22)(23)Unsecured notes8.00%2/1/202856,120 54,883 49,526 1.1%
Individual Foodservice Holdings, LLC(8)First lien senior secured loanL + 6.25%11/21/202546,006 45,634 45,775 0.9%
Individual Foodservice Holdings, LLC(8)First lien senior secured loanL + 6.25%11/21/202518,252 18,106 18,161 0.4%
Individual Foodservice Holdings, LLC(8)(18)(20)First lien senior secured delayed draw term loanL + 6.25%11/30/202313,615 13,284 13,432 0.3%
Individual Foodservice Holdings, LLC(18)(19)First lien senior secured revolving loanL + 6.25%11/22/2024— (1)— — %
SRS Distribution, Inc.(7)(23)First lien senior secured loanL + 3.50%6/2/202834,799 34,442 32,024 0.7%
White Cap Supply Holdings, LLC(9)(22)(23)First lien senior secured loanSR + 3.75%10/19/202722,243 21,616 20,770 0.4%
280,463 275,456 267,717 5.7%
Education
CIG Emerald Holding LLC(10)(24)First lien senior secured loanSR + 5.50%6/8/202779,000 78,073 78,605 1.7%
Community Brands ParentCo, LLC(9)First lien senior secured loanSR + 5.75%2/24/202831,716 31,140 30,923 0.7%
Community Brands ParentCo, LLC(18)(19)(20)First lien senior secured delayed draw term loanSR + 5.75%2/24/2024— (34)(56)— %
Community Brands ParentCo, LLC(18)(19)First lien senior secured revolving loanSR + 5.75%2/24/2028— (34)(47)— %
Severin Acquisition, LLC (dba Powerschool)(9)(23)First lien senior secured loanSR + 3.00%8/1/202519,807 19,770 19,195 0.4%
Company(1)(2)(3)(20)(29)InvestmentInterestMaturity
Date
Par /
Units
Amortized
Cost(4)(25)
Fair
Value
Percentage
of Net
Assets
SWK BUYER, Inc. (dba Stonewall Kitchen)(11)(17)(18)(19)First lien senior secured delayed draw term loanSR +5.25%03/2024— (118)(349)— %
284,285 280,911 272,118 4.8 %
Containers and packaging
Ascend Buyer, LLC (dba PPC Flexible Packaging)(10)First lien senior secured loanSR +6.40%10/2028$49,578 $49,167 $49,578 0.8 %
Ascend Buyer, LLC (dba PPC Flexible Packaging)(10)(17)(18)First lien senior secured revolving loanSR +6.25%09/2027— (38)— — %
Ascend Buyer, LLC (dba PPC Flexible Packaging)(10)First lien senior secured loanSR +6.40%09/202830,617 30,040 30,617 0.5 %
Ascend Buyer, LLC (dba PPC Flexible Packaging)(10)First lien senior secured loanSR +6.75%09/20288,978 8,803 8,933 0.2 %
Berlin Packaging L.L.C.(6)(22)First lien senior secured loanL +3.75%03/202814,971 14,606 14,717 0.3 %
BW Holding, Inc.(10)First lien senior secured loanSR +4.00%12/202814,040 13,878 13,338 0.2 %
Charter NEX US, Inc.(9)(22)First lien senior secured loanSR +3.75%12/202734,868 34,408 34,376 0.6 %
Five Star Lower Holding LLC(11)(22)First lien senior secured loanSR +4.25%05/202921,766 21,494 21,439 0.4 %
Fortis Solutions Group, LLC(6)First lien senior secured loanL +5.50%10/202867,472 66,333 65,954 1.1 %
Fortis Solutions Group, LLC(6)(17)First lien senior secured revolving loanL +5.50%10/2027900 797 748 — %
Indigo Buyer, Inc. (dba Inovar Packaging Group)(10)First lien senior secured loanSR +6.25%05/2028113,602 112,571 113,602 1.9 %
Indigo Buyer, Inc. (dba Inovar Packaging Group)(10)(17)First lien senior secured revolving loanSR +6.25%05/20282,117 2,008 2,117 — %
Pregis Topco LLC(9)(22)First lien senior secured loanSR +3.75%07/20266,969 6,792 6,784 0.1 %
Pregis Topco LLC(6)Second lien senior secured loanL +6.75%08/202930,000 30,000 29,700 0.5 %
Pregis Topco LLC(6)Second lien senior secured loanL +7.75%08/20292,500 2,500 2,494 — %
Ring Container Technologies Group, LLC(6)(22)First lien senior secured loanL +3.50%08/202816,209 16,163 16,109 0.3 %
Tricorbraun Holdings, Inc.(6)(22)First lien senior secured loanL +3.25%03/202817,508 17,104 17,067 0.3 %
432,095 426,626 427,573 7.2 %
Distribution
ABB/Con-cise Optical Group LLC(8)First lien senior secured loanL +7.50%02/2028$35,117 $34,665 $34,327 0.6 %
ABB/Con-cise Optical Group LLC(8)(17)First lien senior secured revolving loanL +7.50%02/20283,510 3,465 3,510 0.1 %
BCPE Empire Holdings, Inc. (dba Imperial-Dade)(9)(22)First lien senior secured loanSR +4.63%06/202631,743 30,821 31,302 0.5 %
Dealer Tire, LLC(9)(22)First lien senior secured loanSR +4.50%12/20275,036 5,042 4,995 0.1 %
Dealer Tire, LLC(16)(21)(22)Unsecured notes8.00%02/202856,120 54,974 50,435 0.9 %
Formerra, LLC(10)First lien senior secured loanSR +7.25%11/20285,250 5,088 5,119 0.1 %
Formerra, LLC(10)(17)(18)(19)First lien senior secured delayed draw term loanSR +7.25%11/2023— (3)(2)— %
Formerra, LLC(10)(17)First lien senior secured revolving loanSR +7.25%11/2028205 189 192 — %
BradyIFS Holdings, LLC (fka Individual Foodservice Holdings, LLC)(10)First lien senior secured loanSR +6.25%11/20251,288 1,277 1,288 — %

9

Owl Rock Core Income Corp.
Consolidated Schedule of Investments (Continued)
As of September 30, 2022March 31, 2023
(Amounts in thousands, except share amounts)
(Unaudited)
Company(1)(2)(3)(21)(30)InvestmentInterestMaturity
Date
Par /
Units
Amortized
Cost(4)(26)
Fair
Value
Percentage
of Net
Assets
Sophia, L.P.(9)First lien senior secured loanSR + 4.00%10/7/202724,938 24,705 24,875 0.5%
Pluralsight, LLC(6)First lien senior secured loanL + 8.00%4/6/20276,255 6,192 6,223 0.1%
Pluralsight, LLC(18)(19)First lien senior secured revolving loanL + 8.00%4/6/2027— (4)(2)— %
161,716 159,808 159,716 3.4%
Energy equipment and services
AZZ Inc.(10)(22)(24)First lien senior secured loanSR + 4.25%5/13/20298,360 8,079 8,213 0.2%
Brookfield WEC Holdings Inc.(9)(22)(23)First lien senior secured loanSR + 3.75%8/1/20253,500 3,373 3,407 0.1%
Pike Corp.(6)(22)(23)First lien senior secured loanL + 3.00%1/21/202815,791 15,488 15,299 0.3%
27,651 26,940 26,919 0.6%
Financial services
Acuris Finance US, Inc. (ION Analytics) (10)(22)(23)First lien senior secured loanSR + 4.00%2/16/202815,000 14,895 14,340 0.3%
AllSpring Buyer(10)(22)(23)First lien senior secured loanSR + 3.75%11/1/20285,000 4,808 4,903 0.1%
AxiomSL Group, Inc.(6)First lien senior secured loanL + 6.00%12/3/202734,919 34,620 34,308 0.7%
AxiomSL Group, Inc.(18)(19)(20)First lien senior secured delayed draw term loanL + 6.00%7/21/2023— (9)(16)— %
AxiomSL Group, Inc.(18)(19)First lien senior secured revolving loanL + 6.50%12/3/2025— (19)(45)— %
Corporation Service Company(22)First lien senior secured loanSR + 3.25%8/31/20293,000 2,910 2,910 0.1%
Deerfield Dakota Holding, LLC(9)(22)(23)First lien senior secured loanSR + 3.75%4/9/20275,925 5,921 5,580 0.1%
Hg Genesis 9 Sumoco Limited(14)(24)Unsecured facilityE + 7.00% PIK3/10/2027111,694 125,001 111,694 2.4%
Hg Saturn LuchaCo Limited(15)(24)Unsecured facilitySA + 7.50% PIK3/30/20261,892 2,305 1,869 — %
Muine Gall, LLC(8)(24)(28)First lien senior secured loanL + 7.00% PIK9/20/202490,061 90,498 88,710 1.9%
NMI Acquisitionco, Inc. (dba Network Merchants)(6)First lien senior secured loanL + 5.75%9/8/20258,495 8,429 8,367 0.2%
NMI Acquisitionco, Inc. (dba Network Merchants)(6)(18)(20)First lien senior secured delayed draw term loanL + 5.75%10/2/20231,668 1,641 1,632 — %
NMI Acquisitionco, Inc. (dba Network Merchants)(18)(19)(20)First lien senior secured revolving loanL + 5.00%9/6/2025— (6)(8)— %
Smarsh Inc.(10)First lien senior secured loanSR + 6.50%2/16/202983,048 82,274 81,802 1.7%
Smarsh Inc.(18)(19)(20)First lien senior secured delayed draw term loanSR + 6.50%2/19/2024— (95)(104)— %
Smarsh Inc.(18)(19)First lien senior secured revolving loanSR + 6.50%2/16/2029— (47)(78)— %
360,702 373,126 355,864 7.5%
Food and beverage
Balrog Acquisition, Inc. (dba Bakemark)(7)First lien senior secured loanL + 4.00%9/5/202813,895 13,769 13,304 0.3%
Balrog Acquisition, Inc. (dba BakeMark)(7)Second lien senior secured loanL + 7.00%9/3/20296,000 5,955 5,880 0.1%
CFS Brands, LLC(8)First lien senior secured loanL + 3.00%3/20/202538,463 37,355 36,348 0.8%
CFS Brands, LLC(18)(19)(20)First lien senior secured delayed draw term loanL + 3.00%12/2/2022— — (227)— %
Company(1)(2)(3)(20)(29)InvestmentInterestMaturity
Date
Par /
Units
Amortized
Cost(4)(25)
Fair
Value
Percentage
of Net
Assets
BradyIFS Holdings, LLC (fka Individual Foodservice Holdings, LLC)(10)First lien senior secured loanSR +6.25%11/202562,645 62,221 62,645 1.0 %
BradyIFS Holdings, LLC (fka Individual Foodservice Holdings, LLC)(10)First lien senior secured loanSR +6.75%11/20251,947 1,929 1,947 — %
BradyIFS Holdings, LLC (fka Individual Foodservice Holdings, LLC)(10)(17)(19)First lien senior secured delayed draw term loanSR +6.25%11/202322,116 21,838 22,116 0.4 %
BradyIFS Holdings, LLC (fka Individual Foodservice Holdings, LLC)(10)(17)(18)(19)First lien senior secured delayed draw term loanSR +6.75%12/2023— (73)— — %
BradyIFS Holdings, LLC (fka Individual Foodservice Holdings, LLC)(10)(17)(18)First lien senior secured revolving loanSR +6.25%11/2024— (1)— — %
SRS Distribution, Inc.(6)(22)First lien senior secured loanL +3.50%06/202824,077 23,847 23,198 0.4 %
White Cap Supply Holdings, LLC(9)(22)First lien senior secured loanSR +3.75%10/202716,584 16,123 16,372 0.3 %
265,638 261,402 257,444 4.4 %
Education
CIG Emerald Holding LLC(10)(23)First lien senior secured loanSR +5.50%06/2027$77,000 $76,174 $77,000 1.3 %
Community Brands ParentCo, LLC(9)First lien senior secured loanSR +5.75%02/202831,556 31,025 31,241 0.5 %
Community Brands ParentCo, LLC(9)(17)(18)(19)First lien senior secured delayed draw term loanSR +5.75%02/2024— (31)— — %
Community Brands ParentCo, LLC(9)(17)(18)First lien senior secured revolving loanSR +5.75%02/2028— (31)(19)— %
Severin Acquisition, LLC (dba Powerschool)(10)(22)First lien senior secured loanSR +3.00%08/202514,819 14,807 14,790 0.3 %
Sophia, L.P.(9)First lien senior secured loanSR +4.25%10/202715,075 14,946 15,075 0.3 %
Pluralsight, LLC(7)First lien senior secured loanL +8.00%04/20276,255 6,207 6,161 0.1 %
Pluralsight, LLC(7)(17)First lien senior secured revolving loanL +8.00%04/2027196 193 190 — %
Renaissance Learning, Inc.(9)First lien senior secured loanSR +4.75%05/202520,000 19,412 19,422 0.3 %
164,901 162,702 163,860 2.8 %
Energy equipment and services
Pike Corp.(6)(22)First lien senior secured loanL +3.00%01/2028$5,991 $5,976 $5,939 0.1 %
5,991 5,976 5,939 0.1 %
Financial services
Acuris Finance US, Inc. (ION Analytics) (10)(22)First lien senior secured loanSR +4.00%02/2028$10,500 $10,432 $10,110 0.2 %
Adenza Group, Inc.(6)First lien senior secured loanL +5.75%12/202734,743 34,467 34,395 0.6 %
Adenza Group, Inc.(6)(17)(18)(19)First lien senior secured delayed draw term loanL +6.00%07/2023— (8)— — %
Adenza Group, Inc.(6)(17)(18)First lien senior secured revolving loanL +6.50%12/2025— (16)(26)— %
BTRS Holdings Inc. (dba Billtrust)(10)First lien senior secured loanSR +8.00%12/202810,850 10,536 10,633 0.2 %
BTRS Holdings Inc. (dba Billtrust)(10)(17)(19)First lien senior secured delayed draw term loanSR +8.00%12/2024109 109 90 — %
BTRS Holdings Inc. (dba Billtrust)(9)(17)First lien senior secured revolving loanSR +7.25%12/2028159 126 136 — %

10

Owl Rock Core Income Corp.
Consolidated Schedule of Investments (Continued)
As of September 30, 2022March 31, 2023
(Amounts in thousands, except share amounts)
(Unaudited)
Company(1)(2)(3)(21)(30)InvestmentInterestMaturity
Date
Par /
Units
Amortized
Cost(4)(26)
Fair
Value
Percentage
of Net
Assets
Dessert Holdings(7)First lien senior secured loanL + 4.00%6/9/202819,850 19,759 18,361 0.4%
Eagle Parent Corp.(10)(23)First lien senior secured loanSR + 4.25%4/2/20297,463 7,286 7,245 0.2%
Hissho Sushi Merger Sub LLC(10)First lien senior secured loanSR + 6.00%5/18/2028113,402 112,324 113,119 2.4%
Hissho Sushi Merger Sub LLC(10)(18)First lien senior secured revolving loanSR + 6.00%5/18/2028583 501 561 — %
Innovation Ventures HoldCo, LLC (dba 5 Hour Energy)(9)First lien senior secured loanSR + 6.25%3/11/2027275,000 270,243 267,439 5.6%
KBP Brands, LLC(7)First lien senior secured loanL + 5.50%5/26/202714,689 14,520 14,285 0.3%
KBP Brands, LLC(6)(18)(20)First lien senior secured delayed draw term loanL + 5.50%12/22/202333,280 32,866 32,271 0.7%
Naked Juice LLC (dba Tropicana)(10)(23)First lien senior secured loanSR + 3.25%1/24/202924,938 24,900 22,808 0.5%
Ole Smoky Distillery, LLC(11)First lien senior secured loanSR + 5.25%3/31/202824,972 24,507 24,348 0.5%
Ole Smoky Distillery, LLC(18)(19)First lien senior secured revolving loanSR + 5.25%3/31/2028— (61)(83)— %
Pegasus BidCo B.V.(10)(22)(23)(24)First lien senior secured loanSR + 4.25%7/12/202910,000 9,902 9,533 0.2%
Shearer's Foods, LLC(6)(23)First lien senior secured loanL + 3.50%9/23/202748,498 48,486 44,914 1.0%
Sovos Brands Intermediate, Inc.(6)(23)First lien senior secured loanL + 3.50%6/8/202810,145 10,136 9,638 0.2%
Ultimate Baked Goods Midco, LLC(7)First lien senior secured loanL + 6.50%8/13/202716,376 16,031 15,721 0.3%
Ultimate Baked Goods Midco, LLC(7)(18)First lien senior secured revolving loanL + 6.50%8/13/20271,400 1,359 1,320 — %
658,954 649,838 636,785 13.5%
Healthcare equipment and services
Canadian Hospital Specialties Ltd.(13)(24)First lien senior secured loanC + 4.50%4/14/20283,221 3,487 3,148 0.1%
Canadian Hospital Specialties Ltd.(13)(18)(20)(24)First lien senior secured delayed draw term loanC + 4.50%4/15/2023234 250 220 — %
Canadian Hospital Specialties Ltd.(12)(18)(24)First lien senior secured revolving loanC + 4.50%4/15/2027236 257 228 — %
Confluent Medical Technologies, Inc.(10)First lien senior secured loanSR + 3.75%2/16/202934,825 34,663 34,303 0.7%
Confluent Medical Technologies, Inc.(10)Second lien senior secured loanSR + 6.50%2/18/203046,000 45,133 45,310 1.0%
Dermatology Intermediate Holdings III, Inc(9)(22)First lien senior secured loanSR + 4.25%4/2/202923,111 22,675 22,822 0.5%
Dermatology Intermediate Holdings III, Inc(9)(18)(20)(22)First lien senior secured delayed draw term loanSR + 4.25%4/1/20241,833 1,820 1,810 — %
CSC MKG Topco LLC. (dba Medical Knowledge Group)(6)First lien senior secured loanL + 5.75%2/1/202997,957 96,146 95,508 2.0%
CSC MKG Topco LLC. (dba Medical Knowledge Group)(10)First lien senior secured loanSR + 5.75%2/1/20293,092 2,994 3,015 0.1%
Medline Borrower, LP(6)(23)First lien senior secured loanL + 3.25%10/23/202831,218 30,803 28,652 0.6%
Medline Borrower, LP(18)(19)First lien senior secured revolving loanL + 3.25%10/21/2026— (37)(202)— %
MJH Healthcare Holdings, LLC(9)(22)First lien senior secured loanSR + 3.50%1/28/202923,741 23,658 23,325 0.5%
Natus Medical Inc.(11)(22)First lien senior secured loanSR + 5.50%7/20/20295,000 4,657 4,650 0.1%
Company(1)(2)(3)(20)(29)InvestmentInterestMaturity
Date
Par /
Units
Amortized
Cost(4)(25)
Fair
Value
Percentage
of Net
Assets
Computer Services, Inc. (dba CSI)(10)First lien senior secured loanSR +6.75%11/202930,500 29,913 30,119 0.5 %
Deerfield Dakota Holdings(9)(22)First lien senior secured loanSR +3.75%04/20277,979 7,733 7,714 0.1 %
Muine Gall, LLC(8)(23)(27)First lien senior secured loanL +7.00% PIK09/202494,583 95,230 94,346 1.6 %
NMI Acquisitionco, Inc. (dba Network Merchants)(6)First lien senior secured loanL +5.75%09/20255,657 5,620 5,614 0.1 %
NMI Acquisitionco, Inc. (dba Network Merchants)(6)First lien senior secured loanL +5.75%09/20252,138 2,128 2,122 — %
NMI Acquisitionco, Inc. (dba Network Merchants)(6)First lien senior secured loanL +5.75%09/2025150 149 149 — %
NMI Acquisitionco, Inc. (dba Network Merchants)(6)First lien senior secured loanL +5.75%09/2025507 503 503 — %
NMI Acquisitionco, Inc. (dba Network Merchants)(6)(17)(19)First lien senior secured delayed draw term loanL +5.75%10/20231,994 1,970 1,979 — %
NMI Acquisitionco, Inc. (dba Network Merchants)(6)(17)(18)First lien senior secured revolving loanL +5.00%09/2025— (5)(4)— %
Smarsh Inc.(11)First lien senior secured loanSR +6.50%02/202983,048 82,318 82,632 1.4 %
Smarsh Inc.(11)(17)(19)First lien senior secured delayed draw term loanSR +6.50%02/202410,381 10,195 10,329 0.2 %
Smarsh Inc.(10)(17)First lien senior secured revolving loanSR +6.50%02/2029166 159 162 — %
293,464 291,559 291,003 4.9 %
Food and beverage
Balrog Acquisition, Inc. (dba Bakemark)(7)First lien senior secured loanL +4.00%09/2028$13,825 $13,708 $13,583 0.2 %
Balrog Acquisition, Inc. (dba BakeMark)(7)Second lien senior secured loanL +7.00%09/20296,000 5,957 5,940 0.1 %
CFS Brands, LLC(7)First lien senior secured loanL +3.00%03/202544,183 43,116 41,753 0.7 %
Dessert Holdings(7)(22)First lien senior secured loanL +4.00%06/202819,749 19,666 18,071 0.3 %
Hissho Sushi Merger Sub LLC(10)First lien senior secured loanSR +5.75%05/2028112,834 111,835 112,834 1.9 %
Hissho Sushi Merger Sub LLC(10)(17)First lien senior secured revolving loanSR +5.75%05/2028583 508 583 — %
Innovation Ventures HoldCo, LLC (dba 5 Hour Energy)(9)First lien senior secured loanSR +6.25%03/2027275,000 270,733 270,189 4.6 %
KBP Brands, LLC(10)First lien senior secured loanSR +6.50% (1.00% PIK)05/202714,672 14,519 14,415 0.2 %
KBP Brands, LLC(10)(17)(19)First lien senior secured delayed draw term loanSR +6.50% (1.00% PIK)12/202333,447 33,104 32,848 0.6 %
Naked Juice LLC (dba Tropicana)(10)(22)First lien senior secured loanSR +3.25%01/202914,266 14,242 12,510 0.2 %
Ole Smoky Distillery, LLC(9)First lien senior secured loanSR +5.25%03/202824,847 24,418 24,474 0.4 %
Ole Smoky Distillery, LLC(9)(17)(18)First lien senior secured revolving loanSR +5.25%03/2028— (55)(50)— %
Pegasus BidCo B.V.(10)(22)(23)First lien senior secured loanSR +4.25%07/202910,474 10,376 10,290 0.2 %
Shearer's Foods, LLC(6)(22)First lien senior secured loanL +3.50%09/202739,466 39,465 38,479 0.7 %
Sovos Brands Intermediate, Inc.(7)(22)First lien senior secured loanL +3.50%06/202810,145 10,137 10,043 0.2 %
Ultimate Baked Goods Midco, LLC(9)First lien senior secured loanSR +6.50%08/202716,294 15,978 15,968 0.3 %

11

Owl Rock Core Income Corp.
Consolidated Schedule of Investments (Continued)
As of September 30, 2022March 31, 2023
(Amounts in thousands, except share amounts)
(Unaudited)
Company(1)(2)(3)(21)(30)InvestmentInterestMaturity
Date
Par /
Units
Amortized
Cost(4)(26)
Fair
Value
Percentage
of Net
Assets
Packaging Coordinators Midco, Inc.(7)Second lien senior secured loanL + 7.00%12/13/202953,918 52,360 51,222 1.1%
Patriot Acquisition TopCo S.A.R.L (dba Corza Health, Inc.)(10)(24)First lien senior secured loanSR + 6.75%1/31/202851,030 50,339 50,265 1.1%
Patriot Acquisition TopCo S.A.R.L (dba Corza Health, Inc.)(18)(19)(24)First lien senior secured revolving loanSR + 6.75%1/29/2026— (1)(1)— %
Rhea Parent, Inc.(10)First lien senior secured loanSR + 5.75%2/19/202977,573 76,131 75,634 1.6%
452,989 445,335 439,909 9.4%
Healthcare providers and services
Covetrus, Inc.(10)First lien senior secured loanSR + 5.00%9/20/202925,000 23,501 23,501 0.5%
Ex Vivo Parent Inc. (dba OB Hospitalist)(7)First lien senior secured loanL + 9.50%9/27/202830,503 29,956 29,969 0.6%
Natural Partners, LLC(8)(24)First lien senior secured loanL + 6.00%11/29/202768,852 67,598 67,303 1.4%
Natural Partners, LLC(18)(19)(24)First lien senior secured revolving loanL + 6.00%11/29/2027— (92)(114)— %
OB Hospitalist Group, Inc.(7)First lien senior secured loanL + 5.50%9/27/202761,193 60,143 60,582 1.3%
OB Hospitalist Group, Inc.(7)(18)First lien senior secured revolving loanL + 5.50%9/27/20271,599 1,466 1,519 — %
Pacific BidCo Inc.(10)(24)First lien senior secured loanSR + 5.75%8/13/2029161,148 157,188 157,119 3.3%
Pacific BidCo Inc.(18)(19)(24)First lien senior secured delayed draw term loanSR + 5.75%8/13/2029— (219)(224)— %
Phoenix Newco, Inc. (dba Parexel)(6)(23)First lien senior secured loanL + 3.25%11/15/202827,363 27,240 26,063 0.6%
Phoenix Newco, Inc. (dba Parexel)(6)Second lien senior secured loanL + 6.50%11/15/2029140,000 138,666 136,500 2.9%
Plasma Buyer LLC (dba Pathgroup)(10)First lien senior secured loanSR + 5.75%5/14/2029110,132 108,024 108,755 2.3%
Plasma Buyer LLC (dba Pathgroup)(18)(19)(20)First lien senior secured delayed draw term loanSR + 5.75%5/13/2024— (270)(71)— %
Plasma Buyer LLC (dba Pathgroup)(18)(19)First lien senior secured revolving loanSR + 5.75%5/12/2028— (229)(153)— %
Pediatric Associates Holding Company, LLC(8)(22)First lien senior secured loanL + 3.25%12/29/202823,330 23,247 22,864 0.5%
Pediatric Associates Holding Company, LLC(8)(18)(20)(22)First lien senior secured delayed draw term loanL + 3.25%2/11/20241,767 1,763 1,705 — %
Physician Partners, LLC(9)(23)First lien senior secured loanSR + 4.00%12/26/202822,885 22,631 21,455 0.5%
Premise Health Holding(11)(22)First lien senior secured loanSR + 4.75%7/10/20253,242 3,183 3,201 0.1%
PPV Intermediate Holdings, LLC(11)First lien senior secured loanSR + 5.75%8/31/2029129,025 126,513 126,445 2.7%
PPV Intermediate Holdings, LLC(18)(19)First lien senior secured revolving loanSR + 5.75%8/31/2029— (234)(237)— %
PPV Intermediate Holdings, LLC(10)(18)First lien senior secured delayed draw term loanSR + 5.75%8/31/20292,803 2,390 2,431 0.1%
TC Holdings, LLC (dba TrialCard)(10)First lien senior secured loanSR + 5.00%4/14/202764,570 63,976 64,409 1.4%
TC Holdings, LLC (dba TrialCard)(18)(19)First lien senior secured revolving loanSR + 5.00%4/14/2027— (70)(19)— %
Tivity Health, Inc(10)First lien senior secured loanSR + 6.00%6/28/2029152,000 148,324 149,720 3.2%
Company(1)(2)(3)(20)(29)InvestmentInterestMaturity
Date
Par /
Units
Amortized
Cost(4)(25)
Fair
Value
Percentage
of Net
Assets
Ultimate Baked Goods Midco, LLC(9)(17)First lien senior secured revolving loanSR +6.50%08/2027250 214 210 — %
636,035 627,921 622,140 10.6 %
Healthcare equipment and services
Canadian Hospital Specialties Ltd.(12)(23)First lien senior secured loanC +4.50%04/2028$3,636 $3,884 $3,563 0.1 %
Canadian Hospital Specialties Ltd.(17)(18)(19)(23)First lien senior secured delayed draw term loanC +4.50%04/2023— (6)(6)— %
Canadian Hospital Specialties Ltd.(12)(17)(23)First lien senior secured revolving loanC +4.50%04/2027146 155 139 — %
Confluent Medical Technologies, Inc.(10)First lien senior secured loanSR +3.75%02/202924,912 24,804 24,103 0.4 %
Confluent Medical Technologies, Inc.(10)Second lien senior secured loanSR +6.50%02/203046,000 45,173 44,505 0.8 %
Dermatology Intermediate Holdings III, Inc.(10)(22)First lien senior secured loanSR +4.25%03/202913,071 12,838 12,776 0.2 %
Dermatology Intermediate Holdings III, Inc.(10)(17)(19)(22)First lien senior secured delayed draw term loanSR +4.25%04/20242,408 2,343 2,353 — %
CSC MKG Topco LLC. (dba Medical Knowledge Group)(9)First lien senior secured loanSR +5.75%02/202997,466 95,770 96,004 1.6 %
CSC MKG Topco LLC. (dba Medical Knowledge Group)(10)First lien senior secured loanSR +5.75%02/20293,077 2,984 3,031 0.1 %
Medline Borrower, LP(6)(22)First lien senior secured loanL +3.25%10/202824,750 24,650 24,104 0.4 %
Medline Borrower, LP(6)(17)(18)First lien senior secured revolving loanL +3.25%10/2026— (32)(86)— %
Natus Medical Inc.(10)First lien senior secured loanSR +5.50%07/2029499 466 471 — %
Packaging Coordinators Midco, Inc.(7)(22)First lien senior secured loanL +3.50%11/20274,750 4,668 4,633 0.1 %
Packaging Coordinators Midco, Inc.(7)Second lien senior secured loanL +7.00%12/202953,918 52,433 51,357 0.9 %
Patriot Acquisition TopCo S.A.R.L (dba Corza Health, Inc.)(10)(23)First lien senior secured loanSR +6.75%01/202850,774 50,136 50,012 0.8 %
Patriot Acquisition TopCo S.A.R.L (dba Corza Health, Inc.)(10)(17)(18)(23)First lien senior secured revolving loanSR +6.75%01/2026— (1)(1)— %
PERKINELMER U.S. LLC(10)First lien senior secured loanSR +6.75%03/202978,094 76,544 76,533 1.3 %
Rhea Parent, Inc.(10)First lien senior secured loanSR +5.75%02/202977,185 75,832 76,027 1.3 %
Zest Acquisition Corp.(9)(22)First lien senior secured loanSR +5.50%02/202811,844 11,294 11,377 0.2 %
492,530 483,935 480,895 8.2 %
Healthcare providers and services
Covetrus, Inc.(10)(22)First lien senior secured loanSR +5.00%10/2029$10,490 $9,942 $9,874 0.2 %
Covetrus Inc.(10)Second lien senior secured loanSR +9.25%10/2030160,000 156,845 157,200 2.7 %
Ex Vivo Parent Inc. (dba OB Hospitalist)(7)First lien senior secured loanL +9.50%09/202831,607 31,091 30,896 0.5 %
Engage Debtco Ltd.(9)(23)First lien senior secured loanSR +5.85%07/202960,833 59,430 59,921 1.0 %
Engage Debtco Ltd.(9)(23)First lien senior secured loanSR +7.25%07/202930,367 29,482 30,215 0.5 %
Engage Debtco Ltd.(9)(23)First lien senior secured delayed draw term loanSR +5.85%07/202919,750 19,303 19,454 0.3 %

12

Owl Rock Core Income Corp.
Consolidated Schedule of Investments (Continued)
As of September 30, 2022March 31, 2023
(Amounts in thousands, except share amounts)
(Unaudited)
Company(1)(2)(3)(21)(30)InvestmentInterestMaturity
Date
Par /
Units
Amortized
Cost(4)(26)
Fair
Value
Percentage
of Net
Assets
Unified Women's Healthcare, LP(9)First lien senior secured loanSR + 5.50%6/18/202978,836 78,264 78,836 1.7%
Unified Women's Healthcare, LP(18)(19)(20)First lien senior secured delayed draw term loanSR + 5.50%6/17/2024— (36)— — %
Unified Women's Healthcare, LP(18)(19)First lien senior secured revolving loanSR + 5.50%6/18/2029— (58)— — %
Quva Pharma, Inc. (7)First lien senior secured loanL + 5.50%4/12/20284,500 4,388 4,388 0.1%
Quva Pharma, Inc. (8)(18)First lien senior secured revolving loanL + 5.50%4/10/2026200 190 189 — %
Diagnostic Services Holdings, Inc. (dba Rayus Radiology)(6)First lien senior secured loanL + 5.50%3/17/2025120,215 120,215 119,613 2.6%
Vermont Aus Pty Ltd.(10)(24)First lien senior secured loanSR + 5.65%3/22/202854,228 52,973 52,736 1.1%
1,283,391 1,260,631 1,258,485 26.9%
Healthcare technology
Athenahealth Group Inc.(9)(23)First lien senior secured loanSR + 3.50%2/15/202934,117 33,959 30,501 0.6%
Athenahealth Group Inc.(18)(19)(20)(23)First lien senior secured delayed draw term loanSR + 3.50%8/15/2023— (3)(586)— %
BCPE Osprey Buyer, Inc. (dba PartsSource)(7)First lien senior secured loanL + 5.75%8/23/202853,903 53,154 52,690 1.1%
BCPE Osprey Buyer, Inc. (dba PartsSource)(18)(19)(20)First lien senior secured delayed draw term loanL + 5.75%8/23/2023— (198)(349)— %
BCPE Osprey Buyer, Inc. (dba PartsSource)(18)(19)First lien senior secured revolving loanL + 5.75%8/21/2026— (58)(105)— %
Engage Debtco Limited(9)(24)First lien senior secured loanSR + 5.75%7/13/202980,583 78,616 78,569 1.7%
IMO Investor Holdings, Inc.(10)First lien senior secured loanSR + 6.00%5/11/202920,846 20,447 20,585 0.4%
IMO Investor Holdings, Inc.(18)(19)(20)First lien senior secured delayed draw term loanSR + 6.00%5/13/2024— (47)(12)— %
IMO Investor Holdings, Inc.(10)(18)First lien senior secured revolving loanSR + 6.00%5/11/2028298 251 267 — %
Interoperability Bidco, Inc. (dba Lyniate)(10)First lien senior secured loanSR + 7.00%12/24/202676,139 75,697 75,378 1.6%
Interoperability Bidco, Inc. (dba Lyniate)(18)(19)First lien senior secured revolving loanSR + 7.00%12/26/2024— (17)(35)— %
GI Ranger Intermediate, LLC (dba Rectangle Health)(10)First lien senior secured loanSR + 6.00%10/30/202820,869 20,497 20,348 0.5%
GI Ranger Intermediate, LLC (dba Rectangle Health)(18)(19)(20)First lien senior secured delayed draw term loanSR + 6.00%10/29/2023— (91)(150)— %
GI Ranger Intermediate, LLC (dba Rectangle Health)(10)(18)First lien senior secured revolving loanSR + 6.00%10/29/2027167 139 125 — %
Imprivata, Inc.(9)(23)First lien senior secured loanSR + 4.25%12/1/202720,369 19,783 19,650 0.4%
Imprivata, Inc.(9)Second lien senior secured loanSR + 6.25%12/1/202850,294 49,791 49,413 1.0%
Inovalon Holdings, Inc.(7)First lien senior secured loanL + 6.25% (incl. 2.75% PIK)11/24/202880,936 79,156 78,508 1.7%
Inovalon Holdings, Inc.(18)(19)(20)First lien senior secured delayed draw term loanL + 3.50%5/24/2024— (93)(148)— %
Inovalon Holdings, Inc.(7)Second lien senior secured loanL + 10.50% PIK11/24/203341,190 40,461 40,366 0.9%
Company(1)(2)(3)(20)(29)InvestmentInterestMaturity
Date
Par /
Units
Amortized
Cost(4)(25)
Fair
Value
Percentage
of Net
Assets
HAH Group Holding Company LLC (dba Help at Home)(17)(19)First lien senior secured delayed draw term loanSR +5.00%05/2023— — — %
MJH Healthcare Holdings, LLC(9)(22)First lien senior secured loanSR +3.50%01/202919,800 19,732 19,281 0.3 %
Natural Partners, LLC(10)(23)First lien senior secured loanSR +6.00%11/202768,506 67,354 67,650 1.2 %
Natural Partners, LLC(10)(17)(18)(23)First lien senior secured revolving loanSR +6.00%11/2027— (83)(63)— %
OB Hospitalist Group, Inc.(10)First lien senior secured loanSR +5.50%09/202760,884 59,924 60,123 1.0 %
OB Hospitalist Group, Inc.(10)(17)First lien senior secured revolving loanSR +5.50%09/20273,091 2,971 2,991 0.1 %
Pacific BidCo Inc.(10)(23)First lien senior secured loanSR +5.75%08/2029161,148 157,393 158,731 2.7 %
Pacific BidCo Inc.(10)(17)(18)(19)(23)First lien senior secured delayed draw term loanSR +5.75%08/2025— (203)(45)— %
Phoenix Newco, Inc. (dba Parexel)(6)(22)First lien senior secured loanL +3.25%11/202819,800 19,718 19,549 0.3 %
Phoenix Newco, Inc. (dba Parexel)(6)Second lien senior secured loanL +6.50%11/2029140,000 138,732 138,600 2.4 %
Physician Partners, LLC(10)(22)First lien senior secured loanSR +4.00%12/202812,845 12,734 12,048 0.2 %
Plasma Buyer LLC (dba Pathgroup)(10)First lien senior secured loanSR +5.75%05/2029109,581 107,601 107,938 1.8 %
Plasma Buyer LLC (dba Pathgroup)(10)(17)(18)(19)First lien senior secured delayed draw term loanSR +5.75%05/2024— (249)(143)— %
Plasma Buyer LLC (dba Pathgroup)(10)(17)(18)First lien senior secured revolving loanSR +5.75%05/2028— (209)(184)— %
Pediatric Associates Holding Company, LLC(6)(22)First lien senior secured loanL +3.25%12/202819,800 19,727 19,311 0.3 %
Pediatric Associates Holding Company, LLC(6)(17)(19)(22)First lien senior secured delayed draw term loanL +3.25%02/20242,999 2,988 2,914 — %
PPV Intermediate Holdings, LLC(9)First lien senior secured loanSR +5.75%08/2029156,681 153,867 154,723 2.6 %
PPV Intermediate Holdings, LLC(9)(17)(18)First lien senior secured revolving loanSR +5.75%08/2029— (217)(148)— %
PPV Intermediate Holdings, LLC(9)(17)(18)(19)First lien senior secured delayed draw term loanSR +5.75%09/2024— (145)(17)— %
TC Holdings, LLC (dba TrialCard)(11)First lien senior secured loanSR +5.00%04/202764,247 63,710 64,247 1.1 %
TC Holdings, LLC (dba TrialCard)(11)(17)(18)First lien senior secured revolving loanSR +5.00%04/2027— (63)— — %
Tivity Health, Inc.(10)First lien senior secured loanSR +6.00%06/2029151,240 147,778 150,106 2.6 %
Unified Women's Healthcare, LP(9)First lien senior secured loanSR +5.25%06/202982,149 81,587 82,149 1.4 %
Unified Women's Healthcare, LP(9)(17)(18)(19)First lien senior secured delayed draw term loanSR +5.25%06/2024— (9)— — %
Unified Women's Healthcare, LP(9)(17)(18)First lien senior secured revolving loanSR +5.50%06/2029— (54)— — %
Quva Pharma, Inc. (7)First lien senior secured loanL +5.50%04/20284,477 4,374 4,410 0.1 %
Quva Pharma, Inc. (7)(17)First lien senior secured revolving loanL +5.50%04/2026300 292 293 — %

13

Owl Rock Core Income Corp.
Consolidated Schedule of Investments (Continued)
As of September 30, 2022March 31, 2023
(Amounts in thousands, except share amounts)
(Unaudited)
Company(1)(2)(3)(21)(30)InvestmentInterestMaturity
Date
Par /
Units
Amortized
Cost(4)(26)
Fair
Value
Percentage
of Net
Assets
Intelerad Medical Systems Inc.(10)(24)First lien senior secured loanSR + 6.50%8/21/202630,157 29,837 30,006 0.6%
Intelerad Medical Systems Inc.(10)(18)(24)First lien senior secured revolving loanSR + 6.50%8/21/2026744 744 738 — %
PointClickCare Technologies Inc.(10)(24)First lien senior secured loanSR + 4.00%12/29/202719,900 19,625 19,552 0.4%
Verscend Holding Corp.(6)(22)(23)First lien senior secured loanL + 4.00%8/27/20259,969 9,722 9,645 0.2%
Project Ruby Ultimate Parent Corp. (dba Wellsky)(6)(23)First lien senior secured loanL + 3.25%3/10/20284,433 4,415 4,126 0.1%
544,914 535,787 529,082 11.2%
Household products
Aptive Environmental, LLC(17)First lien senior secured loan12.00% (incl. 6.00% PIK)1/23/20268,431 6,962 7,188 0.2%
Mario Purchaser, LLC (dba Len the Plumber)(9)First lien senior secured loanSR + 5.75%4/26/202976,093 74,644 75,141 1.6%
Mario Purchaser, LLC (dba Len the Plumber)(9)(18)(20)First lien senior secured delayed draw term loanSR + 5.75%4/25/202411,789 11,295 11,571 0.2%
Mario Purchaser, LLC (dba Len the Plumber)(18)(19)First lien senior secured revolving loanSR + 5.75%4/26/2028— (149)(100)— %
LTP Holdco, LLC (dba Len the Plumber)(9)Unsecured facilitySR + 10.75% PIK4/26/203222,905 22,269 22,504 0.5%
Simplisafe Holding Corporation(9)First lien senior secured loanSR + 6.25%4/30/2027128,074 125,660 126,473 2.7%
Simplisafe Holding Corporation(18)(19)(20)First lien senior secured delayed draw term loanSR + 6.25%5/2/2024— (149)(40)— %
Southern Air & Heat Holdings, LLC(7)First lien senior secured loanL + 4.50%10/1/20271,082 1,068 1,058 — %
Southern Air & Heat Holdings, LLC(7)(18)(20)First lien senior secured delayed draw term loanL + 4.50%10/1/2023327 313 302 — %
Southern Air & Heat Holdings, LLC(7)(18)First lien senior secured revolving loanL + 4.50%10/1/202779 75 73 — %
Walker Edison Furniture Company LLC(7)(33)First lien senior secured loanL + 8.75% (incl. 3.00% PIK)3/31/202710,147 9,867 7,002 0.1%
258,927 251,855 251,172 5.3%
Human resource support services
Cornerstone OnDemand, Inc.(6)(22)First lien senior secured loanL + 3.75%10/16/202819,900 19,812 18,855 0.4%
 Cornerstone OnDemand, Inc.(6)Second lien senior secured loanL + 6.50%10/15/202944,583 43,975 42,689 0.9%
IG Investments Holdings, LLC (dba Insight Global)(7)First lien senior secured loanL + 6.00%9/22/202848,153 47,324 47,311 1.0%
IG Investments Holdings, LLC (dba Insight Global)(18)(19)First lien senior secured revolving loanL + 6.00%9/22/2027— (60)(63)— %
112,636 111,051 108,792 2.3%
Infrastructure and environmental services
Aegion Corp.(6)(22)First lien senior secured loanL + 4.75%5/17/20284,950 4,930 4,554 0.1%
The Goldfield Corp.(9)First lien senior secured loanSR + 6.25%12/30/2026998 979 985 — %
Osmose Utilities Services, Inc.(6)(22)(23)First lien senior secured loanL + 3.25%6/23/202824,623 24,566 22,530 0.5%
USIC Holdings, Inc.(6)(22)(23)First lien senior secured loanL + 3.50%5/12/20287,935 7,900 7,416 0.2%
USIC Holdings, Inc.(6)(22)(23)Second lien senior secured loanL + 6.50%5/14/202939,691 39,475 36,250 0.8%
Tamarack Intermediate, L.L.C. (dba Verisk 3E)(11)First lien senior secured loanSR + 5.50%3/13/202832,528 31,927 31,796 0.7%
Company(1)(2)(3)(20)(29)InvestmentInterestMaturity
Date
Par /
Units
Amortized
Cost(4)(25)
Fair
Value
Percentage
of Net
Assets
Diagnostic Services Holdings, Inc. (dba Rayus Radiology)(6)First lien senior secured loanL +5.50%03/2025120,063 120,063 118,863 2.1 %
Vermont Aus Pty Ltd.(10)(23)First lien senior secured loanSR +5.50%03/202853,955 52,796 53,011 0.9 %
1,564,613 1,538,206 1,543,898 26.3 %
Healthcare technology
Athenahealth Group Inc.(9)(22)First lien senior secured loanSR +3.50%02/2029$29,560 $29,163 $27,639 0.5 %
Athenahealth Group Inc.(9)(17)(18)(19)(22)First lien senior secured delayed draw term loanSR +3.50%08/2023— (41)(218)— %
BCPE Osprey Buyer, Inc. (dba PartsSource)(7)First lien senior secured loanL +5.75%08/202853,631 52,935 52,559 0.9 %
BCPE Osprey Buyer, Inc. (dba PartsSource)(7)(17)(18)(19)First lien senior secured delayed draw term loanL +5.75%08/2023— (181)(272)— %
BCPE Osprey Buyer, Inc. (dba PartsSource)(6)(17)First lien senior secured revolving loanL +5.75%08/20261,034 984 941 — %
Color Intermediate, LLC (dba ClaimsXten)(10)First lien senior secured loanSR +5.50%10/20299,234 9,059 9,119 0.2 %
IMO Investor Holdings, Inc.(11)First lien senior secured loanSR +6.00%05/202920,742 20,367 20,586 0.4 %
IMO Investor Holdings, Inc.(11)(17)(18)(19)First lien senior secured delayed draw term loanSR +6.00%05/2024— (43)— — %
IMO Investor Holdings, Inc.(11)(17)First lien senior secured revolving loanSR +6.00%05/2028968 926 949 — %
Interoperability Bidco, Inc. (dba Lyniate)(10)First lien senior secured loanSR +7.00%12/202675,756 75,362 75,188 1.3 %
Interoperability Bidco, Inc. (dba Lyniate)(10)(17)First lien senior secured revolving loanSR +7.00%12/20241,805 1,755 1,760 — %
GI Ranger Intermediate, LLC (dba Rectangle Health)(10)First lien senior secured loanSR +6.00%10/202820,764 20,417 20,349 0.3 %
GI Ranger Intermediate, LLC (dba Rectangle Health)(10)(17)(19)First lien senior secured delayed draw term loanSR +6.00%03/20242,388 2,282 2,264 — %
GI Ranger Intermediate, LLC (dba Rectangle Health)(10)(17)First lien senior secured revolving loanSR +6.00%10/2027167 142 134 — %
Imprivata, Inc.(9)(22)First lien senior secured loanSR +4.25%12/202710,529 10,238 10,319 0.2 %
Imprivata, Inc.(9)Second lien senior secured loanSR +6.25%12/202850,294 49,791 49,413 0.8 %
Ocala Bidco, Inc.(7)First lien senior secured loanL +6.25% (2.75% PIK)11/202882,078 80,413 80,436 1.4 %
Ocala Bidco, Inc.(7)(17)(18)(19)First lien senior secured delayed draw term loanL +3.50%05/2024— (85)(64)— %
Ocala Bidco, Inc.(7)Second lien senior secured loanL +10.50% PIK11/203344,302 43,586 43,748 0.7 %
Intelerad Medical Systems Inc.(10)(23)First lien senior secured loanSR +6.50%08/202630,005 29,721 29,630 0.5 %
Intelerad Medical Systems Inc.(10)(23)First lien senior secured revolving loanSR +6.50%08/20261,145 1,145 1,131 — %
PointClickCare Technologies Inc.(10)(23)First lien senior secured loanSR +4.00%12/202719,800 19,548 19,553 0.3 %
Project Ruby Ultimate Parent Corp. (dba Wellsky)(6)(22)First lien senior secured loanL +3.25%03/202814,359 13,905 13,791 0.2 %
Zelis Cost Management Buyer, Inc.(6)(22)First lien senior secured loanL +3.50%09/20264,887 4,854 4,860 0.1 %
473,448 466,243 463,815 7.8 %

14

Owl Rock Core Income Corp.
Consolidated Schedule of Investments (Continued)
As of September 30, 2022March 31, 2023
(Amounts in thousands, except share amounts)
(Unaudited)
Company(1)(2)(3)(21)(30)InvestmentInterestMaturity
Date
Par /
Units
Amortized
Cost(4)(26)
Fair
Value
Percentage
of Net
Assets
Tamarack Intermediate, L.L.C. (dba Verisk 3E)(18)(19)First lien senior secured revolving loanSR + 5.50%3/13/2028— (97)(120)— %
110,725 109,680 103,411 2.3%
Insurance
Alera Group, Inc.(10)First lien senior secured loanSR + 6.50%10/2/2028103,960 101,898 103,181 2.2%
Alera Group, Inc.(10)(18)(20)First lien senior secured delayed draw term loanSR + 6.50%10/2/202334,973 34,223 34,711 0.7%
AmeriLife Holdings LLC(10)First lien senior secured loanSR + 5.75%8/31/2029130,182 127,600 127,578 2.7%
AmeriLife Holdings LLC(18)(19)First lien senior secured revolving loanSR + 5.75%8/31/2028— (321)(325)— %
AmeriLife Holdings LLC(18)(19)First lien senior secured delayed draw term loanSR + 5.75%8/31/2029— (322)(325)— %
AssuredPartners, Inc.(6)(22)(23)First lien senior secured loanL + 3.50%2/12/20277,900 7,900 7,466 0.2%
AssuredPartners, Inc.(9)(22)(23)First lien senior secured loanSR + 3.50%2/12/202724,875 24,820 23,507 0.5%
Asurion, LLC(6)(23)Second lien senior secured loanL + 5.25%1/22/2029154,017 150,277 117,053 2.5%
Brightway Holdings, LLC(6)First lien senior secured loanL + 6.50%12/16/202717,805 17,607 17,449 0.4%
Brightway Holdings, LLC(18)(19)First lien senior secured revolving loanL + 6.50%12/16/2027— (23)(42)— %
Evolution BuyerCo, Inc. (dba SIAA)(7)First lien senior secured loanL + 6.25%4/28/20288,964 8,857 8,807 0.2%
Evolution BuyerCo, Inc. (dba SIAA)(7)(18)(20)First lien senior secured delayed draw term loanL + 6.25%6/16/202310,509 10,412 10,274 0.2%
Evolution BuyerCo, Inc. (dba SIAA)(18)(19)First lien senior secured revolving loanL + 6.25%4/30/2027— (7)(12)— %
Hub International Limited(6)(22)(23)First lien senior secured loanL + 3.25%4/25/20259,949 9,943 9,570 0.2%
KUSRP Intermediate, Inc. (dba U.S. Retirement and Benefits Partners)(8)First lien senior secured loanL + 9.50% PIK7/24/202813,235 13,018 13,036 0.3%
KWOR Acquisition, Inc. (dba Alacrity Solutions)(18)(19)(20)First lien senior secured delayed draw term loanL + 5.25%6/22/2024— (84)(22)— %
Peter C. Foy & Associates Insurance Services, LLC (dba PCF Insurance Services)(8)First lien senior secured loanL + 6.00%11/1/2028133,987 132,641 133,650 2.9%
Peter C. Foy & Associates Insurance Services, LLC (dba PCF Insurance Services)(9)(18)(20)First lien senior secured delayed draw term loanSR + 6.00%12/15/202353,514 53,074 53,380 1.1%
Peter C. Foy & Associates Insurance Services, LLC (dba PCF Insurance Services)(18)(19)First lien senior secured revolving loanSR + 6.00%11/1/2027— (22)(6)— %
PCF Midco II, LLC (dba PCF Insurance Services)(17)First lien senior secured loan9.00% PIK10/31/203148,147 44,167 43,332 0.9%
Tempo Buyer Corp. (dba Global Claims Services)(7)First lien senior secured loanL + 5.50%8/28/202836,250 35,617 35,253 0.7%
Tempo Buyer Corp. (dba Global Claims Services)(18)(19)(20)First lien senior secured delayed draw term loanL + 5.50%8/26/2023— (87)(181)— %
Tempo Buyer Corp. (dba Global Claims Services)(16)(18)First lien senior secured revolving loanP + 4.50%8/26/2027310 225 168 — %
USRP Holdings, Inc. (dba U.S. Retirement and Benefits Partners)(7)First lien senior secured loanL + 5.50%7/23/202714,942 14,692 14,568 0.3%
USRP Holdings, Inc. (dba U.S. Retirement and Benefits Partners)(18)(19)First lien senior secured revolving loanL + 5.50%7/23/2027— (18)(27)— %
Company(1)(2)(3)(20)(29)InvestmentInterestMaturity
Date
Par /
Units
Amortized
Cost(4)(25)
Fair
Value
Percentage
of Net
Assets
Household products
Aptive Environmental, LLC(16)First lien senior secured loan12.00% (6.00% PIK)01/2026$8,689 $7,402 $8,037 0.1 %
Mario Purchaser, LLC (dba Len the Plumber)(9)First lien senior secured loanSR +5.75%04/202975,712 74,352 75,334 1.3 %
Mario Purchaser, LLC (dba Len the Plumber)(9)(17)(19)First lien senior secured delayed draw term loanSR +5.75%04/202411,730 11,275 11,671 0.2 %
Mario Purchaser, LLC (dba Len the Plumber)(9)(17)(18)First lien senior secured revolving loanSR +5.75%04/2028— (136)(40)— %
Mario Midco Holdings, Inc. (dba Len the Plumber)(9)Unsecured facilitySR +10.75% PIK04/203224,686 24,066 24,501 0.4 %
Simplisafe Holding Corporation(9)First lien senior secured loanSR +6.25%05/2028127,753 125,512 126,795 2.2 %
Simplisafe Holding Corporation(9)(17)(18)(19)First lien senior secured delayed draw term loanSR +6.25%05/2024— (136)— — %
Southern Air & Heat Holdings, LLC(7)First lien senior secured loanL +4.50%10/20271,077 1,064 1,063 — %
Southern Air & Heat Holdings, LLC(8)(17)(19)First lien senior secured delayed draw term loanL +4.50%10/2023999 986 985 — %
Southern Air & Heat Holdings, LLC(7)(17)First lien senior secured revolving loanL +4.50%10/202779 76 75 — %
Walker Edison Furniture Company LLC(9)(32)First lien senior secured revolving loanSR +6.25%03/20271,339 1,333 1,339 — %
Walker Edison Furniture Company LLC(9)(32)First lien senior secured loanSR +6.75%03/20272,505 2,450 2,455 — %
Walker Edison Furniture Company LLC(17)(19)(32)First lien senior secured delayed draw term loanSR +6.75%03/2027— — — — %
254,569 248,244 252,215 4.2 %
Human resource support services
Cornerstone OnDemand, Inc.(6)(21)First lien senior secured loanL +3.75%10/2028$19,800 $19,718 $18,810 0.3 %
 Cornerstone OnDemand, Inc.(6)Second lien senior secured loanL +6.50%10/202944,583 44,006 42,800 0.7 %
IG Investments Holdings, LLC (dba Insight Global)(7)First lien senior secured loanL +6.00%09/202847,909 47,137 47,551 0.8 %
IG Investments Holdings, LLC (dba Insight Global)(7)(17)(18)First lien senior secured revolving loanL +6.00%09/2027— (54)(27)— %
112,292 110,807 109,134 1.8 %
Infrastructure and environmental services
Aegion Corp.(6)(21)First lien senior secured loanL +4.75%05/2028$4,925 $4,907 $4,786 0.1 %
The Goldfield Corp.(9)First lien senior secured loanSR +6.25%12/2026993 976 985 — %
Osmose Utilities Services, Inc.(6)(22)First lien senior secured loanL +3.25%06/202816,756 16,662 16,052 0.3 %
USIC Holdings, Inc.(6)(22)First lien senior secured loanL +3.50%05/202811,907 11,600 11,500 0.2 %
USIC Holdings, Inc.(6)(21)Second lien senior secured loanL +6.50%05/202939,691 39,487 37,508 0.6 %
Tamarack Intermediate, L.L.C. (dba Verisk 3E)(10)First lien senior secured loanSR +5.50%03/202832,365 31,811 31,961 0.5 %
Tamarack Intermediate, L.L.C. (dba Verisk 3E)(10)(17)First lien senior secured revolving loanSR +5.50%03/2028881 793 814 — %
107,518 106,236 103,606 1.7 %
Insurance

15

Owl Rock Core Income Corp.
Consolidated Schedule of Investments (Continued)
As of September 30, 2022March 31, 2023
(Amounts in thousands, except share amounts)
(Unaudited)
Company(1)(2)(3)(21)(30)InvestmentInterestMaturity
Date
Par /
Units
Amortized
Cost(4)(26)
Fair
Value
Percentage
of Net
Assets
KWOR Acquisition, Inc. (dba Alacrity Solutions)(7)First lien senior secured loanL + 5.25%12/22/202832,785 32,290 32,375 0.7%
KWOR Acquisition, Inc. (dba Alacrity Solutions)(16)(18)First lien senior secured revolving loanP + 4.25%12/22/2027990 946 948 — %
837,294 819,323 785,366 16.7%
Internet software and services
Anaplan, Inc.(9)First lien senior secured loanSR + 6.50%6/21/2029229,639 227,412 229,065 4.9%
Anaplan, Inc.(18)(19)First lien senior secured revolving loanSR + 6.50%6/21/2028— (158)(41)— %
Appfire Technologies, LLC(18)(19)(20)First lien senior secured delayed draw term loanSR + 5.50%6/14/2024— (128)— — %
Appfire Technologies, LLC(9)(18)First lien senior secured revolving loanSR + 5.50%3/9/2027132 109 120 — %
Armstrong Bidco Ltd. (dba The Access Group)(15)(24)First lien senior secured loanSA +5.75%6/28/202929,661 31,895 29,216 0.6%
Armstrong Bidco Ltd. (dba The Access Group)(15)(18)(20)(24)First lien senior secured delayed draw term loanSA +5.75%6/30/20255,099 5,480 5,022 0.1%
Barracuda Parent, LLC(9)(23)First lien senior secured loanSR + 4.50%8/15/202935,000 33,964 32,837 0.7%
Barracuda Parent, LLC(9)Second lien senior secured loanSR + 7.00%8/15/203093,250 90,477 87,189 1.9%
Bayshore Intermediate #2, L.P. (dba Boomi)(6)First lien senior secured loanL + 7.75% PIK10/2/202820,772 20,388 20,304 0.4%
Bayshore Intermediate #2, L.P. (dba Boomi)(18)(19)First lien senior secured revolving loanL + 6.75%10/1/2027— (30)(36)— %
BCPE Nucleon (DE) SPV, LP(8)(24)First lien senior secured loanL + 7.00%9/24/202624,012 23,788 23,892 0.5%
BCTO BSI Buyer, Inc. (dba Buildertrend)(10)First lien senior secured loanSR + 8.00% PIK12/23/20261,038 1,029 1,038 — %
BCTO BSI Buyer, Inc. (dba Buildertrend)(18)(19)First lien senior secured revolving loanSR + 7.00%12/23/2026— (2)— — %
CDK Global, Inc.(10)(23)First lien senior secured loanSR + 4.50%7/6/202920,000 19,416 19,230 0.4%
CivicPlus, LLC(6)First lien senior secured loanL + 6.75% (incl. 2.50% PIK)8/24/202727,423 27,173 27,354 0.6%
CivicPlus, LLC(18)(19)First lien senior secured revolving loanSR + 6.25%8/24/2027— (20)(6)0.0%
CP PIK Debt Issuer, LLC (dba CivicPlus, LLC)(11)Unsecured notesSR + 11.75% PIK6/9/203413,429 13,036 13,161 0.3%
Delta TopCo, Inc. (dba Infoblox, Inc.)(7)(23)First lien senior secured loanL + 3.75%12/1/202714,924 14,849 13,480 0.3%
Delta TopCo, Inc. (dba Infoblox, Inc.)(7)Second lien senior secured loanL + 7.25%12/1/202849,222 48,956 45,530 1.0%
E2open, LLC(7)(23)(24)First lien senior secured loanL + 3.50%2/4/20283,878 3,860 3,694 0.1%
EET Buyer, Inc. (dba e-Emphasys)(7)First lien senior secured loanL + 5.25%11/8/202719,448 19,278 19,205 0.4%
EET Buyer, Inc. (dba e-Emphasys)(18)(19)First lien senior secured revolving loanL + 5.75%11/8/2027— (17)(24)— %
GovBrands Intermediate, Inc.(7)First lien senior secured loanL + 5.50%8/4/20278,283 8,110 7,973 0.2%
GovBrands Intermediate, Inc.(7)(18)(20)First lien senior secured delayed draw term loanL + 5.50%8/4/20231,864 1,816 1,772 — %
Company(1)(2)(3)(20)(29)InvestmentInterestMaturity
Date
Par /
Units
Amortized
Cost(4)(25)
Fair
Value
Percentage
of Net
Assets
Acrisure, LLC(10)(22)First lien senior secured loanSR +5.75%02/2027$42,394 $41,594 $41,970 0.7 %
Acrisure, LLC(6)(22)First lien senior secured loanL +3.50%02/20278,705 8,230 8,407 0.1 %
Acrisure, LLC(6)(22)First lien senior secured loanL +4.25%02/20271,990 1,934 1,945 — %
Acrisure, LLC(6)(22)First lien senior secured loanL +3.75%02/20271,990 1,906 1,940 — %
Alera Group, Inc.(9)First lien senior secured loanSR +6.00%10/2028149,610 146,901 149,237 2.6 %
AmeriLife Holdings LLC(11)First lien senior secured loanSR +5.75%08/2029129,856 127,419 128,558 2.2 %
AmeriLife Holdings LLC(11)(17)(18)First lien senior secured revolving loanSR +5.75%08/2028— (294)(163)— %
AmeriLife Holdings LLC(11)(17)(19)First lien senior secured delayed draw term loanSR +5.75%09/202421,643 21,143 21,426 0.4 %
AssuredPartners, Inc.(6)(22)First lien senior secured loanL +3.50%02/20277,860 7,860 7,755 0.1 %
AssuredPartners, Inc.(9)(22)First lien senior secured loanSR +3.50%02/202724,750 24,701 24,441 0.4 %
AssuredPartners, Inc.(9)(22)First lien senior secured loanSR +4.25%02/20274,975 4,814 4,950 0.1 %
Asurion, LLC(6)(22)First lien senior secured loanL +3.00%11/202414,354 13,929 14,318 0.2 %
Asurion, LLC(6)(22)Second lien senior secured loanL +5.25%01/2029154,017 150,498 126,602 2.2 %
Brightway Holdings, LLC(9)First lien senior secured loanSR +6.50%12/202717,716 17,533 17,361 0.3 %
Brightway Holdings, LLC(9)(17)First lien senior secured revolving loanSR +6.50%12/2027632 611 589 — %
Disco Parent, Inc. (dba Duck Creek Technologies, Inc.)(10)First lien senior secured loanSR +7.50%03/2029909 886 886 — %
Disco Parent, Inc. (dba Duck Creek Technologies, Inc.)(10)(17)(18)First lien senior secured revolving loanSR +7.50%03/2029— (2)(2)— %
Evolution BuyerCo, Inc. (dba SIAA)(10)First lien senior secured loanSR +6.25%04/202826,270 26,004 26,007 0.4 %
Evolution BuyerCo, Inc. (dba SIAA)(10)(17)(19)First lien senior secured delayed draw term loanSR +6.75%12/20231,397 1,397 1,390 — %
Evolution BuyerCo, Inc. (dba SIAA)(10)(17)(18)First lien senior secured revolving loanSR +6.25%04/2027— (7)(7)— %
Hyperion Refinance S.a.r.l (dba Howden Group)(9)(23)First lien senior secured loanSR +5.25%11/2027131,000 128,503 131,000 2.2 %
KUSRP Intermediate, Inc. (dba U.S. Retirement and Benefits Partners)(6)First lien senior secured loanL +9.50% PIK07/202814,530 14,327 14,421 0.2 %
KWOR Acquisition, Inc. (dba Alacrity Solutions)(6)(17)(18)(19)First lien senior secured delayed draw term loanL +5.25%06/2024— (77)— — %
Peter C. Foy & Associates Insurance Services, LLC (dba PCF Insurance Services)(8)First lien senior secured loanL +6.00%11/2028133,312 132,052 133,312 2.3 %
Peter C. Foy & Associates Insurance Services, LLC (dba PCF Insurance Services)(11)First lien senior secured delayed draw term loanSR +6.00%11/202869,186 68,589 69,186 1.2 %
Peter C. Foy & Associates Insurance Services, LLC (dba PCF Insurance Services)(8)(17)(18)First lien senior secured revolving loanL +6.00%11/2027— (20)— — %
PCF Midco II, LLC (dba PCF Insurance Services)(16)First lien senior secured loan9.00% PIK10/203150,363 46,519 45,830 0.8 %
Tempo Buyer Corp. (dba Global Claims Services)(10)First lien senior secured loanSR +5.50%08/202836,067 35,479 35,436 0.6 %

16

Owl Rock Core Income Corp.
Consolidated Schedule of Investments (Continued)
As of September 30, 2022March 31, 2023
(Amounts in thousands, except share amounts)
(Unaudited)
Company(1)(2)(3)(21)(30)InvestmentInterestMaturity
Date
Par /
Units
Amortized
Cost(4)(26)
Fair
Value
Percentage
of Net
Assets
GovBrands Intermediate, Inc.(7)(18)First lien senior secured revolving loanL + 5.50%8/4/2027245 227 212 — %
Granicus, Inc.(8)First lien senior secured loanL + 6.50%1/29/20271,816 1,783 1,771 — %
Granicus, Inc.(18)(19)First lien senior secured revolving loanL + 6.50%1/29/2027— (3)(4)— %
Granicus, Inc.(7)(18)(20)First lien senior secured delayed draw term loanL + 6.00%4/23/2023207 202 199 — %
Grayshift, LLC(9)First lien senior secured loanSR + 7.50%7/6/202822,524 22,306 22,299 0.5%
Grayshift, LLC(18)(19)First lien senior secured revolving loanSR + 7.50%7/6/2028— (23)(24)— %
GS Acquisitionco, Inc. (dba insightsoftware)(7)First lien senior secured loanL + 5.75%5/25/20268,648 8,611 8,583 0.2%
GS Acquisitionco, Inc. (dba insightsoftware)(18)(19)(20)First lien senior secured delayed draw term loanL + 5.75%11/2/2022— (4)(11)— %
Help/Systems Holdings, Inc.(9)(23)First lien senior secured loanSR + 4.00%11/19/202664,700 64,410 59,265 1.3%
Help/Systems Holdings, Inc.(9)Second lien senior secured loanSR + 6.75%11/19/202725,000 24,753 23,250 0.5%
Hyland Software, Inc.(6)(23)First lien senior secured loanL + 3.50%7/1/202419,845 19,816 19,172 0.4%
Hyland Software, Inc.(6)Second lien senior secured loanL + 6.25%7/7/202560,517 60,253 59,306 1.3%
Ivanti Software, Inc.(7)Second lien senior secured loanL + 7.25%12/1/202819,000 18,914 14,250 0.3%
MessageBird BidCo B.V.(8)(24)First lien senior secured loanL + 6.75%5/5/20275,000 4,911 4,888 0.1%
Ministry Brands Holdings, LLC.(7)First lien senior secured loanL + 5.50%12/29/202849,188 48,289 47,835 1.0%
Ministry Brands Holdings, LLC.(18)(19)(20)First lien senior secured delayed draw term loanL + 5.50%12/29/2023— (141)(277)— %
Ministry Brands Holdings, LLC.(18)(19)First lien senior secured revolving loanL + 5.50%12/30/2027— (83)(131)— %
Mitnick Corporate Purchaser, Inc.(18)(22)First lien senior secured revolving loanSR + 3.50%5/3/2027— — — %
QAD Inc.(6)First lien senior secured loanL + 6.00%11/5/202746,268 45,458 45,111 1.0%
QAD Inc.(18)(19)First lien senior secured revolving loanL + 6.00%11/5/2027— (102)(150)— %
Perforce Software, Inc.(9)First lien senior secured loanSR + 4.50%7/1/202614,963 14,619 14,701 0.3%
Proofpoint, Inc.(7)(23)Second lien senior secured loanL + 6.25%8/31/20297,500 7,466 7,191 0.2%
Sailpoint Technologies Holdings, Inc.(9)First lien senior secured loanSR + 6.25%8/15/202959,880 58,631 58,616 1.2%
Sailpoint Technologies Holdings, Inc.(18)(19)First lien senior secured revolving loanSR + 6.25%8/15/2028— (112)(121)— %
Securonix, Inc.(10)First lien senior secured loanSR + 6.50%4/5/202829,661 29,384 29,587 0.6%
Securonix, Inc.(18)(19)First lien senior secured revolving loanSR + 6.50%4/5/2028— (49)(13)— %
Sophos Holdings, LLC(7)(22)(23)(24)First lien senior secured loanL + 3.50%3/5/202730,759 30,675 29,664 0.6%
Tahoe Finco, LLC(6)(24)First lien senior secured loanL + 6.00%9/29/202883,721 82,979 82,256 1.7%
Company(1)(2)(3)(20)(29)InvestmentInterestMaturity
Date
Par /
Units
Amortized
Cost(4)(25)
Fair
Value
Percentage
of Net
Assets
Tempo Buyer Corp. (dba Global Claims Services)(10)(17)(18)(19)First lien senior secured delayed draw term loanSR +5.50%08/2023— (80)(77)— %
Tempo Buyer Corp. (dba Global Claims Services)(15)(17)First lien senior secured revolving loanP +4.50%08/20271,651 1,575 1,561 — %
USRP Holdings, Inc. (dba U.S. Retirement and Benefits Partners)(10)First lien senior secured loanSR +5.50%07/202714,866 14,639 14,681 0.2 %
USRP Holdings, Inc. (dba U.S. Retirement and Benefits Partners)(10)(17)(18)First lien senior secured revolving loanSR +5.50%07/2027— (16)(14)— %
KWOR Acquisition, Inc. (dba Alacrity Solutions)(6)First lien senior secured loanL +5.25%12/202832,620 32,159 32,457 0.6 %
KWOR Acquisition, Inc. (dba Alacrity Solutions)(15)(17)First lien senior secured revolving loanP +4.25%12/20271,545 1,505 1,528 — %
1,094,208 1,072,211 1,056,931 17.8 %
Internet software and services
Anaplan, Inc.(9)First lien senior secured loanSR +6.50%06/2029$229,639 $227,560 $229,639 3.9 %
Anaplan, Inc.(9)(17)(18)First lien senior secured revolving loanSR +6.50%06/2028— (144)— — %
Appfire Technologies, LLC(9)First lien senior secured loanSR +5.50%03/20273,701 3,678 3,682 0.1 %
Appfire Technologies, LLC(17)(18)(19)First lien senior secured delayed draw term loanSR +5.50%06/2024— (117)— — %
Appfire Technologies, LLC(9)(17)First lien senior secured revolving loanSR +5.50%03/202793 73 85 — %
Avalara, Inc.(10)First lien senior secured loanSR +7.25%10/202870,455 69,455 69,926 1.2 %
Avalara, Inc.(10)(17)(18)First lien senior secured revolving loanSR +7.25%10/2028— (98)(53)— %
Armstrong Bidco Ltd. (dba The Access Group)(14)(23)First lien senior secured loanSA +5.50%06/202932,853 31,938 32,607 0.6 %
Armstrong Bidco Ltd. (dba The Access Group)(14)(17)(19)(23)First lien senior secured delayed draw term loanSA +5.50%06/202513,303 12,927 13,222 0.2 %
Barracuda Parent, LLC(10)(22)First lien senior secured loanSR +4.50%08/202927,581 26,806 26,502 0.5 %
Barracuda Parent, LLC(10)Second lien senior secured loanSR +7.00%08/203093,250 90,591 89,054 1.5 %
Bayshore Intermediate #2, L.P. (dba Boomi)(6)First lien senior secured loanL +7.75% PIK10/202822,076 21,715 21,744 0.4 %
Bayshore Intermediate #2, L.P. (dba Boomi)(6)(17)First lien senior secured revolving loanL +6.75%10/2027319 292 295 — %
BCPE Nucleon (DE) SPV, LP(8)(23)First lien senior secured loanL +7.00%09/202624,012 23,811 23,952 0.4 %
BCTO BSI Buyer, Inc. (dba Buildertrend)(10)First lien senior secured loanSR +8.00% PIK12/20261,080 1,072 1,080 — %
BCTO BSI Buyer, Inc. (dba Buildertrend)(10)(17)(18)First lien senior secured revolving loanSR +7.00%12/2026— (2)— — %
Central Parent, Inc.(10)(22)First lien senior secured loanSR +4.25%07/20299,377 9,118 9,335 0.2 %
CivicPlus, LLC(7)First lien senior secured loanL +6.75% (2.50% PIK)08/202727,711 27,483 27,711 0.5 %
CivicPlus, LLC(7)(17)(18)First lien senior secured revolving loanL +6.25%08/2027— (18)— — %
CP PIK Debt Issuer, LLC (dba CivicPlus, LLC)(11)Unsecured notesSR +11.75% PIK06/203414,506 14,129 14,434 0.2 %

17

Owl Rock Core Income Corp.
Consolidated Schedule of Investments (Continued)
As of September 30, 2022March 31, 2023
(Amounts in thousands, except share amounts)
(Unaudited)
Company(1)(2)(3)(21)(30)InvestmentInterestMaturity
Date
Par /
Units
Amortized
Cost(4)(26)
Fair
Value
Percentage
of Net
Assets
Tahoe Finco, LLC(18)(19)(24)First lien senior secured revolving loanL + 6.00%10/1/2027— (52)(110)— %
Thunder Purchaser, Inc. (dba Vector Solutions)(7)First lien senior secured loanL + 5.75%6/30/202811,972 11,870 11,733 0.2%
Thunder Purchaser, Inc. (dba Vector Solutions)(7)(18)First lien senior secured revolving loanL + 5.75%6/30/2027245 239 231 — %
Thunder Purchaser, Inc. (dba Vector Solutions)(7)(18)(20)First lien senior secured delayed draw term loanL + 5.75%8/17/2023733 726 692 — %
When I Work, Inc.(7)First lien senior secured loanL + 7.00% PIK11/2/202723,113 22,918 22,650 0.5%
When I Work, Inc.(18)(19)First lien senior secured revolving loanL + 6.00%11/2/2027— (35)(83)— %
1,182,579 1,169,524 1,142,513 24.3%
Leisure and entertainment
Troon Golf, L.L.C.(8)First lien senior secured loanL + 5.75%8/5/202793,649 93,256 93,649 2.0%
Troon Golf, L.L.C.(18)(19)First lien senior secured revolving loanL + 6.00%8/5/2026— (28)— — %
Troon Golf, L.L.C.(8)(18)(20)First lien senior secured delayed draw term loanL + 5.75%5/2/202439,900 39,293 39,900 0.8%
WMG Acquisition Corp.(24)First lien senior secured loanSR + 3.00%1/20/20284,000 3,920 3,920 0.1%
137,549 136,441 137,469 2.9%
Manufacturing
ACR Group Borrower, LLC(7)First lien senior secured loanL + 4.50%3/31/20284,073 4,025 3,982 0.1%
ACR Group Borrower, LLC(10)First lien senior secured loanSR + 6.00%3/28/2028875 862 868 — %
ACR Group Borrower, LLC(7)(18)First lien senior secured revolving loanL + 4.50%3/31/2026364 355 345 — %
BCPE Watson (DE) ORML, LP(11)(24)(28)First lien senior secured loanSR + 6.50%7/1/2028101,500 100,517 100,485 2.1%
Engineered Machinery Holdings, Inc. (dba Duravant)(7)(23)First lien senior secured loanL + 3.75%5/19/20284,963 4,941 4,764 0.1%
Engineered Machinery Holdings, Inc. (dba Duravant)(7)(22)Second lien senior secured loanL + 6.50%5/21/202937,181 37,021 36,716 0.8%
Engineered Machinery Holdings, Inc. (dba Duravant)(7)(22)Second lien senior secured loanL + 6.00%5/21/202919,160 19,114 18,873 0.4%
Gloves Buyer, Inc. (dba Protective Industrial Products)(6)First lien senior secured loanL + 4.00%12/29/202718,775 18,418 18,587 0.4%
Gloves Buyer, Inc. (dba Protective Industrial Products)(6)Second lien senior secured loanL + 8.25%12/29/202811,728 11,448 11,553 0.2%
MHE Intermediate Holdings, LLC (dba OnPoint Group)(11)First lien senior secured loanSR + 6.00%7/21/202787,269 86,485 86,177 1.9%
MHE Intermediate Holdings, LLC (dba OnPoint Group)(11)First lien senior secured loanSR + 6.25%7/21/202713,000 12,744 12,870 0.3%
MHE Intermediate Holdings, LLC (dba OnPoint Group)(18)(19)First lien senior secured revolving loanL + 6.00%7/21/2027— (29)(45)— %
Pro Mach Group, Inc.(6)(23)First lien senior secured loanL + 4.00%8/31/202841,279 41,003 39,281 0.8%
340,167 336,904 334,456 7.1%
Professional Services
Apex Group Treasury, LLC(7)(24)Second lien senior secured loanL + 6.75%7/27/20295,000 4,952 4,800 0.1%
Apex Group Treasury, LLC(7)(24)Second lien senior secured delayed draw term loanL + 6.75%7/27/20296,618 6,487 6,353 0.1%
Company(1)(2)(3)(20)(29)InvestmentInterestMaturity
Date
Par /
Units
Amortized
Cost(4)(25)
Fair
Value
Percentage
of Net
Assets
Coupa Holdings, LLC(9)First lien senior secured loanSR +7.50%02/203024,344 23,740 23,735 0.4 %
Coupa Holdings, LLC(9)(17)(18)First lien senior secured revolving loanSR +7.50%02/2029— (41)(42)— %
Coupa Holdings, LLC(9)(17)(18)(19)First lien senior secured delayed draw term loanSR +7.50%08/2024— (27)(27)— %
Delta TopCo, Inc. (dba Infoblox, Inc.)(10)(22)First lien senior secured loanSR +3.75%12/202727,252 25,658 25,197 0.4 %
Delta TopCo, Inc. (dba Infoblox, Inc.)(10)Second lien senior secured loanSR +7.25%12/202849,222 48,972 45,776 0.8 %
EET Buyer, Inc. (dba e-Emphasys)(8)First lien senior secured loanL +5.25%11/202719,350 19,194 19,350 0.3 %
EET Buyer, Inc. (dba e-Emphasys)(8)(17)(18)First lien senior secured revolving loanL +5.75%11/2027— (15)— — %
Catalis Intermediate, Inc. (fka GovBrands Intermediate, Inc.)(7)First lien senior secured loanL +5.50%08/20278,241 8,083 7,768 0.1 %
Catalis Intermediate, Inc. (fka GovBrands Intermediate, Inc.)(7)(17)(19)First lien senior secured delayed draw term loanL +5.50%08/20231,854 1,812 1,709 — %
Catalis Intermediate, Inc. (fka GovBrands Intermediate, Inc.)(7)(17)First lien senior secured revolving loanL +5.50%08/2027793 777 742 — %
Granicus, Inc.(6)First lien senior secured loanL +5.50%01/20271,816 1,786 1,780 — %
Granicus, Inc.(6)(17)First lien senior secured revolving loanL +6.50%01/202785 82 81 — %
Granicus, Inc.(6)First lien senior secured delayed draw term loanL +6.00%01/2027342 337 335 — %
Grayshift, LLC(9)First lien senior secured loanSR +7.50%07/202822,411 22,208 22,411 0.4 %
Grayshift, LLC(9)(17)(18)First lien senior secured revolving loanSR +7.50%07/2028— (21)— — %
GS Acquisitionco, Inc. (dba insightsoftware)(10)First lien senior secured loanSR +5.75%05/20268,971 8,939 8,949 0.2 %
Help/Systems Holdings, Inc.(10)(22)First lien senior secured loanSR +4.00%11/202664,368 64,079 56,998 1.0 %
Help/Systems Holdings, Inc.(9)Second lien senior secured loanSR +6.75%11/202725,000 24,753 22,375 0.4 %
Hyland Software, Inc.(6)(22)First lien senior secured loanL +3.50%07/202423,594 23,415 23,292 0.4 %
Hyland Software, Inc.(6)(22)Second lien senior secured loanL +6.25%07/202560,517 60,296 57,600 1.0 %
Ivanti Software, Inc.(7)Second lien senior secured loanL +7.25%12/202819,000 18,919 13,775 0.2 %
MessageBird BidCo B.V.(6)(23)First lien senior secured loanL +6.75%05/20275,000 4,919 4,913 0.1 %
Ministry Brands Holdings, LLC.(10)First lien senior secured loanSR +5.50%12/202848,941 48,101 47,962 0.8 %
Ministry Brands Holdings, LLC.(6)(17)(19)First lien senior secured delayed draw term loanL +5.50%12/20231,997 1,848 1,819 — %
Ministry Brands Holdings, LLC.(10)(17)First lien senior secured revolving loanSR +5.50%12/20271,186 1,111 1,092 — %
Mitnick Corporate Purchaser, Inc.(10)(17)(21)First lien senior secured revolving loanSR +3.50%05/20273,163 3,169 3,163 0.1 %
Oranje Holdco,Inc. (dba KnowBe4)(9)First lien senior secured loanSR +7.75%02/202981,182 79,987 79,964 1.4 %

18

Owl Rock Core Income Corp.
Consolidated Schedule of Investments (Continued)
As of September 30, 2022March 31, 2023
(Amounts in thousands, except share amounts)
(Unaudited)
Company(1)(2)(3)(21)(30)InvestmentInterestMaturity
Date
Par /
Units
Amortized
Cost(4)(26)
Fair
Value
Percentage
of Net
Assets
Apex Group Treasury, LLC(7)(24)First lien senior secured loanL + 3.75%7/27/20284,950 4,939 4,727 0.1%
Apex Service Partners, LLC(10)(18)(20)First lien senior secured delayed draw term loanSR + 5.50%10/23/202376,584 75,474 76,010 1.6%
Apex Service Partners, LLC(18)(19)First lien senior secured revolving loanSR + 5.25%7/31/2025— (59)(35)— %
Apex Service Partners Intermediate 2, LLC(17)First lien senior secured loan12.50% PIK7/22/20275,000 4,879 4,875 0.1%
EM Midco2 Ltd. (dba Element Materials Technology)(10)(22)(23)(24)First lien senior secured loanSR + 4.25%4/12/202930,000 29,957 28,089 0.6%
Guidehouse Inc.(6)First lien senior secured loanL + 5.50%10/16/2028107,001 105,888 105,931 2.3%
Relativity ODA LLC(6)First lien senior secured loanL + 7.50% PIK5/12/20274,844 4,791 4,820 0.1%
Relativity ODA LLC(18)(19)First lien senior secured revolving loanL + 6.50%5/12/2027— (5)(2)— %
Sovos Compliance, LLC(6)(23)First lien senior secured loanL + 4.50%8/11/202824,965 24,662 23,754 0.5%
Spotless Brands, LLC(10)First lien senior secured loanSR + 6.50%7/25/202845,773 44,879 44,857 1.0%
Spotless Brands, LLC(9)(18)First lien senior secured delayed draw term loanSR + 6.50%7/25/20282,338 2,267 2,265 — %
Spotless Brands, LLC(18)(19)First lien senior secured delayed draw term loanSR + 6.50%7/25/2028— (36)(37)— %
Spotless Brands, LLC(9)(18)First lien senior secured revolving loanSR + 6.50%7/25/20281,058 1,030 1,029 — %
314,131 310,105 307,436 6.5%
Specialty retail
Ideal Image Development, LLC(9)First lien senior secured loanSR + 6.50%9/1/20275,854 5,738 5,737 0.1%
Ideal Image Development, LLC(18)(19)First lien senior secured delayed draw term loanSR + 6.50%9/1/2027— (4)(4)— %
Ideal Image Development, LLC(18)(19)First lien senior secured revolving loanSR + 6.50%9/1/2027— (18)(18)— %
Notorious Topco, LLC (dba Beauty Industry Group)(9)First lien senior secured loanSR + 6.75%11/23/202760,459 59,657 60,156 1.3%
Notorious Topco, LLC (dba Beauty Industry Group)(9)First lien senior secured loanSR + 6.75%11/23/2027164,673 162,342 163,849 3.5%
Notorious Topco, LLC (dba Beauty Industry Group)(9)(18)(20)First lien senior secured delayed draw term loanSR + 6.75%11/23/20235,268 5,156 5,242 0.1%
Notorious Topco, LLC (dba Beauty Industry Group)(18)(19)First lien senior secured revolving loanSR + 6.75%5/24/2027— (67)(26)— %
Milan Laser Holdings LLC(6)First lien senior secured loanL + 5.00%4/27/202720,476 20,314 20,374 0.4%
Milan Laser Holdings LLC(18)(19)First lien senior secured revolving loanL + 5.00%4/27/2026— (13)(9)— %
The Shade Store, LLC(6)First lien senior secured loanL + 6.00%10/13/202767,670 66,938 65,979 1.4%
The Shade Store, LLC(10)First lien senior secured revolving loanSR + 7.00%10/13/202610,714 10,399 10,554 0.2%
The Shade Store, LLC(18)(19)First lien senior secured revolving loanL + 6.00%10/13/2026— (69)(170)— %
335,114 330,373 331,664 7.0%
Telecommunications
Company(1)(2)(3)(20)(29)InvestmentInterestMaturity
Date
Par /
Units
Amortized
Cost(4)(25)
Fair
Value
Percentage
of Net
Assets
Oranje Holdco, Inc. (dba KnowBe4)(9)(17)(18)First lien senior secured revolving loanSR +7.75%02/2029— (148)(152)— %
QAD Inc.(6)First lien senior secured loanL +6.00%11/202746,035 45,292 44,999 0.8 %
QAD Inc.(6)(17)(18)First lien senior secured revolving loanL +6.00%11/2027— (92)(135)— %
Perforce Software, Inc.(9)First lien senior secured loanSR +4.50%07/202614,888 14,585 14,143 0.2 %
Proofpoint, Inc.(6)(22)First lien senior secured loanL +3.25%08/202812,253 11,855 11,956 0.2 %
Proofpoint, Inc.(6)Second lien senior secured loanL +6.25%08/20297,500 7,468 7,050 0.1 %
Sailpoint Technologies Holdings, Inc.(9)First lien senior secured loanSR +6.25%08/202959,880 58,695 59,131 1.0 %
Sailpoint Technologies Holdings, Inc.(9)(17)(18)First lien senior secured revolving loanSR +6.25%08/2028— (102)(71)— %
Securonix, Inc.(10)First lien senior secured loanSR +6.50%04/202829,661 29,403 29,216 0.5 %
Securonix, Inc.(10)(17)(18)First lien senior secured revolving loanSR +6.50%04/2028— (45)(80)— %
Sedgwick Claims Management Services, Inc.(9)(21)(22)First lien senior secured loanSR +3.75%02/202810,000 9,798 9,860 0.2 %
Sophos Holdings, LLC(7)(22)(23)First lien senior secured loanL +3.50%03/202720,083 20,029 19,874 0.3 %
Tahoe Finco, LLC(6)(23)First lien senior secured loanL +6.00%09/202883,721 83,028 82,674 1.4 %
Tahoe Finco, LLC(6)(17)(18)(23)First lien senior secured revolving loanL +6.00%10/2027— (47)(78)— %
Thunder Purchaser, Inc. (dba Vector Solutions)(7)First lien senior secured loanL +5.75%06/202811,911 11,817 11,792 0.1 %
Thunder Purchaser, Inc. (dba Vector Solutions)(7)(17)First lien senior secured revolving loanL +5.75%06/2027449 444 442 — %
Thunder Purchaser, Inc. (dba Vector Solutions)(7)(17)(19)First lien senior secured delayed draw term loanL +5.75%08/2023729 723 722 — %
When I Work, Inc.(7)First lien senior secured loanL +12.60% PIK11/202723,828 23,649 23,411 0.4 %
Zendesk, Inc.(10)First lien senior secured loanSR +7.00%11/2028120,319 118,019 118,213 2.0 %
Zendesk, Inc.(10)(17)(18)(19)First lien senior secured delayed draw term loanSR +6.50%11/2024— (1,052)(226)— %
Zendesk, Inc.(10)(17)(18)First lien senior secured revolving loanSR +6.50%11/2028— (233)(217)— %
When I Work, Inc.(7)(17)First lien senior secured revolving loanL +6.00%11/2027416 385 343 — %
1,510,258 1,485,821 1,466,799 24.9 %
Leisure and entertainment
Troon Golf, L.L.C.(8)First lien senior secured loanL +5.75%08/2027$93,176 $92,817 $93,176 1.6 %
Troon Golf, L.L.C.(8)(17)(18)First lien senior secured revolving loanL +6.00%08/2026— (24)— — %
Troon Golf, L.L.C.(8)(17)(19)First lien senior secured delayed draw term loanL +5.75%05/202439,750 39,206 39,750 0.7 %
132,926 131,999 132,926 2.3 %
Manufacturing

19

Owl Rock Core Income Corp.
Consolidated Schedule of Investments (Continued)
As of September 30, 2022March 31, 2023
(Amounts in thousands, except share amounts)
(Unaudited)
Company(1)(2)(3)(21)(30)InvestmentInterestMaturity
Date
Par /
Units
Amortized
Cost(4)(26)
Fair
Value
Percentage
of Net
Assets
Park Place Technologies, LLC(9)First lien senior secured loanSR + 5.00%11/10/202710,934 10,595 10,360 0.2%
Zayo Group Holdings, Inc.(9)(22)(23)First lien senior secured loanSR + 4.25%3/9/20279,950 9,715 8,620 0.2%
20,884 20,310 18,980 0.4%
Transportation
Motus Group, LLC(6)Second lien senior secured loanL + 6.50%12/10/202910,000 9,908 9,775 0.2%
Safe Fleet Holdings, LLC(9)First lien senior secured loanSR + 3.75%2/23/202926,117 25,498 24,550 0.5%
36,117 35,406 34,325 0.7%
Total non-controlled/non-affiliated portfolio
company debt investments
$9,663,872 $9,531,735 $9,372,220 198.9%
Equity Investments
Automotive
CD&R Value Building Partners I, L.P. (dba Belron)(24)(25)(27)LP InterestN/AN/A33,000 33,107 32,614 0.7%
Metis HoldCo, Inc. (dba Mavis Tire Express Services)(25)Series A Convertible Preferred Stock7.00% PIKN/A11,873 11,559 11,191 0.2%
44,666 43,805 0.9%
Buildings and real estate
Associations Finance, Inc.(25)Preferred Stock12.00% PIKN/A215,000,000 210,519 211,940 4.5%
Dodge Construction Network Holdings, L.P.(25)Series A Preferred Units8.25% PIKN/A— — %
Dodge Construction Network Holdings, L.P.(25)(27)Class A-2 Common UnitsN/AN/A143,963 123 123 — %
210,645 212,066 4.5%
Business services
Denali Holding LP (dba Summit Companies)(25)(27)Class A UnitsN/AN/A687,000 7,076 8,478 0.2%
Hercules Buyer, LLC (dba The Vincit Group)(25)(27)(29)Common UnitsN/AN/A10,000 10 10 — %
Knockout Intermediate Holdings I Inc. (dba Kaseya)(25)Perpetual Preferred Stock11.75% PIKN/A53,600 52,295 52,796 1.1%
59,381 61,284 1.3%
Consumer products
ASP Conair Holdings LP(25)(27)Class A UnitsN/AN/A9,286 929 838 — %
929 838 — %
Financial Services
Amergin Asset Management, LLC(24)(25)(27)(32)Class A UnitsN/AN/A50,000,000 — — — %
— — — %
Food and beverage
Hissho Sushi Holdings, LLC(25)(27)Class A UnitsN/AN/A941,780 9,418 9,418 0.2%
9,418 9,418 0.2%
Healthcare equipment and services
Maia Aggregator, LP(25)(27)Class A-2 UnitsN/AN/A12,921,348 12,921 12,921 0.3%
KPCI Holdings, L.P.(25)(27)Class A UnitsN/AN/A30,425 2,313 2,301 — %
Patriot Holdings SCSp (dba Corza Health, Inc.)(24)(25)Class A Units8.00% PIKN/A982 1,052 1,052 — %
Patriot Holdings SCSp (dba Corza Health, Inc.)(24)(25)(27)Class B UnitsN/AN/A13,517 146 146 — %
Rhea Acquistion Holdings, LP(25)(27)Series A-2 UnitsN/AN/A11,964,286 11,964 11,964 0.3%
28,396 28,384 0.6%
Healthcare providers and services
KOBHG Holdings, L.P. (dba OB Hospitalist)(25)(27)Class A InterestsN/AN/A3,520 3,520 3,401 0.1%
3,520 3,401 0.1%
Company(1)(2)(3)(20)(29)InvestmentInterestMaturity
Date
Par /
Units
Amortized
Cost(4)(25)
Fair
Value
Percentage
of Net
Assets
ACR Group Borrower, LLC(7)First lien senior secured loanL +4.50%03/2028$4,053 $4,008 $3,982 0.1 %
ACR Group Borrower, LLC(10)First lien senior secured loanSR +6.00%03/2028871 859 871 — %
ACR Group Borrower, LLC(7)(17)First lien senior secured revolving loanL +4.50%03/2026525 517 510 — %
BCPE Watson (DE) ORML, LP(11)(23)(27)First lien senior secured loanSR +6.50%07/2028101,500 100,582 100,739 1.7 %
Engineered Machinery Holdings, Inc. (dba Duravant)(7)(22)First lien senior secured loanL +3.50%05/20289,925 9,868 9,773 0.2 %
Engineered Machinery Holdings, Inc. (dba Duravant)(7)(21)Second lien senior secured loanL +6.50%05/202937,181 37,030 37,181 0.6 %
Engineered Machinery Holdings, Inc. (dba Duravant)(7)(21)Second lien senior secured loanL +6.00%05/202919,160 19,117 19,160 0.3 %
Gloves Buyer, Inc. (dba Protective Industrial Products)(6)First lien senior secured loanL +4.00%12/202718,728 18,400 18,587 0.3 %
Gloves Buyer, Inc. (dba Protective Industrial Products)(6)Second lien senior secured loanL +8.25%12/202811,728 11,464 11,553 0.2 %
Helix Acquisition Holdings, Inc. (dba MW Industries)(10)First lien senior secured loanSR +7.00%03/203065,000 63,051 63,050 1.1 %
MHE Intermediate Holdings, LLC (dba OnPoint Group)(9)First lien senior secured loanSR +6.00%07/202786,829 86,124 86,395 1.5 %
MHE Intermediate Holdings, LLC (dba OnPoint Group)(9)First lien senior secured loanSR +6.25%07/202712,935 12,701 12,903 0.2 %
MHE Intermediate Holdings, LLC (dba OnPoint Group)(9)(17)First lien senior secured revolving loanSR +6.00%07/2027500 474 482 — %
Pro Mach Group, Inc.(6)(22)First lien senior secured loanL +4.00%08/202830,551 30,391 30,364 0.5 %
399,486 394,586 395,550 6.7 %
Professional Services
Apex Group Treasury, LLC(9)(23)First lien senior secured loanSR +5.00%07/2028$24,938 $23,498 $24,563 0.4 %
Apex Group Treasury, LLC(7)(23)Second lien senior secured loanL +6.75%07/202911,618 11,448 11,269 0.2 %
Apex Service Partners, LLC(11)First lien senior secured loanSR +5.50%07/202591,241 90,233 91,013 1.5 %
Apex Service Partners, LLC(7)(17)First lien senior secured revolving loanL +5.25%07/20252,300 2,251 2,289 — %
Apex Service Partners Intermediate 2, LLC(16)First lien senior secured loan12.50% PIK07/20275,444 5,332 5,376 0.1 %
Corporation Service Company(9)(22)First lien senior secured loanSR +3.25%11/20292,873 2,792 2,864 — %
EM Midco2 Ltd. (dba Element Materials Technology)(10)(22)(23)First lien senior secured loanSR +4.25%06/202927,878 27,846 27,496 0.5 %
Guidehouse Inc.(9)First lien senior secured loanSR +6.25%10/2028106,462 105,424 105,930 1.8 %
Relativity ODA LLC(6)First lien senior secured loanL +7.50% PIK05/20275,036 4,988 5,036 0.1 %
Relativity ODA LLC(6)(17)(18)First lien senior secured revolving loanL +6.50%05/2027— (4)— — %
Sovos Compliance, LLC(6)(22)First lien senior secured loanL +4.50%08/202829,266 28,753 27,656 0.5 %
Vistage Worldwide, Inc.(9)First lien senior secured loanSR +5.25%07/20294,975 4,849 4,888 0.1 %
VT Topco, Inc. (dba Veritext)(6)First lien senior secured loanSR +3.75%08/20252,752 2,731 2,704 — %
314,783 310,141 311,084 5.2 %
Specialty retail
Ideal Image Development, LLC(9)First lien senior secured loanSR +6.50%09/2027$5,824 $5,719 $5,752 0.1 %

20

Owl Rock Core Income Corp.
Consolidated Schedule of Investments (Continued)
As of September 30, 2022March 31, 2023
(Amounts in thousands, except share amounts)
(Unaudited)
Company(1)(2)(3)(21)(30)InvestmentInterestMaturity
Date
Par /
Units
Amortized
Cost(4)(26)
Fair
Value
Percentage
of Net
Assets
Healthcare technology
Minerva Holdco, Inc.(25)Series A Preferred Stock10.75% PIKN/A106,864 104,976 95,376 2.0%
BEHP Co-Investor II, L.P.(24)(25)(27)LP InterestN/AN/A1,269,969 1,265 1,271 — %
Orange Blossom Parent, Inc.(25)(27)Common EquityN/AN/A16,667 1,667 1,667 — %
WP Irving Co-Invest, L.P.(24)(25)(27)Partnership UnitsN/AN/A1,250,000 1,251 1,251 — %
109,159 99,565 2.0%
Household products
Evology LLC(25)(27)Class B UnitsN/AN/A316 1,512 1,512 — %
1,512 1,512 — %
Human resource support services
Sunshine Software Holdings, Inc. (dba Cornerstone OnDemand)(25)Series A Preferred Stock10.50% PIKN/A13,715 13,422 12,378 0.3%
13,422 12,378 0.3%
Insurance
Accelerate Topco Holdings, LLC(25)(27)Common UnitsN/AN/A88,211 2,435 2,435 0.1%
Evolution Parent, LP (dba SIAA)(25)(27)LP InterestN/AN/A2,703 270 270 — %
GrowthCurve Capital Sunrise Co-Invest LP (dba Brightway)(25)(27)LP InterestN/AN/A421 426 421 — %
PCF Holdco, LLC (dba PCF Insurance Services)(25)(27)Class A UnitsN/AN/A6,047,390 15,336 26,976 0.6%
18,467 30,102 0.7%
Internet software and services
Brooklyn Lender Co-Invest 2, L.P. (dba Boomi)(25)(27)Common UnitsN/AN/A1,729,439 1,729 1,701 — %
Insight CP (Blocker) Holdings, L.P. (dba CivicPlus, LLC)(24)(25)(27)LP InterestN/AN/A— 987 987 — %
Elliott Alto Co-Investor Aggregator L.P.(24)(25)(27)LP InterestN/AN/A6,530 6,549 6,549 0.1%
Picard Holdco, Inc.(25)Series A Preferred Stock12.00% PIKN/A51,493 49,947 49,948 1.1%
MessageBird Holding B.V.(24)(25)(27)Extended Series C WarrantsN/AN/A7,980 49 — %
Project Alpine Co-Invest Fund, L.P.(24)(25)(27)LP InterestN/AN/A17,000 17,010 17,000 0.4%
Thunder Topco L.P. (dba Vector Solutions)(25)(27)Common UnitsN/AN/A712,884 713 684 — %
WMC Bidco, Inc. (dba West Monroe)(25)Senior Preferred Stock11.25% PIKN/A36,888 36,088 34,491 0.7%
Project Hotel California Co-Invest Fund, L.P.(24)(25)(27)LP InterestN/AN/A3,522 3,525 3,522 0.1%
BCTO WIW Holdings, Inc. (dba When I Work)(25)(27)Class A Common StockN/AN/A57,000 5,700 5,134 0.1%
122,297 120,024 2.5%
Manufacturing
Gloves Holding, LP (dba Protective Industrial Products)(25)(27)LP InterestN/AN/A100 100 107 — %
100 107 0.0%
Total non-controlled/non-affiliated portfolio
company equity investments
$621,912 $622,884 13.1%
Total non-controlled/non-affiliated portfolio
company investments
$10,153,647 $9,995,104 212.4%
Non-controlled/affiliated portfolio company investments
Equity Investments
Insurance
Chapford SMA Partnership, L.P.(18)(24)(25)(27)(28)(31)LP InterestN/AN/A7,350 7,032 7,032 0.1%
Company(1)(2)(3)(20)(29)InvestmentInterestMaturity
Date
Par /
Units
Amortized
Cost(4)(25)
Fair
Value
Percentage
of Net
Assets
Ideal Image Development, LLC(9)(17)(18)(19)First lien senior secured delayed draw term loanSR +6.50%03/2024— (3)— — %
Ideal Image Development, LLC(9)First lien senior secured revolving loanSR +6.50%09/2027915 898 903 — %
Notorious Topco, LLC (dba Beauty Industry Group)(10)First lien senior secured loanSR +6.75%11/202760,154 59,415 59,402 1.0 %
Notorious Topco, LLC (dba Beauty Industry Group)(10)First lien senior secured loanSR +6.75%11/2027163,845 161,702 161,797 2.8 %
Notorious Topco, LLC (dba Beauty Industry Group)(10)(17)(19)First lien senior secured delayed draw term loanSR +6.75%11/20235,242 5,140 5,177 0.1 %
Notorious Topco, LLC (dba Beauty Industry Group)(10)(17)First lien senior secured revolving loanSR +6.75%05/20271,056 997 990 — %
Milan Laser Holdings LLC(9)First lien senior secured loanSR +5.00%04/202720,372 20,226 20,372 0.3 %
Milan Laser Holdings LLC(9)(17)(18)First lien senior secured revolving loanSR +5.00%04/2026— (11)— — %
The Shade Store, LLC(10)First lien senior secured loanSR +6.00%10/202767,330 66,659 64,805 1.1 %
The Shade Store, LLC(10)First lien senior secured loanSR +7.00%10/202710,661 10,371 10,368 0.2 %
The Shade Store, LLC(10)(17)First lien senior secured revolving loanSR +6.00%10/20264,773 4,712 4,517 0.1 %
340,172 335,825 334,083 5.7 %
Telecommunications
Park Place Technologies, LLC(9)(22)First lien senior secured loanSR +5.00%11/2027$1,142 $1,109 $1,093 — %
1,142 1,109 1,093 — %
Transportation
Motus Group, LLC(6)Second lien senior secured loanL +6.50%12/2029$10,000 $9,912 $9,825 0.2 %
Safe Fleet Holdings, LLC(9)(22)First lien senior secured loanSR +3.75%02/202925,986 25,405 25,391 0.4 %
35,986 35,317 35,216 0.6 %
Total non-controlled/non-affiliated portfolio
company debt investments
$10,743,049 $10,580,615 $10,518,335 178.5 %
Equity Investments
Automotive
CD&R Value Building Partners I, L.P. (dba Belron)(23)(24)(26)LP InterestN/AN/A33,061 $33,108 $33,956 0.6 %
Metis HoldCo, Inc. (dba Mavis Tire Express Services)(16)(24)Series A Convertible Preferred Stock7.00% PIKN/A12,296 12,001 11,957 0.2 %
45,109 45,913 0.8 %
Buildings and real estate
Associations Finance, Inc.(16)(24)Preferred Stock12.00% PIKN/A215,000,000 $223,970 $227,142 3.9 %
Dodge Construction Network Holdings, L.P.(10)(24)Series A Preferred UnitsSR +8.25% PIKN/A— — %
Dodge Construction Network Holdings, L.P.(24)(26)Class A-2 Common UnitsN/AN/A143,963 123 123 — %
224,096 227,268 3.9 %
Business services
Denali Holding LP (dba Summit Companies)(24)(26)Class A UnitsN/AN/A686,513 $7,076 $8,838 0.2 %
Hercules Buyer, LLC (dba The Vincit Group)(24)(26)(28)Common UnitsN/AN/A10,000 10 11 — %

21

Owl Rock Core Income Corp.
Consolidated Schedule of Investments (Continued)
As of September 30, 2022March 31, 2023
(Amounts in thousands, except share amounts)
(Unaudited)
Company(1)(2)(3)(21)(30)InvestmentInterestMaturity
Date
Par /
Units
Amortized
Cost(4)(26)
Fair
Value
Percentage
of Net
Assets
7,032 7,032 0.1%
Total non-controlled/affiliated portfolio
company equity investments
7,032 7,032 0.1%
Controlled/affiliated portfolio company investments
Financial Services
AAM Series 2.1 Aviation Feeder, LLC(18)(24)(25)(27)(32)LLC InterestN/AN/A1,368 1,368 1,368 — %
AAM Series 1.1 Rail and Domestic Intermodal Feeder, LLC(18)(24)(25)(27)(32)LLC InterestN/AN/A— — — — %
1,368 1,368 — %
Total controlled/affiliated portfolio
company equity investments
$1,368 $1,368  %
Total Investments$10,162,047 $10,003,504 212.6%
Company(1)(2)(3)(20)(29)InvestmentInterestMaturity
Date
Par /
Units
Amortized
Cost(4)(25)
Fair
Value
Percentage
of Net
Assets
Knockout Intermediate Holdings I Inc. (dba Kaseya)(16)(24)Perpetual Preferred Stock11.75% PIKN/A56,924 55,684 56,782 1.0 %
62,770 65,631 1.2 %
Consumer products
ASP Conair Holdings LP(24)(26)Class A UnitsN/AN/A9,286 $929 $833 — %
929 833 — %
Food and beverage
Hissho Sushi Holdings, LLC(24)(26)Class A UnitsN/AN/A941,780 $9,418 $10,404 0.2 %
9,418 10,404 0.2 %
Healthcare equipment and services
Maia Aggregator, LP(24)(26)Class A-2 UnitsN/AN/A12,921,348 $12,921 $13,711 0.2 %
KPCI Holdings, L.P.(24)(26)Class A UnitsN/AN/A1,781 2,313 2,510 — %
Patriot Holdings SCSp (dba Corza Health, Inc.)(16)(23)(24)Class A Units8.00% PIKN/A982 1,094 1,073 — %
Patriot Holdings SCSp (dba Corza Health, Inc.)(23)(24)(26)Class B UnitsN/AN/A13,517 146 153 — %
Rhea Acquisition Holdings, LP(24)(26)Series A-2 UnitsN/AN/A11,964,286 11,964 11,964 0.2 %
28,438 29,411 0.4 %
Healthcare providers and services
KOBHG Holdings, L.P. (dba OB Hospitalist)(24)(26)Class A InterestsN/AN/A3,520 $3,520 $3,269 0.1 %
3,520 3,269 0.1 %
Healthcare technology
Minerva Holdco, Inc.(16)(24)Series A Preferred Stock10.75% PIKN/A112,849 $111,046 $103,257 1.8 %
BEHP Co-Investor II, L.P.(23)(24)(26)LP InterestN/AN/A1,269,969 1,266 1,325 — %
Orange Blossom Parent, Inc.(24)(26)Common EquityN/AN/A16,667 1,667 1,710 — %
WP Irving Co-Invest, L.P.(23)(24)(26)Partnership UnitsN/AN/A1,250,000 1,251 1,304 — %
115,230 107,596 1.8 %
Household products
Evology LLC(24)(26)Class B UnitsN/AN/A316 $1,512 $2,082 — %
Walker Edison Holdco LLC(24)(26)Common EquityN/AN/A29,167 2,818 2,818 — %
4,330 4,900 — %
Human resource support services
Sunshine Software Holdings, Inc. (dba Cornerstone OnDemand)(16)(24)Series A Preferred Stock10.50% PIKN/A14,449 $14,170 $13,075 0.2 %
14,170 13,075 0.2 %
Insurance
Accelerate Topco Holdings, LLC(24)(26)Common UnitsN/AN/A91,805 $2,535 $2,535 — %
Evolution Parent, LP (dba SIAA)(24)(26)LP InterestN/AN/A2,703 270 280 — %
GrowthCurve Capital Sunrise Co-Invest LP (dba Brightway)(24)(26)LP InterestN/AN/A408 426 408 — %
PCF Holdco, LLC (dba PCF Insurance Services)(16)(17)(19)(24)Series A Preferred Units15.00% PIKN/A5,254 5,252 5,254 0.1 %
PCF Holdco, LLC (dba PCF Insurance Services)(24)(26)Class A Unit WarrantsN/AN/A1,504 5,129 5,134 0.1 %
PCF Holdco, LLC (dba PCF Insurance Services)(24)(26)Class A UnitsN/AN/A6,047,390 15,336 27,614 0.5 %
28,948 41,225 0.7 %
Internet software and services
Brooklyn Lender Co-Invest 2, L.P. (dba Boomi)(24)(26)Common UnitsN/AN/A1,729,439 $1,729 $1,701 — %

22

Owl Rock Core Income Corp.
Consolidated Schedule of Investments (Continued)
As of March 31, 2023
(Amounts in thousands, except share amounts)
(Unaudited)
Company(1)(2)(3)(20)(29)InvestmentInterestMaturity
Date
Par /
Units
Amortized
Cost(4)(25)
Fair
Value
Percentage
of Net
Assets
Insight CP (Blocker) Holdings, L.P. (dba CivicPlus, LLC)(23)(24)(26)LP InterestN/AN/A— 987 987 — %
Elliott Alto Co-Investor Aggregator L.P.(23)(24)(26)LP InterestN/AN/A6,530 6,549 6,530 0.1 %
Picard Holdco, Inc.(10)(24)Series A Preferred StockSR +12.00% PIKN/A57,459 55,965 56,023 1.0 %
MessageBird Holding B.V.(23)(24)(26)Extended Series C WarrantsN/AN/A7,980 49 — %
Project Alpine Co-Invest Fund, L.P.(23)(24)(26)LP InterestN/AN/A17,000 17,010 17,000 0.3 %
Thunder Topco L.P. (dba Vector Solutions)(24)(26)Common UnitsN/AN/A712,884 713 730 — %
WMC Bidco, Inc. (dba West Monroe)(16)(24)Senior Preferred Stock11.25% PIKN/A37,891 37,137 35,807 0.6 %
Project Hotel California Co-Invest Fund, L.P.(23)(24)(26)LP InterestN/AN/A3,522 3,525 3,522 0.1 %
BCTO WIW Holdings, Inc. (dba When I Work)(24)(26)Class A Common StockN/AN/A57,000 5,700 5,134 0.1 %
Zoro TopCo, Inc. (16)(24)Series A Preferred Stock12.50% PIKN/A17,307 16,738 16,874 0.3 %
Zoro TopCo, Inc. (24)(26)Class A Common UnitsN/AN/A1,380,129 13,801 13,801 0.2 %
159,903 158,116 2.7 %
Manufacturing
Gloves Holdings, LP (dba Protective Industrial Products)(24)(26)LP InterestN/AN/A1,000 $100 $118 — %
100 118 — %
Total non-controlled/non-affiliated portfolio
company equity investments
$696,961 $707,759 12.0 %
Total non-controlled/non-affiliated portfolio
company investments
$11,277,576 $11,226,094 190.5 %
Non-controlled/affiliated portfolio company investments
Equity Investments
Pharmaceuticals
LSI Financing 1 DAC(23)(24)(26)(30)Preferred equityN/AN/A79,272 $79,322 $79,273 1.3 %
79,322 79,273 1.3 %
Total non-controlled/affiliated portfolio
company equity investments
$79,322 $79,273 1.3 %
Controlled/affiliated portfolio company investments
Asset based lending and fund finance
Amergin Asset Management, LLC(23)(24)(26)(31)Class A UnitsN/AN/A50,000,000 $— $— — %
AAM Series 2.1 Aviation Feeder, LLC(17)(19)(23)(24)(26)(31)LLC InterestN/AN/A2,168 2,169 2,168 — %
AAM Series 1.1 Rail and Domestic Intermodal Feeder, LLC(17)(19)(23)(24)(26)(31)LLC InterestN/AN/A4,036 4,001 4,036 0.1 %
6,170 6,204 0.1 %
Insurance
Fifth Season Investments LLC(24)(26)(27)(31)Class A UnitsN/AN/A28 $94,937 $94,936 1.6 %
94,937 94,936 1.6 %

23

Owl Rock Core Income Corp.
Consolidated Schedule of Investments (Continued)
As of March 31, 2023
(Amounts in thousands, except share amounts)
(Unaudited)
Company(1)(2)(3)(20)(29)InvestmentInterestMaturity
Date
Par /
Units
Amortized
Cost(4)(25)
Fair
Value
Percentage
of Net
Assets
Investment funds & vehicles
ORCIC Senior Loan Fund LLC(23)(24)(27)(31)(33)LLC InterestN/AN/A182,683 $182,683 $184,517 3.1 %
182,683 184,517 3.1 %
Total controlled/affiliated portfolio
company equity investments
$283,790 $285,657 4.8 %
Total Investments$11,640,688 $11,591,024 196.6 %

Interest Rate Swaps as of March 31, 2023
Company
Receives
Company
Pays
Maturity DateNotional AmountHedged
Instrument
Footnote
Reference
Interest rate swap7.75%S+ 3.84%9/16/2027$600,000 September 2027 NotesNote 6
Total$600,000 
(1)Certain portfolio company investments are subject to contractual restrictions on sales.
(2)Unless otherwise indicated, all investments are non-controlled, non-affiliated investments. Non-controlled, non-affiliated investments are defined as investments in which the Company owns less than 5% of the portfolio company’s outstanding voting securities and does not have the power to exercise control over the management or policies of such portfolio company.
(3)Unless otherwise indicated, all investments are considered Level 3 investments.
(4)The amortized cost represents the original cost adjusted for the amortization and accretion of premiums and discounts, as applicable, on debt investments using the effective interest method.
(5)Unless otherwise indicated, loan contains a variable rate structure, and may be subject to an interest rate floor. Variable rate loans bear interest at a rate that may be determined by reference to either the London Interbank Offered Rate (“LIBOR” or “L”) (which can include one-, two-, three-, six-, or twelve-month LIBOR), Secured Overnight Financing Rate ("SOFR" or "SR") (which can include one-, three-, six- or twelve-month SOFR), Euro Interbank Offered Rate ("EURIBOR" or "E"), Canadian Dollar Offered Rate ("CDOR" or "C") (which can include one-, the-, six- or twelve-month CDOR), SerlingSterling (SP) 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 September 30, 2022March 31, 2023 was 3.14%4.86%.
(7)The interest rate on these loans is subject to 3 month LIBOR, which as of September 30, 2022March 31, 2023 was 3.75%5.19%.
(8)The interest rate on these loans is subject to 6 month LIBOR, which as of September 30, 2022March 31, 2023 was 4.23%5.31%.
(9)The interest rate on these loans is subject to 1 month SOFR, which as of September 30, 2022March 31, 2023 was 3.04%4.80%.
(10)The interest rate on these loans is subject to 3 month SOFR, which as of September 30, 2022March 31, 2023 was 3.59%4.91%.
(11)The interest rate on these loans is subject to 6 month SOFR, which as of September 30, 2022March 31, 2023 was 3.99%4.90%.
(12)The interest rate on these loans is subject to 1 month CDOR, which as of September 30, 2022 was 3.76%.
(13)The interest rate on these loans is subject to 3 month CDOR, which as of September 30, 2022March 31, 2023 was 4.20%5.02%.
(14)(13)The interest rate on these loans is subject to 3 month EURIBOR, which as of September 30, 2022March 31, 2023 was 1.17%3.04%.
(15)(14)The interest rate on these loans is subject to SONIA, which as of September 30, 2022March 31, 2023 was 2.19%4.18%.
(16)(15)The interest rate on these loans is subject to Prime, which as of September 30, 2022March 31, 2023 was 6.25%8.00%.
(17)(16)Investment does not contain a variable rate structure.
(18)(17)Position or portion thereof is an unfunded loan or equity commitment. See Note 7 “Commitments and Contingencies”.
(19)(18)The negative cost is the result of the capitalized discount being greater than the principal amount outstanding on the loan. The negative fair value is the result of the capitalized discount on the loan.
(20)(19)The date disclosed represents the commitment period of the unfunded term loan. Upon expiration of the commitment period, the funded portion of the term loan may be subject to a longer maturity date.
(21)(20)Unless otherwise indicated, loan represents a co-investment made with the Company’s affiliates in accordance with the terms of exemptive relief that the Company received from the U.S. Securities and Exchange Commission. See Note 3 "Agreements and Related Party Transactions".
(22)(21)This portfolio company was not a co-investment made with the Company's affiliates in accordance with the terms of exemptive relief that the Company received from the U.S. Securities and Exchange Commission.
(23)(22)Level 2 Investment.
22
24

Owl Rock Core Income Corp.
Consolidated Schedule of Investments (Continued)
As of September 30, 2022March 31, 2023
(Amounts in thousands, except share amounts)
(Unaudited)
(24)(23)This portfolio company is not a qualifying asset under Section 55(a) of the 1940 Act. Under the 1940 Act, the Company may not acquire any non-qualifying asset unless, at the time such acquisition is made, qualifying assets represent at least 70% of total assets. As of September 30, 2022,March 31, 2023, non-qualifying assets represented 11.7%13.7% of total assets as calculated in accordance with the regulatory requirements.
(25)(24)Security acquired in transaction exempt from registration under the Securities Act of 1933, and may be deemed to be “restricted security” under the Securities Act. As of September 30, 2022,March 31, 2023, the aggregate fair value of these securities is $631.3 million,$1.1 billion, or 13.4%18.3% of the Company’s net assets. The acquisition dates of the restricted securities are as follows:



Portfolio CompanyInvestmentAcquisition Date
AAM Series 1.1 Rail and Domestic Intermodal Feeder, LLCLLC**LLC InterestJuly 1, 2022
AAM Series 2.1 Aviation Feeder, LLCLLC**LLC InterestJuly 1, 2022
Accelerate Topco Holdings, LLCCommon UnitsSeptember 1, 2022
Amergin Asset Management, LLCLLC**Class A UnitsJuly 1, 2022
ASP Conair Holdings LPClass A UnitsMay 17, 2021
Associations Finance, Inc.Preferred StockJune 10, 2022
BCTO WIW Holdings, Inc. (dba When I Work)Class A Common StockNovember 2, 2021
BEHP Co-Investor II, L.P.Common EquityLP InterestMay 11,6, 2022
Brooklyn Lender Co-Invest 2, L.P. (dba Boomi)Common UnitsOctober 1, 2021
CD&R Value Building Partners I, L.P. (dba Belron)LP InterestDecember 2, 2021
Denali Holding LP (dba Summit Companies)Class A UnitsSeptember 15,14, 2021
Chapford SMA Partnership, L.P.LP InterestJuly 18, 2022
Dodge Construction Network Holdings, L.P.Class A-2 Common UnitsFebruary 23, 2022
Dodge Construction Network Holdings, L.P.Series A Preferred UnitsFebruary 23, 2022
Elliott Alto Co-Investor Aggregator L.P.LP InterestSeptember 27,28, 2022
Evology LLCClass B UnitsJanuary 24,21, 2022
Evolution Parent, LP (dba SIAA)Class A InterestsLP InterestApril 30, 2021
Fifth Season Investments LLC**Class A UnitsOctober 17, 2022
Gloves Holding,Holdings, LP (dba Protective Industrial Products)LP InterestDecember 29,28, 2020
GrowthCurve Capital Sunrise Co-Invest LP (dba Brightway)LP InterestDecember 16, 2021
Hercules Buyer, LLC (dba The Vincit Group)Common UnitsDecember 15, 2020
Hissho Sushi Holdings, LLCClass A UnitsMay 17, 2022
Iconic IMO Merger Sub, Inc.Common EquityJuly 29, 2022
Insight CP (Blocker) Holdings, L.P. (dba CivicPlus, LLC)LP InterestJune 8, 2022
Knockout Intermediate Holdings I Inc. (dba Kaseya)Perpetual Preferred StockJune 23,22, 2022
KOBHG Holdings, L.P. (dba OB Hospitalist)Class A InterestsSeptember 27, 2021
KPCI Holdings, L.P.LP InterestClass A UnitsNovember 30,25, 2020
LSI Financing 1 DAC**Preferred equityDecember 14, 2022
Maia Aggregator, LPClass A-2 UnitsFebruary 1, 2022
MessageBird Holding B.V.Extended Series C WarrantsApril 29,May 5, 2021
Metis HoldCo, Inc. (dba Mavis Tire Express Services)Series A Convertible Preferred StockMay 4,3, 2021
Minerva Holdco, Inc.Series A Preferred StockFebruary 15,14, 2022
Orange Blossom Parent, Inc.Common EquityJuly 29, 2022
ORCIC Senior Loan Fund LLC*LLC InterestNovember 2, 2022
Patriot Holdings SCSp (dba Corza Health, Inc.)Class A UnitsJanuary 29, 2021
Patriot Holdings SCSp (dba Corza Health, Inc.)Class B UnitsJanuary 29, 2021
PCF Holdco, LLC (dba PCF Insurance Services)Class A UnitsPreferred equityNovember 1, 2021February 13, 2023
PCF Holdco, LLC (dba PCF Insurance Services)Class A WarrantsUnitsNovember 1, 2021
PCF Holdco, LLC (dba PCF Insurance Services)Class A Unit WarrantsFebruary 13, 2023
Picard Holdco, Inc.Series A Preferred StockSeptember 30,29, 2022
Project Alpine Co-Invest Fund, L.P.LP InterestJune 10,13, 2022
Project Hotel California Co-Invest Fund, L.P.LP InterestAugust 9, 2022
Rhea Acquistion Holdings, LPSeries A-2 UnitsFebruary 18, 2022
Sunshine Software Holdings, Inc. (dba Cornerstone OnDemand)Series A Preferred StockOctober 15, 2021
23
25

Owl Rock Core Income Corp.
Consolidated Schedule of Investments (Continued)
As of September 30, 2022March 31, 2023
(Amounts in thousands, except share amounts)
(Unaudited)
Portfolio CompanyInvestmentAcquisition Date
Rhea Acquisition Holdings, LPSeries A-2 UnitsFebruary 18, 2022
Sunshine Software Holdings, Inc. (dba Cornerstone OnDemand)Series A Preferred StockOctober 14, 2021
Thunder Topco L.P. (dba Vector Solutions)Common UnitsJune 30, 2021
Walker Edison Holdco LLCCommon EquityMarch 1, 2023
WMC Bidco, Inc. (dba West Monroe)Senior Preferred StockNovember 9,8, 2021
WP Irving Co-Invest, L.P.Common EquityPartnership UnitsMay 18, 2022
Zoro TopCo, Inc.Class A Common UnitsNovember 22, 2022
Zoro TopCo, Inc.Series A Preferred StockNovember 22, 2022
(26)*Refer to Note 4 "Investments - ORCIC Senior Loan Fund LLC", for further information.
** Refer to Note 3 "Agreements and Related Party Transactions - Controlled/Affiliated Portfolio Companies".

(25)As of September 30, 2022,March 31, 2023, the net estimated unrealized loss on investments for U.S. federal income tax purposes was $144.6$30.1 million based on a tax cost basis of $10.1$11.6 billion. As of September 30, 2022,March 31, 2023, the estimated aggregate gross unrealized loss for U.S. federal income tax purposes was $186.6$109.4 million. As of September 30, 2022,March 31, 2023, the estimated aggregate gross unrealized gain for U.S. federal income tax purposes was $42.0$79.3 million.
(27)(26)Investment is non-income producing.
(28)(27)Investment is not pledged as collateral under the Revolving Credit Facility and the SPV Asset Facilities.
(29)(28)We invest in this portfolio company through underlying blocker entities Hercules Blocker 1 LLC, Hercules Blocker 2 LLC, Hercules Blocker 3 LLC, Hercules Blocker 4 LLC, and Hercules Blocker 5 LLC.
(30)(29)Unless otherwise indicated, the Company’s portfolio companies are pledged as collateral supporting the amounts outstanding under the Revolving Credit Facility and SPV Asset Facilities. See Note 6 "Debt".
(31)(30)As defined in the 1940 Act, the Company is deemed to be an "affiliated person" of this portfolio company as the Company owns more than 5% but less than 25% of the portfolio company's voting securities or has the power to exercise control over management or policies of such portfolio company, including through a management agreement (non-controlled affiliate"). Transactions related to investments in non-controlled affiliates for the nine monthsperiod ended September 30, 2022March 31, 2023 were as follows:
CompanyFair value
as of December 31, 2021
Gross Additions(a)
Gross Reductions(b)
Net Change in Unrealized Gain/ (Loss)Realized Gain/(Loss)Fair value as of September 30, 2022Dividend IncomeOther Income
Chapford SMA Partnership, L.P.$— $7,032 $— $— $— $7,032 $— $— 
Total$— $7,032 $— $— $— $7,032 $— $— 
        
CompanyFair value as of December 31, 2022Gross Additions(a)Gross Reductions (b)Net Change in Unrealized Gain/ (Loss)Realized Gain/(Loss)Fair value as of March 31, 2023Dividend IncomeOther Income
LSI Financing 1 DAC$6,175 $73,099 $— $(1)$— $79,273 $— $— 
Total$6,175 $73,099 $— $(1)$— $79,273 $— $— 
________
(a) Gross additions may include increases in the cost basis of investments resulting from new investments, amounts related to payment-in-kind (“PIK”) interest capitalized and added to the principal balance of the respective loans, the accretion of discounts, the exchange of one or more existing investments for one or more new investments and the movement at fair value of an existing portfolio company into this controlled affiliated category from a different category.
(b) Gross reductions may include decreases in the cost basis of investments resulting from principal collections related to investment repayments and sales, return of capital, the amortization of premiums and the exchange of one or more existing securities for one or more new securities.


(32)(31)As defined in the 1940 Act, the Company is deemed to be both an “Affiliated Person” and has “Control” of this portfolio company as the Company owns more than 25% of the portfolio company’s outstanding voting securities or has the power to exercise control over management or policies of such portfolio company, including through a management agreement (“controlled affiliate”). The Company’s investment in controlled affiliates for the period ended September 30, 2022March 31, 2023 were as follows:
CompanyFair 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, 2022Dividend IncomeOther Income
AAM Series 1.1 Rail and Domestic Intermodal Feeder, LLC (c)$— $— $— $— $— $— $— $— 
AAM Series 2.1 Aviation Feeder, LLC (c)— 1,368 — — — 1,368 — — 
Total$— $1,368 $— $— $— $1,368 $— $— 
________
24
26

Owl Rock Core Income Corp.
Consolidated Schedule of Investments (Continued)
As of September 30, 2022March 31, 2023
(Amounts in thousands, except share amounts)
(Unaudited)
CompanyFair value as of December 31, 2022Gross Additions (a)Gross Reductions (b)Net Change in Unrealized Gain/ (Loss)Realized Gain/(Loss)Fair value as of March 31, 2023Dividend IncomeOther Income
AAM Series 2.1 Aviation Feeder, LLC (c)$1,568 $600 $— $— $— $2,168 $— $— 
AAM Series 1.1 Rail and Domestic Intermodal Feeder, LLC (c)— 4,002 — 34 — 4,036 — — 
Fifth Season Investments LLC89,680 5,256 — — — 94,936 — — 
ORCIC Senior Loan Fund LLC140,394 40,906 — 3,217 — 184,517 6,097 — 
Total$231,642 $50,764 $— $3,251 $— $285,657 $6,097 $— 
________
(a) Gross additions may include increases in the cost basis of investments resulting from new investments, amounts related to payment-in-kind (“PIK”) interest capitalized and added to the principal balance of the respective loans, the accretion of discounts, the exchange of one or more existing investments for one or more new investments and the movement at fair value of an existing portfolio company into this controlled affiliated category from a different category.
(b) Gross reductions may include decreases in the cost basis of investments resulting from principal collections related to investment repayments and sales, return of capital, the amortization of premiums and the exchange of one or more existing securities for one or more new securities.
(c) 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.


(33)(32)Investment was on non-accrual status as of September 30, 2022.March 31, 2023.

(33)Investment measured at net asset value ("NAV").

The accompanying notes are an integral part of these consolidated financial statements.
25
27


Owl Rock Core Income Corp.
Consolidated Schedule of Investments
As of December 31, 20212022
(Amounts in thousands, except share amounts)

Company(1)(2)(3)(25)InvestmentInterestMaturity
Date
Par /
Units
Amortized
Cost(4)(20)
Fair
Value
Percentage
of Net
Assets
Non-controlled/non-affiliated portfolio
company investments
Debt Investments(5)
Advertising and media
Global Music Rights, LLC(8)(16)First lien senior secured loanL + 5.75%8/28/2028$84,375 $82,754 $82,688 5.2 %
Global Music Rights, LLC(13)(14)(16)First lien senior secured revolving loanL + 5.75%8/27/2027— (141)(150)— %
IRI Holdings, Inc.(6)(16)(17)First lien senior secured loanL + 4.25%12/1/20254,974 4,980 4,968 0.3 %
89,349 87,593 87,506 5.5 %
Aerospace and Defense
Bleriot US Bidco Inc.(8)(16)(17)First lien senior secured loanL + 4.00%10/30/20264,975 4,975 4,966 0.3 %
Peraton Corp.(6)(17)First lien senior secured loanL + 3.75%2/1/20284,963 4,974 4,961 0.3 %
Peraton Corp.(6)(16)Second lien senior secured loanL + 7.75%2/1/20295,000 4,932 4,975 0.3 %
14,938 14,881 14,902 0.9 %
Automotive
Mavis Tire Express Services Topco Corp.(6)(17)First lien senior secured loanL + 4.00%5/4/20289,950 9,904 9,950 0.6 %
9,950 9,904 9,950 0.6 %
Buildings and real estate
Associations, Inc.(8)(16)First lien senior secured loanL + 6.50% (incl. 2.50% PIK)7/2/2027121,391 120,001 120,175 7.5 %
Associations, Inc.(13)(14)(16)First lien senior secured revolving loanL + 6.50%7/2/2027— (44)(48)— %
Dodge Data & Analytics LLC(9)(16)First lien senior secured loanL + 7.50%4/14/20262,149 2,111 2,213 0.1 %
Dodge Data & Analytics LLC(13)(14)(16)First lien senior secured revolving loanL + 7.50%4/14/2026— (2)— — %
REALPAGE, INC.(6)(16)Second lien senior secured loanL + 6.50%4/23/20292,500 2,465 2,529 0.2 %
126,040 124,531 124,869 7.8 %
Business services
Denali BuyerCo, LLC (dba Summit Companies)(8)(16)First lien senior secured loanL + 6.00%9/15/202897,901 96,587 96,922 6.1 %
Denali BuyerCo, LLC (dba Summit Companies)(8)(13)(15)(16)First lien senior secured delayed draw term loanL + 6.00%9/15/20234,173 4,014 4,131 0.3 %
Denali BuyerCo, LLC (dba Summit Companies)(13)(14)(16)First lien senior secured revolving loanL + 6.00%9/15/2027— (70)(74)— %
Diamondback Acquisition, Inc. (dba Sphera)(6)(16)First lien senior secured loanL + 5.50%9/13/202847,827 46,904 46,871 3.0 %
Diamondback Acquisition, Inc. (dba Sphera)(13)(14)(15)(16)First lien senior secured delayed draw term loanL + 5.50%9/13/2023— (91)(96)— %
Hercules Borrower, LLC (dba The Vincit Group)(8)(16)First lien senior secured loanL + 6.50%12/15/2026816 805 816 0.1 %
Hercules Borrower, LLC (dba The Vincit Group)(8)(16)First lien senior secured loanL + 5.50%12/15/20262,215 2,194 2,193 0.1 %
Hercules Borrower, LLC (dba The Vincit Group)(13)(15)(16)First lien senior secured delayed draw term loanL + 5.50%9/10/2023— — — — %
Hercules Borrower, LLC (dba The Vincit Group)(13)(14)(16)First lien senior secured revolving loanL + 6.50%12/15/2026— (1)— — %
Hercules Buyer, LLC (dba The Vincit Group)(16)(23)(24)Unsecured notes0.48% PIK12/14/202924 24 24 — %
Company(1)(2)(3)(20)(29)InvestmentInterestMaturity
Date
Par /
Units
Amortized
Cost(4)(25)
Fair
Value
Percentage
of Net
Assets
Non-controlled/non-affiliated portfolio
company investments
Debt Investments(5)
Advertising and media
Global Music Rights, LLC(7)First lien senior secured loanL +5.50%08/2028$83,531 $82,119 $83,530 1.6 %
Global Music Rights, LLC(7)(17)(18)First lien senior secured revolving loanL +5.75%08/2027— (116)— — %
The NPD Group, L.P.(9)First lien senior secured loanSR +6.25% (2.75% PIK)12/2028224,081 219,669 219,600 4.2 %
The NPD Group, L.P.(9)(17)First lien senior secured revolving loanSR +5.75%12/20271,712 1,449 1,427 — %
309,324 303,121 304,557 5.8 %
Aerospace and Defense
Bleriot US Bidco Inc.(7)(22)First lien senior secured loanL +4.00%10/2026$5,096 $5,095 $5,031 0.1 %
ManTech International Corporation(10)First lien senior secured loanSR +5.75%09/202914,181 13,907 13,898 0.3 %
ManTech International Corporation(10)(17)(18)(19)First lien senior secured delayed draw term loanSR +5.75%09/2024— (32)(34)— %
ManTech International Corporation(10)(17)(18)First lien senior secured revolving loanSR +5.75%09/2028— (34)(36)— %
Peraton Corp.(6)(22)First lien senior secured loanL +3.75%02/202814,746 14,722 14,377 0.3 %
Peraton Corp.(6)(22)Second lien senior secured loanL +7.75%02/20294,854 4,795 4,599 0.1 %
38,877 38,453 37,835 0.8 %
Automotive
Holley Inc.(7)(22)First lien senior secured loanL +3.75%11/2028$2,348 $2,339 $2,027 — %
Mavis Tire Express Services Topco Corp.(9)(22)First lien senior secured loanSR +4.00%05/20289,850 9,811 9,378 0.2 %
OAC Holdings I Corp. (dba Omega Holdings)(10)First lien senior secured loanSR +5.00%03/20299,142 8,974 8,867 0.2 %
OAC Holdings I Corp. (dba Omega Holdings)(10)(17)First lien senior secured revolving loanSR +5.00%03/20281,433 1,388 1,356 — %
Power Stop, LLC(7)(21)First lien senior secured loanL +4.75%01/202929,775 29,509 26,798 0.5 %
Spotless Brands, LLC(10)First lien senior secured loanSR +6.50%07/202854,425 53,397 53,335 1.1 %
Spotless Brands, LLC(10)(17)(18)First lien senior secured revolving loanSR +6.50%07/2028— (27)(29)— %
106,973 105,391 101,732 2.0 %
Asset Based Lending and Fund Finance
Hg Genesis 9 Sumoco Limited(13)(23)Unsecured facilityE+7.00% PIK03/2027$124,092 $127,414 $124,092 2.4 %
Hg Saturn LuchaCo Limited(14)(23)Unsecured facilityS +7.50% PIK03/20261,898 2,144 1,874 — %
125,990 129,558 125,966 2.4 %
Buildings and real estate
Associations, Inc.(10)First lien senior secured loanSR +6.50% (2.50% PIK)07/2027$104,673 $103,666 $104,412 2.0 %
Associations, Inc.(10)(17)(18)First lien senior secured revolving loanSR +6.50%07/2027— (36)(12)— %
Associations, Inc.(10)(17)(19)First lien senior secured delayed draw term loanSR +6.50% (2.50% PIK)06/20244,565 4,024 4,413 0.1 %
CoreLogic Inc.(6)(22)First lien senior secured loanL +3.50%06/202842,056 41,236 34,962 0.7 %


2628


Owl Rock Core Income Corp.
Consolidated Schedule of Investments (Continued)
As of December 31, 20212022
(Amounts in thousands, except share amounts)


Company(1)(2)(3)(25)InvestmentInterestMaturity
Date
Par /
Units
Amortized
Cost(4)(20)
Fair
Value
Percentage
of Net
Assets
KPSKY Acquisition, Inc. (dba BluSky)(6)(16)First lien senior secured loanL + 5.50%10/19/202876,315 74,824 74,789 4.7 %
KPSKY Acquisition, Inc. (dba BluSky)(12)(13)(15)(16)First lien senior secured delayed draw term loanP + 4.50%10/19/20234,361 4,233 4,230 0.3 %
Packers Holdings, LLC(9)(17)First lien senior secured loanL + 3.25%3/9/20284,269 4,250 4,239 0.3 %
237,901 233,673 234,045 14.9 %
Chemicals
Aruba Investments Holdings LLC (dba Angus Chemical Company)(9)(16)Second lien senior secured loanL + 7.75%11/24/20281,000 987 1,000 0.1 %
Gaylord Chemical Company, L.L.C.(8)(16)First lien senior secured loanL + 6.50%3/30/2027104,356 103,339 103,835 6.6 %
Gaylord Chemical Company, L.L.C.(13)(14)(16)First lien senior secured revolving loanL + 6.50%3/30/2026— (7)(4)— %
Gaylord Chemical Company, L.L.C.(13)(14)(16)First lien senior secured revolving loanL + 6.50%3/30/2026— (31)(16)— %
Velocity HoldCo III Inc. (dba VelocityEHS)(8)(16)First lien senior secured loanL + 5.75%4/22/20272,347 2,299 2,300 0.1 %
Velocity HoldCo III Inc. (dba VelocityEHS)(13)(14)(16)First lien senior secured revolving loanL + 5.75%4/22/2026— (3)(3)— %
107,703 106,584 107,112 6.8 %
Consumer products
ConAir Holdings LLC(8)(16)Second lien senior secured loanL + 7.50%5/17/202932,500 32,003 32,500 2.1 %
Lignetics Investment Corp.(8)(16)First lien senior secured loanL + 6.00%11/1/202776,471 75,537 75,515 4.8 %
Lignetics Investment Corp.(13)(14)(15)(16)First lien senior secured delayed draw term loanL + 6.00%11/1/2023— (116)(119)— %
Lignetics Investment Corp.(8)(13)(16)First lien senior secured revolving loanL + 6.00%11/1/20261,912 1,773 1,768 0.1 %
Olaplex, Inc.(6)(16)First lien senior secured loanL + 6.25%1/8/2026968 960 968 0.1 %
111,851 110,157 110,632 7.1 %
Containers and packaging
Ascend Buyer, LLC (dba PPC Flexible Packaging)(8)(16)First lien senior secured loanL + 5.75%10/2/202850,206 49,718 49,704 3.1 %
Ascend Buyer, LLC (dba PPC Flexible Packaging)(8)(13)(16)First lien senior secured revolving loanL + 5.75%9/30/2027851 802 800 0.1 %
BW Holding, Inc. (dba Brook & Whittle)(8)(16)First lien senior secured loanL + 4.00%12/14/202815,816 15,658 15,658 1.0 %
BW Holding, Inc. (dba Brook & Whittle)(13)(14)(15)(16)First lien senior secured delayed draw term loanL + 4.00%12/17/2023— (21)(21)— %
Fortis Solutions Group, LLC(8)(16)First lien senior secured loanL + 5.50%10/13/202848,576 47,631 47,604 3.0%
Fortis Solutions Group, LLC(13)(14)(15)(16)First lien senior secured delayed draw term loanL + 5.50%10/13/2023— (191)(197)0.0%
Fortis Solutions Group, LLC(13)(14)(16)First lien senior secured revolving loanL + 5.50%10/15/2027— (130)(135)0.0%
Pregis Topco LLC(6)(16)Second lien senior secured loanL + 6.75%8/1/202930,000 30,000 30,000 1.9%
Pregis Topco LLC(6)(16)Second lien senior secured loanL + 8.00%8/1/20292,500 2,500 2,500 0.2%
Ring Container Technologies Group, LLC(6)(16)(17)First lien senior secured loanL + 3.75%8/12/20285,000 4,988 5,005 0.3%
152,949 150,955 150,918 9.6%
Company(1)(2)(3)(20)(29)InvestmentInterestMaturity
Date
Par /
Units
Amortized
Cost(4)(25)
Fair
Value
Percentage
of Net
Assets
Dodge Construction Network, LLC(11)First lien senior secured loanSR +4.75%02/202917,114 16,878 14,547 0.3 %
RealPage, Inc.(6)(21)(22)First lien senior secured loanL +3.00%04/202814,203 14,187 13,478 0.3 %
RealPage, Inc.(6)Second lien senior secured loanL +6.50%04/202927,500 27,146 26,330 0.5 %
Wrench Group LLC(7)First lien senior secured loanL +4.00%04/202610,545 10,410 10,176 0.2 %
220,656 217,511 208,306 4.1 %
Business services
Access CIG, LLC(6)Second lien senior secured loanL +7.75%02/2026$2,385 $2,379 $2,373 — %
BrightView Landscapes, LLC(9)(21)(22)First lien senior secured loanSR +3.25%04/20299,353 9,029 8,979 0.2 %
ConnectWise, LLC(6)(22)First lien senior secured loanL +3.50%09/202830,003 30,065 28,436 0.5 %
CoreTrust Purchasing Group LLC(10)First lien senior secured loanSR +6.75%10/202997,393 95,495 95,445 1.8 %
CoreTrust Purchasing Group LLC(10)(17)(18)(19)First lien senior secured delayed draw term loanSR +6.75%09/2024— (68)(71)— %
CoreTrust Purchasing Group LLC(10)(17)(18)First lien senior secured revolving loanSR +6.75%10/2029— (269)(284)— %
Denali BuyerCo, LLC (dba Summit Companies)(7)First lien senior secured loanL +5.75%09/2028131,499 129,752 130,184 2.5 %
Denali BuyerCo, LLC (dba Summit Companies)(7)First lien senior secured loanL +5.75%09/202835,205 34,470 34,853 0.7 %
Denali BuyerCo, LLC (dba Summit Companies)(7)(17)(19)First lien senior secured delayed draw term loanL +5.75%09/202327,343 26,953 27,070 0.5 %
Denali BuyerCo, LLC (dba Summit Companies)(7)(17)(18)First lien senior secured revolving loanL +5.75%09/2027— (101)(100)— %
Diamondback Acquisition, Inc. (dba Sphera)(6)First lien senior secured loanL +5.50%09/202847,348 46,544 46,874 0.9 %
Diamondback Acquisition, Inc. (dba Sphera)(6)(17)(18)(19)First lien senior secured delayed draw term loanL +5.50%09/2023— (78)— — %
Entertainment Benefits Group, LLC(9)First lien senior secured loanSR +4.75%05/202875,023 74,343 75,023 1.4 %
Entertainment Benefits Group, LLC(9)(17)First lien senior secured revolving loanSR +4.75%04/20277,733 7,633 7,733 0.1 %
Fullsteam Operations, LLC(7)(17)(19)First lien senior secured delayed draw term loanL +7.50% (3.00% PIK)05/202448,970 47,520 47,953 0.9 %
Hercules Borrower, LLC (dba The Vincit Group)(7)First lien senior secured loanL +6.50%12/2026808 799 806 — %
Hercules Borrower, LLC (dba The Vincit Group)(7)First lien senior secured loanL +5.50%12/20262,193 2,176 2,155 — %
Hercules Borrower, LLC (dba The Vincit Group)(7)(17)(19)First lien senior secured delayed draw term loanL +5.50%09/202310,346 10,258 10,091 0.2 %
Hercules Borrower, LLC (dba The Vincit Group)(8)(17)First lien senior secured revolving loanL +6.50%12/202610 10 — %
Hercules Buyer, LLC (dba The Vincit Group)(16)(28)Unsecured notes0.48% PIK12/202924 24 24 — %
Kaseya Inc.(10)First lien senior secured loanSR +5.75%06/202971,717 70,363 71,000 1.4 %
Kaseya Inc.(10)(17)(18)(19)First lien senior secured delayed draw term loanSR +5.75%06/2024— (40)— — %
Kaseya Inc.(10)(17)(18)First lien senior secured revolving loanSR +5.75%06/2029— (80)(43)— %


2729


Owl Rock Core Income Corp.
Consolidated Schedule of Investments (Continued)
As of December 31, 20212022
(Amounts in thousands, except share amounts)


Company(1)(2)(3)(25)InvestmentInterestMaturity
Date
Par /
Units
Amortized
Cost(4)(20)
Fair
Value
Percentage
of Net
Assets
Distribution
Dealer Tire, LLC(6)(16)(17)First lien senior secured loanL + 4.25%12/12/20255,077 5,086 5,069 0.3%
Individual Foodservice Holdings, LLC(9)(16)First lien senior secured loanL + 6.25%11/21/202544,758 44,324 44,534 2.8%
Individual Foodservice Holdings, LLC(9)(13)(14)(15)(16)First lien senior secured delayed draw term loanL + 6.25%6/30/202270 (73)(5)0.0%
Individual Foodservice Holdings, LLC(6)(13)(16)First lien senior secured revolving loanL + 6.25%11/22/20240.0%
SRS Distribution, Inc.(9)(16)(17)First lien senior secured loanL + 3.75%6/2/20284,988 4,953 4,972 0.3%
54,897 54,293 54,573 3.4%
Education
Pluralsight, LLC(9)(16)First lien senior secured loanL + 8.00%4/6/20276,255 6,196 6,191 0.4%
Pluralsight, LLC(13)(14)(16)First lien senior secured revolving loanL + 8.00%4/6/2027— (3)(4)0.0%
6,255 6,193 6,187 0.4%
Financial services
AxiomSL Group, Inc.(8)(16)First lien senior secured loanL + 6.00%12/3/202735,185 34,846 34,921 2.2%
AxiomSL Group, Inc.(13)(14)(15)(16)First lien senior secured delayed draw term loanL + 6.00%7/21/2023— (10)— 0.0%
AxiomSL Group, Inc.(13)(14)(16)First lien senior secured revolving loanL + 6.00%12/3/2025— (24)(19)0.0%
Hg Saturn Luchaco Limited(11)(16)(18)Unsecured facilityS + 7.50% PIK3/30/20262,114 2,140 2,092 0.1%
Muine Gall, LLC(9)(16)(18)(22)First lien senior secured loanL + 7.00% PIK9/21/202486,771 86,891 86,771 5.5
NMI Acquisitionco, Inc. (dba Network Merchants)(6)(16)First lien senior secured loanL + 5.75%9/6/20258,559 8,478 8,504 0.5%
NMI Acquisitionco, Inc. (dba Network Merchants)(6)(13)(15)(16)First lien senior secured delayed draw term loanL + 5.75%10/2/20231,680 1,646 1,669 0.1%
NMI Acquisitionco, Inc. (dba Network Merchants)(13)(14)(16)First lien senior secured revolving loanL + 5.75%9/6/2025— (8)(4)0.0%
134,309 133,959 133,934 8.4%
Food and beverage
Balrog Acquisition, Inc. (dba Bakemark)(9)(16)First lien senior secured loanL + 4.00%9/5/202814,000 13,860 13,965 0.9%
Balrog Acquisition, Inc. (dba Bakemark)(9)(16)Second lien senior secured loanL + 7.00%9/3/20296,000 5,951 5,950 0.4%
Shearer's Foods, LLC(6)(16)(17)First lien senior secured loanL + 3.50%9/23/20274,920 4,920 4,900 0.3%
Sovos Brands Intermediate, Inc.(8)(16)(17)First lien senior secured loanL + 3.75%6/8/20284,145 4,135 4,139 0.3%
Ultimate Baked Goods Midco, LLC(6)(16)First lien senior secured loanL + 6.25%8/13/202716,500 16,109 16,087 1.0%
Ultimate Baked Goods Midco, LLC(12)(13)(16)First lien senior secured revolving loanP + 6.25%8/13/20271,050 1,003 1,000 0.1%
46,615 45,978 46,041 3.0%
Healthcare equipment and services
Canadian Hospital Specialties Ltd.(10)(16)First lien senior secured loanC + 4.25%4/14/20283,530 3,509 3,486 0.2%
Canadian Hospital Specialties Ltd.(13)(14)(15)(16)First lien senior secured delayed draw term loanC + 4.50%4/15/2023— (6)(12)0.0%
Company(1)(2)(3)(20)(29)InvestmentInterestMaturity
Date
Par /
Units
Amortized
Cost(4)(25)
Fair
Value
Percentage
of Net
Assets
KPSKY Acquisition, Inc. (dba BluSky)(6)First lien senior secured loanL +5.50%10/202884,239 82,789 82,133 1.6 %
KPSKY Acquisition, Inc. (dba BluSky)(15)(17)(19)First lien senior secured delayed draw term loanP +4.50%06/20242,363 2,167 2,055 — %
Packers Holdings, LLC(6)(22)First lien senior secured loanL +3.25%03/202834,003 33,860 29,583 0.6 %
Ping Identity Holding Corp.(9)First lien senior secured loanSR +7.00%10/202921,818 21,498 21,491 0.4 %
Ping Identity Holding Corp.(9)(17)(18)First lien senior secured revolving loanSR +7.00%10/2028— (32)(33)— %
739,776 727,458 723,740 13.7 %
Chemicals
Aruba Investments Holdings LLC (dba Angus Chemical Company)(6)First lien senior secured loanL +3.75%11/2027$12,902 $12,696 $12,515 0.2 %
Aruba Investments Holdings, LLC (dba Angus Chemical Company)(6)Second lien senior secured loanL +7.75%11/202840,137 40,125 39,535 0.8 %
Douglas Products and Packaging Company LLC(9)First lien senior secured loanSR +7.00%06/202524,432 24,193 24,188 0.5 %
Douglas Products and Packaging Company LLC(17)(18)First lien senior secured revolving loanSR +7.00%06/2025— (31)(32)— %
Gaylord Chemical Company, L.L.C.(7)First lien senior secured loanL +6.50%03/2027103,309 102,462 103,309 2.0 %
Gaylord Chemical Company, L.L.C.(7)(17)(18)First lien senior secured revolving loanL +6.00%03/2026— (29)— — %
Velocity HoldCo III Inc. (dba VelocityEHS)(8)First lien senior secured loanL +5.75%04/20272,323 2,283 2,323 — %
Velocity HoldCo III Inc. (dba VelocityEHS)(6)(17)First lien senior secured revolving loanL +5.75%04/202628 26 28 — %
183,131 181,725 181,866 3.5 %
Consumer products
ConAir Holdings LLC(7)Second lien senior secured loanL +7.50%05/2029$32,500 $32,051 $29,575 0.6 %
Foundation Consumer Brands, LLC(7)First lien senior secured loanL +5.50%02/202749,710 49,722 49,585 0.9 %
Lignetics Investment Corp.(7)First lien senior secured loanL +6.00%11/202775,706 74,909 74,192 1.4 %
Lignetics Investment Corp.(7)(17)(18)(19)First lien senior secured delayed draw term loanL +6.00%11/2023— (96)(191)— %
Lignetics Investment Corp.(6)(17)First lien senior secured revolving loanL +6.00%10/20266,882 6,772 6,653 0.1 %
Olaplex, Inc.(9)(23)First lien senior secured loanSR +3.50%02/202940,473 40,335 38,045 0.7 %
SWK BUYER, Inc. (dba Stonewall Kitchen)(11)First lien senior secured loanSR +5.25%03/202959,674 58,613 57,884 1.1 %
SWK BUYER, Inc. (dba Stonewall Kitchen)(9)(17)First lien senior secured revolving loanSR +5.25%03/20291,953 1,854 1,785 — %
SWK BUYER, Inc. (dba Stonewall Kitchen)(11)(17)(18)(19)First lien senior secured delayed draw term loanSR +5.25%03/2024— (123)(279)— %
266,898 264,037 257,249 4.8 %
Containers and packaging
Ascend Buyer, LLC (dba PPC Flexible Packaging)(9)First lien senior secured loanSR +6.25%10/2028$49,704 $49,278 $49,331 0.9 %
Ascend Buyer, LLC (dba PPC Flexible Packaging)(9)(17)(18)First lien senior secured revolving loanSR +6.25%09/2027— (40)(38)— %
Ascend Buyer, LLC (dba PPC Flexible Packaging)(9)First lien senior secured loanSR +6.25%09/202830,694 30,096 30,464 0.6 %


2830


Owl Rock Core Income Corp.
Consolidated Schedule of Investments (Continued)
As of December 31, 20212022
(Amounts in thousands, except share amounts)


Company(1)(2)(3)(25)InvestmentInterestMaturity
Date
Par /
Units
Amortized
Cost(4)(20)
Fair
Value
Percentage
of Net
Assets
Canadian Hospital Specialties Ltd.(10)(13)(16)First lien senior secured revolving loanC + 4.25%4/15/202782 75 69 0.0%
Medline Borrower, LP(6)(16)(17)First lien senior secured loanL + 3.25%10/23/202825,000 24,880 24,990 1.6%
Medline Borrower, LP(13)(14)(16)First lien senior secured revolving loanL + 3.25%10/21/2026— (44)(45)0.0%
Packaging Coordinators Midco, Inc.(8)(16)Second lien senior secured loanL + 7.00%12/13/202953,918 52,247 52,840 3.3%
Patriot Acquisition TopCo S.A.R.L (dba Corza Health, Inc.)(7)(16)First lien senior secured loanL + 6.75%1/31/202842,462 41,832 41,932 2.6%
Patriot Acquisition TopCo S.A.R.L (dba Corza Health, Inc.)(13)(14)(16)First lien senior secured revolving loanL + 6.75%1/29/2026— (1)(1)0.0%
124,992 122,492 123,259 7.7%
Healthcare providers and services
Ex Vivo Parent Inc. (dba OB Hospitalist)(8)(16)First lien senior secured loanL + 9.50% PIK9/27/202830,503 29,909 29,893 1.9%
OB Hospitalist Group, Inc.(8)(16)First lien senior secured loanL + 5.50%9/27/202761,657 60,469 60,424 3.8%
OB Hospitalist Group, Inc.(6)(13)(16)First lien senior secured revolving loanL + 5.50%9/27/2027853 700 693 0.0%
Phoenix Newco, Inc. (dba Parexel)(6)(16)(17)First lien senior secured loanL + 3.50%11/15/202827,500 27,363 27,489 1.7%
Phoenix Newco, Inc. (dba Parexel)(6)(16)Second lien senior secured loanL + 6.50%11/15/2029135,000 133,666 133,650 8.5%
Quva Pharma, Inc.(9)(16)First lien senior secured loanL + 5.50%4/12/20284,534 4,409 4,409 0.3%
Quva Pharma, Inc.(13)(14)(16)First lien senior secured revolving loanL + 5.50%4/10/2026— (12)(13)0.0%
Refresh Parent Holdings, Inc.(8)(16)First lien senior secured loanL + 6.50%12/9/20267,836 7,756 7,778 0.5%
Refresh Parent Holdings, Inc.(8)(13)(15)(16)First lien senior secured delayed draw term loanL + 6.50%6/9/2022380 375 377 0.0%
Refresh Parent Holdings, Inc.(13)(14)(15)(16)First lien senior secured delayed draw term loanL + 6.50%5/17/2023— (104)(80)0.0%
Refresh Parent Holdings, Inc.(8)(13)(16)First lien senior secured revolving loanP + 6.50%12/9/202652 50 51 0.0%
268,315 264,581 264,671 16.7%
Healthcare technology
BCPE Osprey Buyer, Inc. (dba PartsSource)(9)(16)First lien senior secured loanL + 5.75%8/23/202854,310 53,480 53,441 3.4%
BCPE Osprey Buyer, Inc. (dba PartsSource)(13)(14)(15)(16)First lien senior secured delayed draw term loanL + 5.75%8/23/2023— (223)(147)0.0%
BCPE Osprey Buyer, Inc. (dba PartsSource)(13)(14)(16)First lien senior secured revolving loanL + 5.75%8/21/2026— (69)(74)0.0%
GI Ranger Intermediate, LLC (dba Rectangle Health)(8)(16)First lien senior secured loanL + 6.00%10/30/202818,238 17,881 17,873 1.1%
GI Ranger Intermediate, LLC (dba Rectangle Health)(13)(14)(15)(16)First lien senior secured delayed draw term loanL + 6.00%10/29/2023— (27)(28)0.0%
GI Ranger Intermediate, LLC (dba Rectangle Health)(13)(14)(16)First lien senior secured revolving loanL + 6.00%10/29/2027— (32)(33)0.0%
Inovalon Holdings, Inc.(8)(16)First lien senior secured loanL + 5.75%11/24/202879,270 77,313 77,289 4.9%
Inovalon Holdings, Inc.(13)(14)(15)(16)First lien senior secured delayed draw term loanL + 5.75%5/24/2024— (104)(106)0.0%
Company(1)(2)(3)(20)(29)InvestmentInterestMaturity
Date
Par /
Units
Amortized
Cost(4)(25)
Fair
Value
Percentage
of Net
Assets
Berlin Packaging L.L.C.(6)(21)(22)First lien senior secured loanL +3.75%03/202815,009 14,628 14,412 0.3 %
BW Holding, Inc.(10)First lien senior secured loanSR +4.00%12/202814,076 13,907 12,950 0.2 %
Charter NEX US, Inc.(6)(21)(22)First lien senior secured loanL +3.75%12/202734,957 34,477 33,898 0.6 %
Five Star Lower Holding LLC(11)First lien senior secured loanSR +4.25%05/202921,820 21,539 21,275 0.4 %
Fortis Solutions Group, LLC(7)First lien senior secured loanL +5.50%10/202867,451 66,277 65,596 1.2 %
Fortis Solutions Group, LLC(7)(17)(18)(19)First lien senior secured delayed draw term loanL +5.50%10/2023— (4)(3)— %
Fortis Solutions Group, LLC(8)(17)First lien senior secured revolving loanL +5.50%10/2027900 792 714 — %
Indigo Buyer, Inc. (dba Inovar Packaging Group)(10)First lien senior secured loanSR +5.75%05/202882,137 81,386 82,137 1.6 %
Indigo Buyer, Inc. (dba Inovar Packaging Group)(10)(17)(19)First lien senior secured delayed draw term loanSR +5.75%05/2024— — — — %
Indigo Buyer, Inc. (dba Inovar Packaging Group)(10)(17)First lien senior secured revolving loanSR +5.75%05/20282,117 2,003 2,117 — %
Pregis Topco LLC(10)(21)(22)First lien senior secured loanSR +3.75%07/20264,987 4,928 4,838 0.1 %
Pregis Topco LLC(6)Second lien senior secured loanL +6.75%08/202930,000 29,999 29,625 0.6 %
Pregis Topco LLC(6)Second lien senior secured loanL +7.75%08/20292,500 2,500 2,488 — %
Ring Container Technologies Group, LLC(6)(22)First lien senior secured loanL +3.50%08/202816,250 16,202 16,007 0.3 %
Tricorbraun Holdings, Inc.(6)(21)(22)First lien senior secured loanL +3.25%03/202815,886 15,511 15,123 0.3 %
388,488 383,479 380,934 7.1 %
Distribution
ABB/Con-cise Optical Group LLC(8)First lien senior secured loanL +7.50%02/2028$35,206 $34,736 $35,117 0.7 %
ABB/Con-cise Optical Group LLC(8)(17)First lien senior secured revolving loanL +7.50%02/20283,510 3,463 3,501 0.1 %
BCPE Empire Holdings, Inc. (dba Imperial-Dade)(9)(22)First lien senior secured loanSR +4.63%06/202631,823 30,838 30,869 0.6 %
Dealer Tire, LLC(9)First lien senior secured loanSR +4.50%12/20255,048 5,055 4,973 0.1 %
Dealer Tire, LLC(16)(21)Unsecured notes8.00%02/202856,120 54,928 47,842 0.9 %
Formerra, LLC(10)First lien senior secured loanSR +7.25%11/20285,250 5,083 5,079 0.1 %
Formerra, LLC(10)(17)(18)(19)First lien senior secured delayed draw term loanSR +7.25%11/2023— (3)(3)— %
Formerra, LLC(10)(17)(18)First lien senior secured revolving loanSR +7.25%11/2028— (17)(17)— %
Individual Foodservice Holdings, LLC(10)First lien senior secured loanSR +6.25%11/20251,292 1,279 1,288 — %
Individual Foodservice Holdings, LLC(7)First lien senior secured loanL +6.25%11/202562,804 62,341 62,648 1.2 %
Individual Foodservice Holdings, LLC(10)First lien senior secured loanSR +6.75%11/20251,952 1,933 1,952 — %
Individual Foodservice Holdings, LLC(7)(17)(19)First lien senior secured delayed draw term loanL +6.25%11/202318,151 17,847 18,059 0.3 %
Individual Foodservice Holdings, LLC(10)(17)(18)(19)First lien senior secured delayed draw term loanSR +6.75%12/2023— (80)— — %


2931


Owl Rock Core Income Corp.
Consolidated Schedule of Investments (Continued)
As of December 31, 20212022
(Amounts in thousands, except share amounts)


Company(1)(2)(3)(25)InvestmentInterestMaturity
Date
Par /
Units
Amortized
Cost(4)(20)
Fair
Value
Percentage
of Net
Assets
Inovalon Holdings, Inc.(8)(16)Second lien senior secured loanL + 10.50% PIK11/24/203337,761 37,009 37,005 2.3%
Intelerad Medical Systems Incorporated (fka 11849573 Canada Inc.)(8)(16)(18)First lien senior secured loanL + 6.25%8/21/202628,855 28,506 28,783 1.8%
Intelerad Medical Systems Incorporated (fka 11849573 Canada Inc.)(8)(13)(16)(18)First lien senior secured revolving loanL + 6.25%8/21/2026744 744 741 0.0%
Project Ruby Ultimate Parent Corp. (dba Wellsky)(6)(16)(17)First lien senior secured loanL + 3.25%3/10/20284,466 4,446 4,459 0.3%
223,644 218,924 219,203 13.8%
Household products
Southern Air & Heat Holdings, LLC(8)(16)First lien senior secured loanL + 4.50%10/1/20271,090 1,074 1,074 0.1%
Southern Air & Heat Holdings, LLC(8)(13)(15)(16)First lien senior secured delayed draw term loanL + 4.50%10/1/202376 60 59 0.0%
Southern Air & Heat Holdings, LLC(13)(14)(16)First lien senior secured revolving loanL + 4.50%10/1/2027— (4)(4)0.0%
Walker Edison Furniture Company LLC(8)(16)First lien senior secured loanL + 8.75% (incl. 3.00% PIK)3/31/20279,994 9,994 9,494 0.6%
11,160 11,124 10,623 0.7%
Human resource support services
Cornerstone OnDemand, Inc.(8)(17)First lien senior secured loanL + 3.75%10/16/202820,000 19,902 19,922 1.3%
Cornerstone OnDemand, Inc.(9)(16)Second lien senior secured loanL + 6.50%10/15/202944,583 43,927 43,915 2.8%
IG Investments Holdings, LLC (dba Insight Global)(8)(16)First lien senior secured loanL + 6.00%9/22/202846,271 45,377 45,462 2.9%
IG Investments Holdings, LLC (dba Insight Global)(6)(13)(16)First lien senior secured revolving loanL + 6.00%9/22/20271,806 1,737 1,743 0.1%
112,660 110,943 111,042 7.1%
Infrastructure and environmental services
Aegion Corporation(8)First lien senior secured loanL + 4.75%5/17/20284,988 4,965 5,003 0.3%
USIC Holdings, Inc.(6)(17)First lien senior secured loanL + 3.50%5/12/20284,988 4,965 4,976 0.3%
USIC Holdings, Inc.(6)(16)Second lien senior secured loanL + 6.50%5/14/202918,000 17,831 17,865 1.1%
27,976 27,761 27,844 1.7%
Insurance
Alera Group, Inc.(6)(16)First lien senior secured loanL + 5.50%10/2/202881,567 79,786 79,731 5.0%
Alera Group, Inc.(6)(13)(15)(16)First lien senior secured delayed draw term loanL + 5.50%10/2/202322,412 21,449 21,316 1.3%
AssuredPartners, Inc.(6)(17)First lien senior secured loanL + 3.50%2/12/20277,960 7,960 7,940 0.5%
Asurion, LLC(6)(16)(17)Second lien senior secured loanL + 5.25%1/22/202948,000 47,543 47,770 3.0%
Brightway Holdings, LLC(8)(16)First lien senior secured loanL + 6.50%12/15/202717,895 17,672 17,671 1.1%
Brightway Holdings, LLC(13)(14)First lien senior secured revolving loanL + 6.50%12/15/2027— (26)(26)0.0%
Evolution BuyerCo, Inc. (dba SIAA)(8)(16)First lien senior secured loanL + 6.25%4/28/20289,031 8,911 8,918 0.6%
Evolution BuyerCo, Inc. (dba SIAA)(8)(13)(15)(16)First lien senior secured delayed draw term loanL + 6.25%4/28/20236,895 6,652 6,784 0.4%
Evolution BuyerCo, Inc. (dba SIAA)(13)(14)(16)First lien senior secured revolving loanL + 6.25%4/30/2027— (9)(8)0.0%
Company(1)(2)(3)(20)(29)InvestmentInterestMaturity
Date
Par /
Units
Amortized
Cost(4)(25)
Fair
Value
Percentage
of Net
Assets
Individual Foodservice Holdings, LLC(10)(17)(18)First lien senior secured revolving loanSR +6.25%11/2024— (1)— — %
SRS Distribution, Inc.(6)(22)First lien senior secured loanL +3.50%06/202824,139 23,899 23,052 0.4 %
White Cap Supply Holdings, LLC(9)(21)(22)First lien senior secured loanSR +3.75%10/202711,614 11,169 11,212 0.2 %
256,909 252,470 245,572 4.6 %
Education
CIG Emerald Holding LLC(10)(23)First lien senior secured loanSR +6.50%06/2027$78,000 $77,124 $77,609 1.5 %
Community Brands ParentCo, LLC(9)First lien senior secured loanSR +5.75%02/202831,636 31,083 31,161 0.6 %
Community Brands ParentCo, LLC(9)(17)(18)(19)First lien senior secured delayed draw term loanSR +5.75%02/2024— (32)(19)— %
Community Brands ParentCo, LLC(9)(17)(18)First lien senior secured revolving loanSR +5.75%02/2028— (32)(28)— %
Severin Acquisition, LLC (dba Powerschool)(10)(22)First lien senior secured loanSR +3.00%08/202514,858 14,844 14,747 0.3 %
Sophia, L.P.(9)First lien senior secured loanSR +4.25%10/202715,113 14,978 15,075 0.3 %
Pluralsight, LLC(7)First lien senior secured loanL +8.00%04/20276,255 6,192 6,161 0.1 %
Pluralsight, LLC(6)(17)First lien senior secured revolving loanL +8.00%04/2027196 192 190 — %
146,058 144,349 144,896 2.8 %
Energy equipment and services
Pike Corp.(6)(21)(22)First lien senior secured loanL +3.00%01/2028$5,991 $5,976 $5,900 0.1 %
5,991 5,976 5,900 0.1 %
Financial services
Acuris Finance US, Inc. (ION Analytics) (10)(21)(22)First lien senior secured loanSR +4.00%02/2028$10,500 $10,429 $10,304 0.2 %
AxiomSL Group, Inc.(6)First lien senior secured loanL +5.75%12/202734,831 34,540 34,309 0.7 %
AxiomSL Group, Inc.(6)(17)(18)(19)First lien senior secured delayed draw term loanL +6.00%07/2023— (8)(11)— %
AxiomSL Group, Inc.(6)(17)(18)First lien senior secured revolving loanL +6.50%12/2025— (18)(39)— %
Computer Services, Inc. (dba CSI)(10)First lien senior secured loanSR +6.75%11/202930,500 29,898 29,890 0.6 %
Muine Gall, LLC(8)(23)(27)First lien senior secured loanL +7.00% PIK09/202494,583 95,126 92,218 1.8 %
NMI Acquisitionco, Inc. (dba Network Merchants)(6)First lien senior secured loanL +5.75%09/20255,671 5,631 5,600 0.1 %
NMI Acquisitionco, Inc. (dba Network Merchants)(6)First lien senior secured loanL +5.75%09/20252,143 2,128 2,117 — %
NMI Acquisitionco, Inc. (dba Network Merchants)(6)First lien senior secured loanL +5.75%09/2025150 149 149 — %
NMI Acquisitionco, Inc. (dba Network Merchants)(6)First lien senior secured loanL +5.75%09/2025508 504 502 — %
NMI Acquisitionco, Inc. (dba Network Merchants)(6)(17)(19)First lien senior secured delayed draw term loanL +5.75%10/20231,999 1,975 1,969 — %
NMI Acquisitionco, Inc. (dba Network Merchants)(6)(17)(18)First lien senior secured revolving loanL +5.75%09/2025— (6)(7)— %
Smarsh Inc.(11)First lien senior secured loanSR +6.50%02/202983,048 82,296 82,217 1.6 %


3032


Owl Rock Core Income Corp.
Consolidated Schedule of Investments (Continued)
As of December 31, 20212022
(Amounts in thousands, except share amounts)


Company(1)(2)(3)(25)InvestmentInterestMaturity
Date
Par /
Units
Amortized
Cost(4)(20)
Fair
Value
Percentage
of Net
Assets
KUSRP Intermediate, Inc. (dba U.S. Retirement and Benefits Partners)(8)(16)First lien senior secured loanL + 9.50% PIK7/24/202812,348 12,113 12,101 $0.8%
Peter C. Foy & Associates Insurance Services, LLC (dba PCF Insurance Services)(9)(16)First lien senior secured loanL + 6.00%11/1/202845,235 44,791 44,782 2.8%
Peter C. Foy & Associates Insurance Services, LLC (dba PCF Insurance Services)(9)(13)(15)(16)First lien senior secured delayed draw term loan DL + 6.00%5/1/20237,986 7,907 7,906 0.5%
Peter C. Foy & Associates Insurance Services, LLC (dba PCF Insurance Services)(13)(14)(16)First lien senior secured revolving loanL + 6.00%11/1/2027— (25)(26)0.0%
PCF Midco II, LLC (dba PCF Insurance Services)(16)(24)First lien senior secured loan9.00% PIK10/31/203144,340 40,169 40,128 2.5%
TEMPO BUYER CORP. (dba Global Claims Services)(8)(16)First lien senior secured loanL + 5.50%8/26/202836,524 35,823 35,793 2.3%
TEMPO BUYER CORP. (dba Global Claims Services)(13)(14)(15)(16)First lien senior secured delayed draw term loanL + 5.50%8/26/2023— (98)(103)0.0%
TEMPO BUYER CORP. (dba Global Claims Services)(13)(14)(16)First lien senior secured revolving loanL + 5.50%8/26/2027— (97)(103)0.0%
USRP Holdings, Inc. (dba U.S. Retirement and Benefits Partners)(8)(16)First lien senior secured loanL + 5.50%7/23/202715,055 14,771 14,754 0.9%
USRP Holdings, Inc. (dba U.S. Retirement and Benefits Partners)(8)(13)(14)(16)First lien senior secured revolving loanL + 5.50%7/23/202718 (2)(4)0.0%
KWOR Acquisition, Inc. (dba Alacrity Solutions)(6)(16)First lien senior secured loanL + 5.25%12/22/202824,585 24,218 24,218 1.5%
KWOR Acquisition, Inc. (dba Alacrity Solutions)(12)(13)(16)First lien senior secured revolving loanP + 4.25%12/22/2027341 290 290 0.0%
380,192 369,798 369,832 23.2%
Internet software and services
Bayshore Intermediate #2, L.P. (dba Boomi)(8)(16)First lien senior secured loanL + 7.75% PIK10/2/202819,121 18,702 18,690 1.2%
Bayshore Intermediate #2, L.P. (dba Boomi)(13)(14)(16)First lien senior secured revolving loanL + 6.75%10/1/2027— (34)(36)0.0%
BCPE Nucleon (DE) SPV, LP(9)(16)First lien senior secured loanL + 7.00%9/24/20261,333 1,316 1,327 0.1%
BCTO BSI Buyer, Inc. (dba Buildertrend)(8)(16)First lien senior secured loanL + 7.00%12/23/2026893 885 888 0.1%
BCTO BSI Buyer, Inc. (dba Buildertrend)(8)(13)(16)First lien senior secured revolving loanL + 7.00%12/23/202660 59 60 0.0%
CivicPlus, LLC(8)(16)First lien senior secured loanL + 6.00%8/24/20279,387 9,297 9,293 0.6%
CivicPlus, LLC(13)(15)(16)First lien senior secured delayed draw term loanL + 6.00%8/24/2023— — — 0.0%
CivicPlus, LLC(13)(14)(16)First lien senior secured revolving loanL + 6.00%8/24/2027— (8)(9)0.0%
EET Buyer, Inc. (dba e-Emphasys)(8)(16)First lien senior secured loanL + 5.75%11/8/202719,545 19,355 19,350 1.2%
EET Buyer, Inc. (dba e-Emphasys)(13)(14)(16)First lien senior secured revolving loanL + 5.75%11/8/2027— (19)(20)0.0%
GovBrands Intermediate, Inc.(8)(16)First lien senior secured loanL + 5.50%8/4/20278,346 8,149 8,137 0.5%
GovBrands Intermediate, Inc.(6)(13)(15)(16)First lien senior secured delayed draw term loanL + 5.50%8/4/20231,883 1,827 1,825 0.1%
GovBrands Intermediate, Inc.(13)(14)(16)First lien senior secured revolving loanL + 5.50%8/4/2027— (21)(22)0.0%
Granicus, Inc.(8)(16)First lien senior secured loanL + 6.50%1/29/20271,830 1,792 1,798 0.1%
Company(1)(2)(3)(20)(29)InvestmentInterestMaturity
Date
Par /
Units
Amortized
Cost(4)(25)
Fair
Value
Percentage
of Net
Assets
Smarsh Inc.(11)(17)(19)First lien senior secured delayed draw term loanSR +6.50%02/202410,381 10,188 10,277 0.2 %
Smarsh Inc.(11)(17)(18)First lien senior secured revolving loanSR +6.50%02/2029— (45)(52)— %
274,314 272,787 269,443 5.2 %
Food and beverage
Balrog Acquisition, Inc. (dba Bakemark)(7)First lien senior secured loanL +4.00%09/2028$13,860 $13,739 $13,548 0.3 %
Balrog Acquisition, Inc. (dba BakeMark)(7)Second lien senior secured loanL +7.00%09/20296,000 5,956 5,940 0.1 %
CFS Brands, LLC(8)First lien senior secured loanL +3.00%03/202544,294 43,100 41,858 0.8 %
Dessert Holdings(7)First lien senior secured loanL +4.00%06/202819,800 19,712 18,315 0.3 %
Hissho Sushi Merger Sub LLC(10)First lien senior secured loanSR +5.75%05/2028113,118 112,079 112,835 2.1 %
Hissho Sushi Merger Sub LLC(10)(17)First lien senior secured revolving loanSR +5.75%05/20281,749 1,671 1,727 — %
Innovation Ventures HoldCo, LLC (dba 5 Hour Energy)(9)First lien senior secured loanSR +6.25%03/2027275,000 270,490 269,500 5.1 %
KBP Brands, LLC(10)First lien senior secured loanSR +6.50% (0.50% PIK)05/202714,690 14,530 14,360 0.3 %
KBP Brands, LLC(10)(17)(19)First lien senior secured delayed draw term loanSR +6.00% (0.50% PIK)12/202333,381 33,019 32,614 0.6 %
Naked Juice LLC (dba Tropicana)(10)(22)First lien senior secured loanSR +3.25%01/202914,302 14,277 12,756 0.2 %
Ole Smoky Distillery, LLC(9)First lien senior secured loanSR +5.25%03/202824,909 24,463 24,411 0.5 %
Ole Smoky Distillery, LLC(9)(17)(18)First lien senior secured revolving loanSR +5.25%03/2028— (58)(66)— %
Pegasus BidCo B.V.(10)(21)(23)First lien senior secured loanSR +4.25%07/20295,500 5,448 5,321 0.1 %
Shearer's Foods, LLC(6)(22)First lien senior secured loanL +3.50%09/202739,567 39,566 37,632 0.7 %
Sovos Brands Intermediate, Inc.(7)(22)First lien senior secured loanL +3.50%06/202810,145 10,137 9,858 0.2 %
Ultimate Baked Goods Midco, LLC(6)First lien senior secured loanL +6.50%08/202716,335 16,004 15,845 0.3 %
Ultimate Baked Goods Midco, LLC(6)(17)First lien senior secured revolving loanL +6.50%08/2027525 487 465 — %
633,175 624,620 616,919 11.6 %
Healthcare equipment and services
Canadian Hospital Specialties Ltd.(12)(23)First lien senior secured loanC +4.50%04/2028$3,258 $3,480 $3,184 0.1 %
Canadian Hospital Specialties Ltd.(17)(18)(19)(23)First lien senior secured delayed draw term loanC +4.50%04/2023— (6)(10)— %
Canadian Hospital Specialties Ltd.(12)(23)First lien senior secured delayed draw term loanC +4.50%04/2028112 121 110 — %
Canadian Hospital Specialties Ltd.(12)(23)First lien senior secured delayed draw term loanC +4.50%04/2028125 134 122 — %
Canadian Hospital Specialties Ltd.(12)(17)(23)First lien senior secured revolving loanC +4.50%04/2027190 167 180 — %
Confluent Medical Technologies, Inc.(10)First lien senior secured loanSR +3.75%02/202924,975 24,863 23,664 0.5 %
Confluent Medical Technologies, Inc.(10)Second lien senior secured loanSR +6.50%02/203046,000 45,154 43,585 0.8 %


3133


Owl Rock Core Income Corp.
Consolidated Schedule of Investments (Continued)
As of December 31, 20212022
(Amounts in thousands, except share amounts)


Company(1)(2)(3)(25)InvestmentInterestMaturity
Date
Par /
Units
Amortized
Cost(4)(20)
Fair
Value
Percentage
of Net
Assets
Granicus, Inc.(13)(14)(16)First lien senior secured revolving loanL + 6.50%1/29/2027— (3)(3)0.0%
Granicus, Inc.(8)(13)(15)(16)First lien senior secured delayed draw term loanL + 6.00%1/30/2023208 203 203 0.0%
GS Acquisitionco, Inc. (dba insightsoftware)(8)First lien senior secured loanL + 5.75%5/22/20265,805 5,777 5,776 0.4%
GS Acquisitionco, Inc. (dba insightsoftware)(8)(13)(14)(15)First lien senior secured delayed draw term loanL + 5.75%11/2/2022— (12)(13)0.0%
Help/Systems Holdings, Inc.(7)(16)(17)First lien senior secured loanL + 4.75%11/19/20267,698 7,695 7,665 0.5%
Hyland Software, Inc.(6)Second lien senior secured loanL + 6.25%7/7/202522,500 22,491 22,642 1.4%
Ivanti Software, Inc.(8)Second lien senior secured loanL + 7.25%12/1/202819,000 18,906 18,905 1.2%
MessageBird BidCo B.V.(8)(16)(18)First lien senior secured loanL + 6.75%4/29/20275,000 4,899 4,900 0.3%
Ministry Brands Holdings, LLC(8)(16)First lien senior secured loanL + 5.50%12/29/202849,435 48,447 48,446 3.1%
Ministry Brands Holdings, LLC(13)(14)(15)(16)First lien senior secured delayed draw term loanL + 5.50%12/29/2023— (158)(158)0.0%
Ministry Brands Holdings, LLC(13)(14)(16)First lien senior secured revolving loanL + 5.50%12/27/2027— (95)(95)0.0%
QAD, Inc.(8)(16)First lien senior secured loanL + 6.00%11/5/202746,500 45,589 45,570 2.9%
QAD, Inc.(13)(14)(16)First lien senior secured revolving loanL + 6.00%11/5/2027— (117)(120)0.0%
Proofpoint, Inc.(8)(16)Second lien senior secured loanL + 6.25%9/1/20297,500 7,464 7,463 0.5%
Tahoe Finco, LLC(8)(16)(18)First lien senior secured loanL + 6.00%9/29/202883,721 82,906 82,716 5.2%
Tahoe Finco, LLC(13)(14)(16)(18)First lien senior secured revolving loanL + 6.00%10/1/2027— (60)(75)0.0%
Thunder Purchaser, Inc. (dba Vector Solutions)(9)(16)First lien senior secured loanL + 5.75%6/30/202812,063 11,949 11,972 0.7%
Thunder Purchaser, Inc. (dba Vector Solutions)(13)(14)(16)First lien senior secured revolving loanL + 5.75%6/30/2027— (7)(5)0.0%
Thunder Purchaser, Inc. (dba Vector Solutions)(13)(15)(16)First lien senior secured delayed draw term loanL + 5.75%8/17/2023— — — 0.0%
Trader Interactive, LLC (fka Dominion Web Solutions, LLC)(9)(16)First lien senior secured loanL + 4.00%7/28/20285,000 4,979 4,975 0.3%
When I Work, Inc.(8)First lien senior secured loanL + 6.00%11/2/202722,206 21,988 21,983 1.4%
When I Work, Inc.(13)(14)First lien senior secured revolving loanL + 6.00%11/2/2027— (40)(42)0.0%
349,034 344,101 343,986 21.8%
Leisure and entertainment
Troon Golf, L.L.C.(8)(16)First lien senior secured loanL + 6.00%8/5/202794,358 93,913 93,886 5.9%
Troon Golf, L.L.C.(13)(14)(16)First lien senior secured revolving loanL + 6.00%8/5/2026— (33)(36)0.0%
94,358 93,880 93,850 5.9%
Manufacturing
ACR Group Borrower, LLC(8)(16)First lien senior secured loanL + 4.25%3/31/20284,104 4,050 4,063 0.3%
Company(1)(2)(3)(20)(29)InvestmentInterestMaturity
Date
Par /
Units
Amortized
Cost(4)(25)
Fair
Value
Percentage
of Net
Assets
Dermatology Intermediate Holdings III, Inc(9)(21)First lien senior secured loanSR +4.25%04/202913,103 12,864 12,841 0.2 %
Dermatology Intermediate Holdings III, Inc(9)(17)(19)First lien senior secured delayed draw term loanSR +4.25%04/20242,219 2,155 2,175 — %
CSC MKG Topco LLC. (dba Medical Knowledge Group)(6)First lien senior secured loanL +5.75%02/202997,711 95,958 95,513 1.8 %
CSC MKG Topco LLC. (dba Medical Knowledge Group)(10)First lien senior secured loanSR +5.75%02/20293,085 2,989 3,015 0.1 %
Medline Borrower, LP(6)(22)First lien senior secured loanL +3.25%10/202824,813 24,709 23,547 0.4 %
Medline Borrower, LP(6)(17)(18)First lien senior secured revolving loanL +3.25%10/2026— (34)(136)— %
Natus Medical Inc.(10)(21)First lien senior secured loanSR +5.50%07/2029500 467 468 — %
Packaging Coordinators Midco, Inc.(7)Second lien senior secured loanL +7.00%12/202953,918 52,397 50,953 1.0 %
Patriot Acquisition TopCo S.A.R.L (dba Corza Health, Inc.)(10)(23)First lien senior secured loanSR +6.75%01/202850,902 50,237 50,266 0.9 %
Patriot Acquisition TopCo S.A.R.L (dba Corza Health, Inc.)(10)(17)(23)First lien senior secured revolving loanSR +6.75%01/202619 18 18 — %
Rhea Parent, Inc.(10)First lien senior secured loanSR +5.75%02/202977,379 75,982 75,638 1.4 %
398,309 391,655 385,133 7.2 %
Healthcare providers and services
Covetrus, Inc.(10)(22)First lien senior secured loanSR +5.00%10/2029$7,490 $7,052 $6,999 0.1 %
Covetrus Inc.(10)Second lien senior secured loanSR +9.25%10/2030160,000 156,786 156,736 3.0 %
Ex Vivo Parent Inc. (dba OB Hospitalist)(7)First lien senior secured loanL +9.50%09/202830,503 29,972 29,816 0.6 %
Engage Debtco Limited(10)(23)First lien senior secured loanSR +5.75%07/202960,833 59,389 59,464 1.1 %
Engage Debtco Limited(9)(23)First lien senior secured loanSR +7.25%07/202930,367 29,456 30,139 0.6 %
Engage Debtco Limited(10)(23)First lien senior secured delayed draw term loanSR +5.75%07/202919,750 19,285 19,306 0.4 %
MJH Healthcare Holdings, LLC(9)(21)First lien senior secured loanSR +3.50%01/202919,850 19,779 19,056 0.4 %
Natural Partners, LLC(8)(23)First lien senior secured loanL +6.00%11/202768,679 67,476 67,306 1.3 %
Natural Partners, LLC(8)(17)(18)(23)First lien senior secured revolving loanL +6.00%11/2027— (87)(101)— %
OB Hospitalist Group, Inc.(7)First lien senior secured loanL +5.50%09/202761,193 60,186 60,429 1.2 %
OB Hospitalist Group, Inc.(7)(17)First lien senior secured revolving loanL +5.50%09/20272,771 2,645 2,671 0.1 %
Pacific BidCo Inc.(10)(23)First lien senior secured loanSR +5.75%08/2029161,148 157,289 157,522 3.0 %
Pacific BidCo Inc.(10)(17)(18)(19)(23)First lien senior secured delayed draw term loanSR +5.25%08/2025— (211)(179)— %
Parexel International, Inc. (dba Parexel)(6)(22)First lien senior secured loanL +3.25%11/202819,850 19,764 19,084 0.4 %
Parexel International, Inc. (dba Parexel)(6)Second lien senior secured loanL +6.50%11/2029140,000 138,699 137,200 2.6 %
Physician Partners, LLC(9)(22)First lien senior secured loanSR +4.00%12/202812,878 12,763 12,240 0.2 %
Plasma Buyer LLC (dba Pathgroup)(9)First lien senior secured loanSR +5.75%05/2029109,857 107,814 107,934 2.1 %


3234


Owl Rock Core Income Corp.
Consolidated Schedule of Investments (Continued)
As of December 31, 20212022
(Amounts in thousands, except share amounts)


Company(1)(2)(3)(25)InvestmentInterestMaturity
Date
Par /
Units
Amortized
Cost(4)(20)
Fair
Value
Percentage
of Net
Assets
ACR Group Borrower, LLC(13)(14)(16)First lien senior secured revolving loanL + 4.50%3/31/2026— (11)(9)0.0%
Engineered Machinery Holdings, Inc. (dba Duravant)(8)(16)(17)First lien senior secured loanL + 3.75%5/19/20285,000 4,976 4,981 0.3%
Engineered Machinery Holdings, Inc. (dba Duravant)(8)Second lien senior secured loanL + 6.50%5/21/202921,000 20,905 21,000 1.3%
Gloves Buyer, Inc. (dba Protective Industrial Products)(6)(16)Second lien senior secured loanL + 8.25%12/29/2028900 879 888 0.1%
MHE Intermediate Holdings, LLC (dba OnPoint Group)(8)(16)First lien senior secured loanL + 5.75%7/21/202740,969 40,584 40,559 2.6%
MHE Intermediate Holdings, LLC (dba OnPoint Group)(8)(13)(15)(16)First lien senior secured delayed draw term loanL + 5.75%7/21/20233,085 3,055 3,054 0.2%
MHE Intermediate Holdings, LLC (dba OnPoint Group)(13)(14)(16)First lien senior secured revolving loanL + 5.75%7/21/2027— (33)(36)0.0%
75,058 74,405 74,500 4.8%
Professional Services
Apex Group Treasury, LLC(8)(16)(18)Second lien senior secured loanL + 6.75%7/27/20295,000 4,952 4,950 0.3%
Apex Group Treasury, LLC(13)(15)(16)(18)Second lien senior secured delayed draw term loanL + 6.75%6/30/2022— — — 0.0%
Apex Group Treasury, LLC(8)(16)(18)First lien senior secured loanL + 3.75%7/27/20284,988 4,976 4,975 0.3%
Guidehouse Inc.(6)(16)First lien senior secured loanL + 5.50%10/16/202892,982 92,077 92,053 5.8%
Guidehouse Inc.(13)(16)First lien senior secured revolving loanL + 5.50%10/15/2027— — (70)0.0%
Relativity ODA LLC(6)(16)First lien senior secured loanL + 7.50% PIK5/12/20274,585 4,526 4,528 0.3%
Relativity ODA LLC(13)(14)(16)First lien senior secured revolving loanL + 6.50%5/12/2027— (6)(5)0.0%
Sovos Compliance, LLC(6)(16)(17)First lien senior secured loanL + 4.50%8/11/20286,396 6,380 6,408 0.4%
Sovos Compliance, LLC(13)(16)(17)First lien senior secured delayed draw term loanL + 4.50%8/12/2023— — — 0.0%
113,951 112,905 112,839 7.1%
Specialty retail
Notorious Topco, LLC (dba Beauty Industry Group)(8)(16)First lien senior secured loanL + 6.50%11/23/202760,915 60,015 60,002 3.8%
Notorious Topco, LLC (dba Beauty Industry Group)(13)(14)(15)(16)First lien senior secured delayed draw term loanL + 6.50%11/23/2023— (54)(22)0.0%
Notorious Topco, LLC (dba Beauty Industry Group)(13)(16)First lien senior secured revolving loanL + 6.50%5/24/2027880 803 801 0.1%
Milan Laser Holdings LLC(8)(16)First lien senior secured loanL + 5.00%4/27/202720,632 20,445 20,477 1.3%
Milan Laser Holdings LLC(13)(14)(16)First lien senior secured revolving loanL + 5.00%4/27/2026— (15)(13)0.0%
The Shade Store, LLC(8)(16)First lien senior secured loanL + 6.00%10/13/202768,182 67,355 67,330 4.3%
The Shade Store, LLC(13)(14)(16)First lien senior secured revolving loanL + 6.00%10/13/2027— (81)(85)0.0%
150,609 148,468 148,490 9.5%
Telecommunications
Park Place Technologies, LLC(6)(16)(17)First lien senior secured loanL + 5.00%11/10/2027993 958 989 0.1%
993 958 989 0.1%
Company(1)(2)(3)(20)(29)InvestmentInterestMaturity
Date
Par /
Units
Amortized
Cost(4)(25)
Fair
Value
Percentage
of Net
Assets
Plasma Buyer LLC (dba Pathgroup)(9)(17)(18)(19)First lien senior secured delayed draw term loanSR +5.75%05/2024— (259)(214)— %
Plasma Buyer LLC (dba Pathgroup)(9)(17)(18)First lien senior secured revolving loanSR +5.75%05/2028— (219)(214)— %
Pediatric Associates Holding Company, LLC(6)(21)First lien senior secured loanL +3.25%12/202819,850 19,774 18,808 0.4 %
Pediatric Associates Holding Company, LLC(6)(17)(19)First lien senior secured delayed draw term loanL +3.25%02/20241,763 1,758 1,586 — %
PPV Intermediate Holdings, LLC(10)First lien senior secured loanSR +5.75%08/2029144,149 141,541 141,266 2.7 %
PPV Intermediate Holdings, LLC(10)(17)First lien senior secured revolving loanSR +5.75%08/20293,201 2,975 2,964 0.1 %
PPV Intermediate Holdings, LLC(10)(17)(18)(19)First lien senior secured delayed draw term loanSR +5.75%09/2024— (235)(192)— %
TC Holdings, LLC (dba TrialCard)(10)First lien senior secured loanSR +5.00%04/202764,408 63,844 64,247 1.2 %
TC Holdings, LLC (dba TrialCard)(10)(17)(18)First lien senior secured revolving loanSR +5.00%04/2027— (67)(19)— %
Tivity Health, Inc(10)First lien senior secured loanSR +6.00%06/2029151,620 148,052 149,346 2.8 %
Unified Women's Healthcare, LP(9)First lien senior secured loanSR +5.25%06/202980,664 80,094 80,664 1.5 %
Unified Women's Healthcare, LP(9)(17)(18)(19)First lien senior secured delayed draw term loanSR +5.25%06/2024— (21)— — %
Unified Women's Healthcare, LP(9)(17)(18)First lien senior secured revolving loanSR +5.50%06/2029— (56)— — %
Quva Pharma, Inc. (7)First lien senior secured loanL +5.50%04/20284,489 4,381 4,399 0.1 %
Quva Pharma, Inc. (7)(17)First lien senior secured revolving loanL +5.50%04/2026218 209 209 — %
WP CityMD Bidco LLC(6)(21)(22)First lien senior secured loanL +3.25%12/202819,294 19,245 19,247 0.4 %
Diagnostic Services Holdings, Inc. (dba Rayus Radiology)(6)First lien senior secured loanL +5.50%03/2025120,215 120,215 119,012 2.3 %
Vermont Aus Pty Ltd.(10)(23)First lien senior secured loanSR +5.50%03/202854,091 52,885 52,739 1.0 %
1,569,131 1,542,173 1,539,470 29.6 %
Healthcare technology
Athenahealth Group Inc.(9)(22)First lien senior secured loanSR +3.50%02/2029$29,634 $29,215 $26,683 0.5 %
Athenahealth Group Inc.(9)(17)(18)(19)(22)First lien senior secured delayed draw term loanSR +3.50%08/2023— (34)(344)— %
BCPE Osprey Buyer, Inc. (dba PartsSource)(7)First lien senior secured loanL +5.75%08/202853,767 53,044 52,557 1.0 %
BCPE Osprey Buyer, Inc. (dba PartsSource)(7)(17)(18)(19)First lien senior secured delayed draw term loanL +5.75%08/2023— (189)(349)— %
BCPE Osprey Buyer, Inc. (dba PartsSource)(7)(17)(18)First lien senior secured revolving loanL +5.75%08/2026— (54)(105)— %
Color Intermediate, LLC(10)First lien senior secured loanSR +5.50%10/20299,234 9,054 9,050 0.2 %
IMO Investor Holdings, Inc.(11)First lien senior secured loanSR +6.00%05/202920,794 20,407 20,534 0.4 %
IMO Investor Holdings, Inc.(11)(17)(18)(19)First lien senior secured delayed draw term loanSR +6.00%05/2024— (45)(12)— %


3335


Owl Rock Core Income Corp.
Consolidated Schedule of Investments (Continued)
As of December 31, 20212022
(Amounts in thousands, except share amounts)


Company(1)(2)(3)(25)InvestmentInterestMaturity
Date
Par /
Units
Amortized
Cost(4)(20)
Fair
Value
Percentage
of Net
Assets
Transportation
Motus Group, LLC(8)(16)Second lien senior secured loanL + 6.50%12/10/202910,000 9,901 9,900 0.6%
10,000 9,901 9,900 0.6
Total non-controlled/non-affiliated portfolio
company debt investments
$3,035,699 $2,988,942 $2,991,697 189.1%
Equity Investments
Automotive
CD&R Value Building Partners I, L.P. (dba Belron)(16)(18)(19)(21)LP InterestN/AN/A33,00033,06433,0002.1%
Metis HoldCo, Inc. (dba Mavis Tire Express
Services)(16)(19)
Series A Convertible Preferred Stock7.00% PIKN/A10,769 10,928 11,215 0.7%
43,992 44,215 2.8%
Buildings and real estate
Skyline Holdco B, Inc. (dba Dodge Data &
Analytics)(16)(19)(21)
Series A Preferred StockN/AN/A143,963 216 238 0.0%
216 238 0.0%
Business services
Denali Holding LP (dba Summit Companies)(16)(19)(21)Class A UnitsN/AN/A596,708 5,967 5,967 0.4%
Hercules Buyer LLC (dba The Vincit Group)(16)(19)(21)(23)Common UnitsN/AN/A10,000 11 12 0.0%
5,978 5,979 0.4%
Consumer products
ASP Conair Holdings LP(16)(19)(21)Class A UnitsN/AN/A9,286 929 929 0.1%
929 929 0.1%
Healthcare equipment and services
KPCI Holdings, L.P.(16)(19)(21)Class A UnitsN/AN/A30,425 2,313 2,675 0.1%
Patriot Holdings SCSp (dba Corza Health,
Inc.)(16)(19)
Class A Units8.00% PIKN/A982 991 991 0.1%
Patriot Holdings SCSp (dba Corza Health,
Inc.)(16)(19)(21)
Class B UnitsN/AN/A13,517 146 153 0.0%
3,450 3,819 0.2%
Healthcare providers and services
KOBHG Holdings, L.P. (dba OB Hospitalist)(16)(19)(21)Class A InterestsN/AN/A3,520 3,520 3,520 0.2%
Restore OMH Intermediate Holdings, Inc.(16)(19)Senior Preferred Stock13.00% PIKN/A349 341 340 0.0%
3,861 3,860 0.2%
Human resource support services
Sunshine Software Holdings, Inc. (dba Cornerstone OnDemand)(16)(19)Series A Preferred Stock10.50% PIKN/A12,750 12,717 12,710 0.8%
12,717 12,710 0.8%
Insurance
Evolution Parent, LP (dba SIAA)(16)(19)(21)LP InterestN/AN/A270 270 270 0.0%
GrowthCurve Capital Sunrise Co-Invest LP (dba Brightway)(16)(19)(21)LP InterestN/AN/A421 422 421 0.0%
PCF Holdco, LLC (dba PCF Insurance Services)(16)(19)(21)Class A UnitsN/AN/A4,639,506 11,788 11,789 0.7%
PCF Holdco, LLC (dba PCF Insurance Services)(16)(19)(21)Class A WarrantsN/AN/A1,398,737 3,547 3,547 0.2%
16,027 16,027 0.9%
Internet software and services
Brooklyn Lender Co-Invest 2, L.P. (dba Boomi)(16)(19)(21)Common UnitsN/AN/A1,729,438 1,729 1,729 0.1%
MessageBird Holding B.V.(16)(18)(19)(21)Extended Series C WarrantsN/AN/A7,980 49 49 0.0%
Thunder Topco L.P. (dba Vector Solutions)(16)(19)(21)Common UnitsN/AN/A712,884 713 841 0.1%
Company(1)(2)(3)(20)(29)InvestmentInterestMaturity
Date
Par /
Units
Amortized
Cost(4)(25)
Fair
Value
Percentage
of Net
Assets
IMO Investor Holdings, Inc.(11)(17)First lien senior secured revolving loanSR +6.00%05/2028472 427 440 — %
Interoperability Bidco, Inc. (dba Lyniate)(10)First lien senior secured loanSR +7.00%12/202675,948 75,530 75,378 1.4 %
Interoperability Bidco, Inc. (dba Lyniate)(7)(17)First lien senior secured revolving loanL +7.00%12/20241,739 1,724 1,713 — %
GI Ranger Intermediate, LLC (dba Rectangle Health)(10)First lien senior secured loanSR +6.00%10/202820,817 20,457 20,296 0.4 %
GI Ranger Intermediate, LLC (dba Rectangle Health)(10)(17)(19)First lien senior secured delayed draw term loanSR +6.00%03/20242,394 2,283 2,220 — %
GI Ranger Intermediate, LLC (dba Rectangle Health)(10)(17)First lien senior secured revolving loanSR +6.00%10/2027167 140 125 — %
Imprivata, Inc.(9)(22)First lien senior secured loanSR +4.25%12/202710,556 10,264 10,160 0.2 %
Imprivata, Inc.(9)Second lien senior secured loanSR +6.25%12/202850,294 49,791 49,036 0.9 %
Ocala Bidco, Inc.(7)First lien senior secured loanL +6.25% (2.75% PIK)11/202881,511 79,789 79,473 1.5 %
Ocala Bidco, Inc.(7)(17)(18)(19)First lien senior secured delayed draw term loanL +3.50%05/2024— (89)(106)— %
Ocala Bidco, Inc.(7)Second lien senior secured loanL +10.50% PIK11/203342,611 41,889 41,972 0.8 %
Intelerad Medical Systems Inc.(10)(23)First lien senior secured loanSR +6.50%08/202630,081 29,779 29,930 0.6 %
Intelerad Medical Systems Inc.(9)(23)First lien senior secured revolving loanSR +6.50%08/20261,145 1,145 1,139 — %
PointClickCare Technologies Inc.(10)(23)First lien senior secured loanSR +4.00%12/202719,850 19,587 19,503 0.4 %
Project Ruby Ultimate Parent Corp. (dba Wellsky)(6)(22)First lien senior secured loanL +3.25%03/202814,396 13,922 13,581 0.3 %
465,410 458,036 452,874 8.6 %
Household products
Aptive Environmental, LLC(16)First lien senior secured loan12.00% (6.00% PIK)01/2026$8,559 $7,179 $7,703 0.1 %
Mario Purchaser, LLC (dba Len the Plumber)(9)First lien senior secured loanSR +5.75%04/202975,902 74,499 75,143 1.4 %
Mario Purchaser, LLC (dba Len the Plumber)(9)(17)(19)First lien senior secured delayed draw term loanSR +5.75%04/202411,760 11,285 11,642 0.2 %
Mario Purchaser, LLC (dba Len the Plumber)(9)(17)(18)First lien senior secured revolving loanSR +5.75%04/2028— (142)(80)— %
Mario Midco Holdings, Inc. (dba Len the Plumber)(9)Unsecured facilitySR +10.75% PIK04/203223,752 23,124 23,396 0.4 %
Simplisafe Holding Corporation(9)First lien senior secured loanSR +6.25%05/2028127,753 125,429 126,156 2.4 %
Simplisafe Holding Corporation(9)(17)(18)(19)First lien senior secured delayed draw term loanSR +6.25%05/2024— (143)(40)— %
Southern Air & Heat Holdings, LLC(7)First lien senior secured loanL +4.50%10/20271,079 1,066 1,060 — %
Southern Air & Heat Holdings, LLC(8)(17)(19)First lien senior secured delayed draw term loanL +4.50%10/2023810 797 791 — %
Southern Air & Heat Holdings, LLC(7)(17)First lien senior secured revolving loanL +4.50%10/202779 76 74 — %
Walker Edison Furniture Company LLC(7)(32)First lien senior secured loanL +8.75% (3.00% PIK)03/202710,199 9,867 5,214 0.1 %
259,893 253,037 251,059 4.6 %


3436


Owl Rock Core Income Corp.
Consolidated Schedule of Investments (Continued)
As of December 31, 20212022
(Amounts in thousands, except share amounts)


Company(1)(2)(3)(25)InvestmentInterestMaturity
Date
Par /
Units
Amortized
Cost(4)(20)
Fair
Value
Percentage
of Net
Assets
WMC Bidco, Inc. (dba West Monroe)(16)(19)Senior Preferred Stock11.25% PIKN/A33,385 32,494 32,467 2.1%
BCTO WIW Holdings, Inc. (dba When I Work)(16)(19)(21)Class A Common StockN/AN/A57,000 5,700 5,700 0.4%
40,685 40,786 2.7%
Manufacturing
Gloves Holding, LP (dba Protective Industrial Products)(16)(19)(21)LP InterestN/AN/A100 100 112 0.0%
100 112 0.0%
Total non-controlled/non-affiliated portfolio
company equity investments
$127,955 $128,675 8.1%
Total Investments$3,116,897 $3,120,372 197.2 %%
Company(1)(2)(3)(20)(29)InvestmentInterestMaturity
Date
Par /
Units
Amortized
Cost(4)(25)
Fair
Value
Percentage
of Net
Assets
Human resource support services
Cornerstone OnDemand, Inc.(6)(21)First lien senior secured loanL +3.75%10/2028$19,850 $19,765 $18,858 0.4 %
Cornerstone OnDemand, Inc.(6)Second lien senior secured loanL +6.50%10/202944,583 43,991 42,800 0.8 %
IG Investments Holdings, LLC (dba Insight Global)(6)First lien senior secured loanL +6.00%09/202848,031 47,231 47,431 0.9 %
IG Investments Holdings, LLC (dba Insight Global)(6)(17)First lien senior secured revolving loanL +6.00%09/20271,445 1,388 1,400 — %
113,909 112,375 110,489 2.1 %
Infrastructure and environmental services
Aegion Corp.(6)(21)First lien senior secured loanL +4.75%05/2028$4,937 $4,918 $4,617 0.1 %
The Goldfield Corp.(9)First lien senior secured loanSR +6.25%12/2026995 977 983 — %
Osmose Utilities Services, Inc.(6)(21)(22)First lien senior secured loanL +3.25%06/202814,799 14,766 14,022 0.3 %
USIC Holdings, Inc.(6)(21)(22)First lien senior secured loanL +3.50%05/20284,938 4,918 4,704 0.1 %
USIC Holdings, Inc.(6)(21)Second lien senior secured loanL +6.50%05/202939,691 39,481 36,913 0.7 %
Tamarack Intermediate, L.L.C. (dba Verisk 3E)(11)First lien senior secured loanSR +5.75%03/202832,447 31,869 31,798 0.6 %
Tamarack Intermediate, L.L.C. (dba Verisk 3E)(9)(17)First lien senior secured revolving loanSR +5.75%03/2028949 856 842 — %
98,756 97,785 93,879 1.8 %
Insurance
Acrisure, LLC(10)(22)First lien senior secured loanSR +5.75%02/2027$12,500 $11,892 $12,375 0.2 %
Acrisure, LLC(6)(22)First lien senior secured loanL +3.50%02/20278,728 8,226 8,182 0.2 %
Acrisure, LLC(6)(22)First lien senior secured loanL +4.25%02/20271,995 1,936 1,930 — %
Acrisure, LLC(10)(22)First lien senior secured loanSR +3.75%02/20271,995 1,906 1,890 — %
Alera Group, Inc.(9)First lien senior secured loanSR +6.00%10/2028149,990 147,175 148,864 2.8 %
AmeriLife Holdings LLC(10)First lien senior secured loanSR +5.75%08/2029130,182 127,670 127,904 2.4 %
AmeriLife Holdings LLC(10)(17)(18)First lien senior secured revolving loanSR +5.75%08/2028— (307)(285)— %
AmeriLife Holdings LLC(11)(17)(19)First lien senior secured delayed draw term loanSR +5.75%09/202421,697 21,177 21,236 0.4 %
AssuredPartners, Inc.(6)(22)First lien senior secured loanL +3.50%02/20277,880 7,880 7,624 0.1 %
AssuredPartners, Inc.(9)(22)First lien senior secured loanSR +3.50%02/202724,813 24,760 24,068 0.5 %
AssuredPartners, Inc.(9)(22)First lien senior secured loanSR +4.25%02/20274,988 4,818 4,875 0.1 %
Asurion, LLC(6)(22)First lien senior secured loanL +3.00%11/202421,295 20,601 20,657 0.4 %
Asurion, LLC(6)(22)Second lien senior secured loanL +5.25%01/2029154,017 150,387 119,040 2.3 %
Brightway Holdings, LLC(6)First lien senior secured loanL +6.50%12/202717,761 17,570 17,405 0.3 %
Brightway Holdings, LLC(6)(17)(18)First lien senior secured revolving loanL +6.50%12/2027— (22)(42)— %
Evolution BuyerCo, Inc. (dba SIAA)(10)First lien senior secured loanSR +6.25%04/202826,336 26,094 25,941 0.4 %

37

Owl Rock Core Income Corp.
Consolidated Schedule of Investments (Continued)
As of December 31, 2022
(Amounts in thousands, except share amounts)

Company(1)(2)(3)(20)(29)InvestmentInterestMaturity
Date
Par /
Units
Amortized
Cost(4)(25)
Fair
Value
Percentage
of Net
Assets
Evolution BuyerCo, Inc. (dba SIAA)(10)(17)(19)First lien senior secured delayed draw term loanSR +6.75%12/20231,400 1,400 1,386 — %
Evolution BuyerCo, Inc. (dba SIAA)(10)(17)(18)First lien senior secured revolving loanSR +6.25%04/2027— (7)(10)— %
Hyperion Refinance S.a.r.l (dba Howden Group)(9)(23)First lien senior secured loanSR +5.25%11/202738,177 37,436 37,414 0.7 %
Hyperion Refinance S.a.r.l (dba Howden Group)(9)(17)(19)(23)First lien senior secured delayed draw term loanSR +5.25%04/2023— — — — %
KUSRP Intermediate, Inc. (dba U.S. Retirement and Benefits Partners)(8)First lien senior secured loanL +9.50% PIK07/202813,670 13,460 13,499 0.3 %
KWOR Acquisition, Inc. (dba Alacrity Solutions)(6)(17)(18)(19)First lien senior secured delayed draw term loanL +5.25%06/2024— (80)— — %
Peter C. Foy & Associates Insurance Services, LLC (dba PCF Insurance Services)(8)First lien senior secured loanL +6.00%11/2028133,649 132,347 133,316 2.5 %
Peter C. Foy & Associates Insurance Services, LLC (dba PCF Insurance Services)(11)(17)(19)First lien senior secured delayed draw term loanSR +6.00%12/202360,469 59,959 60,317 1.1 %
Peter C. Foy & Associates Insurance Services, LLC (dba PCF Insurance Services)(8)(17)(18)First lien senior secured revolving loanL +6.00%11/2027— (21)(6)— %
PCF Midco II, LLC (dba PCF Insurance Services)(16)First lien senior secured loan9.00% PIK10/203149,242 45,330 44,318 0.8 %
Tempo Buyer Corp. (dba Global Claims Services)(7)First lien senior secured loanL +5.50%08/202836,159 35,548 35,255 0.7 %
Tempo Buyer Corp. (dba Global Claims Services)(7)(17)(18)(19)First lien senior secured delayed draw term loanL +5.50%08/2023— (83)(155)— %
Tempo Buyer Corp. (dba Global Claims Services)(15)(17)First lien senior secured revolving loanP +4.50%08/2027413 333 284 — %
USRP Holdings, Inc. (dba U.S. Retirement and Benefits Partners)(7)First lien senior secured loanL +5.50%07/202714,904 14,666 14,606 0.3 %
USRP Holdings, Inc. (dba U.S. Retirement and Benefits Partners)(15)(17)(18)First lien senior secured revolving loanP +5.50%07/2027— (17)(22)— %
KWOR Acquisition, Inc. (dba Alacrity Solutions)(6)First lien senior secured loanL +5.25%12/202832,703 32,285 32,436 0.6 %
KWOR Acquisition, Inc. (dba Alacrity Solutions)(6)(17)(18)First lien senior secured revolving loanL +5.25%12/2027— (42)(34)— %
964,963 944,277 914,268 17.1 %
Internet software and services
Anaplan, Inc.(9)First lien senior secured loanSR +6.50%06/2029$229,639 $227,472 $229,065 4.4 %
Anaplan, Inc.(9)(17)(18)First lien senior secured revolving loanSR +6.50%06/2028— (151)(41)— %
Appfire Technologies, LLC(10)First lien senior secured loanSR +5.50%03/20271,996 1,983 1,981 — %
Appfire Technologies, LLC(10)(17)(18)(19)First lien senior secured delayed draw term loanSR +5.50%06/2024— (122)— — %
Appfire Technologies, LLC(10)(17)First lien senior secured revolving loanSR +5.50%03/202793 72 81 — %
Avalara, Inc.(10)First lien senior secured loanSR +7.25%10/202870,455 69,424 69,398 1.3 %
Avalara, Inc.(10)(17)(18)First lien senior secured revolving loanSR +7.25%10/2028— (102)(106)— %
Armstrong Bidco Limited (dba The Access Group)(14)(23)First lien senior secured loanSA +5.25%06/202931,962 31,917 31,562 0.6 %

38

Owl Rock Core Income Corp.
Consolidated Schedule of Investments (Continued)
As of December 31, 2022
(Amounts in thousands, except share amounts)

Company(1)(2)(3)(20)(29)InvestmentInterestMaturity
Date
Par /
Units
Amortized
Cost(4)(25)
Fair
Value
Percentage
of Net
Assets
Armstrong Bidco Limited (dba The Access Group)(14)(17)(19)(23)First lien senior secured delayed draw term loanSA +5.25%06/202512,942 12,914 12,780 0.2 %
Barracuda Parent, LLC(10)(22)First lien senior secured loanSR +4.50%08/202924,400 23,699 23,485 0.4 %
Barracuda Parent, LLC(10)Second lien senior secured loanSR +7.00%08/203093,250 90,535 89,054 1.7 %
Bayshore Intermediate #2, L.P. (dba Boomi)(6)First lien senior secured loanL +7.75% PIK10/202821,395 21,023 20,967 0.4 %
Bayshore Intermediate #2, L.P. (dba Boomi)(6)(17)First lien senior secured revolving loanL +6.75%10/2027532 503 500 — %
BCPE Nucleon (DE) SPV, LP(8)(23)First lien senior secured loanL +7.00%09/202624,012 23,799 23,952 0.5 %
BCTO BSI Buyer, Inc. (dba Buildertrend)(10)First lien senior secured loanSR +8.00% PIK12/20261,059 1,050 1,059 — %
BCTO BSI Buyer, Inc. (dba Buildertrend)(10)(17)(18)First lien senior secured revolving loanSR +8.00%12/2026— (2)— — %
BTRS Holdings Inc. (dba Billtrust)(10)First lien senior secured loanSR +8.00%12/202810,850 10,527 10,548 0.2 %
BTRS Holdings Inc. (dba Billtrust)(17)(18)(19)First lien senior secured delayed draw term loanSR +7.00%12/2024— — (26)— %
BTRS Holdings Inc. (dba Billtrust)(17)(18)First lien senior secured revolving loanSR +7.00%12/2028— (34)(32)— %
CivicPlus, LLC(7)First lien senior secured loanL +6.75% (2.50% PIK)08/202727,539 27,299 27,471 0.6 %
CivicPlus, LLC(7)(17)(18)First lien senior secured revolving loanL +6.25%08/2027— (19)(6)— %
CP PIK Debt Issuer, LLC (dba CivicPlus, LLC)(11)Unsecured notesSR +11.75% PIK06/203414,315 13,930 14,100 0.3 %
Delta TopCo, Inc. (dba Infoblox, Inc.)(10)(22)First lien senior secured loanSR +3.75%12/20274,314 4,289 3,974 0.1 %
Delta TopCo, Inc. (dba Infoblox, Inc.)(10)Second lien senior secured loanSR +7.25%12/202849,222 48,964 45,776 0.9 %
EET Buyer, Inc. (dba e-Emphasys)(8)First lien senior secured loanL +5.25%11/202719,399 19,236 19,399 0.4 %
EET Buyer, Inc. (dba e-Emphasys)(8)(17)(18)First lien senior secured revolving loanL +5.75%11/2027— (16)— — %
GovBrands Intermediate, Inc.(7)First lien senior secured loanL +5.50%08/20278,262 8,097 7,891 0.2 %
GovBrands Intermediate, Inc.(15)(17)(19)First lien senior secured delayed draw term loanP +4.50%08/20231,864 1,819 1,752 — %
GovBrands Intermediate, Inc.(7)(17)First lien senior secured revolving loanL +5.50%08/2027793 776 753 — %
Granicus, Inc.(6)First lien senior secured loanL +5.50%01/20271,816 1,784 1,771 — %
Granicus, Inc.(6)(17)First lien senior secured revolving loanL +6.50%01/202754 51 50 — %
Granicus, Inc.(6)First lien senior secured delayed draw term loanL +6.00%01/2027343 338 334 — %
Grayshift, LLC(9)First lien senior secured loanSR +7.50%07/202822,468 22,257 22,299 0.4 %
Grayshift, LLC(9)(17)(18)First lien senior secured revolving loanSR +7.50%07/2028— (22)(18)— %
GS Acquisitionco, Inc. (dba insightsoftware)(7)First lien senior secured loanL +5.75%05/20268,994 8,959 8,949 0.2 %

39

Owl Rock Core Income Corp.
Consolidated Schedule of Investments (Continued)
As of December 31, 2022
(Amounts in thousands, except share amounts)

Company(1)(2)(3)(20)(29)InvestmentInterestMaturity
Date
Par /
Units
Amortized
Cost(4)(25)
Fair
Value
Percentage
of Net
Assets
Help/Systems Holdings, Inc.(10)(22)First lien senior secured loanSR +4.00%11/202664,534 64,244 57,919 1.1 %
Help/Systems Holdings, Inc.(10)Second lien senior secured loanSR +6.75%11/202725,000 24,753 22,500 0.4 %
Hyland Software, Inc.(6)(22)First lien senior secured loanL +3.50%07/202423,656 23,442 23,308 0.4 %
Hyland Software, Inc.(6)Second lien senior secured loanL +6.25%07/202560,517 60,275 57,188 1.1 %
Ivanti Software, Inc.(7)Second lien senior secured loanL +7.25%12/202819,000 18,916 14,250 0.3 %
MessageBird BidCo B.V.(6)(23)First lien senior secured loanL +6.75%05/20275,000 4,915 4,888 0.1 %
Ministry Brands Holdings, LLC.(6)First lien senior secured loanL +5.50%12/202849,064 48,195 47,838 0.9 %
Ministry Brands Holdings, LLC.(6)(17)(18)(19)First lien senior secured delayed draw term loanL +5.50%12/2023— (135)(237)— %
Ministry Brands Holdings, LLC.(6)(17)First lien senior secured revolving loanL +5.50%12/20272,373 2,294 2,254 — %
Mitnick Corporate Purchaser, Inc.(9)(17)(21)First lien senior secured revolving loanSR +3.50%05/2027663 669 663 — %
QAD Inc.(6)First lien senior secured loanL +6.00%11/202746,151 45,375 44,997 0.9 %
QAD Inc.(6)(17)(18)First lien senior secured revolving loanL +6.00%11/2027— (97)(150)— %
Perforce Software, Inc.(9)First lien senior secured loanSR +4.50%07/202614,925 14,602 14,701 0.3 %
Proofpoint, Inc.(7)(22)First lien senior secured loanL +3.25%08/20283,232 3,122 3,101 0.1 %
Proofpoint, Inc.(7)Second lien senior secured loanL +6.25%08/20297,500 7,467 7,181 0.1 %
Sailpoint Technologies Holdings, Inc.(9)First lien senior secured loanSR +6.25%08/202959,880 58,663 58,682 1.1 %
Sailpoint Technologies Holdings, Inc.(9)(17)(18)First lien senior secured revolving loanSR +6.25%08/2028— (107)(114)— %
Securonix, Inc.(10)First lien senior secured loanSR +6.50%04/202829,661 29,394 29,364 0.6 %
Securonix, Inc.(10)(17)(18)First lien senior secured revolving loanSR +6.50%04/2028— (47)(53)— %
Sophos Holdings, LLC(7)(22)(23)First lien senior secured loanL +3.50%03/202720,134 20,078 19,480 0.4 %
Tahoe Finco, LLC(6)(23)First lien senior secured loanL +6.00%09/202883,721 83,003 82,256 1.6 %
Tahoe Finco, LLC(6)(17)(18)(23)First lien senior secured revolving loanL +6.00%10/2027— (50)(110)— %
Thunder Purchaser, Inc. (dba Vector Solutions)(7)First lien senior secured loanL +5.75%06/202811,942 11,844 11,703 0.1 %
Thunder Purchaser, Inc. (dba Vector Solutions)(7)(17)First lien senior secured revolving loanL +5.75%06/2027245 240 231 — %
Thunder Purchaser, Inc. (dba Vector Solutions)(7)(17)(19)First lien senior secured delayed draw term loanL +5.75%08/2023731 724 704 — %
When I Work, Inc.(7)First lien senior secured loanL +7.00% PIK11/202723,410 23,223 22,942 0.4 %
Zendesk, Inc.(10)First lien senior secured loanSR +6.50%11/2028120,319 117,945 117,311 2.2 %
Zendesk, Inc.(10)(17)(18)(19)First lien senior secured delayed draw term loanSR +6.50%11/2024— (1,098)(451)— %

40

Owl Rock Core Income Corp.
Consolidated Schedule of Investments (Continued)
As of December 31, 2022
(Amounts in thousands, except share amounts)

Company(1)(2)(3)(20)(29)InvestmentInterestMaturity
Date
Par /
Units
Amortized
Cost(4)(25)
Fair
Value
Percentage
of Net
Assets
Zendesk, Inc.(10)(17)(18)First lien senior secured revolving loanSR +6.50%11/2028— (243)(310)— %
When I Work, Inc.(7)(17)(18)First lien senior secured revolving loanL +6.00%11/2027— (34)(83)— %
1,353,626 1,333,821 1,310,675 24.9 %
Leisure and entertainment
Troon Golf, L.L.C.(8)First lien senior secured loanL +5.75%08/2027$93,412 $93,037 $93,412 1.8 %
Troon Golf, L.L.C.(8)(17)(18)First lien senior secured revolving loanL +6.00%08/2026— (26)— — %
Troon Golf, L.L.C.(7)(17)(19)First lien senior secured delayed draw term loanL +5.75%05/202439,850 39,275 39,850 0.8 %
133,262 132,286 133,262 2.6 %
Manufacturing
ACR Group Borrower, LLC(7)First lien senior secured loanL +4.50%03/2028$4,063 $4,016 $3,972 0.1 %
ACR Group Borrower, LLC(10)First lien senior secured loanSR +6.00%03/2028873 861 866 — %
ACR Group Borrower, LLC(7)(17)First lien senior secured revolving loanL +4.50%03/2026337 329 318 — %
BCPE Watson (DE) ORML, LP(11)(23)(27)First lien senior secured loanSR +6.50%07/2028101,500 100,550 100,485 1.9 %
Engineered Machinery Holdings, Inc. (dba Duravant)(7)(22)First lien senior secured loanL +3.75%05/20284,950 4,930 4,783 0.1 %
Engineered Machinery Holdings, Inc. (dba Duravant)(7)(21)Second lien senior secured loanL +6.50%05/202937,181 37,026 36,902 0.7 %
Engineered Machinery Holdings, Inc. (dba Duravant)(7)Second lien senior secured loanL +6.00%05/202919,160 19,115 18,921 0.4 %
Gloves Buyer, Inc. (dba Protective Industrial Products)(6)First lien senior secured loanL +4.00%12/202718,775 18,433 18,634 0.4 %
Gloves Buyer, Inc. (dba Protective Industrial Products)(6)Second lien senior secured loanL +8.25%12/202811,728 11,457 11,553 0.2 %
MHE Intermediate Holdings, LLC (dba OnPoint Group)(11)First lien senior secured loanSR +6.00%07/202787,049 86,306 86,177 1.7 %
MHE Intermediate Holdings, LLC (dba OnPoint Group)(11)First lien senior secured loanSR +6.25%07/202712,968 12,722 12,870 0.2 %
MHE Intermediate Holdings, LLC (dba OnPoint Group)(11)(17)First lien senior secured revolving loanSR +6.00%07/2027500 473 464 — %
Pro Mach Group, Inc.(6)(22)First lien senior secured loanL +4.00%08/202830,628 30,462 29,740 0.6 %
329,712 326,680 325,685 6.3 %
Professional Services
Apex Group Treasury, LLC(9)(23)First lien senior secured loanSR +5.00%07/2028$25,000 $23,509 $24,000 0.5 %
Apex Group Treasury, LLC(7)(23)Second lien senior secured loanL +6.75%07/202911,618 11,444 11,037 0.2 %
Apex Service Partners, LLC(11)First lien senior secured delayed draw term loanSR +5.50%07/202591,701 90,581 91,013 1.7 %
Apex Service Partners, LLC(11)(17)First lien senior secured revolving loanSR +5.25%07/20252,875 2,821 2,841 0.1 %
Apex Service Partners Intermediate 2, LLC(16)First lien senior secured loan12.50% PIK07/20275,120 5,003 5,017 0.1 %
Corporation Service Company(9)(21)(22)First lien senior secured loanSR +3.25%11/20293,000 2,914 2,963 0.1 %
EM Midco2 Ltd. (dba Element Materials Technology)(10)(21)(23)First lien senior secured loanSR +4.25%06/202927,948 27,916 27,388 0.5 %

41

Owl Rock Core Income Corp.
Consolidated Schedule of Investments (Continued)
As of December 31, 2022
(Amounts in thousands, except share amounts)

Company(1)(2)(3)(20)(29)InvestmentInterestMaturity
Date
Par /
Units
Amortized
Cost(4)(25)
Fair
Value
Percentage
of Net
Assets
Guidehouse Inc.(6)First lien senior secured loanL +6.25%10/2028106,731 105,657 105,664 2.0 %
Relativity ODA LLC(6)First lien senior secured loanL +7.75% PIK05/20274,984 4,933 4,972 0.1 %
Relativity ODA LLC(6)(17)(18)First lien senior secured revolving loanL +6.50%05/2027— (5)(1)— %
Sovos Compliance, LLC(6)(22)First lien senior secured loanL +4.50%08/202824,330 23,965 22,383 0.4 %
Vistage Worldwide, Inc.(9)(21)First lien senior secured loanSR +5.25%07/20294,988 4,857 4,863 0.1 %
308,295 303,595 302,140 5.8 %
Specialty retail
Central Parent, Inc.(10)(22)First lien senior secured loanSR +4.50%07/2029$9,400 $9,133 $9,304 0.2 %
Ideal Image Development, LLC(9)First lien senior secured loanSR +6.50%09/20275,839 5,729 5,737 0.1 %
Ideal Image Development, LLC(9)(17)(18)(19)First lien senior secured delayed draw term loanSR +6.50%03/2024— (3)(2)— %
Ideal Image Development, LLC(9)(17)(18)First lien senior secured revolving loanSR +6.50%09/2027— (17)(16)— %
Notorious Topco, LLC (dba Beauty Industry Group)(10)First lien senior secured loanSR +6.75%11/202760,306 59,536 60,005 1.1 %
Notorious Topco, LLC (dba Beauty Industry Group)(10)First lien senior secured loanSR +6.75%11/2027164,259 162,023 163,437 3.1 %
Notorious Topco, LLC (dba Beauty Industry Group)(10)(17)(19)First lien senior secured delayed draw term loanSR +6.75%11/20235,255 5,148 5,229 0.1 %
Notorious Topco, LLC (dba Beauty Industry Group)(10)(17)First lien senior secured revolving loanSR +6.75%05/2027880 817 854 — %
Milan Laser Holdings LLC(9)First lien senior secured loanSR +5.00%04/202720,424 20,270 20,424 0.4 %
Milan Laser Holdings LLC(9)(17)(18)First lien senior secured revolving loanSR +5.00%04/2026— (12)— — %
The Shade Store, LLC(10)First lien senior secured loanSR +6.00%10/202767,500 66,799 65,644 1.3 %
The Shade Store, LLC(10)First lien senior secured loanSR +7.00%10/202610,714 10,411 10,527 0.2 %
The Shade Store, LLC(10)(17)First lien senior secured revolving loanSR +6.00%10/20261,909 1,845 1,722 — %
346,486 341,679 342,865 6.5 %
Telecommunications
Park Place Technologies, LLC(9)(22)First lien senior secured loanSR +5.00%11/2027$1,145 $1,111 $1,076 — %
1,145 1,111 1,076 — %
Transportation
Motus Group, LLC(6)Second lien senior secured loanL +6.50%12/2029$10,000 $9,910 $9,800 0.2 %
Safe Fleet Holdings, LLC(9)(22)First lien senior secured loanSR +3.75%02/202926,052 25,451 25,140 0.5 %
36,052 35,361 34,940 0.7 %
Total non-controlled/non-affiliated portfolio
company debt investments
$10,075,509 $9,924,806 $9,802,730 186.3 %
Equity Investments
Automotive
CD&R Value Building Partners I, L.P. (dba Belron)(23)(24)(26)LP InterestN/AN/A33,061 $33,108 $33,957 0.6 %

42

Owl Rock Core Income Corp.
Consolidated Schedule of Investments (Continued)
As of December 31, 2022
(Amounts in thousands, except share amounts)

Company(1)(2)(3)(20)(29)InvestmentInterestMaturity
Date
Par /
Units
Amortized
Cost(4)(25)
Fair
Value
Percentage
of Net
Assets
Metis HoldCo, Inc. (dba Mavis Tire Express Services)(16)(24)Series A Convertible Preferred Stock7.00% PIKN/A12,085 11,781 11,632 0.2 %
44,889 45,589 0.8 %
Buildings and real estate
Associations Finance, Inc.(16)(24)Preferred Stock12.00% PIKN/A215,000,000 $217,148 $218,299 4.2 %
Dodge Construction Network Holdings, L.P.(10)(24)Series A Preferred UnitsSR +8.25% PIKN/A— — %
Dodge Construction Network Holdings, L.P.(24)(26)Class A-2 Common UnitsN/AN/A143,963 123 122 — %
217,274 218,424 4.2 %
Business services
Denali Holding LP (dba Summit Companies)(24)(26)Class A UnitsN/AN/A686,513 $7,076 $8,837 0.2 %
Hercules Buyer, LLC (dba The Vincit Group)(24)(26)(28)Common UnitsN/AN/A10,000 10 11 — %
Knockout Intermediate Holdings I Inc. (dba Kaseya)(16)(24)Perpetual Preferred Stock11.75% PIKN/A53,600 52,327 52,930 1.0 %
59,413 61,778 1.2 %
Consumer products
ASP Conair Holdings LP(24)(26)Class A UnitsN/AN/A9,286 $929 $833 — %
929 833 — %
Food and beverage
Hissho Sushi Holdings, LLC(24)(26)Class A UnitsN/AN/A941,780 $9,418 $10,404 0.2 %
9,418 10,404 0.2 %
Healthcare equipment and services
Maia Aggregator, LP(24)(26)Class A-2 UnitsN/AN/A12,921,348 $12,921 $13,711 0.3 %
KPCI Holdings, L.P.(24)(26)Class A UnitsN/AN/A1,781 2,313 2,472 — %
Patriot Holdings SCSp (dba Corza Health, Inc.)(16)(23)(24)Class A Units8.00% PIKN/A982 1,073 1,086 — %
Patriot Holdings SCSp (dba Corza Health, Inc.)(23)(24)(26)Class B UnitsN/AN/A13,517 146 158 — %
Rhea Acquisition Holdings, LP(24)(26)Series A-2 UnitsN/AN/A11,964,286 11,964 11,964 0.2 %
28,417 29,391 0.5 %
Healthcare providers and services
KOBHG Holdings, L.P. (dba OB Hospitalist)(24)(26)Class A InterestsN/AN/A3,520 $3,520 $3,269 0.1 %
3,520 3,269 0.1 %
Healthcare technology
Minerva Holdco, Inc.(16)(24)Series A Preferred Stock10.75% PIKN/A106,896 $105,050 $96,206 1.8 %
BEHP Co-Investor II, L.P.(23)(24)(26)LP InterestN/AN/A1,269,969 1,266 1,265 — %
Orange Blossom Parent, Inc.(24)(26)Common EquityN/AN/A16,667 1,667 1,667 — %
WP Irving Co-Invest, L.P.(23)(24)(26)Partnership UnitsN/AN/A1,250,000 1,251 1,250 — %
109,234 100,388 1.8 %
Household products
Evology LLC(24)(26)Class B UnitsN/AN/A316 $1,512 $1,940 — %
1,512 1,940 — %
Human resource support services
Sunshine Software Holdings, Inc. (dba Cornerstone OnDemand)(16)(24)Series A Preferred Stock10.50% PIKN/A13,711 $13,425 $12,408 0.2 %
13,425 12,408 0.2 %
Insurance
Accelerate Topco Holdings, LLC(24)(26)Common UnitsN/AN/A88,211 $2,435 $2,435 — %
Evolution Parent, LP (dba SIAA)(24)(26)LP InterestN/AN/A2,703 270 270 — %
GrowthCurve Capital Sunrise Co-Invest LP (dba Brightway)(24)(26)LP InterestN/AN/A421 426 421 — %
PCF Holdco, LLC (dba PCF Insurance Services)(24)(26)Class A UnitsN/AN/A6,047,390 15,336 27,614 0.5 %

43

Owl Rock Core Income Corp.
Consolidated Schedule of Investments (Continued)
As of December 31, 2022
(Amounts in thousands, except share amounts)

Company(1)(2)(3)(20)(29)InvestmentInterestMaturity
Date
Par /
Units
Amortized
Cost(4)(25)
Fair
Value
Percentage
of Net
Assets
18,467 30,740 0.5 %
Internet software and services
Brooklyn Lender Co-Invest 2, L.P. (dba Boomi)(24)(26)Common UnitsN/AN/A1,729,439 $1,729 $1,701 — %
Insight CP (Blocker) Holdings, L.P. (dba CivicPlus, LLC)(23)(24)(26)LP InterestN/AN/A— 987 987 — %
Elliott Alto Co-Investor Aggregator L.P.(23)(24)(26)LP InterestN/AN/A6,530 6,549 6,530 0.1 %
Picard Holdco, Inc.(10)(24)Series A Preferred StockSR +12.00% PIKN/A53,535 52,016 51,929 1.0 %
MessageBird Holding B.V.(23)(24)(26)Extended Series C WarrantsN/AN/A7,980 49 — %
Project Alpine Co-Invest Fund, L.P.(23)(24)(26)LP InterestN/AN/A17,000 17,010 17,000 0.3 %
Thunder Topco L.P. (dba Vector Solutions)(24)(26)Common UnitsN/AN/A712,884 713 704 — %
WMC Bidco, Inc. (dba West Monroe)(16)(24)Senior Preferred Stock11.25% PIKN/A36,855 36,077 34,459 0.7 %
Project Hotel California Co-Invest Fund, L.P.(23)(24)(26)LP InterestN/AN/A3,522 3,525 3,522 0.1 %
BCTO WIW Holdings, Inc. (dba When I Work)(24)(26)Class A Common StockN/AN/A57,000 5,700 5,134 0.1 %
Zoro TopCo, Inc. (dba Zendesk, Inc.)(16)(24)Series A Preferred Stock12.50% PIKN/A16,562 15,982 15,982 0.3 %
Zoro TopCo, L.P. (dba Zendesk, Inc.)(24)(26)Class A Common UnitsN/AN/A1,380,129 13,801 13,801 0.3 %
154,138 151,755 2.9 %
Manufacturing
Gloves Holdings, LP (dba Protective Industrial Products)(24)(26)LP InterestN/AN/A1,000 $100 $118 — %
100 118 — %
Total non-controlled/non-affiliated portfolio
company equity investments
$660,736 $667,037 12.4 %
Total non-controlled/non-affiliated portfolio
company investments
$10,585,542 $10,469,767 198.7 %
Non-controlled/affiliated portfolio company investments
Equity Investments
Healthcare technology
LSI Financing 1 DAC(23)(24)(26)(27)(30)Preferred equityN/AN/A6,175 $6,224 $6,175 0.1 %
6,224 6,175 0.1 %
Total non-controlled/affiliated portfolio
company equity investments
$6,224 $6,175 0.1 %
Controlled/affiliated portfolio company investments
Asset Based Lending and Fund Finance
Amergin Asset Management, LLC(23)(24)(26)(31)Class A UnitsN/AN/A50,000,000 $— $— — %
AAM Series 2.1 Aviation Feeder, LLC(17)(19)(23)(24)(26)(31)LLC InterestN/AN/A1,568 1,569 1,568 — %
AAM Series 1.1 Rail and Domestic Intermodal Feeder, LLC(17)(19)(23)(24)(26)(31)LLC InterestN/AN/A— — — — %
1,569 1,568 — %
Insurance
Fifth Season Investments LLC(24)(26)(27)(31)Class A UnitsN/AN/A28 $89,680 $89,680 1.7 %
89,680 89,680 1.7 %

44

Owl Rock Core Income Corp.
Consolidated Schedule of Investments (Continued)
As of December 31, 2022
(Amounts in thousands, except share amounts)

Company(1)(2)(3)(20)(29)InvestmentInterestMaturity
Date
Par /
Units
Amortized
Cost(4)(25)
Fair
Value
Percentage
of Net
Assets
Investment Funds & Vehicles
ORCIC Senior Loan Fund LLC(21)(23)(24)(27)(31)(33)LLC InterestN/AN/A141,777 $141,777 $140,394 2.7 %
141,777 140,394 2.7 %
Total controlled/affiliated portfolio
company equity investments
$233,026 $231,642 4.4 %
Total Investments$10,824,792 $10,707,584 203.2 %
Interest Rate Swaps as of December 31, 2022
Company
Receives
Company
Pays
Maturity DateNotional AmountHedged
Instrument
Footnote
Reference
Interest rate swap7.75%S+ 3.84%9/16/2027$600,000 September 2027 NotesNote 6
Total$600,000 
(1)Certain portfolio company investments are subject to contractual restrictions on sales.
(2)Unless otherwise indicated, all investments are non-controlled, non-affiliated investments. Non-controlled, non-affiliated investments are defined as investments in which the Company owns less than 5% of the portfolio company’s outstanding voting securities and does not have the power to exercise control over the management or policies of such portfolio company.
(3)Unless otherwise indicated, all investments are considered Level 3 investments.
(4)The amortized cost represents the original cost adjusted for the amortization and accretion of discountspremiums and premiums,discounts, as applicable, on debt investments using the effective interest method.
(5)Unless otherwise indicated, loan contains a variable rate structure, and may be subject to an interest rate floor. Variable rate loans bear interest at a rate that may be determined by reference to either the London Interbank Offered Rate (“LIBOR” or “L”) (which can include one-, two-, three-, six-, or six-monthtwelve-month LIBOR), Secured Overnight Financing Rate ("SOFR" or "SR") (which can include one-, three-, six- or twelve-month SOFR), Euro Interbank Offered Rate ("EURIBOR" or "E"), Canadian Dollar Offered Rate ("CDOR" or "C") (which can include one-, the-, six- or twelve-month CDOR), Sterling (SP) Overnight Interbank Average Rate ("SONIA" or "SA") or an alternate base rate (which can include the Federal Funds Effective Rate or the Prime Rate)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, 20212022 was 0.10%4.39%.
(7)The interest rate on these loans is subject to 2 month LIBOR, which as of December 31, 2021 was 0.15%.
(8)The interest rate on these loans is subject to 3 month LIBOR, which as of December 31, 20212022 was 0.21%4.77%.
(9)(8)The interest rate on these loans is subject to 6 month LIBOR, which as of December 31, 20212022 was 0.34%5.14%.
(9)The interest rate on these loans is subject to 1 month SOFR, which as of December 31, 2022 was 4.36%
(10)The interest rate on these loans is subject to 3 month SOFR, which as of December 31, 2022 was 4.59%.
(11)The interest rate on these loans is subject to 6 month SOFR, which as of December 31, 2022 was 4.78%.
(12)The interest rate on these loans is subject to 3 month CDOR, which as of December 31, 20212022 was 0.52%4.94%.
(11)(13)The interest rate on these loans is subject to 3 month EURIBOR, which as of December 31, 2022 was 2.13%
(14)The interest rate on these loans is subject to SONIA, which as of December 31, 20212022 was 0.19%3.43%.
(12)(15)The interest rate on these loans is subject to Prime, which as of December 31, 20212022 was 3.25%.7.50%
(13)(16)Investment does not contain a variable rate structure.
(17)Position or portion thereof is an unfunded loan or equity commitment. See Note 7 “Commitments and Contingencies”.
(14)(18)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)(19)The date disclosed represents the commitment period of the unfunded term loan. Upon expiration of the commitment period, the funded portion of the term loan may be subject to a longer maturity date.
(16)Represents(20)Unless otherwise indicated, represents a co-investment made with the Company’s affiliates in accordance with the terms of exemptive relief that the Company received from the U.S. Securities and Exchange Commission. See Note 3 "Agreements and Related Party Transactions".
(17)(21)This portfolio company was not a co-investment made with the Company's affiliates in accordance with the terms of exemptive relief that the Company received from the U.S. Securities and Exchange Commission.
(22)Level 2 Investment.
(18)(23)This portfolio company is not a qualifying asset under Section 55(a) of the 1940 Act. Under the 1940 Act, the Company may not acquire any non-qualifying assetsasset unless, at the time such acquisition is made, qualifying assets represent at least 70% of total

45

Owl Rock Core Income Corp.
Consolidated Schedule of Investments (Continued)
As of December 31, 2022
(Amounts in thousands, except share amounts)

assets. As of December 31, 2021,2022, non-qualifying assets represented 7.9%12.8% of total assets as calculated in accordance with the regulatory requirements.
(19)(24)Security acquired in transaction exempt from registration under the Securities Act of 1933, and may be deemed to be “restricted security” under the Securities Act. As of December 31, 2021,2022, the aggregate fair value of these securities is $128.7$904.9 million, or 8.1%17.2% of the Company’s net assets. The acquisition dates of the restricted securities are as follows:


Portfolio CompanyInvestmentAcquisition Date
AAM Series 1.1 Rail and Domestic Intermodal Feeder, LLC**LLC InterestJuly 1, 2022
AAM Series 2.1 Aviation Feeder, LLC**LLC InterestJuly 1, 2022
Accelerate Topco Holdings, LLCCommon UnitsSeptember 1, 2022
Amergin Asset Management, LLCClass A UnitsJuly 1, 2022
ASP Conair Holdings LPClass A UnitsMay 17, 2021
Associations Finance, Inc.Preferred StockJune 10, 2022
BCTO WIW Holdings, Inc. (dba When I Work)Class A Common StockNovember 2, 2021
BEHP Co-Investor II, L.P.LP InterestMay 6, 2022
Brooklyn Lender Co-Invest 2, L.P. (dba Boomi)Common UnitsOctober 1, 2021
CD&R Value Building Partners I, L.P. (dba Belron)LP InterestDecember 12,2, 2021
Denali Holding LP (dba Summit Companies)Class A UnitsSeptember 14, 2021
Dodge Construction Network Holdings, L.P.Class A-2 Common UnitsFebruary 23, 2022
Dodge Construction Network Holdings, L.P.Series A Preferred UnitsFebruary 23, 2022
Elliott Alto Co-Investor Aggregator L.P.LP InterestSeptember 28, 2022
Evology LLCClass B UnitsJanuary 21, 2022
Evolution Parent, LP (dba SIAA)LP InterestApril 30, 2021
Fifth Season Investments LLC (fka Chapford SMA Partnership, L.P.)**Class A UnitsOctober 17, 2022
Gloves Holding, LP (dba Protective Industrial Products)LP InterestDecember 28, 2020
GrowthCurve Capital Sunrise Co-Invest LP (dba Brightway)LP InterestDecember 16, 2021
Hercules Buyer, LLC (dba The Vincit Group)Common UnitsDecember 15, 2020
Hissho Sushi Holdings, LLCClass A UnitsMay 17, 2022
Insight CP (Blocker) Holdings, L.P. (dba CivicPlus, LLC)LP InterestJune 8, 2022
Knockout Intermediate Holdings I Inc. (dba Kaseya)Perpetual Preferred StockJune 22, 2022
KOBHG Holdings, L.P. (dba OB Hospitalist)Class A InterestsSeptember 27, 2021
KPCI Holdings, L.P.Class A UnitsNovember 25, 2020
LSI Financing 1 DAC**Preferred equityDecember 14, 2022
Maia Aggregator, LPClass A-2 UnitsFebruary 1, 2022
MessageBird Holding B.V.Extended Series C WarrantsMay 5, 2021
Metis HoldCo, Inc. (dba Mavis Tire Express Services)Series A Convertible Preferred StockMay 3, 2021
Minerva Holdco, Inc.Series A Preferred StockFebruary 14, 2022
Orange Blossom Parent, Inc.Common EquityJuly 29, 2022
ORCIC Senior Loan Fund LLC*LLC InterestNovember 2, 2022
Patriot Holdings SCSp (dba Corza Health, Inc.)Class A UnitsJanuary 29, 2021
Patriot Holdings SCSp (dba Corza Health, Inc.)Class B UnitsJanuary 29, 2021
PCF Holdco, LLC (dba PCF Insurance Services)Class A UnitsNovember 1, 2021
Picard Holdco, Inc.Series A Preferred StockSeptember 29, 2022
Project Alpine Co-Invest Fund, L.P.LP InterestJune 13, 2022
Project Hotel California Co-Invest Fund, L.P.LP InterestAugust 9, 2022
Rhea Acquistion Holdings, LPSeries A-2 UnitsFebruary 18, 2022
Sunshine Software Holdings, Inc. (dba Cornerstone OnDemand)Series A Preferred StockOctober 14, 2021
Thunder Topco L.P. (dba Vector Solutions)Common UnitsJune 30, 2021


3546


Owl Rock Core Income Corp.
Consolidated Schedule of Investments (Continued)
As of December 31, 20212022
(Amounts in thousands, except share amounts)


Portfolio CompanyInvestmentAcquisition Date
Denali Holding LP (dba Summit Companies)Class A UnitsSeptember 15, 2021
Evolution Parent, LP (dba SIAA)Class A InterestsApril 30, 2021
Gloves Holding, LP (dba Protective Industrial Products)LP InterestDecember 29, 2020
GrowthCurve Capital Sunrise Co-Invest LP (dba Brightway)LP InterestDecember 16, 2021
Hercules Buyer, LLC (dba The Vincit Group)Common UnitsDecember 15, 2020
KOBHG Holdings, L.P. (dba OB Hospitalist)Class A InterestsSeptember 27, 2021
KPCI Holdings, L.P.LP InterestNovember 30, 2020
MessageBird Holding B.V.Extended Series C WarrantsApril 29, 2021
Metis HoldCo, Inc. (dba Mavis Tire Express Services)Series A Convertible Preferred StockMay 4, 2021
Patriot Holdings SCSp (dba Corza Health, Inc.)Class A UnitsJanuary 29, 2021
Patriot Holdings SCSp (dba Corza Health, Inc.)Class B UnitsJanuary 29, 2021
PCF Holdco, LLC (dba PCF Insurance Services)Class A UnitsNovember 1, 2021
PCF Holdco, LLC (dba PCF Insurance Services)Class A WarrantsNovember 1, 2021
Restore OMH Intermediate Holdings, Inc.Senior Preferred StockDecember 9, 2020
Skyline Holdco B, Inc. (dba Dodge Data & Analytics)Series A Preferred StockApril 14, 2021
Sunshine Software Holdings, Inc. (dba Cornerstone OnDemand)Series A Preferred StockOctober 15, 2021
Thunder Topco L.P. (dba Vector Solutions)Common UnitsJune 30, 2021
WMC Bidco, Inc. (dba West Monroe)Senior Preferred StockNovember 9,8, 2021
WP Irving Co-Invest, L.P.Partnership UnitsMay 18, 2022
Zoro TopCo, Inc. (dba Zendesk)Class A Common UnitsNovember 22, 2022
Zoro TopCo, L.P. (dba Zendesk)Series A Preferred StockNovember 22, 2022

*Refer to Note 4 "Investments - ORCIC Senior Loan Fund LLC", for further information.
(20)** Refer to Note 3 "Agreements and Related Party Transactions - Controlled/Affiliated Portfolio Companies".

(25)As of December 31, 2021,2022, the net estimated unrealized gainloss on investments for U.S. federal income tax purposes was $4.2$109.1 million based on a tax cost basis of $3.1$10.8 billion. As of December 31, 2021,2022, the estimated aggregate gross unrealized loss for U.S. federal income tax purposes was $1.5$158.9 million. As of December 31, 2021,2022, the estimated aggregate gross unrealized gain for U.S. federal income tax purposes was $5.7$49.8 million.
(20)(26)Investment is non-income producing.
(21)(27)Investment is not pledged as collateral forunder the credit facilities.Revolving Credit Facility and the SPV Asset Facilities.
(22)(28)We invest in this portfolio company through underlying blocker entities Hercules Blocker 1 LLC, Hercules Blocker 2 LLC, Hercules Blocker 3 LLC, Hercules Blocker 4 LLC, and Hercules Blocker 5 LLC.
(23)Investment does not contain a variable rate structure.
(24)(29)Unless otherwise indicated, the Company’s portfolio companies are pledged as collateral supporting the amounts outstanding under the Revolving Credit Facility and SPV Asset Facilities. See Note 6 "Debt".

(30)As defined in 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 voting securities or has the power to exercise control over management or policies of such portfolio company, including through a management agreement (non-controlled affiliate"). Transactions related to investments in non-controlled affiliates for the year ended December 31, 2022 were as follows:
CompanyFair 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 December 31, 2022Dividend IncomeOther Income
LSI Financing 1 DAC$— $6,224 $— $(49)$— $6,175 $— $— 
Total$— $6,224 $— $(49)$— $6,175 $— $— 
________
(a) Gross additions may include increases in the cost basis of investments resulting from new investments, amounts related to payment-in-kind (“PIK”) interest capitalized and added to the principal balance of the respective loans, the accretion of discounts, the exchange of one or more existing investments for one or more new investments and the movement at fair value of an existing portfolio company into this controlled affiliated category from a different category.
(b) Gross reductions may include decreases in the cost basis of investments resulting from principal collections related to investment repayments and sales, return of capital, the amortization of premiums and the exchange of one or more existing securities for one or more new securities.

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


3647

Owl Rock Core Income Corp.
Consolidated Schedule of Investments (Continued)
As of December 31, 2022
(Amounts in thousands, except share amounts)

CompanyFair 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 December 31, 2022Dividend IncomeOther Income
AAM Series 2.1 Aviation Feeder, LLC (c)$— $1,569 $— $(1)$— $1,568 $— $— 
AAM Series 1.1 Rail and Domestic Intermodal Feeder, LLC (c)— — — — — — — — 
Fifth Season Investments LLC (fka Chapford SMA Partnership, L.P.)— 99,162 (9,800)— — 89,680 201 — 
ORCIC Senior Loan Fund, LLC— 141,777 — (1,383)— 140,394 3,171 — 
Total$— $242,508 $(9,800)$(1,384)$— $231,642 $3,372 $— 
________
(a) Gross additions may include increases in the cost basis of investments resulting from new investments, amounts related to payment-in-kind (“PIK”) interest capitalized and added to the principal balance of the respective loans, the accretion of discounts, the exchange of one or more existing investments for one or more new investments and the movement at fair value of an existing portfolio company into this controlled affiliated category from a different category.
(b) Gross reductions may include decreases in the cost basis of investments resulting from principal collections related to investment repayments and sales, return of capital, the amortization of premiums and the exchange of one or more existing securities for one or more new securities.
(c) 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.

(32)Investment was on non-accrual status as of December 31, 2022.
(33)Investment measured at net asset value ("NAV")


48



Owl Rock Core Income Corp.
Consolidated Statements of Changes in Net Assets
(Amounts in thousands)
(Unaudited)


For the Three Months Ended September 30,For the Nine Months Ended September 30,
2022202120222021
Increase (Decrease) in Net Assets Resulting from Operations
Net investment income (loss)$106,013 $6,038 $217,677 $8,269 
Net change in unrealized gain (loss)47,040 2,182 (145,347)3,016 
Net realized gain (loss) on investments(182)915 386 922 
Net Increase (Decrease) in Net Assets Resulting from Operations152,871 9,135 72,716 12,207 
Distributions
Class S(28,903)(1,515)(63,284)(1,768)
Class D(7,852)(846)(17,866)(1,185)
Class I(52,708)(4,973)(111,969)(6,982)
Net Decrease in Net Assets Resulting from Shareholders' Distributions(89,463)(7,334)(193,119)(9,935)
Capital Share Transactions
Class S:
Issuance of shares of common stock229,005 136,218 1,095,257 162,798 
Repurchase of common shares(8,769)— (23,135)— 
Reinvestment of shareholders' distributions9,333 410 19,227 480 
Net Increase (Decrease) in Net Assets Resulting from Capital Share Transactions - Class S229,569 136,628 1,091,349 163,278 
Class D:
Issuance of shares of common stock50,343 34,701 238,491 65,893 
Repurchase of common shares(1,132)(55)(2,546)(55)
Reinvestment of shareholders' distributions3,060 365 6,921 479 
Net Increase (Decrease) in Net Assets Resulting from Capital Share Transactions - Class D52,271 35,011 242,866 66,317 
Class I:
Issuance of shares of common stock515,241 246,709 1,946,144 385,557 
Repurchase of common shares(32,978)(291)(68,370)(291)
Reinvestment of shareholders' distributions17,350 1,044 33,943 1,283 
Net Increase (Decrease) in Net Assets Resulting from Capital Share Transactions - Class I499,613 247,462 1,911,717 386,549 
Total Increase (Decrease) in Net Assets844,861 420,902 3,125,529 618,416 
Net Assets, at beginning of period3,861,396 209,787 1,580,728 12,273 
Net Assets, at end of period$4,706,257 $630,689 $4,706,257 $630,689 


For the Three Months Ended March 31,
20232022
Increase (Decrease) in Net Assets Resulting from Operations
Net investment income (loss)$165,575 $42,591 
Net change in unrealized gain (loss)64,035 (23,457)
Net realized gain (loss) on investments(4,577)437 
Net Increase (Decrease) in Net Assets Resulting from Operations225,033 19,571 
Distributions
Class S(42,432)(13,725)
Class D(11,218)(4,134)
Class I(79,924)(22,520)
Net Decrease in Net Assets Resulting from Shareholders' Distributions(133,574)(40,379)
Capital Share Transactions
Class S:
Issuance of shares of common stock160,775 449,368 
Repurchase of common shares(21,643)(6,001)
Reinvestment of shareholders' distributions15,832 3,630 
Net Increase (Decrease) in Net Assets Resulting from Capital Share Transactions - Class S154,964 446,997 
Class D:
Issuance of shares of common stock46,175 115,402 
Repurchase of common shares(3,453)(304)
Reinvestment of shareholders' distributions4,787 1,461 
Net Increase (Decrease) in Net Assets Resulting from Capital Share Transactions - Class D47,509 116,559 
Class I:
Issuance of shares of common stock368,008 650,996 
Repurchase of common shares(68,024)(16,978)
Reinvestment of shareholders' distributions28,728 5,885 
Net Increase (Decrease) in Net Assets Resulting from Capital Share Transactions - Class I328,712 639,903 
Total Increase (Decrease) in Net Assets622,644 1,182,651 
Net Assets, at beginning of period5,249,753 1,580,728 
Net Assets, at end of period$5,872,397 $2,763,379 


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


3749



Owl Rock Core Income Corp.
Consolidated Statements of Cash Flows
(Amounts in thousands)
(Unaudited)

For the Three Months Ended March 31,
20232022
Cash Flows from Operating Activities
Net Increase (Decrease) in Net Assets Resulting from Operations$225,033 $19,571 
Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash used in operating activities:
Purchases of investments, net(858,378)(2,501,553)
Proceeds from investments and investment repayments, net78,272 46,050 
Net change in unrealized (gain) loss on investments(63,904)23,285 
Net change in unrealized (gain) loss on interest rate swap attributed to
unsecured notes
(676)— 
Net change in unrealized (gain) loss on translation of assets and liabilities in foreign currencies(138)172 
Net change in unrealized (gain) loss on Income tax (provision) benefit— 
Net realized (gain) loss on investments4,577 (250)
Paid-in-kind interest and dividends(33,563)(7,876)
Net amortization/accretion of premium/discount on investments(6,804)(2,259)
Amortization of debt issuance costs3,697 1,408 
Amortization of offering costs613 1,171 
Changes in operating assets and liabilities:
(Increase) decrease in interest receivable(1,766)(8,498)
(Increase) decrease in due from affiliates20,202 (4,062)
(Increase) decrease in prepaid expenses and other assets(320)(13,314)
Increase (decrease) in payable for investments purchased71,999 310,582 
Increase (decrease) in payables to affiliates509 1,626 
Increase (decrease) in accrued expenses and other liabilities(28,398)5,576 
Net cash used in operating activities(589,038)(2,128,371)
Cash Flows from Financing Activities
Borrowings on debt992,000 2,693,564 
Repayments of debt(545,000)(1,663,601)
Debt issuance costs(3,532)(25,278)
Repurchase of common stock(110,836)(1,413)
Proceeds from issuance of common shares574,958 1,215,766 
Distributions paid to shareholders(79,748)(22,540)
Net cash provided by financing activities827,8422,196,498
Net increase (decrease) in cash and restricted cash, including foreign cash (restricted cash of238,804 68,127 
Cash and restricted cash, beginning of period225,247 21,459 
Cash and restricted cash, end of period$464,051 $89,586 
Supplemental and Non-Cash Information
Interest paid during the period$112,416 $8,997 
Distributions declared during the period$133,574 $40,379 
Reinvestment of distributions during the period$49,347 $10,976 
Distributions payable$41,515 $15,868 
For the Nine Months Ended September 30,
20222021
Cash Flows from Operating Activities
Net Increase (Decrease) in Net Assets Resulting from Operations$72,716 $12,207 
Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash used in operating activities:
Purchases of investments, net(7,495,239)(1,841,997)
Proceeds from investments and investment repayments, net499,443 420,227 
Net change in unrealized (gain) loss on investments142,695 (3,023)
Net change in unrealized (gain) loss on translation of assets and liabilities in foreign currencies2,652 
Net realized (gain) loss on investments(125)(924)
Net realized (gain) loss on foreign currency transactions relating to investments(261)— 
Paid-in-kind interest and dividends(37,613)(558)
Net amortization/accretion of premium/discount on investments(11,616)(888)
Amortization of debt issuance costs7,036 627 
Amortization of offering costs3,440 — 
Changes in operating assets and liabilities:
(Increase) decrease in interest receivable(43,009)(5,931)
(Increase) decrease in receivable for investments sold(1,965)(110,131)
(Increase) decrease in prepaid expenses and other assets(4,777)(2,680)
Increase (decrease) in payable for investments purchased32,425 7,980 
Increase (decrease) in payables to affiliates13,391 5,806 
Increase (decrease) in tender payable41,465 347 
Increase (decrease) in accrued expenses and other liabilities38,173 3,454 
Net cash used in operating activities(6,741,169)(1,515,477)
Cash Flows from Financing Activities
Borrowings on debt8,348,247 1,993,455 
Repayments of debt(4,479,600)(968,100)
Debt issuance costs(49,880)(13,699)
Repurchase of common stock(94,051)— 
Proceeds from issuance of common shares3,279,892 613,902 
Distributions paid to shareholders(108,548)(4,339)
Net cash provided by financing activities6,896,0601,621,219
Net increase (decrease) in cash154,891 105,742 
Cash, beginning of period21,4598,153
Cash, end of period$176,350 $113,895 
Supplemental and Non-Cash Information
Interest paid during the period$75,272$2,411
Distributions declared during the period$193,119$9,935
Reinvestment of distributions during the period$60,091$2,242
Distributions payable$33,485$3,354

The accompanying notes are an integral part of these consolidated financial statements.
3850


Owl Rock Core Income Corp.
Notes to Consolidated Financial Statements
(Unaudited)


Note 1. Organization and Principal Business


Owl Rock Core Income Corp., (“Owl Rock” or the “Company”) is a Maryland corporation formed on April 22, 2020. The Company was formed primarily to originate and make loans to, and make debt and equity investments in, U.S. middle market companies. The Company’s investment objective is to generate current income and to a lesser extent, capital appreciation by targeting investment opportunities with favorable risk-adjusted returns. The Company invests in senior secured or unsecured loans, subordinated loans or mezzanine loans and, to a lesser extent, equity and equity-related securities which include common and preferred stock, securities convertible into common stock, and warrants. The Company may on occasion invest in smaller or larger companies if an attractive opportunity presents itself, especially when there are dislocations in the capital markets, including the high yield and large syndicated loan markets, which are often referred to as “junk” investments. The target credit investments will typically have maturities between three and ten years and generally range in size between $10 million and $125 million, although the investment size will vary with the size of the Company’s capital base.


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


In November 2020, the Company commenced operations and made its first portfolio company investment. On October 23, 2020, the Company formed a wholly-owned subsidiary, OR Lending IC LLC, a Delaware limited liability company, which holds a California finance lenders license. OR Lending IC LLC makes loans to borrowers headquartered in California. From time to time the Company may form wholly-owned subsidiaries to facilitate the normal course of business.


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


The Company received an exemptive order that permits it to offer multiple classes of shares of common stock and to impose asset-based servicing and distribution fees and early withdrawal fees. On November 12, 2020, the Company commenced it's initial public offering pursuant to which it offered, on a continuous basis, $2,500,000,000 in any combination of amount of shares of Class S, Class D and Class I common stock. On February 14, 2022, the Company commenced it's follow-on offering, on a continuous basis, of up to $7,500,000,000 in any combination of amount of shares of Class S, Class D and Class I common stock. The share classes have different upfront selling commissions and ongoing servicing fees. Each class of common stock will be offered through Blue Owl Securities LLC (d/b/a Blue Owl Securities) (the “Dealer Manager”). The Dealer Manager is entitled to receive upfront selling commissions of up to 3.50% of the offering price of each Class S share sold in the offering and 1.50% of the offering price of each Class D share sold. Class I shares are not subject to upfront selling commissions. Any upfront selling commissions for the Class S shares and Class D shares sold in the offering will be deducted from the purchase price. Class S, Class D and Class I shares were offered at initial purchase prices per shares of $10.35, $10.15 and $10.00, respectively. Currently, the purchase price per share for
each class of common stock varies, but will not be sold at a price below the Company’s net asset value per share of such class, as determined in accordance with the Company's share pricing policy, plus applicable upfront selling commissions. The Company also engages in private placement offerings of its common stock.


On September 30, 2020, the Adviser purchased 100 shares of the Company’s Class I common stock at $10.00 per share, which represented the initial public offering price of such shares. The Adviser will not tender these shares for repurchase as long as Owl Rock Capital Advisors LLC remains the investment adviser of Owl Rock Core Income Corp. There is no current intention for Owl Rock Capital Advisors LLC to discontinue its role.


Since meeting the minimum offering requirement and commencing its continuous public offering through September 30, 2022,March 31, 2023, the Company has issued 179,786,931216,760,729 shares of Class S common stock, 44,352,53453,431,198 shares of Class D common stock and 301,689,909382,200,592 shares of Class I common stock for gross proceeds of $1,673.0 million, $410.4 million$2.0 billion, $0.5 billion and $2,782.9 million,$3.5 billion, respectively, including $1,000 of seed capital contributed by its Adviser in September of 2020, $25.0 million in gross proceeds raised in a private placement from Owl Rock
3951

Owl Rock Core Income Corp.
Notes to Consolidated Financial Statements (Unaudited) - Continued
(Unaudited)
from Owl Rock Feeder FIC ORCIC Equity LLC and 12,152,27115,654,376 shares of Class I common stock issued in a private placement to feeder vehicles primarily created to hold the Company's Class I shares for gross proceeds of approximately $111.5 million.$0.1 billion.


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.Companies. In the opinion of management, all adjustments considered necessary for the fair presentation of the consolidated financial statements have been included. The Company’s fiscal year ends on December 31.

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

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.

The Company does not consolidate its equity interest in Fifth Season, AAM Series 1.1 Rail and Domestic Intermodal Feeder, Fifth Season, LLC and AAM Series 2.1 Aviation Feeder, LLC (collectively, "Amergin AssetCo") and since November 2, 2022 has not consolidated its equity positions in ORCIC Senior Loan Fund ("ORCIC SLF"). ORCIC SLF was formed as a wholly-owned subsidiary of the Company and commenced operations on February 14, 2022. On November 2, 2022, the Company and State Teachers Retirement System of Ohio ("OSTRS" and together with the Company, the "Members" and each, a "Member") entered into an Amended and Restated Limited Liability Company Agreement to co-manage ORCIC SLF as a joint-venture. See Note 3 "Agreements and Related Party Transactions - Controlled/Affiliated Portfolio Companies".
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. Rule 2a-5 under the 1940 Act was adopted by the SEC in January 2021 and establishes requirements for determining fair value in good faith for purposes of the 1940 Act. The Company complied with the mandatory provisions of Rule 2a-5 by the September 2022 compliance date. Additionally, commencing with the fourth quarter of 2022, pursuant to Rule 2a-5, the Board designated the Adviser as the Company's valuation designee to perform fair value determinations relating to the value of assets held by the Company for which market quotations are not readily available.


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,Adviser, as the valuation designee, based on, among other things, the input of the Adviser, the Company’s audit committee, and independent third- partythird-party valuation firm(s) engaged at the direction of the Board.Adviser.


As part of the valuation process, the BoardAdviser, as the valuation designee, 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
52

Owl Rock Core Income Corp.
Notes to Consolidated Financial Statements - Continued
(Unaudited)
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 BoardAdviser, as the valuation designee, considers whether the pricing indicated by the external event corroborates its valuation.

The BoardAdviser, as the valuation designee, 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;committee;
The Audit Committee reviewsAdviser, as the valuation recommendations and recommends values for each investment to the Board; and
40

Owl Rock Core Income Corp.
Notes to Consolidated Financial Statements (Unaudited) - Continued
The Boarddesignee, reviews the recommended valuations and determines the fair value of each investment.investment;

Each quarter, the Adviser, as the valuation designee, will provide the Audit Committee a summary or description of material fair value matters that occurred in the prior quarter and on an annual basis, the Adviser, as the valuation designee, will provide the Audit Committee with a written assessment of the adequacy and effectiveness of its fair value process; and
The Audit Committee oversees the valuation designee and will report to the Board on any valuation matters requiring the Board’s attention.

The Company conducts this valuation process on a quarterly basis.

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

Level 1 – Valuations based on quoted prices in active markets for identical assets or liabilities that the Company has the ability to access.
Level 2 – Valuations based on quoted prices in markets that are not active or for which all significant inputs are observable, either directly or indirectly.
Level 3 – Valuations based on inputs that are unobservable and significant to the overall fair value measurement.

Transfers between levels, if any, are recognized at the beginning of the 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 CompanyAdviser, as the valuation designee, 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 CompanyAdviser, as the valuation designee, 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,Adviser, as the valuation designee, 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.

53

Owl Rock Core Income Corp.
Notes to Consolidated Financial Statements - Continued
(Unaudited)
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.



Financial and Derivative Instruments

Pursuant to ASC 815 Derivatives and Hedging, all derivative instruments entered into by the Company are designated as hedging instruments. For all derivative instruments designated as a hedge, the entire change in the fair value of the hedging instrument shall be recorded in the same line item of the Consolidated Statements of Operations as the hedged item. The Company’s derivative instruments are used to hedge the Company’s fixed rate debt, and therefore both the periodic payment and the change in fair value for the effective hedge, if applicable, will be recognized as components of interest expense in the Consolidated Statements of Operations. Fair value is estimated by discounting remaining payments using applicable current market rates, or market quotes, if available. Rule 18f-4 was adopted by the SEC in December of 2020, and requires BDCs that use derivatives to, among other things, comply with a value-at-risk leverage limit, adopt a derivatives risk management program, and implement certain testing and board reporting procedures.
Foreign Currency
Foreign currency amounts are translated into U.S. dollars on the following basis:
cash, fair value of investments, outstanding debt, other assets and liabilities: at the spot exchange rate on the last business day of the period; and
purchases and sales of investments, borrowings and repayments of such borrowings, income and expenses: at the rates of exchange prevailing on the respective dates of such transactions.
The Company includes net changes in fair values on investments held resulting from foreign exchange rate fluctuations with the change in unrealized gains (losses) on translation of assets and liabilities in foreign currencies on the Consolidated Statements of Operations. The Company’s current approach to hedging the foreign currency exposure in its non-U.S. dollar denominated investments is primarily to borrow the par amount in local currency under the Company’s Revolving Credit Facility and SPV Asset Facilities to fund these investments. Fluctuations arising from the translation of foreign currency borrowings are included with the net change in unrealized gains (losses) on translation of assets and liabilities in foreign currencies on the Consolidated Statements of Operations.
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 accretion and amortization of discounts or premiums. Certain investments may have contractual payment-in-kind (“PIK”) interest or dividends. PIK interest and dividends represent accrued interest or dividends that are added to the principal amount or liquidation amount of the investment on the respective interest or dividend payment dates rather than being paid in cash and generally becomes due at maturity or at the occurrence of a liquidation event. For the three months ended September 30, 2022,March 31, 2023, PIK interest and PIK dividend income earned was $12.2$33.0 million, representing 5.9% of total investment income. For the nine months ended September 30, 2022, PIK interest income earned was $24.4 million, representing 6.0%10.8% of total investment income. For the three and nine months ended September 30, 2021,March 31, 2022, PIK interest and PIK dividend income earned was $0.9 million and $1.0$7.9 million, representing 5.7% and 5.0%11.2% of total investment income.

Discounts and premiums to par value on securities purchased are accretedamortized into interest income over the contractual life of the respective security using the effective yield method. Premiums to par value on securities purchased are amortized to first call date. The amortized cost of investments represents the original cost adjusted for the accretionamortization and amortizationaccretion of discounts or premiums, if any. Upon prepayment of a loan or debt security, any prepayment premiums, unamortized upfront loan origination fees and unamortized discounts are recorded as interest income in the current period.

41

Owl Rock Core Income Corp.
Notes to Consolidated Financial Statements (Unaudited) - Continued
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 believethe Company believes 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
54

Owl Rock Core Income Corp.
Notes to Consolidated Financial Statements - Continued
(Unaudited)
and, in management’s judgment, are likely to remain current. Management may make exceptions to this treatment and determine to not place a loan on non-accrual status if the loan has sufficient collateral value and is in the process of collection.

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

Other Income

From time to time, the Company may receive fees for services provided to portfolio companies. These fees are generally only available to the Company as a result of closing investments, are normallygenerally paid at the closing of the investments, are generally non- recurring,non-recurring and are recognized as revenue when earned upon closing of the investment. The services that the Adviser provides vary by investment, but can include closing, work, diligence or other similar fees and fees for providing managerial assistance to ourthe 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 from incurrence. Expenses for any additional offerings are deferred and amortized as incurred. These expenses consist primarily of legal fees and other costs incurred in connection with the Company’s continuous public offering of its common shares,share offerings, the preparation of the Company’s registration statement, and registration fees.

Debt Issuance Costs

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

Reimbursement of Transaction-Related Expenses

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

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 RIC under the Code beginning with the taxable year ended December 31, 2020 and intends to qualify as a RIC thereafter.annually. So long as the Company obtains and maintains its tax treatment as a RIC, it generally will not pay corporate-level U.S. federal income taxes at corporate rates on any ordinary income or capital gains that it distributes at least annually to its
42

Owl Rock Core Income Corp.
Notes to Consolidated Financial Statements (Unaudited) - Continued
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
55

Owl Rock Core Income Corp.
Notes to Consolidated Financial Statements - Continued
(Unaudited)
preceding years that were not distributed during such years. The Company, at its discretion, may carry forward taxable income in excess of calendar year dividends and pay a 4% nondeductible U.S. federal excise tax on this income.


The Company evaluates tax positions taken or expected to be taken in the course of preparing its consolidated financial statements to determine whether the tax positions are “more-likely-than-not” to be sustained by the applicable tax authority. Tax positions not deemed to meet the “more-likely-than-not” threshold are reserved and recorded as a tax benefit or expense in the current year. All penalties and interest associated with income taxes are included in income tax expense. Conclusions regarding tax positions are subject to review and may be adjusted at a later date based on factors including, but not limited to, on-going analyses of tax laws, regulations and interpretations thereof. There were no material uncertain income tax positions through December 31, 2021.2022. The 2020 through 2021 tax years remain subject to examination by U.S. federal, state and local tax authorities.


Income and Expense Allocations


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


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


Distributions to Common Shareholders


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


Subject to the Company’s board of directors’ discretion and applicable legal restrictions, the Company intends to authorize and declare cash distributions to the Company’s shareholders on a monthly or quarterly basis and pay such distributions on a monthly basis. The per share amount of distributions for Class S, Class D, and Class I shares will differ because of different allocations of class-specific expenses. Specifically, because the ongoing servicing fees are calculated based on the Company’s net asset value for the Company’s Class S and Class D shares, the ongoing service fees will reduce the net asset value or, alternatively, the distributions payable, with respect to the shares of each such class, including shares issued under the Company’s distribution reinvestment plan. As a result, the distributions on Class S shares and Class D shares may be lower than the distributions on Class I shares.


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


Consolidation

As provided under Regulation S-X and ASC Topic 946 - Financial Services - Investment Companies, the Company will generally not consolidate its investment in a company other than a wholly-owned investment company or controlled operating company whose business consists of providing services to the Company. Accordingly, the Company consolidated the accounts of the Company's
43

Owl Rock Core Income Corp.
Notes to Consolidated Financial Statements (Unaudited) - Continued
wholly-owned subsidiaries in its consolidated financial statements. All significant intercompany balances and transactions have been eliminated in consolidation.

The Company does not consolidate its equity interest in AAM Series 1.1 Rail and Domestic Intermodal Feeder, LLC and AAM Series 2.1 Aviation Feeder, LLC (collectively, "Amergin AssetCo"). For further description of the Company's investment in Amergin, see Note 3 "Agreements and Related Party Transactions - Controlled/Affiliated Portolfio Companies".


New Accounting Pronouncements


In March 2020, the FASB issued ASU No. 2020-04, “Reference Rate Reform (Topic 848),” which provides optional expedients and exceptions for applying U.S. 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. In December 2022, the FASB issued ASU No. 2022-06, “Reference Rate Reform (Topic 848),” which extended the transition period provided under ASU No. 2020-04 and ASU 2021-01 are effective for all entities throughfrom December 31, 2022.2022 to December 31, 2024. 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, 2021-01, and 2021-012022-06 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
56

Owl Rock Core Income Corp.
Notes to Consolidated Financial Statements - Continued
(Unaudited)
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


As of September 30, 2022,March 31, 2023, the Company had payables to affiliates of $22.5$33.1 million, primarily comprised of $15.1$23.7 million of accrued performance based incentive fees, $4.6$5.9 million of management fees, and $2.8$3.5 million of costs and expenses reimbursable to the Adviser pursuant to the Administration Agreement. As of December 31, 2021,2022, the Company had payables to affiliates of $9.1$32.6 million, primarily comprised of $4.2$19.4 million of accrued performance based incentive fees, $1.1$5.2 million of management fees, $2.1$6.8 million in obligations to repayof expense support from the Adviser pursuant to the Investment Advisory Agreement,reimbursement, and $1.7$1.2 million of costs and expenses reimbursable to the Adviser pursuant to the Administration Agreement.


Administration Agreement


The Company has entered into an amended and restated Administration Agreement (the “Administration Agreement”) with the Adviser. The Administration Agreement became effective on May 18, 2021 upon consummation of the transaction pursuant to which Owl Rock Capital Group, the parent of the Adviser (and a subsidiary of Owl Rock Capital Partners LP), and Dyal Capital Partners merged to form Blue Owl (the "Transaction"). The terms of the Administration Agreement are identical to the terms of the prior administration agreement.2021. Under the terms of the Administration Agreement, the Adviser performs, or oversees the performance of, required administrative services, which include providing office space, equipment and office services, maintaining financial records, preparing reports to shareholders and reports filed with the SEC, and managing the payment of expenses, and the performance of administrative and professional services rendered by others. On May 3, 2022, the Board approved the continuation of the Administration Agreement.


The Administration Agreement also provides that the Company reimburses the Adviser for certain organization costs incurred prior to the commencement of the Company’s operations, and for certain offering costs.
44

Owl Rock Core Income Corp.
Notes to Consolidated Financial Statements (Unaudited) - Continued


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


Unless earlier terminated as described below, the Administration Agreement will remain in effect for two years from the date it first became effective, and will remain in effect and from year to year thereafter if approved annually by a majority of the Board or by the holders of a majority of the Company’s outstanding voting securities and, in each case, a majority of the independent directors. On May 9, 2023, the Board approved the continuation of the Administration Agreement.


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


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 nine months ended September 30,March 31, 2023 and 2022, the Company incurred expenses of approximately $1.0 million and $3.0 million, respectively, for costs and expenses reimbursable to the Adviser under the terms of the Administration Agreement. For the three and nine months ended September 30, 2021, the Company incurred expenses of approximately $0.6 million and $1.4$1.0 million, respectively, for costs and expenses reimbursable to the Adviser under the terms of the Administration Agreement.


Investment Advisory Agreement

57

Owl Rock Core Income Corp.
Notes to Consolidated Financial Statements - Continued
(Unaudited)

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.2021. Under the terms of the Investment Advisory Agreement, the Adviser is responsible for managing the Company’s business and activities, including sourcing investment opportunities, conducting research, performing diligence on potential investments, structuring its investments, and monitoring its portfolio companies on an ongoing basis through a team of investment professionals. On May 3, 2022, the Board approved the continuation of the Investment Advisory Agreement.


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


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


Unless earlier terminated as described below, the Investment Advisory Agreement will remain in effect for two years from the date it first became effective, and will remain in effect and from year-to-year thereafter if approved annually by a majority of the Board or by the holders of a majority of the Company’s outstanding voting securities and, in each case, by a majority of independent directors. On May 9, 2023, 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 of Directors or the shareholders holding a majority (as defined under the 1940 Act) of the outstanding shares of the Company’s common stock or the Adviser. In addition, without payment of any penalty, the Adviser may generally terminate the Investment Advisory Agreement upon 120 days’ written notice.


From time to time, the Adviser may pay amounts owed by the Company to third-party providers of goods or services, including the Board, and the Company will subsequently reimburse the Adviser for such amounts paid on its behalf. Amounts payable to the Adviser are settled in the normal course of business without formal payment terms.
45

Owl Rock Core Income Corp.
Notes to Consolidated Financial Statements (Unaudited) - Continued


The base management fee is payable monthly in arrears. The base management fee is calculated at an annual rate of 1.25% based on the average value of the Company’s net assets at the end of the two most recently completed calendar months. All or part of the base management fee not taken as to any month will be deferred without interest and may be taken in any such month prior to the occurrence of a liquidity event. Base management fees for any partial month are prorated based on the number of days in the month. On September 30,202030, 2020 and February 23, 2021, the Adviser agreed to waive 100% of the base management fee for the quarters ended
December 31, 2020 and March 31, 2021, respectively. Any portion of management fees waived shall not be subject to recoupment.


For the three and nine months ended September 30,March 31, 2023, management fees were $16.9 million. For the three months ended March 31, 2022, management fees were $12.7 million and $27.6 million, respectively. For the three and nine months ended September 30, 2021, management fees (gross of waivers) were $0.8 million and $1.1 million, respectively. For the nine months ended September 30, 2021, $52 thousand of management fees were waived.$5.6 million.


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


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


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


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


All of the Company’s pre-incentive fee net investment income, if any, that exceeds the quarterly preferred return, but is less than or equal to 1.43%, which the Company refers to as the upper level breakpoint, of the Company’s net asset value for that immediately preceding calendar quarter, will be payable to the Company’s Adviser. The Company refers to this portion of the incentive fee on income as the “catch-up.” It is intended to provide an incentive fee of 12.50% on all of the Company’s pre-incentive fee net investment income when the pre-incentive fee net investment income reaches 1.43% of the Company’s net asset value for that
58

Owl Rock Core Income Corp.
Notes to Consolidated Financial Statements - Continued
(Unaudited)
calendar quarter, measured as of the end of the immediately preceding calendar quarter. The quarterly preferred return of 1.25% and upper level breakpoint of 1.43% are also adjusted for the actual number of days each calendar quarter.


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


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


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


For the three and nine months ended September 30,March 31, 2023, the Company incurred performance based incentive fees on net investment income of $23.7 million. For the three months ended March 31, 2022, the Company incurred performance based incentive fees on net investment income of $15.1 million and $30.1 million, respectively. For the three and nine months ended September 30, 2021, the Company incurred performance based incentive fees on net investment income of $1.0 million and $1.1 million, respectively.$5.4 million.
46

Owl Rock Core Income Corp.
Notes to Consolidated Financial Statements (Unaudited) - Continued


For the three months ended September 30, 2022,March 31, 2023, the Company did not incur performance based incentive fees based on capital gains. For the ninethree months ended September 30,March 31, 2022, the Company recorded a reversal of previously recorded performance based incentive fees based on capital gains of $0.6 million. For the three and nine months ended September 30, 2021, the Company incurred performance based incentive fees based on capital gains of $0.4 million and $0.5 million, respectively.


Under the terms of the Investment Advisory Agreement, the Adviser is entitled to receive up to 1.5% of gross offering proceeds raised in the continuous public offering until all organization and offering costs paid by the Adviser or its affiliates have been recovered. The Company bears all other expenses of its operations and transactions including, without limitation, those relating to: expenses deemed to be “organization and offering expenses” for purposes of Conduct Rule 2310(a)(12) of Financial Industry Regulatory Authority (exclusive of commissions, the dealer manager fee, any discounts and other similar expenses paid by investors at the time of sale of the Company’s stock); the cost of corporate and organizational expenses relating to offerings of shares of common stock, subject to limitations included in the Investment Advisory Agreement; the cost of calculating the Company’s net asset value, including the cost of any third-party valuation services; the cost of effecting any sales and repurchases of the common stock and other securities; fees and expenses payable under any dealer manager agreements, if any; debt service and other costs of borrowings or other financing arrangements; costs of hedging; expenses, including travel expense, incurred by the Adviser, or members of the Investment Team, or payable to third parties, performing due diligence on prospective portfolio companies and, if necessary, enforcing the Company’s rights; escrow agent, transfer agent and custodial fees and expenses; fees and expenses associated with marketing efforts; federal and state registration fees, any stock exchange listing fees and fees payable to rating agencies; federal, state and local taxes; independent directors’ fees and expenses, including certain travel expenses; costs of preparing financial statements and maintaining books and records and filing reports or other documents with the SEC (or other regulatory bodies) and other reporting and compliance costs, including registration fees, listing fees and licenses, and the compensation of professionals responsible for the preparation of the foregoing; the costs of any reports, proxy statements or other notices to shareholders (including printing and mailing costs); the costs of any shareholder or director meetings and the compensation of personnel responsible for the preparation of the foregoing and related matters; commissions and other compensation payable to brokers or dealers; research and market data; fidelity bond, directors and officers errors and omissions liability insurance and other insurance premiums; direct costs and expenses of administration, including printing, mailing, long distance telephone and staff; fees and expenses associated with independent audits, outside legal and consulting costs; costs of winding up; costs incurred in connection with the formation or maintenance of entities or vehicles to hold the Company’s assets for tax or other purposes; extraordinary expenses (such as litigation or indemnification); and costs associated with reporting and compliance obligations under the Advisers Act and applicable federal and state securities laws. Notwithstanding anything to the contrary contained herein, the Company shall reimburse the Adviser (or its affiliates) for an allocable portion of the
59

Owl Rock Core Income Corp.
Notes to Consolidated Financial Statements - Continued
(Unaudited)
compensation paid by the Adviser (or its affiliates) to the Company’s Chief Compliance Officer and Chief Financial Officer and their respective staffs (based on a percentage of time such individuals devote, on an estimated basis, to the business affairs of the Company). Any such reimbursements will not exceed actual expenses incurred by the Adviser and its affiliates. The Adviser is responsible for the payment of the Company’s organization and offering expenses to the extent that these expenses exceed 1.5% of the aggregate gross offering proceeds, without recourse against or reimbursement by the Company.


For the three and nine months ended September 30, 2022,March 31, 2023, subject to the 1.5% organization and offering cost cap and the re-categorization of certain expenses as servicing fees, the Company accrued less than $0.1$0.2 million of initial organization and offering expenses that are reimbursable to the Adviser.


For the three and nine months ended September 30, 2021,March 31, 2022, subject to the 1.5% organization and offering cost cap, the Company accrueddid not accrue any initial organization and offering expenses of $2.2 million and $2.5 million, respectively.that are reimbursable to the Adviser.


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.


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 the Adviser and its affiliates by the SEC to permit us to co-invest with other funds managed by the Adviser or 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 such 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 ofby the Company or its shareholders on the part of any person concerned, (2) the transaction is consistent with the
47

Owl Rock Core Income Corp.
Notes to Consolidated Financial Statements (Unaudited) - Continued
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 reliefOrder 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-investparticipate in follow-on investments 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 Owl Rock Technology Advisors LLC (“ORTA”), Owl Rock Capital Private Fund Advisors LLC (“ORPFA”ORCPFA”), and Owl Rock Diversified Advisors LLC (“ORDA”), Owl Rock Technology Advisors II LLC, ("ORTA II"), and the Adviser, the “Owl Rock Advisers”, are also investment advisers. The Owl Rock Advisers are indirect affiliates of Blue Owl and comprise part of “Owl Rock,” a division of Blue Owl focused on direct lending. The Adviser's or its affiliates' investment allocation policy seeks to ensure equitable allocation of investment opportunities over time between the Company, and other funds managed by the Adviser or its affiliates. As a result of 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.


Dealer Manager Agreement


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


60

Owl Rock Core Income Corp.
Notes to Consolidated Financial Statements - Continued
(Unaudited)
Upfront selling commissions for sales of Class S and Class D shares may be reduced or waived in connection with volume or other discounts, other fee arrangements or for sales to certain categories of purchasers.


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


Shareholder Servicing Plan


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


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


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


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


For the three months ended March 31, 2023, the Company paid servicing fees with respect to Class D shares of $0.3 million. For the three months ended March 31, 2023, the Company paid servicing fees with respect to Class S shares of $4.0 million.

For the three and nine months ended September 30,March 31, 2022, the Company paid servicing fees with respect to Class D shares of $0.2 million and $0.6 million, respectively.million. For the three and nine months ended September 30,March 31, 2022, the Company paid servicing fees with respect to Class S shares of $3.3 million and $7.8 million, respectively.$1.8 million.

For the three and nine months ended September 30, 2021, the Company paid servicing fees with respect to Class D shares of $33 thousand and $46 thousand, respectively. For the three and nine months ended September 30, 2021, the Company paid servicing fees with respect to Class S shares of $223 thousand and $260 thousand, respectively.

48

Owl Rock Core Income Corp.
Notes to Consolidated Financial Statements (Unaudited) - Continued

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


Expense Support and Conditional Reimbursement Agreement


TheOn September 30, 2020, the Company has entered into the Expense Support and Conditional Reimbursement Agreement (the “Expense Support Agreement”) with the Adviser, the purpose of which is to ensure that no portion of the Company’s distributions to shareholders will representrepresented a return of capital for U.S. federal income tax purposes. The Expense Support Agreement became effective as of the date that the Company met the minimum offering requirement.requirement and was terminated by the Adviser on March 7, 2023.


OnPursuant to the Expense Support Agreement, prior to its termination on March 7, 2023, on a quarterly basis, the Adviser reimbursesreimbursed the Company for “Operating Expenses” (as defined below) in an amount equal to the excess of the Company’s cumulative distributions paid to the Company’s shareholders in each quarter over “Available Operating Funds” (as defined below) received by the Company on account of its investment portfolio during such quarter. Any payments that the Adviser was required to be made by the Advisermake pursuant to the preceding sentence are referred to herein as an “Expense Payment”.


Pursuant toUnder the Expense Support Agreement, “Operating Expenses” meanswas defined as all of the Company’s operating costs and expenses incurred, as determined in accordance with generally accepted accounting principles for investment companies. “Available Operating Funds” meanswas defined as the sum of (i) the Company’s estimated investment company taxable income (including realized net short-term capital gains reduced by realized net long-term capital losses), (ii) the Company’s realized net capital gains (including the excess of realized net long-term capital gains over realized net short-term capital losses) and (iii) dividends and other distributions paid to the
61

Owl Rock Core Income Corp.
Notes to Consolidated Financial Statements - Continued
(Unaudited)
Company on account of preferred and common equity investments in portfolio companies, if any (to the extent such amounts listed in clause (iii) are not included under clauses (i) and (ii) above).


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


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


The amount of the Reimbursement Payment for any quarter shall equal the lesser of (i) the Excess Operating Funds in respect of such quarter and (ii) the aggregate amount of all Expense Payments made by the Adviser to the Company within three years prior to the last business day of such quarter that have not been previously reimbursed by the Company to the Adviser. The payment will be reduced to the extent that such Reimbursement Payments, together with all other Reimbursement Payments paid during the fiscal year, would cause Other Operating Expenses defined as the Company’s total Operating Expenses, excluding base management fees, incentive fees, organization and offering expenses, distribution and shareholder servicing fees, financing fees and costs, interest expense, brokerage commissions and extraordinary expenses on an annualized basis and net of any Expense Payments received by the Company during the fiscal year to exceed the lesser of: (i) 1.75% of the Company’s average net assets attributable to the shares of the Company’s common stock for the fiscal year-to-date period after taking such Expense Payments into account; and (ii) the percentage of the Company’s average net assets attributable to shares of the Company's common stock represented by Other Operating Expenses during the fiscal year in which such Expense Payment was made (provided, however, that this clause (ii) shall not apply to any Reimbursement Payment which relates to an Expense Payment made during the same fiscal year).
49

Owl Rock Core Income Corp.
Notes to Consolidated Financial Statements (Unaudited) - Continued


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


The specific amount of expenses reimbursed by the Adviser, if any, will be determined at the end of each quarter. The Company orCompany's obligation to make Reimbursement Payments, subject to the Adviser may terminateconditions above, survives the Expense Support Agreement at any time, with or without notice. The Expense Support Agreement will automatically terminate in the event of (a) the termination of the Investment Advisory Agreement, or (b) a determination by the Company’s Board to dissolve or liquidate the Company. Upon termination of the Expense Support Agreement, the Company will be required to fund any Expense Payments that have not been reimbursed by the Company to the Adviser.Agreement.


As of September 30, 2022,March 31, 2023, the amount of Expense Support Payments provided by the Adviser since inception is $9.4 million. During the three and nine months ended September 30, 2022,March 31, 2023, the Company did not record any obligations to repay Expense Support from the Advisor. The Company may or may not reimburse remaining expense support into the future.Adviser.


As of September 30, 2021,March 31, 2022, the amount of Expense Support Payments provided by the Adviser since inception is $2.6was $6.6 million. During the three and nine months ended September 30, 2021,March 31, 2022, the Company recorded obligations todid not repay Expense Support from the Adviser of $0.5 million. The Company may or may not reimburse remaining expense support into the future.Adviser.


The following table presents a summary of all expenses supported, and recouped, by the Adviser for each of the following three month periods in which the Company received Expense Support from the Adviser and the associated dates through which such expenses may be subject to reimbursement from the Company pursuant to the Expense Support Agreement:Agreement. The Company did not receive any expense support post year end/prior to termination of the Expense Support Agreement.


For the Quarter Ended    Amount of Expense SupportRecoupment of Expense SupportUnreimbursed Expense SupportEffective Rate of Distribution per Share(1)Reimbursement Eligibility ExpirationOperating Expense Ratio(2)
($ in thousands)
March 31, 2021$822 $822 $— 6.7 %March 31, 20249.47 %
June 30, 20211,756 1,756 — 6.6 %June 30, 20242.43 %
March 31, 20224,062 — 4,062 7.2 %March 31,
2025
0.67 %
June 30, 20222,713 — 2,713 7.4 %June 30, 20250.67 %
September 30, 2022— — — 8.3 %September 30, 20250.72 %
Total$9,353 $2,578 $6,775 
62

Owl Rock Core Income Corp.
Notes to Consolidated Financial Statements - Continued
(Unaudited)
For the Quarter Ended    Amount of Expense SupportRecoupment of Expense SupportUnreimbursed Expense Support
Effective Rate of Distribution
per Share(1)
Reimbursement Eligibility Expiration
Operating Expense
Ratio(2)
($ in thousands)
March 31, 2021$822 $822 $— 6.7 %March 31, 20249.47 %
June 30, 20211,756 1,756 — 6.6 %June 30, 20242.43 %
March 31, 20224,062 — 4,062 7.2 %March 31, 20250.67 %
June 30, 20222,713 — 2,713 7.4 %June 30, 20250.67 %
September 30, 2022— — — 8.3 %September 30, 20250.72 %
December 31, 2022— 6,775 (6,775)8.8 %December 31, 20250.62 %
March 31, 2023— — — 9.7 %N/A0.61 %
Total$9,353 $9,353 $— 
(1)The effective rate of distribution per share is expressed as a percentage equal to the projected annualized distribution amount as of the end of the applicable period (which is calculated by annualizing the regular monthly cash distributions per share as of such date without compounding), divided by the Company’s net asset value per share as of such date.
(2)The operating expense ratio is calculated by dividing annualized operating expenses, less organizational and offering expenses, base management and incentive fees owed to the Adviser, and interest expense, by the Company’s net assets.



License Agreement


On September 30, 2020, the Company entered into a license agreement (the “License Agreement”), pursuant to which an affiliate of Blue Owl has granted the Company a non-exclusive license to use the name “Owl Rock.” Under the License Agreement, the Company has a right to use the Owl Rock name for so long as the Adviser or one of its affiliates remains the Company’s investment adviser. Other than with respect to this limited license, the Company will have no legal right to the “Owl Rock” name or logo.
50

Owl Rock Core Income Corp.
Notes to Consolidated Financial Statements (Unaudited) - Continued


Promissory Note


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


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


Controlled/Affiliated Portfolio Companies


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


The Company has made investments in a controlled, affiliated company,companies, including ORCIC SLF, Amergin AssetCo, and Fifth Season Investments LLC ("Fifth Season"). For further description of ORCIC SLF see "Note 4 Investments". The Company has also made investments in a non-controlled, affiliated company, Chapford SMA Partnership, L.P.LSI Financing 1 DAC ("Chapford SMA"LSI Financing").


Amergin AssetCo was created to invest in a leasing platform focused on railcar and aviation assets. Amergin consists of Amergin AssetCo and Amergin Asset Management LLC, which has entered into a Servicing Agreement with Amergin AssetCo. The Company made a $90.0 million equity commitment to Amergin AssetCo on July 1, 2022. The Company's investments in Amergin are co-investmentsco-
63

Owl Rock Core Income Corp.
Notes to Consolidated Financial Statements - Continued
(Unaudited)
investments made with the Company's affiliates in accordance with the terms of the exemptive relief that the Company received from the SEC. The Company does not consolidate its equity interest in Amergin.Amergin AssetCo.


Chapford SMAFifth Season 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.Fifth Season. The Company increased its commitment to Fifth Season on October 17, 2022, November 9, 2022, November 15, 2022, November 29, 2022 and February 9, 2023 by $73.6 million, $1.7 million, $7.3 million $7.0 million and $5.3 million, respectively. The Company's investment in Chapford SMAFifth Season is a co-investment with its affiliates in accordance with the terms of the exemptive relief that the Company received from the SEC. The Company does not consolidate its equity interest in Fifth Season.

LSI Financing, a portfolio company formed to acquire contractual rights to revenue pursuant to earnout agreements generally in the life sciences space. On December 14, 2022, the Company made a $6.2 million equity commitment to LSI Financing. The Company increase its commitment to LSI Financing on February 17, 2023, February 24, 2023, and March 16, 2023 by $2.8 million, $0.3 million, and $69.9 million, respectively. The Company's investment in LSI Financing is a co-investment made with the Company's affiliates in accordance with the terms of the exemptive relief that the Company received from the SEC. The Company does not consolidate its equity interest in Chapford SMA.LSI Financing.


Note 4. Investments


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


September 30, 2022December 31, 2021March 31, 2023December 31, 2022
($ in thousands)($ in thousands)Amortized CostFair ValueAmortized Cost   Fair Value($ in thousands)Amortized CostFair ValueAmortized Cost   Fair Value
First-lien senior secured debt investmentsFirst-lien senior secured debt investments$8,269,401 $8,189,910 $2,490,219 $2,491,334 First-lien senior secured debt investments$9,149,385 $9,140,820 $8,499,854 $8,448,540 
Second-lien senior secured debt investmentsSecond-lien senior secured debt investments1,044,817 983,533 496,559 498,247 Second-lien senior secured debt investments1,205,502 1,156,893 1,203,388 1,142,862 
Unsecured debt investmentsUnsecured debt investments217,517 198,777 2,164 2,116 Unsecured debt investments225,728 220,622 221,564 211,328 
Preferred equity investments(1)Preferred equity investments(1)478,809 468,123 56,696 56,970 Preferred equity investments(1)611,288 605,447 510,033 500,023 
Common equity investments (1)(2)Common equity investments (1)(2)151,503 163,161 71,259 71,705 Common equity investments (1)(2)266,102 282,725 248,176 264,437 
Investment funds and vehicles(3)
Investment funds and vehicles(3)
182,683 184,517 141,777 140,394 
Total InvestmentsTotal Investments$10,162,047 $10,003,504 $3,116,897 $3,120,372 Total Investments$11,640,688 $11,591,024 $10,824,792 $10,707,584 
_______________
(1)Includes equity investment in LSI Financing.
(2)Includes equity investments in Amergin AssetCo and Chapford SMA.Fifth Season.

(3)Includes equity investment in ORCIC SLF. See below, within Note 4, for more information regarding ORCIC SLF.



The industry composition of investments based on fair value consisted of the below as of September 30, 2022 and December 31, 2021 was as follows:the following periods:

March 31, 2023December 31, 2022
Advertising and media2.6 %2.8 %
Aerospace and defense0.3 0.4 
Asset based lending and fund finance(1)
1.2 1.2 
Automotive1.3 1.4 
Buildings and real estate4.1 4.0 
Business services7.3 7.3 
Chemicals1.6 1.7 
Consumer products2.4 2.4 
Containers and packaging3.7 3.6 
Distribution2.2 2.3 
Education1.4 1.4 
Energy equipment and services0.1 0.1 
Financial services2.5 2.6 
Food and beverage5.5 5.8 
5164

Owl Rock Core Income Corp.
Notes to Consolidated Financial Statements (Unaudited) - Continued
(Unaudited)

March 31, 2023December 31, 2022
Healthcare equipment and services4.4 3.9 
Healthcare providers and services13.3 14.4 
Healthcare technology4.9 5.2 
Household products2.2 2.4 
Human resource support services1.1 1.1 
Infrastructure and environmental services0.9 0.9 
Insurance(2)
10.3 9.7 
Internet software and services14.0 13.6 
Investment funds and vehicles(3)
1.6 1.3 
Leisure and entertainment1.1 1.2 
Manufacturing3.4 3.0 
Pharmaceuticals(4)
0.7 — 
Professional services2.7 2.8 
Specialty retail2.9 3.2 
Telecommunications— — 
Transportation0.3 0.3 
Total100.0 %100.0 %
September 30, 2022December 31, 2021
Advertising and media3.0 %2.8 %
Aerospace and defense0.5 0.5 
Automotive1.0 1.7 
Buildings and real estate4.4 4.0 
Business services7.6 7.7 
Chemicals1.6 3.4 
Consumer products2.7 3.6 
Containers and packaging3.8 4.8 
Distribution2.7 1.7 
Education1.6 0.2 
Energy equipment and services0.3 — 
Financial services3.6 4.3 
Food and beverage6.5 1.5 
Healthcare equipment and services4.7 4.1 
Healthcare providers and services12.6 8.6 
Healthcare technology6.3 7.0 
Household products2.5 0.3 
Human resource support services1.2 4.0 
Infrastructure and environmental services1.0 0.9 
Insurance8.2 12.4 
Internet software and services12.6 12.3 
Leisure and entertainment1.4 3.0 
Manufacturing3.3 2.4 
Professional services3.1 3.6 
Specialty retail3.3 4.8 
Telecommunications0.2 0.1 
Transportation0.3 0.3 
Total100.0 %100.0 %
_______________

(1)Includes equity investment in Amergin AssetCo.
(2)Includes equity investment in Fifth Season Investments LLC.
(3)Includes equity investment in ORCIC SLF. See below, within Note 4, for more information regarding ORCIC SLF.
(4)Includes equity investment in LSI Financing.


The geographic composition of investments based on fair value consisted of the below as of September 30,the following periods:

March 31, 2023December 31, 2022
United States:
Midwest18.9 %20.4 %
Northeast20.4 20.0 
South31.9 29.7 
West19.1 20.7 
International9.7 9.2 
Total100.0 %100.0 %

ORCIC Senior Loan Fund

ORCIC SLF, a Delaware limited liability company, was formed as a wholly-owned subsidiary of the Company and commenced operations on February 14, 2022. On November 2, 2022, the Company and December 31, 2021 wasState Teachers Retirement System of Ohio ("OSTRS" and together with the Company, the "Members" and each, a "Member") entered into an Amended and Restated Limited Liability Company Agreement to co-manage ORCIC SLF as follows:a joint-venture. ORCIC SLF’s principal purpose is to make investments, primarily in senior secured loans that are made to middle market companies, broadly syndicated loans and in senior and subordinated notes issued by collateralized loan obligations. The Company and OSTRS have agreed to contribute $437.5 million and $62.5 million, respectively, to ORCIC SLF. The Company and OSTRS have a 87.5% and 12.5% economic ownership, respectively, in ORCIC SLF. Except under certain circumstances, contributions to ORCIC SLF cannot be redeemed. ORCIC SLF is managed by a board consisting of an equal number of representatives appointed by each Member and which acts unanimously. Investment decisions must be approved unanimously by an investment committee consisting of an equal number of representative appointed by each Member.

September 30, 2022December 31, 2021
United States:
Midwest22.9 %22.8 %
Northeast17.1 17.1 
South32.9 28.0 
West18.8 26.8 
International8.3 5.3 
Total100.0 %100.0 %

Note 5. Fair Value of Investments

Investments

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


5265

Owl Rock Core Income Corp.
Notes to Consolidated Financial Statements (Unaudited) - Continued
(Unaudited)
September 30, 2022
($ in thousands)Level 1Level 2Level 3Total
First-lien senior secured debt investments$— $1,020,868 $7,169,042 $8,189,910 
Second-lien senior secured debt investments— 191,557 791,976 983,533 
Unsecured debt investments— 49,526 149,251 198,777 
Preferred equity investments— — 468,123 468,123 
Common equity investments— — 163,161 163,161 
Total Investments$— $1,261,951 $8,741,553 $10,003,504 
The Company has determined that ORCIC SLF is an investment company under Accounting Standards Codification (“ASC”) 946, however, in accordance with such guidance, the Company will generally not consolidate its investment in a company other than a wholly owned investment company subsidiary or a controlled operating company whose business consists of providing services to the Company. Accordingly, the Company does not consolidate its non-controlling interest in ORCIC SLF.


December 31, 2021
($ in thousands)Level 1Level 2Level 3Total
First-lien senior secured debt investments$— $162,988 $2,328,346 $2,491,334 
Second-lien senior secured debt investments— 47,770 450,477 498,247 
Unsecured debt investments— — 2,116 2,116 
Preferred equity investments— — 56,970 56,970 
Common equity investments— — 71,705 71,705 
Total Investments$— $210,758 $2,909,614 $3,120,372 
As of March 31, 2023 and December 31, 2022, ORCIC SLF had total investments in senior secured debt at fair value, as determined by an independent valuation firm, of $651.7 million and $506.2million, respectively. The determination of fair value is in accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification 820, Fair Value Measurements (“ASC 820”), as amended; however, such fair value is not included in our valuation process. The following table is a summary of ORCIC SLF’s portfolio as well as a listing of the portfolio investments in ORCIC SLF's portfolio as the following periods:

($ in thousands)March 31, 2023December 31, 2022
Total senior secured debt investments(1)
$672,631 $529,463 
Weighted average spread over base rate(1)
3.8 %4.4 %
Number of portfolio companies116 74 
Largest funded investment to a single borrower(1)
$14,520 $14,547 
________________
(1)At par.


ORCIC Senior Loan Fund's Portfolio as of March 31, 2023
($ in thousands)
(Unaudited)
Company(1)(2)(4)(5)InvestmentInterestMaturity
Date
Par /
Units
Amortized
Cost(3)
Fair
Value
Percentage of Members’ Equity
Debt Investments
Aerospace and defense
American Airlines, Inc.(11)First lien senior secured loanSR +2.75%02/2028$2,000 $1,961 $1,952 0.9 %
Bleriot US Bidco Inc.(7)First lien senior secured loanL +4.00%10/20265,260 5,171 5,258 2.6 %
Peraton Corp.(6)First lien senior secured loanL +3.75%02/20287,552 7,285 7,442 3.5 %
Transdigm, Inc.(10)First lien senior secured loanSR +3.25%08/20284,000 3,991 3,985 1.9 %
Transdigm, Inc.(10)First lien senior secured loanSR +3.25%02/20272,993 2,937 2,986 1.4 %
21,805 21,345 21,623 10.3 %
Automotive
PAI Holdco, Inc.(7)(12)First lien senior secured loanL +3.75%10/20274,937 4,543 4,616 2.2 %
4,937 4,543 4,616 2.2 %
Buildings and real estate
CPG International LLC(9)First lien senior secured loanSR +2.50%04/20291,995 1,975 1,967 0.9 %
Beacon Roofing Supply, Inc.(6)First lien senior secured loanL +2.25%05/20281,995 1,992 1,981 0.9 %
Cushman & Wakefield U.S. Borrower, LLC(6)First lien senior secured loanL +2.75%08/20252,000 1,965 1,947 0.9 %
Dodge Construction Network, LLC(11)(12)First lien senior secured loanSR +4.75%02/20295,260 4,916 4,419 2.1 %
RealPage, Inc.(6)First lien senior secured loanL +3.00%04/202810,520 9,926 10,186 4.8 %
Wrench Group LLC(7)(12)First lien senior secured loanL +4.00%04/20269,736 9,716 9,444 4.6 %
31,506 30,490 29,944 14.2 %
Business services
Prime Security Services Borrower, LLC(7)First lien senior secured loanL +2.75%09/20261,995 1,965 1,986 0.9 %
BrightView Landscapes, LLC(10)First lien senior secured loanSR +3.25%04/202910,515 10,219 10,248 4.8 %
ConnectWise, LLC(6)First lien senior secured loanL +3.50%09/202810,520 9,958 10,136 4.8 %
Packers Holdings, LLC(9)First lien senior secured loanSR +3.25%03/20286,174 5,688 5,568 2.6 %
Brown Group Holdings, LLC(10)First lien senior secured loanSR +3.75%07/20292,021 2,001 2,018 1.0 %
Sitel Worldwide Corporation(6)First lien senior secured loanL +3.75%08/20282,992 2,923 2,953 1.4 %
VM Consolidated, Inc(9)First lien senior secured loanSR +3.25%03/20282,456 2,431 2,451 1.2 %
Vistage Worldwide, Inc.(9)(12)First lien senior secured loanSR +5.25%07/20293,980 3,827 3,910 1.9 %
40,653 39,012 39,270 18.6 %
Chemicals
66

Owl Rock Core Income Corp.
Notes to Consolidated Financial Statements - Continued
(Unaudited)
ORCIC Senior Loan Fund's Portfolio as of March 31, 2023
($ in thousands)
(Unaudited)
Company(1)(2)(4)(5)InvestmentInterestMaturity
Date
Par /
Units
Amortized
Cost(3)
Fair
Value
Percentage of Members’ Equity
Aruba Investments Holdings, LLC (dba Angus Chemical Company)(9)(12)First lien senior secured loanSR +4.75%11/20272,993 2,796 2,933 1.5 %
Axalta Coating Systems US Holdings Inc.(10)First lien senior secured loanSR +3.00%12/20294,813 4,768 4,814 2.3 %
H.B. Fuller Company(9)First lien senior secured loanSR +2.50%02/20302,000 2,000 2,007 1.0 %
Ineos US Petrochem LLC(9)(12)First lien senior secured loanSR +3.75%03/20302,000 1,980 1,990 0.9 %
Ineos US Finance LLC(9)First lien senior secured loanSR +3.50%02/20302,000 1,980 1,987 0.9 %
Ineos US Finance LLC(9)First lien senior secured loanSR +3.75%11/20273,000 2,897 2,992 1.4 %
Nouryon Finance B.V.(9)(12)First lien senior secured loanSR +4.00%03/20282,000 1,980 1,995 0.9 %
Blue Tree Holdings, Inc(7)(12)First lien senior secured loanL +2.50%03/20281,995 1,985 1,950 0.9 %
20,801 20,386 20,668 9.8 %
Consumer products
Olaplex, Inc.(9)First lien senior secured loanSR +3.50%02/20295,260 4,893 4,677 2.2 %
5,260 4,893 4,677 2.2 %
Containers and packaging
Berlin Packaging L.L.C.(7)First lien senior secured loanL +3.75%03/202811,577 11,139 11,380 5.4 %
BW Holding, Inc.(10)(12)First lien senior secured loanSR +4.00%12/20287,748 7,623 7,360 3.5 %
Charter NEX US, Inc.(9)First lien senior secured loanSR +3.75%12/20275,000 4,952 4,930 2.3 %
Valcour Packaging, LLC(8)(12)First lien senior secured loanL +3.75%10/20289,900 9,880 8,861 4.2 %
Ring Container Technologies Group, LLC(6)First lien senior secured loanL +3.50%08/20289,737 9,570 9,677 4.6 %
Tricorbraun Holdings, Inc.(6)First lien senior secured loanL +3.25%03/202810,520 9,994 10,255 4.9 %
54,482 53,158 52,463 24.9 %
Distribution
Dealer Tire, LLC(9)First lien senior secured loanSR +4.50%12/20273,949 3,882 3,917 1.9 %
BCPE Empire Holdings, Inc. (dba Imperial-Dade)(9)First lien senior secured loanSR +4.63%06/20269,738 9,433 9,602 4.6 %
SRS Distribution, Inc.(6)First lien senior secured loanL +3.50%06/202810,546 9,843 10,165 4.8 %
White Cap Supply Holdings, LLC(9)First lien senior secured loanSR +3.75%10/202710,547 10,021 10,412 4.9 %
34,780 33,179 34,096 16.2 %
Education
Sophia, L.P.(9)(12)First lien senior secured loanSR +4.25%10/20279,738 9,719 9,738 4.6 %
Severin Acquisition, LLC (dba Powerschool)(9)First lien senior secured loanSR +3.00%08/20254,884 4,804 4,875 2.3 %
Renaissance Learning, Inc.(6)First lien senior secured loanL +3.25%05/20253,500 3,395 3,399 1.6 %
18,122 17,918 18,012 8.5 %
Energy equipment and services
AMG Advanced Metallurgical Group N.V(6)First lien senior secured loanL +3.50%11/20283,456 3,428 3,422 1.6 %
AZZ Inc.(9)First lien senior secured loanSR +4.25%05/20297,925 7,862 7,912 3.8 %
Pike Corp.(6)First lien senior secured loanL +3.00%01/20289,800 9,617 9,715 4.6 %
Brookfield WEC Holdings Inc.(9)First lien senior secured loanSR +3.75%08/20253,483 3,459 3,472 1.6 %
24,664 24,366 24,521 11.6 %
Financial services
Acuris Finance US, Inc. (ION Analytics) (10)First lien senior secured loanSR +4.00%02/20284,500 4,401 4,333 2.1 %
AllSpring Buyer(10)First lien senior secured loanSR +4.00%11/20284,975 4,913 4,957 2.4 %
Deerfield Dakota Holding, LLC(10)First lien senior secured loanSR +3.75%04/20277,890 7,525 7,627 3.6 %
The Edelman Financial Engines Center, LLC(6)First lien senior secured loanL +3.75%04/20283,990 3,900 3,837 1.8 %
Focus Financial Partners, LLC(9)First lien senior secured loanSR +3.25%06/20284,975 4,893 4,918 2.3 %
Guggenheim Partners Investment Management Holdings, LLC(10)First lien senior secured loanSR +3.25%12/20294,988 4,904 4,953 2.3 %
31,318 30,536 30,625 14.5 %
Food and beverage
67

Owl Rock Core Income Corp.
Notes to Consolidated Financial Statements - Continued
(Unaudited)
ORCIC Senior Loan Fund's Portfolio as of March 31, 2023
($ in thousands)
(Unaudited)
Company(1)(2)(4)(5)InvestmentInterestMaturity
Date
Par /
Units
Amortized
Cost(3)
Fair
Value
Percentage of Members’ Equity
Nomad Foods Europe Midco Ltd.(9)First lien senior secured loanSR +3.75%11/20295,000 4,807 4,992 2.4 %
Pegasus BidCo B.V.(10)First lien senior secured loanSR +4.25%07/20295,486 5,305 5,390 2.6 %
Shearer’s Foods, LLC(6)First lien senior secured loanL +3.50%09/20278,785 8,203 8,565 4.1 %
Naked Juice LLC (dba Tropicana)(10)First lien senior secured loanSR +3.25%01/202910,547 9,674 9,249 4.3 %
29,818 27,989 28,196 13.4 %
Healthcare equipment and services
Confluent Medical Technologies, Inc.(10)(12)First lien senior secured loanSR +3.75%02/20299,738 9,602 9,421 4.5 %
Dermatology Intermediate Holdings III, Inc(10)First lien senior secured loanSR +4.25%03/20299,925 9,808 9,702 4.6 %
Dermatology Intermediate Holdings III, Inc(10)(13)First lien senior secured delayed draw term loanSR +4.25%03/20291,767 1,757 1,727 0.8 %
Medline Borrower, LP(6)First lien senior secured loanL +3.25%10/20288,306 7,777 8,089 3.8 %
MJH Healthcare Holdings, LLC(9)First lien senior secured loanSR +3.50%01/20293,822 3,760 3,721 1.8 %
Natus Medical Inc.(10)(12)First lien senior secured loanSR +5.50%07/20294,489 4,182 4,242 2.0 %
Zest Acquisition Corp.(9)First lien senior secured loanSR +5.50%02/20283,990 3,797 3,833 1.8 %
42,037 40,683 40,735 19.3 %
Healthcare providers and services
Covetrus, Inc.(10)First lien senior secured loanSR +5.00%10/20299,500 8,957 8,942 4.2 %
HAH Group Holding Company LLC(7)(12)(13)First lien senior secured delayed draw term loanL +5.00%10/2027— — — — %
Phoenix Newco, Inc. (dba Parexel)(6)First lien senior secured loanL +3.25%11/20287,425 7,164 7,331 3.5 %
Pediatric Associates Holding Company, LLC(6)First lien senior secured loanL +3.25%12/20283,413 3,350 3,329 1.6 %
Physician Partners, LLC(10)First lien senior secured loanSR +4.00%12/20289,925 9,404 9,308 4.4 %
Premise Health Holding(10)(12)First lien senior secured loanSR +4.75%07/20253,226 3,193 3,201 1.5 %
33,489 32,068 32,111 15.2 %
Healthcare technology
Athenahealth Group Inc.(9)First lien senior secured loanSR +3.50%02/20299,379 8,640 8,769 4.2 %
Athenahealth Group Inc.(9)(13)First lien senior secured delayed draw term loanSR +3.50%02/2029— (108)(69)— %
Gainwell Acquisition Corp.(10)First lien senior secured loanSR +4.00%10/20272,992 2,956 2,850 1.4 %
Imprivata, Inc.(9)First lien senior secured loanSR +4.25%12/20279,738 9,569 9,543 4.5 %
Verscend Holding Corp.(6)First lien senior secured loanL +4.00%08/20259,919 9,809 9,896 4.6 %
Zelis Cost Management Buyer, Inc.(6)First lien senior secured loanL +3.50%09/20264,489 4,484 4,463 2.1 %
36,517 35,350 35,452 16.8 %
Infrastructure and environmental services
Osmose Utilities Services, Inc.(6)First lien senior secured loanL +3.25%06/20289,737 9,056 9,328 4.4 %
USIC Holdings, Inc.(6)First lien senior secured loanL +3.50%05/20282,970 2,830 2,868 1.4 %
12,707 11,886 12,196 5.8 %
Insurance
Acrisure, LLC(10)First lien senior secured loanSR +5.75%02/20277,481 7,181 7,406 3.5 %
AssuredPartners, Inc.(9)First lien senior secured loanSR +4.25%02/20274,975 4,812 4,950 2.4 %
Broadstreet Partners, Inc(6)First lien senior secured loanL +3.00%01/20274,166 4,115 4,073 1.9 %
Hub International Limited(7)First lien senior secured loanL +3.25%04/20259,899 9,749 9,865 4.7 %
Howden Group Holdings Limited (aka HIG Finance 2 Limited / Preatorian)(9)(12)First lien senior secured loanSR +4.00%03/20304,000 3,840 3,970 1.9 %
30,521 29,697 30,264 14.4 %
Internet software and services
Barracuda Parent, LLC(10)First lien senior secured loanSR +4.50%08/202910,574 10,131 10,160 4.8 %
Boxer Parent Company Inc(6)First lien senior secured loanL +3.75%10/20251,994 1,972 1,966 0.9 %
CDK Global, Inc.(10)First lien senior secured loanSR +4.25%07/202910,574 10,350 10,527 5.0 %
DCert Buyer, Inc.(11)First lien senior secured loanSR +4.00%10/20261,995 1,983 1,949 0.9 %
E2open, LLC(6)First lien senior secured loanL +3.50%02/20283,859 3,752 3,816 1.8 %
68

Owl Rock Core Income Corp.
Notes to Consolidated Financial Statements - Continued
(Unaudited)
ORCIC Senior Loan Fund's Portfolio as of March 31, 2023
($ in thousands)
(Unaudited)
Company(1)(2)(4)(5)InvestmentInterestMaturity
Date
Par /
Units
Amortized
Cost(3)
Fair
Value
Percentage of Members’ Equity
Hyland Software, Inc.(6)First lien senior secured loanL +3.50%07/20249,922 9,743 9,795 4.6 %
Idera, Inc.(7)First lien senior secured loanL +3.75%03/20281,995 1,939 1,897 0.9 %
Infinite Bidco LLC(7)(12)First lien senior secured loanL +3.25%03/20282,993 2,889 2,858 1.4 %
Delta TopCo, Inc. (dba Infoblox, Inc.)(10)First lien senior secured loanSR +3.75%12/202710,546 9,680 9,751 4.6 %
McAfee Corp(9)First lien senior secured loanSR +3.75%03/20292,992 2,861 2,805 1.3 %
Perforce Software, Inc.(6)First lien senior secured loanL +3.75%07/20262,992 2,837 2,777 1.3 %
SONICWALL US Holdings Inc(7)First lien senior secured loanL +3.75%05/20251,995 1,962 1,956 1.0 %
Sophos Holdings, LLC(7)First lien senior secured loanL +3.50%03/202710,519 10,307 10,410 5.0 %
UST Holdings, Ltd.(9)(12)First lien senior secured loanSR +3.75%11/20283,461 3,449 3,427 1.6 %
VS Buyer LLC(7)First lien senior secured loanL +3.00%02/20272,992 2,992 2,957 1.4 %
79,403 76,847 77,051 36.5 %
Leisure and entertainment
Delta 2 (Lux) SARL (dba Formula One)(9)First lien senior secured loanSR +3.25%01/20303,000 2,972 3,001 1.4 %
WMG Acquisition Corp.(9)First lien senior secured loanSR +3.00%01/20284,000 3,926 3,960 1.9 %
7,000 6,898 6,961 3.3 %
Manufacturing
Altar Bidco, Inc(11)First lien senior secured loanSR +3.10%02/20294,751 4,543 4,509 2.1 %
Engineered Machinery Holdings, Inc. (dba Duravant)(7)First lien senior secured loanL +3.50%05/20284,987 4,952 4,911 2.3 %
DXP Enterprises, Inc.(11)(12)First lien senior secured loanSR +5.25%12/20276,969 6,660 6,795 3.2 %
Entegris, Inc.(9)First lien senior secured loanSR +2.75%07/20292,500 2,500 2,499 1.2 %
Gates Global LLC(9)First lien senior secured loanSR +3.50%11/20291,990 1,933 1,983 0.9 %
Pro Mach Group, Inc.(6)First lien senior secured loanL +4.00%08/202810,520 10,268 10,456 5.0 %
Pro Mach Group, Inc.(9)(12)First lien senior secured loanSR +5.00%08/20284,000 3,808 4,000 1.9 %
Watlow Electric Manufacturing Company(10)First lien senior secured loanSR +3.75%03/20282,494 2,477 2,435 1.2 %
38,211 37,141 37,588 17.8 %
Professional services
Apex Group Treasury, LLC(7)First lien senior secured loanL +3.75%07/20284,925 4,744 4,790 2.3 %
Apex Group Treasury, LLC(10)(12)First lien senior secured loanSR +5.00%07/20282,494 2,349 2,456 1.2 %
Skopima Merger Sub Inc(6)First lien senior secured loanL +4.00%05/20284,987 4,747 4,651 2.2 %
Corporation Service Company(9)First lien senior secured loanSR +3.25%11/20291,995 1,990 1,989 0.9 %
EM Midco2 Ltd. (dba Element Materials Technology)(10)First lien senior secured loanSR +4.25%06/20299,083 8,970 8,958 4.2 %
Genuine Financial Holdings LLC(7)First lien senior secured loanL +3.75%07/20253,988 3,977 3,955 1.9 %
Red Ventures, LLC(9)First lien senior secured loanSR +3.00%02/20304,000 3,960 3,960 1.9 %
Sovos Compliance, LLC(6)First lien senior secured loanL +4.50%08/202810,520 10,189 9,942 4.7 %
VT Topco, Inc. (dba Veritext)(6)(12)First lien senior secured loanL +3.75%08/20251,939 1,915 1,905 0.9 %
VT Topco, Inc. (dba Veritext)(7)(12)(13)First lien senior secured delayed draw term loanL +3.75%08/202555 55 54 — %
43,986 42,896 42,660 20.2 %
Telecommunications
Ciena Corporation(9)First lien senior secured loanSR +2.50%01/20302,000 1,991 1,996 0.9 %
Cogeco Communications (USA) II L.P.(6)First lien senior secured loanL +2.50%09/20282,992 2,979 2,949 1.4 %
Park Place Technologies, LLC(9)First lien senior secured loanSR +5.00%11/20279,737 9,268 9,316 4.5 %
Zayo Group Holdings, Inc.(9)First lien senior secured loanSR +4.25%03/20279,900 8,349 7,776 3.7 %
24,629 22,587 22,037 10.5 %
Transportation
Safe Fleet Holdings(9)First lien senior secured loanSR +3.75%02/20291,995 1,976 1,949 0.9 %
Uber Technologies, Inc.(10)First lien senior secured loanSR +2.75%03/20303,990 3,980 3,979 1.9 %
5,985 5,956 5,928 2.8 %
Total Debt Investments$672,631 $649,824 $651,694 309.0 %
Total Investments$672,631 $649,824 $651,694 309.0 %
________________
69

Owl Rock Core Income Corp.
Notes to Consolidated Financial Statements - Continued
(Unaudited)
1.Certain portfolio company investments are subject to contractual restrictions on sales.
2.Unless otherwise indicated, ORCIC SLF’s investments are pledged as collateral supporting the amounts outstanding under ORCIC SLF's SPV Asset Facilities.
3.The amortized cost represents the original cost adjusted for the amortization of discounts and premiums, as applicable, on debt investments using the effective interest method.
4.Unless otherwise indicated, all investments are considered Level 2 investments.
5.Unless otherwise indicated, loan contains a variable rate structure, which may be subject to an interest rate floor. Variable rate loans bear interest at a rate that may be determined by reference to either the London Interbank Offered Rate (“LIBOR” or “L”) (which can include one-, two-, three- or six-month LIBOR), Secured Overnight Financing Rate (“SOFR” or “SR”) (which can include one-, three-, six- or twelve-month SOFR) 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 March 31, 2023 was 4.86%.
7.The interest rate on these loans is subject to 3 month LIBOR, which as of March 31, 2023 was 5.19%.
8.The interest rate on these loans is subject to 6 month LIBOR, which as of March 31, 2023 was 5.31%.
9.The interest rate on these loans is subject to 1 month SOFR, which as of March 31, 2023 was 4.80%.
10.The interest rate on these loans is subject to 3 month SOFR, which as of March 31, 2023 was 4.91%.
11.The interest rate on these loans is subject to 6 month SOFR, which as of March 31, 2023 was 4.90%.
12.Level 3 investment.
13.Position or portion thereof is an unfunded loan commitment.


ORCIC Senior Loan Fund's Portfolio as of December 31, 2022
($ in thousands)
Company(1)(2)(4)(5)InvestmentInterestMaturity
Date
Par /
Units
Amortized
Cost(3)
Fair
Value
Percentage of Members’ Equity
Debt Investments
Aerospace and defense
Bleriot US Bidco Inc.(7)First lien senior secured loanL +4.00%10/2026$5,273 $5,178 $5,207 3.2 %
Peraton Corp.(6)First lien senior secured loanL +3.75%02/20287,571 7,290 7,382 4.6 %
Transdigm, Inc.(8)(11)First lien senior secured loanSR +3.25%02/20273,000 2,940 2,985 1.9 %
15,844 15,408 15,574 9.7 %
Automotive
PAI Holdco, Inc.(7)First lien senior secured loanL +3.75%10/20274,950 4,538 4,356 2.7 %
4,950 4,538 4,356 2.7 %
Buildings and real estate
Dodge Construction Network, LLC(10)First lien senior secured loanSR +4.75%02/20295,274 4,917 4,482 2.8 %
RealPage, Inc.(6)(11)First lien senior secured loanL +3.00%04/202810,547 9,925 10,009 6.2 %
Wrench Group LLC(7)First lien senior secured loanL +4.00%04/20269,761 9,737 9,419 5.9 %
25,582 24,579 23,910 14.9 %
Business services
BrightView Landscapes, LLC(8)First lien senior secured loanSR +3.25%04/202910,547 10,230 10,125 6.3 %
Brown Group Holdings, LLC(9)(11)First lien senior secured loanSR +3.75%07/20292,026 2,005 2,017 1.3 %
ConnectWise, LLC(7)(11)First lien senior secured loanL +3.50%09/202810,547 9,961 9,996 6.2 %
Packers Holdings, LLC(6)First lien senior secured loanL +3.25%03/20286,190 5,682 5,384 3.4 %
Vistage Worldwide, Inc.(8)First lien senior secured loanSR +5.25%07/20293,990 3,831 3,890 2.4 %
33,300 31,709 31,412 19.6 %
Capital markets
Guggenheim Partners Investment Management Holdings, LLC(9)First lien senior secured loanSR +3.25%12/20295,000 4,913 4,913 3.1 %
5,000 4,913 4,913 3.1 %
Chemicals
70

Owl Rock Core Income Corp.
Notes to Consolidated Financial Statements - Continued
(Unaudited)
ORCIC Senior Loan Fund's Portfolio as of December 31, 2022
($ in thousands)
Company(1)(2)(4)(5)InvestmentInterestMaturity
Date
Par /
Units
Amortized
Cost(3)
Fair
Value
Percentage of Members’ Equity
Aruba Investments Holdings, LLC (dba Angus Chemical Company)(8)First lien senior secured loanSR +4.75%11/20273,000 2,794 2,933 1.9 %
Axalta Coating Systems US Holdings Inc.(9)(11)First lien senior secured loanSR +3.00%12/20295,000 4,950 5,000 3.1 %
Ineos US Finance LLC(9)First lien senior secured loanSR +3.75%11/20273,000 2,895 2,948 1.8 %
11,000 10,639 10,881 6.8 %
Consumer products
Olaplex, Inc.(8)First lien senior secured loanSR +3.50%02/20295,287 4,905 4,970 3.1 %
5,287 4,905 4,970 3.1 %
Containers and packaging
Berlin Packaging L.L.C.(7)(11)First lien senior secured loanL +3.75%03/202810,547 10,102 10,127 6.3 %
BW Holding, Inc.(9)First lien senior secured loanSR +4.00%12/20287,767 7,637 7,146 4.5 %
Ring Container Technologies Group, LLC(6)First lien senior secured loanL +3.50%08/20289,762 9,585 9,616 6.0 %
Tricorbraun Holdings, Inc.(6)(11)First lien senior secured loanL +3.25%03/202810,546 9,995 10,040 6.3 %
Valcour Packaging, LLC(9)First lien senior secured loanSR +3.75%10/20289,925 9,901 8,883 5.5 %
48,547 47,220 45,812 28.6 %
Distribution
BCPE Empire Holdings, Inc. (dba Imperial-Dade)(8)(11)First lien senior secured loanSR +4.63%06/20269,762 9,434 9,469 5.9 %
Dealer Tire, LLC(8)First lien senior secured loanSR +4.25%12/20273,959 3,888 3,900 2.4 %
SRS Distribution, Inc.(6)First lien senior secured loanL +3.50%06/202810,573 9,839 10,097 6.3 %
White Cap Supply Holdings, LLC(8)(11)First lien senior secured loanSR +3.75%10/202710,573 10,020 10,208 6.4 %
34,867 33,181 33,674 21.0 %
Diversified financial services
Focus Financial Partners, LLC(8)(11)First lien senior secured loanSR +3.25%06/20284,988 4,901 4,921 3.1 %
4,988 4,901 4,921 3.1 %
Education
Severin Acquisition, LLC (dba Powerschool)(8)First lien senior secured loanSR +3.00%08/20254,897 4,807 4,860 3.0 %
Sophia, L.P.(8)First lien senior secured loanSR +4.25%10/20279,762 9,739 9,738 6.1 %
14,659 14,546 14,598 9.1 %
Energy equipment and services
AZZ Inc.(9)First lien senior secured loanSR +4.25%05/20297,950 7,882 7,950 5.0 %
Brookfield WEC Holdings Inc.(8)(11)First lien senior secured loanSR +3.75%08/20253,491 3,465 3,473 2.1 %
Pike Corp.(6)(11)First lien senior secured loanL +3.00%01/20289,800 9,607 9,651 6.0 %
21,241 20,954 21,074 13.1 %
Financial services
Acuris Finance US, Inc. (ION Analytics) (9)(11)First lien senior secured loanSR +4.00%02/20284,500 4,396 4,416 2.8 %
AllSpring Buyer(9)First lien senior secured loanSR +4.00%11/20284,988 4,921 4,925 3.1 %
Deerfield Dakota Holding, LLC(8)(11)First lien senior secured loanSR +3.75%04/20275,910 5,597 5,509 3.4 %
15,398 14,914 14,850 9.3 %
Food and beverage
71

Owl Rock Core Income Corp.
Notes to Consolidated Financial Statements - Continued
(Unaudited)
ORCIC Senior Loan Fund's Portfolio as of December 31, 2022
($ in thousands)
Company(1)(2)(4)(5)InvestmentInterestMaturity
Date
Par /
Units
Amortized
Cost(3)
Fair
Value
Percentage of Members’ Equity
Eagle Parent Corp.(9)(11)First lien senior secured loanSR +4.25%04/20292,722 2,674 2,668 1.7 %
Naked Juice LLC (dba Tropicana)(9)(11)First lien senior secured loanSR +3.25%01/202910,573 9,668 9,430 5.9 %
Nomad Foods Europe Midco Ltd.(8)(11)First lien senior secured loanSR +3.75%11/20295,000 4,801 4,979 3.1 %
Pegasus BidCo B.V.(9)First lien senior secured loanSR +4.25%07/20294,500 4,306 4,354 2.7 %
Shearer’s Foods, LLC(6)(11)First lien senior secured loanL +3.50%09/20278,807 8,196 8,376 5.2 %
31,602 29,645 29,807 18.6 %
Healthcare equipment and services
Confluent Medical Technologies, Inc.(9)First lien senior secured loanSR +3.75%02/20299,762 9,620 9,250 5.8 %
Dermatology Intermediate Holdings III, Inc(8)First lien senior secured loanSR +4.25%03/20299,950 9,829 9,751 6.1 %
Dermatology Intermediate Holdings III, Inc(8)(12)First lien senior secured delayed draw term loanSR +4.25%03/20291,629 1,618 1,596 1.0 %
Medline Borrower, LP(6)(11)First lien senior secured loanL +3.25%10/20286,327 5,831 6,005 3.7 %
MJH Healthcare Holdings, LLC(8)First lien senior secured loanSR +3.50%01/20293,831 3,767 3,678 2.3 %
Natus Medical Inc.(10)First lien senior secured loanSR +5.50%07/20294,500 4,191 4,207 2.6 %
35,999 34,856 34,487 21.5 %
Healthcare providers and services
Covetrus, Inc.(9)(11)First lien senior secured loanSR +5.00%10/20299,500 8,940 8,878 5.5 %
Pediatric Associates Holding Company, LLC(6)First lien senior secured loanL +3.25%12/20283,422 3,356 3,242 2.0 %
Phoenix Newco, Inc. (dba Parexel)(6)(11)First lien senior secured loanL +3.25%11/20287,444 7,170 7,156 4.5 %
Physician Partners, LLC(8)(11)First lien senior secured loanSR +4.00%12/20289,950 9,407 9,457 5.9 %
Premise Health Holding(9)First lien senior secured loanSR +4.75%07/20253,234 3,197 3,193 2.0 %
33,550 32,070 31,926 19.9 %
Healthcare technology
Athenahealth Group Inc.(8)(11)First lien senior secured loanSR +3.50%02/20299,403 8,636 8,466 5.3 %
Athenahealth Group Inc.(8)(11)(12)First lien senior secured delayed draw term loanSR +3.50%02/2029— (112)(109)(0.1)%
Imprivata, Inc.(8)First lien senior secured loanSR +4.25%12/20279,762 9,583 9,396 5.9 %
Verscend Holding Corp.(6)First lien senior secured loanL +4.00%08/20259,944 9,821 9,870 6.1 %
29,109 27,928 27,623 17.2 %
Infrastructure and environmental services
Osmose Utilities Services, Inc.(6)First lien senior secured loanL +3.25%06/20289,762 9,052 9,249 5.8 %
USIC Holdings, Inc.(6)(11)First lien senior secured loanL +3.50%05/20282,977 2,831 2,837 1.7 %
12,739 11,883 12,086 7.5 %
Insurance
Acrisure, LLC(9)First lien senior secured loanSR +5.75%02/20276,500 6,182 6,435 4.1 %
AssuredPartners, Inc.(8)First lien senior secured loanSR +4.25%02/20274,988 4,814 4,875 3.0 %
Hub International Limited(7)(11)First lien senior secured loanL +3.25%04/20259,924 9,756 9,823 6.1 %
72

Owl Rock Core Income Corp.
Notes to Consolidated Financial Statements - Continued
(Unaudited)
ORCIC Senior Loan Fund's Portfolio as of December 31, 2022
($ in thousands)
Company(1)(2)(4)(5)InvestmentInterestMaturity
Date
Par /
Units
Amortized
Cost(3)
Fair
Value
Percentage of Members’ Equity
21,412 20,752 21,133 13.2 %
Internet software and services
Barracuda Parent, LLC(8)First lien senior secured loanSR +4.50%08/202910,600 10,141 10,203 6.3 %
CDK Global, Inc.(9)(11)First lien senior secured loanSR +4.50%07/202910,600 10,366 10,492 6.5 %
Delta TopCo, Inc. (dba Infoblox, Inc.)(9)(11)First lien senior secured loanSR +3.75%12/202710,573 9,666 9,741 6.1 %
E2open, LLC(6)(11)First lien senior secured loanL +3.50%02/20283,868 3,756 3,793 2.4 %
Hyland Software, Inc.(6)(11)First lien senior secured loanL +3.50%07/20249,948 9,732 9,802 6.1 %
Sophos Holdings, LLC(7)First lien senior secured loanL +3.50%03/202710,546 10,319 10,203 6.4 %
56,135 53,980 54,234 33.8 %
Leisure and entertainment
Delta 2 (Lux) SARL (dba Formula One)(8)First lien senior secured loanSR +3.25%01/20303,000 2,970 2,993 1.8 %
WMG Acquisition Corp.(8)(11)First lien senior secured loanSR +3.00%01/20284,000 3,922 3,953 2.5 %
7,000 6,892 6,946 4.3 %
Manufacturing
DXP Enterprises, Inc.(10)First lien senior secured loanSR +5.25%12/20274,987 4,717 4,738 3.0 %
Gates Global LLC(8)(11)First lien senior secured loanSR +3.50%11/20291,995 1,936 1,978 1.2 %
Pro Mach Group, Inc.(6)(11)First lien senior secured loanL +4.00%08/202810,547 10,282 10,241 6.4 %
Pro Mach Group, Inc.(9)First lien senior secured loanSR +5.00%08/20284,000 3,800 3,884 2.4 %
21,529 20,735 20,841 13.0 %
Professional services
Apex Group Treasury, LLC(9)First lien senior secured loanSR +5.00%07/20282,500 2,350 2,400 1.5 %
Apex Group Treasury, LLC(7)(11)First lien senior secured loanL +3.75%07/20284,938 4,748 4,691 2.9 %
EM Midco2 Ltd. (dba Element Materials Technology)(9)First lien senior secured loanSR +4.25%06/20292,053 1,988 2,012 1.3 %
Sovos Compliance, LLC(9)First lien senior secured loanSR +4.50%08/202810,547 10,200 9,703 6.0 %
20,038 19,286 18,806 11.7 %
Telecommunications
Park Place Technologies, LLC(8)(11)First lien senior secured loanSR +5.00%11/20279,762 9,268 9,172 5.7 %
Zayo Group Holdings, Inc.(8)(11)First lien senior secured loanSR +4.25%03/20279,925 8,294 8,196 5.1 %
19,687 17,562 17,368 10.8 %
Total Debt Investments$529,463 $507,996 $506,202 315.6 %
Total Investments$529,463 $507,996 $506,202 315.6 %
_____________
1.Certain portfolio company investments are subject to contractual restrictions on sales.
2.Unless otherwise indicated, ORCIC SLF's investments are pledged as collateral supporting the amounts outstanding under ORCIC SLF's SPV Asset Facilities.
3.The amortized cost represents the original cost adjusted for the amortization of discounts and premiums, as applicable, on debt investments using the effective interest method.
4.Unless otherwise indicated, all investments are considered Level 3 investments.
5.Unless otherwise indicated, loan contains a variable rate structure, which may be subject to an interest rate floor. Variable rate loans bear interest at a rate that may be determined by reference to either the London Interbank Offered Rate (“LIBOR” or “L”) (which can include one-, two-, three- or six-month LIBOR), Secured Overnight Financing Rate (“SOFR” or “SR”) (which can include one-, three-, six- or twelve-month SOFR) or an alternate base rate (which can include the Federal Funds
73

Owl Rock Core Income Corp.
Notes to Consolidated Financial Statements - Continued
(Unaudited)
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, 2022 was 4.39%.
7.The interest rate on these loans is subject to 3 month LIBOR, which as of December 31, 2022 was 4.77%.
8.The interest rate on these loans is subject to 1 month SOFR, which as of December 31, 2022 was 4.36%.
9.The interest rate on these loans is subject to 3 month SOFR, which as of December 31, 2022 was 4.59%.
10.The interest rate on these loans is subject to 6 month SOFR, which as of December 31, 2022 was 4.78%.
11.Level 2 investment.
12.Position or portion thereof is an unfunded loan commitment.

74

Owl Rock Core Income Corp.
Notes to Consolidated Financial Statements - Continued
(Unaudited)
Below is selected balance sheet information for ORCIC SLF as of the following periods:
($ in thousands)March 31, 2023
(Unaudited)
December 31, 2022
Assets
Investments at fair value (amortized cost of $649,824 and $507,996, respectively)$651,694 $506,202 
Cash8,920 15,237 
Interest receivable2,725 2,202 
Receivable due on investments sold— 4,622 
Prepaid expenses and other assets176 151 
Total Assets$663,515 $528,414 
Liabilities
Debt (net of unamortized debt issuance costs of $3,272 and $3,509, respectively)$405,476 $343,035 
Payable for investments purchased38,615 13,958 
Interest payable1,197 1,522 
Return of capital payable— 4,489 
Distribution payable6,968 3,624 
Accrued expenses and other liabilities383 1,337 
Total Liabilities$452,639 $367,965 
Commitments and contingencies
Members’ Equity
Members’ Equity210,876 160,449 
Total Members’ Equity210,876 160,449 
Total Liabilities and Members’ Equity$663,515 $528,414 
Below is selected statement of operations information for ORCIC SLF as of the following periods:
($ in thousands)For the Three Months Ended March 31, 2023 (Unaudited)
Investment Income
Interest income$13,181 
Total Investment Income13,181 
Operating Expenses
Interest expense$5,894 
Professional fees190 
Other general and administrative129 
Total Operating Expenses6,213 
Net Investment Income$6,968 
Net Realized and Change in Unrealized Gain (Loss) on Investments
Net change in unrealized gain (loss) on investments3,663 
Net realized gain (loss) on investments14 
Total Net Realized and Change in Unrealized Gain (Loss) on Investments3,677 
Net Increase in Members’ Equity Resulting from Operations$10,645 


Note 5. Fair Value of Investments

Investments

The below tables present the fair value hierarchy of investments as of the following periods:

75

Owl Rock Core Income Corp.
Notes to Consolidated Financial Statements - Continued
(Unaudited)
Fair Value Hierarchy as of March 31, 2023
($ in thousands)Level 1Level 2Level 3Total
First-lien senior secured debt investments$— $1,171,094 $7,969,726 $9,140,820 
Second-lien senior secured debt investments— 214,796 942,097 1,156,893 
Unsecured debt investments— 50,435 170,187 220,622 
Preferred equity investments(1)
— — 605,447 605,447 
Common equity investments(2)
— — 282,725 282,725 
Subtotal$— $1,436,325 $9,970,182 $11,406,507 
Investments measured at NAV(3)
— — — 184,517 
Total Investments at fair value$— $1,436,325 $9,970,182 $11,591,024 
_______________
(1)Includes equity investment in LSI Financing.
(2)Includes equity investments in Amergin AssetCo and Fifth Season.
(3)Includes equity investment in ORCIC SLF.

Fair Value Hierarchy as of December 31, 2022
($ in thousands)Level 1Level 2Level 3Total
First-lien senior secured debt investments$— $845,039 $7,603,501 $8,448,540 
Second-lien senior secured debt investments— 123,639 1,019,223 1,142,862 
Unsecured debt investments— — 211,328 211,328 
Preferred equity investments(1)
— — 500,023 500,023 
Common equity investments(2)
— — 264,437 264,437 
Subtotal$— $968,678 $9,598,512 $10,567,190 
Investments measured at NAV(3)
— — — 140,394 
Total Investments at fair value$— $968,678 $9,598,512 $10,707,584 
_______________
(1)Includes equity investment in LSI Financing.
(2)Includes equity investments in Amergin AssetCo and Fifth Season.
(3)Includes equity investment in ORCIC SLF.

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 nine months ended September 30, 2022 and 2021:following periods:
As of and for the Three Months Ended September 30, 2022As of and for the Three Months Ended March 31, 2023
($ in thousands)($ in thousands)First-lien senior secured debt investmentsSecond-lien senior secured debt investmentsUnsecured debt investmentsPreferred equity investmentsCommon equity investmentsTotal($ in thousands)First-lien senior secured debt investmentsSecond-lien senior secured debt investmentsUnsecured debt investmentsPreferred equity investmentsCommon equity investmentsTotal
Fair value, beginning of periodFair value, beginning of period$5,845,642 $758,921 $152,698 $411,936 $127,965 $7,297,162 Fair value, beginning of period$7,603,501 $1,019,223 $211,328 $500,023 $264,437 $9,598,512 
Purchases of investments, netPurchases of investments, net1,411,759 96,934 — 49,947 22,908 1,581,548 Purchases of investments, net547,001 — 613 80,651 15,087 643,352 
Payment-in-kindPayment-in-kind4,337 869 2,896 5,976 21 14,099 Payment-in-kind8,083 1,690 3,454 20,314 21 33,562 
Proceeds from investments, netProceeds from investments, net(108,434)— — — — (108,434)Proceeds from investments, net(37,370)— (3)— — (37,373)
Net change in unrealized gain (loss)Net change in unrealized gain (loss)44,344 (1,909)(6,396)11 12,267 48,317 Net change in unrealized gain (loss)33,156 4,425 2,583 4,169 362 44,695 
Net realized gains (losses)Net realized gains (losses)86 — — — — 86 Net realized gains (losses)(4,577)— — — — (4,577)
Net amortization/accretion of premium/discount on investmentsNet amortization/accretion of premium/discount on investments4,412 328 53 253 — 5,046 Net amortization/accretion of premium/discount on investments5,048 278 54 290 — 5,670 
Transfers into (out of) Level 3(1)(33,104)(63,167)— — — (96,271)
Transfers between investment typesTransfers between investment types(2,818)— — — 2,818 — 
Transfers into (out of) Level 3(1)
Transfers into (out of) Level 3(1)
(182,298)(83,519)(47,842)— — (313,659)
Fair value, end of periodFair value, end of period$7,169,042 $791,976 $149,251 $468,123 $163,161 $8,741,553 Fair value, end of period$7,969,726 $942,097 $170,187 $605,447 $282,725 $9,970,182 
76

Owl Rock Core Income Corp.
Notes to Consolidated Financial Statements - Continued
(Unaudited)
_______________
(1)Transfers between levels, if any, are recognized at the beginning of the period in which the transfers occur. For the three months ended September 30,March 31, 2023, transfers out of Level 3 into Level 2 were as a result of changes in the observability of significant inputs for certain portfolio companies.




As of and for the Three Months Ended March 31, 2022
($ in thousands)First-lien senior secured debt investmentsSecond-lien senior secured debt investmentsUnsecured debt investmentsPreferred equity investmentsCommon equity investmentsTotal
Fair value, beginning of period$2,328,346 $450,477 $2,116 $56,970 $71,705 $2,909,614 
Purchases of investments, net1,439,482 168,993 120,775 98,010 26,105 1,853,365 
Payment-in-kind3,659 1,086 82 3,023 26 7,876 
Proceeds from investments, net(43,878)— — (642)— (44,520)
Net change in unrealized gain (loss)(14,470)(2,903)625 (982)3,129 (14,601)
Net realized gains (losses)48 — — 202 — 250 
Net amortization/accretion of premium/discount on investments1,968 131 10 97 2,208 
Transfers between investment types— — — (123)123 — 
Transfers into (out of) Level 3(1)
19,922 (14,967)— — — 4,955 
Fair value, end of period$3,735,077 $602,817 $123,608 $156,555 $101,090 $4,719,147 
(1)Transfers between levels, if any, are recognized at the beginning of the period in which the transfers occur. For the three months ended March 31, 2022, transfers out of Level 3 into Level 2 were as a result of changes in the observability of significant inputs for certain portfolio companies.


53

Owl Rock Core Income Corp.
Notes to Consolidated Financial Statements (Unaudited) - Continued
As of and for the Nine Months Ended September 30, 2022
($ in thousands)First-lien senior secured debt investmentsSecond-lien senior secured debt investmentsUnsecured debt investmentsPreferred equity investmentsCommon equity investmentsTotal
Fair value, beginning of period$2,328,346 $450,477 $2,116 $56,970 $71,705 $2,909,614 
Purchases of investments, net5,109,129 434,636 154,853 409,305 80,059 6,187,982 
Payment-in-kind15,697 3,429 5,510 12,915 61 37,612 
Proceeds from investments, net(299,517)(39,832)— (642)— (339,991)
Net change in unrealized gain (loss)(15,039)(24,416)(13,336)(10,947)11,213 (52,525)
Net realized gains (losses)242 — — 202 — 444 
Net amortization/accretion of premium/discount on investments9,274 514 108 443 — 10,339 
Transfers between investment types— — — (123)123 — 
Transfers into (out of) Level 3(1)20,910 (32,832)— — — (11,922)
Fair value, end of period$7,169,042 $791,976 $149,251 $468,123 $163,161 $8,741,553 
_______________
(1)Transfers between levels, if any, are recognized at the beginning of the period in which the transfers occur. For the nine months ended September 30, 2022, transfers out of Level 3 into Level 2 and transfers into Level 3 from Level 2 were as a result of changes in the observability of significant inputs for certain portfolio companies.


As of and for the Three Months Ended September 30, 2021
($ in thousands)First-lien senior secured debt investmentsSecond-lien senior secured debt investmentsUnsecured debt investmentsPreferred equity investmentsCommon equity investmentsTotal
Fair value, beginning of period$225,777 $105,203 $2,112 $11,049 $2,461 $346,602 
Purchases of investments, net(1)
1,134,588 50,864 — — 7,670 1,193,122 
Payment-in-kind99 — 80 196 376 
Proceeds from investments, net(226,656)— — — — (226,656)
Net change in unrealized gain (loss) on investments1,294 468 (86)213 (2)1,887 
Net realized gain (loss) on investments519 — — — — 519 
Net amortization/accretion of premium/discount on investments694 24 — — 719 
Transfers into (out of) Level 3(2)
(16,874)— — — — (16,874)
Fair value, end of period$1,119,441 $156,559 $2,107 $11,458 $10,130 $1,299,695 

(1)Purchases may include payment-in-kind (“PIK”).
(2)Transfers between levels, if any, are recognized at the beginning of the period in which the transfers occur. For the three months ended September 30, 2021, transfers out of Level 3 into Level 2 were as a result of changes in the observability of significant inputs for certain portfolio companies.


54

Owl Rock Core Income Corp.
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$9,404 $4,232 $22 $295 $423 $14,376 
Purchases of investments, net (1)
1,368,661 151,435 2,054 10,616 9,642 1,542,408 
Payment-in-kind133 — 82 341 558 
Proceeds from investments, net(232,680)— — — — (232,680)
Net change in unrealized gain (loss) on investments1,427 854 (53)206 63 2,497 
Net realized gain (loss) on investments529 — — — — 529 
Net amortization/accretion of premium/discount on investments780 38 — — 820 
Transfers into (out of) Level 3(2)
(28,813)— — — — (28,813)
Fair value, end of period$1,119,441 $156,559 $2,107 $11,458 $10,130 $1,299,695 
(1)Purchases may include payment-in-kind (“PIK”).
(2)Transfers between levels, if any, are recognized at the beginning of the period in which the transfers occur. For the nine months ended September 30, 2021, transfers out of Level 3 into Level 2 were as a result of changes in the observability of significant inputs for certain portfolio companies.



The followingbelow tables present information with respect to the net change in unrealized gains (losses) on investments for which Level 3 inputs were used in determining the fair value that are still held by the Company for the three and nine months ended September 30, 2022 and 2021:following periods:
($ in thousands)($ in thousands)Net change in unrealized gain (loss) for the Three Months Ended September 30, 2022 on Investments Held at September 30, 2022Net change in unrealized gain (loss) for the Three Months Ended September 30, 2021 on Investments Held at September 30, 2021($ in thousands)Net change in unrealized gain (loss) for the Three Months Ended March 31, 2023 on Investments Held at March 31, 2023Net change in unrealized gain (loss) for the Three Months Ended March 31, 2022 on Investments Held at March 31, 2022
First-lien senior secured debt investmentsFirst-lien senior secured debt investments$44,807 $1,323 First-lien senior secured debt investments$33,157 $(14,380)
Second-lien senior secured debt investmentsSecond-lien senior secured debt investments1,749 468 Second-lien senior secured debt investments4,425 (2,305)
Unsecured debt investmentsUnsecured debt investments(6,396)(89)Unsecured debt investments2,583 625 
Preferred equity investmentsPreferred equity investments11 194 Preferred equity investments4,169 (967)
Common equity investmentsCommon equity investments12,267 — Common equity investments362 3,442 
Total InvestmentsTotal Investments$52,438 $1,896 Total Investments$44,696 $(13,585)
55

Owl Rock Core Income Corp.
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$(15,044)$1,456 
Second-lien senior secured debt investments(24,416)854 
Unsecured debt investments(13,336)(56)
Preferred equity investments(10,947)189 
Common equity investments11,527 63 
Total Investments$(52,216)$2,506 




The following tables present quantitative information about the significant unobservable inputs of the Company’s Level 3 investments as of September 30, 2022March 31, 2023 and December 31, 2021.2022. 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.

77

Owl Rock Core Income Corp.
Notes to Consolidated Financial Statements - Continued
(Unaudited)

As of September 30, 2022March 31, 2023
($ in thousands)Fair ValueValuation TechniqueUnobservable InputRange (Weighted Average)Impact to Valuation from an Increase in Input
First-lien senior secured debt investments(1)
$6,064,432 7,683,441 Yield AnalysisMarket Yield7.9% - 21.3%21.6% (11.5%)Decrease
1,097,608 247,739 Recent TransactionTransaction Price91.5%97.0% - 99.0%100.0% (97.9%)Increase
7,002 Collateral AnalysisRecovery Rate69.0% - 69.0% (69.0%)Increase
Second-lien senior secured debt investments$791,976 942,097 Yield AnalysisMarket Yield11.7%10.9% - 25.0% (14.5%27.4% (14.1%)Decrease
Unsecured debt investments$149,228 170,163 Yield AnalysisMarket Yield10.2%10.8% - 20.0% (12.4%19.6% (12.6%)Decrease
23 24 Market ApproachEBITDA Multiple14.0x13.8x - 14.0x (14.0x)13.8x (13.8x)Increase
Preferred equity investments$418,172 520,917 Yield AnalysisMarket Yield12.0%11.5% - 16.8% (14.1%17.5% (13.9%)Decrease
49,948 84,527 Recent TransactionTransaction Price97.0%71.6% - 97.0% (97.0%100.0% (94.5%)Increase
Market ApproachEBITDA Multiple13.2x12.0x - 13.2x (13.2x)12.0x (12.0x)Increase
Common equity investments$31,052 109,093 Recent TransactionTransaction Price95.7%100.0% - 123.5% (105.4%100.0% (100.0%)Increase
105,767 129,398 Market ApproachEBITDA Multiple11.5x11.4x - 24.3x (15.6x)32.8x (16.0x)Increase
26,334 Market ApproachRevenue Multiple1.6x - 24.5x (14.0x)Increase
44,228 Market ApproachRevenue Multiple1.9x - 16.0x (10.9x)Increase
Market ApproachGross Profit Multiple10.0x9.0x - 10.0x (10.0x)9.0x (9.0x)Increase


(1) Excludes $38.5 million of level 3 investments valued based on indicative quotes.

56

Owl Rock Core Income Corp.
Notes to Consolidated Financial Statements (Unaudited) - Continued
As of December 31, 2021
($ in thousands)Fair ValueValuation TechniqueUnobservable InputRange (Weighted Average)Impact to Valuation from an Increase in Input
First-lien senior secured debt investments$1,401,867 Yield AnalysisMarket Yield5.1% - 12.4% (8.2%)Decrease
921,476 Recent TransactionTransaction Price90.5% - 100.0% (98.1%)Increase
5,003 Indicative BidBroker QuotesN/AIncrease
Second-lien senior secured debt investments$164,066 Yield AnalysisMarket Yield6.1% - 10.7% (8.7%)Decrease
261,240 Recent TransactionTransaction Price98.0% - 99.5% (98.8%)Increase
25,171 Indicative BidBroker QuotesN/AIncrease
Unsecured debt investments$2,092 Yield AnalysisMarket Yield9.4%Decrease
24 Market ApproachEBITDA Multiple14.8xIncrease
Preferred equity investments$11,555 Yield AnalysisMarket Yield11.4% - 14.6% (11.5%)Decrease
238 Market ApproachEBITDA Multiple9.3xIncrease
45,177 Recent TransactionTransaction Price97.3% - 97.5% (97.3%)Increase
Common equity investments$56,186 Recent TransactionTransaction Price100.0%Increase
15,470 Market ApproachEBITDA Multiple7.6x - 24.0x (16.9x)Increase
49 Market ApproachGross Profit Multiple27.0xIncrease

As of December 31, 2022
($ in thousands)Fair ValueValuation TechniqueUnobservable InputRange (Weighted Average)Impact to Valuation from an Increase in Input
First-lien senior secured debt investments$7,274,929 Yield AnalysisMarket Yield8.2% - 19.3% (11.9%)Decrease
323,358 Recent TransactionTransaction Price96.8% - 99.0% (98.0%)Increase
5,214 Collateral AnalysisRecovery Rate51.0% - 51.0% (51.0%)Increase
Second-lien senior secured debt investments$862,487 Yield AnalysisMarket Yield11.9% - 25.2% (15.7%)Decrease
156,736 Recent TransactionTransaction Price98.0% - 98.0% (98.0%)Increase
Unsecured debt investments$211,304 Yield AnalysisMarket Yield10.8% - 20.2% (13.1%)Decrease
24 Market ApproachEBITDA Multiple14.3x - 14.3x (14.3x)Increase
Preferred equity investments$477,863 Yield AnalysisMarket Yield11.9% - 17.9% (14.6%)Decrease
22,157 Recent TransactionTransaction Price96.5% - 100.0% (97.5%)Increase
Market ApproachEBITDA Multiple11.5x - 11.5x (11.5x)Increase
Common equity investments$105,049 Recent TransactionTransaction Price100.0% - 100.0% (100.0%)Increase
129,098 Market ApproachEBITDA Multiple11.0x - 31.6x (15.8x)Increase
30,284 Market ApproachRevenue Multiple1.8x - 16.6x (12.9x)Increase
Market ApproachGross Profit Multiple8.6x - 8.6x (8.6x)Increase
The Company typically determines the fair value of itsthe Company's performing Level 3 debt investments is typically determined 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.


When the debtor is not performing or when there is insufficient value to cover the investment, the Company may utilize a net recovery approach to determine the fair value of debt investments in subject companies. A net recovery analysis typically consists of two steps. First, the total enterprise value for the subject company is estimated using standard valuation approaches, most commonly the market approach. Second, the fair value for each investment in the subject company is then estimated by allocating the subject company’s total enterprise value to the outstanding securities in the capital structure based upon various factors, including seniority, preferences, and other features if deemed relevant to each security in the capital structure.

78

Owl Rock Core Income Corp.
Notes to Consolidated Financial Statements - Continued
(Unaudited)
Significant unobservable quantitative inputs typically used in the fair value measurement of the Company’s Level 3 debt investments primarily include current market yields, including relevant market indices, but may also include quotes from brokers, dealers, and pricing services as indicated by comparable investments. For the Company’s Level 3 equity investments, a market approach, based on comparable publicly-traded company and comparable market transaction multiples of revenues, EBITDA, or some combination thereof and comparable market transactions typically would be used.


Debt Not Carried at Fair Value


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

57

Owl Rock Core Income Corp.
Notes to Consolidated Financial Statements (Unaudited) - Continued
September 30, 2022December 31, 2021
($ in thousands)
Net Carrying Value(1)
Fair Value
Net Carrying Value(2)
Fair Value
Revolving Credit Facility(3)
$308,942$308,942$445,188$445,188
SPV Asset Facility I546,568546,568298,015298,015
SPV Asset Facility II1,272,3961,272,396438,637438,637
SPV Asset Facility III549,566549,566
SPV Asset Facility IV460,767460,767
ORCIC JV WH272,103272,103
March 2025 Notes494,770471,250
September 2026 Notes344,484294,000343,971337,750
February 2027 Notes493,383440,000
September 2027 Notes591,960591,000
Total Debt$5,334,939$5,206,592$1,525,811$1,519,590

March 31, 2023December 31, 2022
($ in thousands)
Net Carrying Value(1)
Fair Value
Net Carrying Value(2)
Fair Value
Revolving Credit Facility(3)
$659,842$659,842$288,636$288,636
SPV Asset Facility I497,316497,316437,241437,241
SPV Asset Facility II1,528,7191,528,7181,528,0481,528,048
SPV Asset Facility III550,148550,148549,851549,851
SPV Asset Facility IV460,966460,966460,869460,869
SPV Asset Facility V16,73516,735
CLO VIII287,936287,936287,946287,946
March 2025 Notes495,812487,500495,309485,000
September 2026 Notes344,591304,500344,226299,250
February 2027 Notes494,085453,750493,735447,500
September 2027 Notes(4)
591,928601,125591,550597,449
Total Debt$5,928,078$5,848,536$5,477,411$5,381,790
(1)The carrying values of the Company's Revolving Credit Facility, SPV Asset Facility I, SPV Asset Facility II, SPV Asset Facility III, SPV Asset Facility IV, ORCIC JV WH,SPV Asset Facility V, CLO VIII, March 2025 Notes, September 2026 Notes, February 2027 Notes, and September 2027 Notes are presented net of unamortized debt issuance costs of $14.2$12.9 million, $3.2$3.1 million, $10.6$9.3 million, $4.8 million, $4.0 million, $3.3 million, $2.1 million, $4.2 million, $5.4 million, $4.3 million, $2.4 million, $5.2 million, $5.5 million, $6.6$5.9 million, and $8.1 million respectively.
(2)The carrying values of the Company’sCompany's Revolving Credit Facility, SPV Asset Facility I, SPV Asset Facility II, SPV Asset Facility III, SPV Asset Facility IV, CLO VIII, March 2025 Notes, September 2026 Notes, February 2027 Notes, and September 20262027 Notes are presented net of unamortized debt issuance costs of $6.0$13.6 million, $3.3$3.2 million, $7.4$10.0 million, $5.1 million, $4.1 million, $2.1 million, $4.7 million, $5.8 million, $6.3 million, and $6.0$8.4 million respectively.
(3)Includes unrealized gain (loss) on translation of borrowings denominated in foreign currencies.

(4)Inclusive of change in fair market value of effective hedge.

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


($ in thousands)($ in thousands)September 30, 2022December 31, 2021($ in thousands)March 31, 2023December 31, 2022
Level 1Level 1$$Level 1$$
Level 2Level 21,796,250337,750Level 21,846,8751,829,199
Level 3Level 33,410,3421,181,840Level 34,001,6613,552,591
Total DebtTotal Debt$5,206,592$1,519,590Total Debt$5,848,536$5,381,790


Financial Instruments Not Carried at Fair Value


As of September 30, 2022March 31, 2023 and December 31, 2021,2022, 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.




79

Owl Rock Core Income Corp.
Notes to Consolidated Financial Statements - Continued
(Unaudited)
Note 6. Debt


In accordance with the 1940 Act, with certain limitations, the Company is allowed to borrow amounts such that its asset coverage, as defined in the 1940 Act, is at least 150% after such borrowing. The Company’s asset coverage was 186%195% and 200%193% as of September 30, 2022March 31, 2023 and December 31, 2021,2022, respectively.


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


58

Owl Rock Core Income Corp.
Notes to Consolidated Financial Statements (Unaudited) - Continued
September 30, 2022
($ in thousands)Aggregate Principal
Committed
Outstanding
Principal
Amount
Available(1)
Net Carrying
Value(2)
Revolving Credit Facility (3)
$1,775,000 $323,092 $1,451,908 $308,942 
SPV Asset Facility I550,000 549,782 218 546,568 
SPV Asset Facility II1,800,000 1,283,000 359,379 1,272,396 
SPV Asset Facility III750,000 555,000 42,785 549,566 
SPV Asset Facility IV500,000 465,000 35,000 460,767 
ORCIC JV WH400,000 274,550 908 272,103 
March 2025 Notes500,000 500,000 — 494,770 
September 2026 Notes350,000 350,000 — 344,484 
February 2027 Notes500,000 500,000 — 493,383 
September 2027 Notes600,000 600,000 — 591,960 
Total Debt$7,725,000 $5,400,424 $1,890,198 $5,334,939 

March 31, 2023
($ in thousands)Aggregate Principal
Committed
Outstanding
Principal
Amount
Available(1)
Net Carrying
Value(2)
Revolving Credit Facility(3)
$1,845,000 $672,789 $1,172,211 $659,842 
SPV Asset Facility I550,000 500,430 49,570 497,316 
SPV Asset Facility II1,800,000 1,538,000 156,309 1,528,719 
SPV Asset Facility III750,000 555,000 46,404 550,148 
SPV Asset Facility IV500,000 465,000 35,000 460,966 
SPV Asset Facility V300,000 20,000 24,909 16,735 
CLO VIII290,000 290,000 — 287,936 
March 2025 Notes500,000 500,000 — 495,812 
September 2026 Notes350,000 350,000 — 344,591 
February 2027 Notes500,000 500,000 — 494,085 
September 2027 Notes600,000 600,000 — 591,928 
Total Debt$7,985,000 $5,991,219 $1,484,403 $5,928,078 
(1)The amount available reflects any limitations related to each credit facility’s borrowing base.
(2)The carrying values of the Company's Revolving Credit Facility, SPV Asset Facility I, SPV Asset Facility II, SPV Asset Facility III, SPV Asset Facility IV, ORCIC JV WH,SPV Asset Facility V, CLO VIII, March 2025 Notes, September 2026 Notes, February 2027 Notes, and September 2027 Notes are presented net of unamortized debt issuance costs of $14.2$12.9 million, $3.2$3.1 million, $10.6$9.3 million, $4.8 million, $4.0 million, $3.3 million, $2.1 million, $4.2 million, $5.4 million, $4.3 million, $2.4 million, $5.2 million, $5.5 million, $6.6$5.9 million, and $8.1 million respectively.
(3)Includes unrealized gain (loss) on translation of borrowings denominated in foreign currencies.


December 31, 2021December 31, 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)
Promissory Note$250,000 $— $250,000 $— 
Revolving Credit Facility750,000 451,170 298,830 445,188 
Revolving Credit Facility(3)
Revolving Credit Facility(3)
$1,845,000 $302,287 $1,542,713 $288,636 
SPV Asset Facility ISPV Asset Facility I550,000 301,282 33,740 298,015 SPV Asset Facility I550,000 440,430 72,337 437,241 
SPV Asset Facility IISPV Asset Facility II1,000,000 446,000 83,678 438,637 SPV Asset Facility II1,800,000 1,538,000 164,506 1,528,048 
SPV Asset Facility IIISPV Asset Facility III750,000 555,000 50,764 549,851 
SPV Asset Facility IVSPV Asset Facility IV500,000 465,000 26,911 460,869 
CLO VIIICLO VIII290,000 290,000 — 287,946 
March 2025 NotesMarch 2025 Notes500,000 500,000 — 495,309 
September 2026 NotesSeptember 2026 Notes350,000 350,000 — 343,971 September 2026 Notes350,000 350,000 — 344,226 
February 2027 NotesFebruary 2027 Notes500,000 500,000 — 493,735 
September 2027 NotesSeptember 2027 Notes600,000 600,000 — 591,550 
Total DebtTotal Debt$2,900,000 $1,548,452 $666,248 $1,525,811 Total Debt$7,685,000 $5,540,717 $1,857,231 $5,477,411 
(1)The amount available reflects any limitations related to each credit facility’s borrowing base.
(2)The carrying values of the Company’sCompany's Revolving Credit Facility, SPV Asset Facility I, SPV Asset Facility II, andSPV Asset Facility III, SPV Asset Facility IV, CLO VIII, March 2025 Notes, September 2026 Notes, are presented net of unamortized debt issuance costs of $6.0 million, $3.3 million, $7.4 million,February 2027 Notes, and $6.0 million, respectively.

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

For the Three Months Ended
September 30,
For the Nine Months Ended
September 30,
($ in thousands)2022202120222021
Interest expense$58,806 $3,104 $106,218 $4,340 
Amortization of debt issuance costs2,967 359 7,036 626 
Total Interest Expense$61,773 $3,463 $113,254 $4,966 
Average interest rate4.6 %2.7 %4.2 %3.0 %
Average daily borrowings$4,989,751 $450,600 $3,328,010 $192,471 

5980

Owl Rock Core Income Corp.
Notes to Consolidated Financial Statements (Unaudited) - Continued
(Unaudited)

2027 Notes are presented net of unamortized debt issuance costs of $13.6 million, $3.2 million, $10.0 million, $5.1 million, $4.1 million, $2.1 million, $4.7 million, $5.8 million, $6.3 million, and $8.4 million respectively.
(3)Includes unrealized gain (loss) on translation of borrowings denominated in foreign currencies.

The below table represents the components of interest expense for the following periods:
For the Three Months Ended
March 31,
($ in thousands)20232022
Interest expense$86,574 $13,963 
Amortization of debt issuance costs3,697 1,408 
Net change in unrealized (gain) loss on effective interest rate swaps and hedged items(1)
(676)— 
Total Interest Expense$89,595 $15,371 
Average interest rate6.2 %3.4 %
Average daily borrowings$5,579,502 $1,647,161 
(1)Refer to the September 2027 Notes for details on the facility's interest rate swap.

Promissory Note


On October 15, 2020, the Company as borrower, entered into a Loan Agreement (the "Loan Agreement") with Owl Rock Feeder FIC ORCIC Debt LLC ("Feeder FIC Debt"), an affiliate of the Adviser, as lender, to enter into revolving promissory notes (the "Promissory Notes") to borrow up to an aggregate of $50 million from Feeder FIC Debt. The Loan Agreement was subsequently amended on March 31, 2021, August 26, 2021, September 13, 2021, and March 8, 2022, and amended and restated on May 12, 2021. Prior to June 22, 2022, the aggregate amount that could be borrowed under the Loan Agreement was $250 million and the stated maturity date was February 28, 2023.


The interest rate on amounts borrowed pursuant to the Promissory Notes after March 8, 2022 was based on the lesser of the rate of interest for a SOFR Loan or an ABR Loan under the Credit Agreement dated as of December 7, 2021, as amended or supplemented from 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 interest rate on amounts borrowed pursuant to the Promissory Notes between March 8, 2022 and May 12, 2021 was based on the lesser of the rate of interest for an ABR Loan or a Eurodollar Loan under the Credit Agreement dated as of April 15, 2021, as amended or supplemented from time to time, by and among the Adviser, as borrower, the several lenders from time to time party thereto, MUFG Union Bank, N.A., as Collateral Agent and MUFG Bank, Ltd., as Administrative Agent.


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


The unpaid principal balance of the Revolving 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 Owl Rock Feeder FIC ORCIC Debt LLC, and in any event due and payable in full no later than February 28, 2023.


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


Revolving Credit Facility


81

Owl Rock Core Income Corp.
Notes to Consolidated Financial Statements - Continued
(Unaudited)
On August 11, 2022, the Company entered into an Amended and Restated Senior Secured Revolving Credit Agreement (the “Revolving Credit Facility”), which amends and restates in its entirety that certain Senior Secured Revolving Credit Agreement, dated as of April 14, 2021 (as amended, restated, supplemented or otherwise modified prior to August 11, 2022). The parties to the Revolving Credit Facility include the Company, as Borrower, the lenders from time to time parties thereto (each an “Revolving Credit Lender” and collectively, the “Revolving Credit Lenders”) and Sumitomo Mitsui Banking Corporation, as Administrative Agent.


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


The maximum principal amount of the Revolving Credit Facility is $1.775$1.845 billion (increased from $1.550 billion to $1.775 billion on September 22, 2022, increased from $1.775 billion to $1.795 billion on October 5, 2022 and subsequently increased from $1.795 billion to $1.845 billion on November 22, 2022), 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 $2.325 billion through the Company’s exercise of an uncommitted accordion feature through which existing and new lenders may, at their option, agree to provide additional financing. The Revolving Credit Facility includes a $200 million limit for swingline loans and is secured by a perfected first-priority interest in substantially all of the portfolio investments held by the Company and each Guarantor, subject to certain exceptions.

60

Owl Rock Core Income Corp.
Notes to Consolidated Financial Statements (Unaudited) - Continued

The availability period under the Revolving Credit Facility will terminate on August 11, 2026 (the “Revolving Credit Facility Commitment Termination Date”). The Revolving Credit Facility will mature on August 11, 2027 (the “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 in U.S. dollars will bear interest at term SOFR plus any applicable credit adjustment spread plus margin of 2.00% per annum, or the alternative base rate plus margin of 1.00% per annum. With respect to loans denominated in U.S. dollars, the Company may elect either term SOFR or the alternative base rate at the time of drawdown, and such loans may be converted from one rate to another at any time at the Company’s option, subject to certain conditions. Amounts drawn under the Revolving Credit Facility in other permitted currencies will bear interest at the relevant rate specified therein (including any applicable credit adjustment spread) plus margin of 2.00% per annum. 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 the Company’s shareholders, or redeem, repurchase or retire shares of stock, upon the occurrence of certain events and certain financial covenants related to asset coverage and other maintenance covenants, as well as customary events of default. The Revolving Credit Facility requires a minimum asset coverage ratio with respect to the consolidated assets of the Company and its subsidiaries to senior securities that constitute indebtedness of no less than 1.50 to 1.00 at any time.


ORCIC JV WH


On August 24, 2022 (the “ORCIC JV WH Closing Date”), ORCIC JV WH LLC,LL, a Delaware limited liability company (“ORCIC JV WH”) entered into a $400 million credit facility (the “Credit Agreement”) among the lenders party thereto (the “Lenders”“ORCIC JV WH Lenders”), Bank of America, N.A., as administrative agent (in such capacity, the “Administrative Agent”) and BofA Securities, Inc., as sole lead arranger and sole book manager. ORCIC JV WH iswas a wholly owned subsidiary of the Company,ORCIC BC 9 LLC, a Delaware limited liability company (the “Collateral Manager”) and the Collateral Manager iswas a wholly owned subsidiary of the Company. The proceedsOn November 2, 2022 (the “ORCIC SLF Effective Date”), the Company and State Teachers Retirement System of Ohio (“OSTRS”) entered into an Amended and Restated Limited Liability Company Agreement (the “LLC Agreement”) to co-manage ORCIC SLF, a Delaware limited liability company. ORCIC SLF is a joint venture that is expected to invest primarily in senior secured loans to middle market companies, broadly syndicated loans and in senior and subordinated notes issued by collateralized loan obligations. Prior to the loans under the Credit Agreement are to be used for, subject to certain restrictions, acquiring and funding collateral assets, payment of government fees and administrative expenses, the funding of certain accounts and making distributions, contributions and investments.

The maximum principal amount of the revolving loans under the Credit Agreement is $400 million, which can be drawn and redrawn subject to certain conditions, including the borrowing base, which is determined on the basis of the value of the assets from time to time, and an advance rate, for a period of up to three years (less 30 days) afterORCIC SLF Effective Date, the ORCIC JV WH ClosingLenders consented to the change in control of ORCIC SLF. From and following the ORCIC SLF Effective Date, unless the commitments are terminated sooner, as provided in the Credit Agreement. The loans under the Credit Agreement will mature on August 25, 2025 (the “ORCIC JV WH Stated Maturity Date”)continued as an obligation of ORCIC SLF and may be accelerated upon the occurrence of an event of default.

All loans under the Credit Agreement may be prepaid and reborrowed without penalty or premium at any time, subject to certain restrictions. A make-whole fee is due in connection with any reduction or termination of any portionits subsidiaries but was no longer indebtedness of the commitments under the Credit Agreement within 18 months of the Company.

ORCIC JV WH Closing Date. The outstanding principal balance, interest and all other amounts outstanding for all loans are due and payable on the ORCIC JV WH Stated Maturity Date.

The interest rate on outstanding loans under the Credit Agreement is, at the option of ORCIC JV WH, (A) Term SOFR (which is the one month Term SOFR Screen Rate plus the Applicable Margin or (B) Base Rate (which is the highest of (i) the Federal Funds rate plus 0.50%, (ii) the Prime Rate in effect for such day, (iii) Term SOFR plus 1.00%, and (iv) 1.00%) plus the Applicable Margin, and in each case, subject to interest rate floors set forth in the Credit Agreement. The “Applicable Margin” is 1.45%. Liabilities under the Credit Agreement are limited recourse to ORCIC JV WH. ORCIC JV WH is required to pay a quarterly commitment fee ranging from 0.25% to 1.45%, based on the daily amount of the undrawn portion of the commitments under the Credit Agreement. The commitment fee will initially be set at 0.25%. ORCIC JV WH shall pay the Administrative Agent a customary fee as well as other customary closing fees.

The Credit Agreement contains customary affirmative and negative covenants, including covenants limiting the ability of ORCIC JV WH, among other things, grant liens, incur incremental indebtedness, effect certain mergers, make investments, dispose of assets, pay dividends or distributions on capital stock and enter into transactions with affiliates, in each case subject to customary exceptions.

The Credit Agreement contains customary events of default (with customary grace periods, as applicable), including payment defaults, breaches of covenants, defaults under the related loan documentation, material misstatements, insolvency events, judgementII
6182

Owl Rock Core Income Corp.
Notes to Consolidated Financial Statements (Unaudited) - Continued
(Unaudited)
defaults, the invalidity of the Credit Agreement or the related loan documents and certain events related to plans subject to the Employee Retirement Income Security Act of 1974, as amended.

Pursuant to the Security Agreement (as defined below)On October 14, 2022 (the “ORCIC JV WH II Closing Date”), the obligations of ORCIC JV WH under the Credit Agreement are secured byII LLC, a perfected first priority security interest in all of the assets of Delaware limited liability company (“ORCIC JV WH II”) entered into an up to $500 million revolving loan facility (the “Revolving Loan Agreement”) among the lenders party thereto (the “ORCIC JV WH II Lenders”), and on any payments received byRoyal Bank of Canada, as a ORCIC JV WH in respect ofII Lender and as administrative agent (in such assets. Assets pledged tocapacity, the Lenders will not be available to pay the Company’s obligations.

In connection with the Credit Agreement,“ORCIC JV WH II Administrative Agent”). ORCIC JV WH (a)II was a wholly owned subsidiary of ORCIC BC 9 LLC, a Delaware limited liability company (the “Collateral Manager”) and the Collateral Manager was a wholly owned subsidiary of the Company. On the ORCIC SLF Effective Date, the Company and OSTRS entered into the LLC Agreement to co-manage ORCIC SLF. ORCIC SLF is a security agreement dated as ofjoint venture that is expected to invest primarily in senior secured loans to middle market companies, broadly syndicated loans and in senior and subordinated notes issued by collateralized loan obligations. Prior to the ORCIC SLF Effective Date, the ORCIC JV WH Closing Date (the “Security Agreement”) among ORCIC JV WH and the Administrative Agent, pursuant to which ORCIC JV WH grantedII Lenders consented to the Administrative Agent a first priority lien on allchange in control of ORCIC SLF. From and following the ORCIC SLF Effective Date, the Revolving Loan Agreement continued as an obligation of ORCIC SLF and its subsidiaries but was no longer indebtedness of the collateral assets of ORCIC JV WH, (b) entered into a collateral management agreement among ORCIC JV WH and the Collateral Manager, pursuant to which the Collateral Manager provides collateral management services to ORCIC JV WH with respect to the collateral assets and (c) entered into a master sale and participation agreement among the Borrower and the Company, pursuant to which ORCIC JV WH intends to purchase from the Company participation interests in certain collateral assets (in anticipation of elevating such interests into assignments after the closing date) that, upon such purchase, will become collateral under the Credit Agreement and will be subject to the first priority lien granted by ORCIC JV WH pursuant to the Security Agreement.Company.

Borrowings of ORCIC JV WH are considered our borrowings for purposes of complying with the asset coverage requirements under the Investment Company Act of 1940, as amended.


SPV Asset Facility I


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


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


From time to time, the Company expects to sell and contribute certain investments to Core Income Funding I pursuant to a Sale and Contribution Agreement by and between the Company and Core Income Funding I. No gain or loss will be recognized as a result of the contribution. Proceeds from the SPV Asset Facility I will be used to finance the origination and acquisition of eligible assets by Core Income Funding I, including the purchase of such assets from the Company. The Company retains a residual interest in assets contributed to or acquired by Core Income Funding I through its ownership of Core Income Funding I. The maximum principal amount of the Credit Facility is $550 million; the availability of this amount is subject to an overcollateralization ratio test, which is based on the value of Core Income Funding I’s assets from time to time, and satisfaction of certain conditions, including an interest coverage ratio test, certain concentration limits and collateral quality tests.


The SPV Asset Facility I provides for the ability to (1) draw term loans and (2) draw and redraw revolving loans under the SPV Asset Facility I for a period of up to two years after the SPV Asset Facility I Closing Date unless the revolving commitments are terminated or converted to term loans 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 September 16, 2031 (the “SPV Asset Facility I Stated Maturity”). Prior to the SPV Asset Facility I Stated Maturity, proceeds received by Core Income Funding I from principal and interest, dividends, or fees on assets must be used to pay fees, expenses and interest on outstanding borrowings, and the excess may be returned to the Company, subject to certain conditions. On the SPV Asset I Facility Stated Maturity, Core Income Funding I must pay in full all outstanding fees and expenses and all principal and interest on outstanding borrowings, and the excess may be returned to the Company.


Amounts drawn bear interest at LIBOR (or, in the case of certain lenders that are commercial paper conduits, the lower of their cost of funds and LIBOR plus 0.25%) plus an applicable margin that ranges from 1.55% to 2.15% depending on a ratio of broadly syndicated loans to middle market loans in the collateral. From the SPV Asset I Facility Closing Date to the SPV Asset I Facility Commitment Termination Date, there is a commitment fee that steps up during the year after the SPV Asset I Facility Closing Date from 0.00% to 0.625% per annum on the undrawn amount, if any, of the revolving commitments in the SPV Asset Facility I. The SPV Asset Facility I contains customary covenants, including certain financial maintenance covenants, limitations on the activities of Core
62

Owl Rock Core Income Corp.
Notes to Consolidated Financial Statements (Unaudited) - Continued
Income Funding I, including limitations on incurrence of incremental indebtedness, and customary events of default. The SPV Asset Facility I is secured by a perfected first priority security interest in the assets of Core Income Funding I and on any payments received by Core Income Funding I in respect of those assets. Assets pledged to the SPV Asset Facility I Lenders will not be available to pay the debts of the Company.


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

83

Owl Rock Core Income Corp.
Notes to Consolidated Financial Statements - Continued
(Unaudited)

SPV Asset Facility II


On October 5, 2021 (the "SPV Asset Facility II Closing Date"), Core Income Funding II LLC (“Core Income Funding II”), a Delaware limited liability company and our newly formed subsidiary entered into a loan and financing and servicing agreement (as amended through the date hereof, the “SPV Asset Facility II”), with Core Income Funding II, as borrower, us, as equityholder and service provider, the lenders from time to time parties thereto (the "SPV Asset Facility II Lenders"), Deutsche Bank AG, New York Branch, as Facility Agent, State Street Bank and Trust Company, as collateral agent, and Alter Domus (US) LLC as collateral custodian.


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


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


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


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


On May 3, 2022, the parties to the SPV Asset Facility II amended certain terms of the facility including, among other changes, increasing the Facility Amount from $1.275 billion to $1.65 billion and adding two additional lenders.


On July 11, 2022, the parties to the SPV Asset Facility II entered into a joinder agreement increasing the Facility Amount from $1.65 billion to $1.69 billion and adding an additional lender.


On August 1, 2022, the parties to the SPV Asset Facility II entered into joinder agreements and amended certain terms of the facility including, among other changes, increasing the Facility Amount from $1.69 billion to $1.8 billion and adding additional lenders.


From time to time, the Company expects to sell and contribute certain loan assets to Core Income Funding II pursuant to a Sale and Contribution Agreement by and between the Company and Core Income Funding II. No gain or loss will be recognized as a result of the contribution. Proceeds from the SPV Asset Facility II will be used to finance the origination and acquisition of eligible assets by Core Income Funding II, including the purchase of such assets from the Company. The Company retains a residual interest in assets contributed to or acquired by Core Income Funding II through our ownership of Core Income Funding II. The maximum principal amount of the SPV Asset Facility II is $1.8 billion; the availability of this amount is subject to the borrowing base, which is determined on the basis of the value and types of Core Income Funding II’s assets from time to time, and satisfaction of certain conditions, including interest spread and weighted average coupon tests, certain concentration limits and collateral quality tests.


The SPV Asset Facility II provides for the ability to borrow, reborrow, repay and prepay advances under the SPV Asset Facility II for a period of up to three years after the SPV Asset Facility II Closing Date unless such period is extended or accelerated under the terms of the SPV Asset Facility II (the “Revolving Period”). Unless otherwise extended, accelerated or terminated under the terms of the SPV Asset Facility II, the SPV Asset Facility II will mature on the date that is two years after the last day of the Revolving Period (the “Facility Termination Date”). Prior to the Facility Termination Date, proceeds received by Core Income Funding II from principal and interest, dividends, or fees on assets must be used to pay fees, expenses and interest on outstanding advances, and the excess may be returned to the Company, subject to certain conditions. On the Facility Termination Date, Core Income Funding II must pay in full all outstanding fees and expenses and all principal and interest on outstanding advances, and the excess may be returned to the Company.

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Owl Rock Core Income Corp.
Notes to Consolidated Financial Statements (Unaudited) - Continued

Amounts drawn under the SPV Asset Facility II bear interest at Term SOFR (or, in the case of certain SPV Asset Facility II Lenders that are commercial paper conduits, the lower of (a) their cost of funds and (b) Term SOFR, such Term SOFR not to be lower than zero) plus a spread equal to 2.00% per annum, which spread will increase (a) on and after the end of the Revolving Period by 0.15% per annum if no event of default has occurred and (b) by 2.00% per annum upon the occurrence of an event of default (such spread, the “Applicable Margin”). Term SOFR may be replaced as a base rate under certain circumstances. During the Revolving Period, Core Income Funding II will pay an undrawn fee ranging from 0.00% to 0.25% per annum on the undrawn amount, if any, of
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Owl Rock Core Income Corp.
Notes to Consolidated Financial Statements - Continued
(Unaudited)
the revolving commitments in the SPV Asset Facility II. During the Revolving Period, if the undrawn commitments are in excess of a certain portion (initially 12.5% and increasing in stages to 25%, 50% and 75%) of the total commitments under the SPV Asset Facility II, Core Income Funding II will also pay a make-whole fee equal to the Applicable Margin multiplied by such excess undrawn commitment amount, reduced by the undrawn fee payable on such excess. Core Income Funding II will also pay Deutsche Bank AG, New York Branch, certain fees (and reimburse certain expenses) in connection with its role as facility agent. The SPV Asset Facility II contains customary covenants, including certain financial maintenance covenants, limitations on the activities of Core Income Funding II, including limitations on incurrence of incremental indebtedness, and customary events of default. The SPV Asset Facility II is secured by a perfected first priority security interest in the assets of Core Income Funding II and on any payments received by Core Income Funding II in respect of those assets. Assets pledged to the SPV Asset Facility II Lenders will not be available to pay the Company's debts.


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


SPV Asset Facility III


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


From time to time, the Company expects to sell and contribute certain investments to Core Income Funding III pursuant to a Sale and Contribution Agreement, dated as of the SPV Asset Facility III Closing Date, by and between the Company and Core Income Funding III. No gain or loss will be recognized as a result of the contribution. Proceeds from the SPV Asset Facility III will be used to finance the origination and acquisition of eligible assets by Core Income Funding III, including the purchase of such assets from the Company. The Company retains a residual interest in assets contributed to or acquired by Core Income Funding III through the Company’s ownership of Core Income Funding III. The maximum principal amount of the SPV Asset Facility III is $750 million, which can be drawn in multiple currencies subject to certain conditions; the availability of this amount is subject to the borrowing base, which is determined on the basis of the value and types of Core Income Funding III’s assets from time to time, and satisfaction of certain conditions, including certain portfolio criteria.


The SPV Asset Facility III provides for the ability to draw and redraw revolving loans under the SPV Asset Facility III for a period of up to three years after the SPV Asset Facility III Closing Date unless the commitments are terminated sooner as provided in the SPV Asset Facility III (the “SPV Asset Facility III Commitment Termination Date”). Unless otherwise terminated, the SPV Asset Facility III will mature on March 24, 2027 (the “SPV Asset Facility III Stated Maturity”). To the extent the commitments are terminated or permanently reduced during the first two years following the SPV Asset Facility III Closing Date, Core Income Funding III may owe a prepayment penalty. Prior to the SPV Asset Facility III Stated Maturity, proceeds received by Core Income Funding III from principal and interest, dividends, or fees on assets must be used to pay fees, expenses and interest on outstanding borrowings, and the excess may be returned to the Company, subject to certain conditions. On the SPV Asset Facility III Stated Maturity, Core Income Funding III must pay in full all outstanding fees and expenses and all principal and interest on outstanding borrowings, and the excess may be returned to the Company.


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


From the SPV Asset Facility III Closing Date to the SPV Asset Facility III Commitment Termination Date, there is a commitment fee, calculated on a daily basis, ranging from 0.25% to 1.25% on the undrawn amount under the SPV Asset Facility III. The SPV Asset Facility III contains customary covenants, including certain limitations on the activities of Core Income Funding III, including limitations on incurrence of incremental indebtedness, and customary events of default. The SPV Asset Facility III is secured by a
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Owl Rock Core Income Corp.
Notes to Consolidated Financial Statements (Unaudited) - Continued
perfected first priority security interest in the assets of Core Income Funding III and on any payments received by Core Income Funding III in respect of those assets. Assets pledged to the lenders under the SPV Asset Facility III Lenders will not be available to pay the debts of the Company.


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Owl Rock Core Income Corp.
Notes to Consolidated Financial Statements - Continued
(Unaudited)
Borrowings of Core Income Funding III are considered the Company’s borrowings for purposes of complying with the asset coverage requirements under the 1940 Act.


SPV Asset Facility IV


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


From time to time, the Company expects to sell and contribute certain investments to Core Income Funding IV pursuant to a Sale and Contribution Agreement, dated as of the SPV Facility IV Closing Date, by and between the Company and Core Income Funding IV. No gain or loss will be recognized as a result of the contribution. Proceeds from the SPV Facility IV will be used to finance the origination and acquisition of eligible assets by Core Income Funding IV, including the purchase of such assets from the Company. The Company retains a residual interest in assets contributed to or acquired by Core Income Funding IV through its ownership of Core Income Funding IV. The maximum principal amount of the SPV Facility IV is $500 million; the availability of this amount is subject to an overcollateralization ratio test, which is based on the value of Core Income Funding IV’s assets from time to time, and satisfaction of certain conditions, including an interest coverage ratio test, certain concentration limits and collateral quality tests.


The SPV Facility IV provides for the ability to (1) draw term loans and (2) draw and redraw revolving loans under the SPV Facility IV for a period of up to three years after the SPV Facility IV Closing Date unless the revolving commitments are terminated or converted to term loans sooner as provided in the SPV Facility IV (the “SPV Facility IV Commitment Termination Date”). Unless otherwise terminated, the SPV Facility IV will mature on March 16, 2033 (the “SPV Facility IV Stated Maturity”). Prior to the SPV Facility IV Stated Maturity, proceeds received by Core Income Funding IV from principal and interest, dividends, or fees on assets must be used to pay fees, expenses and interest on outstanding borrowings, and the excess may be returned to the Company, subject to certain conditions. On the SPV Facility IV Stated Maturity, Core Income Funding IV must pay in full all outstanding fees and expenses and all principal and interest on outstanding borrowings, and the excess may be returned to the Company.



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


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


SPV Asset Facility V

On March 9, 2023 (the “SPV Facility V Closing Date”), Core Income Funding V LLC (“Core Income Funding V”), a Delaware limited liability company and newly formed subsidiary of the Company, entered into a loan and security agreement (the “SPV Asset Facility V”), with Core Income Funding V, as Borrower, the Company, as Servicer and Equityholder, the lenders from time to time parties thereto (the “SPV Asset Facility V Lenders”), Wells Fargo Bank, National Association, as Administrative Agent, State Street Bank and Trust Company, as Collateral Agent, and Alter Domus (US) LLC as Collateral Custodian.

From time to time, the Company expects to sell and contribute certain loan assets to Core Income Funding V pursuant to a Sale and Contribution Agreement, dated as of the SPV Facility V Closing Date, by and between the Company and Core Income Funding V. No gain or loss will be recognized as a result of the contribution. Proceeds from the SPV Facility V will be used to finance the origination and acquisition of eligible assets by Core Income Funding V, including the purchase of such assets from the Company. The Company retains a residual interest in assets contributed to or acquired by Core Income Funding V through its ownership of Core Income Funding V. The maximum principal amount of the SPV Facility V is $300 million; the availability of this amount is subject to
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Owl Rock Core Income Corp.
Notes to Consolidated Financial Statements - Continued
(Unaudited)
a borrowing base test, which is based on the value of Core Income Funding V’s assets from time to time, and satisfaction of certain conditions, including certain concentration limits and other portfolio tests.

The SPV Facility V provides for the ability to borrow, reborrow, repay and prepay advances under the SPV Facility V for a period of up to three years after the SPV Facility V Closing Date unless such period is extended or accelerated under the terms of the SPV Facility V (the “SPV Facility V Reinvestment Period”). Unless otherwise extended, accelerated or terminated under the terms of the SPV Facility V, the SPV Facility V will mature on the date that is two years after the last day of the SPV Facility V Reinvestment Period (the “SPV Facility V Maturity Date”). Prior to the SPV Facility V Maturity Date, proceeds received by Core Income Funding V 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 Facility V Maturity Date, Core Income Funding V 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 Daily Simple SOFR plus a spread equal to 2.70% per annum, which spread will increase by 2.00% per annum upon the occurrence and during the existence of an event of default or following the SPV Facility V Termination Date (such spread, the “SPV Facility V Applicable Spread”). Daily Simple SOFR may be replaced as a base rate under certain circumstances. During the SPV Facility V Reinvestment Period, Core Income Funding V will pay an undrawn fee ranging from 0.25% to 0.50% per annum on the undrawn amount, if any, of the revolving commitments in the SPV Facility V that are not subject to the separate, higher fee described below. On and after the six-month anniversary of the SPV Facility V Closing Date and during the SPV Facility V Reinvestment Period, if the undrawn commitments are in excess of a certain portion (initially 50% and decreasing to 30%) of the total commitments under the SPV Facility V, such portion will not be subject to the undrawn fee described above, but Core Income Funding V will pay a separate fee on this portion of the undrawn commitments equal to 1.50% multiplied by such excess undrawn commitment amount over 50% or 30% of the total commitments, as applicable. The SPV Facility V contains customary covenants, including certain financial maintenance covenants, limitations on the activities of Core Income Funding V, including limitations on incurrence of incremental indebtedness, and customary events of default. The SPV Facility V is secured by a perfected first priority security interest in the assets of Core Income Funding V and on any payments received by Core Income Funding V in respect of those assets. Assets pledged to the Lenders will not be available to pay the debts of the Company.

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

CLO VIII

On October 21, 2022 (the “CLO VIII Closing Date”), the Company completed a $391.675 million term debt securitization transaction (the “CLO VIII Transaction”), also known as a collateralized loan obligation transaction, which is a form of secured financing incurred by the Company. The secured notes and preferred shares issued in the CLO VIII Transaction and the secured loan borrowed in the CLO VIII Transaction were issued and incurred, as applicable, by the Company’s consolidated subsidiary Owl Rock CLO VIII, LLC, a limited liability organized under the laws of the State of Delaware (the “CLO VIII Issuer”) and are backed by a portfolio of collateral obligations consisting of middle market loans and participation interests in middle market loans as well as by other assets of the CLO VIII Issuer.

The CLO VIII Transaction was executed by (A) the issuance of the following classes of notes and preferred shares pursuant to an indenture and security agreement dated as of the CLO VIII Closing Date (the “CLO VIII Indenture”), by and among the CLO VIII Issuer and State Street Bank and Trust Company: (i) $152 million of AAA(sf) Class A-T Notes, which bear interest at three-month term SOFR plus 2.50%, (ii) $46 million of AAA(sf) Class A-F Notes, which bear interest at 6.02%, (iii) $32 million of AA(sf) Class B Notes, which bear interest at three-month term SOFR plus 3.50% and (iv) $30 million of A(sf) Class C Notes, which bear interest at 4.90% (together, the “CLO VIII Secured Notes”) and (B) the borrowing by the CLO VIII Issuer of $30 million under floating rate Class A-L loans (the “Class A-L Loans” and together with the CLO VIII Secured Notes, the “CLO VIII Debt”). The Class A-L Loans bear interest at three-month term SOFR plus 2.50%. The Class A-L Loans were borrowed under a loan agreement (the “A-L Loan Agreement”), dated as of the CLO VIII Closing Date, by and among the CLO VIII Issuer, as borrower, various financial institutions, as lenders, and State Street Bank and Trust Company, as collateral trustee and loan agent. The CLO VIII Debt is secured by middle market loans, participation interests in middle market loans and other assets of the CLO VIII Issuer. The CLO VIII Debt is scheduled to mature on November 20, 2034. The CLO VIII Secured Notes were privately placed by Natixis Securities Americas LLC as placement agent.

Concurrently with the issuance of the CLO VIII Secured Notes and the borrowing under the Class A-L Loans, the CLO VIII Issuer issued approximately $101.675 million of subordinated securities in the form of 101,675 preferred shares at an issue price of U.S.$1,000 per share (the “CLO VIII Preferred Shares”). The CLO VIII Preferred Shares were issued by the CLO VIII Issuer as part
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Owl Rock Core Income Corp.
Notes to Consolidated Financial Statements - Continued
(Unaudited)
of its issued share capital and are not secured by the collateral securing the CLO VIII Debt. The Company purchased all of the CLO VIII Preferred Shares. The Company acts as retention holder in connection with the CLO VIII Transaction for the purposes of satisfying certain U.S. and European Union regulations requiring sponsors of securitization transactions to retain exposure to the performance of the securitized assets and as such is required to retain a portion of the CLO VIII Preferred Shares.

As part of the CLO VIII Transaction, the Company entered into a loan sale agreement with the CLO VIII Issuer dated as of the CLO VIII Closing Date, which provided for the sale and contribution of approximately $143.098 million funded par amount of middle market loans from the Company to the CLO VIII Issuer on the CLO VIII Closing Date and for future sales from the Company to the CLO VIII Issuer on an ongoing basis. Such loans constituted part of the initial portfolio of assets securing the CLO VIII Debt. The remainder of the initial portfolio assets securing the CLO VIII Debt consisted of approximately $113.025 million funded par amount of middle market loans purchased by the CLO VIII Issuer from Core Income Funding I LLC, a wholly-owned subsidiary of the Company, under an additional loan sale agreement executed on the CLO VIII Closing Date between the CLO VIII Issuer and Core Income Funding I LLC. The Company and Core Income Funding I LLC each made customary representations, warranties, and covenants to the CLO VIII Issuer under the applicable loan sale agreement.

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

The CLO VIII Debt is the secured obligation of the CLO VIII Issuer, and the CLO VIII Indenture, the A-L Loan Agreement each include customary covenants and events of default. The CLO VIII Secured Notes have not been registered under the Securities Act of 1933, as amended (the “Securities Act”), or any state securities (e.g., “blue sky”) laws, and may not be offered or sold in the United States absent registration with the Securities and Exchange Commission or pursuant to an applicable exemption from such registration.

The Adviser will serve as collateral manager for the CLO VIII Issuer under a collateral management agreement dated as of the CLO VIII Closing Date. The Adviser is entitled to receive fees for providing these services. The Adviser has waived its right to receive such fees but may rescind such waiver at any time; provided, however, that if the Adviser rescinds such waiver, the management fee payable to Adviser pursuant to the Amended and Restated Investment Advisory Agreement, dated May 18, 2021, between the Adviser and the Company will be offset by the amount of the collateral management fee attributable to the CLO VIII Issuer’s equity or notes owned by the Company.

Unsecured Notes


On November 30, 2022, the Company entered into an agreement of removal, appointment and acceptance (the “Tripartite Agreement”), with Computershare Trust Company, N.A., as successor to Wells Fargo Bank, National Association (the “Retiring Trustee”) and Truist Bank (the “Successor Trustee”), with respect to the Indenture, dated September 23, 2021 between the Company and the Retiring Trustee (the “Base Indenture”), the first supplemental indenture, dated September 23, 2021 (the “First Supplemental Indenture”) between the Company and the Retiring Trustee, the second supplemental indenture, dated February 8, 2022 (the “Second Supplemental Indenture”) between the Company and the Retiring Trustee, the third supplemental indenture, dated March 29, 2022 (the “Third Supplemental Indenture”) between the Company and the Retiring Trustee, and the Fourth Supplemental Indenture, dated September 16, 2022 (the “Fourth Supplemental Indenture” and together with the Base Indenture, the First Supplemental Indenture, the Second Supplemental Indenture and the Third Supplemental Indenture, the “Indenture”) between the Company and the Retiring Trustee.

The Tripartite Agreement provided that, effective as of the date thereof, (1) the Retiring Trustee assigns, transfers, delivers and confirms to the Successor Trustee all of its rights, title and interest under the Indenture and all of the rights, power, trusts and duties as trustee, security registrar, paying agent, authenticating agent and depositary custodian under the Indenture; and (2) the Successor Trustee accepts its appointment successor trustee, security registrar, paying agent, authenticating agent and depositary custodian under the Indenture, and accepts the rights, indemnities, protections, powers, trust and duties of or afforded to Retiring Trustee as trustee, security registrar, paying agent, authenticating agent and depositary custodian under the Indenture. The Successor Trustee’s appointment in its capacities as paying agent and security registrar became effective on December 14, 2022.
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Owl Rock Core Income Corp.
Notes to Consolidated Financial Statements - Continued
(Unaudited)

September 2026 Notes


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

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Owl Rock Core Income Corp.
Notes to Consolidated Financial Statements (Unaudited) - Continued

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


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


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


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




February 2027 Notes


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


The February 2027 Notes were issued pursuant to the Base Indenture and athe Second Supplemental Indenture dated as of February 8, 2022 (the “Second Supplemental Indenture” and together with the Base Indenture,(together, the “February 2027 Indenture”), between the Company and the Trustee.. The February 2027 Notes will mature on February 8, 2027 and may be redeemed in whole or in part at the Company’s option at any time or from time to time at the redemption prices set forth in the February 2027 Indenture. The February 2027 Notes initially bear interest at a rate of 4.70% per year payable semi-annually on February 8 and August 8 of each year,
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Owl Rock Core Income Corp.
Notes to Consolidated Financial Statements - Continued
(Unaudited)
commencing on August 8, 2022. Concurrent with the issuance of the February 2027 Notes the Company entered into a Registration Rights Agreement (the “February 2027 Registration Rights Agreement”) for the benefit of the purchasers of the February 2027 Notes. Pursuant to the February 2027 Registration Rights Agreement the Company is obligated to file a registration statement with the SEC with respect to an offer to exchange the February 2027 Notes for a new issue of debt securities registered under the Securities Act with terms substantially identical to those of the February 2027 Notes (except for provisions relating to transfer restrictions and payment of additional interest) and to use its commercially reasonable efforts to consummate such exchange offer on the earliest practicable date after the registration statement has been declared effective but in no event later than 365 days after the initial issuance of the February
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Owl Rock Core Income Corp.
Notes to Consolidated Financial Statements (Unaudited) - Continued
2027 Notes. If the Company fails to satisfy its registration obligations under the February 2027 Registration Rights Agreement, the Company will be required to pay additional interest to the holders of the February 2027 Notes. The Company filed a registration statement with the SEC and, on July 25, 2022, commenced an offer to exchange the February 2027 Notes for newly issued registered notes with substantially similar terms, which expired on August 23, 2022.


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


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


March 2025 Notes


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


The March 2025 Notes were issued pursuant to the Base Indenture and athe Third Supplemental Indenture dated as of March 29, 2022 (the “Third Supplemental Indenture” and together with the Base Indenture,(together, the “March 2025 Indenture”), between the Company and the Trustee.. The March 2025 Notes will mature on March 21, 2025 and may be redeemed in whole or in part at the Company’s option at any time or from time to time at the redemption prices set forth in the March 2025 Indenture. The March 2025 Notes bear interest at a rate of 5.500% per year payable semi-annually on March 21 and September 21 of each year, commencing on September 21, 2022. Concurrent with the issuance of the March 2025 Notes, the Company In connection with the offering, the Company entered into a Registration Rights Agreement, dated as of March 29, 2022 (the “March 2025 Registration Rights Agreement”), for the benefit of the purchasers of the March 2025 Notes. Pursuant to the March 2025 Registration Rights Agreement, the Company is obligated to file with the SEC a registration statement with respect to an offer to exchange the March 2025 Notes for a new issue of debt securities registered under the Securities Act with terms substantially identical to those of the March 2025 Notes (except for provisions relating to transfer restrictions and payment of additional interest) and to use its commercially reasonable efforts to consummate such exchange offer on the earliest practicable date after the registration statement has been declared effective but in no event later than 365 days after the initial issuance of the March 2025 Notes. If the Company fails to satisfy its registration obligations under the March 2025 Registration Rights Agreement, it will be required to pay additional interest to the holders of the March 2025 Notes. The Company filed a registration statement with the SEC and, on July 25, 2022, commenced an offer to exchange the March 2025 Notes for newly issued registered notes with substantially similar terms, which expired on August 23, 2022.


The March 2025 Notes are the Company’s direct, general unsecured obligations and rank senior in right of payment to all of the Company’s future indebtedness or other obligations that are expressly subordinated, or junior, in right of payment to the March 2025 Notes. The March 2025 Notes rank pari passu, or equal, in right of payment with all of the Company’s existing and future
90

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Notes to Consolidated Financial Statements - Continued
(Unaudited)
indebtedness or other obligations that are not so subordinated, or junior to the March 2025 Notes. The March 2025 Notes rank effectively subordinated, or junior, to any of the Company’s future secured indebtedness or other obligations (including unsecured indebtedness that the Company later secures) to the extent of the value of the assets securing such indebtedness. The March 2025 Notes rank structurally subordinated, or junior, to all existing and future indebtedness and other obligations (including trade payables) incurred by the Company’s subsidiaries, financing vehicles or similar facilities.

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Notes to Consolidated Financial Statements (Unaudited) - Continued

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




September 2027 Notes


On September 16, 2022, the Company issued $600 million aggregate principal amount of 7.750% notes due 2027 (the “September 2027 Notes”) in a private placement in reliance on Section 4(a)(2) of the Securities Act, and for initial resale to qualified institutional buyers pursuant to the exemption from registration provided by Rule 144A promulgated under the Securities Act. The September 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 September 2027 Notes were issued pursuant to the Base Indenture and athe Fourth Supplemental Indenture dated as of September 16, 2022 (the “Fourth Supplemental Indenture” and together with the Base Indenture,(together, the “September 2027 Indenture”), between the Company and the Trustee.. The September 2027 Notes will mature on September 16, 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 September 2027 Indenture. The September 2027 Notes bear interest at a rate of 7.750% per year payable semi-annually on March 16 and September 16 of each year, commencing on March 16, 2023. Concurrent with the issuance of the September 2027 Notes, the Company entered into a Registration Rights Agreement (the “September 2027 Registration Rights Agreement”) for the benefit of the purchasers of the September 2027 Notes. Pursuant to the September 2027 Registration Rights Agreement, the Company is obligated to file a registration statement with the SEC with respect to an offer to exchange the September 2027 Notes for a new issue of debt securities registered under the Securities Act with terms substantially identical to those of the September 2027 Notes (except for provisions relating to transfer restrictions and payment of additional interest) and to use its commercially reasonable efforts to consummate such exchange offer on the earliest practicable date after the registration statement has been declared effective but in no event later than 365 days after the initial issuance of the September 2027 Notes. If the Company fails to satisfy its registration obligations under the September 2027 Registration Rights Agreement, it will be required to pay additional interest to the holders of the September 2027 Notes.


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


The September 2027 Indenture contains certain covenants, including covenants requiring the Company to (i) comply with Section 18(a)(1)(A) of the 1940 Act whether or not it is subject to those requirements, and (ii) provide financial information to the holders of the September 2027 Notes and the Successor Trustee if the Company is no longer subject to the reporting requirements under the Exchange Act. These covenants are subject to important limitations and exceptions that are described in the September 2027 Indenture.


In addition, if a change of control repurchase event, as defined in the Indenture, occurs prior to maturity, holders of the September 2027 Notes will have the right, at their option, to require the Company to repurchase for cash some or all of the September 2027 Notes at a repurchase price equal to 100% of the aggregate principal amount of the September 2027 Notes being repurchased, plus accrued and unpaid interest to, but not including, the repurchase date.
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Notes to Consolidated Financial Statements (Unaudited) - Continued
(Unaudited)


In connection with the issuance of the September 2027 Notes, on October 18, 2022 the Company entered into centrally cleared interest rate swaps. The notional amount of the interest rate swaps is $600.0 million. The Company will receive fixed rate interest at 7.750% and pay variable rate interest based on SOFR plus 3.84%. The interest rate swaps mature on September 16, 2027. For the year ended December 31, 2022, the Company did not make any periodic payments. The interest expense related to the September 2027 Notes is equally offset by the proceeds received from the interest rate swaps. The swap adjusted interest expense is included as a component of interest expense on the Company's Consolidated Statements of Operations. As of December 31, 2022, the interest rate swap had a fair value of $0.4 million. Depending on the nature of the balance at period end, the fair value of the interest rate swap is either included as a component of accrued expenses and other liabilities or prepaid expenses and other assets on the Company's Consolidated Statements of Assets and Liabilities. The change in fair value of the interest rate swap is offset by the change in fair value of the September 2027 Notes, with the remaining difference included as a component of interest expense on the Consolidated Statements of Operations.


Note 7. Commitments and Contingencies


Portfolio Company Commitments


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



Portfolio CompanyPortfolio CompanyInvestmentSeptember 30, 2022December 31, 2021Portfolio CompanyInvestmentMarch 31, 2023December 31, 2022
($ in thousands)($ in thousands)($ in thousands)
AAM Series 1.1 Rail and Domestic Intermodal Feeder, LLCAAM Series 1.1 Rail and Domestic Intermodal Feeder, LLCLLC Interest$40,965 $45,000 
AAM Series 2.1 Aviation Feeder, LLCAAM Series 2.1 Aviation Feeder, LLCLLC Interest42,832 43,432 
ABB/Con-cise Optical Group LLCABB/Con-cise Optical Group LLCFirst lien senior secured revolving loan$259 $— ABB/Con-cise Optical Group LLCFirst lien senior secured revolving loan185 186 
ACR Group Borrower, LLCACR Group Borrower, LLCFirst lien senior secured revolving loan511 875 ACR Group Borrower, LLCFirst lien senior secured revolving loan350 537 
Alera Group, Inc.First lien senior secured delayed draw term loan— 47,273 
Alera Group, Inc.First lien senior secured delayed draw term loan11,435 — 
AmeriLife Holdings LLCAmeriLife Holdings LLCFirst lien senior secured revolving loan16,274 — AmeriLife Holdings LLCFirst lien senior secured revolving loan16,273 16,273 
AmeriLife Holdings LLCAmeriLife Holdings LLCFirst lien senior secured delayed draw term loan32,546 — AmeriLife Holdings LLCFirst lien senior secured delayed draw term loan10,848 10,849 
AAM Series 2.1 Aviation Feeder, LLCLLC Interest43,633 — 
AAM Series 1.1 Rail and Domestic Intermodal Feeder, LLCLLC Interest45,000 
Anaplan, Inc.Anaplan, Inc.First lien senior secured revolving loan16,528 — Anaplan, Inc.First lien senior secured revolving loan16,528 16,528 
Apex Group Treasury, LLCSecond lien senior secured delayed draw term loan— 6,618 
Apex Service Partners, LLCFirst lien senior secured delayed draw term loan15,117 — 
Apex Service Partners, LLCApex Service Partners, LLCFirst lien senior secured revolving loan4,600 — Apex Service Partners, LLCFirst lien senior secured revolving loan2,300 1,725 
Appfire Technologies, LLCAppfire Technologies, LLCFirst lien senior secured delayed draw term loan18,368 — Appfire Technologies, LLCFirst lien senior secured revolving loan1,539 1,539 
Appfire Technologies, LLCAppfire Technologies, LLCFirst lien senior secured revolving loan1,501 — Appfire Technologies, LLCFirst lien senior secured delayed draw term loan14,652 16,366 
Armstrong Bidco Ltd. (dba The Access Group)First lien senior secured delayed draw term loan10,376 — 
Armstrong Bidco Limited (dba The Access Group)Armstrong Bidco Limited (dba The Access Group)First lien senior secured delayed draw term loan3,838 3,734 
Ascend Buyer, LLC (dba PPC Flexible Packaging)Ascend Buyer, LLC (dba PPC Flexible Packaging)First lien senior secured revolving loan4,425 4,255 Ascend Buyer, LLC (dba PPC Flexible Packaging)First lien senior secured revolving loan5,106 5,106 
Associations, Inc.Associations, Inc.First lien senior secured revolving loan4,829 4,829 Associations, Inc.First lien senior secured revolving loan4,829 4,829 
Associations, Inc.Associations, Inc.First lien senior secured delayed draw term loan57,236 — Associations, Inc.First lien senior secured delayed draw term loan44,686 56,283 
Athenahealth Group Inc.Athenahealth Group Inc.First lien senior secured delayed draw term loan5,797 — Athenahealth Group Inc.First lien senior secured delayed draw term loan3,631 3,631 
Avalara, Inc.Avalara, Inc.First lien senior secured revolving loan7,045 7,045 
AxiomSL Group, Inc.AxiomSL Group, Inc.First lien senior secured revolving loan2,591 2,591 AxiomSL Group, Inc.First lien senior secured delayed draw term loan2,145 2,145 
AxiomSL Group, Inc.AxiomSL Group, Inc.First lien senior secured delayed draw term loan2,145 2,145 AxiomSL Group, Inc.First lien senior secured revolving loan2,591 2,591 
Bayshore Intermediate #2, L.P. (dba Boomi)First lien senior secured revolving loan1,593 1,593 
BCPE Osprey Buyer, Inc. (dba PartsSource)First lien senior secured delayed draw term loan31,035 31,034 
BCPE Osprey Buyer, Inc. (dba PartsSource)First lien senior secured revolving loan4,655 4,655 
6992

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Notes to Consolidated Financial Statements (Unaudited) - Continued
(Unaudited)
Portfolio CompanyPortfolio CompanyInvestmentSeptember 30, 2022December 31, 2021Portfolio CompanyInvestmentMarch 31, 2023December 31, 2022
Bayshore Intermediate #2, L.P. (dba Boomi)Bayshore Intermediate #2, L.P. (dba Boomi)First lien senior secured revolving loan1,274 1,062 
BCPE Osprey Buyer, Inc. (dba PartsSource)BCPE Osprey Buyer, Inc. (dba PartsSource)First lien senior secured delayed draw term loan31,034 31,034 
BCPE Osprey Buyer, Inc. (dba PartsSource)BCPE Osprey Buyer, Inc. (dba PartsSource)First lien senior secured revolving loan3,621 4,655 
BCTO BSI Buyer, Inc. (dba Buildertrend)BCTO BSI Buyer, Inc. (dba Buildertrend)First lien senior secured revolving loan161 47 BCTO BSI Buyer, Inc. (dba Buildertrend)First lien senior secured revolving loan161 161 
Brightway Holdings, LLCBrightway Holdings, LLCFirst lien senior secured revolving loan2,105 2,105 Brightway Holdings, LLCFirst lien senior secured revolving loan1,474 2,105 
BW Holding, Inc.First lien senior secured delayed draw term loan— 4,184 
BTRS Holdings Inc. (dba Billtrust)BTRS Holdings Inc. (dba Billtrust)First lien senior secured delayed draw term loan809 917 
BTRS Holdings Inc. (dba Billtrust)BTRS Holdings Inc. (dba Billtrust)First lien senior secured revolving loan998 1,157 
Canadian Hospital Specialties Ltd.Canadian Hospital Specialties Ltd.First lien senior secured delayed draw term loan628 939 Canadian Hospital Specialties Ltd.First lien senior secured delayed draw term loan492 637 
Canadian Hospital Specialties Ltd.Canadian Hospital Specialties Ltd.First lien senior secured revolving loan95 388 Canadian Hospital Specialties Ltd.First lien senior secured revolving loan190 248 
CFS Brands, LLCFirst lien senior secured delayed draw term loan11,344 — 
Chapford SMA Partnership, L.P.LP Interest8,575 — 
CivicPlus, LLCFirst lien senior secured delayed draw term loan— 4,400 
CivicPlus, LLCCivicPlus, LLCFirst lien senior secured revolving loan2,244 880 CivicPlus, LLCFirst lien senior secured revolving loan2,244 2,245 
Community Brands ParentCo, LLCCommunity Brands ParentCo, LLCFirst lien senior secured delayed draw term loan3,750 — Community Brands ParentCo, LLCFirst lien senior secured delayed draw term loan3,750 3,750 
Community Brands ParentCo, LLCCommunity Brands ParentCo, LLCFirst lien senior secured revolving loan1,875 — Community Brands ParentCo, LLCFirst lien senior secured revolving loan1,875 1,875 
CoreTrust Purchasing Group LLCCoreTrust Purchasing Group LLCFirst lien senior secured delayed draw term loan14,183 — CoreTrust Purchasing Group LLCFirst lien senior secured delayed draw term loan14,183 14,183 
CoreTrust Purchasing Group LLCCoreTrust Purchasing Group LLCFirst lien senior secured revolving loan14,183 — CoreTrust Purchasing Group LLCFirst lien senior secured revolving loan14,183 14,183 
Coupa Holdings, LLCCoupa Holdings, LLCFirst lien senior secured revolving loan1,664 — 
Coupa Holdings, LLCCoupa Holdings, LLCFirst lien senior secured delayed draw term loan2,174 — 
Denali BuyerCo, LLC (dba Summit Companies)Denali BuyerCo, LLC (dba Summit Companies)First lien senior secured delayed draw term loan13,317 20,519 Denali BuyerCo, LLC (dba Summit Companies)First lien senior secured delayed draw term loan— 5,712 
Denali BuyerCo, LLC (dba Summit Companies)Denali BuyerCo, LLC (dba Summit Companies)First lien senior secured revolving loan9,963 7,407 Denali BuyerCo, LLC (dba Summit Companies)First lien senior secured revolving loan9,963 9,963 
Dermatology Intermediate Holdings III, IncDermatology Intermediate Holdings III, IncFirst lien senior secured delayed draw term loan2,497 — Dermatology Intermediate Holdings III, IncFirst lien senior secured delayed draw term loan90 278 
Diamondback Acquisition, Inc. (dba Sphera)Diamondback Acquisition, Inc. (dba Sphera)First lien senior secured delayed draw term loan9,553 9,553 Diamondback Acquisition, Inc. (dba Sphera)First lien senior secured delayed draw term loan9,553 9,553 
Dodge Data & Analytics LLCFirst lien senior secured revolving loan— 125 
Disco Parent, Inc. (dba Duck Creek Technologies, Inc.)Disco Parent, Inc. (dba Duck Creek Technologies, Inc.)First lien senior secured revolving loan91 — 
Douglas Products and Packaging Company LLCDouglas Products and Packaging Company LLCFirst lien senior secured revolving loan3,199 3,199 
EET Buyer, Inc. (dba e-Emphasys)EET Buyer, Inc. (dba e-Emphasys)First lien senior secured revolving loan1,955 1,955 EET Buyer, Inc. (dba e-Emphasys)First lien senior secured revolving loan1,955 1,955 
Entertainment Benefits Group, LLCEntertainment Benefits Group, LLCFirst lien senior secured revolving loan11,600 — Entertainment Benefits Group, LLCFirst lien senior secured revolving loan7,733 3,867 
Evolution BuyerCo, Inc. (dba SIAA)Evolution BuyerCo, Inc. (dba SIAA)First lien senior secured delayed draw term loan6,930 10,605 Evolution BuyerCo, Inc. (dba SIAA)First lien senior secured delayed draw term loan200 200 
Evolution BuyerCo, Inc. (dba SIAA)Evolution BuyerCo, Inc. (dba SIAA)First lien senior secured revolving loan676 676 Evolution BuyerCo, Inc. (dba SIAA)First lien senior secured revolving loan676 676 
Fortis Solutions Group, LLCFirst lien senior secured delayed draw term loan2,260 19,678 
Fortis Solutions Group, LLCFirst lien senior secured revolving loan6,297 6,747 
Fullsteam Operations, LLCFirst lien senior secured delayed draw term loan54,857 — 
Gaylord Chemical Company, L.L.C.First lien senior secured revolving loan791 791 
Gaylord Chemical Company, L.L.C.First lien senior secured revolving loan3,182 3,182 
GI Ranger Intermediate, LLC (dba Rectangle Health)First lien senior secured delayed draw term loan— 2,789 
GI Ranger Intermediate, LLC (dba Rectangle Health)First lien senior secured delayed draw term loan10,000 — 
Formerra, LLCFormerra, LLCFirst lien senior secured delayed draw term loan211 211 
Formerra, LLCFormerra, LLCFirst lien senior secured revolving loan321 526 
7093

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(Unaudited)
Portfolio CompanyPortfolio CompanyInvestmentSeptember 30, 2022December 31, 2021Portfolio CompanyInvestmentMarch 31, 2023December 31, 2022
Fortis Solutions Group, LLCFortis Solutions Group, LLCFirst lien senior secured delayed draw term loan— 191 
Fortis Solutions Group, LLCFortis Solutions Group, LLCFirst lien senior secured revolving loan5,847 5,848 
Fullsteam Operations, LLCFullsteam Operations, LLCFirst lien senior secured delayed draw term loan— 31,894 
Gaylord Chemical Company, L.L.C.Gaylord Chemical Company, L.L.C.First lien senior secured revolving loan3,182 3,182 
Gaylord Chemical Company, L.L.C.Gaylord Chemical Company, L.L.C.First lien senior secured revolving loan791 791 
GI Ranger Intermediate, LLC (dba Rectangle Health)GI Ranger Intermediate, LLC (dba Rectangle Health)First lien senior secured delayed draw term loan7,600 7,600 
GI Ranger Intermediate, LLC (dba Rectangle Health)GI Ranger Intermediate, LLC (dba Rectangle Health)First lien senior secured revolving loan1,506 1,673 GI Ranger Intermediate, LLC (dba Rectangle Health)First lien senior secured revolving loan1,506 1,506 
Global Music Rights, LLCGlobal Music Rights, LLCFirst lien senior secured revolving loan7,500 7,500 Global Music Rights, LLCFirst lien senior secured revolving loan7,500 7,500 
GovBrands Intermediate, Inc.GovBrands Intermediate, Inc.First lien senior secured delayed draw term loan870 870 GovBrands Intermediate, Inc.First lien senior secured delayed draw term loan870 870 
GovBrands Intermediate, Inc.GovBrands Intermediate, Inc.First lien senior secured revolving loan636 881 GovBrands Intermediate, Inc.First lien senior secured revolving loan88 88 
Granicus, Inc.Granicus, Inc.First lien senior secured revolving loan161 161 Granicus, Inc.First lien senior secured revolving loan76 107 
Granicus, Inc.First lien senior secured delayed draw term loan136 136 
Grayshift, LLCGrayshift, LLCFirst lien senior secured revolving loan2,419 — Grayshift, LLCFirst lien senior secured revolving loan2,419 2,419 
GS Acquisitionco, Inc. (dba insightsoftware)First lien senior secured delayed draw term loan2,180 5,081 
Guidehouse Inc.First lien senior secured revolving loan— 7,018 
HAH Group Holding Company LLC (dba Help at Home)HAH Group Holding Company LLC (dba Help at Home)First lien senior secured delayed draw term loan9,000 — 
Hercules Borrower, LLC (dba The Vincit Group)Hercules Borrower, LLC (dba The Vincit Group)First lien senior secured revolving loan85 96 Hercules Borrower, LLC (dba The Vincit Group)First lien senior secured revolving loan85 86 
Hercules Borrower, LLC (dba The Vincit Group)Hercules Borrower, LLC (dba The Vincit Group)First lien senior secured delayed draw term loan11,002 20,239 Hercules Borrower, LLC (dba The Vincit Group)First lien senior secured delayed draw term loan7,059 9,811 
Hissho Sushi Merger Sub LLCHissho Sushi Merger Sub LLCFirst lien senior secured revolving loan8,162 — Hissho Sushi Merger Sub LLCFirst lien senior secured revolving loan8,162 6,996 
Hyperion Refinance S.a.r.l (dba Howden Group)Hyperion Refinance S.a.r.l (dba Howden Group)First lien senior secured delayed draw term loan— 92,823 
Ideal Image Development, LLCIdeal Image Development, LLCFirst lien senior secured delayed draw term loan732 — Ideal Image Development, LLCFirst lien senior secured delayed draw term loan732 732 
Ideal Image Development, LLCIdeal Image Development, LLCFirst lien senior secured revolving loan915 — Ideal Image Development, LLCFirst lien senior secured revolving loan— 915 
IG Investments Holdings, LLC (dba Insight Global)IG Investments Holdings, LLC (dba Insight Global)First lien senior secured revolving loan3,613 1,806 IG Investments Holdings, LLC (dba Insight Global)First lien senior secured revolving loan3,613 2,168 
IMO Investor Holdings, Inc.IMO Investor Holdings, Inc.First lien senior secured delayed draw term loan4,963 — IMO Investor Holdings, Inc.First lien senior secured delayed draw term loan4,963 4,963 
IMO Investor Holdings, Inc.IMO Investor Holdings, Inc.First lien senior secured revolving loan2,184 — IMO Investor Holdings, Inc.First lien senior secured revolving loan1,514 2,010 
Indigo Buyer, Inc. (dba Inovar Packaging Group)Indigo Buyer, Inc. (dba Inovar Packaging Group)First lien senior secured delayed draw term loan31,750 — Indigo Buyer, Inc. (dba Inovar Packaging Group)First lien senior secured delayed draw term loan— 31,750 
Indigo Buyer, Inc. (dba Inovar Packaging Group)Indigo Buyer, Inc. (dba Inovar Packaging Group)First lien senior secured revolving loan10,583 — Indigo Buyer, Inc. (dba Inovar Packaging Group)First lien senior secured revolving loan10,583 10,583 
Individual Foodservice Holdings, LLCIndividual Foodservice Holdings, LLCFirst lien senior secured delayed draw term loan22,995 — Individual Foodservice Holdings, LLCFirst lien senior secured revolving loan83 83 
Individual Foodservice Holdings, LLCIndividual Foodservice Holdings, LLCFirst lien senior secured delayed draw term loan— 14,861 Individual Foodservice Holdings, LLCFirst lien senior secured delayed draw term loan14,393 18,414 
Individual Foodservice Holdings, LLCIndividual Foodservice Holdings, LLCFirst lien senior secured delayed draw term loan— 29 Individual Foodservice Holdings, LLCFirst lien senior secured delayed draw term loan8,048 8,048 
Individual Foodservice Holdings, LLCFirst lien senior secured revolving loan83 80 
Inovalon Holdings, Inc.First lien senior secured delayed draw term loan8,469 8,469 
Intelerad Medical Systems Inc.Intelerad Medical Systems Inc.First lien senior secured revolving loan401 401 Intelerad Medical Systems Inc.First lien senior secured revolving loan— 
Interoperability Bidco, Inc. (dba Lyniate)First lien senior secured revolving loan3,478 — 
Kaseya Inc.First lien senior secured delayed draw term loan4,342 — 
Kaseya Inc.First lien senior secured revolving loan4,342 — 
7194

Owl Rock Core Income Corp.
Notes to Consolidated Financial Statements (Unaudited) - Continued
(Unaudited)
Portfolio CompanyPortfolio CompanyInvestmentSeptember 30, 2022December 31, 2021Portfolio CompanyInvestmentMarch 31, 2023December 31, 2022
Interoperability Bidco, Inc. (dba Lyniate)Interoperability Bidco, Inc. (dba Lyniate)First lien senior secured revolving loan4,213 1,739 
Kaseya Inc.Kaseya Inc.First lien senior secured delayed draw term loan4,342 4,342 
Kaseya Inc.Kaseya Inc.First lien senior secured revolving loan4,342 4,342 
KBP Brands, LLCKBP Brands, LLCFirst lien senior secured delayed draw term loan3,416 — KBP Brands, LLCFirst lien senior secured delayed draw term loan743 743 
KPSKY Acquisition, Inc. (dba BluSky)First lien senior secured delayed draw term loan16,625 — 
KPSKY Acquisition, Inc. (dba BluSky)KPSKY Acquisition, Inc. (dba BluSky)First lien senior secured delayed draw term loan— 4,372 KPSKY Acquisition, Inc. (dba BluSky)First lien senior secured delayed draw term loan14,488 16,625 
KWOR Acquisition, Inc. (dba Alacrity Solutions)KWOR Acquisition, Inc. (dba Alacrity Solutions)First lien senior secured delayed draw term loan8,748 — KWOR Acquisition, Inc. (dba Alacrity Solutions)First lien senior secured revolving loan1,870 3,415 
KWOR Acquisition, Inc. (dba Alacrity Solutions)KWOR Acquisition, Inc. (dba Alacrity Solutions)First lien senior secured revolving loan2,424 3,073 KWOR Acquisition, Inc. (dba Alacrity Solutions)First lien senior secured delayed draw term loan8,748 8,748 
Lignetics Investment Corp.Lignetics Investment Corp.First lien senior secured delayed draw term loan9,559 9,559 Lignetics Investment Corp.First lien senior secured delayed draw term loan— 9,559 
Lignetics Investment Corp.Lignetics Investment Corp.First lien senior secured revolving loan1,338 9,559 Lignetics Investment Corp.First lien senior secured revolving loan5,353 4,588 
ManTech International CorporationManTech International CorporationFirst lien senior secured delayed draw term loan3,360 — ManTech International CorporationFirst lien senior secured delayed draw term loan3,360 3,360 
ManTech International CorporationManTech International CorporationFirst lien senior secured revolving loan1,524 — ManTech International CorporationFirst lien senior secured revolving loan1,806 1,806 
Mario Purchaser, LLC (dba Len the Plumber)Mario Purchaser, LLC (dba Len the Plumber)First lien senior secured delayed draw term loan28,401 — Mario Purchaser, LLC (dba Len the Plumber)First lien senior secured delayed draw term loan28,401 28,401 
Mario Purchaser, LLC (dba Len the Plumber)Mario Purchaser, LLC (dba Len the Plumber)First lien senior secured revolving loan8,038 — Mario Purchaser, LLC (dba Len the Plumber)First lien senior secured revolving loan8,038 8,038 
Medline Borrower, LPMedline Borrower, LPFirst lien senior secured revolving loan2,020 2,020 Medline Borrower, LPFirst lien senior secured revolving loan2,020 2,020 
MHE Intermediate Holdings, LLC (dba OnPoint Group)First lien senior secured delayed draw term loan— 2,264 
MHE Intermediate Holdings, LLC (dba OnPoint Group)MHE Intermediate Holdings, LLC (dba OnPoint Group)First lien senior secured revolving loan3,571 3,571 MHE Intermediate Holdings, LLC (dba OnPoint Group)First lien senior secured revolving loan3,071 3,071 
Milan Laser Holdings LLCMilan Laser Holdings LLCFirst lien senior secured revolving loan1,765 1,765 Milan Laser Holdings LLCFirst lien senior secured revolving loan1,765 1,765 
Ministry Brands Holdings, LLC.Ministry Brands Holdings, LLC.First lien senior secured delayed draw term loan15,819 15,819 Ministry Brands Holdings, LLC.First lien senior secured delayed draw term loan13,822 15,819 
Ministry Brands Holdings, LLC.Ministry Brands Holdings, LLC.First lien senior secured revolving loan4,746 4,746 Ministry Brands Holdings, LLC.First lien senior secured revolving loan3,559 2,373 
Mitnick Corporate Purchaser, Inc.Mitnick Corporate Purchaser, Inc.First lien senior secured revolving loan9,375 — Mitnick Corporate Purchaser, Inc.First lien senior secured revolving loan6,213 8,713 
Natural Partners, LLCNatural Partners, LLCFirst lien senior secured revolving loan5,063 — Natural Partners, LLCFirst lien senior secured revolving loan5,063 5,063 
NMI Acquisitionco, Inc. (dba Network Merchants)NMI Acquisitionco, Inc. (dba Network Merchants)First lien senior secured revolving loan558 558 NMI Acquisitionco, Inc. (dba Network Merchants)First lien senior secured delayed draw term loan1,039 1,039 
NMI Acquisitionco, Inc. (dba Network Merchants)NMI Acquisitionco, Inc. (dba Network Merchants)First lien senior secured delayed draw term loan1,375 1,375 NMI Acquisitionco, Inc. (dba Network Merchants)First lien senior secured revolving loan558 558 
Notorious Topco, LLC (dba Beauty Industry Group)Notorious Topco, LLC (dba Beauty Industry Group)First lien senior secured delayed draw term loan3,521 8,803 Notorious Topco, LLC (dba Beauty Industry Group)First lien senior secured delayed draw term loan3,521 3,521 
Notorious Topco, LLC (dba Beauty Industry Group)Notorious Topco, LLC (dba Beauty Industry Group)First lien senior secured revolving loan5,282 4,401 Notorious Topco, LLC (dba Beauty Industry Group)First lien senior secured revolving loan4,225 4,401 
OAC Holdings I Corp. (dba Omega Holdings)OAC Holdings I Corp. (dba Omega Holdings)First lien senior secured revolving loan1,507 — OAC Holdings I Corp. (dba Omega Holdings)First lien senior secured revolving loan478 1,139 
OB Hospitalist Group, Inc.OB Hospitalist Group, Inc.First lien senior secured revolving loan6,394 7,140 OB Hospitalist Group, Inc.First lien senior secured revolving loan4,902 5,222 
Ocala Bidco, Inc.Ocala Bidco, Inc.First lien senior secured delayed draw term loan8,469 8,469 
Ole Smoky Distillery, LLCOle Smoky Distillery, LLCFirst lien senior secured revolving loan3,302 — Ole Smoky Distillery, LLCFirst lien senior secured revolving loan3,302 3,302 
Pacific BidCo Inc.First lien senior secured delayed draw term loan17,905 — 
Patriot Acquisition TopCo S.A.R.L (dba Corza Health, Inc.)First lien senior secured revolving loan88 88 
7295

Owl Rock Core Income Corp.
Notes to Consolidated Financial Statements (Unaudited) - Continued
(Unaudited)
Portfolio CompanyPortfolio CompanyInvestmentSeptember 30, 2022December 31, 2021Portfolio CompanyInvestmentMarch 31, 2023December 31, 2022
Oranje Holdco, Inc. (dba KnowBe4)Oranje Holdco, Inc. (dba KnowBe4)First lien senior secured revolving loan10,148 — 
Pacific BidCo Inc.Pacific BidCo Inc.First lien senior secured delayed draw term loan17,905 17,906 
Patriot Acquisition TopCo S.A.R.L (dba Corza Health, Inc.)Patriot Acquisition TopCo S.A.R.L (dba Corza Health, Inc.)First lien senior secured revolving loan88 70 
PCF Holdco, LLC (dba PCF Insurance Services)PCF Holdco, LLC (dba PCF Insurance Services)Preferred equity8,740 — 
Pediatric Associates Holding Company, LLCPediatric Associates Holding Company, LLCFirst lien senior secured delayed draw term loan1,776 — Pediatric Associates Holding Company, LLCFirst lien senior secured delayed draw term loan533 1,776 
Peter C. Foy & Associates Insurance Services, LLC (dba PCF Insurance Services)Peter C. Foy & Associates Insurance Services, LLC (dba PCF Insurance Services)First lien senior secured delayed draw term loan15,995 — Peter C. Foy & Associates Insurance Services, LLC (dba PCF Insurance Services)First lien senior secured delayed draw term loan— 8,891 
Peter C. Foy & Associates Insurance Services, LLC (dba PCF Insurance Services)Peter C. Foy & Associates Insurance Services, LLC (dba PCF Insurance Services)First lien senior secured delayed draw term loan— 3,627 Peter C. Foy & Associates Insurance Services, LLC (dba PCF Insurance Services)First lien senior secured revolving loan2,570 2,570 
Peter C. Foy & Associates Insurance Services, LLC (dba PCF Insurance Services)First lien senior secured revolving loan2,570 2,570 
Ping Identity Holding Corp.Ping Identity Holding Corp.First lien senior secured revolving loan2,182 2,182 
Plasma Buyer LLC (dba Pathgroup)Plasma Buyer LLC (dba Pathgroup)First lien senior secured delayed draw term loan28,553 — Plasma Buyer LLC (dba Pathgroup)First lien senior secured delayed draw term loan28,553 28,553 
Plasma Buyer LLC (dba Pathgroup)Plasma Buyer LLC (dba Pathgroup)First lien senior secured revolving loan12,237 — Plasma Buyer LLC (dba Pathgroup)First lien senior secured revolving loan12,237 12,237 
Pluralsight, LLCPluralsight, LLCFirst lien senior secured revolving loan392 392 Pluralsight, LLCFirst lien senior secured revolving loan196 196 
PPV Intermediate Holdings, LLCPPV Intermediate Holdings, LLCFirst lien senior secured revolving loan11,854 — PPV Intermediate Holdings, LLCFirst lien senior secured revolving loan11,854 8,653 
PPV Intermediate Holdings, LLCPPV Intermediate Holdings, LLCFirst lien senior secured delayed draw term loan31,569 — PPV Intermediate Holdings, LLCFirst lien senior secured delayed draw term loan6,716 19,248 
QAD Inc.QAD Inc.First lien senior secured revolving loan6,000 6,000 QAD Inc.First lien senior secured revolving loan6,000 6,000 
Quva Pharma, Inc.Quva Pharma, Inc.First lien senior secured revolving loan255 455 Quva Pharma, Inc.First lien senior secured revolving loan155 236 
Refresh Parent Holdings, Inc.First lien senior secured delayed draw term loan— 11 
Refresh Parent Holdings, Inc.First lien senior secured delayed draw term loan— 10,667 
Refresh Parent Holdings, Inc.First lien senior secured revolving loan— 92 
Relativity ODA LLCRelativity ODA LLCFirst lien senior secured revolving loan435 435 Relativity ODA LLCFirst lien senior secured revolving loan435 435 
Sailpoint Technologies Holdings, Inc.Sailpoint Technologies Holdings, Inc.First lien senior secured revolving loan5,718 — Sailpoint Technologies Holdings, Inc.First lien senior secured revolving loan5,718 5,718 
Securonix, Inc.Securonix, Inc.First lien senior secured revolving loan5,339 — Securonix, Inc.First lien senior secured revolving loan5,339 5,339 
Simplisafe Holding CorporationSimplisafe Holding CorporationFirst lien senior secured delayed draw term loan16,049 — Simplisafe Holding CorporationFirst lien senior secured delayed draw term loan16,049 16,049 
Smarsh Inc.Smarsh Inc.First lien senior secured delayed draw term loan20,762 — Smarsh Inc.First lien senior secured delayed draw term loan10,381 10,381 
Smarsh Inc.Smarsh Inc.First lien senior secured revolving loan5,190 — Smarsh Inc.First lien senior secured revolving loan664 5,190 
Southern Air & Heat Holdings, LLCSouthern Air & Heat Holdings, LLCFirst lien senior secured delayed draw term loan799 1,052 Southern Air & Heat Holdings, LLCFirst lien senior secured delayed draw term loan124 315 
Southern Air & Heat Holdings, LLCSouthern Air & Heat Holdings, LLCFirst lien senior secured revolving loan203 282 Southern Air & Heat Holdings, LLCFirst lien senior secured revolving loan203 203 
Sovos Compliance, LLCFirst lien senior secured delayed draw term loan— 1,104 
Spotless Brands, LLCFirst lien senior secured delayed draw term loan2,630 — 
Spotless Brands, LLCFirst lien senior secured delayed draw term loan3,683 — 
Spotless Brands, LLCSpotless Brands, LLCFirst lien senior secured revolving loan403 — Spotless Brands, LLCFirst lien senior secured revolving loan1,169 1,461 
SWK BUYER, Inc. (dba Stonewall Kitchen)SWK BUYER, Inc. (dba Stonewall Kitchen)First lien senior secured revolving loan825 — SWK BUYER, Inc. (dba Stonewall Kitchen)First lien senior secured revolving loan2,371 3,626 
SWK BUYER, Inc. (dba Stonewall Kitchen)SWK BUYER, Inc. (dba Stonewall Kitchen)First lien senior secured revolving loan569 — SWK BUYER, Inc. (dba Stonewall Kitchen)First lien senior secured delayed draw term loan13,947 13,947 
Tahoe Finco, LLCTahoe Finco, LLCFirst lien senior secured revolving loan6,279 6,279 
Tamarack Intermediate, L.L.C. (dba Verisk 3E)Tamarack Intermediate, L.L.C. (dba Verisk 3E)First lien senior secured revolving loan4,455 4,388 
7396

Owl Rock Core Income Corp.
Notes to Consolidated Financial Statements (Unaudited) - Continued
(Unaudited)
Portfolio CompanyPortfolio CompanyInvestmentSeptember 30, 2022December 31, 2021Portfolio CompanyInvestmentMarch 31, 2023December 31, 2022
SWK BUYER, Inc. (dba Stonewall Kitchen)First lien senior secured delayed draw term loan13,947 — 
Tahoe Finco, LLCFirst lien senior secured revolving loan6,279 6,279 
Tamarack Intermediate, L.L.C. (dba Verisk 3E)First lien senior secured revolving loan5,336 — 
TC Holdings, LLC (dba TrialCard)TC Holdings, LLC (dba TrialCard)First lien senior secured revolving loan7,768 — TC Holdings, LLC (dba TrialCard)First lien senior secured revolving loan7,768 7,768 
Tempo Buyer Corp. (dba Global Claims Services)Tempo Buyer Corp. (dba Global Claims Services)First lien senior secured delayed draw term loan10,317 10,317 Tempo Buyer Corp. (dba Global Claims Services)First lien senior secured delayed draw term loan10,317 10,317 
Tempo Buyer Corp. (dba Global Claims Services)Tempo Buyer Corp. (dba Global Claims Services)First lien senior secured revolving loan4,849 5,159 Tempo Buyer Corp. (dba Global Claims Services)First lien senior secured revolving loan3,508 4,746 
The NPD Group, L.P.The NPD Group, L.P.First lien senior secured revolving loan14,267 — The NPD Group, L.P.First lien senior secured revolving loan12,270 12,555 
The Shade Store, LLCThe Shade Store, LLCFirst lien senior secured revolving loan6,818 6,818 The Shade Store, LLCFirst lien senior secured revolving loan2,045 4,909 
Thunder Purchaser, Inc. (dba Vector Solutions)Thunder Purchaser, Inc. (dba Vector Solutions)First lien senior secured revolving loan470 714 Thunder Purchaser, Inc. (dba Vector Solutions)First lien senior secured revolving loan265 470 
Thunder Purchaser, Inc. (dba Vector Solutions)Thunder Purchaser, Inc. (dba Vector Solutions)First lien senior secured delayed draw term loan1,306 2,041 Thunder Purchaser, Inc. (dba Vector Solutions)First lien senior secured delayed draw term loan1,306 1,306 
Troon Golf, L.L.C.Troon Golf, L.L.C.First lien senior secured delayed draw term loan10,000 — Troon Golf, L.L.C.First lien senior secured delayed draw term loan10,000 10,000 
Troon Golf, L.L.C.Troon Golf, L.L.C.First lien senior secured revolving loan7,207 7,207 Troon Golf, L.L.C.First lien senior secured revolving loan7,207 7,207 
Ultimate Baked Goods Midco, LLCUltimate Baked Goods Midco, LLCFirst lien senior secured revolving loan600 950 Ultimate Baked Goods Midco, LLCFirst lien senior secured revolving loan1,750 1,475 
Unified Women's Healthcare, LPUnified Women's Healthcare, LPFirst lien senior secured delayed draw term loan5,075 — Unified Women's Healthcare, LPFirst lien senior secured delayed draw term loan1,353 3,045 
Unified Women's Healthcare, LPUnified Women's Healthcare, LPFirst lien senior secured revolving loan8,120 — Unified Women's Healthcare, LPFirst lien senior secured revolving loan8,120 8,120 
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 loan1,096 1,078 USRP Holdings, Inc. (dba U.S. Retirement and Benefits Partners)First lien senior secured revolving loan1,096 1,096 
Velocity HoldCo III Inc. (dba VelocityEHS)Velocity HoldCo III Inc. (dba VelocityEHS)First lien senior secured revolving loan142 142 Velocity HoldCo III Inc. (dba VelocityEHS)First lien senior secured revolving loan113 113 
Walker Edison Furniture Company LLCWalker Edison Furniture Company LLCFirst lien senior secured delayed draw term loan333 — 
When I Work, Inc.When I Work, Inc.First lien senior secured revolving loan4,164 4,164 When I Work, Inc.First lien senior secured revolving loan3,747 4,164 
Zendesk, Inc.Zendesk, Inc.First lien senior secured delayed draw term loan30,080 30,080 
Zendesk, Inc.Zendesk, Inc.First lien senior secured revolving loan12,386 12,386 
Total Unfunded Portfolio Company CommitmentsTotal Unfunded Portfolio Company Commitments$1,104,273 $422,808 Total Unfunded Portfolio Company Commitments$868,961 $1,067,317 


As of September 30, 2022,March 31, 2023, the Company believed it had adequate financial resources to satisfy the unfunded portfolio company commitments.


Organizational and Offering Costs


The Adviser has incurred organization and offering costs on behalf of the Company in the amount of $2.8$1.9 million for the period from April 22, 2020 (Inception) to September 30, 2022,March 31, 2023, of which $2.8$1.9 million has been charged to the Company pursuant to the Investment Advisory Agreement. Under the Investment Advisory Agreement and Administration Agreement, the Adviser is entitled to receive up to 1.5% of gross offering proceeds raised in the Company’s continuous public offering until all organization and offering costs paid by the Adviser have been recovered. The Adviser is responsible for the payment of the Company’s organization and offering expenses to the extent that these expenses exceed 1.5% of the aggregate gross offering proceeds, without recourse against or reimbursement by the Company.


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

74

Owl Rock Core Income Corp.
Notes to Consolidated Financial Statements (Unaudited) - Continued
Other Commitments and Contingencies


From time to time, the Company may become a party to certain legal proceedings incidental to the normal course of its business. As of September 30, 2022,March 31, 2023, management was not aware of any pending or threatened litigation.

97

Owl Rock Core Income Corp.
Notes to Consolidated Financial Statements - Continued
(Unaudited)

Note 8. Net Assets


Authorized Capital and Share Class Description


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


ClassificationNumber of Shares (in thousands)Par Value
Class S Shares1,000,000$0.01 
Class D Shares1,000,000$0.01 
Class I Shares1,000,000$0.01 
Total3,000,000


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


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


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


Share Issuances


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


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

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

For the Three Months Ended March 31, 2023
Class SClass DClass ITotal
($ in thousands, except share amounts)SharesAmountSharesAmountSharesAmountSharesAmount
Shares/gross proceeds from the continuous public offering17,528,972$162,332 5,015,703$46,224 38,530,460$353,968 61,075,135$562,524 
Shares/gross proceeds from the private placements— — 1,525,33714,040 1,525,33714,040 
Reinvestment of distributions1,723,66115,832 520,7224,787 3,120,00228,728 5,364,38549,347 
Repurchased shares(2,349,994)(21,643)(374,566)(3,453)(7,361,842)(68,024)(10,086,402)(93,120)
Total shares/gross proceeds16,902,639156,5215,161,85947,55835,813,957328,71257,878,455532,791
Sales load— (1,557)— (49)— — — (1,606)
Total shares/net proceeds16,902,639$154,964 5,161,859$47,509 35,813,957$328,712 57,878,455$531,185 
7598

Owl Rock Core Income Corp.
Notes to Consolidated Financial Statements (Unaudited) - Continued
(Unaudited)
For the Three Months Ended September 30, 2022For the Three Months Ended March 31, 2022
Class SClass DClass ITotalClass SClass DClass ITotal
($ in thousands, except share amounts)($ in thousands, except share amounts)SharesAmountSharesAmountSharesAmountSharesAmount($ in thousands, except share amounts)SharesAmountSharesAmountSharesAmountSharesAmount
Shares/gross proceeds from the continuous public offeringShares/gross proceeds from the continuous public offering25,525,944$231,220 5,608,407$50,343 53,594,346$483,022 84,728,697$764,585 Shares/gross proceeds from the continuous public offering48,271,855$453,018 12,403,855$115,734 65,711,868$612,240 126,387,578$1,180,992 
Shares/gross proceeds from the private placementsShares/gross proceeds from the private placements— — 3,573,81332,219 3,573,81332,219 Shares/gross proceeds from the private placements— — 4,176,26538,756 4,176,26538,756 
Reinvestment of distributionsReinvestment of distributions1,037,9359,333 339,8543,060 1,922,05117,350 3,299,84029,743 Reinvestment of distributions390,0703,630 157,0731,461 631,6855,885 1,178,82810,976 
Repurchased sharesRepurchased shares(975,399)(8,769)(125,759)(1,132)(3,660,100)(32,978)(4,761,258)(42,878)Repurchased shares(649,420)(6,001)(32,853)(304)(1,833,520)(16,978)(2,515,793)(23,283)
Total shares/gross proceedsTotal shares/gross proceeds25,588,480231,7845,822,50252,27155,430,110499,61386,841,092783,669Total shares/gross proceeds48,012,505450,64712,528,075116,89168,686,298639,903129,226,8781,207,441
Sales loadSales load— (2,215)— — — — — (2,215)Sales load— (3,650)— (332)— — — (3,982)
Total shares/net proceedsTotal shares/net proceeds25,588,480$229,569 5,822,502$52,271 55,430,110$499,613 86,841,092$781,454 Total shares/net proceeds48,012,505$446,997 12,528,075$116,559 68,686,298$639,903 129,226,878$1,203,459 


For the Three Months Ended September 30, 2021
Class SClass DClass ITotal
($ in thousands, except share amounts)SharesAmountSharesAmountSharesAmountSharesAmount
Shares/gross proceeds from the continuous public offering14,647,167$137,884 3,735,226$34,766 26,527,911$246,709 44,910,304$419,359 
Shares/gross proceeds from the private placements— — — — 
Reinvestment of distributions44,239410 39,323365 112,1881,044 195,7501,819 
Repurchased shares— (5,933)(55)(31,254)(291)(37,187)(346)
Total shares/gross proceeds14,691,406138,2943,768,61635,07626,608,845247,46245,068,867420,832
Sales load— (1,666)— (65)— — — (1,731)
Total shares/net proceeds14,691,406$136,628 3,768,616$35,011 26,608,845$247,462 45,068,867$419,101 


The following table summarizes transactions with respect to shares of the Company’s common stock during the nine months ended September 30, 2022 and 2021:
For the Nine Months Ended September 30, 2022
Class SClass DClass ITotal
($ in thousands, except share amounts)SharesAmountSharesAmountSharesAmountSharesAmount
Shares/gross proceeds from the continuous public offering119,271,531$1,104,545 25,925,981$238,937 199,692,008$1,834,660 344,889,520$3,178,142 
Shares/gross proceeds from the private placements— — 12,152,271111,484 12,152,271111,484 
Reinvestment of distributions2,112,56319,227 758,5556,921 3,721,29633,943 6,592,41460,091 
Repurchased shares(2,571,103)(23,135)(283,888)(2,546)(7,567,237)(68,370)(10,422,228)(94,051)
Total shares/gross proceeds118,812,9911,100,63726,400,648243,312207,998,3381,911,717353,211,9773,255,666
Sales load— (9,288)— (446)— — — (9,734)
Total shares/net proceeds118,812,991$1,091,349 26,400,648$242,866 207,998,338$1,911,717 353,211,977$3,245,932 
76

Owl Rock Core Income Corp.
Notes to Consolidated Financial Statements (Unaudited) - Continued
For the Nine months ended September 30, 2021
Class SClass DClass ITotal
($ in thousands, except share amounts)SharesAmountSharesAmountSharesAmountSharesAmount
Shares/gross proceeds from the continuous public offering17,515,705$164,931 7,103,293$65,958 41,510,484$385,557 66,129,482$616,446 
Shares/gross proceeds from the private placements— — — — 
Reinvestment of distributions51,782480 51,667479 138,0201,283 241,4692,242 
Repurchased shares— (5,933)(55)(31,254)(291)(37,187)(346)
Total shares/gross proceeds17,567,487165,4117,149,02766,38241,617,250386,54966,333,764618,342
Sales load— (2,133)— (65)— — — (2,198)
Total shares/net proceeds17,567,487$163,278 7,149,027$66,317 41,617,250$386,549 66,333,764$616,144 


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


The changes to the Company's offering price per share since the commencement of the Company's initial continuous public offering and associated effective dates of such changes were as follows:
Class S
Effective DateNet Offering Price (per share)Maximum Upfront Sales Load (per share)Maximum Offering Price (per share)
March 1, 2021$9.26 $0.32 $9.58 
April 1, 2021$9.26 $0.32 $9.58 
May 1, 2021$9.26 $0.32 $9.58 
June 1, 2021$9.28 $0.32 $9.60 
July 1, 2021$9.30 $0.33 $9.63 
August 1, 2021$9.30 $0.33 $9.63 
September 1, 2021$9.30 $0.33 $9.63 
October 1, 2021$9.31 $0.33 $9.64 
November 1, 2021$9.32 $0.33 $9.65 
December 1, 2021$9.31 $0.33 $9.64 
January 1, 2022$9.33 $0.33 $9.66 
February 1, 2022$9.33 $0.33 $9.66 
March 1, 2022$9.27 $0.32 $9.59 
April 1, 2022$9.24 $0.32 $9.56 
May 1, 2022$9.23 $0.32 $9.55 
June 1, 2022$9.02 $0.32 $9.34 
July 1, 2022$8.84 $0.31 $9.15 
August 1, 2022$9.02 $0.32 $9.34 
September 1, 2022$9.09 $0.32 $9.41 

Class S
Effective DateNet Offering Price
(per share)
Maximum Upfront Sales Load
(per share)
Maximum Offering Price (per share)
March 1, 2021$9.26 $0.32 $9.58 
April 1, 2021$9.26 $0.32 $9.58 
May 1, 2021$9.26 $0.32 $9.58 
June 1, 2021$9.28 $0.32 $9.60 
July 1, 2021$9.30 $0.33 $9.63 
August 1, 2021$9.30 $0.33 $9.63 
September 1, 2021$9.30 $0.33 $9.63 
October 1, 2021$9.31 $0.33 $9.64 
November 1, 2021$9.32 $0.33 $9.65 
December 1, 2021$9.31 $0.33 $9.64 
January 1, 2022$9.33 $0.33 $9.66 
February 1, 2022$9.33 $0.33 $9.66 
March 1, 2022$9.27 $0.32 $9.59 
April 1, 2022$9.24 $0.32 $9.56 
May 1, 2022$9.23 $0.32 $9.55 
June 1, 2022$9.02 $0.32 $9.34 
July 1, 2022$8.84 $0.31 $9.15 
August 1, 2022$9.02 $0.32 $9.34 
September 1, 2022$9.09 $0.32 $9.41 
October 1, 2022$8.99 $0.31 $9.30 
7799

Owl Rock Core Income Corp.
Notes to Consolidated Financial Statements (Unaudited) - Continued
(Unaudited)
Class D
Effective DateNet Offering Price (per share)Maximum Upfront Sales Load (per share)Maximum Offering Price (per share)
March 1, 2021$9.26 $0.14 $9.40 
April 1, 2021$9.26 $0.14 $9.40 
May 1, 2021$9.25 $0.14 $9.39 
June 1, 2021$9.27 $0.14 $9.41 
July 1, 2021$9.29 $0.14 $9.43 
August 1, 2021$9.29 $0.14 $9.43 
September 1, 2021$9.29 $0.14 $9.43 
October 1, 2021$9.31 $0.14 $9.45 
November 1, 2021$9.32 $0.14 $9.46 
December 1, 2021$9.31 $0.14 $9.45 
January 1, 2022$9.34 $0.14 $9.48 
February 1, 2022$9.33 $0.14 $9.47 
March 1, 2022$9.27 $0.14 $9.41 
April 1, 2022$9.25 $0.14 $9.39 
May 1, 2022$9.24 $0.14 $9.38 
June 1, 2022$9.04 $0.14 $9.18 
July 1, 2022$8.86 $0.13 $8.99 
August 1, 2022$9.04 $0.14 $9.18 
September 1, 2022$9.09 $0.14 $9.23 
Class S
Effective DateNet Offering Price
(per share)
Maximum Upfront Sales Load
(per share)
Maximum Offering Price (per share)
November 1, 2022$9.00 $0.32 $9.32 
December 1, 2022$9.05 $0.32 $9.37 
January 1, 2023$9.06 $0.32 $9.38 
February 1, 2023$9.24 $0.32 $9.56 
March 1, 2023$9.23 $0.32 $9.55 

Class D
Effective DateNet Offering Price
(per share)
Maximum Upfront Sales Load
(per share)
Maximum Offering Price (per share)
March 1, 2021$9.26 $0.14 $9.40 
April 1, 2021$9.26 $0.14 $9.40 
May 1, 2021$9.25 $0.14 $9.39 
June 1, 2021$9.27 $0.14 $9.41 
July 1, 2021$9.29 $0.14 $9.43 
August 1, 2021$9.29 $0.14 $9.43 
September 1, 2021$9.29 $0.14 $9.43 
October 1, 2021$9.31 $0.14 $9.45 
November 1, 2021$9.32 $0.14 $9.46 
December 1, 2021$9.31 $0.14 $9.45 
January 1, 2022$9.34 $0.14 $9.48 
February 1, 2022$9.33 $0.14 $9.47 
March 1, 2022$9.27 $0.14 $9.41 
April 1, 2022$9.25 $0.14 $9.39 
May 1, 2022$9.24 $0.14 $9.38 
June 1, 2022$9.04 $0.14 $9.18 
July 1, 2022$8.86 $0.13 $8.99 
August 1, 2022$9.04 $0.14 $9.18 
September 1, 2022$9.09 $0.14 $9.23 
October 1, 2022$9.00 $0.14 $9.14 
November 1, 2022$9.01 $0.14 $9.15 
December 1, 2022$9.05 $0.14 $9.19 
January 1, 2023$9.07 $0.14 $9.21 
February 1, 2023$9.25 $0.14 $9.39 
March 1, 2023$9.24 $0.14 $9.38 
Class I
Effective DateNet Offering Price (per share)Maximum Upfront Sales Load (per share)Maximum Offering Price (per share)
March 1, 2021$9.26 $— $9.26 
April 1, 2021$9.26 $— $9.26 
May 1, 2021$9.25 $— $9.25 
June 1, 2021$9.27 $— $9.27 
July 1, 2021$9.29 $— $9.29 
August 1, 2021$9.29 $— $9.29 
September 1, 2021$9.29 $— $9.29 
October 1, 2021$9.31 $— $9.31 
November 1, 2021$9.32 $— $9.32 
December 1, 2021$9.31 $— $9.31 
January 1, 2022$9.34 $— $9.34 
February 1, 2022$9.33 $— $9.33 
March 1, 2022$9.27 $— $9.27 
April 1, 2022$9.26 $— $9.26 
May 1, 2022$9.25 $— $9.25 
June 1, 2022$9.05 $— $9.05 
July 1, 2022$8.88 $— $8.88 

Class I
Effective DateNet Offering Price
(per share)
Maximum Upfront Sales Load
(per share)
Maximum Offering Price (per share)
Initial Offering Price$10.00 $— $10.00 
March 1, 2021$9.26 $— $9.26 
April 1, 2021$9.26 $— $9.26 
78100

Owl Rock Core Income Corp.
Notes to Consolidated Financial Statements (Unaudited) - Continued
(Unaudited)
Class IClass IClass I
Effective DateEffective DateNet Offering Price (per share)Maximum Upfront Sales Load (per share)Maximum Offering Price (per share)Effective DateNet Offering Price
(per share)
Maximum Upfront Sales Load
(per share)
Maximum Offering Price (per share)
May 1, 2021May 1, 2021$9.26 $— $9.26 
June 1, 2021June 1, 2021$9.28 $— $9.28 
July 1, 2021July 1, 2021$9.30 $— $9.30 
August 1, 2021August 1, 2021$9.30 $— $9.30 
September 1, 2021September 1, 2021$9.30 $— $9.30 
October 1, 2021October 1, 2021$9.32 $— $9.32 
November 1, 2021November 1, 2021$9.32 $— $9.32 
December 1, 2021December 1, 2021$9.31 $— $9.31 
January 1, 2022January 1, 2022$9.34 $— $9.34 
February 1, 2022February 1, 2022$9.34 $— $9.34 
March 1, 2022March 1, 2022$9.28 $— $9.28 
April 1, 2022April 1, 2022$9.26 $— $9.26 
May 1, 2022May 1, 2022$9.25 $— $9.25 
June 1, 2022June 1, 2022$9.05 $— $9.05 
July 1, 2022July 1, 2022$8.88 $— $8.88 
August 1, 2022August 1, 2022$9.06 $— $9.06 August 1, 2022$9.06 $— $9.06 
September 1, 2022September 1, 2022$9.11 $— $9.11 September 1, 2022$9.11 $— $9.11 
October 1, 2022October 1, 2022$9.01 $— $9.01 
November 1, 2022November 1, 2022$9.02 $— $9.02 
December 1, 2022December 1, 2022$9.07 $— $9.07 
January 1, 2023January 1, 2023$9.08 $— $9.08 
February 1, 2023February 1, 2023$9.26 $— $9.26 
March 1, 2023March 1, 2023$9.26 $— $9.26 




Distributions


The Board authorizes and declares monthly distribution amounts per share of common stock, payable monthly in arrears. The following table presents cash distributions per share that were declaredrecorded during the nine months ended September 30, 2022:following periods:


Class S common stock distributionsClass D common stock distributionsClass I common stock distributions

($ in thousands, except per share amounts)
Per Share(1)AmountPer Share(1)AmountPer
Share
Amount
2022
January 31, 2022$0.05580 $3,798 $0.05580 $1,094 $0.05580 $6,348 
February 28, 20220.05580 4,593 0.05580 1,367 0.05580 7,312 
March 31, 20220.05580 5,334 0.05580 1,673 0.05580 8,860 
April 30, 20220.05580 6,147 0.05580 1,767 0.05580 10,893 
May 31, 20220.05580 6,896 0.05580 2,003 0.05580 12,307 
June 30, 20220.05580 7,613 0.05580 2,110 0.05580 13,541 
July 31, 20220.06038 8,877 0.06038 2,445 0.06038 15,923 
August 31, 20220.06038 9,247 0.06038 2,505 0.06038 16,982 
September 30, 20220.06643 10,779 0.06643 2,902 0.06643 19,803 
Total$0.52199 $63,284 $0.52199 $17,866 $0.52199 $111,969 

Declaration DateRecord DatePayment Date
 Distribution Per Share(1)
Distribution Amount
($ in thousands, except per share amounts)Class SClass DClass I
December 5, 2022January 31, 2023February 24, 2023$0.08765 $16,523 $4,296 $30,667 
February 10, 2023February 28, 2023March 23, 20230.06765 12,882 3,372 24,319 
February 10, 2023March 31, 2023April 26, 20230.06765 13,027 3,550 24,938 
Total$0.22295 $42,432 $11,218 $79,924 
(1)Distributions per share are gross of shareholder servicing fees.




The following table presents cash distributions per share that were declaredrecorded during the nine months ended September 30, 2021:following periods:

Class S common stock distributionsClass D common stock distributionsClass I common stock distributions
($ in thousands, except per share amounts)
Per Share(1)
Amount
Per Share(1)
Amount
Per Share(1)
Amount
2021
March 31, 2021$— $— $0.05146 $16 $0.05146 $194 
April 30, 20210.05146 33 0.05146 54 0.05146 418 
May 31, 20210.05146 91 0.05146 101 0.05146 558 
June 30, 20210.05146 129 0.05146 168 0.05146 839 
July 31, 20210.05146 $294 0.05146 $222 0.05146 $1,116 
August 31, 20210.05146 $432 0.05146 $270 0.05146 $1,648 
September 30, 20210.05146 $789 0.05146 $354 0.05146 $2,209 
Total$0.30876 $1,768 $0.36022 $1,185 $0.36022 $6,982 

79101

Owl Rock Core Income Corp.
Notes to Consolidated Financial Statements (Unaudited) - Continued
(Unaudited)
Declaration DateRecord DatePayment Date
Distribution Per Share(1)
Distribution Amount
($ in thousands, except per share amounts)Class SClass DClass I
November 2, 2021January 31, 2022February 23, 2022$0.05580 $3,798 $1,094 $6,348 
November 2, 2021February 28, 2022March 24, 20220.05580 4,593 1,367 7,312 
November 2, 2021March 31, 2022April 25, 20220.05580 5,334 1,673 8,860 
Total$0.16740 $13,725 $4,134 $22,520 
(1)Distributions per share are gross of shareholder servicing fees.


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

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

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

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

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

On July 14, 2022, the Company's Board of Directors declared special distributions to the Company’s stockholders. These distributions are in addition to those previously declared and announced. These additional distributions, each in the amount of $0.0025000 per share, are payable on August 31, 2022 and September 30, 2022 to shareholders of records of July 31, 2022 and August 31, 2022.

On September 26, 2022, the Company's Board of Directors declared a special distribution to the Company's stockholders. This distribution is in addition to those distributions previously declared and announced. This additional distribution, in the amount of $0.008555 per share, will be payable on or before October 31, 2022 to shareholders of record as of September 30, 2022.

On October 24, 2022, the Company's Board of Directors declared a regular monthly distribution to the Company's stockholders. This regular monthly distribution, in the amount of $0.06643 per share, will be payable on or before November 30, 2022 to shareholders of record as of October 31, 2022.


The Company has adopted a distribution reinvestment plan pursuant to which shareholders (except for residents of Alabama, Arkansas, Idaho, Kansas, Kentucky, Maine, Maryland, Massachusetts, Nebraska, New Jersey, North Carolina, Oklahoma, Oregon, Vermont and Washington and clients of participating broker-dealers that do not permit automatic enrollment in the distribution reinvestment plan) will have their cash distributions automatically reinvested in additional shares of the Company’s same class of common stock to which the distribution relates unless they elect to receive their distributions in cash. The Company expects to use newly issued shares to implement the distribution reinvestment plan. The Company may fund its cash distributions to shareholders from any source of funds available to the Company, including but not limited to offering proceeds, net investment income from operations, capital gains proceeds from the sale of assets, dividends or other distributions paid to it on account of preferred and common equity investments in portfolio companies and expense support from the Adviser, which is subject to recoupment. In no event, however, will funds be advanced or borrowed for the purpose of distributions, if the amount of such distributions would exceed the Company’s accrued and received revenues for the previous four quarters, less paid and accrued operating expenses with respect to such revenues and costs. Through September 30, 2022,March 31, 2023, pursuant to the Expense Support Agreement which was terminated by the Adviser on March 7, 2023, a portion of the Company’s distributions resulted from expense support from the Adviser and future distributions may result from expense support from the Adviser, each of which is subject to repayment by the Company within three years from the date of payment. The purpose of this arrangement iswas to avoid distributions being characterized as a return of capital for U.S. federal income tax purposes. Shareholders should understand that any such distribution is not based on the Company’s investment performance, and can only be sustained if the Company achieves positive investment performance in future periods and/or the Adviser continues to provide expense support. Shareholders should also understand that the Company’s future repayments of expense support will reduce the distributions that they would otherwise receive. There can be no assurance that the
80

Owl Rock Core Income Corp.
Notes to Consolidated Financial Statements (Unaudited) - Continued
Company will achieve the performance necessary to sustain these distributions, or be able to pay distributions at all. Sources of distributions, other than net investment income and realized gains on a U.S. GAAP basis, include required adjustments to U.S. GAAP net investment income in the current period to determine taxable income available for distributions. The following tables reflect the sources of cash distributions on a U.S. GAAP basis that the Company has declared on its shares of common stock during the nine months ended September 30, 2022 and 2021:following periods:

For The Nine Months Ended
September 30, 2022
For the Three Months Ended March 31, 2023
Source of Distribution(2)
Source of Distribution(2)
Per Share(1)
AmountPercentage
Source of Distribution(2)
Per Share(1)
AmountPercentage
($ in thousands, except per share amounts)($ in thousands, except per share amounts)($ in thousands, except per share amounts)
Net investment incomeNet investment income$0.52199 $193,119 100.0 %Net investment income$0.22295 $133,574 100.0 %
TotalTotal$0.52199 $193,119 100.0 %Total$0.22295 $133,574 100.0 %
(1)Distributions per share are gross of shareholder servicing fees.
(2)Data in this table is presented on a consolidated basis. Refer to Note 11 "Financial Highlights" for amounts by share class.



For the Nine Months Ended
September 30, 2021
For the Three Months Ended March 31, 2022
Source of Distribution(2)
Source of Distribution(2)
Per Share(1)
AmountPercentage
Source of Distribution(2)
Per Share(1)
AmountPercentage
($ in thousands, except per share amounts)($ in thousands, except per share amounts)($ in thousands, except per share amounts)
Net investment incomeNet investment income$0.29208 $8,269 83.2 %Net investment income$0.16740 $40,379 100.0 %
Net realized gain (loss) on investments0.03265 922 9.3 
Distributions in excess of net investment income0.02633 744 7.5 
TotalTotal$0.35106 $9,935 100.0 %Total$0.16740 $40,379 100.0 %
(1)Distributions per share are gross of shareholder servicing fees.
(2)Data in this table is presented on a consolidated basis. Refer to Note 11 "Financial Highlights" for amounts by share class.




102

Owl Rock Core Income Corp.
Notes to Consolidated Financial Statements - Continued
(Unaudited)
Share Repurchases


The Board has complete discretion to determine whether the Company will engage in any share repurchase, and if so, the terms of such repurchase. At the discretion of the Board, the Company may use cash on hand, cash available from borrowings, and cash from the sale of its investments as of the end of the applicable period to repurchase shares. The Company has commenced a share repurchase program pursuant to which the Company intends to conduct quarterly repurchase offers to allow its shareholders to tender their shares at a price equal to the net offering price per share for the applicable class of shares on each date of repurchase. All shares purchased by the Company pursuant to the terms of each offer to repurchase will be retired and thereafter will be authorized and unissued shares. The Company intends to limit the number of shares to be repurchased in each quarter to no more than 5.00% of its’ outstanding shares of common stock. Any periodic repurchase offers are subject in part to the Company’s available cash and compliance with the BDC and RIC qualification and diversification rules promulgated under the 1940 Act and the Code, respectively. While the Company intends to continue to conduct quarterly tender offers as described above, the Company is not required to do so and may suspend or terminate the share repurchase program at any time.


81

Owl Rock Core Income Corp.
Offer DateClassTender Offer ExpirationTender OfferPurchase Price per ShareShares Repurchased
February 25, 2022SMarch 31, 2022$6,001 $9.24 649,420
February 25, 2022DMarch 31, 2022$304 $9.25 32,853
February 25, 2022IMarch 31, 2022$16,978 $9.26 1,833,520
February 28, 2023SMarch 31, 2023$21,643 $9.21 2,349,994 
February 28, 2023DMarch 31, 2023$3,453 $9.22 374,566 
February 28, 2023IMarch 31, 2023$68,024 $9.24 7,361,842 
Notes to Consolidated Financial Statements (Unaudited) - Continued

Offer DateClassTender Offer ExpirationTender OfferPurchase Price per ShareShares Repurchased
August 25, 2021DSeptember 30, 2021$55 $9.31 5,933
August 25, 2021ISeptember 30, 2021$291 $9.32 31,255
November 26, 2021SDecember 30, 2021$150 $9.33 16,129
November 26, 2021DDecember 30, 2021$51 $9.34 5,394
November 26, 2021IDecember 30, 2021$1,213 $9.34 129,828
February 25, 2022SMarch 31, 2022$6,001 $9.24 649,420
February 25, 2022DMarch 31, 2022$304 $9.25 32,853
February 25, 2022IMarch 31, 2022$16,978 $9.26 1,833,520
May 25, 2022SJune 30, 2022$8,365 $8.84 946,284
May 25, 2022DJune 30, 2022$1,110 $8.86 125,276 
May 25, 2022IJune 30, 2022$18,414 $8.88 2,073,617 
August 25, 2022SSeptember 30, 2022$8,769 $8.99 975,399 
August 25, 2022DSeptember 30, 2022$1,132 $9.00 125,759 
August 25, 2022ISeptember 30, 2022$32,978 $9.01 3,660,100 



Note 9. Earnings Per Share


The following tables set forth the computation of basic and diluted earnings per common share for the three and nine months ended September 30, 2022 and 2021:following periods:


Three Months Ended September 30,For the Three Months Ended March 31,
2022202120232022
($ in thousands, except per share amounts)($ in thousands, except per share amounts)Class S common stockClass D common stockClass I common stockClass S common stockClass D common stockClass I common stock($ in thousands, except per share amounts)Class S common stockClass D common stockClass I common stockClass S common stockClass D common stockClass I common stock
Increase (decrease) in net assets resulting from operationsIncrease (decrease) in net assets resulting from operations$51,124 $13,457 $88,290 $1,946 $1,057 $6,132 Increase (decrease) in net assets resulting from operations75,696 18,753 130,584 6,161 1,958 11,452 
Weighted average shares of common stock outstanding—basic and dilutedWeighted average shares of common stock outstanding—basic and diluted171,779,747 43,183,930 280,852,155 11,160,688 5,670,041 31,988,535 Weighted average shares of common stock outstanding—basic and diluted209,496,627 51,902,057 361,401,758 92,693,920 25,539,563 134,734,682 
Earnings (loss) per common share— basic and dilutedEarnings (loss) per common share— basic and diluted$0.30 $0.31 $0.31 $0.17 $0.19 $0.19 Earnings (loss) per common share— basic and diluted$0.36 $0.36 $0.36 $0.07 $0.08 $0.08 


Nine Months Ended September 30,
20222021
($ in thousands, except per share amounts)Class S common stockClass D common stockClass I common stockClass S common stockClass D common stockClass I common stock
Increase (decrease) in net assets resulting from operations20,523 6,459 45,734 2,290 1,490 8,427 
Weighted average shares of common stock outstanding—basic and diluted134,859,276 35,082,254 211,931,540 4,363,627 2,654,462 15,343,528 
Earnings (loss) per common share— basic and diluted$0.15 $0.18 $0.22 $0.52 $0.56 $0.55 

Note 10. Income Taxes


The Company has elected to be treated as a RIC under Subchapter M of the Code, and intends to operate in a manner so as to qualify for the tax treatment applicable to RICs. To qualify for tax treatment as a RIC thereafter, the Company must, among other
82

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


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

103

Owl Rock Core Income Corp.
Notes to Consolidated Financial Statements - Continued
(Unaudited)

For the three and nine months ended September 30, 2022,March 31, 2023 , the Company recorded an expense for U.S. federal excise tax expense of approximately $4 thousand.$0.1 million. For the three and nine months ended September 30, 2021,March 31, 2022, the Company did not record an expense for U.S. federal excise tax.



Taxable Subsidiaries

Certain of the Company's consolidated subsidiaries are subject to U.S. federal and state corporate-level income taxes. For the three months ended March 31, 2023 the Company recorded a net tax benefit of approximately $1.2 thousand for taxable subsidiaries.

The Company recorded net deferred tax liability of $6.1 thousand as of March 31, 2023 for taxable subsidiaries, which is significantly related to GAAP to tax outside basis differences in the taxable subsidiaries' investment in certain partnership interests.


Note 11. Financial Highlights


The following are the financial highlights for a common share outstanding during the nine months ended September 30, 2022 and 2021:following periods:
For the Nine Months Ended September 30,
20222021
($ in thousands, except share and per share amounts)Class S common stockClass D common stockClass I common stock
Class S common stock(7)
Class D common stock(7)
Class I common stock
Per share data:
Net asset value, at beginning of period$9.33 $9.33 $9.34 $9.26 $9.26 $9.44 
Results of operations:
Net investment income (loss)(1)
0.53 0.57 0.59 0.34 0.37 0.38 
Net realized and unrealized gain (loss)(2)
(0.35)(0.38)(0.40)0.02 0.04 (0.14)
Net increase (decrease) in net assets resulting from operations$0.18 $0.19 $0.19 $0.36 $0.41 $0.24 
Shareholder distributions:
Distributions from net investment income(3)
(0.52)(0.52)(0.52)(0.25)(0.29)(0.29)
Distributions from realized gains(3)
— — — (0.03)(0.04)(0.03)
Distributions in excess of net investment income(3)
— — — (0.02)(0.02)(0.03)
Net decrease in net assets from shareholders' distributions$(0.52)$(0.52)$(0.52)$(0.30)$(0.35)$(0.35)
Total increase (decrease) in net assets(0.34)(0.33)(0.33)0.06 0.06 (0.11)
Net asset value, at end of period$8.99 $9.00 $9.01 $9.32 $9.32 $9.33 
Total return(4)
1.4 %1.9 %2.1 %3.5 %4.4 %2.6 %
Ratios
Ratio of net expenses to average net assets(5)(6)
8.2 %7.3 %7.4 %7.3 %7.1 %6.3 %
Ratio of net investments income to average net assets(6)
8.5 %8.8 %9.4 %5.1 %5.3 %5.5 %
Portfolio turnover rate5.6 %5.6 %5.6 %87.6 %87.6 %87.6 %
Supplemental Data
Weighted-average shares outstanding134,859,27635,082,254211,931,5404,363,6272,654,46215,343,528
Shares outstanding, end of period179,513,91144,952,979298,101,53817,567,4877,149,02742,917,350
Net assets, end of period$1,614,723 $404,527 $2,687,007 $163,800 $66,622 $400,267 

For the Three Months Ended March 31,
20232022
($ in thousands, except share and per share amounts)Class S common stockClass D common stockClass I common stockClass S common stockClass D common stockClass I common stock
Per share data:
Net asset value, at beginning of period$9.06 $9.07 $9.08 $9.33 $9.33 $9.34 
Results of operations:
Net investment income (loss)(1)
0.25 0.27 0.27 0.16 0.17 0.18 
Net realized and unrealized gain (loss)(2)
0.12 0.10 0.11 (0.07)(0.07)(0.08)
Net increase (decrease) in net assets resulting from operations$0.37 $0.37 $0.38 $0.09 $0.10 $0.10 
Shareholder distributions:
Distributions from net investment income(3)
(0.22)(0.22)(0.22)(0.18)(0.18)(0.18)
Distributions from realized gains(3)
— — — — — — 
Distributions in excess of net investment income(3)
— — — — — — 
Net decrease in net assets from shareholders' distributions$(0.22)$(0.22)$(0.22)$(0.18)$(0.18)$(0.18)
Total increase (decrease) in net assets0.15 0.15 0.16 (0.09)(0.08)(0.08)
Net asset value, at end of period$9.21 $9.22 $9.24 $9.24 $9.25 $9.26 
Total return(4)
1.9 %2.0 %2.2 %0.9 %1.1 %1.2 %
Ratios
Ratio of net expenses to average net assets(5)(6)
10.7 %9.9 %9.9 %5.5 %4.6 %4.7 %
Ratio of net investment income to average net assets(6)
11.5 %12.0 %12.5 %7.7 %7.7 %8.5 %
Portfolio turnover rate0.2 %0.2 %0.2 %0.5 %0.5 %0.5 %
Supplemental Data
Weighted-average shares outstanding209,496,62751,902,057361,401,75892,693,92025,539,563134,734,682
Shares outstanding, end of period213,854,07454,057,157368,625,675108,713,42531,080,406158,789,498
Net assets, end of period$1,969,776 $498,358 $3,404,263 $1,004,813 $287,505 $1,471,061 
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Owl Rock Core Income Corp.
Notes to Consolidated Financial Statements (Unaudited) - Continued
(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 period may not agree with the change in the aggregate gains and losses in portfolio securities for the period because of the timing of sales of the Company’s shares in relation to fluctuating market values for the portfolio.
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Owl Rock Core Income Corp.
Notes to Consolidated Financial Statements - Continued
(Unaudited)
(3)The per share data was derived using actual shares outstanding at the date of the relevant transaction.
(4)Total return is not annualized. An investment in the Company is subject to maximum upfront sales load of 3.5% and 1.5% for Class S and Class D common stock, respectively, of the offering price, which will reduce the amount of capital available for investment. Class I common stock is not subject to upfront sales load. Total return displayed is net of all fees, including all operating expenses such as management fees, incentive fees, general and administrative expenses, organization and amortized offering expenses, and interest expenses. Total return is calculated as the change in net asset value (“NAV”) per share (assuming dividends and distributions, if any, are reinvested in accordance with the Company’s dividend reinvestment plan), if any, divided by the beginning NAV per share (which for the purposes of this calculation is equal to the net offering price in effect at that time).
(5)Operating expenses may vary in the future based on the amount of capital raised, the Adviser’s election to continue expense support, and other unpredictable variables. For the ninethree months ended September 30, 2022,March 31, 2023, the total operating expenses to average net assets were 8.5%1.2%, 7.6%0.6% and 7.7%0.3%, for Class S, Class D, and Class I common stock, respectively, prior to management fee waivers, expense support provided by the Adviser, and expense recoupment paid to the Adviser, if any. For the ninethree months ended September 30, 2021,March 31, 2022, the total operating expenses to average net assets were 7.4%6.3%, 8.0%5.3% and 8.0%5.4%, for Class S, Class D, and Class I common stock, respectively, prior to management fee waivers, expense support provided by the Adviser, and expense recoupment paid to the Adviser, if any. Past performance is not a guarantee of future results.
(6)The ratio reflects an annualized amount, except in the case of non-recurring expenses (e.g., initial organization expenses) and offering expenses.
(7)Class S common stock shares were first issued on April 1, 2021. Class D common stock shares were first issued on March 1, 2021.




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:

Revolving Credit Facility Upsize

On October 5, 2022, the Company increased the Revolving Credit Facility from $1,775,000,000 to $1,795,000,000 (the “Commitment Increase”).


Equity Raise


As of November 10, 2022,May 11, 2023, the Company has issued 186,162,140227,090,680 shares of its Class S common stock, 45,873,13656,993,861 shares of its Class D common stock, and 314,880,453396,697,649 shares of its Class I common stock and has raised total gross proceeds of $1,730.9 million, $424.1 million,$2.1 billion, $0.5 billion, and $2,901.7 million,$3.7 billion, respectively, including seed capital of $1,000 contributed by its Adviser in September 2020 and approximately $25.0 million in gross proceeds raised from Feeder FIC Equity.


ORCIC JV WH II LLCDividend


On October 14, 2022, ORCIC JV WH II LLC,May 9, 2023, the Company's Board declared a Delaware limited liability company (the “ORCIC JV WH II”) entered into an updistribution of (i) $0.06765 per share, payable on or before June 30, 2023 to $500 million revolving loan facility (the “Revolving Loan Agreement”) among the lenders party thereto,shareholders of record as of May 31, 2023, (ii) $0.06765 per share, payable on or before July 31, 2023 to shareholders of record as of June 30, 2023, and Royal Bank(iii) $0.06765 per share, payable on or before August 31, 2023 to shareholders of Canada. ORCIC JV WH II is a wholly owned subsidiaryrecord as of ORCIC Senior Loan Fund LLC (formerly, ORCIC BC 9 LLC), a Delaware limited liability company (the “ORCIC SLF”). The proceeds of the funded loans under the Revolving Loan Agreement are to be used for, subject to certain restrictions, acquiring and funding collateral assets, payment of government fees and administrative expenses, the funding of certain accounts and making distributions, contributions and investments.July 31, 2023.

ORCIC SLF LLC


On November 2, 2022 (the "ORCIC SLF Effective Date"),May 9, 2023, the CompanyCompany's Board also declared a special distribution to shareholders. This special distribution is in addition to those distributions previously declared and State Teachers Retirement Systemannounced. This additional distribution, in the amount of Ohio (“OSTRS”) entered into an Amended and Restated Limited Liability Company Agreement (the “LLC Agreement”)$0.02 per share, will be payable on or before August 31, 2023 to co-manage ORCIC SLF. ORCIC SLF is a joint venture that is expected to invest primarily in senior secured loans to middle market companies,shareholders of record as of July 31, 2023.


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Owl Rock Core Income Corp.
Notes to Consolidated Financial Statements (Unaudited) - Continued
broadly syndicated loans and in senior and subordinated notes issued by collateralized loan obligations. Each of ORCIC SLF’s investment decisions and generally all other decisions in respect of ORCIC SLF must be approved by ORCIC SLF’s board or investment committee, each of which consists of an equal number of representatives from the Company and OSTRS. The Company and OSTRS have agreed to contribute $437.5 million and $62.5 million, respectively, to ORCIC SLF. Prior to the ORCIC SLF Effective Date, ORCIC SLF was a wholly owned subsidiary of the Company. Prior to the ORCIC SLF Effective Date, the lenders to the Credit Agreement that ORCIC JV WH LLC entered into on August 24, 2022 (the "Credit Agreement"), and to the Revolving Loan Agreement consented to the change in control of ORCIC SLF. From and following the ORCIC SLF Effective Date, the Credit Agreement and the Revolving Loan Agreement continued as obligations of ORCIC SLF and its subsidiaries but was no longer indebtedness of the Company. On the ORCIC SLF Effective Date, OSTRS made a capital contribution of approximately $15.5 million to ORCIC SLF and the Company was deemed to have made a capital contribution of approximately $108.4 million to ORCIC SLF. The Company's capital contribution was based on the fair value of the Credit Agreement Assets and the Revolving Loan Assets (collectively, the “Contributed Collateral”) less certain amounts that had been distributed to the Company and subject to certain adjustments. In connection therewith, OSTRS and the Company agreed and acknowledged that the Credit Agreement Assets and Revolving Loan Assets were assets of ORCIC SLF as if they had been acquired pursuant to the terms of the LLC Agreement.

CLO VIII

On October 21, 2022, the Company completed a $391.7 million term debt securitization transaction (the “CLO Transaction”), also known as a collateralized loan obligation transaction, which is a form of secured financing incurred by the Company. The secured notes and preferred shares issued in the CLO Transaction and the secured loan borrowed in the CLO Transaction were issued and incurred, as applicable, by the Company’s consolidated subsidiary Owl Rock CLO VIII, LLC, a limited liability organized under the laws of the State of Delaware (the “Issuer”) and are backed by a portfolio of collateral obligations consisting of middle market loans and participation interests in middle market loans as well as by other assets of the Issuer.









































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


The information contained in this section should be read in conjunction with “ITEM 1. CONSOLIDATED FINANCIAL STATEMENTS”. This discussion contains forward-looking statements, which relate to future events or the future performance or financial condition of Owl Rock Core Income Corp. 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“ITEM 1A. RISK FACTORS”. This discussion also should be read in conjunction with the “Cautionary Statement Regarding Forward Looking Statements” set forth on page 3 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 Core Income Corp. (the “Company”, “we”, “us”, or “our”) is an externally managed, non-diversified closed-end management investment company that has elected to be treated as a business development company (“BDC”) under the 1940 Act. Formed as a Maryland corporation on April 22, 2020, we are externally managed by Owl Rock Capital Advisors LLC (the “Adviser”) which is responsible for sourcing potential investments, conducting due diligence on prospective investments, analyzing investment opportunities, structuring investments and monitoring our portfolio on an ongoing basis. The Adviser is registered as an investment adviser with the Securities and Exchange Commission (“SEC”). 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 qualify for the tax treatment applicable to RICs. On October 23, 2020, we formed a wholly-owned subsidiary, OR Lending IC LLC, a Delaware limited liability company, which holds a California finance lenders license. OR Lending IC LLC makes loans to borrowers headquartered in California. From time to time we may form wholly-owned subsidiaries to facilitate the normal course of business.


We are managed by our Adviser. Our Adviser is an indirect subsidiaryaffiliate of Blue Owl Capital Inc. (“Blue Owl”) (NYSE: OWL) and part of Owl Rock, a division of Blue Owl focused on direct lending. Our 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”). Subject to the overall supervision of our Board, our Adviser manages the day-to-day operations of, and provides investment advisory and management services, to us. The Adviser or its affiliates may engage in certain organizational activities and receive attendant arrangement, structuring or similar fees. Our 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 management professionals.


We have received an exemptive order that permits us to offer multiple classes of shares of common stock and to impose asset-based servicing and distribution fees and early withdrawal fees. On September 30, 2020, the Advisor purchased 100 shares of our Class I common stock at $10.00 per share, which represents the initial public offering price. The Adviser will not tender these shares for repurchase as long as the Adviser remains the investment adviser of the Company. There is no current intention for the Adviser to discontinue its role. On October 15, 2020, we received a subscription agreement, totaling $25.0 million for the purchase of Class I common shares of our common stock from Owl Rock Feeder FIC ORCIC Equity LLC (“Feeder FIC Equity”), an entity affiliated with the Adviser. On November 12, 2020, we commenced our initial public offering pursuant to which we offered, on a continuous basis, $2,500,000,000 in any combination of amount of shares of Class S, Class D and Class I common stock. On November 12, 2020,stock, and we sold 700,000 shares pursuant to the subscription agreement with Feeder FIC Equity and met the minimum offering requirement for our continuous public offering of $2.5 million.offering. The purchase price of these shares sold in the private placement was $10.00 per share. As of March 31, 2021, we had called all of the $25.0 million commitment from Feeder FIC Equity. On February 14, 2022, we commenced our follow-on offering, on a continuous basis, of up to $7,500,000,000 in any combination of amount of shares of Class S, Class D and Class I common stock. The share classes have different upfront selling commissions and ongoing servicing fees. Each class of common stock will be offered through Blue Owl Securities LLC (d/b/a Blue Owl Securities) (the “Dealer Manager”). The Dealer Manager is entitled to receive upfront selling commissions of up to 3.50% of the offering price of each Class S share sold in the offering and 1.50% of the offering price of each Class D share sold. Class I shares are not subject to upfront selling commissions. Any upfront selling commissions for the Class S shares and Class D shares sold in the offering will be deducted from the purchase price. Class S, Class D and Class I shares were offered at initial purchase prices per shares of $10.35, $10.15 and $10.00, respectively. Currently, the purchase price per share for each class of common stock varies, but will not be sold at a price below our net asset value per share of such class, as determined in accordance with our share pricing policy, plus applicable upfront selling commissions. We also engage in private placements of our common stock.


Since meeting the minimum offering requirement and commencing our continuous public offering through September 30, 2022,March 31, 2023, we have issued 179,786,931216,760,729 shares of Class S common stock, 44,352,53453,431,198 shares of Class D common stock, and 301,689,909382,200,592 shares of
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Class I common stock for gross proceeds of $1,673.0 million, $410.4 million,$2.0 billion, $0.5 billion, and $2,782.9 million,$3.5 billion, respectively, including $1,000 of seed capital contributed by our Adviser in September 2020, approximately $25.0 million in gross proceeds raised in the private placement from Feeder FIC Equity, and 12,152,27115,654,376 shares of our Class I common stock issued in a private placement issued to feeder vehicles primarily created to hold our Class I shares for gross proceeds of approximately $111.5 million.$0.1 billion. The shares purchased by the Adviser and Feeder FIC Equity are subject to a lock-up pursuant to FINRA Rule 5110(e)(1) for a period of 180 days from the date of
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commencement of sales in the offering, and the Adviser, Feeder FIC Equity, and their permitted assignees may not engage in any transaction that would result in the effective economic disposition of the Class I shares.


Our Adviser also serves as investment adviser to Owl Rock Capital Corporation and Owl Rock Capital Corporation II.


Blue Owl consists of three divisions: (1) Owl Rock, which focuses on direct lending, (2) Dyal, which focuses on providing capital to institutional alternative asset managers and (3) Oak Street, which focuses on real estate strategies. Owl Rock is comprised of the Adviser, Owl Rock Technology Advisors LLC (“ORTA”), Owl Rock Capital Private Fund Advisors LLC (“ORPFA”ORCPFA”), Owl Rock Technology Advisors II LLC ("ORTA II"), and Owl Rock Diversified Advisors LLC (“ORDA”) and together with the Adviser, ORTA, ORTA II, ORPFA, amdORCPFA, and ORDA, the "Owl Rock Advisers"), which also are investment advisers. As of September 30, 2022,March 31, 2023, the Adviser and its affiliates had $65.7$71.6 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.


In addition, we and the Adviser have entered into a dealer manager agreement with Blue Owl Securities and certain participating broker dealers to solicit capital.


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 to our Adviser and its affiliates by the SEC to permit us to co-invest with other funds managed by our Adviser or certain 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 exemptive reliefOrder and applicable law, including the limitations set forth in Section 57(k) of the 1940 Act. In addition, we have received an amendment to our order to permit us to co-investinvest in follow-on investments 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. The Owl Rock Advisers` investment allocation policy seeks to ensure equitable allocation of investment opportunities between us and/or other funds managed by our Adviser or its affiliates. As a result of the Order, there could be significant overlap in our investment portfolio and the investment portfolio of other funds managed by the Adviser or its affiliates that could avail themselves of exemptive relief and that have an investment objective similar to ours.

87107



We have elected to be regulated as a BDC under the 1940 Act and intend to elect to be taxed as a regulated investment company (“RIC”) for tax purposes under 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.



Economic Developments and COVID-19

We have observed and continue to observe supply chain interruptions, significant labor and resource shortages, commodity inflation, rapidly rising interest rates, economic sanctions as a result of the ongoing war between Russia and Ukraine and elements of geopolitical, economic and financial market instability in the United 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 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 preventative measure taken to 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 and understand and mitiage issues. We are unable to predict the duration of any business and supply-chain disruptions or labor and resource shortages, whether 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 September 30, 2022,March 31, 2023, our Adviser and its affiliates have originated $69.4$74.5 billion aggregate principal amount of investments, of which $65.9$71.0 billion 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. upper 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-related securities including warrants, preferred stock and similar forms of senior equity. Our equity investments are typically not control-oriented investments and we may structure such equity investments to include provisions protecting our rights as a minority-interest holder.


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


We 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, including publicly traded debt instruments, which we may hold directly or through special purposes vehicles. These investments may include high-yield bonds, which are often referred to as “junk bonds”, and broadly syndicated loans. In addition, we may invest a portion of our portfolio in
88


opportunistic investments and broadly syndicated loans, which will not be our primary focus, but will be intended to enhance returns to our shareholders and from time to time, we may evaluate and enter into strategic portfolio transactions which may result in additional portfolio companies which we are considered to control. These investments may include high-yield bonds and broadly-syndicated loans, including publicly traded debt instruments, which are typically originated and structured by banks on behalf of large corporate borrowers with employee counts, revenues, EBITDAs and enterprise values larger than the middle-market characteristics described above.those of middle market companies, and equity investments in portfolio companies that make senior secured loan or invest in broadly syndicated loans or structured products, such as life settlements and royalty interests. Our portfolio composition may fluctuate from time to time based on market conditions and interest rates. We generally intend to investment in companies with low loan to value ratios, which we consider to be 50% or lower.


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 that comprise 1-2% of our portfolio (with no individual portfolio company generally expected to comprise greater than 5% of our portfolio). As of September 30, 2022,March 31, 2023, our average investment size in each of our portfolio companies was approximately $48.3$52.7 million based on fair value. As of September 30, 2022,March 31, 2023, excluding the investment in ORCIC SLF and certain investments that fall outside our typical borrower profile, our portfolio companies representing 85.9%82.9% of our total debt portfolio based on fair value, had weighted average annual revenue of $862.4$967.1 million, weighted average annual EBITDA of $211.6$222.5 million and an average interest coverage of 2.7x.2.4x.

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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 “junk”.


A majority of our new investments are indexed to SOFR;the Secured Overnight Financing Rate ("SOFR"); however, we have material contracts that are indexed to USD-LIBORthe London Interbank Offered Rate (“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.


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 September 30, 2022, 98.9%March 31, 2023, 99.0% 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.
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Our investment portfolio consists of floating rate loans, and our credit facility bears interest at a floating rate. Macro trends in base interest rates like London Interbank Offered Rate (“LIBOR”) the Secured Overnight Financing Rate ("SOFR")SOFR, LIBOR, and any other alternative reference rates may affect our net investment income over the long term. However, because we generally originate loans to a small number of portfolio companies each quarter, and those investments vary in size, our results in any given period, including the interest rate on investments that were sold or repaid in a period compared to the interest rate of new investments made during that period, often are idiosyncratic, and reflect the characteristics of the particular portfolio companies that we invested in or exited during the period and not necessarily any trends in our business or macro trends.


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


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


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


Expenses


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


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


expenses deemed to be “organization and offering expenses” for purposes of Conduct Rule 2310(a)(12) of Financial Industry Regulatory Authority (exclusive of commissions, the dealer manager fee, any discounts and other similar expenses paid by investors at the time of sale of our stock);
the cost of corporate and organizational expenses relating to offerings of shares of our common stock;
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;
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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 assure, that our general and administrative expenses will increase in dollar terms during periods of asset growth, but will decline as a percentage of total assets during such periods.


Expense Support and Conditional Reimbursement Agreement


We haveOn September 30, 2020, we entered into an Expense Support and Conditional Reimbursement Agreement (the “Expense Support Agreement”) with the Adviser, the purpose of which iswas to ensure that no portion of our distributions to shareholders will representrepresented a return of capital for tax purposes. The Expense Support Agreement became effective as of November 12, 2020, the date that the Company met the minimum offering requirement.requirement and was terminated by the Adviser on March 7, 2023.


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


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


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


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


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


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


The specific amount of expenses reimbursed by the Adviser, if any, will be determined at the end of each quarter. We or the Adviser will be able to terminate the Expense Support Agreement at any time, with or without notice. The Expense Support Agreement will automatically terminate in the event of (a) the termination of the Investment Advisory Agreement, or (b) a determination by our Board to dissolve or liquidate the Company. Upon termination of the Expense Support Agreement, we will be required to fund any Expense Payments that have not been reimbursed by us to the Adviser. As of September 30, 2022,March 31, 2023, the amount of Expense Support payments provided by our Adviser since inception is $9.4 million.


Our obligation to make Reimbursement Payments, subject to the conditions above, survives the termination of the Expense Support Agreement.

Fee Waivers

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On February 23, 2021, the Adviser agreed to waive 100% of the base management fee for the quarter ended March 31, 2021. Any
portion of the base management fee waived will not be subject to recoupment.


Reimbursement of Administrative Services


We will reimburse our Adviser for the administrative expenses necessary for its performance of services to us. However, such reimbursement will be made at an amount equal to the lower of our Adviser’s actual costs or the amount that we would be required to pay for comparable administrative services in the same geographic location. Also, such costs will be reasonably allocated to us on the basis of assets, revenues, time records or other reasonable methods. We will not reimburse our Adviser for any services for which it receives a separate fee, for example rent, depreciation, utilities, capital equipment or other administrative items allocated to a controlling person of our Adviser.


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 September 30, 2020, we received shareholder approval that allowed us to reduce our asset coverage ratio to 150% effective October 1, 2020. and in connection with their subscription agreements, our investors are required to acknowledge our ability to operate with an asset coverage ratio that may be as low as 150%. As a result, we generally will be 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 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.


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.

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Market Trends


We believe the middle-marketmiddle market lending environment provides opportunities for us to meet our goal of making investments that generate attractive risk-adjusted returns based on a combination of the following factors,


Limited Availability of Capital for Middle-MarketMiddle Market Companies. We believe that regulatory and structural changes in the market have reducedfactors, industry consolidation and general risk aversion, limit the amount of capitaltraditional financing 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-marketmiddle 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-marketmiddle market issuers as they seek to meet existing and future regulatory capital requirements. We also believe that there are a lack of market participants that are willing to hold meaningful amounts of certain middle-marketmiddle 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,middle market, present an attractive opportunity to invest in middle-marketmiddle market companies.


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

High Yield Market – Middle market companies generally do not issue debt in amounts large enough to be attractively sized bonds. Highloan size and liquidity. For example, high yield bonds are generally purchased by institutional investors, such as mutual funds and exchange traded funds ("ETFs"), 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 quicklyissued 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 typically is 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 demand is modestly more accommodating to middle market issuers, as with bonds, loan issue size and liquidity are key drivers of institutional and, correspondingly, underwriters’ willingness to underwrite the loans. Loansloans 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 have a more stable capital base and have the ability to invest in illiquid assets, and 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. In addition, our Adviser has teams focused on both liquid credit and private credit and these teams are able to collaborate with respect to syndicated loans.

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Robust Demand for Debt Capital. The middle market is a large addressable market. According to GE Capital’s National Center for the Middle Market mid-year 2022 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. We believe U.S. middle market companies will continue to require access to debt capital to refinance existing debt, support growth and finance acquisitions. We believe that periods of market volatility, such as the dislocation caused by the COVID-19 pandemic and the increased market turbulence and uncertain economic backdrop in 2022, have accentuated the advantages of private credit. The availability of capital in the liquid credit market is highly sensitive to market conditions whereas we believe private lending has proven to be a stable and reliable source of capital through periods of volatility. In addition, we believe the large amount of uninvested capital held by funds of private equity firms broadly, estimated by Preqin Ltd., an alternative assets industry data and research company, to be $1.7 trillion as of January 2022, will continue to drive deal activity. We expect that private equity sponsors will continue to pursue acquisitions and leverage their equity investments with secured loans provided by companies such as us.


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

Attractive Investment Dynamics. An imbalance between the supply of, and demand for, middle market debt capital creates attractive pricing dynamics. We believe the directly negotiated nature of middle market financings also generally provides more favorable terms to the lender, including stronger covenant and reporting packages, better call protection, and lender-protective change of control provisions. Additionally, we believe BDC managers’ expertise in credit selection and ability to manage through credit cycles has generally resulted in BDCs experiencing lower loss rates than U.S. commercial banks through credit cycles. Further, we
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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.


Conservative Capital Structures. Following the global 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. Given the current low interest rate environment, weWe 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 September 30, 2022,March 31, 2023, based on fair value, our portfolio consisted of 81.9%78.9% first lien senior secured debt investments (of which we consider 51.9%51.7% to be unitranche debt investments (including "last-out" portions of such loans), 9.8%10.0% second-lien senior secured debt investments, 2.0%1.9% unsecured debt investments, 4.7%1.6% investment funds and vehicles, 5.2% preferred equity investments, and 1.6%2.4% common equity investments.


As of September 30, 2022,March 31, 2023, our weighted average total yield of the portfolio at fair value and amortized cost was 9.3%11.0% and 9.2%11.0%, respectively, and our weighted average yield of accruing debt and income producing securities at fair value and amortized cost was 9.5%11.4% and 9.3%11.3%, respectively.


As of September 30, 2022March 31, 2023 we had investments in 207220 portfolio companies with an aggregate fair value of $10.0$11.6 billion. As of September 30, 2022,March 31, 2023, we had net leverage of 1.11x0.94x debt-to-equity and we target net leverage of 0.90x-1.25x debt-to-equity.


We expect the pace of our originations to vary with the pace of repayments and the pace at which we raise funds in our public and private offerings. 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. Althoughquarter; however, when the interest rate environment stabilizes, we expect repayments to increase. In addition, although the pace of originations has slowed, we continue to focus on investing in recession
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resistant industries that we are familiar with, including service oriented sectors such as software, insurance, food and beverage 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 the terms and spreads of such deals to include wider spreads, lower loan to values, extended call protection, attractive leverage profiles and credit protections.


We also continue to invest in specialty financing portfolio companies, including ORCIC SLF, Amergin AssetCo, LSI Financing, and Chapford SMA.Fifth Season and have seen a meaningful increase in the value of some of these strategic equity positions. These companies may use our capital to support acquisitions which could continue to lead to increased dividend income. See "Specialty Financing Portfolio Companies."


Many of the companies in which we invest have experienced relief and are experiencing improved profitability from earlier supply chain disruptions resulting from the pandemic, the war between Russia and Ukraine and elements of geopolitical, economic and financial market instability. In addition, we have seen a moderation in input costs which has helped to offset the impact of rising rates and support growth. However, 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 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.

We are continuing to monitor the effect that market volatility, including as a result of a rising interest rate environment and uncertainty in the banking sector may have on our portfolio companies and our investment activities. WeAlthough we anticipate that a shift in consumer demand may lead to a contraction in the economy, we believe that the rapid rise in interest rates will meaningfully benefit our net investment income as we begin to see the impact of interest rates exceeding our interest rate floors. We believe that the rapid rise in interest rates will meaningfully benefit our net investment income as we continue to see the impact of interest rates exceeding our interest rate floors.


Our investment activity for the three months ended September 30, 2022 and 2021 isfollowing periods are presented below (information presented herein is at par value unless otherwise indicated).
For the Three Months Ended March 31,
($ in thousands)20232022
New investment commitments
Gross originations$645,489 $2,778,076 
Less: Sell downs— (1,780)
Total new investment commitments$645,489 $2,776,296 
Principal amount of investments funded:
First-lien senior secured debt investments$478,275 $1,929,533 
Second-lien senior secured debt investments— 235,466 
Unsecured debt investments— 149,203 
Preferred equity investments88,910 100,000 
Common equity investments5,356 26,062 
Investment funds and vehicles40,906 — 
Total principal amount of investments funded$613,448 $2,440,264 
Principal amount of investments sold or repaid:
First-lien senior secured debt investments$(28,353)$(17,372)
Second-lien senior secured debt investments— — 
Unsecured debt investments(3)— 
Preferred equity investments— (305)
Common equity investments— — 
Total principal amount of investments sold or repaid$(28,356)$(17,677)
Number of new investment commitments in new portfolio companies(1)
15 37 
Average new investment commitment amount in new portfolio companies23,871 41,203 
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For the Three Months Ended September 30,
($ in thousands)20222021
New investment commitments
Gross originations$1,746,640 $1,709,692 
Less: Sell downs— (67,187)
Total new investment commitments$1,746,640 $1,642,505 
Principal amount of investments funded:
First-lien senior secured debt investments$1,279,619 $1,204,233 
Second-lien senior secured debt investments93,250 151,000 
Unsecured debt investments— — 
Preferred equity investments51,493 — 
Common equity investments21,859 7,667 
Total principal amount of investments funded$1,446,221 $1,362,900 
Principal amount of investments sold or repaid:
First-lien senior secured debt investments$(173,079)$(322,851)
Second-lien senior secured debt investments— (52,000)
Unsecured debt investments— — 
Preferred equity investments— — 
Common equity investments— — 
Total principal amount of investments sold or repaid$(173,079)$(374,851)
Number of new investment commitments in new portfolio companies(1)
25 32 
Average new investment commitment amount$67,122 $46,600 
Weighted average term for new investment commitments
   (in years)
6.1 5.8 
Percentage of new debt investment commitments at
   floating rates
99.6 %100.0 %
Percentage of new debt investment commitments at
   fixed rates
0.4 %— %
Weighted average interest rate of new debt investment
   commitments(2)(3)
9.6 %6.3 %
Weighted average spread over applicable base rate of new floating rate debt investment commitments6.0 %5.6 %
For the Three Months Ended March 31,
($ in thousands)20232022
Weighted average term for new investment commitments
   (in years)
5.3 5.2 
Percentage of new debt investment commitments at
   floating rates
100.0 %98.7 %
Percentage of new debt investment commitments at
   fixed rates
— %1.3 %
Weighted average interest rate of new debt investment
   commitments(2)(3)
10.8 %5.6 %
Weighted average spread over applicable base rate of new floating rate debt investment commitments5.9 %5.2 %
(1)Number of new investment commitments represents commitments to a particular portfolio company.
(2)For the three months ended September 30, 2021,March 31, 2023, assumes each floating rate commitment is subject to the greater of the interest rate floor (if applicable) or 3-month SOFR, which was 4.91% as of March 31, 2023.
(3)For the three months ended March 31, 2022, assumes each floating rate commitment is subject to the greater of the interest rate floor (if applicable) or 3-month LIBOR which was 0.13%0.96% as of September 30, 2021.March 31, 2022.
(3)For the three months ended September 30, 2022, 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.


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


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September 30, 2022December 31, 2021March 31, 2023December 31, 2022
($ in thousands)($ in thousands)Amortized CostFair ValueAmortized Cost   Fair Value($ in thousands)Amortized CostFair ValueAmortized Cost   Fair Value
First-lien senior secured debt investmentsFirst-lien senior secured debt investments$8,269,401 $8,189,910 (1)$2,490,219 $2,491,334 (2)First-lien senior secured debt investments$9,149,385 $9,140,820 (4)$8,499,854 $8,448,540 (5)
Second-lien senior secured debt investmentsSecond-lien senior secured debt investments1,044,817 983,533 496,559 498,247 Second-lien senior secured debt investments1,205,502 1,156,893 1,203,388 1,142,862 
Unsecured debt investmentsUnsecured debt investments217,517 198,777 2,164 2,116 Unsecured debt investments225,728 220,622 221,564 211,328 
Preferred equity investments(1)Preferred equity investments(1)478,809 468,123 56,696 56,970 Preferred equity investments(1)611,288 605,447 510,033 500,023 
Common equity investments(3)(2)
Common equity investments(3)(2)
151,503 163,161 71,259 71,705 
Common equity investments(3)(2)
266,102 282,725 248,176 264,437 
Investment funds and vehicles(3)
Investment funds and vehicles(3)
182,683 184,517 141,777 140,394 
Total InvestmentsTotal Investments$10,162,047 $10,003,504 $3,116,897 $3,120,372 Total Investments$11,640,688 $11,591,024 $10,824,792 $10,707,584 
(1)51.9%Includes investment in LSI Financing.
(2)Includes equity investments in Amergin AssetCo and Fifth Season.
(3)Includes investment in ORCIC SLF.
(4)51.7% of which we consider unitranche loans.
(2)66.7%(5)55.4% of which we consider unitranche loans.
(3)Includes equity investments in Amergin and Chapford SMA.


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


September 30, 2022December 31, 2021
Advertising and media3.0 %2.8 %
Aerospace and defense0.5 0.5 
Automotive1.0 1.7 
Buildings and real estate4.4 4.0 
Business services7.6 7.7 
Chemicals1.6 3.4 
Consumer products2.7 3.6 
Containers and packaging3.8 4.8 
Distribution2.7 1.7 
Education1.6 0.2 
Energy equipment and services0.3 — 
Financial services3.6 4.3 
Food and beverage6.5 1.5 
Healthcare equipment and services4.7 4.1 
Healthcare providers and services12.6 8.6 
Healthcare technology6.3 7.0 
Household products2.5 0.3 
Human resource support services1.2 4.0 
Infrastructure and environmental services1.0 0.9 
Insurance8.2 12.4 
Internet software and services12.6 12.3 
Leisure and entertainment1.4 3.0 
Manufacturing3.3 2.4 
Professional services3.1 3.6 
Specialty retail3.3 4.8 
Telecommunications0.2 0.1 
Transportation0.3 0.3 
Total100.0 %100.0 %

March 31, 2023December 31, 2022
Advertising and media2.6 %2.8 %
Aerospace and defense0.3 0.4 
Asset based lending and fund finance(1)
1.2 1.2 
Automotive1.3 1.4 
Buildings and real estate4.1 4.0 
Business services7.3 7.3 
Chemicals1.6 1.7 
Consumer products2.4 2.4 
Containers and packaging3.7 3.6 
Distribution2.2 2.3 
Education1.4 1.4 
Energy equipment and services0.1 0.1 
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March 31, 2023December 31, 2022
Financial services2.5 2.6 
Food and beverage5.5 5.8 
Healthcare equipment and services4.4 3.9 
Healthcare providers and services13.3 14.4 
Healthcare technology4.9 5.2 
Household products2.2 2.4 
Human resource support services1.1 1.1 
Infrastructure and environmental services0.9 0.9 
Insurance(2)
10.3 9.7 
Internet software and services14.0 13.6 
Investment funds and vehicles(3)
1.6 1.3 
Leisure and entertainment1.1 1.2 
Manufacturing3.4 3.0 
Pharmaceuticals(4)
0.7 — 
Professional services2.7 2.8 
Specialty retail2.9 3.2 
Telecommunications— — 
Transportation0.3 0.3 
Total100.0 %100.0 %
(1)Includes equity investments in Amergin AssetCo.
(2)Includes investment in Fifth Season.
(3)Includes investment in ORCIC SLF.
(4)Includes investment in LSI Financing.

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

March 31, 2023December 31, 2022
United States:
Midwest18.9 %20.4 %
Northeast20.4 20.0 
South31.9 29.7 
West19.1 20.7 
International9.7 9.2 
Total100.0 %100.0 %
September 30, 2022December 31, 2021
United States:
Midwest22.9 %22.8 %
Northeast17.1 17.1 
South32.9 28.0 
West18.8 26.8 
International8.3 5.3 
Total100.0 %100.0 %




The table below describes the weighted average yields and interest rates of our investments at fair value as of September 30, 2022 and December 31, 2021 were as follows:the following periods:
September 30, 2022December 31, 2021March 31, 2023December 31, 2022
Weighted average total yield of portfolio(1)Weighted average total yield of portfolio(1)9.3 %7.1 %Weighted average total yield of portfolio(1)11.0 %10.6 %
Weighted average total yield of debt and income producing securities(1)Weighted average total yield of debt and income producing securities(1)9.5 %7.3 %Weighted average total yield of debt and income producing securities(1)11.4 %10.9 %
Weighted average interest rate of debt securitiesWeighted average interest rate of debt securities8.8 %6.8 %Weighted average interest rate of debt securities10.8 %10.2 %
Weighted average spread over base rate of all floating rate investmentsWeighted average spread over base rate of all floating rate investments5.8 %6.0 %Weighted average spread over base rate of all floating rate investments6.0 %5.9 %

______________

(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.

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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 a portion of 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 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:

97



Investment RatingDescription    
1Investments 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;
2Investments 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;
3Investments rated 3 involve a borrower performing below expectations and indicates that the loan’s risk has increased somewhat since origination or acquisition;
4Investments 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
5Investments 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 Adviser has built out its portfolio management team to include workout experts who closely monitor our portfolio companies and who, on at least a quarterly basis, assess each portfolio company’s operational and liquidity exposure and outlook to understand and mitigate risks; and, on at least a monthly basis, evaluates existing and newly identified situations where operating results are deviating from expectations. As part of its monitoring process, the Adviser focuses on projected liquidity needs and where warranted, re-underwriting credits and evaluating downside and liquidation scenarios.

The Adviser focuses on downside protection by leveraging existing rights available under our credit documents; however, for investments that are significantly underperforming or which may need to be restructured, the Adviser’s workout team partners with the investment team and all material amendments, waivers and restructurings require the approval of a majority of the Investment Committee. Since inception, only 1 of our investments has been placed on non-accrual status.

117


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


September 30, 2022December 31, 2021March 31, 2023December 31, 2022
Investment RatingInvestment RatingFair ValuePercentageFair ValuePercentageInvestment RatingFair ValuePercentageFair ValuePercentage
($ in thousands)($ in thousands)($ in thousands)
11$196,286 2.0 %$22,380 0.7 %1$238,033 2.1 %$239,458 2.2 %
229,783,175 97.7 %3,088,498 99.0 %211,011,317 94.9 10,335,440 96.6 
3317,041 0.2 %9,494 0.3 %3335,062 2.9 127,472 1.2 
447,002 0.1 %— — %46,612 0.1 — — 
55— — — — %5— — 5,214 — 
TotalTotal$10,003,504 100.0 %$3,120,372 100.0 %Total$11,591,024 100.0 %$10,707,584 100.0 %


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


September 30, 2022December 31, 2021March 31, 2023December 31, 2022
($ in thousands)($ in thousands)Amortized CostPercentageAmortized CostPercentage($ in thousands)Amortized CostPercentageAmortized CostPercentage
PerformingPerforming$9,521,868 99.9 %$2,988,942 100.0 %Performing$10,576,832 100.0 %$9,914,939 99.9 %
Non-accrualNon-accrual9,867 0.1 %— — %Non-accrual3,783 — 9,867 0.1 
TotalTotal$9,531,735 100.0 %$2,988,942 100.0 %Total$10,580,615 100.0 %$9,924,806 100.0 %


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
98


may be recognized as income or applied to principal depending upon management’s judgment regarding collectability. 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.


Specialty Financing Portfolio Companies


Amergin

Amergin was created to invest in a leasing platform focused on railcar and aviation assets. Amergin consists of Amergin AssetCo and Amergin Asset Management LLC, which has entered into a Servicing Agreement with Amergin AssetCo. We made a $90.0 million equity commitment to Amergin AssetCo 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. We do not consolidate our equity interest in Amergin AssetCo.


Fifth Season Investments LLC (fka Chapford SMA Partnership, L.P.)


Chapford SMAFifth Season 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.Fifth Season. We increased our commitment to Fifth Season on October 17, 2022, November 9, 2022, November 15, 2022 and November 29, 2022 by $73.6 million, $1.7 million, $7.3 million and $7.0 million, respectively. Our investment in Chapford SMAFifth Season is a co-investment with our affiliates in accordance with the terms of the exemptive relief that we received from the SEC.



LSI Financing 1 DAC

LSI Financing 1 DAC ("LSI Financing") is a portfolio company formed to acquire a contractual rights to revenue pursuant to earnout agreements generally in the life sciences space. On December 14, 2022, we made a $6.2 million equity commitment to LSI Financing. We increased our commitment to LSI Financing on February 17, 2023, February 24, 2023, and March 16, 2023 by $2.8 million, $0.3 million, and $69.9 million, respectively. Our investment in LSI Financing is a co-investment made with our affiliates in accordance with the terms of the exemptive relief that we received from the SEC.

ORCIC Senior Loan Fund

118


ORCIC SLF, a Delaware limited liability company, was formed as our wholly-owned subsidiary and commenced operations on February 14, 2022. On November 2, 2022, we and State Teachers Retirement System of Ohio (“OSTRS” and together with the Company, the “Members” and each, a “Member”) entered into an Amended and Restated Limited Liability Company Agreement to co-manage ORCIC SLF as a joint-venture. ORCIC SLF’s principal purpose is to make investments, primarily in senior secured loans that are made to middle market companies, broadly syndicated loans and in senior and subordinated notes issued by collateralized loan obligations. We and OSTRS have agreed to contribute $437.5 million and $62.5 million, respectively, to ORCIC SLF. We and OSTRS have a 87.5% and 12.5% economic ownership, respectively, in ORCIC SLF. Except under certain circumstances, contributions to ORCIC SLF cannot be redeemed. ORCIC SLF is managed by a board consisting of an equal number of representatives appointed by each Member and which acts unanimously. Investment decisions must be approved unanimously by an investment committee consisting of an equal number of representative appointed by each Member.

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

As of March 31, 2023 and December 31, 2022, ORCIC SLF had total investments in senior secured debt at fair value, as determined by an independent valuation firm, of $651.7 million and $506.2million, respectively. The determination of fair value is in accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification 820, Fair Value Measurements (“ASC 820”), as amended; however, such fair value is not included in our valuation process. The following table is a summary of ORCIC SLF’s portfolio as well as a listing of the portfolio investments in ORCIC SLF's portfolio as of the following periods:

($ in thousands)March 31, 2023December 31, 2022
Total senior secured debt investments(1)
$672,631 $529,463 
Weighted average spread over base rate(1)
3.8 %4.4 %
Number of portfolio companies116 74 
Largest funded investment to a single borrower(1)
$14,520 $14,547 
_____________
(1)At par.

ORCIC Senior Loan Fund's Portfolio as of March 31, 2023
($ in thousands)
(Unaudited)
Company(1)(2)(4)(5)InvestmentInterestMaturity
Date
Par /
Units
Amortized
Cost(3)
Fair
Value
Percentage of Members’ Equity
Debt Investments
Aerospace and defense
American Airlines, Inc.(11)First lien senior secured loanSR +2.75%02/2028$2,000 $1,961 $1,952 0.9 %
Bleriot US Bidco Inc.(7)First lien senior secured loanL +4.00%10/20265,260 5,171 5,258 2.6 %
Peraton Corp.(6)First lien senior secured loanL +3.75%02/20287,552 7,285 7,442 3.5 %
Transdigm, Inc.(10)First lien senior secured loanSR +3.25%08/20284,000 3,991 3,985 1.9 %
Transdigm, Inc.(10)First lien senior secured loanSR +3.25%02/20272,993 2,937 2,986 1.4 %
21,805 21,345 21,623 10.3 %
Automotive
PAI Holdco, Inc.(7)(12)First lien senior secured loanL +3.75%10/20274,937 4,543 4,616 2.2 %
4,937 4,543 4,616 2.2 %
Buildings and real estate
CPG International LLC(9)First lien senior secured loanSR +2.50%04/20291,995 1,975 1,967 0.9 %
Beacon Roofing Supply, Inc.(6)First lien senior secured loanL +2.25%05/20281,995 1,992 1,981 0.9 %
Cushman & Wakefield U.S. Borrower, LLC(6)First lien senior secured loanL +2.75%08/20252,000 1,965 1,947 0.9 %
Dodge Construction Network, LLC(11)(12)First lien senior secured loanSR +4.75%02/20295,260 4,916 4,419 2.1 %
RealPage, Inc.(6)First lien senior secured loanL +3.00%04/202810,520 9,926 10,186 4.8 %
Wrench Group LLC(7)(12)First lien senior secured loanL +4.00%04/20269,736 9,716 9,444 4.6 %
31,506 30,490 29,944 14.2 %
Business services
119


ORCIC Senior Loan Fund's Portfolio as of March 31, 2023
($ in thousands)
(Unaudited)
Company(1)(2)(4)(5)InvestmentInterestMaturity
Date
Par /
Units
Amortized
Cost(3)
Fair
Value
Percentage of Members’ Equity
Prime Security Services Borrower, LLC(7)First lien senior secured loanL +2.75%09/20261,995 1,965 1,986 0.9 %
BrightView Landscapes, LLC(10)First lien senior secured loanSR +3.25%04/202910,515 10,219 10,248 4.8 %
ConnectWise, LLC(6)First lien senior secured loanL +3.50%09/202810,520 9,958 10,136 4.8 %
Packers Holdings, LLC(9)First lien senior secured loanSR +3.25%03/20286,174 5,688 5,568 2.6 %
Brown Group Holdings, LLC(10)First lien senior secured loanSR +3.75%07/20292,021 2,001 2,018 1.0 %
Sitel Worldwide Corporation(6)First lien senior secured loanL +3.75%08/20282,992 2,923 2,953 1.4 %
VM Consolidated, Inc(9)First lien senior secured loanSR +3.25%03/20282,456 2,431 2,451 1.2 %
Vistage Worldwide, Inc.(9)(12)First lien senior secured loanSR +5.25%07/20293,980 3,827 3,910 1.9 %
40,653 39,012 39,270 18.6 %
Chemicals
Aruba Investments Holdings, LLC (dba Angus Chemical Company)(9)(12)First lien senior secured loanSR +4.75%11/20272,993 2,796 2,933 1.5 %
Axalta Coating Systems US Holdings Inc.(10)First lien senior secured loanSR +3.00%12/20294,813 4,768 4,814 2.3 %
H.B. Fuller Company(9)First lien senior secured loanSR +2.50%02/20302,000 2,000 2,007 1.0 %
Ineos US Petrochem LLC(9)(12)First lien senior secured loanSR +3.75%03/20302,000 1,980 1,990 0.9 %
Ineos US Finance LLC(9)First lien senior secured loanSR +3.50%02/20302,000 1,980 1,987 0.9 %
Ineos US Finance LLC(9)First lien senior secured loanSR +3.75%11/20273,000 2,897 2,992 1.4 %
Nouryon Finance B.V.(9)(12)First lien senior secured loanSR +4.00%03/20282,000 1,980 1,995 0.9 %
Blue Tree Holdings, Inc(7)(12)First lien senior secured loanL +2.50%03/20281,995 1,985 1,950 0.9 %
20,801 20,386 20,668 9.8 %
Consumer products
Olaplex, Inc.(9)First lien senior secured loanSR +3.50%02/20295,260 4,893 4,677 2.2 %
5,260 4,893 4,677 2.2 %
Containers and packaging
Berlin Packaging L.L.C.(7)First lien senior secured loanL +3.75%03/202811,577 11,139 11,380 5.4 %
BW Holding, Inc.(10)(12)First lien senior secured loanSR +4.00%12/20287,748 7,623 7,360 3.5 %
Charter NEX US, Inc.(9)First lien senior secured loanSR +3.75%12/20275,000 4,952 4,930 2.3 %
Valcour Packaging, LLC(8)(12)First lien senior secured loanL +3.75%10/20289,900 9,880 8,861 4.2 %
Ring Container Technologies Group, LLC(6)First lien senior secured loanL +3.50%08/20289,737 9,570 9,677 4.6 %
Tricorbraun Holdings, Inc.(6)First lien senior secured loanL +3.25%03/202810,520 9,994 10,255 4.9 %
54,482 53,158 52,463 24.9 %
Distribution
Dealer Tire, LLC(9)First lien senior secured loanSR +4.50%12/20273,949 3,882 3,917 1.9 %
BCPE Empire Holdings, Inc. (dba Imperial-Dade)(9)First lien senior secured loanSR +4.63%06/20269,738 9,433 9,602 4.6 %
SRS Distribution, Inc.(6)First lien senior secured loanL +3.50%06/202810,546 9,843 10,165 4.8 %
White Cap Supply Holdings, LLC(9)First lien senior secured loanSR +3.75%10/202710,547 10,021 10,412 4.9 %
34,780 33,179 34,096 16.2 %
Education
Sophia, L.P.(9)(12)First lien senior secured loanSR +4.25%10/20279,738 9,719 9,738 4.6 %
Severin Acquisition, LLC (dba Powerschool)(9)First lien senior secured loanSR +3.00%08/20254,884 4,804 4,875 2.3 %
Renaissance Learning, Inc.(6)First lien senior secured loanL +3.25%05/20253,500 3,395 3,399 1.6 %
18,122 17,918 18,012 8.5 %
Energy equipment and services
AMG Advanced Metallurgical Group N.V(6)First lien senior secured loanL +3.50%11/20283,456 3,428 3,422 1.6 %
AZZ Inc.(9)First lien senior secured loanSR +4.25%05/20297,925 7,862 7,912 3.8 %
Pike Corp.(6)First lien senior secured loanL +3.00%01/20289,800 9,617 9,715 4.6 %
Brookfield WEC Holdings Inc.(9)First lien senior secured loanSR +3.75%08/20253,483 3,459 3,472 1.6 %
24,664 24,366 24,521 11.6 %
Financial services
Acuris Finance US, Inc. (ION Analytics) (10)First lien senior secured loanSR +4.00%02/20284,500 4,401 4,333 2.1 %
AllSpring Buyer(10)First lien senior secured loanSR +4.00%11/20284,975 4,913 4,957 2.4 %
120


ORCIC Senior Loan Fund's Portfolio as of March 31, 2023
($ in thousands)
(Unaudited)
Company(1)(2)(4)(5)InvestmentInterestMaturity
Date
Par /
Units
Amortized
Cost(3)
Fair
Value
Percentage of Members’ Equity
Deerfield Dakota Holding, LLC(10)First lien senior secured loanSR +3.75%04/20277,890 7,525 7,627 3.6 %
The Edelman Financial Engines Center, LLC(6)First lien senior secured loanL +3.75%04/20283,990 3,900 3,837 1.8 %
Focus Financial Partners, LLC(9)First lien senior secured loanSR +3.25%06/20284,975 4,893 4,918 2.3 %
Guggenheim Partners Investment Management Holdings, LLC(10)First lien senior secured loanSR +3.25%12/20294,988 4,904 4,953 2.3 %
31,318 30,536 30,625 14.5 %
Food and beverage
Nomad Foods Europe Midco Ltd.(9)First lien senior secured loanSR +3.75%11/20295,000 4,807 4,992 2.4 %
Pegasus BidCo B.V.(10)First lien senior secured loanSR +4.25%07/20295,486 5,305 5,390 2.6 %
Shearer’s Foods, LLC(6)First lien senior secured loanL +3.50%09/20278,785 8,203 8,565 4.1 %
Naked Juice LLC (dba Tropicana)(10)First lien senior secured loanSR +3.25%01/202910,547 9,674 9,249 4.3 %
29,818 27,989 28,196 13.4 %
Healthcare equipment and services
Confluent Medical Technologies, Inc.(10)(12)First lien senior secured loanSR +3.75%02/20299,738 9,602 9,421 4.5 %
Dermatology Intermediate Holdings III, Inc(10)First lien senior secured loanSR +4.25%03/20299,925 9,808 9,702 4.6 %
Dermatology Intermediate Holdings III, Inc(10)(13)First lien senior secured delayed draw term loanSR +4.25%03/20291,767 1,757 1,727 0.8 %
Medline Borrower, LP(6)First lien senior secured loanL +3.25%10/20288,306 7,777 8,089 3.8 %
MJH Healthcare Holdings, LLC(9)First lien senior secured loanSR +3.50%01/20293,822 3,760 3,721 1.8 %
Natus Medical Inc.(10)(12)First lien senior secured loanSR +5.50%07/20294,489 4,182 4,242 2.0 %
Zest Acquisition Corp.(9)First lien senior secured loanSR +5.50%02/20283,990 3,797 3,833 1.8 %
42,037 40,683 40,735 19.3 %
Healthcare providers and services
Covetrus, Inc.(10)First lien senior secured loanSR +5.00%10/20299,500 8,957 8,942 4.2 %
HAH Group Holding Company LLC(7)(12)(13)First lien senior secured delayed draw term loanL +5.00%10/2027— — — — %
Phoenix Newco, Inc. (dba Parexel)(6)First lien senior secured loanL +3.25%11/20287,425 7,164 7,331 3.5 %
Pediatric Associates Holding Company, LLC(6)First lien senior secured loanL +3.25%12/20283,413 3,350 3,329 1.6 %
Physician Partners, LLC(10)First lien senior secured loanSR +4.00%12/20289,925 9,404 9,308 4.4 %
Premise Health Holding(10)(12)First lien senior secured loanSR +4.75%07/20253,226 3,193 3,201 1.5 %
33,489 32,068 32,111 15.2 %
Healthcare technology
Athenahealth Group Inc.(9)First lien senior secured loanSR +3.50%02/20299,379 8,640 8,769 4.2 %
Athenahealth Group Inc.(9)(13)First lien senior secured delayed draw term loanSR +3.50%02/2029— (108)(69)— %
Gainwell Acquisition Corp.(10)First lien senior secured loanSR +4.00%10/20272,992 2,956 2,850 1.4 %
Imprivata, Inc.(9)First lien senior secured loanSR +4.25%12/20279,738 9,569 9,543 4.5 %
Verscend Holding Corp.(6)First lien senior secured loanL +4.00%08/20259,919 9,809 9,896 4.6 %
Zelis Cost Management Buyer, Inc.(6)First lien senior secured loanL +3.50%09/20264,489 4,484 4,463 2.1 %
36,517 35,350 35,452 16.8 %
Infrastructure and environmental services
Osmose Utilities Services, Inc.(6)First lien senior secured loanL +3.25%06/20289,737 9,056 9,328 4.4 %
USIC Holdings, Inc.(6)First lien senior secured loanL +3.50%05/20282,970 2,830 2,868 1.4 %
12,707 11,886 12,196 5.8 %
Insurance
Acrisure, LLC(10)First lien senior secured loanSR +5.75%02/20277,481 7,181 7,406 3.5 %
AssuredPartners, Inc.(9)First lien senior secured loanSR +4.25%02/20274,975 4,812 4,950 2.4 %
Broadstreet Partners, Inc(6)First lien senior secured loanL +3.00%01/20274,166 4,115 4,073 1.9 %
Hub International Limited(7)First lien senior secured loanL +3.25%04/20259,899 9,749 9,865 4.7 %
Howden Group Holdings Limited (aka HIG Finance 2 Limited / Preatorian)(9)(12)First lien senior secured loanSR +4.00%03/20304,000 3,840 3,970 1.9 %
30,521 29,697 30,264 14.4 %
Internet software and services
121


ORCIC Senior Loan Fund's Portfolio as of March 31, 2023
($ in thousands)
(Unaudited)
Company(1)(2)(4)(5)InvestmentInterestMaturity
Date
Par /
Units
Amortized
Cost(3)
Fair
Value
Percentage of Members’ Equity
Barracuda Parent, LLC(10)First lien senior secured loanSR +4.50%08/202910,574 10,131 10,160 4.8 %
Boxer Parent Company Inc(6)First lien senior secured loanL +3.75%10/20251,994 1,972 1,966 0.9 %
CDK Global, Inc.(10)First lien senior secured loanSR +4.25%07/202910,574 10,350 10,527 5.0 %
DCert Buyer, Inc.(11)First lien senior secured loanSR +4.00%10/20261,995 1,983 1,949 0.9 %
E2open, LLC(6)First lien senior secured loanL +3.50%02/20283,859 3,752 3,816 1.8 %
Hyland Software, Inc.(6)First lien senior secured loanL +3.50%07/20249,922 9,743 9,795 4.6 %
Idera, Inc.(7)First lien senior secured loanL +3.75%03/20281,995 1,939 1,897 0.9 %
Infinite Bidco LLC(7)(12)First lien senior secured loanL +3.25%03/20282,993 2,889 2,858 1.4 %
Delta TopCo, Inc. (dba Infoblox, Inc.)(10)First lien senior secured loanSR +3.75%12/202710,546 9,680 9,751 4.6 %
McAfee Corp(9)First lien senior secured loanSR +3.75%03/20292,992 2,861 2,805 1.3 %
Perforce Software, Inc.(6)First lien senior secured loanL +3.75%07/20262,992 2,837 2,777 1.3 %
SONICWALL US Holdings Inc(7)First lien senior secured loanL +3.75%05/20251,995 1,962 1,956 1.0 %
Sophos Holdings, LLC(7)First lien senior secured loanL +3.50%03/202710,519 10,307 10,410 5.0 %
UST Holdings, Ltd.(9)(12)First lien senior secured loanSR +3.75%11/20283,461 3,449 3,427 1.6 %
VS Buyer LLC(7)First lien senior secured loanL +3.00%02/20272,992 2,992 2,957 1.4 %
79,403 76,847 77,051 36.5 %
Leisure and entertainment
Delta 2 (Lux) SARL (dba Formula One)(9)First lien senior secured loanSR +3.25%01/20303,000 2,972 3,001 1.4 %
WMG Acquisition Corp.(9)First lien senior secured loanSR +3.00%01/20284,000 3,926 3,960 1.9 %
7,000 6,898 6,961 3.3 %
Manufacturing
Altar Bidco, Inc(11)First lien senior secured loanSR +3.10%02/20294,751 4,543 4,509 2.1 %
Engineered Machinery Holdings, Inc. (dba Duravant)(7)First lien senior secured loanL +3.50%05/20284,987 4,952 4,911 2.3 %
DXP Enterprises, Inc.(11)(12)First lien senior secured loanSR +5.25%12/20276,969 6,660 6,795 3.2 %
Entegris, Inc.(9)First lien senior secured loanSR +2.75%07/20292,500 2,500 2,499 1.2 %
Gates Global LLC(9)First lien senior secured loanSR +3.50%11/20291,990 1,933 1,983 0.9 %
Pro Mach Group, Inc.(6)First lien senior secured loanL +4.00%08/202810,520 10,268 10,456 5.0 %
Pro Mach Group, Inc.(9)(12)First lien senior secured loanSR +5.00%08/20284,000 3,808 4,000 1.9 %
Watlow Electric Manufacturing Company(10)First lien senior secured loanSR +3.75%03/20282,494 2,477 2,435 1.2 %
38,211 37,141 37,588 17.8 %
Professional services
Apex Group Treasury, LLC(7)First lien senior secured loanL +3.75%07/20284,925 4,744 4,790 2.3 %
Apex Group Treasury, LLC(10)(12)First lien senior secured loanSR +5.00%07/20282,494 2,349 2,456 1.2 %
Skopima Merger Sub Inc(6)First lien senior secured loanL +4.00%05/20284,987 4,747 4,651 2.2 %
Corporation Service Company(9)First lien senior secured loanSR +3.25%11/20291,995 1,990 1,989 0.9 %
EM Midco2 Ltd. (dba Element Materials Technology)(10)First lien senior secured loanSR +4.25%06/20299,083 8,970 8,958 4.2 %
Genuine Financial Holdings LLC(7)First lien senior secured loanL +3.75%07/20253,988 3,977 3,955 1.9 %
Red Ventures, LLC(9)First lien senior secured loanSR +3.00%02/20304,000 3,960 3,960 1.9 %
Sovos Compliance, LLC(6)First lien senior secured loanL +4.50%08/202810,520 10,189 9,942 4.7 %
VT Topco, Inc. (dba Veritext)(6)(12)First lien senior secured loanL +3.75%08/20251,939 1,915 1,905 0.9 %
VT Topco, Inc. (dba Veritext)(7)(12)(13)First lien senior secured delayed draw term loanL +3.75%08/202555 55 54 — %
43,986 42,896 42,660 20.2 %
Telecommunications
Ciena Corporation(9)First lien senior secured loanSR +2.50%01/20302,000 1,991 1,996 0.9 %
Cogeco Communications (USA) II L.P.(6)First lien senior secured loanL +2.50%09/20282,992 2,979 2,949 1.4 %
Park Place Technologies, LLC(9)First lien senior secured loanSR +5.00%11/20279,737 9,268 9,316 4.5 %
Zayo Group Holdings, Inc.(9)First lien senior secured loanSR +4.25%03/20279,900 8,349 7,776 3.7 %
24,629 22,587 22,037 10.5 %
Transportation
Safe Fleet Holdings(9)First lien senior secured loanSR +3.75%02/20291,995 1,976 1,949 0.9 %
Uber Technologies, Inc.(10)First lien senior secured loanSR +2.75%03/20303,990 3,980 3,979 1.9 %
5,985 5,956 5,928 2.8 %
122


ORCIC Senior Loan Fund's Portfolio as of March 31, 2023
($ in thousands)
(Unaudited)
Company(1)(2)(4)(5)InvestmentInterestMaturity
Date
Par /
Units
Amortized
Cost(3)
Fair
Value
Percentage of Members’ Equity
Total Debt Investments$672,631 $649,824 $651,694 309.0 %
Total Investments$672,631 $649,824 $651,694 309.0 %
_____________
1.Certain portfolio company investments are subject to contractual restrictions on sales.
2.Unless otherwise indicated, ORCIC SLF’s investments are pledged as collateral supporting the amounts outstanding under ORCIC SLF's SPV Asset Facilities.
3.The amortized cost represents the original cost adjusted for the amortization of discounts and premiums, as applicable, on debt investments using the effective interest method.
4.Unless otherwise indicated, all investments are considered Level 3 investments.
5.Unless otherwise indicated, loan contains a variable rate structure, which may be subject to an interest rate floor. Variable rate loans bear interest at a rate that may be determined by reference to either the London Interbank Offered Rate (“LIBOR” or “L”) (which can include one-, two-, three- or six-month LIBOR), Secured Overnight Financing Rate (“SOFR” or “SR”) (which can include one-, three-, six- or twelve-month SOFR) 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 March 31, 2023 was 4.86%.
7.The interest rate on these loans is subject to 3 month LIBOR, which as of March 31, 2023 was 5.19%.
8.The interest rate on these loans is subject to 6 month LIBOR, which as of March 31, 2023 was 5.31%.
9.The interest rate on these loans is subject to 1 month SOFR, which as of March 31, 2023 was 4.80%.
10.The interest rate on these loans is subject to 3 month SOFR, which as of March 31, 2023 was 4.91%.
11.The interest rate on these loans is subject to 6 month SOFR, which as of March 31, 2023 was 4.90%.
12.Level 3 investment.
13.Position or portion thereof is an unfunded loan commitment.


ORCIC Senior Loan Fund's Portfolio as of December 31, 2022
($ in thousands)
Company(1)(2)(4)(5)InvestmentInterestMaturity
Date
Par /
Units
Amortized
Cost(3)
Fair
Value
Percentage of Members’ Equity
Debt Investments
Aerospace and defense
Bleriot US Bidco Inc.(7)First lien senior secured loanL +4.00%10/2026$5,273 $5,178 $5,207 3.2 %
Peraton Corp.(6)First lien senior secured loanL +3.75%02/20287,571 7,290 7,382 4.6 %
Transdigm, Inc.(8)(11)First lien senior secured loanSR +3.25%02/20273,000 2,940 2,985 1.9 %
15,844 15,408 15,574 9.7 %
Automotive
PAI Holdco, Inc.(7)First lien senior secured loanL +3.75%10/20274,950 4,538 4,356 2.7 %
4,950 4,538 4,356 2.7 %
Buildings and real estate
Dodge Construction Network, LLC(10)First lien senior secured loanSR +4.75%02/20295,274 4,917 4,482 2.8 %
RealPage, Inc.(6)(11)First lien senior secured loanL +3.00%04/202810,547 9,925 10,009 6.2 %
Wrench Group LLC(7)First lien senior secured loanL +4.00%04/20269,761 9,737 9,419 5.9 %
25,582 24,579 23,910 14.9 %
Business services
BrightView Landscapes, LLC(8)First lien senior secured loanSR +3.25%04/202910,547 10,230 10,125 6.3 %
Brown Group Holdings, LLC(9)(11)First lien senior secured loanSR +3.75%07/20292,026 2,005 2,017 1.3 %
ConnectWise, LLC(7)(11)First lien senior secured loanL +3.50%09/202810,547 9,961 9,996 6.2 %
Packers Holdings, LLC(6)First lien senior secured loanL +3.25%03/20286,190 5,682 5,384 3.4 %
Vistage Worldwide, Inc.(8)First lien senior secured loanSR +5.25%07/20293,990 3,831 3,890 2.4 %
123


ORCIC Senior Loan Fund's Portfolio as of December 31, 2022
($ in thousands)
Company(1)(2)(4)(5)InvestmentInterestMaturity
Date
Par /
Units
Amortized
Cost(3)
Fair
Value
Percentage of Members’ Equity
33,300 31,709 31,412 19.6 %
Capital markets
Guggenheim Partners Investment Management Holdings, LLC(9)First lien senior secured loanSR +3.25%12/20295,000 4,913 4,913 3.1 %
5,000 4,913 4,913 3.1 %
Chemicals
Aruba Investments Holdings, LLC (dba Angus Chemical Company)(8)First lien senior secured loanSR +4.75%11/20273,000 2,794 2,933 1.9 %
Axalta Coating Systems US Holdings Inc.(9)(11)First lien senior secured loanSR +3.00%12/20295,000 4,950 5,000 3.1 %
Ineos US Finance LLC(9)First lien senior secured loanSR +3.75%11/20273,000 2,895 2,948 1.8 %
11,000 10,639 10,881 6.8 %
Consumer products
Olaplex, Inc.(8)First lien senior secured loanSR +3.50%02/20295,287 4,905 4,970 3.1 %
5,287 4,905 4,970 3.1 %
Containers and packaging
Berlin Packaging L.L.C.(7)(11)First lien senior secured loanL +3.75%03/202810,547 10,102 10,127 6.3 %
BW Holding, Inc.(9)First lien senior secured loanSR +4.00%12/20287,767 7,637 7,146 4.5 %
Ring Container Technologies Group, LLC(6)First lien senior secured loanL +3.50%08/20289,762 9,585 9,616 6.0 %
Tricorbraun Holdings, Inc.(6)(11)First lien senior secured loanL +3.25%03/202810,546 9,995 10,040 6.3 %
Valcour Packaging, LLC(9)First lien senior secured loanSR +3.75%10/20289,925 9,901 8,883 5.5 %
48,547 47,220 45,812 28.6 %
Distribution
BCPE Empire Holdings, Inc. (dba Imperial-Dade)(8)(11)First lien senior secured loanSR +4.63%06/20269,762 9,434 9,469 5.9 %
Dealer Tire, LLC(8)First lien senior secured loanSR +4.25%12/20273,959 3,888 3,900 2.4 %
SRS Distribution, Inc.(6)First lien senior secured loanL +3.50%06/202810,573 9,839 10,097 6.3 %
White Cap Supply Holdings, LLC(8)(11)First lien senior secured loanSR +3.75%10/202710,573 10,020 10,208 6.4 %
34,867 33,181 33,674 21.0 %
Diversified financial services
Focus Financial Partners, LLC(8)(11)First lien senior secured loanSR +3.25%06/20284,988 4,901 4,921 3.1 %
4,988 4,901 4,921 3.1 %
Education
Severin Acquisition, LLC (dba Powerschool)(8)First lien senior secured loanSR +3.00%08/20254,897 4,807 4,860 3.0 %
Sophia, L.P.(8)First lien senior secured loanSR +4.25%10/20279,762 9,739 9,738 6.1 %
14,659 14,546 14,598 9.1 %
Energy equipment and services
AZZ Inc.(9)First lien senior secured loanSR +4.25%05/20297,950 7,882 7,950 5.0 %
Brookfield WEC Holdings Inc.(8)(11)First lien senior secured loanSR +3.75%08/20253,491 3,465 3,473 2.1 %
Pike Corp.(6)(11)First lien senior secured loanL +3.00%01/20289,800 9,607 9,651 6.0 %
21,241 20,954 21,074 13.1 %
Financial services
Acuris Finance US, Inc. (ION Analytics) (9)(11)First lien senior secured loanSR +4.00%02/20284,500 4,396 4,416 2.8 %
AllSpring Buyer(9)First lien senior secured loanSR +4.00%11/20284,988 4,921 4,925 3.1 %
Deerfield Dakota Holding, LLC(8)(11)First lien senior secured loanSR +3.75%04/20275,910 5,597 5,509 3.4 %
124


ORCIC Senior Loan Fund's Portfolio as of December 31, 2022
($ in thousands)
Company(1)(2)(4)(5)InvestmentInterestMaturity
Date
Par /
Units
Amortized
Cost(3)
Fair
Value
Percentage of Members’ Equity
15,398 14,914 14,850 9.3 %
Food and beverage
Eagle Parent Corp.(9)(11)First lien senior secured loanSR +4.25%04/20292,722 2,674 2,668 1.7 %
Naked Juice LLC (dba Tropicana)(9)(11)First lien senior secured loanSR +3.25%01/202910,573 9,668 9,430 5.9 %
Nomad Foods Europe Midco Ltd.(8)(11)First lien senior secured loanSR +3.75%11/20295,000 4,801 4,979 3.1 %
Pegasus BidCo B.V.(9)First lien senior secured loanSR +4.25%07/20294,500 4,306 4,354 2.7 %
Shearer’s Foods, LLC(6)(11)First lien senior secured loanL +3.50%09/20278,807 8,196 8,376 5.2 %
31,602 29,645 29,807 18.6 %
Healthcare equipment and services
Confluent Medical Technologies, Inc.(9)First lien senior secured loanSR +3.75%02/20299,762 9,620 9,250 5.8 %
Dermatology Intermediate Holdings III, Inc(8)First lien senior secured loanSR +4.25%03/20299,950 9,829 9,751 6.1 %
Dermatology Intermediate Holdings III, Inc(8)(12)First lien senior secured delayed draw term loanSR +4.25%03/20291,629 1,618 1,596 1.0 %
Medline Borrower, LP(6)(11)First lien senior secured loanL +3.25%10/20286,327 5,831 6,005 3.7 %
MJH Healthcare Holdings, LLC(8)First lien senior secured loanSR +3.50%01/20293,831 3,767 3,678 2.3 %
Natus Medical Inc.(10)First lien senior secured loanSR +5.50%07/20294,500 4,191 4,207 2.6 %
35,999 34,856 34,487 21.5 %
Healthcare providers and services
Covetrus, Inc.(9)(11)First lien senior secured loanSR +5.00%10/20299,500 8,940 8,878 5.5 %
Pediatric Associates Holding Company, LLC(6)First lien senior secured loanL +3.25%12/20283,422 3,356 3,242 2.0 %
Phoenix Newco, Inc. (dba Parexel)(6)(11)First lien senior secured loanL +3.25%11/20287,444 7,170 7,156 4.5 %
Physician Partners, LLC(8)(11)First lien senior secured loanSR +4.00%12/20289,950 9,407 9,457 5.9 %
Premise Health Holding(9)First lien senior secured loanSR +4.75%07/20253,234 3,197 3,193 2.0 %
33,550 32,070 31,926 19.9 %
Healthcare technology
Athenahealth Group Inc.(8)(11)First lien senior secured loanSR +3.50%02/20299,403 8,636 8,466 5.3 %
Athenahealth Group Inc.(8)(11)(12)First lien senior secured delayed draw term loanSR +3.50%02/2029— (112)(109)(0.1)%
Imprivata, Inc.(8)First lien senior secured loanSR +4.25%12/20279,762 9,583 9,396 5.9 %
Verscend Holding Corp.(6)First lien senior secured loanL +4.00%08/20259,944 9,821 9,870 6.1 %
29,109 27,928 27,623 17.2 %
Infrastructure and environmental services
Osmose Utilities Services, Inc.(6)First lien senior secured loanL +3.25%06/20289,762 9,052 9,249 5.8 %
USIC Holdings, Inc.(6)(11)First lien senior secured loanL +3.50%05/20282,977 2,831 2,837 1.7 %
12,739 11,883 12,086 7.5 %
Insurance
Acrisure, LLC(9)First lien senior secured loanSR +5.75%02/20276,500 6,182 6,435 4.1 %
AssuredPartners, Inc.(8)First lien senior secured loanSR +4.25%02/20274,988 4,814 4,875 3.0 %
Hub International Limited(7)(11)First lien senior secured loanL +3.25%04/20259,924 9,756 9,823 6.1 %
125


ORCIC Senior Loan Fund's Portfolio as of December 31, 2022
($ in thousands)
Company(1)(2)(4)(5)InvestmentInterestMaturity
Date
Par /
Units
Amortized
Cost(3)
Fair
Value
Percentage of Members’ Equity
21,412 20,752 21,133 13.2 %
Internet software and services
Barracuda Parent, LLC(8)First lien senior secured loanSR +4.50%08/202910,600 10,141 10,203 6.3 %
CDK Global, Inc.(9)(11)First lien senior secured loanSR +4.50%07/202910,600 10,366 10,492 6.5 %
Delta TopCo, Inc. (dba Infoblox, Inc.)(9)(11)First lien senior secured loanSR +3.75%12/202710,573 9,666 9,741 6.1 %
E2open, LLC(6)(11)First lien senior secured loanL +3.50%02/20283,868 3,756 3,793 2.4 %
Hyland Software, Inc.(6)(11)First lien senior secured loanL +3.50%07/20249,948 9,732 9,802 6.1 %
Sophos Holdings, LLC(7)First lien senior secured loanL +3.50%03/202710,546 10,319 10,203 6.4 %
56,135 53,980 54,234 33.8 %
Leisure and entertainment
Delta 2 (Lux) SARL (dba Formula One)(8)First lien senior secured loanSR +3.25%01/20303,000 2,970 2,993 1.8 %
WMG Acquisition Corp.(8)(11)First lien senior secured loanSR +3.00%01/20284,000 3,922 3,953 2.5 %
7,000 6,892 6,946 4.3 %
Manufacturing
DXP Enterprises, Inc.(10)First lien senior secured loanSR +5.25%12/20274,987 4,717 4,738 3.0 %
Gates Global LLC(8)(11)First lien senior secured loanSR +3.50%11/20291,995 1,936 1,978 1.2 %
Pro Mach Group, Inc.(6)(11)First lien senior secured loanL +4.00%08/202810,547 10,282 10,241 6.4 %
Pro Mach Group, Inc.(9)First lien senior secured loanSR +5.00%08/20284,000 3,800 3,884 2.4 %
21,529 20,735 20,841 13.0 %
Professional services
Apex Group Treasury, LLC(9)First lien senior secured loanSR +5.00%07/20282,500 2,350 2,400 1.5 %
Apex Group Treasury, LLC(7)(11)First lien senior secured loanL +3.75%07/20284,938 4,748 4,691 2.9 %
EM Midco2 Ltd. (dba Element Materials Technology)(9)First lien senior secured loanSR +4.25%06/20292,053 1,988 2,012 1.3 %
Sovos Compliance, LLC(9)First lien senior secured loanSR +4.50%08/202810,547 10,200 9,703 6.0 %
20,038 19,286 18,806 11.7 %
Telecommunications
Park Place Technologies, LLC(8)(11)First lien senior secured loanSR +5.00%11/20279,762 9,268 9,172 5.7 %
Zayo Group Holdings, Inc.(8)(11)First lien senior secured loanSR +4.25%03/20279,925 8,294 8,196 5.1 %
19,687 17,562 17,368 10.8 %
Total Debt Investments$529,463 $507,996 $506,202 315.6 %
Total Investments$529,463 $507,996 $506,202 315.6 %
_____________
1.Certain portfolio company investments are subject to contractual restrictions on sales.
2.Unless otherwise indicated, ORCIC SLF's investments are pledged as collateral supporting the amounts outstanding under ORCIC SLF's SPV Asset Facilities.
3.The amortized cost represents the original cost adjusted for the amortization of discounts and premiums, as applicable, on debt investments using the effective interest method.
4.Unless otherwise indicated, all investments are considered Level 3 investments.
5.Unless otherwise indicated, loan contains a variable rate structure, which may be subject to an interest rate floor. Variable rate loans bear interest at a rate that may be determined by reference to either the London Interbank Offered Rate (“LIBOR” or “L”) (which can include one-, two-, three- or six-month LIBOR), Secured Overnight Financing Rate (“SOFR” or “SR”) (which can include one-, three-, six- or twelve-month SOFR) 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, 2022 was 4.39%.
126


7.The interest rate on these loans is subject to 3 month LIBOR, which as of December 31, 2022 was 4.77%.
8.The interest rate on these loans is subject to 1 month SOFR, which as of December 31, 2022 was 4.36%.
9.The interest rate on these loans is subject to 3 month SOFR, which as of December 31, 2022 was 4.59%.
10.The interest rate on these loans is subject to 6 month SOFR, which as of December 31, 2022 was 4.78%.
11.Level 2 investment.
12.Position or portion thereof is an unfunded loan commitment.



Below is selected balance sheet information for ORCIC SLF as of the following periods:
($ in thousands)March 31, 2023
(Unaudited)
December 31, 2022
Assets
Investments at fair value (amortized cost of $649,824 and $507,996, respectively)$651,694 $506,202 
Cash8,920 15,237 
Interest receivable2,725 2,202 
Receivable due on investments sold— 4,622 
Prepaid expenses and other assets176 151 
Total Assets$663,515 $528,414 
Liabilities
Debt (net of unamortized debt issuance costs of $3,272 and $3,509, respectively)$405,476 $343,035 
Payable for investments purchased38,615 13,958 
Interest payable1,197 1,522 
Return of capital payable— 4,489 
Distribution payable6,968 3,624 
Accrued expenses and other liabilities383 1,337 
Total Liabilities$452,639 $367,965 
Commitments and contingencies
Members’ Equity
Members’ Equity210,876 160,449 
Total Members’ Equity210,876 160,449 
Total Liabilities and Members’ Equity$663,515 $528,414 
Below is selected statement of operations information for ORCIC SLF for the following periods:
($ in thousands)For the Three Months Ended March 31, 2023 (Unaudited)
Investment Income
Interest income$13,181 
Total Investment Income13,181 
Operating Expenses
Interest expense$5,894 
Professional fees190 
Other general and administrative129 
Total Operating Expenses6,213 
Net Investment Income$6,968 
Net Realized and Change in Unrealized Gain (Loss) on Investments
Net change in unrealized gain (loss) on investments3,663 
Net realized gain (loss) on investments14 
Total Net Realized and Change in Unrealized Gain (Loss) on Investments3,677 
Net Increase in Members’ Equity Resulting from Operations$10,645 

127


On August 24, 2022, ORCIC JV WH LLC, a Delaware limited liability company and wholly-owned subsidiary of ORCIC SLF, entered into a $400 million credit facility among the lenders party thereto, Bank of America, N.A., as administrative agent and BofA Securities, Inc., as sole lead arranger and sole book manager. The maturity date of the credit facility is August 25, 2025. As of March 31, 2023, there was $300.3 million outstanding under the credit facility. On October 14, 2022, ORCIC JV WH II LLC, a Delaware limited liability company and wholly-owned subsidiary of ORCIC SLF, entered into an up to $500 million revolving loan facility among the lenders party thereto, and Royal Bank of Canada. The maturity date of the credit facility is October 14, 2032. As of March 31, 2023, there was $108.5 million outstanding under the credit facility.
The below table represents the components of interest expense for the following periods:
($ in thousands)For the Three Months Ended March 31, 2023
Interest expense$5,657 
Amortization of debt issuance costs237 
Total Interest Expense$5,894 
Average interest rate(1)6.2 %
Average daily borrowings$367,522 
(1)Average interest rate is annualized.



Results of Operations


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


For the Three Months Ended September 30,For the Nine Months Ended September 30,For the Three Months Ended March 31,
($ in thousands)($ in thousands)2022202120222021($ in thousands)20232022
Total Investment IncomeTotal Investment Income$205,219 $15,626 $404,285 $19,639 Total Investment Income$305,412 $70,145 
Less: Net Operating ExpensesLess: Net Operating Expenses99,202 9,588 186,604 11,370 Less: Net Operating Expenses139,742 27,554 
Net Investment Income (Loss) Before TaxesNet Investment Income (Loss) Before Taxes106,017 6,038 217,681 8,269 Net Investment Income (Loss) Before Taxes165,670 42,591 
Less: Income taxes, including excise taxesLess: Income taxes, including excise taxes(4)— (4)— Less: Income taxes, including excise taxes95 — 
Net Investment Income (Loss) After TaxesNet Investment Income (Loss) After Taxes106,013 6,038 217,677 8,269 Net Investment Income (Loss) After Taxes165,575 42,591 
Net realized gain (loss)Net realized gain (loss)(182)915 386 922 Net realized gain (loss)(4,577)437 
Net change in unrealized gain (loss)Net change in unrealized gain (loss)47,040 2,182 (145,347)3,016 Net change in unrealized gain (loss)64,035 (23,457)
Net Increase (Decrease) in Net Assets Resulting from OperationsNet Increase (Decrease) in Net Assets Resulting from Operations$152,871 $9,135 $72,716 $12,207 Net Increase (Decrease) in Net Assets Resulting from Operations$225,033 $19,571 


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 deprecation on the investment portfolio.


99128



Investment Income


InvestmentThe following table represents investment income for the following periods:

For the Three Months Ended March 31,
($ in thousands)20232022 (1)
Investment income from non-controlled, non-affiliated investments:
Interest income$263,262 $60,414 
PIK interest income15,077 4,976 
PIK dividend income17,970 2,886 
Other income3,006 1,869 
Total investment income from non-controlled, non-affiliated investments:299,315 70,145 
Investment income from controlled, affiliated investments:
Dividend income6,097 — 
Total investment income from controlled, affiliated investments:6,097 — 
Total investment income$305,412 $70,145 
(1) For the three and nine months ended September 30,March 31, 2022 PIK dividend and September 30, 2021 wasother income were reported in aggregate as follows:other income.


For the Three Months Ended September 30,For the Nine Months Ended September 30,
($ in thousands)2022202120222021
Interest income$174,782 $13,728 $345,230 $17,462 
PIK interest income12,198 891 24,369 985 
Dividend income13,166 203 21,829 342 
Other income5,073 804 12,857 850 
Total investment income$205,219 $15,626 $404,285 $19,639 

For the Three Months Ended September 30, 2022ended March 31, 2023 and 20212022


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 interest obtained in connection with originated loans, such as options, warrants or conversion rights. Investment income increased to $205.2$305.4 million for the three months ended September 30, 2022March 31, 2023 from $15.6$70.1 million for the same period in prior year primarily due to an increase in interest income as a result of an increase in our debt investment portfolio which, at par, increased from $1.4$5.4 billion as of September 30, 2021March 31, 2022 to $10.2$10.7 billion as of September 30, 2022.March 31, 2023. Included in interest income are other fees such as prepayment fees and accelerated amortization of upfront fees from unscheduled paydowns. There was no income generated from these fees for the three months ended September 30, 2022. Income generated from these fees was $0.9less than $0.1 million for the three months ended September 30, 2021.March 31, 2023 and $0.4 million for the three months ended March 31, 2022. This change is due to a decrease in unscheduled paydown activity year over year and while these fees are non-recurring in nature, we expect repayments to increase when the interest rate environment stabilizes. PIK interest income and PIK dividend income increased period-over-period primarily as a result of adding new investments with contractual PIK interestincome to our portfolio. For the three months ended September 30, 2022,March 31, 2023, PIK interest and PIK dividend income earned was $12.2$33.0 million, representing approximately 5.9%10.8% of total investment income. For the three months ended September 30, 2021,March 31, 2022, PIK interest and PIK dividend income earned was $0.9$7.9 million, representing 5.7%11.2% of total investment income. Other income increased period-over-period due to an increase in our portfolio of dividend income-producing investments and an increase in incremental fee income, which are fees that are generally available to us as a result of closing investments and generally paid at the time of closing. We expect that investment income will vary based on a variety of factors including the pace of our originations and repayments.


For the Nine Months Ended September 30, 2022 and 2021Expenses


Investment income increased to $404.3 millionThe following table represents expenses for the nine months ended September 30, 2022 from $19.6 million for the same period in prior year primarily due to an increase in interest income as a result of an increase in our debt investment portfolio which, at par, increased from $1.4 billion as of September 30, 2021 to $10.2 billion as of 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 $0.6 million for the nine months ended September 30, 2022 and $0.9 million for the nine months ended September 30, 2021. PIK interest income increased period-over-period primarily as a result of adding new investments with contractual PIK interest to our portfolio. For the nine months ended September 30, 2022, PIK interest earned was $24.4 million, representing approximately 6.0% of total investment income. For the nine months ended September 30, 2021, PIK interest earned was $1.0 million, representing 5.0% of total investment income. Other income increased period-over-period due to an increase in our portfolio of dividend income-producing investments and an increase in incremental fee income, which are fees that are generally available to us as a result of closing investments and generally paid at the time of closing. We expect that investment income will vary based on a variety of factors including the pace of our originations and repayments.following periods:

For the Three Months Ended March 31,
($ in thousands)20232022
Offering costs$613 $1,171 
Interest expense89,595 15,371 
Management fees16,941 5,550 
Performance based incentive fees23,676 4,864 
Professional fees2,768 1,281 
Directors' fees265 282 
Shareholder servicing fees4,327 1,962 
Other general and administrative1,557 1,135 
Total operating expenses$139,742 $31,616 
Expense Support— (4,062)
Net operating expenses$139,742 $27,554 

100129



Expenses

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

For the Three Months Ended September 30,For the Nine Months Ended September 30,
($ in thousands)2022202120222021
Initial organization$— $— $— $273 
Offering costs1,090 1,524 3,440 1,524 
Interest expense61,773 3,463 113,254 4,966 
Management fees12,672 836 27,570 1,102 
Performance based incentive fees15,142 1,372 29,489 1,570 
Professional fees2,916 558 6,250 1,221 
Directors' fees296 257 845 788 
Shareholder servicing fees3,558 256 8,444 306 
Other general and administrative1,755 857 4,087 1,785 
Total operating expenses$99,202 $9,123 $193,379 $13,535 
Management fees waived— — — (52)
Expense Support— — (6,775)(2,578)
Recoupment of Expense Support— 465 — 465 
Net operating expenses99,202 9,588 186,604 11,370 

For the Three Months Ended September 30, 2022ended March 31, 2023 and 20212022


Total net operating expenses increased to $99.2$139.7 million for the three months ended September 30, 2022March 31, 2023 from $9.6$27.6 million for the same period prior year primarily due to increases in management fees, incentive fees and interest expense. The increase in management fees was driven by growth in the net asset value of the fund. The increase in incentive fees was due to higher pre- incentivepre-incentive fee net investment income. The increase in interest expense was driven by an increase in average daily borrowings to $5.0$5.6 billion from $450.6 million$1.6 billion period over period, as well as an increase in the average interest rate to 4.6%6.2% from 2.7%3.4% period over period. As a percentage of total assets, professional fees, directors’ fees and other general and administrative expenses remained relatively consistent period over period.

For the Nine Months Ended September 30, 2022 and 2021

Total net operating expenses increased to $186.6 million for the nine months ended September 30, 2022 from $11.4 million for the same period prior year primarily due to increases in management fees, incentive fees and interest expense. The increase in management fees was driven by growth in the net asset value of the fund. The increase in incentive fees was due to higher pre- incentive fee net investment income. The increase in interest expense was driven by an increase in average daily borrowings to $3.3 billion from $192.5 million period over period, as well as an increase in the average interest rate to 4.2% from 3.0% period over period. As a percentage of total assets, professional fees, directors’ fees and other general and administrative expenses remained relatively consistent period over period.


Income Taxes, Including Excise Taxes


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


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
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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 nine months ended September 30, 2022March 31, 2023 we accrued U.S. federal excise tax of $4 thousand.$0.1 million. For the three and nine months ended September 30, 2021March 31, 2022 we did not accrue any U.S. federal excise tax.


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.



Net Unrealized Gain (Loss) on InvestmentsGains (Losses)


We fair value our portfolio investments quarterly and any changes in fair value are recorded as unrealized gains or losses. DuringThe below table represents the three and nine months ended September 30, 2022 and 2021, net unrealized gains (losses) on our investment portfolio were comprised offor the following:following periods:
For the Three Months Ended September 30,For the Nine Months Ended September 30,
($ in thousands)2022202120222021
Net change in unrealized gain (loss) on investments$48,819 $2,211 $(142,695)$3,023 
Net change in translation of assets and liabilities in foreign currencies(1,779)(29)(2,652)(7)
Net change in unrealized gain (loss)47,040 2,182 (145,347)3,016 


For the Three Months Ended March 31,
($ in thousands)20232022
Net change in unrealized gain (loss):
Non-controlled, non-affiliated investments$60,654 $(23,285)
Non-controlled, affiliated investments(1)— 
Controlled, affiliated investments3,251 — 
Net change in translation of assets and liabilities in foreign currencies138 (172)
Income tax (provision) benefit(7)— 
Net change in unrealized gain (loss)$64,035 $(23,457)

For the Three Months Ended September 30, 2022ended March 31, 2023 and 20212022


For the three months ended September 30, 2022,March 31, 2023, the net unrealized gain was primarily driven by an increase in the fair value of our investments as compared to June 30,December 31, 2022. The primary driverdrivers of our portfolio’s unrealized gain was due togains were current market conditions.conditions including credit spreads tightening across the broader markets and the reversal of a prior period unrealized loss that was realized during the period in connection with the restructuring of a debt investment.




The ten largest contributors to the change in net unrealized gain (loss) on investments during the three months ended September 30, 2022March 31, 2023 consisted of the following:


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Portfolio Company

($ in millions)
Net Change in Unrealized Gain (Loss)
 Asurion, LLC(13.2)$7.8 
 Peter C. Foy & Associates Insurance Services, Walker Edison Furniture Company LLC (dba PCF Insurance Services)10.3 4.7 
 Barracuda Parent, ORCIC Senior Loan Fund LLC(4.4)3.2 
 Cornerstone OnDemand, Inc. Power Stop, LLC3.9 (2.9)
 Dealer Tire, LLC2.6 
 Hyperion Refinance S.a.r.l (dba Howden Group)2.5 
 Olaplex, Inc.(2.4)
 Associations, Inc.2.4 
 Athenahealth Group Inc.(3.8)2.2 
 CoreLogic Inc. Muine Gall, LLC(3.4)2.0 
 Ivanti Software, Inc. Remaining portfolio companies(3.1)41.8 
 Associations, Inc.Total2.6 $
 CD&R Value Building Partners I, L.P. (dba Belron)2.4 
 Notorious Topco, LLC (dba Beauty Industry Group)2.2 
 Remaining portfolio companies55.3 
Total$48.8 63.9 


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For the three months ended September 30,March 31, 2022, the net unrealized gainloss was primarily driven by an increasedecrease in the fair value of our debt investments as compared to June 30, 2022.

December 31, 2021. The primary drivers of our portfolio’s unrealized losses were current market conditions as compared to December 31, 2021, as well as certain under performing investments. The ten largest contributors to the change in net unrealized gain (loss) on investments during the three months ended September 30, 2021March 31, 2022 consisted of the following:


Portfolio Company

($ in millions)
Net Change in Unrealized Gain (Loss)
Peter C. Foy & Associates Insurance Services, LLC (dba PCF Insurance Services)$1.2 2.1 
 Walker Edison Furniture CompanyShearer's Foods, LLC(0.5)(1.5)
 Intelerad Medical Systems Inc.Asurion, LLC0.3 (1.4)
 Asurion, LLCLignetics Investment Corp.0.2 (1.0)
 Mavis Tire Express Services Topco Corp.Phoenix Newco, Inc. (dba Parexel)0.2 (0.9)
 Hyland Software,Alera Group, Inc.0.1 (0.8)
 Denali BuyerCo, LLC (dba Summit Companies)Help/Systems Holdings, Inc.0.1 (0.6)
 Balrog Acquisition,Cornerstone OnDemand, Inc. (dba Bakemark)0.1 (0.6)
 Engineered Machinery Holdings,WMC Bidco, Inc. (dba Duravant)West Monroe)0.1 (0.5)
 RealPage,Hyland Software, Inc.0.1 (0.5)
Remaining portfolio companies0.3 (17.6)
Total$2.2 (23.3)

For the Nine Months Ended September 30, 2022 and 2021

For the nine months ended September 30, 2022, the net unrealized loss was primarily driven by a decrease in the fair value of our investments as compared to December 31, 2021. The primary drivers of our portfolio’s unrealized losses were current market conditions, including public market volatility, and credit spreads widening across the broader markets as compared to December 31, 2021.

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

Portfolio Company
($ in millions)
Net Change in Unrealized Gain (Loss)
 Asurion, LLC(33.5)
 Athenahealth Group Inc.(13.6)
 Peter C. Foy & Associates Insurance Services, LLC (dba PCF Insurance Services)12.2 
 CoreLogic Inc.(9.8)
 Help/Systems Holdings, Inc.(6.6)
 Dealer Tire, LLC(5.6)
 Delta TopCo, Inc. (dba Infoblox, Inc.)(4.8)
 Ivanti Software, Inc.(4.7)
 Barracuda Parent, LLC(4.4)
 USIC Holdings, Inc.(3.8)
 Remaining portfolio companies(68.1)
Total$(142.7)

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For the nine months ended September 30, 2022, the net unrealized loss was primarily driven by an increase in the fair value of our debt investments as compared to 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 nine months ended September 30, 2021 consisted of the following:

Portfolio Company
($ in millions)
Net Change in Unrealized Gain (Loss)
 Peter C. Foy & Associates Insurance Services, LLC (dba PCF Insurance Services)$1.2 
 Walker Edison Furniture Company LLC(0.5)
 ConAir Holdings LLC0.4 
 Intelerad Medical Systems Inc.0.3 
 Mavis Tire Express Services Topco Corp.0.3 
 Asurion, LLC0.2 
 Hyland Software, Inc.0.2 
 Denali BuyerCo, LLC (dba Summit Companies)0.1 
 Balrog Acquisition, Inc. (dba Bakemark)0.1 
 Engineered Machinery Holdings, Inc. (dba Duravant)0.1 
 Remaining portfolio companies0.6 
Total$3.0 



Net Realized Gains (Losses) on Investments
The table below represents the realized gains and losses on fully exited and partially exited portfolio companies during the three and nine months ended September 30, 2022 and 2021 were comprised of the following:following periods:

For the Three Months Ended March 31,
($ in thousands)20232022
Net realized gain (loss) on investments$(4,577)$250 
Net realized gain (loss) on foreign currency transactions— 187 
Net realized gain (loss)$(4,577)$437 
For the Three Months Ended September 30,For the Nine Months Ended September 30,
($ in thousands)2022202120222021
Net realized gain (loss) on investments$(234)$917 $125 $924 
Net realized gain (loss) on foreign currency transactions52 (2)261 (2)
Net realized gain (loss)(182)915 386 922 






Financial Condition, Liquidity and Capital Resources


Our liquidity and capital resources are generated primarily from the net proceeds of any offering of our common stock and from cash flows from interest, dividends and fees earned from our investments and principal repayments and proceeds from sales of our investments. The primary uses of our cash are for (i) investments in portfolio companies and other investments and to comply with
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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 credit facilities, increase the size of our existing credit facilities or issue debt securities. Any such incurrence or issuance would be subject to prevailing market conditions, our liquidity requirements, contractual and regulatory restrictions and other factors. In accordance with the 1940 Act, with certain limited exceptions, we are only allowed to incur borrowings, issue debt securities or issue preferred stock, if immediately after the borrowing or issuance, the ratio of total assets
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(less (less total liabilities other than indebtedness) to total indebtedness plus preferred stock, is at least 150%. Our current target leverage ratio is 0.90x-1.25x.

As of September 30, 2022March 31, 2023 and December 31, 2021,2022, our asset coverage ratios were 186%195% and 200%193%, respectively. We seek to carefully consider our unfunded commitments for the purpose of planning our ongoing financial leverage. Further, we maintain sufficient borrowing capacity within the 150% asset coverage limitation to cover any outstanding unfunded commitments we are required to fund.


Cash as of September 30, 2022,March 31, 2023, taken together with our available debt, is expected to be sufficient for our investing activities and to conduct our operations in the near term. As of September 30, 2022March 31, 2023 we had $1.9$1.5 billion available under our credit facilities.

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

As of September 30, 2022,March 31, 2023, we had $176.4$464.1 million in cash. During the ninethree months ended September 30, 2022,March 31, 2023, we used $6.7$0.6 billion in cash for operating activities, primarily as a result of funding portfolio investments of $7.5$0.9 billion, partially offset by sales and repayments of portfolio investments of $499.4 million,$0.1 billion, and other operating activities of $181.9$(34.0) million. Lastly, cash provided by financing activities was $6.9$0.8 billion during the period, which was the result of proceeds from net borrowings on our credit facilities, net of debt issuance costs, of $3.8$0.4 billion, and proceeds from the issuance of shares of $3.3$0.6 billion, partially offset by $108.5$79.7 million of distributions paid and share repurchases of $94.1$110.8 million.


Net Assets


Share Issuances


In connection with our formation, we had the authority to issue 3,000,000,000 common shares at $0.01 per share par value, 1,000,000,000 of which are classified as Class S common shares, 1,000,000,000 of which are classified as Class D common shares, and 1,000,000,000 of which are classified as Class I common shares. Pursuant to our Registration Statement on Form N-2 (File No. 333-249525), we registered $2,500,000,000 in any combination of shares of Class S, Class D, and Class I common stock, at initial public offering prices of $10.35 per share, $10.15 per share, and $10.00 per share, respectively. Currently, the purchase price per share for each class of common stock varies, but will not be sold at a price below our net asset value per share of such class, as determined in accordance with our share pricing policy, plus applicable upfront selling commissions.


On September 30, 2020, we issued 100 common shares for $1,000 to the Adviser. We received $1,000 in cash from the Adviser on October 15, 2020.


On October 15, 2020, we received a subscription agreement totaling $25 million for the purchase of shares of Class I common stock from Owl Rock Feeder FIC ORCIC Equity LLC (“Feeder FIC Equity”), an entity affiliated with the Adviser. Pursuant to the terms of that subscription agreement, Feeder FIC Equity agreed to pay for such Class I shares upon demand by one of our executive officers. Such purchase or purchases of our Class I shares were included for purposes of determining when we satisfied the minimum offering requirement. On September 30, 2020, we sold 100 shares of Class I common stock to our Adviser. On November 12, 2020, we sold 700,000 shares of Class I common stock pursuant to the subscription agreement with Feeder FIC Equity and met the minimum offering requirement for our continuous public offering of $2.5 million. The purchase price of these shares sold in the private placements was $10.00 per share, which represented the initial public offering price.


On October 7, 2021, we filed a registration statement with respect to our proposed follow-on offering of up to $7,500,000,000 in any combination of Class S, Class D and Class I common shares.

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The followingbelow tables summarize transactions with respect to shares of our common stock during the three months ended September 30, 2022 and 2021:following periods:

For the Three Months Ended March 31, 2023
Class SClass DClass ITotal
($ in thousands, except share amounts)SharesAmountSharesAmountSharesAmountSharesAmount
Shares/gross proceeds from the continuous public offering17,528,972$162,332 5,015,703$46,224 38,530,460$353,968 61,075,135$562,524 
Shares/gross proceeds from the private placements— — 1,525,33714,040 1,525,33714,040 
Reinvestment of distributions1,723,66115,832 520,7224,787 3,120,00228,728 5,364,38549,347 
Repurchased shares(2,349,994)(21,643)(374,566)(3,453)(7,361,842)(68,024)(10,086,402)(93,120)
Total shares/gross proceeds16,902,639156,5215,161,85947,55835,813,957328,71257,878,455532,791
Sales load— (1,557)— (49)— — — (1,606)
Total shares/net proceeds16,902,639$154,964 5,161,859$47,509 35,813,957$328,712 57,878,455$531,185 
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For the Three Months Ended March 31, 2022
Class SClass DClass ITotal
($ in thousands, except share amounts)SharesAmountSharesAmountSharesAmountSharesAmount
Shares/gross proceeds from the continuous public offering48,271,855$453,018 12,403,855$115,734 65,711,868$612,240 126,387,578$1,180,992 
Shares/gross proceeds from the private placements— — 4,176,26538,756 4,176,26538,756 
Reinvestment of distributions390,0703,630 157,0731,461 631,6855,885 1,178,82810,976 
Repurchased shares(649,420)(6,001)(32,853)(304)(1,833,520)(16,978)(2,515,793)(23,283)
Total shares/gross proceeds48,012,505450,64712,528,075116,89168,686,298639,903129,226,8781,207,441
Sales load— (3,650)— (332)— — — (3,982)
Total shares/net proceeds48,012,505$446,997 12,528,075$116,559 68,686,298$639,903 129,226,878$1,203,459 
For the Three Months Ended September 30, 2022
Class SClass DClass ITotal
($ in thousands, except share amounts)SharesAmountSharesAmountSharesAmountSharesAmount
Shares/gross proceeds from the continuous public offering25,525,944$231,220 5,608,407$50,343 53,594,346$483,022 84,728,697$764,585 
Shares/gross proceeds from the private placements— — 3,573,81332,219 3,573,81332,219 
Reinvestment of distributions1,037,9359,333 339,8543,060 1,922,05117,350 3,299,84029,743 
Repurchased shares(975,399)(8,769)(125,759)(1,132)(3,660,100)(32,978)(4,761,258)(42,878)
Total shares/gross proceeds25,588,480231,7845,822,50252,27155,430,110499,61386,841,092783,669
Sales load— (2,215)— — — — — (2,215)
Total shares/net proceeds25,588,480$229,569 5,822,502$52,271 55,430,110$499,613 86,841,092$781,454 


For the Three Months Ended September 30, 2021
Class SClass DClass ITotal
($ in thousands, except share amounts)SharesAmountSharesAmountSharesAmountSharesAmount
Shares/gross proceeds from the continuous public offering14,647,167$137,884 3,735,226$34,766 26,527,911$246,709 44,910,304$419,359 
Shares/gross proceeds from the private placements— — — — 
Reinvestment of distributions44,239410 39,323365 112,1881,044 195,7501,819 
Repurchased shares— (5,933)(55)(31,254)(291)(37,187)(346)
Total shares/gross proceeds14,691,406138,2943,768,61635,07626,608,845247,46245,068,867420,832
Sales load— (1,666)— (65)— — — (1,731)
Total shares/net proceeds14,691,406$136,628 3,768,616$35,011 26,608,845$247,462 45,068,867$419,101 

The following tables summarize transactions with respect to shares of our common stock during the nine months ended September 30, 2022 and 2021:
For the Nine Months Ended September 30, 2022
Class SClass DClass ITotal
($ in thousands, except share amounts)SharesAmountSharesAmountSharesAmountSharesAmount
Shares/gross proceeds from the continuous public offering119,271,531$1,104,545 25,925,981$238,937 199,692,008$1,834,660 344,889,520$3,178,142 
Shares/gross proceeds from the private placements— — 12,152,271111,484 12,152,271111,484 
Reinvestment of distributions2,112,56319,227 758,5556,921 3,721,29633,943 6,592,41460,091 
Repurchased shares(2,571,103)(23,135)(283,888)(2,546)(7,567,237)(68,370)(10,422,228)(94,051)
Total shares/gross proceeds118,812,9911,100,63726,400,648243,312207,998,3381,911,717353,211,9773,255,666
Sales load— (9,288)— (446)— — — (9,734)
Total shares/net proceeds118,812,991$1,091,349 26,400,648$242,866 207,998,338$1,911,717 353,211,977$3,245,932 
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For the Nine months ended September 30, 2021
Class SClass DClass ITotal
($ in thousands, except share amounts)SharesAmountSharesAmountSharesAmountSharesAmount
Shares/gross proceeds from the continuous public offering17,515,705$164,931 7,103,293$65,958 41,510,484$385,557 66,129,482$616,446 
Shares/gross proceeds from the private placements— — — — 
Reinvestment of distributions51,782480 51,667479 138,0201,283 241,4692,242 
Repurchased shares— (5,933)(55)(31,254)(291)(37,187)(346)
Total shares/gross proceeds17,567,487165,4117,149,02766,38241,617,250386,54966,333,764618,342
Sales load— (2,133)— (65)— — — (2,198)
Total shares/net proceeds17,567,487$163,278 7,149,027$66,317 41,617,250$386,549 66,333,764$616,144 



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


The changes to our offering price per share since the commencement of our initial continuous public offering and associated effective dates of such changes were as follows:


Class S
Effective DateNet Offering Price (per share)Maximum Upfront Sales Load (per share)Maximum Offering Price (per share)
March 1, 2021$9.26 $0.32 $9.58 
April 1, 2021$9.26 $0.32 $9.58 
May 1, 2021$9.26 $0.32 $9.58 
June 1, 2021$9.28 $0.32 $9.60 
July 1, 2021$9.30 $0.33 $9.63 
August 1, 2021$9.30 $0.33 $9.63 
September 1, 2021$9.30 $0.33 $9.63 
October 1, 2021$9.31 $0.33 $9.64 
November 1, 2021$9.32 $0.33 $9.65 
December 1, 2021$9.31 $0.33 $9.64 
January 1, 2022$9.33 $0.33 $9.66 
February 1, 2022$9.33 $0.33 $9.66 
March 1, 2022$9.27 $0.32 $9.59 
April 1, 2022$9.24 $0.32 $9.56 
May 1, 2022$9.23 $0.32 $9.55 
June 1, 2022$9.02 $0.32 $9.34 
July 1, 2022$8.84 $0.31 $9.15 
August 1, 2022$9.02 $0.32 $9.34 
September 1, 2022$9.09 $0.32 $9.41 

Class S
Effective DateNet Offering Price
(per share)
Maximum Upfront Sales Load
(per share)
Maximum Offering Price (per share)
March 1, 2021$9.26 $0.32 $9.58 
April 1, 2021$9.26 $0.32 $9.58 
May 1, 2021$9.26 $0.32 $9.58 
June 1, 2021$9.28 $0.32 $9.60 
July 1, 2021$9.30 $0.33 $9.63 
August 1, 2021$9.30 $0.33 $9.63 
September 1, 2021$9.30 $0.33 $9.63 
October 1, 2021$9.31 $0.33 $9.64 
107133



Class D
Class SClass S
Effective DateEffective DateNet Offering Price (per share)Maximum Upfront Sales Load (per share)Maximum Offering Price (per share)Effective DateNet Offering Price
(per share)
Maximum Upfront Sales Load
(per share)
Maximum Offering Price (per share)
March 1, 2021$9.26 $0.14 $9.40 
April 1, 2021$9.26 $0.14 $9.40 
May 1, 2021$9.25 $0.14 $9.39 
June 1, 2021$9.27 $0.14 $9.41 
July 1, 2021$9.29 $0.14 $9.43 
August 1, 2021$9.29 $0.14 $9.43 
September 1, 2021$9.29 $0.14 $9.43 
October 1, 2021$9.31 $0.14 $9.45 
November 1, 2021November 1, 2021$9.32 $0.14 $9.46 November 1, 2021$9.32 $0.33 $9.65 
December 1, 2021December 1, 2021$9.31 $0.14 $9.45 December 1, 2021$9.31 $0.33 $9.64 
January 1, 2022January 1, 2022$9.34 $0.14 $9.48 January 1, 2022$9.33 $0.33 $9.66 
February 1, 2022February 1, 2022$9.33 $0.14 $9.47 February 1, 2022$9.33 $0.33 $9.66 
March 1, 2022March 1, 2022$9.27 $0.14 $9.41 March 1, 2022$9.27 $0.32 $9.59 
April 1, 2022April 1, 2022$9.25 $0.14 $9.39 April 1, 2022$9.24 $0.32 $9.56 
May 1, 2022May 1, 2022$9.24 $0.14 $9.38 May 1, 2022$9.23 $0.32 $9.55 
June 1, 2022June 1, 2022$9.04 $0.14 $9.18 June 1, 2022$9.02 $0.32 $9.34 
July 1, 2022July 1, 2022$8.86 $0.13 $8.99 July 1, 2022$8.84 $0.31 $9.15 
August 1, 2022August 1, 2022$9.04 $0.14 $9.18 August 1, 2022$9.02 $0.32 $9.34 
September 1, 2022September 1, 2022$9.09 $0.14 $9.23 September 1, 2022$9.09 $0.32 $9.41 
October 1, 2022October 1, 2022$8.99 $0.31 $9.30 
November 1, 2022November 1, 2022$9.00 $0.32 $9.32 
December 1, 2022December 1, 2022$9.05 $0.32 $9.37 
January 1, 2023January 1, 2023$9.06 $0.32 $9.38 
February 1, 2023February 1, 2023$9.24 $0.32 $9.56 
March 1, 2023March 1, 2023$9.23 $0.32 $9.55 
Class I
Effective DateNet Offering Price (per share)Maximum Upfront Sales Load (per share)Maximum Offering Price (per share)
March 1, 2021$9.26 $— $9.26 
April 1, 2021$9.26 $— $9.26 
May 1, 2021$9.25 $— $9.25 
June 1, 2021$9.27 $— $9.27 
July 1, 2021$9.29 $— $9.29 
August 1, 2021$9.29 $— $9.29 
September 1, 2021$9.29 $— $9.29 
October 1, 2021$9.31 $— $9.31 
November 1, 2021$9.32 $— $9.32 
December 1, 2021$9.31 $— $9.31 
January 1, 2022$9.34 $— $9.34 
February 1, 2022$9.33 $— $9.33 
March 1, 2022$9.27 $— $9.27 
April 1, 2022$9.26 $— $9.26 
May 1, 2022$9.25 $— $9.25 
June 1, 2022$9.05 $— $9.05 
July 1, 2022$8.88 $— $8.88 

Class D
Effective DateNet Offering Price
(per share)
Maximum Upfront Sales Load
(per share)
Maximum Offering Price (per share)
March 1, 2021$9.26 $0.14 $9.40 
April 1, 2021$9.26 $0.14 $9.40 
May 1, 2021$9.25 $0.14 $9.39 
June 1, 2021$9.27 $0.14 $9.41 
July 1, 2021$9.29 $0.14 $9.43 
August 1, 2021$9.29 $0.14 $9.43 
September 1, 2021$9.29 $0.14 $9.43 
October 1, 2021$9.31 $0.14 $9.45 
November 1, 2021$9.32 $0.14 $9.46 
December 1, 2021$9.31 $0.14 $9.45 
January 1, 2022$9.34 $0.14 $9.48 
February 1, 2022$9.33 $0.14 $9.47 
March 1, 2022$9.27 $0.14 $9.41 
April 1, 2022$9.25 $0.14 $9.39 
May 1, 2022$9.24 $0.14 $9.38 
June 1, 2022$9.04 $0.14 $9.18 
July 1, 2022$8.86 $0.13 $8.99 
August 1, 2022$9.04 $0.14 $9.18 
September 1, 2022$9.09 $0.14 $9.23 
October 1, 2022$9.00 $0.14 $9.14 
November 1, 2022$9.01 $0.14 $9.15 
December 1, 2022$9.05 $0.14 $9.19 
108134



Class I
Effective DateNet Offering Price (per share)Maximum Upfront Sales Load (per share)Maximum Offering Price (per share)
August 1, 2022$9.06 $— $9.06 
September 1, 2022$9.11 $— $9.11 
Class D
Effective DateNet Offering Price
(per share)
Maximum Upfront Sales Load
(per share)
Maximum Offering Price (per share)
January 1, 2023$9.07 $0.14 $9.21 
February 1, 2023$9.25 $0.14 $9.39 
March 1, 2023$9.24 $0.14 $9.38 



Class I
Effective DateNet Offering Price
(per share)
Maximum Upfront Sales Load
(per share)
Maximum Offering Price (per share)
Initial Offering Price$10.00 $— $10.00 
March 1, 2021$9.26 $— $9.26 
April 1, 2021$9.26 $— $9.26 
May 1, 2021$9.26 $— $9.26 
June 1, 2021$9.28 $— $9.28 
July 1, 2021$9.30 $— $9.30 
August 1, 2021$9.30 $— $9.30 
September 1, 2021$9.30 $— $9.30 
October 1, 2021$9.32 $— $9.32 
November 1, 2021$9.32 $— $9.32 
December 1, 2021$9.31 $— $9.31 
January 1, 2022$9.34 $— $9.34 
February 1, 2022$9.34 $— $9.34 
March 1, 2022$9.28 $— $9.28 
April 1, 2022$9.26 $— $9.26 
May 1, 2022$9.25 $— $9.25 
June 1, 2022$9.05 $— $9.05 
July 1, 2022$8.88 $— $8.88 
August 1, 2022$9.06 $— $9.06 
September 1, 2022$9.11 $— $9.11 
October 1, 2022$9.01 $— $9.01 
November 1, 2022$9.02 $— $9.02 
December 1, 2022$9.07 $— $9.07 
January 1, 2023$9.08 $— $9.08 
February 1, 2023$9.26 $— $9.26 
March 1, 2023$9.26 $— $9.26 

Distributions


The Board authorizes and declares monthly distribution amounts per share of common stock, payable monthly in arrears. The following table presents cash distributions per share that were declaredrecorded during the nine months ended September 30, 2022:following periods:


Class S common stock distributionsClass D common stock distributionsClass I common stock distributions

($ in thousands, except per share amounts)
Per Share(1)AmountPer Share(1)AmountPer
Share
Amount
2022
January 31, 2022$0.05580 $3,798 $0.05580 $1,094 $0.05580 $6,348 
February 28, 20220.05580 4,593 0.05580 1,367 0.05580 7,312 
March 31, 20220.05580 5,334 0.05580 1,673 0.05580 8,860 
April 30, 20220.05580 6,147 0.05580 1,767 0.05580 10,893 
May 31, 20220.05580 6,896 0.05580 2,003 0.05580 12,307 
June 30, 20220.05580 7,613 0.05580 2,110 0.05580 13,541 
July 31, 20220.06038 8,877 0.06038 2,445 0.06038 15,923 
August 31, 20220.06038 9,247 0.06038 2,505 0.06038 16,982 
September 30, 20220.06643 10,779 0.06643 2,902 0.06643 19,803 
Total$0.52199 $63,284 $0.52199 $17,866 $0.52199 $111,969 
135



Declaration DateRecord DatePayment Date
 Distribution Per Share(1)
Distribution Amount
($ in thousands, except per share amounts)Class SClass DClass I
December 5, 2022January 31, 2023February 24, 2023$0.08765 $16,523 $4,296 $30,667 
February 10, 2023February 28, 2023March 23, 20230.06765 12,882 3,372 24,319 
February 10, 2023March 31, 2023April 26, 20230.06765 13,027 3,550 24,938 
Total$0.22295 $42,432 $11,218 $79,924 
(1)Distributions per share are gross of shareholder servicing fees.


On February 23, 2021 our Board declared regular monthly distributions for March 2021 through June 2021. The regular monthly cash distributions, each in the gross amount of $0.05145833
Declaration DateRecord DatePayment Date
Distribution Per Share(1)
Distribution Amount
($ in thousands, except per share amounts)Class SClass DClass I
November 2, 2021January 31, 2022February 23, 2022$0.05580 $3,798 $1,094 $6,348 
November 2, 2021February 28, 2022March 24, 20220.05580 4,593 1,367 7,312 
November 2, 2021March 31, 2022April 25, 20220.05580 5,334 1,673 8,860 
Total$0.16740 $13,725 $4,134 $22,520 
(1)Distributions per share are payable on April 28, 2021, May 28, 2021, June 28, 2021 and July 29, 2021 to shareholdersgross of records as of March 31, 2021, April 30, 2021, May 31, 2021 and June 30, 2021, respectively.shareholder servicing fees.

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

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

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

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

109


On July 14, 2022, our Board declared additional special monthly distributions for July and August 2022. The special monthly cash distributions, each in the gross amount of $0.0025000 per share, are in addition to those preciously declared and announced and are payable on August 31, 2022 and September 30, 2022 to shareholders of records of July 31, 2022 and August 31, 2022, respectively.
On September 26, 2022, our Board declared an additional special distribution for September 2022. The special monthly cash distribution in the gross amount of $0.008555 per share, are payable on or before October 31, 2022 to shareholders of record as of September 30, 2022.

On October 24, 2022, our Board declared a regular distribution for October 2022. This distribution, in the amount of $0.06643 per share, will be payable on or before November 30, 2022 to shareholders of record as of October 31, 2022.


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


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


Through September 30, 2022,March 31, 2023, pursuant to the Expense Support Agreement which was terminated by the Adviser on March 7, 2023, a portion of our distributions resulted from expense support from the Adviser, and future distributions may result from expense support from the Adviser, each of which is subject to repayment by us within three years from the date of payment. The purpose of this arrangement iswas to avoid distributions being characterized as a return of capital for U.S. federal income tax purposes. Shareholders should understand that any such distribution is not based on our investment performance, and can only be sustained if we achieve positive investment performance in future periods and/or the Adviser continues to provide expense support. Shareholders should also understand that our future repayments of expense support will reduce the distributions that they would otherwise receive. There can be no assurance that we will achieve the performance necessary to sustain these distributions, or be able to pay distributions at all.


Sources of distributions, other than net investment income and realized gains on a U.S. GAAP basis, include required adjustments to U.S. GAAP net investment income in the current period to determine taxable income available for distributions. The followingbelow table reflect the sources of cash distributions on a U.S. GAAP basis that we have declared on our shares of common stock during the nine months ended September 30, 2022 and 2021.following periods:
For The Nine Months Ended
September 30, 2022
For the Three Months Ended March 31, 2023
Source of Distribution(2)
Source of Distribution(2)
Per Share(1)
AmountPercentage
Source of Distribution(2)
Per Share(1)
AmountPercentage
($ in thousands, except per share amounts)($ in thousands, except per share amounts)($ in thousands, except per share amounts)
Net investment incomeNet investment income$0.52199 $193,119 100.0 %Net investment income$0.22295 $133,574 100.0 %
TotalTotal$0.52199 $193,119 100.0 %Total$0.22295 $133,574 100.0 %
(1)Distributions per share are gross of shareholder servicing fees.
136


(2)Data in this table is presented on a consolidated basis. Refer to 'ITEM 1. - Notes to Consolidated Financial Statements - Note
11. Financial Highlights" for amounts by share class.


110


For the Nine Months Ended
September 30, 2021
For the Three Months Ended March 31, 2022
Source of Distribution(2)
Source of Distribution(2)
Per Share(1)
AmountPercentage
Source of Distribution(2)
Per Share(1)
AmountPercentage
($ in thousands, except per share amounts)($ in thousands, except per share amounts)($ in thousands, except per share amounts)
Net investment incomeNet investment income$0.29208 $8,269 83.2 %Net investment income$0.16740 $40,379 100.0 %
Net realized gain (loss) on investments0.03265 922 9.3 
Distributions in excess of net investment income0.02633 744 7.5 
TotalTotal$0.35106 $9,935 100.0 %Total$0.16740 $40,379 100.0 %
(1)Distributions per share are gross of shareholder servicing fees.
(2)Data in this table is presented on a consolidated basis. Refer to 'ITEM 1. - Notes to Consolidated Financial Statements - Note 11 "Financial
11. Financial Highlights" for amounts by share class.



Share Repurchases


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


We have commenced a share repurchase program pursuant to which we intend to conduct quarterly repurchase offers to allow our shareholders to tender their shares at a price equal to the net offering price per share for the applicable class of shares on each date of repurchase.


All shares purchased by us pursuant to the terms of each offer to repurchase will be retired and thereafter will be authorized and unissued shares.


We intend to limit the number of shares to be repurchased in each quarter to no more than 5.00% of our outstanding shares of our common stock.


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


Offer DateClassTender Offer ExpirationTender OfferPurchase Price per ShareShares Repurchased
August 25, 2021DSeptember 30, 2021$55 $9.31 5,933
August 25, 2021ISeptember 30, 2021$291 $9.32 31,255
November 26, 2021SDecember 30, 2021$150 $9.33 16,129
November 26, 2021DDecember 30, 2021$51 $9.34 5,394
November 26, 2021IDecember 30, 2021$1,213 $9.34 129,828
February 25, 2022SMarch 31, 2022$6,001 $9.24 649,420
February 25, 2022DMarch 31, 2022$304 $9.25 32,853
February 25, 2022IMarch 31, 2022$16,978 $9.26 1,833,520
May 25, 2022SJune 30, 2022$8,365 $8.84 946,284
May 25, 2022DJune 30, 2022$1,110 $8.86 125,276 
May 25, 2022IJune 30, 2022$18,414 $8.88 2,073,617 
August 25, 2022SSeptember 30, 2022$8,769 $8.99 975,399 
August 25, 2022DSeptember 30, 2022$1,132 $9.00 125,759 
August 25, 2022ISeptember 30, 2022$32,978 $9.01 3,660,100 
Offer DateClassTender Offer ExpirationTender OfferPurchase Price per ShareShares Repurchased
February 25, 2022SMarch 31, 2022$6,001 $9.24 649,420
February 25, 2022DMarch 31, 2022$304 $9.25 32,853
February 25, 2022IMarch 31, 2022$16,978 $9.26 1,833,520
February 28, 2023SMarch 31, 2023$21,643 $9.21 2,349,994 
February 28, 2023DMarch 31, 2023$3,453 $9.22 374,566 
February 28, 2023IMarch 31, 2023$68,024 $9.24 7,361,842 


111



Debt


Aggregate Borrowings


Our debt obligations consisted of the following as of September 30, 2022March 31, 2023 and 2021:2022:
September 30, 2022
($ in thousands)Aggregate Principal
Committed
Outstanding
Principal
Amount
Available(1)
Net Carrying
Value(2)
Revolving Credit Facility (3)$1,775,000 $323,092 $1,451,908 $308,942 
SPV Asset Facility I550,000 549,782 218 546,568 
SPV Asset Facility II1,800,000 1,283,000 359,379 1,272,396 
SPV Asset Facility III750,000 555,000 42,785 549,566 
SPV Asset Facility IV500,000 465,000 35,000 460,767 
ORCIC JV WH400,000 274,550 908 272,103 
March 2025 Notes500,000 500,000 — 494,770 
September 2026 Notes350,000 350,000 — 344,484 
February 2027 Notes500,000 500,000 — 493,383 
September 2027 Notes600,000 600,000 — 591,960 
Total Debt$7,725,000 $5,400,424 $1,890,198 $5,334,939 
137



March 31, 2023
($ in thousands)Aggregate Principal
Committed
Outstanding
Principal
Amount
Available(1)
Net Carrying
Value(2)
Revolving Credit Facility(3)
$1,845,000 $672,789 $1,172,211 $659,842 
SPV Asset Facility I550,000 500,430 49,570 497,316 
SPV Asset Facility II1,800,000 1,538,000 156,309 1,528,719 
SPV Asset Facility III750,000 555,000 46,404 550,148 
SPV Asset Facility IV500,000 465,000 35,000 460,966 
SPV Asset Facility V300,000 20,000 24,909 16,735 
CLO VIII290,000 290,000 — 287,936 
March 2025 Notes500,000 500,000 — 495,812 
September 2026 Notes350,000 350,000 — 344,591 
February 2027 Notes500,000 500,000 — 494,085 
September 2027 Notes600,000 600,000 — 591,928 
Total Debt$7,985,000 $5,991,219 $1,484,403 $5,928,078 

(1)The amount available reflects any limitations related to each credit facility’s borrowing base.
(2)The carrying values of the Company's Revolving Credit Facility, SPV Asset Facility I, SPV Asset Facility II, SPV Asset Facility III, SPV Asset Facility IV, ORCIC JV WH,SPV Asset Facility V, CLO VIII, March 2025 Notes, September 2026 Notes, February 2027 Notes, and September 2027 Notes are presented net of unamortized debt issuance costs of $14.2$12.9 million, $3.2$3.1 million, $10.6$9.3 million, $4.8 million, $4.0 million, $3.3 million, $2.1 million, $4.2 million, $5.4 million, $4.3 million, $2.4 million, $5.2 million, $5.5 million, $6.6$5.9 million, and $8.1 million respectively.
(3)Includes unrealized gain (loss) on translation of borrowings denominated in foreign currencies.


December 31, 2021December 31, 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)
Promissory Note$250,000 $— $250,000 $— 
Revolving Credit Facility750,000 451,170 298,830 445,188 
Revolving Credit Facility(3)
Revolving Credit Facility(3)
$1,845,000 $302,287 $1,542,713 $288,636 
SPV Asset Facility ISPV Asset Facility I550,000 301,282 33,740 298,015 SPV Asset Facility I550,000 440,430 72,337 437,241 
SPV Asset Facility IISPV Asset Facility II1,000,000 446,000 83,678 438,637 SPV Asset Facility II1,800,000 1,538,000 164,506 1,528,048 
SPV Asset Facility IIISPV Asset Facility III750,000 555,000 50,764 549,851 
SPV Asset Facility IVSPV Asset Facility IV500,000 465,000 26,911 460,869 
CLO VIIICLO VIII290,000 290,000 — 287,946 
March 2025 NotesMarch 2025 Notes500,000 500,000 — 495,309 
September 2026 NotesSeptember 2026 Notes350,000 350,000 — 343,971 September 2026 Notes350,000 350,000 — 344,226 
February 2027 NotesFebruary 2027 Notes500,000 500,000 — 493,735 
September 2027 NotesSeptember 2027 Notes600,000 600,000 — 591,550 
Total DebtTotal Debt$2,900,000 $1,548,452 $666,248 $1,525,811 Total Debt$7,685,000 $5,540,717 $1,857,231 $5,477,411 
(1)The amount available reflects any limitations related to each credit facility’s borrowing base.
(2)The carrying values of the Company’sCompany's Revolving Credit Facility, SPV Asset Facility I, SPV Asset Facility II, SPV Asset Facility III, SPV Asset Facility IV, CLO VIII, March 2025 Notes, September 2026 Notes, February 2027 Notes, and September 20262027 Notes are presented net of unamortized debt issuance costs of $6.0$13.6 million, $3.3$3.2 million, $7.4$10.0 million, $5.1 million, $4.1 million, $2.1 million, $4.7 million, $5.8 million, $6.3 million, and $6.0$8.4 million respectively.

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












112


For the three and nine months ended September 30, 2022 and 2021,The below table represents the components of interest expense were as follows:

For the Three Months Ended
September 30,
For the Nine Months Ended
September 30,
($ in thousands)2022202120222021
Interest expense$58,806 $3,104 $106,218 $4,340 
Amortization of debt issuance costs2,967 359 7,036 626 
Total Interest Expense$61,773 $3,463 $113,254 $4,966 
Average interest rate4.6 %2.7 %4.2 %3.0 %
Average daily borrowings$4,989,751 $450,600 $3,328,010 $192,471 

Senior Securities

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

Class and Period
Total Amount Outstanding Exclusive of Treasury Securities(1)
($ in millions)
Asset Coverage per Unit(2)
Involuntary Liquidating Preference per Unit(3)
Average Market Value per Unit(4)
Promissory Note(5)
September 30, 2022 (unaudited)$— — — N/A
December 31, 2021$— — — N/A
December 31, 2020$10.0 2,226.8 — N/A
SPV Asset Facility I
September 30, 2022 (unaudited)$549.8 1,855.9 — N/A
December 31, 2021$301.3 1,998.5 — N/A
December 31, 2020$— — — N/A
SPV Asset Facility II
September 30, 2022 (unaudited)$1,283.0 1,855.9 — N/A
December 31, 2021$446.0 1,998.5 — N/A
December 31, 2020$— — — N/A
SPV Asset Facility III
September 30, 2022 (unaudited)$555.0 1,855.9 — N/A
December 31, 2021$— — — N/A
December 31, 2020$— — — N/A
SPV Asset Facility IV
September 30, 2022 (unaudited)$465.0 1,855.9 — N/A
December 31, 2021$— — — N/A
December 31, 2020$— — — N/A
ORCIC JV WH
September 30, 2022 (unaudited)$274.6 1,855.9 — N/A
December 31, 2021$— — — N/A
December 31, 2020$— — — N/A
Revolving Credit Facility
September 30, 2022 (unaudited)$323.1 1,855.9 — N/A

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Class and Period
Total Amount Outstanding Exclusive of Treasury Securities(1)
($ in millions)
Asset Coverage per Unit(2)
Involuntary Liquidating Preference per Unit(3)
Average Market Value per Unit(4)
December 31, 2021$451.2 1,998.5 — N/A
December 31, 2020$— — — N/A
September 2026 Notes
September 30, 2022 (unaudited)$350.0 1,855.9 — 862.54
December 31, 2021$350.0 1,998.5 — N/A
December 31, 2020$— — — N/A
February 2027 Notes
September 30, 2022 (unaudited)$500.0 1,855.9 — 906.86
December 31, 2021$— — — N/A
December 31, 2020$— — — N/A
September 2027 Notes
September 30, 2022 (unaudited)$600.0 1,855.9 — N/A
December 31, 2021$— — — N/A
December 31, 2020$— — — N/A
March 2025 Notes
September 30, 2022 (unaudited)$500.0 1,855.9 — 957.78
December 31, 2021$— — — N/A
December 31, 2020$— — — N/A
For the Three Months Ended
March 31,
($ in thousands)20232022
Interest expense$86,574 $13,963 
Amortization of debt issuance costs3,697 1,408 
Net change in unrealized (gain) loss on effective interest rate swaps and hedged items(1)
(676)— 
Total Interest Expense$89,595 $15,371 
Average interest rate6.2 %3.4 %
Average daily borrowings$5,579,502 $1,647,161 
(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 respectRefer to the September 2026 Notes, February 2027 Notes and March 2025 Notes as other senior securities are not registered for public trading on a stock exchange. The average market value per unit for each of the September 2026 Notes, February 2027 Notes, and March 2025 Notes is baseddetails on the average daily prices of such notes and is expressed per $1,000 of indebtedness.facility's interest rate swap.
(5)Facility was terminated in June 2022.


Credit Facilities

Promissory Note


On October 15, 2020, we as borrower, entered into a Loan Agreement (the "Loan Agreement") with Owl Rock Feeder FIC ORCIC Debt LLC ("Feeder FIC Debt"), an affiliate of the Adviser, as lender, to enter into revolving promissory notes (the "Promissory Notes") to borrow up to an aggregate of $50 million from Feeder FIC Debt. The Loan Agreement was subsequently amended on March 31, 2021, August 26, 2021, September 13, 2021, and March 8, 2022, and amended and restated on May 12, 2021. Prior to June 22, 2022, the aggregate amount that could be borrowed under the Loan Agreement was $250 million and the stated maturity date was February 28, 2023.


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

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


The interest rate on amounts borrowed pursuant to the Promissory Notes after March 8, 2022 is 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 the Revolving Promissory Note and accrued interest thereon was payable by us from time to time at the discretion of us but immediately due and payable upon 120 days written notice by Owl Rock Feeder FIC ORCIC Debt LLC, and in any event due and payable in full no later than February 28, 2023. We intend to use the borrowed funds to, among other things, make investments in portfolio companies consistent with its investment strategies. On June 22, 2022, the Company and Feeder FIC Debt entered into a Termination Agreement (the “Termination Agreement”) pursuant to which the Loan Agreement was terminated. At the time the Termination Agreement was executed, there were no amounts outstanding pursuant to the Loan Agreement or the Promissory Notes.


Revolving Credit Facility


On August 11, 2022, we entered into an Amended and Restated Senior Secured Revolving Credit Agreement (the “Revolving Credit Facility”), which amends and restates in its entirety that certain Senior Secured Revolving Credit Agreement, dated as of April 14, 2021 (as amended, restated, supplemented or otherwise modified prior to August 11, 2022). The parties to the Revolving Credit Facility include us, as Borrower, the lenders from time to time parties thereto (each ana “Revolving Credit Lender” and collectively, the “Revolving Credit Lenders”) and Sumitomo Mitsui Banking Corporation, as Administrative Agent.


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


The maximum principal amount of the Revolving Credit Facility is $1.775$1.845 billion (increased from $1.550 billion to $1.775 billion on AugustSeptember 22, 2022, increased from $1.775 billion to $1.795 billion on October 5, 2022 and subsequently increased from $1.795 billion to $1.845 billion on November 22, 2022), 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 $2.325 billion through our exercise of an uncommitted accordion feature through which existing and new lenders may, at their option, agree to provide additional financing. The Revolving Credit Facility includes a $200 million limit for swingline loans and is secured by a perfected first-priority interest in substantially all of the portfolio investments held by us and each Guarantor, subject to certain exceptions.


The availability period under the Revolving Credit Facility will terminate on August 11, 2026 (the “Revolving Credit Facility Commitment Termination Date”). The Revolving Credit Facility will mature on August 11, 2027 (the “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 in U.S. dollars will bear interest at term SOFR plus any applicable credit adjustment spread plus margin of 2.00% per annum, or the alternative base rate plus margin of 1.00% per annum. With respect to loans denominated in U.S. dollars, we may elect either term SOFR or the alternative base rate at the time of drawdown, and such loans may be converted from one rate to another at any time at our option, subject to certain conditions. Amounts drawn under the Revolving Credit Facility in other permitted currencies will bear interest at the relevant rate specified therein (including any applicable credit adjustment spread) plus margin of 2.00% per annum. 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 our shareholders, or redeem, repurchase or retire shares of stock, upon the
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occurrence of certain events and certain financial covenants related to asset coverage and other maintenance covenants, as well as customary events of default. The Revolving Credit Facility requires a minimum asset coverage ratio with respect to our consolidated assets and subsidiaries to senior securities that constitute indebtedness of no less than 1.50 to 1.00 at any time.


ORCIC JV WH

On August 24, 2022 (the “ORCIC JV WH Closing Date”), ORCIC JV WH LLC, a Delaware limited liability company (“ORCIC JV WH”) entered into a $400 million credit facility (the “Credit Agreement”) among the lenders party thereto (the “ORCIC JV WH Lenders”), Bank of America, N.A., as administrative agent (in such capacity, the “Administrative Agent”) and BofA Securities, Inc., as sole lead arranger and sole book manager. ORCIC JV WH was a wholly owned subsidiary of ORCIC BC 9 LLC, a Delaware limited liability company (the “Collateral Manager”) and the Collateral Manager was our wholly owned subsidiary. On November 2, 2022 (the “ORCIC SLF Effective Date”), we and State Teachers Retirement System of Ohio (“OSTRS”) entered into an Amended and Restated Limited Liability Company Agreement (the “LLC Agreement”) to co-manage ORCIC Senior Loan Fund LLC (formerly, ORCIC BC 9 LLC) (“ORCIC SLF), a Delaware limited liability company. ORCIC SLF is a joint venture that is expected to invest primarily in senior secured loans to middle market companies, broadly syndicated loans and in senior and subordinated notes issued by collateralized loan obligations. Prior to the ORCIC SLF Effective Date, the ORCIC JV WH Lenders consented to the change in control of ORCIC SLF. From and following the ORCIC SLF Effective Date, the Credit Agreement continued as an obligation of ORCIC SLF and its subsidiaries but was no longer indebtedness of us.

ORCIC JV WH II

On October 14, 2022 (the “ORCIC JV WH II Closing Date”), ORCIC JV WH II LLC, a Delaware limited liability company (“ORCIC JV WH II”) entered into an up to $500 million revolving loan facility (the “Revolving Loan Agreement”) among the lenders party thereto (the “ORCIC JV WH II Lenders”), and Royal Bank of Canada, as a ORCIC JV WH II Lender and as administrative agent (in such capacity, the “ORCIC JV WH II Administrative Agent”). ORCIC JV WH II was a wholly owned subsidiary of ORCIC BC 9 LLC, a Delaware limited liability company (the “Collateral Manager”) and the Collateral Manager was our wholly owned subsidiary. On the ORCIC SLF Effective Date, we and OSTRS entered into the LLC Agreement to co-manage ORCIC SLF. ORCIC SLF is a joint venture that is expected to invest primarily in senior secured loans to middle market companies, broadly syndicated loans and in senior and subordinated notes issued by collateralized loan obligations. Prior to the ORCIC SLF Effective Date, the ORCIC JV WH II Lenders consented to the change in control of ORCIC SLF. From and following the ORCIC SLF Effective Date,
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the Revolving Loan Agreement continued as an obligation of ORCIC SLF and its subsidiaries but was no longer indebtedness of ORCIC.

SPV Asset Facilities


Certain of our wholly owned subsidiaries are parties to credit facilities (the “SPV Asset Facilities”). Pursuant to the SPV Asset Facilities, we sell and contribute certain investments to these wholly owned subsidiaries pursuant to sale and contribution agreements by and between us and the wholly owned subsidiaries. No gain or loss is recognized as a result of these contributions. Proceeds from the SPV Asset Facilities are used to finance the origination and acquisition of eligible assets by the wholly owned subsidiary, including the purchase of such assets from us. We retain a residual interest in assets contributed to or acquired to the wholly owned subsidiary through our ownership of the wholly owned subsidiary. The SPV Asset Facilities are secured by a perfected first priority security interest in the assets of these wholly owned subsidiaries and on any payments received by such wholly owned subsidiaries in respect of those assets. Assets pledged to lenders under the SPV Asset Facilities will not be available to pay our debts. The SPV Asset Facilities contain customary covenants, including certain limitations on the incurrence by us of additional indebtedness and on our ability to make distributions to our shareholders, or redeem, repurchase or retire shares of stock, upon the occurrence of certain events, and customary events of default (with customary cure and notice provisions).

ORCIC JV WH

On August 24, 2022 (the “Closing Date”), ORCIC JV WH LLC, a Delaware limited liability company (the “Borrower”) entered into a $400 million credit facility (the “Credit Agreement”) among the lenders party thereto (the “Lenders”), Bank of America, N.A., as administrative agent (in such capacity, the “Administrative Agent”) and BofA Securities, Inc., as sole lead arranger and sole book manager. The Borrower is a wholly owned subsidiary of ORCIC BC 9 LLC, a Delaware limited liability company (the “Collateral Manager”) and the Collateral Manager is a wholly owned subsidiary of Owl Rock Core Income Corp., a Maryland corporation (the “Company,” “we” or “us”). The proceeds of the loans under the Credit Agreement are to be used for, subject to certain restrictions, acquiring and funding collateral assets, payment of government fees and administrative expenses, the funding of certain accounts and making distributions, contributions and investments.

The maximum principal amount of the revolving loans under the Credit Agreement is $400 million, which can be drawn and redrawn subject to certain conditions, including the borrowing base, which is determined on the basis of the value of the assets from time to time, and an advance rate, for a period of up to three years (less 30 days) after the Closing Date unless the commitments are terminated sooner, as provided in the Credit Agreement. The loans under the Credit Agreement will mature on August 25, 2025 (the “Stated Maturity Date”) and may be accelerated upon the occurrence of an event of default.

All loans under the Credit Agreement may be prepaid and reborrowed without penalty or premium at any time, subject to certain restrictions. A make-whole fee is due in connection with any reduction or termination of any portion of the commitments under the Credit Agreement within 18 months of the Closing Date. The outstanding principal balance, interest and all other amounts outstanding for all loans are due and payable on the Stated Maturity Date.

The interest rate on outstanding loans under the Credit Agreement is, at the option of the Borrower, (A) Term SOFR (which is the one month Term SOFR Screen Rate plus the Applicable Margin or (B) Base Rate (which is the highest of (i) the Federal Funds rate plus 0.50%, (ii) the Prime Rate in effect for such day, (iii) Term SOFR plus 1.00%, and (iv) 1.00%) plus the Applicable Margin, and in each case, subject to interest rate floors set forth in the Credit Agreement. The “Applicable Margin” is 1.45%. Liabilities under the Credit Agreement are limited recourse to the Borrower. The Borrower is required to pay a quarterly commitment fee ranging from 0.25% to 1.45%, based on the daily amount of the undrawn portion of the commitments under the Credit Agreement. The commitment fee will initially be set at 0.25%. The Borrower shall pay the Administrative Agent a customary fee as well as other customary closing fees.
The Credit Agreement contains customary affirmative and negative covenants, including covenants limiting the ability of the Borrower to, among other things, grant liens, incur incremental indebtedness, effect certain mergers, make investments, dispose of assets, pay dividends or distributions on capital stock and enter into transactions with affiliates, in each case subject to customary exceptions.

The Credit Agreement contains customary events of default (with customary grace periods, as applicable), including payment defaults, breaches of covenants, defaults under the related loan documentation, material misstatements, insolvency events, judgement defaults, the invalidity of the Credit Agreement or the related loan documents and certain events related to plans subject to the Employee Retirement Income Security Act of 1974, as amended.

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Pursuant to the Security Agreement (as defined below), the obligations of the Borrower under the Credit Agreement are secured by a perfected first priority security interest in all of the assets of the Borrower and on any payments received by the Borrower in respect of such assets. Assets pledged to the Lenders will not be available to pay the Company’s obligations.

In connection with the Credit Agreement, the Borrower (a) entered into a security agreement dated as of the Closing Date (the “Security Agreement”) among the Borrower and the Administrative Agent, pursuant to which the Borrower granted to the Administrative Agent a first priority lien on all of the collateral assets of the Borrower, (b) entered into a collateral management agreement among the Borrower and the Collateral Manager, pursuant to which the Collateral Manager provides collateral management services to the Borrower with respect to the collateral assets and (c) entered into a master sale and participation agreement among the Borrower and the Company, pursuant to which the Borrower intends to purchase from the Company participation interests in certain collateral assets (in anticipation of elevating such interests into assignments after the closing date) that, upon such purchase, will become collateral under the Credit Agreement and will be subject to the first priority lien granted by the Borrower pursuant to the Security Agreement.

Borrowings of ORCIC JV WH are considered our borrowings for purposes of complying with the asset coverage requirements under the Investment Company Act of 1940, as amended.


SPV Asset Facility I


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


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


From time to time, we expect to sell and contribute certain investments to Core Income Funding I pursuant to a Sale and Contribution Agreement by and between us and Core Income Funding I. 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 Core Income Funding I, including the purchase of such assets from us. We retain a residual interest in assets contributed to or acquired by Core Income Funding I through itsour ownership of Core Income Funding I. The maximum principal amount of the Credit Facility is $550 million; the availability of this amount is subject to an overcollateralization ratio test, which is based on the value of Core Income Funding I’s assets from time to time, and satisfaction of certain conditions, including an interest coverage ratio test, certain concentration limits and collateral quality tests.


The SPV Asset Facility I provides for the ability to (1) draw term loans and (2) draw and redraw revolving loans under the SPV Asset Facility I for a period of up to two years after the SPV Asset Facility I Closing Date unless the revolving commitments are terminated or converted to term loans 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 September 16, 2031 (the “SPV Asset Facility IStated Maturity”). Prior to the SPV Asset Facility I Stated Maturity, proceeds received by Core Income Funding I from principal and interest, dividends, or fees on assets must be used to pay fees, expenses and interest on outstanding borrowings, and the excess may be returned to us, subject to certain conditions. On the SPV Asset Facility I Stated Maturity, Core Income Funding I must pay in full all outstanding fees and expenses and all principal and interest on outstanding borrowings, and the excess may be returned to us.


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

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


SPV Asset Facility II


On October 5, 2021 (the"SPV Asset Facility II Closing Date"), Core Income Funding II LLC (“Core Income Funding II”), a Delaware limited liability company and our newly formed subsidiary entered into a loan and financing and servicing agreement (as amended through the date here of, the “SPV Asset Facility II”), with Core Income Funding II, as borrower, us, as equityholder and service provider, the lenders from time to time parties thereto (the "SPV Asset Facility II Lenders"), Deutsche Bank AG, New York Branch, as Facility Agent, State Street Bank and Trust Company, as collateral agent, and Alter Domus (US) LLC as collateral custodian.


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


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


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


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


On May 3, 2022, the parties to the SPV Asset Facility II amended certain terms of the facility including, among other changes, increasing the Facility Amount from $1.275 billion to $1.65 billion and adding two additional lenders.


On July 11, 2022, the parties to the SPV Asset Facility II entered into a joinder agreement increasing the Facility Amount from $1.65 billion to $1.69 billion and adding an additional lender.


On August 1, 2022, the parties to the SPV Asset Facility II entered into joinder agreements and amended certain terms of the facility including, among other changes, increasing the Facility Amount from $1.69 billion to $1.8 billion and adding additional lenders.


From time to time, we expect to sell and contribute certain loan assets to Core Income Funding II pursuant to a Sale and Contribution Agreement by and between us and Core Income Funding II. No gain or loss will be recognized as a result of the contribution. Proceeds from the SPV Asset Facility II will be used to finance the origination and acquisition of eligible assets by Core Income Funding II, including the purchase of such assets from us. We retain a residual interest in assets contributed to or acquired by Core Income Funding II through our ownership of Core Income Funding II. The maximum principal amount of the SPV Asset Facility II is $1.8 billion; the availability of this amount is subject to the borrowing base, which is determined on the basis of the value and types of Core Income Funding II’s assets from time to time, and satisfaction of certain conditions, including interest spread and weighted average coupon tests, certain concentration limits and collateral quality tests.


The SPV Asset Facility II provides for the ability to borrow, reborrow, repay and prepay advances under the SPV Asset Facility II for a period of up to three years after the SPV Asset Facility II Closing Date unless such period is extended or accelerated under the terms of the SPV Asset Facility II (the “Revolving Period”). Unless otherwise extended, accelerated or terminated under the terms of the SPV Asset Facility II, the SPV Asset Facility II will mature on the date that is two years after the last day of the Revolving Period (the “Facility Termination Date”). Prior to the Facility Termination Date, proceeds received by Core Income Funding II from principal and interest, dividends, or fees on assets must be used to pay fees, expenses and interest on outstanding advances, and the excess may be returned to us, subject to certain conditions. On the Facility Termination Date, Core Income Funding II must pay in full all outstanding fees and expenses and all principal and interest on outstanding advances, and the excess may be returned to us.


Amounts drawn under the SPV Asset Facility II bear interest at Term SOFR (or, in the case of certain SPV Asset Facility II Lenders that are commercial paper conduits, the lower of (a) their cost of funds and (b) Term SOFR, such Term SOFR not to be lower than zero) plus a spread equal to 2.00% per annum, which spread will increase (a) on and after the end of the Revolving Period by 0.15% per annum if
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no event of default has occurred and (b) by 2.00% per annum upon the occurrence of an event of default (such spread, the “Applicable Margin”). Term SOFR may be replaced as a base rate under certain circumstances. During the Revolving Period, Core Income Funding II will pay an undrawn fee ranging from 0.00% to 0.25% per annum on the undrawn amount, if any, of
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the revolving commitments in the SPV Asset Facility. During the Revolving Period, if the undrawn commitments are in excess of a certain portion (initially 12.5% and increasing in stages to 25%, 50% and 75%) of the total commitments under the SPV Asset Facility II, Core Income Funding II will also pay a make-whole fee equal to the Applicable Margin multiplied by such excess undrawn commitment amount, reduced by the undrawn fee payable on such excess. Core Income Funding II will also pay Deutsche Bank AG, New York Branch, certain fees (and reimburse certain expenses) in connection with its role as facility agent. The SPV Asset Facility II contains customary covenants, including certain financial maintenance covenants, limitations on the activities of Core Income Funding II, including limitations on incurrence of incremental indebtedness, and customary events of default. The SPV Asset Facility II is secured by a perfected first priority security interest in the assets of Core Income Funding II and on any payments received by Core Income Funding II in respect of those assets. Assets pledged to the SPV Asset Facility II Lenders will not be available to pay our debts.


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


SPV Asset Facility III


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


From time to time, we expect to sell and contribute certain investments to Core Income Funding III pursuant to a Sale and Contribution Agreement, dated as of the SPV Asset Facility III Closing Date, by and between the Company and Core Income Funding III. No gain or loss will be recognized as a result of the contribution. Proceeds from the SPV Asset Facility III will be used to finance the origination and acquisition of eligible assets by Core Income Funding III, including the purchase of such assets from the Company. We retain a residual interest in assets contributed to or acquired by Core Income Funding III through the Company’sour ownership of OCoreCore Income Funding III. The maximum principal amount of the SPV Asset Facility III is $750 million, which can be drawn in multiple currencies subject to certain conditions; the availability of this amount is subject to the borrowing base, which is determined on the basis of the value and types of Core Income Funding III’s assets from time to time, and satisfaction of certain conditions, including certain portfolio criteria.


The SPV Asset Facility III provides for the ability to draw and redraw revolving loans under the SPV Asset Facility III for a period of up to three years after the SPV Asset Facility III Closing Date unless the commitments are terminated sooner as provided in the SPV Asset Facility III (the “SPV Asset Facility III Commitment Termination Date”). Unless otherwise terminated, the SPV Asset Facility III will mature on March 24, 2027 (the “SPV Asset Facility III Stated Maturity”). To the extent the commitments are terminated or permanently reduced during the first two years following the SPV Asset Facility III Closing Date, Core Income Funding III may owe a prepayment penalty. Prior to the SPV Asset Facility III Stated Maturity, proceeds received by Core Income Funding III 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 III Stated Maturity, Core Income Funding III 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 are benchmarked to Daily SOFR, amounts drawn in British pounds are benchmarked to SONIA plus an adjustment of 0.11930%, amounts drawn in Canadian dollars are benchmarked to CDOR, and amounts drawn in Euros are benchmarked to EURIBOR, and in each case plus a spread equal to the Applicable Margin. The “Applicable Margin” ranges from 1.60% to 2.10% depending on the composition of the collateral. The SPV Asset Facility III also allows for amounts drawn in U.S. dollars to bear interest at an alternate base rate without a spread.


From the SPV Asset Facility III Closing Date to the SPV Asset Facility III Commitment Termination Date, there is a commitment fee, calculated on a daily basis, ranging from 0.25% to 1.25% on the undrawn amount under the SPV Asset Facility III. The SPV Asset Facility III contains customary covenants, including certain limitations on the activities of Core Income Funding III, including limitations on incurrence of incremental indebtedness, and customary events of default. The SPV Asset Facility III is secured by a perfected first priority security interest in the assets of Core Income Funding III and on any payments received by Core Income
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Funding III in respect of those assets. Assets pledged to the lenders under the SPV Asset Facility III Lenders will not be available to pay our debts.


Borrowings of Core Income Funding III are considered our borrowings for purposes of complying with the asset coverage requirements under the 1940 Act.


SPV Asset Facility IV

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


From time to time, we expect to sell and contribute certain investments to Core Income Funding IV pursuant to a Sale and Contribution Agreement, dated as of the SPV Asset Facility IV Closing Date, by and between us and Core Income Funding IV. No gain or loss will be recognized as a result of the contribution. Proceeds from the SPV Facility IV will be used to finance the origination and acquisition of eligible assets by Core Income Funding IV, including the purchase of such assets from us. We retain a residual interest in assets contributed to or acquired by Core Income Funding IV through itsour ownership of Core Income Funding IV. The maximum principal amount of the SPV Facility IV is $500 million; the availability of this amount is subject to an overcollateralization ratio test, which is based on the value of Core Income Funding IV’s assets from time to time, and satisfaction of certain conditions, including an interest coverage ratio test, certain concentration limits and collateral quality tests.


The SPV Facility IV provides for the ability to (1) draw term loans and (2) draw and redraw revolving loans under the SPV Facility IV for a period of up to three years after the SPV Facility IV Closing Date unless the revolving commitments are terminated or converted to term loans sooner as provided in the SPV Facility IV (the “SPV Facility IV Commitment Termination Date”). Unless otherwise terminated, the SPV Facility IV will mature on March 16, 2033 (the “SPV Facility IV Stated Maturity”). Prior to the SPV Facility IV Stated Maturity, proceeds received by Core Income Funding IV from principal and interest, dividends, or fees on assets must be used to pay fees, expenses and interest on outstanding borrowings, and the excess may be returned to us, subject to certain conditions. On the SPV Facility IV Stated Maturity, Core Income Funding IV must pay in full all outstanding fees and expenses and all principal and interest on outstanding borrowings, and the excess may be returned to us.


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


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


SPV Asset Facility V

On March 9, 2023 (the “SPV Facility V Closing Date”), Core Income Funding V LLC (“Core Income Funding V”), a Delaware limited liability company and our newly formed subsidiary, entered into a loan and security agreement (the “SPV Asset Facility V”), with Core Income Funding V, as Borrower, us, as Servicer and Equityholder, the lenders from time to time parties thereto (the “SPV Asset Facility V Lenders”), Wells Fargo Bank, National Association, as Administrative Agent, State Street Bank and Trust Company, as Collateral Agent, and Alter Domus (US) LLC as Collateral Custodian.

From time to time, we expect to sell and contribute certain loan assets to Core Income Funding V pursuant to a Sale and Contribution Agreement, dated as of the SPV Facility V Closing Date, by and between us and Core Income Funding V. No gain or loss will be recognized as a result of the contribution. Proceeds from the SPV Facility V will be used to finance the origination and acquisition of eligible assets by Core Income Funding V, including the purchase of such assets from us. We retain a residual interest in assets contributed to or acquired by Core Income Funding V through our ownership of Core Income Funding V. The maximum principal amount of the SPV Facility V is $300 million; the availability of this amount is subject to a borrowing base test, which is based on the value of Core Income Funding V’s assets from time to time, and satisfaction of certain conditions, including certain concentration limits and other portfolio tests.

The SPV Facility V provides for the ability to borrow, reborrow, repay and prepay advances under the SPV Facility V for a period of up to three years after the SPV Facility V Closing Date unless such period is extended or accelerated under the terms of the SPV Facility V (the “SPV Facility V Reinvestment Period”). Unless otherwise extended, accelerated or terminated under the terms of the SPV Facility V, the SPV Facility V will mature on the date that is two years after the last day of the SPV Facility V Reinvestment
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Period (the “SPV Facility V Maturity Date”). Prior to the SPV Facility V Maturity Date, proceeds received by Core Income Funding V from principal and interest, dividends, or fees on assets must be used to pay fees, expenses and interest on outstanding advances, and the excess may be returned to us, subject to certain conditions. On the SPV Facility V Maturity Date, Core Income Funding V must pay in full all outstanding fees and expenses and all principal and interest on outstanding advances, and the excess may be returned to us.

Amounts drawn bear interest at Daily Simple SOFR plus a spread equal to 2.70% per annum, which spread will increase by 2.00% per annum upon the occurrence and during the existence of an event of default or following the SPV Facility V Termination Date (such spread, the “SPV Facility V Applicable Spread”). Daily Simple SOFR may be replaced as a base rate under certain circumstances. During the SPV Facility V Reinvestment Period, Core Income Funding V will pay an undrawn fee ranging from 0.25% to 0.50% per annum on the undrawn amount, if any, of the revolving commitments in the SPV Facility V that are not subject to the separate, higher fee described below. On and after the six-month anniversary of the SPV Facility V Closing Date and during the SPV Facility V Reinvestment Period, if the undrawn commitments are in excess of a certain portion (initially 50% and decreasing to 30%) of the total commitments under the SPV Facility V, such portion will not be subject to the undrawn fee described above, but Core Income Funding V will pay a separate fee on this portion of the undrawn commitments equal to 1.50% multiplied by such excess undrawn commitment amount over 50% or 30% of the total commitments, as applicable. The SPV Facility V contains customary covenants, including certain financial maintenance covenants, limitations on the activities of Core Income Funding V, including limitations on incurrence of incremental indebtedness, and customary events of default. The SPV Facility V is secured by a perfected first priority security interest in the assets of Core Income Funding V and on any payments received by Core Income Funding V in respect of those assets. Assets pledged to the Lenders will not be available to pay our debts.

Borrowings of Core Income Funding V are considered our borrowings for purposes of complying with the asset coverage requirements under the 1940 Act.

CLOs

CLO VIII

On October 21, 2022 (the “CLO VIII Closing Date”), we completed a $391.675 million term debt securitization transaction (the “CLO VIII Transaction”), also known as a collateralized loan obligation transaction, which is a form of secured financing incurred by us. The secured notes and preferred shares issued in the CLO VIII Transaction and the secured loan borrowed in the CLO VIII Transaction were issued and incurred, as applicable, by our consolidated subsidiary Owl Rock CLO VIII, LLC, a limited liability organized under the laws of the State of Delaware (the “CLO VIII Issuer”) and are backed by a portfolio of collateral obligations consisting of middle market loans and participation interests in middle market loans as well as by other assets of the CLO VIII Issuer.

The CLO VIII Transaction was executed by (A) the issuance of the following classes of notes and preferred shares pursuant to an indenture and security agreement dated as of the CLO VIII Closing Date (the “CLO VIII Indenture”), by and among the CLO VIII Issuer and State Street Bank and Trust Company: (i) $152 million of AAA(sf) Class A-T Notes, which bear interest at three-month term SOFR plus 2.50%, (ii) $46 million of AAA(sf) Class A-F Notes, which bear interest at 6.02%, (iii) $32 million of AA(sf) Class B Notes, which bear interest at three-month term SOFR plus 3.50% and (iv) $30 million of A(sf) Class C Notes, which bear interest at 4.90% (together, the “CLO VIII Secured Notes”) and (B) the borrowing by the CLO VIII Issuer of $30 million under floating rate Class A-L loans (the “Class A-L Loans” and together with the CLO VIII Secured Notes, the “CLO VIII Debt”). The Class A-L Loans bear interest at three-month term SOFR plus 2.50%. The Class A-L Loans were borrowed under a loan agreement (the “A-L Loan Agreement”), dated as of the CLO VIII Closing Date, by and among the CLO VIII Issuer, as borrower, various financial institutions, as lenders, and State Street Bank and Trust Company, as collateral trustee and loan agent. The CLO VIII Debt is secured by middle market loans, participation interests in middle market loans and other assets of the CLO VIII Issuer. The CLO VIII Debt is scheduled to mature on November 20, 2034. The CLO VIII Secured Notes were privately placed by Natixis Securities Americas LLC as placement agent.

Concurrently with the issuance of the CLO VIII Secured Notes and the borrowing under the Class A-L Loans, the CLO VIII Issuer issued approximately $101.675 million of subordinated securities in the form of 101,675 preferred shares at an issue price of U.S.$1,000 per share (the “CLO VIII Preferred Shares”). The CLO VIII Preferred Shares were issued by the CLO VIII Issuer as part of its issued share capital and are not secured by the collateral securing the CLO VIII Debt. We purchased all of the CLO VIII Preferred Shares. We act as retention holder in connection with the CLO VIII Transaction for the purposes of satisfying certain U.S. and European Union regulations requiring sponsors of securitization transactions to retain exposure to the performance of the securitized assets and as such is required to retain a portion of the CLO VIII Preferred Shares.

As part of the CLO VIII Transaction, we entered into a loan sale agreement with the CLO VIII Issuer dated as of the CLO VIII Closing Date, which provided for the sale and contribution of approximately $143.098 million funded par amount of middle market loans from us to the CLO VIII Issuer on the CLO VIII Closing Date and for future sales from us to the CLO VIII Issuer on an ongoing
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basis. Such loans constituted part of the initial portfolio of assets securing the CLO VIII Debt. The remainder of the initial portfolio assets securing the CLO VIII Debt consisted of approximately $113.025 million funded par amount of middle market loans purchased by the CLO VIII Issuer from Core Income Funding I LLC, our wholly-owned subsidiary, under an additional loan sale agreement executed on the CLO VIII Closing Date between the CLO VIII Issuer and Core Income Funding I LLC. We and Core Income Funding I LLC each made customary representations, warranties, and covenants to the CLO VIII Issuer under the applicable loan sale agreement.

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

The CLO VIII Debt is the secured obligation of the CLO VIII Issuer, and the CLO VIII Indenture, the A-L Loan Agreement each include customary covenants and events of default. The CLO VIII Secured Notes have not been registered under the Securities Act of 1933, as amended (the “Securities Act”), or any state securities (e.g., “blue sky”) laws, and may not be offered or sold in the United States absent registration with the Securities and Exchange Commission or pursuant to an applicable exemption from such registration.

The Adviser will serve as collateral manager for the CLO VIII Issuer under a collateral management agreement dated as of the CLO VIII Closing Date. The Adviser is entitled to receive fees for providing these services. The Adviser has waived its right to receive such fees but may rescind such waiver at any time; provided, however, that if the Adviser rescinds such waiver, the management fee payable to Adviser pursuant to the Amended and Restated Investment Advisory Agreement, dated May 18, 2021, between the Adviser and us will be offset by the amount of the collateral management fee attributable to the CLO VIII Issuer’s equity or notes owned by us.

Unsecured Notes


On November 30, 2022, we entered into an agreement of removal, appointment and acceptance (the “Tripartite Agreement”), with Computershare Trust Company, N.A., as successor to Wells Fargo Bank, National Association (the “Retiring Trustee”) and Trust Bank (the “Successor Trustee”), with respect to the Indenture, dated September 23, 2021 between us and the Retiring Trustee (the “Base Indenture”), the first supplemental indenture, dated September 23, 2021 (the “First Supplemental Indenture”) between us and the Retiring Trustee, the second supplemental indenture, dated February 8, 2022 (the “Second Supplemental Indenture”) between us and the Retiring Trustee, the third supplemental indenture, dated March 29, 2022 (the “Third Supplemental Indenture”) between us and the Retiring Trustee, and the Fourth Supplemental Indenture, dated September 16, 2022 (the “Fourth Supplemental Indenture” and together with the Base Indenture, the First Supplemental Indenture, the Second Supplemental Indenture and the Third Supplemental Indenture, the “Indenture”) between us and the Retiring Trustee.

The Tripartite Agreement provided that, effective as of the date thereof, (1) the Retiring Trustee assigns, transfers, delivers and confirms to the Successor Trustee all of its rights, title and interest under the Indenture and all of the rights, power, trusts and duties as trustee, security registrar, paying agent, authenticating agent and depositary custodian under the Indenture; and (2) the Successor Trustee accepts its appointment successor trustee, security registrar, paying agent, authenticating agent and depositary custodian under the Indenture, and accepts the rights, indemnities, protections, powers, trust and duties of or afforded to Retiring Trustee as trustee, security registrar, paying agent, authenticating agent and depositary custodian under the Indenture. The Successor Trustee’s appointment in its capacities as paying agent and security registrar became effective on December 14, 2022.

September 2026 Notes


On September 21,23, 2021, we issued $350 million aggregate principal amount of 3.125% notes due 2026 (the “September 2026 Notes”) in a private placement in reliance on Section 4(a)(2) of the Securities Act, of 1933, as amended (the “Securities Act”), and for initial resale to qualified institutional buyers pursuant to the exemption from registration provided by Rule 144A promulgated under the Securities Act. The September 2026 Notes have not been registered under the Securities Act and may not be offered or sold in the United States absent registration or an applicable exemption from registration.


The September 2026 Notes were issued pursuant to anthe Base Indenture, dated as of September 23, 2021 (the “Base Indenture”), between us and Computershare Trust Company, N.A., as successor to Wells Fargo Bank, National Association, as trustee (the “Trustee”), and athe First Supplemental Indenture dated as of September 23, 2021 (the “First Supplemental Indenture” and together with the Base
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Indenture,(together, the “September 2026 Indenture”), between us and the Trustee.. The September 2026 Notes will mature on September 23, 2026 and may be redeemed in whole or in part at our option at any time or from time to time at the redemption prices set forth in the September 2026 Indenture. The September 2026 Notes initially bear interest at a rate of 3.125% per year payable semi-annually on March 23 and September 23 of each year, commencing on March 23, 2022. Concurrent with the issuance of the September 2026 Notes, we entered into a Registration Rights (the "September 2026 Registration Rights Agreement") Agreement for the benefit of the purchasers of the September 2026 Notes. Pursuant to the September 2026 Registration Rights Agreement, we are obligated to file a registration statement with the SEC with respect to an offer to exchange the September 2026 Notes for a new issue of debt securities registered under the Securities Act with
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terms substantially identical to those of the September 2026 Notes (except for provisions relating to transfer restrictions and payment of additional interest) and to use 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 September 2026 Notes. If we fail to satisfy our registration obligations under the September 2026 Registration Rights Agreement, we will be required to pay additional interest to the holders of the September 2026 Notes. The Company filed a registration statement with the SEC and, on July 25, 2022, commenced an offer to exchange the September 2026 Notes for newly issuer registered notes with substantially similar terms, which expired on August 23, 2022.2022 and was completed promptly thereafter.


The September 2026 Notes are our direct, general unsecured obligations and 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 September 2026 Notes. The September 2026 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 September 2026 Notes rank effectively subordinated, or junior, to any of the our 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 September 2026 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 September 2026 Indenture contains certain covenants, including covenants requiring us to (i) comply with the asset coverage requirements of the 1940 Act, whether or not it is subject to those requirements, and (ii) provide financial information to the holders of the September 2026 Notes and the Successor Trustee if we are no longer subject to the reporting requirements under the Exchange Act. These covenants are subject to important limitations and exceptions that are described in the September 2026 Indenture.


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


February 2027 Notes


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


The February 2027 Notes were issued pursuant to the Base Indenture and athe Second Supplemental Indenture dated as of February 8, 2022 (the “Second Supplemental Indenture” and together with the Base Indenture,(together, the “February 2027 Indenture”), between us and the Trustee.. The February 2027 Notes will mature on February 8, 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 February 2027 Indenture. The February 2027 Notes initially bear interest at a rate of 4.70% per year payable semi-annually on February 8 and August 8 of each year, commencing on August 8, 2022. Concurrent with the issuance of the February 2027 Notes we entered into a Registration Rights Agreement (the “February 2027 Registration Rights Agreement”) for the benefit of the purchasers of the February 2027 Notes. Pursuant to the February 2027 Registration Rights Agreement we are obligated to file a registration statement with the SEC with respect to an offer to exchange the February 2027 Notes for a new issue of debt securities registered under the Securities Act with terms substantially identical to those of the February 2027 Notes (except for provisions relating to transfer restrictions and payment of additional interest) and to use its commercially reasonable efforts to consummate such exchange offer on the earliest practicable date after the registration statement has been declared effective but in no event later than 365 days after the initial issuance of the February 2027 Notes. If we fail to satisfy its registration obligations under the February 2027 Registration Rights Agreement, we will be required to pay additional interest to the holders of the February 2027 Notes. The Company filed a registration statement with the SEC and, on July 25, 2022, commenced an offer to exchange the February 2027 Notes for newly issuer registered notes with substantially similar terms, which expired on August 23, 2022.2022 and was completed promptly thereafter.

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


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


March 2025 Notes


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


The March 2025 Notes were issued pursuant to the Base Indenture and athe Third Supplemental Indenture dated as of March 29, 2022 (the “Third Supplemental Indenture” and together with the Base Indenture,(together, the “March 2025 Indenture”), between us and the Trustee.. The March 2025 Notes will mature on March 21, 2025 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 March 2025 Indenture. The March 2025 Notes bear interest at a rate of 5.500% per year payable semi-annually on March 21 and September 21 of each year, commencing on September 21, 2022. Concurrent with the issuance of the March 2025 Notes,we in connection with the offering, we entered into a Registration Rights Agreement, dated as of March 29, 2022 (the “March 2025 Registration Rights Agreement”), for the benefit of the purchasers of the March 2025 Notes. Pursuant to the March 2025 Registration Rights Agreement, we are obligated to file with the SEC a registration statement with respect to an offer to exchange the March 2025 Notes for a new issue of debt securities registered under the Securities Act with terms substantially identical to those of the March 2025 Notes (except for provisions relating to transfer restrictions and payment of additional interest) and to use its commercially reasonable efforts to consummate such exchange offer on the earliest practicable date after the registration statement has been declared effective but in no event later than 365 days after the initial issuance of the March 2025 Notes. If we fail to satisfy its registration obligations under the March 2025 Registration Rights Agreement, we will be required to pay additional interest to the holders of the March 2025 Notes. The Company filed a registration statement with the SEC and, on July 25, 2022, commenced an offer to exchange the March 2025 Notes for newly issuer registered notes with substantially similar terms, which expired on August 23, 2022.2022 and was completed promptly thereafter.


The March 2025 Notes are our direct, general unsecured obligations and 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 March 2025 Notes. The March 2025 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 to the March 2025 Notes. The March 2025 Notes rank effectively subordinated, or junior, to any of the Company’s future secured indebtedness or other obligations (including unsecured indebtedness that we secures) to the extent of the value of the assets securing such indebtedness. The March 2025 Notes rank structurally subordinated, or junior, to all existing and future indebtedness and other obligations (including trade payables) incurred by our subsidiaries, financing vehicles or similar facilities.


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


September 2027 Notes


On September 16, 2022, we issued $600 million aggregate principal amount of 7.750% notes due 2027 (the “September 2027 Notes”) in a private placement in reliance on Section 4(a)(2) of the Securities Act, and for initial resale to qualified institutional buyers pursuant to the exemption from registration provided by Rule 144A promulgated under the Securities Act. The September 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 September 2027 Notes were issued pursuant to the Base Indenture and athe Fourth Supplemental Indenture dated as of September 16, 2022 (the “Fourth Supplemental Indenture” and together with the Base Indenture,(together, the “September 2027 Indenture”), between us and the Trustee.. The September 2027 Notes will mature on September 16, 2027 and may be redeemed in whole or in
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part at our option at any time or from time to time at the redemption prices set forth in the September 2027 Indenture. The September 2027 Notes bear interest at a rate of 7.750% per year payable semi-annually on March 16 and September 16 of each year, commencing on March 16, 2023. Concurrent with the issuance of the September 2027 Notes, we entered into a Registration Rights Agreement (the “September 2027 Registration Rights Agreement”) for the benefit of the purchasers of the September 2027 Notes. Pursuant to the September 2027 Registration Rights Agreement, we are obligated to file a registration statement with the SEC with respect to an offer to exchange the September 2027 Notes for a new issue of debt securities registered under the Securities Act with terms substantially identical to those of the September 2027 Notes (except for provisions relating to transfer restrictions and payment of additional interest) and to use its commercially reasonable efforts to consummate such exchange offer on the earliest practicable date after the registration statement has been declared effective but in no event later than 365 days after the initial issuance of the September 2027 Notes. If we fail to satisfy its registration obligations under the September 2027 Registration Rights Agreement, we will be required to pay additional interest to the holders of the September 2027 Notes.


The September 2027 Notes are our direct, general unsecured obligations and 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 September 2027 Notes. The September 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 to the September 2027 Notes. The September 2027 Notes rank effectively subordinated, or junior, to any of our 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 September 2027 Notes will rank structurally subordinated, or junior, to all existing and future indebtedness and other obligations (including trade payables) incurred by [our/the Company’s]our subsidiaries, financing vehicles or similar facilities.


The September 2027 Indenture contains certain covenants, including covenants requiring [us/the Company]us to (i) comply with Section 18(a)(1)(A) of the 1940 Act whether or not it is subject to those requirements, and (ii) provide financial information to the holders of the September 2027 Notes and the Successor Trustee if we are no longer subject to the reporting requirements under the Exchange Act. These covenants are subject to important limitations and exceptions that are described in the September 2027 Indenture.


In addition, if a change of control repurchase event, as defined in the Indenture, occurs prior to maturity, holders of the September 2027 Notes will have the right, at their option, to require us to repurchase for cash some or all of the September 2027 Notes at a repurchase price equal to 100% of the aggregate principal amount of the September 2027 Notes being repurchased, plus accrued and unpaid interest to, but not including, the repurchase date.



In connection with the issuance of the September 2027 Notes, on October 18, 2022 we entered into centrally cleared interest rate swaps. The notional amount of the interest rate swaps is $600.0 million. We will receive fixed rate interest at 7.750% and pay variable rate interest based on SOFR plus 3.84%. The interest rate swaps mature on September 16, 2027. For the year ended December 31, 2022, we did not make any payments. The interest expense related to the September 2027 Notes is equally offset by the proceeds received from the interest rate swaps. The swap adjusted interest expense is included as a component of interest expense on our Consolidated Statements of Operations. As of March 31, 2023, the interest rate swap had a fair value of $1.1 million. As of December 31, 2022, the interest rate swap had a fair value of $0.4 million. Depending on the nature of the balance at period end, the fair value of the interest rate swap is either included as a component of accrued expenses and other liabilities or prepaid expenses and other assets on our Consolidated Statements of Assets and Liabilities. The change in fair value of the interest rate swap is offset by the change in fair value of the September 2027 Notes, with the remaining difference included as a component of interest expense on the Consolidated Statements of Operations. For further details, see “ITEM 1. – Notes to Consolidated Financial Statements – Note 6. Debt.”

Off-Balance Sheet Arrangements


Portfolio Company Commitments


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


Portfolio CompanyInvestmentSeptember 30, 2022December 31, 2021
($ in thousands)
ABB/Con-cise Optical Group LLCFirst lien senior secured revolving loan$259 $— 
Portfolio CompanyInvestmentMarch 31, 2023December 31, 2022
($ in thousands)
AAM Series 1.1 Rail and Domestic Intermodal Feeder, LLCLLC Interest$40,965 $45,000 
AAM Series 2.1 Aviation Feeder, LLCLLC Interest42,832 43,432 
ABB/Con-cise Optical Group LLCFirst lien senior secured revolving loan185 186 
123149



Portfolio CompanyPortfolio CompanyInvestmentSeptember 30, 2022December 31, 2021Portfolio CompanyInvestmentMarch 31, 2023December 31, 2022
($ in thousands)($ in thousands)($ in thousands)
ACR Group Borrower, LLCACR Group Borrower, LLCFirst lien senior secured revolving loan511 875 ACR Group Borrower, LLCFirst lien senior secured revolving loan350 537 
Alera Group, Inc.First lien senior secured delayed draw term loan— 47,273 
Alera Group, Inc.First lien senior secured delayed draw term loan11,435 — 
AmeriLife Holdings LLCAmeriLife Holdings LLCFirst lien senior secured revolving loan16,274 — AmeriLife Holdings LLCFirst lien senior secured revolving loan16,273 16,273 
AmeriLife Holdings LLCAmeriLife Holdings LLCFirst lien senior secured delayed draw term loan32,546 — AmeriLife Holdings LLCFirst lien senior secured delayed draw term loan10,848 10,849 
AAM Series 2.1 Aviation Feeder, LLCLLC Interest43,633 — 
AAM Series 1.1 Rail and Domestic Intermodal Feeder, LLCLLC Interest45,000 
Anaplan, Inc.Anaplan, Inc.First lien senior secured revolving loan16,528 — Anaplan, Inc.First lien senior secured revolving loan16,528 16,528 
Apex Group Treasury, LLCSecond lien senior secured delayed draw term loan— 6,618 
Apex Service Partners, LLCFirst lien senior secured delayed draw term loan15,117 — 
Apex Service Partners, LLCApex Service Partners, LLCFirst lien senior secured revolving loan4,600 — Apex Service Partners, LLCFirst lien senior secured revolving loan2,300 1,725 
Appfire Technologies, LLCAppfire Technologies, LLCFirst lien senior secured delayed draw term loan18,368 — Appfire Technologies, LLCFirst lien senior secured revolving loan1,539 1,539 
Appfire Technologies, LLCAppfire Technologies, LLCFirst lien senior secured revolving loan1,501 — Appfire Technologies, LLCFirst lien senior secured delayed draw term loan14,652 16,366 
Armstrong Bidco Ltd. (dba The Access Group)First lien senior secured delayed draw term loan10,376 — 
Armstrong Bidco Limited (dba The Access Group)Armstrong Bidco Limited (dba The Access Group)First lien senior secured delayed draw term loan3,838 3,734 
Ascend Buyer, LLC (dba PPC Flexible Packaging)Ascend Buyer, LLC (dba PPC Flexible Packaging)First lien senior secured revolving loan4,425 4,255 Ascend Buyer, LLC (dba PPC Flexible Packaging)First lien senior secured revolving loan5,106 5,106 
Associations, Inc.Associations, Inc.First lien senior secured revolving loan4,829 4,829 Associations, Inc.First lien senior secured revolving loan4,829 4,829 
Associations, Inc.Associations, Inc.First lien senior secured delayed draw term loan57,236 — Associations, Inc.First lien senior secured delayed draw term loan44,686 56,283 
Athenahealth Group Inc.Athenahealth Group Inc.First lien senior secured delayed draw term loan5,797 — Athenahealth Group Inc.First lien senior secured delayed draw term loan3,631 3,631 
Avalara, Inc.Avalara, Inc.First lien senior secured revolving loan7,045 7,045 
AxiomSL Group, Inc.AxiomSL Group, Inc.First lien senior secured revolving loan2,591 2,591 AxiomSL Group, Inc.First lien senior secured delayed draw term loan2,145 2,145 
AxiomSL Group, Inc.AxiomSL Group, Inc.First lien senior secured delayed draw term loan2,145 2,145 AxiomSL Group, Inc.First lien senior secured revolving loan2,591 2,591 
Bayshore Intermediate #2, L.P. (dba Boomi)Bayshore Intermediate #2, L.P. (dba Boomi)First lien senior secured revolving loan1,593 1,593 Bayshore Intermediate #2, L.P. (dba Boomi)First lien senior secured revolving loan1,274 1,062 
BCPE Osprey Buyer, Inc. (dba PartsSource)BCPE Osprey Buyer, Inc. (dba PartsSource)First lien senior secured delayed draw term loan31,035 31,034 BCPE Osprey Buyer, Inc. (dba PartsSource)First lien senior secured delayed draw term loan31,034 31,034 
BCPE Osprey Buyer, Inc. (dba PartsSource)BCPE Osprey Buyer, Inc. (dba PartsSource)First lien senior secured revolving loan4,655 4,655 BCPE Osprey Buyer, Inc. (dba PartsSource)First lien senior secured revolving loan3,621 4,655 
BCTO BSI Buyer, Inc. (dba Buildertrend)BCTO BSI Buyer, Inc. (dba Buildertrend)First lien senior secured revolving loan161 47 BCTO BSI Buyer, Inc. (dba Buildertrend)First lien senior secured revolving loan161 161 
Brightway Holdings, LLCBrightway Holdings, LLCFirst lien senior secured revolving loan2,105 2,105 Brightway Holdings, LLCFirst lien senior secured revolving loan1,474 2,105 
BW Holding, Inc.First lien senior secured delayed draw term loan— 4,184 
BTRS Holdings Inc. (dba Billtrust)BTRS Holdings Inc. (dba Billtrust)First lien senior secured delayed draw term loan809 917 
BTRS Holdings Inc. (dba Billtrust)BTRS Holdings Inc. (dba Billtrust)First lien senior secured revolving loan998 1,157 
Canadian Hospital Specialties Ltd.Canadian Hospital Specialties Ltd.First lien senior secured delayed draw term loan628 939 Canadian Hospital Specialties Ltd.First lien senior secured delayed draw term loan492 637 
Canadian Hospital Specialties Ltd.Canadian Hospital Specialties Ltd.First lien senior secured revolving loan95 388 Canadian Hospital Specialties Ltd.First lien senior secured revolving loan190 248 
CivicPlus, LLCCivicPlus, LLCFirst lien senior secured revolving loan2,244 2,245 
Community Brands ParentCo, LLCCommunity Brands ParentCo, LLCFirst lien senior secured delayed draw term loan3,750 3,750 
Community Brands ParentCo, LLCCommunity Brands ParentCo, LLCFirst lien senior secured revolving loan1,875 1,875 
CoreTrust Purchasing Group LLCCoreTrust Purchasing Group LLCFirst lien senior secured delayed draw term loan14,183 14,183 
CoreTrust Purchasing Group LLCCoreTrust Purchasing Group LLCFirst lien senior secured revolving loan14,183 14,183 
124150



Portfolio CompanyPortfolio CompanyInvestmentSeptember 30, 2022December 31, 2021Portfolio CompanyInvestmentMarch 31, 2023December 31, 2022
($ in thousands)($ in thousands)($ in thousands)
CFS Brands, LLCFirst lien senior secured delayed draw term loan11,344 — 
Chapford SMA Partnership, L.P.LP Interest8,575 — 
CivicPlus, LLCFirst lien senior secured delayed draw term loan— 4,400 
CivicPlus, LLCFirst lien senior secured revolving loan2,244 880 
Community Brands ParentCo, LLCFirst lien senior secured delayed draw term loan3,750 — 
Community Brands ParentCo, LLCFirst lien senior secured revolving loan1,875 — 
CoreTrust Purchasing Group LLCFirst lien senior secured delayed draw term loan14,183 — 
CoreTrust Purchasing Group LLCFirst lien senior secured revolving loan14,183 — 
Coupa Holdings, LLCCoupa Holdings, LLCFirst lien senior secured revolving loan1,664 — 
Coupa Holdings, LLCCoupa Holdings, LLCFirst lien senior secured delayed draw term loan2,174 — 
Denali BuyerCo, LLC (dba Summit Companies)Denali BuyerCo, LLC (dba Summit Companies)First lien senior secured delayed draw term loan13,317 20,519 Denali BuyerCo, LLC (dba Summit Companies)First lien senior secured delayed draw term loan— 5,712 
Denali BuyerCo, LLC (dba Summit Companies)Denali BuyerCo, LLC (dba Summit Companies)First lien senior secured revolving loan9,963 7,407 Denali BuyerCo, LLC (dba Summit Companies)First lien senior secured revolving loan9,963 9,963 
Dermatology Intermediate Holdings III, IncDermatology Intermediate Holdings III, IncFirst lien senior secured delayed draw term loan2,497 — Dermatology Intermediate Holdings III, IncFirst lien senior secured delayed draw term loan90 278 
Diamondback Acquisition, Inc. (dba Sphera)Diamondback Acquisition, Inc. (dba Sphera)First lien senior secured delayed draw term loan9,553 9,553 Diamondback Acquisition, Inc. (dba Sphera)First lien senior secured delayed draw term loan9,553 9,553 
Dodge Data & Analytics LLCFirst lien senior secured revolving loan— 125 
Disco Parent, Inc. (dba Duck Creek Technologies, Inc.)Disco Parent, Inc. (dba Duck Creek Technologies, Inc.)First lien senior secured revolving loan91 — 
Douglas Products and Packaging Company LLCDouglas Products and Packaging Company LLCFirst lien senior secured revolving loan3,199 3,199 
EET Buyer, Inc. (dba e-Emphasys)EET Buyer, Inc. (dba e-Emphasys)First lien senior secured revolving loan1,955 1,955 EET Buyer, Inc. (dba e-Emphasys)First lien senior secured revolving loan1,955 1,955 
Entertainment Benefits Group, LLCEntertainment Benefits Group, LLCFirst lien senior secured revolving loan11,600 — Entertainment Benefits Group, LLCFirst lien senior secured revolving loan7,733 3,867 
Evolution BuyerCo, Inc. (dba SIAA)Evolution BuyerCo, Inc. (dba SIAA)First lien senior secured delayed draw term loan6,930 10,605 Evolution BuyerCo, Inc. (dba SIAA)First lien senior secured delayed draw term loan200 200 
Evolution BuyerCo, Inc. (dba SIAA)Evolution BuyerCo, Inc. (dba SIAA)First lien senior secured revolving loan676 676 Evolution BuyerCo, Inc. (dba SIAA)First lien senior secured revolving loan676 676 
Formerra, LLCFormerra, LLCFirst lien senior secured delayed draw term loan211 211 
Formerra, LLCFormerra, LLCFirst lien senior secured revolving loan321 526 
Fortis Solutions Group, LLCFortis Solutions Group, LLCFirst lien senior secured delayed draw term loan2,260 19,678 Fortis Solutions Group, LLCFirst lien senior secured delayed draw term loan— 191 
Fortis Solutions Group, LLCFortis Solutions Group, LLCFirst lien senior secured revolving loan6,297 6,747 Fortis Solutions Group, LLCFirst lien senior secured revolving loan5,847 5,848 
Fullsteam Operations, LLCFullsteam Operations, LLCFirst lien senior secured delayed draw term loan54,857 — Fullsteam Operations, LLCFirst lien senior secured delayed draw term loan— 31,894 
Gaylord Chemical Company, L.L.C.Gaylord Chemical Company, L.L.C.First lien senior secured revolving loan791 791 Gaylord Chemical Company, L.L.C.First lien senior secured revolving loan3,182 3,182 
Gaylord Chemical Company, L.L.C.Gaylord Chemical Company, L.L.C.First lien senior secured revolving loan3,182 3,182 Gaylord Chemical Company, L.L.C.First lien senior secured revolving loan791 791 
GI Ranger Intermediate, LLC (dba Rectangle Health)GI Ranger Intermediate, LLC (dba Rectangle Health)First lien senior secured delayed draw term loan— 2,789 GI Ranger Intermediate, LLC (dba Rectangle Health)First lien senior secured delayed draw term loan7,600 7,600 
GI Ranger Intermediate, LLC (dba Rectangle Health)GI Ranger Intermediate, LLC (dba Rectangle Health)First lien senior secured delayed draw term loan10,000 — GI Ranger Intermediate, LLC (dba Rectangle Health)First lien senior secured revolving loan1,506 1,506 
GI Ranger Intermediate, LLC (dba Rectangle Health)First lien senior secured revolving loan1,506 1,673 
Global Music Rights, LLCGlobal Music Rights, LLCFirst lien senior secured revolving loan7,500 7,500 Global Music Rights, LLCFirst lien senior secured revolving loan7,500 7,500 
GovBrands Intermediate, Inc.GovBrands Intermediate, Inc.First lien senior secured delayed draw term loan870 870 GovBrands Intermediate, Inc.First lien senior secured delayed draw term loan870 870 
GovBrands Intermediate, Inc.GovBrands Intermediate, Inc.First lien senior secured revolving loan636 881 GovBrands Intermediate, Inc.First lien senior secured revolving loan88 88 
Granicus, Inc.Granicus, Inc.First lien senior secured revolving loan76 107 
Grayshift, LLCGrayshift, LLCFirst lien senior secured revolving loan2,419 2,419 
HAH Group Holding Company LLC (dba Help at Home)HAH Group Holding Company LLC (dba Help at Home)First lien senior secured delayed draw term loan9,000 — 
Hercules Borrower, LLC (dba The Vincit Group)Hercules Borrower, LLC (dba The Vincit Group)First lien senior secured revolving loan85 86 
Hercules Borrower, LLC (dba The Vincit Group)Hercules Borrower, LLC (dba The Vincit Group)First lien senior secured delayed draw term loan7,059 9,811 
125151



Portfolio CompanyPortfolio CompanyInvestmentSeptember 30, 2022December 31, 2021Portfolio CompanyInvestmentMarch 31, 2023December 31, 2022
($ in thousands)($ in thousands)($ in thousands)
Granicus, Inc.First lien senior secured revolving loan161 161 
Granicus, Inc.First lien senior secured delayed draw term loan136 136 
Grayshift, LLCFirst lien senior secured revolving loan2,419 — 
GS Acquisitionco, Inc. (dba insightsoftware)First lien senior secured delayed draw term loan2,180 5,081 
Guidehouse Inc.First lien senior secured revolving loan— 7,018 
Hercules Borrower, LLC (dba The Vincit Group)First lien senior secured revolving loan85 96 
Hercules Borrower, LLC (dba The Vincit Group)First lien senior secured delayed draw term loan11,002 20,239 
Hissho Sushi Merger Sub LLCHissho Sushi Merger Sub LLCFirst lien senior secured revolving loan8,162 — Hissho Sushi Merger Sub LLCFirst lien senior secured revolving loan8,162 6,996 
Hyperion Refinance S.a.r.l (dba Howden Group)Hyperion Refinance S.a.r.l (dba Howden Group)First lien senior secured delayed draw term loan— 92,823 
Ideal Image Development, LLCIdeal Image Development, LLCFirst lien senior secured delayed draw term loan732 — Ideal Image Development, LLCFirst lien senior secured delayed draw term loan732 732 
Ideal Image Development, LLCIdeal Image Development, LLCFirst lien senior secured revolving loan915 — Ideal Image Development, LLCFirst lien senior secured revolving loan— 915 
IG Investments Holdings, LLC (dba Insight Global)IG Investments Holdings, LLC (dba Insight Global)First lien senior secured revolving loan3,613 1,806 IG Investments Holdings, LLC (dba Insight Global)First lien senior secured revolving loan3,613 2,168 
IMO Investor Holdings, Inc.IMO Investor Holdings, Inc.First lien senior secured delayed draw term loan4,963 — IMO Investor Holdings, Inc.First lien senior secured delayed draw term loan4,963 4,963 
IMO Investor Holdings, Inc.IMO Investor Holdings, Inc.First lien senior secured revolving loan2,184 — IMO Investor Holdings, Inc.First lien senior secured revolving loan1,514 2,010 
Indigo Buyer, Inc. (dba Inovar Packaging Group)Indigo Buyer, Inc. (dba Inovar Packaging Group)First lien senior secured delayed draw term loan31,750 — Indigo Buyer, Inc. (dba Inovar Packaging Group)First lien senior secured delayed draw term loan— 31,750 
Indigo Buyer, Inc. (dba Inovar Packaging Group)Indigo Buyer, Inc. (dba Inovar Packaging Group)First lien senior secured revolving loan10,583 — Indigo Buyer, Inc. (dba Inovar Packaging Group)First lien senior secured revolving loan10,583 10,583 
Individual Foodservice Holdings, LLCIndividual Foodservice Holdings, LLCFirst lien senior secured delayed draw term loan22,995 — Individual Foodservice Holdings, LLCFirst lien senior secured revolving loan83 83 
Individual Foodservice Holdings, LLCIndividual Foodservice Holdings, LLCFirst lien senior secured delayed draw term loan— 14,861 Individual Foodservice Holdings, LLCFirst lien senior secured delayed draw term loan14,393 18,414 
Individual Foodservice Holdings, LLCIndividual Foodservice Holdings, LLCFirst lien senior secured delayed draw term loan— 29 Individual Foodservice Holdings, LLCFirst lien senior secured delayed draw term loan8,048 8,048 
Individual Foodservice Holdings, LLCFirst lien senior secured revolving loan83 80 
Inovalon Holdings, Inc.First lien senior secured delayed draw term loan8,469 8,469 
Intelerad Medical Systems Inc.Intelerad Medical Systems Inc.First lien senior secured revolving loan401 401 Intelerad Medical Systems Inc.First lien senior secured revolving loan— 
Interoperability Bidco, Inc. (dba Lyniate)Interoperability Bidco, Inc. (dba Lyniate)First lien senior secured revolving loan3,478 — Interoperability Bidco, Inc. (dba Lyniate)First lien senior secured revolving loan4,213 1,739 
Kaseya Inc.Kaseya Inc.First lien senior secured delayed draw term loan4,342 — Kaseya Inc.First lien senior secured delayed draw term loan4,342 4,342 
Kaseya Inc.Kaseya Inc.First lien senior secured revolving loan4,342 — Kaseya Inc.First lien senior secured revolving loan4,342 4,342 
KBP Brands, LLCKBP Brands, LLCFirst lien senior secured delayed draw term loan3,416 — KBP Brands, LLCFirst lien senior secured delayed draw term loan743 743 
KPSKY Acquisition, Inc. (dba BluSky)KPSKY Acquisition, Inc. (dba BluSky)First lien senior secured delayed draw term loan16,625 — KPSKY Acquisition, Inc. (dba BluSky)First lien senior secured delayed draw term loan14,488 16,625 
KPSKY Acquisition, Inc. (dba BluSky)First lien senior secured delayed draw term loan— 4,372 
KWOR Acquisition, Inc. (dba Alacrity Solutions)KWOR Acquisition, Inc. (dba Alacrity Solutions)First lien senior secured delayed draw term loan8,748 — KWOR Acquisition, Inc. (dba Alacrity Solutions)First lien senior secured revolving loan1,870 3,415 
KWOR Acquisition, Inc. (dba Alacrity Solutions)KWOR Acquisition, Inc. (dba Alacrity Solutions)First lien senior secured delayed draw term loan8,748 8,748 
Lignetics Investment Corp.Lignetics Investment Corp.First lien senior secured delayed draw term loan— 9,559 
Lignetics Investment Corp.Lignetics Investment Corp.First lien senior secured revolving loan5,353 4,588 
ManTech International CorporationManTech International CorporationFirst lien senior secured delayed draw term loan3,360 3,360 
ManTech International CorporationManTech International CorporationFirst lien senior secured revolving loan1,806 1,806 
Mario Purchaser, LLC (dba Len the Plumber)Mario Purchaser, LLC (dba Len the Plumber)First lien senior secured delayed draw term loan28,401 28,401 
Mario Purchaser, LLC (dba Len the Plumber)Mario Purchaser, LLC (dba Len the Plumber)First lien senior secured revolving loan8,038 8,038 
Medline Borrower, LPMedline Borrower, LPFirst lien senior secured revolving loan2,020 2,020 
MHE Intermediate Holdings, LLC (dba OnPoint Group)MHE Intermediate Holdings, LLC (dba OnPoint Group)First lien senior secured revolving loan3,071 3,071 
Milan Laser Holdings LLCMilan Laser Holdings LLCFirst lien senior secured revolving loan1,765 1,765 
126152



Portfolio CompanyPortfolio CompanyInvestmentSeptember 30, 2022December 31, 2021Portfolio CompanyInvestmentMarch 31, 2023December 31, 2022
($ in thousands)($ in thousands)($ in thousands)
KWOR Acquisition, Inc. (dba Alacrity Solutions)First lien senior secured revolving loan2,424 3,073 
Lignetics Investment Corp.First lien senior secured delayed draw term loan9,559 9,559 
Lignetics Investment Corp.First lien senior secured revolving loan1,338 9,559 
ManTech International CorporationFirst lien senior secured delayed draw term loan3,360 — 
ManTech International CorporationFirst lien senior secured revolving loan1,524 — 
Mario Purchaser, LLC (dba Len the Plumber)First lien senior secured delayed draw term loan28,401 — 
Mario Purchaser, LLC (dba Len the Plumber)First lien senior secured revolving loan8,038 — 
Medline Borrower, LPFirst lien senior secured revolving loan2,020 2,020 
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 loan3,571 3,571 
Milan Laser Holdings LLCFirst lien senior secured revolving loan1,765 1,765 
Ministry Brands Holdings, LLC.Ministry Brands Holdings, LLC.First lien senior secured delayed draw term loan15,819 15,819 Ministry Brands Holdings, LLC.First lien senior secured delayed draw term loan13,822 15,819 
Ministry Brands Holdings, LLC.Ministry Brands Holdings, LLC.First lien senior secured revolving loan4,746 4,746 Ministry Brands Holdings, LLC.First lien senior secured revolving loan3,559 2,373 
Mitnick Corporate Purchaser, Inc.Mitnick Corporate Purchaser, Inc.First lien senior secured revolving loan9,375 — Mitnick Corporate Purchaser, Inc.First lien senior secured revolving loan6,213 8,713 
Natural Partners, LLCNatural Partners, LLCFirst lien senior secured revolving loan5,063 — Natural Partners, LLCFirst lien senior secured revolving loan5,063 5,063 
NMI Acquisitionco, Inc. (dba Network Merchants)NMI Acquisitionco, Inc. (dba Network Merchants)First lien senior secured revolving loan558 558 NMI Acquisitionco, Inc. (dba Network Merchants)First lien senior secured delayed draw term loan1,039 1,039 
NMI Acquisitionco, Inc. (dba Network Merchants)NMI Acquisitionco, Inc. (dba Network Merchants)First lien senior secured delayed draw term loan1,375 1,375 NMI Acquisitionco, Inc. (dba Network Merchants)First lien senior secured revolving loan558 558 
Notorious Topco, LLC (dba Beauty Industry Group)Notorious Topco, LLC (dba Beauty Industry Group)First lien senior secured delayed draw term loan3,521 8,803 Notorious Topco, LLC (dba Beauty Industry Group)First lien senior secured delayed draw term loan3,521 3,521 
Notorious Topco, LLC (dba Beauty Industry Group)Notorious Topco, LLC (dba Beauty Industry Group)First lien senior secured revolving loan5,282 4,401 Notorious Topco, LLC (dba Beauty Industry Group)First lien senior secured revolving loan4,225 4,401 
OAC Holdings I Corp. (dba Omega Holdings)OAC Holdings I Corp. (dba Omega Holdings)First lien senior secured revolving loan1,507 — OAC Holdings I Corp. (dba Omega Holdings)First lien senior secured revolving loan478 1,139 
OB Hospitalist Group, Inc.OB Hospitalist Group, Inc.First lien senior secured revolving loan6,394 7,140 OB Hospitalist Group, Inc.First lien senior secured revolving loan4,902 5,222 
Ocala Bidco, Inc.Ocala Bidco, Inc.First lien senior secured delayed draw term loan8,469 8,469 
Ole Smoky Distillery, LLCOle Smoky Distillery, LLCFirst lien senior secured revolving loan3,302 — Ole Smoky Distillery, LLCFirst lien senior secured revolving loan3,302 3,302 
Oranje Holdco, Inc. (dba KnowBe4)Oranje Holdco, Inc. (dba KnowBe4)First lien senior secured revolving loan10,148 — 
Pacific BidCo Inc.Pacific BidCo Inc.First lien senior secured delayed draw term loan17,905 — Pacific BidCo Inc.First lien senior secured delayed draw term loan17,905 17,906 
Patriot Acquisition TopCo S.A.R.L (dba Corza Health, Inc.)Patriot Acquisition TopCo S.A.R.L (dba Corza Health, Inc.)First lien senior secured revolving loan88 88 Patriot Acquisition TopCo S.A.R.L (dba Corza Health, Inc.)First lien senior secured revolving loan88 70 
PCF Holdco, LLC (dba PCF Insurance Services)PCF Holdco, LLC (dba PCF Insurance Services)Preferred equity8,740 — 
Pediatric Associates Holding Company, LLCPediatric Associates Holding Company, LLCFirst lien senior secured delayed draw term loan1,776 — Pediatric Associates Holding Company, LLCFirst lien senior secured delayed draw term loan533 1,776 
Peter C. Foy & Associates Insurance Services, LLC (dba PCF Insurance Services)Peter C. Foy & Associates Insurance Services, LLC (dba PCF Insurance Services)First lien senior secured delayed draw term loan15,995 — Peter C. Foy & Associates Insurance Services, LLC (dba PCF Insurance Services)First lien senior secured delayed draw term loan— 8,891 
Peter C. Foy & Associates Insurance Services, LLC (dba PCF Insurance Services)Peter C. Foy & Associates Insurance Services, LLC (dba PCF Insurance Services)First lien senior secured delayed draw term loan— 3,627 Peter C. Foy & Associates Insurance Services, LLC (dba PCF Insurance Services)First lien senior secured revolving loan2,570 2,570 
Peter C. Foy & Associates Insurance Services, LLC (dba PCF Insurance Services)First lien senior secured revolving loan2,570 2,570 
Ping Identity Holding Corp.Ping Identity Holding Corp.First lien senior secured revolving loan2,182 2,182 
Plasma Buyer LLC (dba Pathgroup)Plasma Buyer LLC (dba Pathgroup)First lien senior secured delayed draw term loan28,553 28,553 
Plasma Buyer LLC (dba Pathgroup)Plasma Buyer LLC (dba Pathgroup)First lien senior secured revolving loan12,237 12,237 
Pluralsight, LLCPluralsight, LLCFirst lien senior secured revolving loan196 196 
PPV Intermediate Holdings, LLCPPV Intermediate Holdings, LLCFirst lien senior secured revolving loan11,854 8,653 
PPV Intermediate Holdings, LLCPPV Intermediate Holdings, LLCFirst lien senior secured delayed draw term loan6,716 19,248 
QAD Inc.QAD Inc.First lien senior secured revolving loan6,000 6,000 
Quva Pharma, Inc.Quva Pharma, Inc.First lien senior secured revolving loan155 236 
Relativity ODA LLCRelativity ODA LLCFirst lien senior secured revolving loan435 435 
Sailpoint Technologies Holdings, Inc.Sailpoint Technologies Holdings, Inc.First lien senior secured revolving loan5,718 5,718 
127153



Portfolio CompanyPortfolio CompanyInvestmentSeptember 30, 2022December 31, 2021Portfolio CompanyInvestmentMarch 31, 2023December 31, 2022
($ in thousands)($ in thousands)($ in thousands)
Plasma Buyer LLC (dba Pathgroup)First lien senior secured delayed draw term loan28,553 — 
Plasma Buyer LLC (dba Pathgroup)First lien senior secured revolving loan12,237 — 
Pluralsight, LLCFirst lien senior secured revolving loan392 392 
PPV Intermediate Holdings, LLCFirst lien senior secured revolving loan11,854 — 
PPV Intermediate Holdings, LLCFirst lien senior secured delayed draw term loan31,569 — 
QAD Inc.First lien senior secured revolving loan6,000 6,000 
Quva Pharma, Inc.First lien senior secured revolving loan255 455 
Refresh Parent Holdings, Inc.First lien senior secured delayed draw term loan— 11 
Refresh Parent Holdings, Inc.First lien senior secured delayed draw term loan— 10,667 
Refresh Parent Holdings, Inc.First lien senior secured revolving loan— 92 
Relativity ODA LLCFirst lien senior secured revolving loan435 435 
Sailpoint Technologies Holdings, Inc.First lien senior secured revolving loan5,718 — 
Securonix, Inc.Securonix, Inc.First lien senior secured revolving loan5,339 — Securonix, Inc.First lien senior secured revolving loan5,339 5,339 
Simplisafe Holding CorporationSimplisafe Holding CorporationFirst lien senior secured delayed draw term loan16,049 — Simplisafe Holding CorporationFirst lien senior secured delayed draw term loan16,049 16,049 
Smarsh Inc.Smarsh Inc.First lien senior secured delayed draw term loan20,762 — Smarsh Inc.First lien senior secured delayed draw term loan10,381 10,381 
Smarsh Inc.Smarsh Inc.First lien senior secured revolving loan5,190 — Smarsh Inc.First lien senior secured revolving loan664 5,190 
Southern Air & Heat Holdings, LLCSouthern Air & Heat Holdings, LLCFirst lien senior secured delayed draw term loan799 1,052 Southern Air & Heat Holdings, LLCFirst lien senior secured delayed draw term loan124 315 
Southern Air & Heat Holdings, LLCSouthern Air & Heat Holdings, LLCFirst lien senior secured revolving loan203 282 Southern Air & Heat Holdings, LLCFirst lien senior secured revolving loan203 203 
Sovos Compliance, LLCFirst lien senior secured delayed draw term loan— 1,104 
Spotless Brands, LLCSpotless Brands, LLCFirst lien senior secured delayed draw term loan2,630 — Spotless Brands, LLCFirst lien senior secured revolving loan1,169 1,461 
Spotless Brands, LLCFirst lien senior secured delayed draw term loan3,683 — 
Spotless Brands, LLCFirst lien senior secured revolving loan403 — 
SWK BUYER, Inc. (dba Stonewall Kitchen)First lien senior secured revolving loan825 — 
SWK BUYER, Inc. (dba Stonewall Kitchen)SWK BUYER, Inc. (dba Stonewall Kitchen)First lien senior secured revolving loan569 — SWK BUYER, Inc. (dba Stonewall Kitchen)First lien senior secured revolving loan2,371 3,626 
SWK BUYER, Inc. (dba Stonewall Kitchen)SWK BUYER, Inc. (dba Stonewall Kitchen)First lien senior secured delayed draw term loan13,947 — SWK BUYER, Inc. (dba Stonewall Kitchen)First lien senior secured delayed draw term loan13,947 13,947 
Tahoe Finco, LLCTahoe Finco, LLCFirst lien senior secured revolving loan6,279 6,279 Tahoe Finco, LLCFirst lien senior secured revolving loan6,279 6,279 
Tamarack Intermediate, L.L.C. (dba Verisk 3E)Tamarack Intermediate, L.L.C. (dba Verisk 3E)First lien senior secured revolving loan5,336 — Tamarack Intermediate, L.L.C. (dba Verisk 3E)First lien senior secured revolving loan4,455 4,388 
TC Holdings, LLC (dba TrialCard)TC Holdings, LLC (dba TrialCard)First lien senior secured revolving loan7,768 — TC Holdings, LLC (dba TrialCard)First lien senior secured revolving loan7,768 7,768 
Tempo Buyer Corp. (dba Global Claims Services)Tempo Buyer Corp. (dba Global Claims Services)First lien senior secured delayed draw term loan10,317 10,317 
Tempo Buyer Corp. (dba Global Claims Services)Tempo Buyer Corp. (dba Global Claims Services)First lien senior secured revolving loan3,508 4,746 
The NPD Group, L.P.The NPD Group, L.P.First lien senior secured revolving loan12,270 12,555 
The Shade Store, LLCThe Shade Store, LLCFirst lien senior secured revolving loan2,045 4,909 
Thunder Purchaser, Inc. (dba Vector Solutions)Thunder Purchaser, Inc. (dba Vector Solutions)First lien senior secured revolving loan265 470 
Thunder Purchaser, Inc. (dba Vector Solutions)Thunder Purchaser, Inc. (dba Vector Solutions)First lien senior secured delayed draw term loan1,306 1,306 
Troon Golf, L.L.C.Troon Golf, L.L.C.First lien senior secured delayed draw term loan10,000 10,000 
Troon Golf, L.L.C.Troon Golf, L.L.C.First lien senior secured revolving loan7,207 7,207 
Ultimate Baked Goods Midco, LLCUltimate Baked Goods Midco, LLCFirst lien senior secured revolving loan1,750 1,475 
Unified Women's Healthcare, LPUnified Women's Healthcare, LPFirst lien senior secured delayed draw term loan1,353 3,045 
Unified Women's Healthcare, LPUnified Women's Healthcare, LPFirst lien senior secured revolving loan8,120 8,120 
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 loan1,096 1,096 
Velocity HoldCo III Inc. (dba VelocityEHS)Velocity HoldCo III Inc. (dba VelocityEHS)First lien senior secured revolving loan113 113 
Walker Edison Furniture Company LLCWalker Edison Furniture Company LLCFirst lien senior secured delayed draw term loan333 — 
When I Work, Inc.When I Work, Inc.First lien senior secured revolving loan3,747 4,164 
Zendesk, Inc.Zendesk, Inc.First lien senior secured delayed draw term loan30,080 30,080 
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Portfolio CompanyInvestmentSeptember 30, 2022December 31, 2021
($ in thousands)
Tempo Buyer Corp. (dba Global Claims Services)First lien senior secured delayed draw term loan10,317 10,317 
Tempo Buyer Corp. (dba Global Claims Services)First lien senior secured revolving loan4,849 5,159 
The NPD Group, L.P.First lien senior secured revolving loan14,267 — 
The Shade Store, LLCFirst lien senior secured revolving loan6,818 6,818 
Thunder Purchaser, Inc. (dba Vector Solutions)First lien senior secured revolving loan470 714 
Thunder Purchaser, Inc. (dba Vector Solutions)First lien senior secured delayed draw term loan1,306 2,041 
Troon Golf, L.L.C.First lien senior secured delayed draw term loan10,000 — 
Troon Golf, L.L.C.First lien senior secured revolving loan7,207 7,207 
Ultimate Baked Goods Midco, LLCFirst lien senior secured revolving loan600 950 
Unified Women's Healthcare, LPFirst lien senior secured delayed draw term loan5,075 — 
Unified Women's Healthcare, LPFirst lien senior secured revolving loan8,120 — 
USRP Holdings, Inc. (dba U.S. Retirement and Benefits Partners)First lien senior secured revolving loan1,096 1,078 
Velocity HoldCo III Inc. (dba VelocityEHS)First lien senior secured revolving loan142 142 
When I Work, Inc.First lien senior secured revolving loan4,164 4,164 
Total Unfunded Portfolio Company Commitments$1,104,273 $422,808 
Portfolio CompanyInvestmentMarch 31, 2023December 31, 2022
($ in thousands)
Zendesk, Inc.First lien senior secured revolving loan12,386 12,386 
Total Unfunded Portfolio Company Commitments$868,961 $1,067,317 



We maintain sufficient borrowing capacity to cover outstanding unfunded portfolio company commitments that we may be required to fund. We seek to carefully consider our unfunded portfolio company 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 portfolio company unfunded commitments we are required to fund.


Organizational and Offering Costs


The Adviser has incurred organization and offering costs on behalf of us in the amount of $2.8$1.9 million for the period from April 22, 2020 (Inception) to September 30, 2022,March 31, 2023, of which $2.8$1.9 million has been charged to us pursuant to the Investment Advisory Agreement. Under the Investment Advisory Agreement and Administration Agreement, the Adviser is entitled to receive up to 1.5% of gross offering proceeds raised in our continuous public offering until all organization and offering costs paid by the Adviser have been recovered.

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


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. As of September 30, 2022,March 31, 2023, management was not aware of any pending or threatened litigation.

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Contractual Obligations


A summary of our contractual payment obligations under our credit facilities and notes as of September 30, 2022,March 31, 2023, is as follows:


($ in thousands)($ in thousands)TotalLess than 1 year1-3 Years3-5 YearsAfter 5 years($ in thousands)TotalLess than 1 year1-3 Years3-5 YearsAfter 5 years
Revolving Credit FacilityRevolving Credit Facility$323,092 $— $— $323,092 $— Revolving Credit Facility$672,789 $— $— $672,789 $— 
SPV Asset Facility ISPV Asset Facility I549,782 — — — 549,782 SPV Asset Facility I500,430 — — — 500,430 
SPV Asset Facility IISPV Asset Facility II1,283,000 — — 1,283,000 — SPV Asset Facility II1,538,000 — — 1,538,000 — 
SPV Asset Facility IIISPV Asset Facility III555,000 — — 555,000 — SPV Asset Facility III555,000 — — 555,000 — 
SPV Asset Facility IVSPV Asset Facility IV465,000 — — — 465,000 SPV Asset Facility IV465,000 — — — 465,000 
ORCIC JV WH274,550 — 274,550 — — 
SPV Asset Facility VSPV Asset Facility V20,000 — — 20,000 — 
CLO VIIICLO VIII290,000 — — — 290,000 
September 2026 NotesSeptember 2026 Notes500,000 — — 500,000 — September 2026 Notes500,000 — — 500,000 — 
February 2027 NotesFebruary 2027 Notes350,000 — — 350,000 — February 2027 Notes350,000 — — 350,000 — 
September 2027 NotesSeptember 2027 Notes600,000 — — 600,000 — September 2027 Notes600,000 — — 600,000 — 
March 2025 NotesMarch 2025 Notes500,000 — 500,000 — — March 2025 Notes500,000 — 500,000 — — 
Total Contractual ObligationsTotal Contractual Obligations$5,400,424 $— $774,550 $3,611,092 $1,014,782 Total Contractual Obligations$5,991,219 $— $500,000 $4,235,789 $1,255,430 


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 Expense Support Agreement;
the Dealer Manager Agreement; and
the License Agreement.


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In addition to the aforementioned agreements, we rely on exemptive relief that has been granted to our Adviser and certain affiliates 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 aAssetCo, Fifth Season, and ORCIC SLF, controlled affiliated investment as defined in the 1940 Actinvestments, and Chapford SMA anLSI Financing, a non-controlled affiliated investment, as defined in the 1940 Act. See "ITEMITEM 1. - Notes to Consolidated Financial Statements - Note 3. Agreements and Related Party Transaction"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 disclosed in our Form 10-K for the fiscal year ended December 31, 2021 and 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
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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.


Rule 2a-5 under the 1940 Act was adopted by the SEC in January 2021 and establishes requirements for determining fair value in good faith for purposes of the 1940 Act. We complied with the mandatory provisions of Rule 2a-5 by the 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 determinations relating to the value of assets we held for which market quotations are not readily available.

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 valued at fair value as determined in good faith by our Board,Adviser, as the valuation designee, 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.our Adviser.


As part of the valuation process, our Adviser, as the Boardvaluation designee, 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 BoardAdviser, as valuation designee, considers whether the pricing indicated by the external event corroborates its valuation.


The BoardOur Adviser, as the valuation designee, 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 uponcommittee;
Our Adviser, as the valuation recommendations are presented to the Audit Committee;
The Audit Committee reviews the valuations recommendations and recommends values for each investment to the Board; and
The Boarddesignee, reviews the recommended valuations and determines the fair value of each investment.investment;

Each quarter, our Adviser, as the valuation designee, provides the Audit Committee a summary or description of material fair value matters that occurred in the prior quarter and on an annual basis, our Adviser, as the valuation designee, will provide the Audit Committee with a written assessment of the adequacy and effectiveness of its fair value process; and
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The Audit Committee oversee the valuation designee and will report to the Board on any valuation matters requiring the Board’s attention.

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 evaluateour Adviser, as the valuation designee, evaluates 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,our Adviser, as the valuation designee, or the independent valuation firm(s), review pricing support provided by dealers or pricing services in order to determine if observable market information is being used, versus unobservable inputs.

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


Financial and Derivative Instruments
Rule 2a-5 under the 1940 Act18f-4 was recently adopted by the SEC in December 2020, and establishesrequires BDCs that use derivatives to, among other things, comply with a value-at-risk leverage limit, adopt a derivatives risk management program, and implement certain testing and board reporting procedures. Rule 18f-4 exempts BDCs that qualify as “limited derivatives users” from the aforementioned requirements, for determining fair value in good faith for purposes ofprovided that these BDCs adopt written policies and procedures that are reasonably designed to manage the 1940 Act.BDC’s derivatives risks and comply with certain recordkeeping requirements. The Company compliedcurrently qualifies as a “limited derivatives user” and expects to continue to do so. The Company adopted a derivatives policy by Rule 18f-4’s August 2022 compliance date, and complies with the mandatory provisions of Rule 2a-5 by the September 2022 compliance date. Additionally, commencing with the fourth quarter of 2022, pursuant to Rule 2a-5, the Board designated the Adviser as the Company's valuation designee to perform fair value determinations relating to the value of assets held by the Company for which market quotations are not readily available.recordkeeping requirements.



Interest and Dividend Income Recognition


Interest income is recorded on the accrual basis and includes accretion and amortization of discounts or premiums. Certain investments may have contractual payment-in-kind (“PIK”) interest or dividends. PIK interest represents accrued interest that is added to the principal amount of the investment on the respective interest payment dates rather than being paid in cash and generally becomes due at maturity. PIK dividends represent accrued dividends that are added to the shares held of the equity investment on the respective interest payment dates rather than being paid in cash and generally becomes due at a certain trigger date. For the three months ended September 30, 2022,March 31, 2023, PIK interest income and PIK dividend income earned was $12.2$33.0 million, representing 5.9% of total investment income. For the nine months ended September 30, 2022, PIK interest earned was $24.4 million, representing 6.0%10.8% of total investment income. For the three and nine months ended September 30, 2021,March 31, 2022, PIK interest income and PIK dividend income earned was $1.1 million and $1.3 $7.9million, representing 7.0% and 6.8%11.2% of total investment income. Discounts and premiums to par value on securities purchased are accreted or
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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.


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.


Distributions


We have elected to be treated for U.S. federal income tax purposes, and intend to continue to qualify annually as a RIC under Subchapter M of the Code. To obtain and maintain our tax treatment as a RIC, we must distribute (or be deemed to distribute) in each taxable year distributions for tax purposes equal to at least 90 percent90% 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.

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


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


With respect to distributions we have adopted a distribution reinvestment plan pursuant to which shareholders (except for residents of Alabama, Arkansas, Idaho, Kansas, Kentucky, Maine, Maryland, Massachusetts, Nebraska, New Jersey, Oklahoma, Oregon, Vermont and Washington and clients of participating broker-dealers that do not permit automatic enrollment in the distribution reinvestment plan) will have their cash distributions automatically reinvested in additional shares of the Company’s same class of common stock to which the distribution relates unless they elect to receive their distributions in cash. We expect to use newly issued shares to implement the distribution reinvestment plan. 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 our taxable year ended December 31, 2020, and intend to qualify for tax treatment as a RIC. As a RIC, we generally will not pay corporate-level U.S. federal income taxes at corporate rates on any ordinary income or capital gains that we distribute at least annually to our shareholders as distributions. Rather, any tax liability related to income earned and distributed by us represents obligations of our investors and will not be reflected in our consolidated financial statements.


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

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We evaluate tax positions taken or expected to be taken in the course of preparing our consolidated financial statements to determine whether the tax positions are “more-likely-than-not” to be sustained by the applicable tax authority. Tax positions not deemed to meet the “more-likely-than-not” threshold are reserved and recorded as a tax benefit or expense in the current year. All penalties and interest associated with income taxes are included in income tax expense. Conclusions regarding tax positions are subject to review and may be adjusted at a later date based on factors including, but not limited to, on-going analyses of tax laws, regulations and interpretations thereof. There were no material uncertain tax positions through December 31, 2021.2022. The 2020 andthrough 2021 tax years remainsremain subject to examination by U.S. federal, state and local tax authorities.




Recent Developments

Revolving Credit Facility Upsize

On October 5, 2022, we increased the Revolving Credit Facility from $1,775,000,000 to $1,795,000,000 (the “Commitment Increase”).


Equity Raise


As of November 10, 2022,May 11, 2023, we have issued 186,162,140227,090,680 shares of Class S common stock, 45,873,13656,993,861 shares of Class D common stock, and 314,880,453396,697,649 shares of Class I common stock and have raised total gross proceeds of $1,730.9 million, $424.1 million,$2.1 billion, $0.5 billion, and $2,901.7 million,$3.7 billion, respectively, including seed capital of $1,000 contributed by our Adviser in September 2020 and approximately $25.0 million in gross proceeds raised from Feeder FIC Equity.


ORCIC JV WH II LLCDividend


On October 14, 2022, ORCIC JV WH II LLC,May 9, 2023, we declared a Delaware limited liability company (the “ORCIC JV WH II”) entered into an updistribution of (i) $0.06765 per share, payable on or before June 30, 2023 to $500 million revolving loan facility (the “Revolving Loan Agreement”) among the lenders party thereto,shareholders of record as of May 31, 2023, (ii) $0.06765 per share, payable on or before July 31, 2023 to shareholders of record as of June 30, 2023, and Royal Bank(iii) $0.06765 per share, payable on or before August 31, 2023 to shareholders of Canada. ORCIC JV WH II is a wholly owned subsidiaryrecord as of ORCIC Senior Loan Fund LLC (formerly, ORCIC BC 9 LLC), a Delaware limited liability company (the “ORCIC SLF”). The proceeds of the funded loans under the Revolving Loan Agreement are to be used for, subject to certain restrictions, acquiring and funding collateral assets, payment of government fees and administrative expenses, the funding of certain accounts and making distributions, contributions and investments.July 31, 2023.

ORCIC SLF LLC


On November 2, 2022 (the "ORCIC SLF Effective Date"),May 9, 2023, we entered into an Amendedalso declared a special distribution to shareholders. This special distribution is in addition to those distributions previously declared and Restated Limited Liability Company Agreement (the “LLC Agreement”) with State Teachers Retirement System of Ohio ("OSTRS") to co-manage ORCIC SLF. ORCIC SLF is a joint venture that is expected to invest primarily in senior secured loans to middle market companies, broadly syndicated loans and in senior and subordinated notes issued by collateralized loan obligations. Each of ORCIC SLF’s investment decisions and generally all other decisions in respect of ORCIC SLF must be approved by ORCIC SLF’s board or investment committee, each of which consists of an equal number of representatives from both us and OSTRS. We and OSTRS have agreed to contribute $62.5 million and $437.5 million, respectively, to ORCIC SLF. Prior to the ORCIC SLF Effective Date, ORCIC SLF was a wholly owned subsidiary of ours. Prior to the ORCIC SLF Effective Date, the lenders to the Credit Agreement that ORCIC JV WH LLC entered into on August 24, 2022 (the "Credit Agreement"), and to the Revolving Loan Agreement consented to the change in control of ORCIC SLF. From and following the ORCIC SLF Effective Date, the Credit Agreement and the Revolving Loan Agreement continued as obligations of ORCIC SLF and its subsidiaries but was no longer indebtedness of ORCIC. On the ORCIC SLF Effective Date, OSTRS made a capital contribution of approximately $15.5 million to ORCIC SLF and we were deemed to have made a capital contribution of approximately $108.4 million to ORCIC SLF. Our capital contribution was based on the fair value of the Credit Agreement Assets and the Revolving Loan Assets (collectively, the “Contributed Collateral”) less certain amounts that had been distributed to us and subject to certain adjustments. In connection therewith, we and OSTRS agreed and acknowledged that the Credit Agreement Assets and the Revolving Loan Assets were assets of ORCIC SLF as if they had been acquired pursuant to the terms of the LLC Agreement.

CLO VIII

On October 21, 2022, we completed a $391.7 million term debt securitization transaction (the “CLO Transaction”), also known as a collateralized loan obligation transaction, which is a form of secured financing incurred by us. The secured notes and preferred shares issuedannounced. This additional distribution, in the CLO Transaction and the secured loan borrowed in the CLO Transaction were issued and incurred,amount of $0.02 per share, will be payable on or before August 31, 2023 to shareholders of record as applicable, by our consolidated subsidiary Owl Rock CLO VIII, LLC, a limited liability organized under the laws of the State of Delaware (the “Issuer”) and are backed by a portfolio of collateral obligations consisting of middle market loans and participation interests in middle market loans as well as by other assets of the Issuer.July 31, 2023.


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Item 3. Quantitative and Qualitative Disclosures About Market Risk.


We are subject to financial market risks, including valuation risk, interest rate risk, currency risk, credit 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 the Adviser, as our Board,valuation designee, 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,Adviser, as our valuation designee, 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.


As of September 30, 2022, 98.9%March 31, 2023, 99.0% 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 0.7%.


Based on our Consolidated Statements of Assets and Liabilities as of September 30, 2022,March 31, 2023, 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 reference rate election and there are no changes in our investment and borrowing structure.


($ in millions)($ in millions)Interest IncomeInterest Expense
Net Income(1)
($ in millions)Interest Income
Interest Expense(1)
Net Income(2)
Up 300 basis pointsUp 300 basis points$286.4 $(103.5)$182.9 Up 300 basis points$320.4 $(137.9)$182.5 
Up 200 basis pointsUp 200 basis points$190.9 $(69.0)$121.9 Up 200 basis points$213.6 $(91.9)$121.7 
Up 100 basis pointsUp 100 basis points$95.5 $(34.5)$61.0 Up 100 basis points$106.8 $(46.0)$60.8 
Up 50 basis pointsUp 50 basis points$47.7 $(17.3)$30.4 Up 50 basis points$53.4 $(23.0)$30.4 
Down 50 basis pointsDown 50 basis points$(47.7)$17.3 $(30.4)Down 50 basis points$(53.4)$23.0 $(30.4)
Down 100 basis pointsDown 100 basis points$(95.5)$34.5 $(61.0)Down 100 basis points$(106.8)$46.0 $(60.8)
(1)Includes the impact of our interest rate swaps as a result of interest rate changes.
(2)Excludes the impact of income based fees. See “ITEM 1. — Notes to Consolidated Financial Statements - Note 33. Agreements and Related Party Transactions" of our consolidated financial statements for more information on the income based fees.


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


Currency Risk


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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.


Credit Risk

We generally endeavor to minimize our risk of exposure by limiting to reputable financial institutions the counterparties with which we enter into financial transactions. As of March 31, 2023 and December 31, 2022, we held the majority of our cash balances with a single highly rated money center bank and such balances are in excess of Federal Deposit Insurance Corporation insured limits. We seek to mitigate this exposure by monitoring the credit standing of these financial institutions.

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 has increased in the U.S. and globally. Inflation is likely to continue in the near to medium-term, particularly in the U.S.,United States, and monetary policy has tightened 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 Exchange Act, as amended, we, under the supervision and with the participation of our Chief Executive Officer and Chief Financial Officer, carried out an evaluation of the effectiveness of our disclosure controls and procedures (as defined in Rule 13a-15(e) and Rule 15d-15(e) of the Exchange Act) as of the end of the period covered by this Quarterly Report on Form 10-Q and determined that our disclosure controls and procedures are effective as of the end of the period covered by the Quarterly Report on Form 10-Q.

(b)Changes in Internal Controls Over Financial Reporting


There have been no changes in our internal controls over financial reporting that occurred during the quarter ended September 30, 2022March 31, 2023 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

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PART II. OTHER INFORMATION

Item 1. Legal Proceedings.Proceedings

WeNeither we nor the Adviser 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 ended March 31, 2022 are not the only risks facing us. Additional risks and uncertainties not currently known to us or that we currently deem to be immaterial also may materially and adversely affect our business, financial condition and/or operating results.

Global economic, political and market conditions, including uncertainty about the financial stability of the United States, could have a significant adverse effect on our business, financial condition and results of operations.

The current worldwide financial markets situation, as well as various social, political, economic and other conditions and events (including political tensions in the United States and around the world, wars and other forms of conflict, terrorist acts, security operations and catastrophic events such as fires, floods, earthquakes, tornadoes, hurricanes and global health epidemics), may contribute to increased market volatility, may have long term effects on the United States and worldwide financial markets, and may cause economic uncertainties or deterioration in the United States and worldwide. As global systems, economies and financial markets are increasingly interconnected, events that once had only local impact are now more likely to have regional or even global effects. Events that occur in one country, region or financial market will, more frequently, adversely impact issuers in other countries, regions or markets, including in established markets such as the United States. We and our portfolio companies may also be subject to risk arising from a default by one of several large institutions that are dependent on one another to meet their liquidity or operational needs, so that a default by one institution may cause a series of defaults by the other institutions. This is sometimes referred to as “systemic risk” and may adversely affect financial intermediaries with which we interact in the conduct of our business. These impacts can be exacerbated by failures of governments and societies to adequately respond to an emerging event or threat.

Uncertainty can result in or coincide with, among other things: increased volatility in the financial markets for securities, derivatives, loans, credit and currency; a decrease in the reliability of market prices and difficulty in valuing assets (including portfolio company assets); greater fluctuations in spreads on debt investments and currency exchange rates; increased risk of default (by both government and private obligors and issuers); further social, economic, and political instability; nationalization of private enterprise; greater governmental involvement in the economy or in social factors that impact the economy; changes to governmental regulation and supervision of the loan, securities, derivatives and currency markets and market participants and decreased or revised monitoring of such markets by governments or self-regulatory organizations and reduced enforcement of regulations; limitations on the activities of investors in such markets; controls or restrictions on foreign investment, capital controls and limitations on repatriation of invested capital; the significant loss of liquidity and the inability to purchase, sell and otherwise fund investments or settle transactions (including, but not limited to, a market freeze); unavailability of currency hedging techniques; substantial, and in some periods extremely high rates of inflation, which can last many years and have substantial negative effects on credit and securities markets as well as the economy as a whole; recessions; and difficulties in obtaining and/or enforcing legal judgments.

For example, the COVID-19 pandemic continues to adversely impact global commercial activity and has contributed to significant volatility in financial markets. In addition, the war between Russia and Ukraine, and resulting market volatility, could adversely affect our business, financial condition or results of operations. In response to the war between Russia and Ukraine, the United States and other countries have imposed sanctions or other restrictive actions against Russia. The ongoing war and the measures in response could have a negative impact on the economy and business activity globally and could have a material adverse effect on our portfolio companies and our business, financial condition, cash flows and results of operations. The severity and duration of the war and its impact on global economic and market conditions are impossible to predict. In addition, sanctions could also result in Russia taking counter measures or retaliatory actions which could adversely impact our business or the business of our portfolio companies, including, but not limited to, cyberattacks targeting private companies, individuals or other infrastructure upon which our business and the business of our portfolio companies rely.

Any of the above factors, including sanctions, export controls, tariffs, trade wars and other governmental actions, could have a material adverse effect on our business, financial condition, cash flows and results of operations and could cause the market value of our common shares and/or debt securities to decline. We monitor developments and seek to manage our investments in a manner consistent with achieving our investment objective, but there can be no assurance that we will be successful in doing so.

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Our cash and cash equivalents could be adversely affected if the financial institutions in which we hold our cash and cash equivalents fail. We regularly maintain cash balances at third-party financial institutions in excess of the Federal Deposit Insurance Corporation insurance limit. If a depository institution fails to return these deposits or is otherwise subject to adverse conditions in the financial or credit markets, our access to invested cash or cash equivalents could be limited which adversely impact our results of operations or financial condition.
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. In order to satisfy the reinvestment portion of our dividends for the ninethree months ended September 30, 2022,March 31, 2023, we issued the following shares of common stock to stockholders of record on the dates noted below who did not opt out of our dividend reinvestment plan. These issuances were not subject to the registration requirements of the Securities Act.
Date of IssuanceRecord DateNumber of SharesPurchase PriceShare Class
January 27, 2022December 31, 2021101,113 $9.33  Class S
January 27, 2022December 31, 202139,372 $9.34  Class D
January 27, 2022December 31, 2021162,804 $9.34  Class I
February 23, 2022January 31, 2022129,832 $9.33  Class S
February 23, 2022January 31, 202244,790 $9.33  Class D
February 23, 2022January 31, 2022217,387 $9.34  Class I
March 24, 2022February 28, 2022159,125 $9.27  Class S
March 24, 2022February 28, 202272,910 $9.27  Class D
March 24, 2022February 28, 2022251,493 $9.28  Class I
April 25, 2022March 31, 2022187,121 $9.24 Class S
April 25, 2022March 31, 202280,760 $9.25 Class D
April 25, 2022March 31, 2022314,683 $9.26 Class I
May 24, 2022April 30, 2022228,068 $9.23 Class S
May 24, 2022April 30, 202287,493 $9.24 Class D
May 24, 2022April 30, 2022380,845 $9.25 Class I
June 23, 2022May 31, 2022269,369 $9.02 Class S
June 23, 2022May 31, 202293,375 $9.04 Class D
June 23, 2022May 31, 2022472,034 $9.05 Class I
July 26, 2022June 30, 2022308,381 $8.84 Class S
July 26, 2022June 30, 2022101,813 $8.86 Class D
July 26, 2022June 30, 2022552,845 $8.88 Class I
August 24, 2022July 31, 2022354,185 $9.02 Class S
August 24, 2022July 31, 2022117,338 $9.04 Class D
August 24, 2022July 31, 2022654,943 $9.06 Class I
September 26, 2022August 31, 2022375,369 $9.09 Class S
September 26, 2022August 31, 2022120,703 $9.09 Class D
September 26, 2022August 31, 2022714,263 $9.11 Class I
Date of IssuanceRecord DateNumber of SharesPurchase PriceShare Class
February 24, 2023January 31, 2023687,028 $9.24 Class S
February 24, 2023January 31, 2023204,137 $9.25 Class D
February 24, 2023January 31, 20231,232,682 $9.26 Class I
March 23, 2023February 28, 2023541,897 $9.23 Class S
March 23, 2023February 28, 2023161,442 $9.24 Class D
March 23, 2023February 28, 2023982,289 $9.26 Class I
April 26, 2023March 31, 2023550,369 $9.21 Class S
April 26, 2023March 31, 2023171,791 $9.22 Class D
April 26, 2023March 31, 20231,033,295 $9.24 Class I

We commenced a share repurchase program pursuant to which we intend to conduct quarterly repurchase offers to allow our shareholders to tender their shares at a price equal to the net offering price per share for the applicable class of shares on each date of repurchase.

Our Board has complete discretion to determine whether we will engage in any share repurchase, and if so, the terms of such repurchase. At the discretion of our Board, we may use cash on hand, cash available from borrowings, and cash from the sale of our investments as of the end of the applicable period to repurchase shares.All shares purchased by us pursuant to the terms of each offer to repurchase will be retired and thereafter will be authorized and unissued shares.

We intend to limit the number of shares to be repurchased in each quarter to no more than 5.00% of our outstanding shares of common stock.

Any periodic repurchase offers are subject in part to our available cash and compliance with the BDC and RIC qualification and diversification rules promulgated under the 1940 Act and the Code, respectively. While we intend to continue to conduct quarterly tender offers as described above, we are not required to do so and may suspend or terminate the share repurchase program at any time.
Offer DateClassTender Offer ExpirationTender OfferPurchase Price per ShareShares Repurchased
February 28, 2023SMarch 31, 2023$21,643 $9.21 2,349,994 
February 28, 2023DMarch 31, 2023$3,453 $9.22 374,566 
February 28, 2023IMarch 31, 2023$68,024 $9.24 7,361,842 
Item 3. Defaults Upon Senior Securities.
None.
Item 4. Mine Safety Disclosures.Disclosures
Not applicable.
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Item 5. Other Information.Information
None.




















137
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Item 6. Exhibits, Financial Statement Schedules.
Exhibit
Number
Description of Exhibits
3.1
3.2
4.110.1
4.2
4.3
4.4
10.1

10.2
10.331.1*
10.4
10.5
10.6
10.7
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31.1*
31.2*
32.1**
32.2**
101.INSInline XBRL Instance Document - the instance document does not appear in the Interactive Data File because XBRL tags are embedded within the Inline XBRL document
101.SCHInline XBRL Taxonomy Extension Schema Document
101.CALInline XBRL Taxonomy Extension Calculation Linkbase Document
101.DEFInline XBRL Taxonomy Extension Definition Linkbase Document
101.LABInline XBRL Taxonomy Extension Label Linkbase Document
101.PREInline XBRL Taxonomy Extension Presentation Linkbase Document
104.0Cover Page Interactive Data File (embedded within the Inline XBRL document)
______________________
*    Filed herewith.
**    Furnished herewith.














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SIGNATURES
Pursuant to the requirements of section 13 or 15(d) 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 Core Income Corp.
Date: November 10, 2022May 11, 2023By:/s/ Craig W. Packer
Craig W. Packer
Chief Executive Officer
Date: November 10, 2022May 11, 2023By:/s/ Bryan Cole
Bryan Cole
Chief Operating Officer and Chief Financial Officer
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