OWL ROCK CAPITAL CORP Management’s Discussion and Analysis of Financial Condition and Results of Operations (form 10-K)

The information contained in this section should be read in conjunction with
"ITEM 8. CONSOLIDATED FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA". This
discussion contains forward-looking statements, which relate to future events or
the future performance or financial condition of Owl Rock Capital Corporation
and involves numerous risks and uncertainties, including, but not limited to,
those described in "ITEM 1A. RISK FACTORS." This discussion also should be read
in conjunction with the "Cautionary Statement Regarding Forward Looking
Statements" set forth on page 1 of this Annual Report on Form 10-K. Actual
results could differ materially from those implied or expressed in any
forward-looking statements.

Overview

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

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

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

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

Blue Owl consists of three divisions: Owl Rock, which focuses on direct lending,
Dyal, which focuses on providing capital to institutional alternative asset
managers and Oak Street, which focuses on real estate strategies. Owl Rock is
comprised of the Adviser, Owl Rock Technology Advisors LLC ("ORTA"), Owl Rock
Technology Advisors II LLC ("ORTA II"), Owl Rock Capital Private Fund Advisors
LLC ("ORPFA") and Owl Rock Diversified Advisors LLC ("ORDA" and together with
the Adviser, ORTA, ORTA II, ORPFA and ORDA, the "Owl Rock Advisers"), which also
are investment advisers.

We may be prohibited under the 1940 Act from participating in certain
transactions with our affiliates without the prior approval of our directors who
are not interested persons and, in some cases, the prior approval of the SEC.
We, our Adviser and certain affiliates have been granted exemptive relief by the
SEC to permit us to co-invest with other funds managed by our Adviser or certain
of its affiliates, in a manner consistent with our investment objective,
positions, policies, strategies and restrictions as well as regulatory
requirements and other pertinent factors. Pursuant to such exemptive relief, we
generally are permitted to co-invest with certain of our affiliates if a
"required majority" (as defined in Section 57(o) of the 1940 Act of our
independent directors make certain conclusions in connection with a
co-investment transaction, including that (1) the terms of the transactions,
including the consideration to be paid, are reasonable and fair to us and our
shareholders and do not involve overreaching by us or our shareholders on the
part of any person concerned, (2) the transaction is consistent with the
interests of our shareholders and is consistent with our investment objective
and strategies, (3) the investment by our affiliates would not disadvantage us,
and our participation would not be on a basis different from or less
advantageous than that on which our affiliates are investing and (4) the
proposed investment by us would not benefit our Adviser or its affiliates or any
affiliated person of any of them (other than the parties to the transaction),
except to the extent permitted by the exemptive relief and applicable law,
including the limitations set forth in Section 57(k) of the 1940 Act. In
addition, pursuant to an exemptive order issued by the SEC on April 8, 2020 and
applicable to all BDCs, through December 31, 2020, we were permitted, subject to
the satisfaction of certain conditions, to complete follow-on investments in our
existing portfolio companies with certain private funds managed by the Adviser
or its affiliates and covered by our exemptive relief, even if such private
funds had not previously invested in such existing portfolio company. Without
this order, private funds would generally not be able to participate in such
follow-on investments with us unless the private funds had previously acquired
securities of the portfolio company in a co-investment transaction with us.
Although the
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conditional exemptive order has expired, the SEC's Division of Investment
Management has indicated that until March 31, 2022, it will not recommend
enforcement action, to the extent that any BDC with an existing co-investment
order continues to engage in certain transactions described in the conditional
exemptive order, pursuant to the same terms and conditions described therein.
The Owl Rock Advisers' investment allocation policy seeks to ensure equitable
allocation of investment opportunities over time between us and other funds
managed by our Adviser or its affiliates. As a result of the exemptive relief,
there could be significant overlap in our investment portfolio and the
investment portfolio of the Owl Rock Clients and/or other funds managed by the
Adviser or its affiliates that could avail themselves of the exemptive relief
and that have an investment objective similar to ours.

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

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

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

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

source of income limitations;

asset diversification requirements; and

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

COVID-19 Developments

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

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

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

Our Investment Framework

We are a Maryland corporation organized primarily to originate and make loans
to, and make debt and equity investments in, U.S. middle market companies. Our
investment objective is to generate current income, and to a lesser extent,
capital appreciation by targeting investment opportunities with favorable
risk-adjusted returns. Since our Adviser and its affiliates began investment
activities in April 2016 through December 31, 2021, our Adviser and its
affiliates have originated $51.2 billion aggregate principal amount of
investments, of which $48.2 billion of aggregate principal amount of investments
prior to any subsequent exits or repayments, was retained by either us or a
corporation or fund advised by our Adviser or its affiliates. We seek to
generate current income primarily in U.S. middle market companies through direct
originations of senior secured loans or originations of unsecured loans,
subordinated loans or mezzanine loans and, to a lesser extent, investments in
equity and equity-related securities including warrants, preferred stock and
similar forms of senior equity. Our equity investments are typically not
control-oriented investments and we may structure such equity investments to
include provisions protecting our rights as a minority-interest holder.

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

We expect that generally our portfolio composition will be majority debt or
income producing securities, which may include "covenant-lite" loans (as defined
below), with a lesser allocation to equity or equity-linked opportunities, which
we may hold directly or
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through special purpose vehicles. In addition, we may invest a portion of our
portfolio in opportunistic investments and broadly syndicated loans, which will
not be our primary focus, but will be intended to enhance returns to our
shareholders. These investments may include high-yield bonds and
broadly-syndicated loans, including publicly traded debt instruments. In
addition, we generally do not intend to invest more than 20% of our total assets
in companies whose principal place of business is outside the United States,
although we do not generally intend to invest in companies whose principal place
of business is in an emerging market. Our portfolio composition may fluctuate
from time to time based on market conditions and interest rates.

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

We target portfolio companies where we can structure larger transactions. As of
December 31, 2021, our average debt investment size in each of our portfolio
companies was approximately $85.7 million based on fair value. As of December
31, 2021, our portfolio companies, excluding the investment in ORCC SLF and
certain investments that fall outside of our typical borrower profile and
represent 84.8% of our total debt portfolio based on fair value, had weighted
average annual revenue of $632 million and weighted average annual EBITDA of
$136 million.

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

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 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 December 31,
2021, 98.9% of our debt investments based on fair value bear interest at a
floating rate, subject to interest rate floors, in certain cases. Interest on
our debt investments is generally payable either monthly or quarterly.

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

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

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

Expenses

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

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

the cost of our organization and offerings;

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

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

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

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

costs of hedging;

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

transfer agent and custodial fees;

fees and expenses associated with marketing efforts;

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

federal, state and local taxes;

independent directors’ fees and expenses including certain travel expenses;

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

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

commissions and other compensation payable to brokers or dealers;

research and market data;

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

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

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

•
costs of winding up;

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

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extraordinary expenses (such as litigation or indemnification); and

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

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

Leverage

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

Market Trends

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

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

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

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

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

Robust Demand for Debt Capital. We believe U.S. middle market companies will
continue to require access to debt capital to refinance existing debt, support
growth and finance acquisitions. In addition, we believe the large amount of
uninvested capital held by funds of private equity firms, 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.
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The Middle Market is a Large Addressable Market. According to GE Capital's
National Center for the Middle Market 4th quarter 2021 Middle Market Indicator,
there are approximately 200,000 U.S. middle market companies, which have
approximately 48 million aggregate employees. Moreover, the U.S. middle market
accounts for one-third of private sector gross domestic product ("GDP"). GE
defines U.S. middle market companies as those between $10 million and $1 billion
in annual revenue, which we believe has significant overlap with our definition
of U.S. middle market companies.

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

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

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

Portfolio and Investment Activity

As of December 31, 2021, based on fair value, our portfolio consisted of 74.9%
first lien senior secured debt investments (of which 55% we consider to be
unitranche debt investments (including "last out" portions of such loans)),
15.1% second lien senior secured debt investments, 1.5% unsecured investments,
2.1% preferred equity investments, 4.5% common equity investments and 1.9%
investment funds and vehicles.

As of December 31, 2021, our weighted average total yield of the portfolio at
fair value and amortized cost was 7.7% and 7.8%, respectively, and our weighted
average yield of accruing debt and income producing securities at fair value and
amortized cost was 7.9% and 7.9%, respectively(1). As of December 31, 2021, the
weighted average spread of total debt investments was 6.6%.

As of December 31, 2021, we had investments in 143 portfolio companies with an aggregate fair value of $12.7 billion. As of December 31, 2021 we had net leverage of 1.13x debt-to-equity.

Based on current market conditions, the pace of our investment activities,
including originations and repayments, may vary. Currently, the strength of the
financing and merger and acquisitions markets and the current low interest rate
environment, has led to increased originations and repayments, an active
pipeline of investment opportunities including demand for large unitranche debt
investments. We are monitoring the effect that a rising interest rate
environment may have on our portfolio companies and our investment activities.
For the year ended December 31, 2021, we received repayments of approximately
$4.3 billion and we expect to continue to receive repayments in the current
environment.

________________

(1)

Refer to page 84, footnote (1), for more information on our calculation of weighted average yields.

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Our investment activity for the years ended December 31, 2021, 2020 and 2019 is
presented below (information presented herein is at par value unless otherwise
indicated).
                                            For the Years Ended December 31,
($ in thousands)                       2021              2020               2019
New investment commitments
Gross originations                 $   7,456,901         3,667,048          4,625,939
Less: Sell downs                        (632,072 )        (222,276 )         (191,277 )
Total new investment commitments   $   6,824,829     $   3,444,772      $   4,434,662
Principal amount of investments
funded:
First-lien senior secured debt     $   4,369,794     $   2,132,417
investments                                                                 

3,083,777

Second-lien senior secured debt          846,299           518,480          

596,421

investments

Unsecured debt investments               132,288            55,873          

Preferred equity investments(3)          238,367            22,163                  -
Common equity investments(3)             113,780            97,617              1,991
Investment funds and vehicles            141,876            18,950                  -
Total principal amount of          $   5,842,404     $   2,845,500      $   3,682,189
investments funded
Principal amount of investments
sold or repaid:
First-lien senior secured debt     $  (3,343,381 )   $  (1,060,352 )    $    (820,602 )
investments
Second-lien senior secured debt         (910,582 )         (90,686 )         (116,700 )
investments
Unsecured debt investments                     -                 -            (23,000 )
Preferred equity investments(3)                -                 -                  -
Common equity investments(3)              (4,827 )            (867 )           (1,991 )
Investment funds and vehicles                  -                 -             (2,250 )
Total principal amount of          $  (4,258,790 )   $  (1,151,905 )    $    (964,543 )
investments sold or repaid
Number of new investment                      67                30                 38
commitments in new portfolio
companies(1)
Average new investment                    82,831     $      84,891      $     107,981
commitment amount
Weighted average term for new                6.3               5.9                6.3
debt investment commitments (in
years)
Percentage of new debt                      98.1 %            96.3 %            100.0 %
investment commitments at
  floating rates
Percentage of new debt                       1.9 %             3.7 %              0.0 %
investment commitments at
  fixed rates
Weighted average interest rate               7.3 %             7.8 %              8.0 %
of new debt investment
  commitments(2)
Weighted average spread over                 6.4 %             6.9 %              6.1 %
LIBOR of new floating rate debt
investment commitments


________________
(1)
Number of new investment commitments represents commitments to a particular
portfolio company.
(2)
Assumes each floating rate commitment is subject to the greater of the interest
rate floor (if applicable) or 3-month LIBOR, which was 0.21%, 0.24% and 1.91% as
of December 31, 2021, 2020 and 2019, respectively.
(3)
As of December 30, 2020 and 2019, preferred equity investments and common equity
investments were reported in aggregate as equity investments.

As of December 31, 2021 and 2020, our investments consisted of the following:

                                        December 31, 2021                       December 31, 2020
($ in thousands)                Amortized Cost         Fair Value       Amortized Cost         Fair Value
First-lien senior secured      $      9,548,096   (3) $  9,539,774     $      8,483,799   (3) $  8,404,754
debt investments
Second-lien senior secured            1,919,453          1,921,447            2,035,151          2,000,471
debt investments
Unsecured debt investments              197,198            196,485               56,473             59,562
Preferred equity                        256,630            260,869               22,163             22,157
investments(4)
Common equity                           477,462            576,004              223,295            249,582
investments(1)(4)
Investment funds and                    249,714            247,061              107,837            105,546
vehicles(2)
Total Investments              $     12,648,553       $ 12,741,640     $   

10,928,718 $ 10,842,072

________________

(1)

Includes investment in Wingspire.

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(2)

Includes investment in ORCC SLF.
(3)
55% and 37% of which we consider unitranche loans as of December 31, 2021 and
December 31, 2020, respectively.
(4)
As of December 31, 2020, preferred equity investments and common equity
investments were reported in aggregate as equity investments.

The table below describes investments by industry composition based on fair value as of December 31, 2021 and December 31, 2020:

                                                  December 31, 2021        December 31, 2020
Advertising and media                                            0.9   %                  1.0   %
Aerospace and defense                                            2.9                      2.7
Automotive                                                       1.5                      1.6
Buildings and real estate                                        5.4                      5.6
Business services                                                3.3                      5.7
Chemicals                                                        2.3                      2.2
Consumer products                                                4.0                      2.3
Containers and packaging                                         1.3                      2.0
Distribution                                                     4.4                      6.3
Education                                                        1.0                      2.6
Energy equipment and services                                      -                      0.1
Financial services(1)                                            8.4                      2.9
Food and beverage                                                6.2                      8.7
Healthcare equipment and services                                4.2                      3.7
Healthcare providers and services                                7.1                      5.2
Healthcare technology                                            4.6                      3.6
Household products                                               1.8                      1.4
Human resource support services(3)                               1.6                      0.0
Infrastructure and environmental services                        1.5                      1.8
Insurance                                                        8.8                      8.9
Internet software and services                                  11.3                     11.1
Investment funds and vehicles(2)                                 1.9                      1.0
Leisure and entertainment                                        2.2                      2.0
Manufacturing                                                    5.7                      5.3
Oil and gas                                                      0.9                      1.7
Professional services                                            3.0                      5.6
Specialty retail                                                 2.0                      2.1
Telecommunications                                                 -                      0.5
Transportation                                                   1.8                      2.4
Total                                                          100.0   %                100.0   %


________________
(1)
Includes investment in Wingspire.
(2)
Includes investment in ORCC SLF.
(3)
Rounds to less than 0.1% as of December 31, 2020.

The table below describes investments by geographic composition based on fair value as of December 31, 2021 and December 31, 2020:

                  December 31, 2021       December 31, 2020
United States:
Midwest                         17.0   %                18.2   %
Northeast                       19.7                    16.7
South                           38.2                    42.3
West                            18.6                    17.2
International                    6.5                     5.6   (1)
Total                          100.0   %               100.0   %


________________
(1)

As of December 31, 2020, the geographic composition of Belgium, Canada, Israel and the United Kingdom were 0.8%, 1.0%, 0.4% and 3.4%, respectively.

The weighted average yields and interest rates of our investments at fair value as of December 31, 2021 and December 31, 2020 were as follows:

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                                             December 31, 2021         December 31, 2020
Weighted average total yield of                              7.7   %                   7.9   %

portfolio(1)

Weighted average total yield of accruing                     7.9   %                   8.1   %

debt and income

 producing securities(1)
Weighted average interest rate of                            7.4   %                   7.4   %
accruing debt securities
Weighted average spread over LIBOR of                        6.5   %                   6.6   %
all accruing floating
  rate investments


________________
(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. Prior to September 30, 2021, non-stated rate
income producing investments were computed based on (a) the IRR on the
measurement date, divided by (b) the ending fair value. Prior to September 30,
2021, weighted average total yield of the portfolio at fair value was 8.1% for
the period ended December 31, 2020. Prior to September 30, 2021, weighted
average total yield of accruing debt and income producing securities at fair
value was 8.3% for the period ended December 31, 2020.

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

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

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

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

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

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

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

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

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

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

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

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


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

The following table shows the composition of our portfolio on the 1 to 5 rating scale as of December 31, 2021 and December 31, 2020:

                                             December 31, 2021                         December 31, 2020
                                     Investments         Percentage of      

Investments Percentage of

       Investment Rating            at Fair Value       Total Portfolio     

at Fair Value Total Portfolio

        ($ in thousands)
               1                   $     1,486,521                  11.7   % $     1,093,318                  10.1   %
               2                         9,989,520                  78.4           8,628,248                  79.6
               3                         1,249,149                   9.8             904,018                   8.3
               4                            16,450                   0.1             216,488                   2.0
               5                                 -                     -                   -                     -
             Total                 $    12,741,640                 100.0   % $    10,842,072                 100.0   %



The following table shows the amortized cost of our performing and non-accrual debt investments as of December 31, 2021 and December 31, 2020:

                           December 31, 2021                     December 31, 2020
($ in thousands)    Amortized Cost       Percentage       Amortized Cost       Percentage
Performing         $     11,637,373             99.8   % $     10,518,059             99.5   %
Non-accrual                  27,374              0.2   %           57,364              0.5   %
Total              $     11,664,747            100.0   % $     10,575,423            100.0   %



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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.
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.



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Portfolio Companies

The following table sets forth certain information regarding each of the
portfolio companies in which we had a debt or equity investment as of December
31, 2021. We offer to make available significant managerial assistance to our
portfolio companies. We may receive rights to observe the meetings of our
portfolio companies' board of directors. Other than these investments, our only
relationships with our portfolio companies are the managerial assistance we may
separately provide to our portfolio companies, which services would be ancillary
to our investments. As of December 31, 2021, other than ORCC SLF, Wingspire
Capital Holdings LLC, Swipe Acquisition Corp. (dba PLI) and PS Operating Company
LLC (fka QC Supply, LLC), we did not "control" and are not an "affiliate" of any
of our portfolio companies, each as defined in the 1940 Act. In general, under
the 1940 Act, we would "control" a portfolio company if we owned 25.0% or more
of its voting securities and would be an "affiliate" of a portfolio company if
we owned five percent or more of its voting securities.

                                                                                  Percentage
                                                                                   of Class         Principal
                                                                                  Held on a         Number of
                                                                   Maturity /       Fully            Shares /
($ in thousands)                         Type of        Interest  

Dissolution Diluted Number of Amortized Company

                   Industry       Investment       Rate        Date          Basis             Units             Cost         Fair Value

3ES Innovation Inc. Internet First lien L + 5/13/2025

             0.0 %           61,259         60,718           60,340
(dba Aucerna)(1)(4)       software and   senior          6.75%
Suite 800, 250 - 2nd      services       secured loan
Street S.W.
Calgary, Alberta,
Canada
3ES Innovation Inc.       Internet       First lien       L +       5/13/2025             0.0 %                -            (27 )            (58 )
(dba Aucerna)(1)(12)      software and   senior          6.75%
Suite 800, 250 - 2nd      services       secured
Street S.W.                              revolving
Calgary, Alberta,                        loan
Canada
ABB/Con-cise Optical      Distribution   First lien       L +       6/15/2023             0.0 %           74,831         74,484           74,456
Group LLC(1)(2)                          senior          5.00%
12301 NW 39th                            secured loan
StreetCoral Springs, FL
33065
ABB/Con-cise Optical      Distribution   Second lien      L +       6/17/2024             0.0 %           25,000         24,705           24,875
Group LLC(1)(2)                          senior          9.00%
12301 NW 39th                            secured loan
StreetCoral Springs, FL
33065
Accela, Inc.(1)(2)        Internet       First lien       L +       9/30/2024             0.0 %           23,990         23,818           23,990
2633 Camino Ramon,        software and   senior          7.50%
Suite 500San Ramon, CA    services       secured loan    (incl.
94583                                                    4.25%
                                                          PIK)
Accela, Inc.(1)(12)       Internet       First lien       L +       9/30/2024             0.0 %                -              -                -
2633 Camino Ramon,        software and   senior          7.00%
Suite 500San Ramon, CA    services       secured
94583                                    revolving
                                         loan

Access CIG, LLC(1)(2) Business Second lien L + 2/27/2026

             0.0 %           58,760         58,343           

58,466

6818 A Patterson Pass services senior 7.75% RoadLivermore, CA 94550

                  secured loan
Alera Group, Inc.(1)(2)   Insurance      First lien       L +       10/2/2028             0.0 %           43,036         42,097           42,068
3 Parkway North, Suite                   senior          5.50%
500. Deerfield,                          secured loan
Illinois 60015
Alera Group,              Insurance      First lien       L +       10/2/2023             0.0 %           11,825         11,560           11,554
Inc.(1)(2)(12)                           senior          5.50%
3 Parkway North, Suite                   secured
500. Deerfield,                          delayed draw
Illinois 60015                           term loan
AmSpec Group, Inc. (fka   Professional   First lien       L +       7/2/2024              0.0 %          110,265        109,296          109,713
AmSpec Services           services       senior          5.75%
Inc.)(1)(4)                              secured loan
1249 S River
RdCranbury, NJ 08512
AmSpec Group, Inc. (fka   Professional   First lien       P +       7/2/2024              0.0 %            3,796          3,691            3,724
AmSpec Services           services       senior          3.75%
Inc.)(1)(7)(12)                          secured
1249 S River                             revolving
RdCranbury, NJ 08512                     loan



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Apex Group Treasury, Professional Second lien L + 6.75% 7/27/2029

         0.0 %      19,000        18,817        18,810
LLC(1)(4)               Services       senior
Vallis Building, 4th                   secured
Floor, 58                              loan
Par-le-Ville Rd,
Hamilton HM11 Bermuda
Apex Group Treasury,    Professional   Second lien   L + 6.75%    6/30/2022         0.0 %           -             -             -
LLC(1)(12)              Services       senior
Vallis Building, 4th                   secured
Floor, 58                              delayed
Par-le-Ville Rd,                       draw term
Hamilton HM11 Bermuda                  loan
Apptio, Inc.(1)(5)      Internet       First lien    L + 7.25%    1/10/2025         0.0 %      50,916        50,179        50,916
11100 NE 8th Street,    software and   senior
Suite 600, Bellevue,    services       secured
WA 98004                               loan
Apptio,                 Internet       First lien    L + 7.25%    1/10/2025         0.0 %       1,112         1,084         1,112
Inc.(1)(4)(12)          software and   senior
11100 NE 8th Street,    services       secured
Suite 600, Bellevue,                   revolving
WA 98004                               loan
Aramsco, Inc.(1)(2)     Distribution   First lien    L + 5.25%    8/28/2024         0.0 %      55,899        55,224        55,899
PO Box 29Thorofare,                    senior
NJ 08086                               secured
                                       loan
Aramsco, Inc.(1)(12)    Distribution   First lien    L + 5.25%    8/28/2024         0.0 %           -           (93 )           -
PO Box 29Thorofare,                    senior
NJ 08086                               secured
                                       revolving
                                       loan
Ardonagh Midco 3        Insurance      First lien    L + 5.50%    7/14/2026         0.0 %      26,784        26,269        26,784
PLC(1)(5)                              senior
1 Minster Court,                       secured USD
Mincing Lane, London                   delayed
EC3R 7AA, United                       draw term
Kingdom                                loan
Ardonagh Midco 3        Insurance      First lien    E + 6.75%    7/14/2026         0.0 %      10,388        10,013        10,388
PLC(1)(10)                             senior
1 Minster Court,                       secured
Mincing Lane, London                   loan
EC3R 7AA, United
Kingdom
Ardonagh Midco 3        Insurance      First lien    S + 6.75%    7/14/2026         0.0 %     117,374       106,703       117,374
PLC(1)(11)                             senior
1 Minster Court,                       secured GBP
Mincing Lane, London                   term loan
EC3R 7AA, United
Kingdom
Ardonagh Midco 3        Insurance      First lien    L + 5.50%    8/19/2023         0.0 %           -             -             -
PLC(1)(12)                             senior
1 Minster Court,                       secured GBP
Mincing Lane, London                   delayed
EC3R 7AA, United                       draw term
Kingdom                                loan
Ardonagh Midco 2 PLC    Insurance      Unsecured     12.75% PIK   1/15/2027
        0.0 %      10,527        10,451        11,620
1 Minster Court,                       notes
Mincing Lane, London
EC3R 7AA, United
Kingdom
Aruba Investments       Chemicals      Second lien   L + 7.75%    11/24/2028        0.0 %      10,000         9,867        10,000
Holdings LLC (dba                      senior
Angus Chemical                         secured
Company)(1)(5)                         loan
1500 E Lake Cook Rd,
Buffalo Grove, IL
60089
Ascend Buyer, LLC       Containers     First lien    L + 5.75%    10/2/2028         0.0 %       5,554         5,500         5,498
(dba PPC Flexible       and            senior
Packaging)(1)(4)        packaging      secured
1111 Busch Parkway,                    loan
Buffalo Grove, IL
60089
Ascend Buyer, LLC       Containers     First lien    L + 5.75%    9/30/2027         0.0 %          94            89            88
(dba PPC Flexible       and            senior
Packaging)(1)(4)(12)    packaging      secured
1111 Busch Parkway,                    revolving
Buffalo Grove, IL                      loan
60089



                                       88
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Associations,             Buildings     First lien      L +      7/2/2027         0.0 %       452,630       448,461       448,102
Inc.(1)(4)                and real      senior         6.50%
5401 North Central        estate        secured loan   (incl.
Expressway, Suite                                      2.50%
300Dallas, TX 75205                                     PIK)
Associations,             Buildings     First lien      L +      7/2/2027         0.0 %             -          (302 )        (329 )
Inc.(1)(12)               and real      senior         6.50%
5401 North Central        estate        secured
Expressway, Suite                       revolving
300Dallas, TX 75205                     loan
Aviation Solutions        Aerospace     First lien      L +      1/3/2025         0.0 %       214,643       212,314       202,838
Midco, LLC (dba STS       and defense   senior         7.25%
Aviation)(1)(4)                         secured loan
2000 NE Jensen Beach
BlvdJensen Beach, FL
34957
AxiomSL Group,            Financial     First lien      L +     12/3/2027         0.0 %       202,775       200,614       201,254
Inc.(1)(4)                services      senior         6.00%
45 Broadway, 27th                       secured loan
Floor, New York, NY,
10006
AxiomSL Group,            Financial     First lien      L +     7/21/2023         0.0 %             -           (39 )           -
Inc.(1)(12)               services      senior         6.00%
45 Broadway, 27th                       secured
Floor, New York, NY,                    delayed draw
10006                                   term loan
AxiomSL Group,            Financial     First lien      L +     12/3/2025         0.0 %             -          (190 )        (137 )
Inc.(1)(12)               services      senior         6.00%
45 Broadway, 27th                       secured
Floor, New York, NY,                    revolving
10006                                   loan
Balrog Acquisition,       Food and      Second lien     L +      9/3/2029         0.0 %        22,000        21,821        21,815
Inc. (dba                 beverage      senior         7.00%
BakeMark)(1)(5)                         secured loan
7351 Crider Ave., Pico
Rivera, CA 90660
Bayshore Intermediate     Internet      First lien      L +     10/2/2028  

0.0 % 82,962 81,145 81,095 #2, L.P. (dba

             software      senior         7.75%
Boomi)(1)(4)              and           secured loan    PIK
1400 Liberty Ridge        services
Drive, Chesterbrook PA,
19087
Bayshore Intermediate     Internet      First lien      L +     10/1/2027         0.0 %             -          (149 )        (156 )
#2, L.P. (dba             software      senior         6.75%
Boomi)(1)(12)             and           secured
1400 Liberty Ridge        services      revolving
Drive, Chesterbrook PA,                 loan

19087

Brooklyn Lender           Internet      Common Units    N/A        N/A            0.2 %     7,503,843         7,504         7,504
Co-Invest 2, L.P.         software
1400 Liberty Ridge        and
Drive, Chesterbrook PA,   services
19087
BCPE Nucleon (DE) SPV,    Internet      First lien      L +     9/24/2026         0.0 %       189,778       187,355       188,829
LP(1)(5)                  software      senior         7.00%
4001 Kennett Pike,        and           secured loan
Suite 302, Wilmington,    services
DE 19807
BCPE Osprey Buyer, Inc.   Healthcare    First lien      L +     8/23/2028  

0.0 % 114,052 112,307 112,227 (dba PartsSource)(1)(5) technology senior 5.75% 777 Lena Drive Aurora,

                  secured loan
Ohio 44202
BCPE Osprey Buyer, Inc.   Healthcare    First lien      L +     8/23/2023         0.0 %             -          (269 )        (133 )
(dba                      technology    senior         5.75%
PartsSource)(1)(12)                     secured
777 Lena Drive Aurora,                  delayed draw
Ohio 44202                              term loan

BCPE Osprey Buyer, Inc. Healthcare First lien L + 8/21/2026

       0.0 %             -          (190 )        (190 )
(dba                      technology    senior         5.75%
PartsSource)(1)(12)                     secured
777 Lena Drive Aurora,                  revolving
Ohio 44202                              loan

BCTO BSI Buyer, Inc. Internet First lien L + 12/23/2026

       0.0 %        44,643        44,258        44,420
(dba                      software      senior         7.00%
Buildertrend)(1)(4)       and           secured loan
11811 I St. Omaha, NE     services
68137
BCTO BSI Buyer, Inc.      Internet      First lien      L +     12/23/2026        0.0 %         3,018         2,973         2,991
(dba                      software      senior         7.00%
Buildertrend)(1)(4)(12)   and           secured
11811 I St. Omaha, NE     services      revolving
68137                                   loan



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Black Mountain Sand    Oil and      First lien   L + 8.25%   8/17/2022         0.0 %       4,808         4,808         4,808
Eagle Ford LLC(1)(4)   gas          senior
420 Commerce Street,                secured
Suite 500, Fort                     loan
Worth, TX 76102
Blackhawk Network      Financial    Second       L + 7.00%   6/15/2026         0.0 %     106,400       105,763       106,400
Holdings, Inc.(1)(2)   services     lien
6220 Stoneridge Mall                senior
RoadPleasanton, CA                  secured
94588                               loan
Blend Labs,            Financial    First lien   L + 7.50%    7/1/2026         0.0 %      67,500        65,988        66,150
Inc.(1)(4)             services     senior
415 Kearny Street                   secured
San Francisco, CA                   loan
94108
Blend Labs,            Financial    First lien   L + 7.50%    7/1/2026         0.0 %           -           (67 )        (150 )
Inc.(1)(12)            services     senior
415 Kearny Street                   secured
San Francisco, CA                   revolving
94108                               loan
Blend Labs, Inc.       Financial    Common          N/A         N/A            0.0 %      72,317         1,000           515
415 Kearny Street      services     Stock
San Francisco, CA
94108
Blend Labs, Inc.       Financial    Warrants        N/A         N/A            0.0 %     179,529           975           380
415 Kearny Street      services
San Francisco, CA
94108
BP Veraison Buyer,     Food and     First lien   L + 5.75%   5/12/2027         0.0 %      69,381        68,596        68,687
LLC (dba Sun           beverage     senior
World)(1)(3)                        secured
5701 Truxtun Ave                    loan
Bakersfield, CA
93309
BP Veraison Buyer,     Food and     First lien   L + 5.75%   5/12/2023         0.0 %           -           (32 )           -
LLC (dba Sun           beverage     senior
World)(1)(12)                       secured
5701 Truxtun Ave                    delayed
Bakersfield, CA                     draw term
93309                               loan
BP Veraison Buyer,     Food and     First lien   L + 5.75%   5/12/2027         0.0 %           -           (97 )         (87 )
LLC (dba Sun           beverage     senior
World)(1)(12)                       secured
5701 Truxtun Ave                    revolving
Bakersfield, CA                     loan
93309
Bracket Intermediate   Healthcare   First lien   L + 4.25%    9/5/2025         0.0 %         516           487           514
Holding Corp.(1)(4)    technology   senior
575 East Swedesford                 secured
Road, Suite                         loan
200Wayne, PA 19087
Bracket Intermediate   Healthcare   Second       L + 8.13%    9/7/2026         0.0 %      26,250        25,896        26,119
Holding Corp.(1)(4)    technology   lien
575 East Swedesford                 senior
Road, Suite                         secured
200Wayne, PA 19087                  loan
Brightway Holdings,    Insurance    First lien   L + 6.50%   12/16/2027        0.0 %      26,842        26,509        26,507
LLC(1)(4)                           senior
3733 University                     secured
Blvd. W                             loan
Jacksonville, FL
32217
Brightway Holdings,    Insurance    First lien   L + 6.50%   12/16/2027        0.0 %           -           (39 )         (39 )
LLC(1)(12)                          senior
3733 University                     secured
Blvd. W                             revolving
Jacksonville, FL                    loan
32217
GrowthCurve Capital    Insurance    LP              N/A         N/A            1.6 %         632           633           632
Sunrise Co-Invest LP                Interest
3733 University
Blvd. W
Jacksonville, FL
32217
CD&R Value Building    Automotive   LP              N/A         N/A            0.8 %      33,000        33,065        33,000
Partners I, L.P.                    Interest
c/o Maples Corporate
Services Limited,
P.O. Box 309, Ugland
House, Grand Cayman,
KY1-1104, Cayman
Islands



                                       90
--------------------------------------------------------------------------------
Centrify                Internet     First lien     L +      3/2/2028         0.0 %      66,903        65,383        65,564
Corporation(1)(4)       software     senior        5.75%
3300 Tannery Way,       and          secured
Santa Clara, CA 95054   services     loan
Centrify                Internet     First lien     L +      3/2/2027         0.0 %           -          (173 )        (136 )
Corporation(1)(12)      software     senior        5.75%
3300 Tannery Way,       and          secured
Santa Clara, CA 95054   services     revolving
                                     loan
CIBT Global,            Business     First lien     L +      6/3/2024         0.0 %         856           629           531
Inc.(1)(4)              services     senior        5.25%
1600 International                   secured       (incl.
Drive, Suite                         loan          4.25%
600McLean, VA 22102                                 PIK)
CIBT Global,            Business     Second lien    L +     12/1/2025         0.0 %      63,678        26,745        15,919
Inc.(1)(6)              services     senior        7.75%
1600 International                   secured       (incl.
Drive, Suite                         loan          6.75%
600McLean, VA 22102                                 PIK)
CivicPlus, LLC(1)(4)    Internet     First lien     L +     8/24/2027         0.0 %      14,236        14,101        14,094
302 South 4th Street    software     senior        6.00%
Suite 500 Manhattan,    and          secured
KS 66502                services     loan
CivicPlus, LLC(1)(12)   Internet     First lien     L +     8/24/2023         0.0 %           -             -             -
302 South 4th Street    software     senior        6.00%
Suite 500 Manhattan,    and          secured
KS 66502                services     delayed
                                     draw term
                                     loan
CivicPlus, LLC(1)(12)   Internet     First lien     L +     8/24/2027         0.0 %           -           (13 )         (13 )
302 South 4th Street    software     senior        6.00%
Suite 500 Manhattan,    and          secured
KS 66502                services     revolving
                                     loan
ConAir Holdings         Consumer     Second lien    L +     5/17/2029         0.0 %     187,500       186,174       187,500
LLC(1)(4)               products     senior        7.50%
1 Cummings Point Road                secured
Stamford, CT, 06902                  loan
ASP Conair Holdings     Consumer     Class A        N/A        N/A            0.8 %      60,714         6,071         6,071
LP                      products     Units
1 Cummings Point Road
Stamford, CT, 06902
Cornerstone OnDemand,   Human        Second lien    L +     10/15/2029        0.0 %     115,833       114,128       114,096
Inc.(1)(5)              resource     senior        6.50%
1601 Cloverfield Blvd   support      secured
Ste 600S, Santa         services     loan
Monica, CA 90404
Sunshine Software       Human        Series A      10.50%      N/A            1.5 %      38,500        38,401        38,380
Holdings, Inc. (dba     resource     Preferred      PIK
Cornerstone OnDemand,   support      Stock
Inc.)                   services
1601 Cloverfield Blvd
Ste 600S, Santa
Monica, CA 90404
Delta TopCo, Inc.       Internet     Second lien    L +     12/1/2028         0.0 %      15,000        14,934        15,000
(dba Infoblox,          software     senior        7.25%
Inc.)(1)(4)             and          secured
3111 Coronado Dr,       services     loan
Santa Clara, CA 95054
Denali BuyerCo, LLC     Business     First lien     L +     9/15/2028         0.0 %      51,393        50,665        50,879
(dba Summit             services     senior        6.00%
Companies)(1)(4)                     secured
575 Minnehaha Ave. W.                loan
St. Paul, MN 55103
Denali BuyerCo, LLC     Business     First lien     L +     9/15/2023         0.0 %       2,003         1,927         1,983
(dba Summit             services     senior        6.00%
Companies)(1)(4)(12)                 secured
575 Minnehaha Ave. W.                delayed
St. Paul, MN 55103                   draw term
                                     loan
Denali BuyerCo, LLC     Business     First lien     L +     9/15/2027         0.0 %           -           (34 )         (36 )
(dba Summit             services     senior        6.00%
Companies)(1)(12)                    secured
575 Minnehaha Ave. W.                revolving
St. Paul, MN 55103                   loan



                                       91
--------------------------------------------------------------------------------

Denali Holding LP Business Class A N/A N/A

     0.4 %       313,850         3,136         3,136
(dba Summit             services       Units
Companies)
575 Minnehaha Ave. W.
St. Paul, MN 55103
Diamondback             Business       First lien     L +     9/13/2028         0.0 %         5,407         5,302         5,298
Acquisition, Inc.       services       senior        5.50%
(dba Sphera)(1)(2)                     secured
130 East Randolph                      loan
Street Suite 1900
Chicago, IL 60601
Diamondback             Business       First lien     L +     9/13/2023         0.0 %             -           (10 )         (11 )
Acquisition, Inc.       services       senior        5.50%
(dba Sphera)(1)(12)                    secured
130 East Randolph                      delayed
Street Suite 1900                      draw term
Chicago, IL 60601                      loan
Dodge Data &            Buildings      First lien     L +     4/14/2026         0.0 %        32,561        31,987        33,538
Analytics LLC(1)(4)     and real       senior        7.50%
300 American Metro      estate         secured
Blvd. Suite 185                        loan
Hamilton, NJ 08619
Dodge Data &            Buildings      First lien     L +     4/14/2026         0.0 %             -           (32 )           -
Analytics LLC(1)(12)    and real       senior        7.50%
300 American Metro      estate         secured
Blvd. Suite 185                        revolving
Hamilton, NJ 08619                     loan
Skyline Holdco B,       Buildings      Series A       N/A        N/A            0.7 %     2,181,629         3,272         3,612
Inc. (dba Dodge Data    and real       Preferred
& Analytics)            estate         Stock
300 American Metro
Blvd. Suite 185
Hamilton, NJ 08619
Douglas Products and    Chemicals      First lien     L +     10/19/2022        0.0 %       106,179       105,952       105,117
Packaging Company                      senior        5.75%
LLC(1)(4)                              secured
1550 E. Old 210                        loan
HighwayLiberty, MO
64068
Douglas Products and    Chemicals      First lien     P +     10/19/2022        0.0 %         5,147         5,135         5,056
Packaging Company                      senior        4.75%
LLC(1)(7)(12)                          secured
1550 E. Old 210                        revolving
HighwayLiberty, MO                     loan
64068
EET Buyer, Inc. (dba    Internet       First lien     L +     11/8/2027         0.0 %         4,545         4,501         4,500
e-Emphasys)(1)(4)       software and   senior        5.75%
2501 Weston Pkwy #      services       secured
101, Cary, NC 27513                    loan
EET Buyer, Inc. (dba    Internet       First lien     L +     11/8/2027         0.0 %             -            (4 )          (5 )
e-Emphasys)(1)(12)      software and   senior        5.75%
2501 Weston Pkwy #      services       secured
101, Cary, NC 27513                    revolving
                                       loan
Endries Acquisition,    Distribution   First lien     L +     12/10/2025        0.0 %       200,163       197,994       200,163
Inc.(1)(4)                             senior        6.25%
714 West Ryan Street,                  secured
P.O. Box 69 Brillion,                  loan
Wisconsin USA
54110-0069
Entertainment           Business       First lien     L +     9/30/2025    

0.0 % 83,600 82,795 79,838 Benefits Group, services senior 8.25% LLC(1)(3)

                              secured       (incl.
19495 Biscayne                         loan          2.50%
Boulevard, Suite 300,                                 PIK)
Aventura, FL 33180
Entertainment           Business       First lien     L +     9/30/2024         0.0 %             -           (91 )        (504 )
Benefits Group,         services       senior        8.25%
LLC(1)(12)                             secured       (incl.
19495 Biscayne                         revolving     2.50%
Boulevard, Suite 300,                  loan           PIK)
Aventura, FL 33180
Evolution BuyerCo,      Insurance      First lien     L +     4/28/2028         0.0 %       143,150       141,253       141,360
Inc. (dba SIAA)(1)(4)                  senior        6.25%
234 Lafayette Rd                       secured
Hampton?, NH,                          loan
03842-4105 United
States



                                       92
--------------------------------------------------------------------------------
Evolution BuyerCo,      Insurance        First lien     L +     4/30/2027         0.0 %           -          (135 )        (134 )
Inc. (dba                                senior        6.25%
SIAA)(1)(12)                             secured
234 Lafayette Rd                         revolving
Hampton?, NH,                            loan
03842-4105 United
States
Evolution Parent, LP    Insurance        LP Interest    N/A        N/A            0.9 %      42,838         4,284         4,284
(dba SIAA)
234 Lafayette Rd
Hampton?, NH,
03842-4105 United
States
Feradyne Outdoors,      Consumer         First lien     L +     5/25/2023         0.0 %      86,956        86,671        86,956
LLC(1)(4)               products         senior        6.25%
1230 Poplar                              secured
AvenueSuperior, WI                       loan
54880
Forescout               Internet         First lien     L +     8/17/2026         0.0 %      54,811        54,119        54,811
Technologies,           software and     senior        9.50%
Inc.(1)(4)              services         secured        PIK
190 W. Tasman Drive,                     loan
San Jose, CA 95134
Forescout               Internet         First lien     L +     8/18/2025         0.0 %           -           (68 )           -
Technologies,           software and     senior        8.50%
Inc.(1)(12)             services         secured
190 W. Tasman Drive,                     revolving
San Jose, CA 95134                       loan
Fortis Solutions        Containers and   First lien     L +     10/13/2028        0.0 %       3,324         3,259         3,257
Group, LLC(1)(4)        packaging        senior        5.50%
2505 Hawkeye Ct                          secured
Virginia Beach, VA,                      loan
23452-7845 United
States
Fortis Solutions        Containers and   First lien     L +     10/13/2023        0.0 %           -           (13 )         (13 )
Group, LLC(1)(12)       packaging        senior        5.50%
2505 Hawkeye Ct                          secured
Virginia Beach, VA,                      delayed
23452-7845 United                        draw term
States                                   loan
Fortis Solutions        Containers and   First lien     L +     10/15/2027        0.0 %           -            (9 )          (9 )
Group, LLC(1)(12)       packaging        senior        5.50%
2505 Hawkeye Ct                          secured
Virginia Beach, VA,                      revolving
23452-7845 United                        loan
States
FR Arsenal Holdings     Infrastructure   First lien     L +      9/8/2022         0.0 %     118,253       118,545       112,932
II Corp. (dba           and              senior        7.50%
Applied-Cleveland       environmental    secured
Holdings, Inc.)(1)(5)   services         loan
370690 East Old
Highway 64Cleveland,
OK 74020
Gainsight, Inc.(1)(4)   Business         First lien     L +     7/30/2027  

0.0 % 19,547 19,231 19,254 655 Montgomery St 7th services senior 6.75% Floor, San Francisco,

                    secured        PIK
CA                                       loan
Gainsight,              Business         First lien     L +     7/30/2027         0.0 %           -           (55 )         (50 )
Inc.(1)(12)             services         senior        6.00%
655 Montgomery St 7th                    secured
Floor, San Francisco,                    revolving
CA                                       loan

Galls, LLC(1)(4) Specialty First lien L + 1/31/2025

       0.0 %     104,742       103,983        98,458
1340 Russell Cave       Retail           senior        6.75%
RoadP.O. Box                             secured       (incl.
54308Lexington, KY                       loan          0.50%
40505                                                   PIK)
Galls, LLC(1)(4)(12)    Specialty        First lien     L +     1/31/2024         0.0 %      11,943        11,624         9,999
1340 Russell Cave       Retail           senior        6.75%
RoadP.O. Box                             secured
54308Lexington, KY                       revolving
40505                                    loan
Gaylord Chemical        Chemicals        First lien     L +     3/30/2027  
      0.0 %     152,645       151,277       151,882
Company, L.L.C.(1)(4)                    senior        6.50%
106 Galeria Blvd                         secured
Dlidell, LA,                             loan
70458-1245



                                       93
--------------------------------------------------------------------------------
Gaylord Chemical       Chemicals       First lien    L + 6.50%   3/30/2026         0.0 %           -          (112 )         (66 )
Company,                               senior
L.L.C.(1)(12)                          secured
106 Galeria Blvd                       revolving
Dlidell, LA,                           loan
70458-1245
Genesis Acquisition    Internet        First lien    L + 4.00%   7/31/2024         0.0 %      18,129        17,961        17,630
Co. (dba Procare       software and    senior
Software)(1)(4)        services        secured
1 West Main St., Ste                   loan
201Medford, OR 97501
Genesis Acquisition    Internet        First lien    L + 4.00%   7/31/2024         0.0 %       2,637         2,614         2,564
Co. (dba Procare       software and    senior
Software)(1)(4)        services        secured
1 West Main St., Ste                   revolving
201Medford, OR 97501                   loan
Gerson Lehrman         Professional    First lien    L + 5.25%   12/12/2024        0.0 %     151,895       151,062       151,895
Group, Inc.(1)(5)      services        senior
60 East 42nd Street,                   secured
3rd Floor, New York,                   loan
NY 10165
Gerson Lehrman         Professional    First lien    L + 5.25%   12/12/2024        0.0 %           -          (105 )           -
Group, Inc.(1)(12)     services        senior
60 East 42nd Street,                   secured
3rd Floor, New York,                   revolving
NY 10165                               loan
GI Ranger              Healthcare      First lien    L + 6.00%   10/30/2028        0.0 %       4,017         3,938         3,937
Intermediate, LLC      technology      senior
(dba Rectangle                         secured
Health)(1)(4)                          loan
115 E Stevens Ave,
Valhalla, New York,
10595, United States
GI Ranger              Healthcare      First lien    L + 6.00%   10/30/2023        0.0 %           -            (6 )          (6 )
Intermediate, LLC      technology      senior
(dba Rectangle                         secured
Health)(1)(12)                         delayed
115 E Stevens Ave,                     draw term
Valhalla, New York,                    loan
10595, United States
GI Ranger              Healthcare      First lien    L + 6.00%   10/29/2027        0.0 %           -            (7 )          (7 )
Intermediate, LLC      technology      senior
(dba Rectangle                         secured
Health)(1)(12)                         revolving
115 E Stevens Ave,                     loan
Valhalla, New York,
10595, United States
Global Music Rights,   Advertising     First lien    L + 5.75%   8/28/2028         0.0 %       7,500         7,356         7,350
LLC(1)(4)              and media       senior
907 Westwood Blvd                      secured
#388 · Los Angeles,                    loan
CA 90024
Global Music Rights,   Advertising     First lien    L + 5.75%   8/27/2027         0.0 %           -           (13 )         (13 )
LLC(1)(12)             and media       senior
907 Westwood Blvd                      secured
#388 · Los Angeles,                    revolving
CA 90024                               loan
Gloves Buyer, Inc.     Manufacturing   Second lien   L + 8.25%   12/29/2028        0.0 %      29,250        28,584        28,884
(dba Protective                        senior
Industrial                             secured
Products)(1)(2)                        loan
968 Albany Shaker
Road Latham, NY
12110
Gloves Holdings, LP    Manufacturing   LP Interest      N/A         N/A            0.6 %       3,250         3,250         3,640
(dba Protective
Industrial Products)
968 Albany Shaker
Road Latham, NY
12110
GovBrands              Internet        First lien    L + 5.50%    8/4/2027         0.0 %      10,658        10,407        10,392
Intermediate,          software and    senior
Inc.(1)(4)             services        secured
3025 Windward Plaza,                   loan
Ste 200. Alpharetta,
GA
GovBrands              Internet        First lien    L + 5.50%    8/4/2023         0.0 %       2,404         2,333         2,330
Intermediate,          software and    senior
Inc.(1)(2)(12)         services        secured
3025 Windward Plaza,                   delayed
Ste 200. Alpharetta,                   draw term
GA                                     loan



                                       94
--------------------------------------------------------------------------------
GovBrands               Internet       First lien     L +     8/4/2027         0.0 %             -           (18 )         (20 )
Intermediate,           software and   senior        5.50%
Inc.(1)(12)             services       secured
3025 Windward Plaza,                   revolving
Ste 200. Alpharetta,                   loan
GA
Granicus, Inc.(1)(4)    Internet       First lien     L +    1/29/2027         0.0 %        13,495        13,211        13,259
1999 Broadway, Suite    software and   senior        6.50%
3600, Denver, CO        services       secured
80202                                  loan
Granicus,               Internet       First lien     L +    1/30/2023         0.0 %         1,535         1,498         1,501
Inc.(1)(4)(12)          software and   senior        6.50%
1999 Broadway, Suite    services       secured
3600, Denver, CO                       delayed
80202                                  draw term
                                       loan
Granicus, Inc.(1)(12)   Internet       First lien     L +    1/29/2027         0.0 %             -           (24 )         (21 )
1999 Broadway, Suite    software and   senior        6.50%
3600, Denver, CO        services       secured
80202                                  revolving
                                       loan
Guidehouse Inc.(1)(2)   Professional   First lien     L +    10/16/2028        0.0 %         4,649         4,604         4,603
1676 International      services       senior        5.50%
Drive, Suite 800,                      secured
McLean, VA 22102                       loan
Guidehouse              Professional   First lien     L +    10/15/2027        0.0 %             -             -            (4 )
Inc.(1)(12)             services       senior        5.50%
1676 International                     secured
Drive, Suite 800,                      revolving
McLean, VA 22102                       loan
H&F Opportunities LUX   Internet       First lien     L +    4/16/2026         0.0 %        51,567        50,388        51,567
III S.À R.L (dba        software and   senior        7.50%
Checkmarx)(1)(5)        services       secured
Amot Atrium Tower, 2                   loan
Jabotinsky Street,
Ramat Gan 520501,
Israel
H&F Opportunities LUX   Internet       First lien     L +    4/16/2026         0.0 %             -          (348 )           -
III S.À R.L (dba        software and   senior        7.50%
Checkmarx)(1)(12)       services       secured
Amot Atrium Tower, 2                   revolving
Jabotinsky Street,                     loan
Ramat Gan 520501,
Israel
Hercules Borrower,      Business       First lien     L +    12/15/2026        0.0 %       178,693       176,397       178,693
LLC (dba The Vincit     services       senior        6.50%
Group)(1)(4)                           secured
412 Georgia Avenue                     loan
#300 Chattanooga, TN
37403
Hercules Borrower,      Business       First lien     L +    12/15/2026        0.0 %             -          (259 )           -
LLC (dba The Vincit     services       senior        6.50%
Group)(1)(12)                          secured
412 Georgia Avenue                     revolving
#300 Chattanooga, TN                   loan
37403
Hercules Buyer, LLC     Business       Unsecured     0.48%   12/14/2029        0.0 %         5,135         5,135         5,135
(dba The Vincit         services       notes          PIK
Group)
412 Georgia Avenue
#300 Chattanooga, TN
37403
Hercules Buyer, LLC     Business       Common         N/A       N/A            0.3 %     2,190,000         2,192         2,192
(dba The Vincit         services       Units
Group)
412 Georgia Avenue
#300 Chattanooga, TN
37403
H-Food Holdings,        Food and       Second lien    L +     3/2/2026         0.0 %       121,800       119,919       121,800
LLC(1)(2)               beverage       senior        7.00%
3500 Lacey Road,                       secured
Suite 300Downers                       loan
Grove IL 60515
H-Food Holdings, LLC    Food and       LLC            N/A       N/A            0.9 %        10,875        10,875        13,633
3500 Lacey Road,        beverage       Interest
Suite 300Downers
Grove IL 60515
Hg Genesis 8 Sumoco     Financial      Unsecured      S +    8/28/2025         0.0 %        47,207        46,102        47,207
Limited(1)(11)          services       facility      7.50%
2 More London                                         PIK
Riverside London SE1
2AP UK



                                       95
--------------------------------------------------------------------------------
Hg Saturn Luchaco       Financial       Unsecured      S +     3/30/2026         0.0 %     133,862       135,510       132,523
Limited(1)(11)          services        facility      7.50%
1 Royal Plaza Royal                                    PIK
Avenue St Peter Port
GUERNSEY GY1 2HL
HGH Purchaser, Inc.     Household       First lien     L +     11/3/2025         0.0 %     108,230       106,916       107,418
(dba Horizon            products        senior        5.75%
Services)(1)(4)                         secured
900 Adams Avenue                        loan
Audubon, PA 19403
HGH Purchaser, Inc.     Household       First lien     L +     2/10/2023         0.0 %      33,699        33,376        33,429
(dba Horizon            products        senior        5.75%
Services)(1)(3)(12)                     secured
900 Adams Avenue                        delayed
Audubon, PA 19403                       draw term
                                        loan
HGH Purchaser, Inc.     Household       First lien     L +     11/3/2025         0.0 %       2,689         2,596         2,616
(dba Horizon            products        senior        5.75%
Services)(1)(4)(12)                     secured
900 Adams Avenue                        revolving
Audubon, PA 19403                       loan
Hometown Food           Food and        First lien     L +     8/31/2023         0.0 %      15,947        15,830        15,787
Company(1)(2)           beverage        senior        5.00%
1 Strawberry                            secured
LaneOrrville, Ohio                      loan
44667-0280
Hometown Food           Food and        First lien     L +     8/31/2023         0.0 %           -           (28 )         (42 )
Company(1)(12)          beverage        senior        5.00%
1 Strawberry                            secured
LaneOrrville, Ohio                      revolving
44667-0280                              loan
Hyland Software,        Internet        Second lien    L +      7/7/2025         0.0 %      15,482        15,468        15,579
Inc.(1)(2)              software and    senior        6.25%
28500 Clemens Road,     services        secured
Westlake, OH 44145                      loan
Ideal Tridon            Manufacturing   First lien     L +     7/31/2024         0.0 %      53,209        52,784        53,209
Holdings, Inc.(1)(4)                    senior        5.25%
8100 Tridon Drive                       secured
Smyrna, TN USA                          loan
37167-6603
Ideal Tridon            Manufacturing   First lien     L +     7/31/2023         0.0 %       1,800         1,782         1,800
Holdings,                               senior        5.25%
Inc.(1)(2)(12)                          secured
8100 Tridon Drive                       revolving
Smyrna, TN USA                          loan
37167-6603
IG Investments          Human           First lien     L +     9/22/2028         0.0 %      50,898        49,915        50,008
Holdings, LLC (dba      resource        senior        6.00%
Insight Global)(1)(4)   support         secured
1224 Hammond Dr Suite   services        loan
1500, Atlanta, GA
30346
IG Investments          Human           First lien     L +     9/22/2027         0.0 %       1,987         1,911         1,917
Holdings, LLC (dba      resource        senior        6.00%
Insight                 support         secured
Global)(1)(4)(12)       services        revolving
1224 Hammond Dr Suite                   loan
1500, Atlanta, GA
30346
Individual              Distribution    First lien     L +     11/21/2025        0.0 %     140,861       138,813       140,156
Foodservice Holdings,                   senior        6.25%
LLC(1)(4)                               secured
5496 Lindbergh Lane                     loan
Bell, CA 90201
Individual              Distribution    First lien     L +     6/30/2022         0.0 %      28,084        27,594        27,909
Foodservice Holdings,                   senior        6.25%
LLC(1)(5)(12)                           secured
5496 Lindbergh Lane                     delayed
Bell, CA 90201                          draw term
                                        loan
Individual              Distribution    First lien     L +     11/22/2024        0.0 %         959           690           851
Foodservice Holdings,                   senior        6.25%
LLC(1)(2)(12)                           secured
5496 Lindbergh Lane                     revolving
Bell, CA 90201                          loan
Inovalon Holdings,      Healthcare      First lien     L +     11/24/2028        0.0 %     177,727       173,336       173,283
Inc.(1)(4)              technology      senior        5.75%
4321 Collington Rd,                     secured
Bowie, MD 20716                         loan



                                       96
--------------------------------------------------------------------------------
Inovalon Holdings,     Healthcare   First lien     L +     5/24/2024         0.0 %           -          (234 )        (237 )
Inc.(1)(12)            technology   senior        5.75%
4321 Collington Rd,                 secured
Bowie, MD 20716                     delayed
                                    draw term
                                    loan
Inovalon Holdings,     Healthcare   Second lien    L +     11/24/2033        0.0 %      84,661        82,975        82,967
Inc.(1)(4)             technology   senior        10.50%
4321 Collington Rd,                 secured        PIK
Bowie, MD 20716                     loan
Integrity Marketing    Insurance    First lien     L +     8/27/2025         0.0 %     218,876       216,446       218,876
Acquisition,                        senior        5.75%
LLC(1)(5)                           secured
9111 Cypress Waters                 loan
Blvd Suite
450Coppell, TX 75019
Integrity Marketing    Insurance    First lien     L +     8/27/2025         0.0 %           -          (135 )           -
Acquisition,                        senior        5.75%
LLC(1)(12)                          secured
9111 Cypress Waters                 revolving
Blvd Suite                          loan
450Coppell, TX 75019
Intelerad Medical      Healthcare   First lien     L +     8/21/2026         0.0 %     115,684       114,517       115,395
Systems Incorporated   technology   senior        6.25%
(fka 11849573 Canada                secured
Inc.)(1)(4)                         loan
800 Boulevard de
Maisonneuve East
12th floor,
Montreal, Quebec H2L
4L8, Canada
Intelerad Medical      Healthcare   First lien     L +     8/21/2026         0.0 %       2,983         2,944         2,972
Systems Incorporated   technology   senior        6.25%
(fka 11849573 Canada                secured
Inc.)(1)(4)(12)                     revolving
800 Boulevard de                    loan
Maisonneuve East
12th floor,
Montreal, Quebec H2L
4L8, Canada
Interoperability       Healthcare   First lien     L +     6/25/2026         0.0 %      75,270        74,616        75,270
Bidco, Inc.(1)(5)      technology   senior        5.75%
100 High Street,                    secured
Suite 1560Boston, MA                loan
02110
Interoperability       Healthcare   First lien     L +     6/25/2024         0.0 %           -           (25 )           -
Bidco, Inc.(1)(12)     technology   senior        5.75%
100 High Street,                    secured
Suite 1560Boston, MA                revolving
02110                               loan
IQN Holding Corp.      Internet     First lien     L +     8/20/2024         0.0 %     150,639       149,528       150,639
(dba Beeline)(1)(5)    software     senior        5.50%
12724 Gran Bay         and          secured
Parkway West, Suite    services     loan
200 Jacksonville, FL
32258-4467
IQN Holding Corp.      Internet     First lien     L +     8/21/2023         0.0 %           -          (111 )           -
(dba Beeline)(1)(12)   software     senior        5.50%
12724 Gran Bay         and          secured
Parkway West, Suite    services     revolving
200 Jacksonville, FL                loan
32258-4467
KPSKY Acquisition,     Business     First lien     L +     10/19/2028        0.0 %       4,476         4,389         4,386
Inc. (dba              services     senior        5.50%
BluSky)(1)(2)                       secured
9110 East Nichols                   loan
Avenue, Suite 180
Centennial, CO 80112
KPSKY Acquisition,     Business     First lien     P +     10/19/2023        0.0 %         256           248           248
Inc. (dba              services     senior        4.50%
BluSky)(1)(7)(12)                   secured
9110 East Nichols                   delayed
Avenue, Suite 180                   draw term
Centennial, CO 80112                loan
KS Management          Healthcare   First lien     L +      1/9/2026         0.0 %     122,500       121,420       122,500
Services,              providers    senior        4.25%
L.L.C.(1)(5)           and          secured
2727 West Holcombe     services     loan
Boulevard Houston,
TX 77025



                                       97
--------------------------------------------------------------------------------

Lazer Spot G B Transportation First lien L + 5.75% 12/9/2025 0.0 % 144,064 142,314 144,064 Holdings, Inc.(1)(4)

                     senior
6525 Shiloh Rd #900                      secured
Alpharetta, GA 30005                     loan
Lazer Spot G B          Transportation   First lien    L + 5.75%   12/9/2025         0.0 %           -          (304 )           -
Holdings, Inc.(1)(12)                    senior
6525 Shiloh Rd #900                      secured
Alpharetta, GA 30005                     revolving
                                         loan
Learning Care Group     Education        Second lien   L + 7.50%   3/13/2026         0.0 %      26,967        26,663        26,293
(US) No. 2 Inc.(1)(4)                    senior
21333 Haggerty Rd.,                      secured
Suite 100Novi, MI                        loan
48375

Lignetics Investment Consumer First lien L + 6.00% 11/1/2027 0.0 % 31,373 30,989 30,980 Corp.(1)(4)

             products         senior
1075 E. South Boulder                    secured
Rd. Ste. 210                             loan

Louisville, CO 80027 Lignetics Investment Consumer First lien L + 6.00% 11/1/2023 0.0 %

           -           (48 )         (49 )
Corp.(1)(12)            products         senior
1075 E. South Boulder                    secured
Rd. Ste. 210                             delayed
Louisville, CO 80027                     draw term
                                         loan

Lignetics Investment Consumer First lien L + 6.00% 11/2/2026 0.0 % 784

           727           725
Corp.(1)(4)(12)         products         senior
1075 E. South Boulder                    secured
Rd. Ste. 210                             revolving
Louisville, CO 80027                     loan

LineStar Integrity Infrastructure First lien L + 7.25% 2/12/2024 0.0 % 82,714 82,413 72,788 Services LLC(1)(5) and

              senior
5391 Bay Oaks Dr.       environmental    secured
Pasadena, TX 77505      services         loan
Litera Bidco            Internet         First lien    L + 5.87%   5/29/2026         0.0 %     154,049       152,423       154,049
LLC(1)(2)               software and     senior
300 South Riverside     services         secured
Plaza Suite 800                          loan
Chicago, IL 60606
Litera Bidco            Internet         First lien    L + 6.00%   10/29/2022        0.0 %       1,998         1,943         1,998
LLC(1)(2)(12)           software and     senior
300 South Riverside     services         secured
Plaza Suite 800                          delayed
Chicago, IL 60606                        draw term
                                         loan
Litera Bidco            Internet         First lien    L + 5.75%   5/29/2026         0.0 %           -           (44 )           -
LLC(1)(12)              software and     senior
300 South Riverside     services         secured
Plaza Suite 800                          revolving
Chicago, IL 60606                        loan

Lytx, Inc.(1)(2) Transportation First lien L + 6.75% 2/28/2026 0.0 % 71,733 70,839 71,195 9785 Towne Centre

                        senior
DriveSan Diego, CA                       secured
92121                                    loan

Medline Intermediate, Healthcare First lien L + 3.25% 10/21/2026 0.0 %

           -          (155 )        (162 )
LP(1)(12)               equipment and    senior
Three Lakes Drive       services         secured
Northfield, IL 60093                     revolving
                                         loan

MessageBird BidCo Internet First lien L + 6.75% 4/29/2027 0.0 % 77,000 75,447 75,460 B.V.(1)(4)

              software and     senior
Trompenburgstraat 2C,   services         secured
1079 TX Amsterdam,                       loan

Netherlands

MessageBird Holding Internet Extended N/A N/A

          0.0 %     122,890           753           753
B.V.                    software and     Series C
Trompenburgstraat 2C,   services         Warrants
1079 TX Amsterdam,
Netherlands
Metis HoldCo, Inc.      Automotive       Series A      7.00% PIK      N/A            0.0 %     149,692       151,894       155,888
(dba Mavis Tire                          Convertible
Express Services)                        Preferred
358 Saw Mill River                       Stock
Road, Suite 17
Millwood, NY 10546
MHE Intermediate        Manufacturing    First lien    L + 5.75%  
7/21/2027         0.0 %     160,321       158,816       158,718
Holdings, LLC (dba                       senior
OnPoint Group)(1)(4)                     secured
3201 Levis Commons                       loan
BlvdPerrysburg, OH
43551



                                       98
--------------------------------------------------------------------------------

MHE Intermediate Manufacturing First lien L + 7/21/2023

       0.0 %      13,420        13,291        13,286
Holdings, LLC (dba                       senior        5.75%
OnPoint                                  secured
Group)(1)(4)(12)                         delayed
3201 Levis Commons                       draw term
BlvdPerrysburg, OH                       loan
43551
MHE Intermediate        Manufacturing    First lien     L +     7/21/2027         0.0 %           -          (144 )        (155 )
Holdings, LLC (dba                       senior        5.75%
OnPoint Group)(1)(12)                    secured
3201 Levis Commons                       revolving
BlvdPerrysburg, OH                       loan

43551

Milan Laser Holdings Specialty First lien L + 4/27/2027

       0.0 %      24,299        24,080        24,117
LLC(1)(4)               Retail           senior        5.00%
17645 Wright Street,                     secured
Suite 300 Omaha, NE                      loan
68130
Milan Laser Holdings    Specialty        First lien     L +     4/27/2026         0.0 %           -           (18 )         (16 )
LLC(1)(12)              Retail           senior        5.00%
17645 Wright Street,                     secured
Suite 300 Omaha, NE                      revolving
68130                                    loan
MINDBODY, Inc.(1)(5)    Internet         First lien     L +     2/14/2025  

0.0 % 67,127 66,713 67,127 651 Tank Farm Road, software and senior 8.50% San Luis Obispo, CA services secured (incl.

                                         loan          1.50%
                                                        PIK)

MINDBODY, Inc.(1)(12) Internet First lien L + 2/14/2025

      0.0 %           -           (32 )           -
651 Tank Farm Road,     software and     senior        7.00%
San Luis Obispo, CA     services         secured
                                         revolving
                                         loan
VEPF Torreys            Internet         Series A      6.00%       N/A            0.8 %      21,500        21,250        21,250
Aggregator, LLC (dba    software and     Preferred      PIK
MINDBODY, Inc.)         services         Stock
651 Tank Farm Road,
San Luis Obispo, CA
Ministry Brands         Internet         First lien     L +     12/29/2028        0.0 %         706           692           692

Holdings, LLC(1)(4) software and senior 5.50% 14488 Old Stage Rd, services secured Lenoir City, TN 37772

                    loan

Ministry Brands Internet First lien L + 12/27/2023

       0.0 %           -            (2 )          (2 )

Holdings, LLC(1)(12) software and senior 5.50% 14488 Old Stage Rd, services secured Lenoir City, TN 37772

                    delayed
                                         draw term
                                         loan

Ministry Brands Internet First lien L + 12/27/2027

       0.0 %           -            (1 )          (1 )

Holdings, LLC(1)(12) software and senior 5.50% 14488 Old Stage Rd, services secured Lenoir City, TN 37772

                    revolving
                                         loan
Motus Group,            Transportation   Second lien    L +     12/10/2029        0.0 %      10,810        10,702        10,702
LLC(1)(4)                                senior        6.50%
Two Financial                            secured
Center60 South                           loan
Street, Boston, MA
02111
Muine Gall, LLC(1)(5)   Financial        First lien     L +     9/20/2024  

0.0 % 239,896 240,229 239,896 1209 Orange Street, services senior 7.00% Wilmington, DE 19801

                     secured        PIK
                                         loan

National Dentex Labs Healthcare First lien L + 10/3/2025

       0.0 %      70,723        69,731        70,192
LLC (fka Barracuda      providers and    senior        7.00%
Dental LLC)(1)(4)       services         secured
11601 Kew Gardens                        loan
Ave, Suite 200, Palm
Beach Gardens, FL
33410
National Dentex Labs    Healthcare       First lien     L +     3/31/2022         0.0 %      35,582        35,166        35,315
LLC (fka Barracuda      providers and    senior        7.00%
Dental LLC)(1)(4)(12)   services         secured
11601 Kew Gardens                        delayed
Ave, Suite 200, Palm                     draw term
Beach Gardens, FL                        loan
33410



                                       99
--------------------------------------------------------------------------------

National Dentex Labs Healthcare First lien L + 7.00% 10/3/2025

       0.0 %         3,044         2,853         2,974
LLC (fka Barracuda      providers     senior
Dental LLC)(1)(4)(12)   and           secured
11601 Kew Gardens       services      revolving
Ave, Suite 200, Palm                  loan
Beach Gardens, FL
33410
Nelipak Holding         Healthcare    First lien    L + 4.25%    7/2/2026         0.0 %        24,760        24,419        24,450
Company(1)(4)           equipment     senior
21 Amflex               and           secured
DriveCranston, RI,      services      loan
02921, USA
Nelipak Holding         Healthcare    First lien    L + 4.25%    7/2/2024         0.0 %         3,082         3,008         2,990
Company(1)(4)(12)       equipment     senior
21 Amflex               and           secured
DriveCranston, RI,      services      revolving
02921, USA                            loan
Nelipak Holding         Healthcare    First lien    E + 4.50%    7/2/2024         0.0 %             -          (261 )         (94 )
Company(1)(12)          equipment     senior
21 Amflex               and           secured
DriveCranston, RI,      services      revolving
02921, USA                            loan
Nelipak Holding         Healthcare    Second lien   L + 8.25%    7/2/2027         0.0 %        67,006        66,237        66,336
Company(1)(4)           equipment     senior
21 Amflex               and           secured
DriveCranston, RI,      services      loan
02921, USA
Nelipak Holding         Healthcare    Second lien   E + 8.50%    7/2/2027         0.0 %        68,346        66,496        67,321
Company(1)(9)           equipment     senior
21 Amflex               and           secured
DriveCranston, RI,      services      loan
02921, USA
Nellson                 Food and      First lien    L + 5.25%   12/23/2023        0.0 %        27,280        26,586        26,735
Nutraceutical,          beverage      senior
LLC(1)(4)                             secured
5115 E. La Palma Ave                  loan
Anaheim, CA 92807
NMI Acquisitionco,      Financial     First lien    L + 5.75%    9/8/2025         0.0 %        25,313        25,158        25,148
Inc. (dba Network       services      senior
Merchants)(1)(2)                      secured
201 Main St.Roselle,                  loan
IL 60172
NMI Acquisitionco,      Financial     First lien    L + 5.75%   10/2/2023         0.0 %         4,978         4,877         4,945
Inc. (dba Network       services      senior
Merchants)(1)(2)(12)                  secured
201 Main St.Roselle,                  delayed
IL 60172                              draw term
                                      loan
NMI Acquisitionco,      Financial     First lien    L + 5.75%    9/8/2025         0.0 %             -           (18 )         (11 )
Inc. (dba Network       services      senior
Merchants)(1)(12)                     secured
201 Main St.Roselle,                  revolving
IL 60172                              loan
Norvax, LLC (dba        Insurance     First lien    L + 6.50%   9/15/2025         0.0 %        77,376        75,139        77,763
GoHealth)(1)(4)                       senior
214 West Huron                        secured
St.Chicago, IL 60654                  loan

Norvax, LLC (dba Insurance First lien L + 6.50% 9/13/2024

       0.0 %         9,511         9,412         9,511
GoHealth)(1)(2)(12)                   senior
214 West Huron                        secured
St.Chicago, IL 60654                  revolving
                                      loan
Norvax, LLC (dba        Insurance     Common           N/A         N/A     

0.3 % 1,021,885 5,232 3,873 GoHealth)

                             Stock
214 West Huron
St.Chicago, IL 60654
Notorious Topco, LLC    Specialty     First lien    L + 6.50%   11/22/2027        0.0 %       110,460       108,827       108,803
(dba Beauty Industry    Retail        senior
Group)(1)(4)                          secured
631 N 400 W, Salt                     loan
Lake City, UT 84103
Notorious Topco, LLC    Specialty     First lien    L + 6.50%   11/23/2023        0.0 %             -           (98 )         (40 )
(dba Beauty Industry    Retail        senior
Group)(1)(12)                         secured
631 N 400 W, Salt                     delayed
Lake City, UT 84103                   draw term
                                      loan



                                      100
--------------------------------------------------------------------------------
Notorious Topco, LLC    Specialty      First lien     L +    5/24/2027         0.0 %       1,596         1,455         1,453
(dba Beauty Industry    Retail         senior        6.50%
Group)(1)(4)(12)                       secured
631 N 400 W, Salt                      revolving
Lake City, UT 84103                    loan
Nutraceutical           Food and       First lien     L +    9/30/2026         0.0 %     211,824       209,206       207,587
International           beverage       senior        7.00%
Corporation(1)(2)                      secured
1777 Sun Peak Drive,                   loan
Park City, UT 84098
Nutraceutical           Food and       First lien     L +    9/30/2025         0.0 %      13,578        13,426        13,307
International           beverage       senior        7.00%
Corporation(1)(2)                      secured
1777 Sun Peak Drive,                   revolving
Park City, UT 84098                    loan
OB Hospitalist Group,   Healthcare     First lien     L +    9/27/2027         0.0 %     116,855       114,603       114,518
Inc.(1)(4)              providers      senior        5.50%
777 Lowndes Hill Rd     and services   secured
bldg 1, Greenville,                    loan
SC 29607
OB Hospitalist Group,   Healthcare     First lien     L +    9/27/2027         0.0 %       1,616         1,326         1,313
Inc.(1)(2)(12)          providers      senior        5.50%
777 Lowndes Hill Rd     and services   secured
bldg 1, Greenville,                    revolving
SC 29607                               loan
Ex Vivo Parent Inc.     Healthcare     First lien     L +    9/27/2028         0.0 %      57,810        56,685        56,654
(dba OB                 providers      senior        9.50%
Hospitalist)(1)(4)      and services   secured        PIK
777 Lowndes Hill Rd                    loan
bldg 1, Greenville,
SC 29607
KOBHG Holdings, L.P.    Healthcare     Class A        N/A       N/A            1.4 %       6,670         6,670         6,670
(dba OB Hospitalist)    providers      Interests
777 Lowndes Hill Rd     and services
bldg 1, Greenville,
SC 29607
Offen, Inc.(1)(2)       Distribution   First lien     L +    6/22/2026         0.0 %      19,582        19,450        19,582
5100 East 78th                         senior        5.00%
AvenueCommerce City,                   secured
CO 80022                               loan
ORCC Senior Loan Fund   Investment     LLC            N/A       N/A           87.5 %     249,714       249,714       247,061
LLC (fka Sebago Lake    funds and      Interest
LLC)(13)                vehicles
399 Park Avenue, 38th
Floor, New York, NY
10022
Packaging               Healthcare     Second lien    L +    11/30/2028        0.0 %     196,044       192,494       192,123
Coordinators Midco,     equipment      senior        7.00%
Inc.(1)(4)              and services   secured
3001 Red Lion Road                     loan
Philadelphia, PA
19114 United States
KPCI Holdings, LP       Healthcare     Class A        N/A       N/A            1.3 %      30,425        32,285        37,331
3001 Red Lion Road      equipment      Units
Philadelphia, PA        and services
19114 United States
Patriot Acquisition     Healthcare     First lien     L +    1/31/2028         0.0 %     136,736       134,627       135,027
TopCo S.A.R.L (dba      equipment      senior        6.75%
Corza Health, Inc.)     and services   secured
(1)(4)                                 loan
247 Stanton Drive
Westwood, MA, 02090
Patriot Acquisition     Healthcare     First lien     L +    1/29/2026         0.0 %           -          (229 )        (169 )
TopCo S.A.R.L (dba      equipment      senior        6.75%
Corza Health, Inc.)     and services   secured
(1)(12)                                revolving
247 Stanton Drive                      loan
Westwood, MA, 02090
Patriot Holdings SCSp   Healthcare     Class A       8.00%      N/A            1.0 %       7,104         7,633         7,633
(dba Corza Health,      equipment      Units          PIK
Inc.)                   and services
247 Stanton Drive
Westwood, MA, 02090



                                      101
--------------------------------------------------------------------------------

Patriot Holdings SCSp Healthcare Class B N/A N/A

         0.8 %      97,833            18         1,109
(dba Corza Health,      equipment and   Units
Inc.)                   services
247 Stanton Drive
Westwood, MA, 02090
Peraton Corp.(1)(2)     Aerospace and   Second lien   L + 7.75%    2/1/2029

0.0 % 47,500 46,840 47,263 12975 Worldgate defense senior Drive, Herndon, VA

                      secured
20170                                   loan

Peter C. Foy & Insurance First lien L + 6.00% 11/1/2028

         0.0 %     108,430       107,368       107,347
Associates Insurance                    senior
Services, LLC (dba                      secured
PCF Insurance                           loan
Services)(1)(4)
6200 Canoga Avenue,
Suite 325, Woodland
Hills, CA 91367
Peter C. Foy &          Insurance       First lien    L + 6.00%    5/1/2023
        0.0 %      19,143        18,953        18,952
Associates Insurance                    senior
Services, LLC (dba                      secured
PCF Insurance                           delayed
Services)(1)(5)(12)                     draw term
6200 Canoga Avenue,                     loan
Suite 325, Woodland
Hills, CA 91367
Peter C. Foy &          Insurance       First lien    L + 6.00%   11/1/2027         0.0 %           -           (60 )         (62 )
Associates Insurance                    senior
Services, LLC (dba                      secured
PCF Insurance                           revolving
Services)(1)(12)                        loan
6200 Canoga Avenue,
Suite 325, Woodland
Hills, CA 91367
PCF Midco II, LLC       Insurance       First lien    9.00% PIK   10/31/2031        0.0 %     118,693       107,530       107,418
(dba PCF Insurance                      senior
Services)                               secured
6200 Canoga Avenue,                     loan
Suite 325, Woodland
Hills, CA 91367
PCF Holdco, LLC (dba    Insurance       Class A          N/A         N/A            2.7 %      11,028        27,968        27,968
PCF Insurance                           Units
Services)
6200 Canoga Avenue,
Suite 325, Woodland
Hills, CA 91367
PCF Holdco, LLC (dba    Insurance       Class A          N/A         N/A            0.9 %       3,744         9,496         9,496
PCF Insurance                           Warrants
Services)
6200 Canoga Avenue,
Suite 325, Woodland
Hills, CA 91367
PHM Netherlands Midco   Manufacturing   First lien    L + 4.50%   7/31/2026         0.0 %         786           738           782
B.V. (dba                               senior
Loparex)(1)(4)                          secured
1255 Crescent Green                     loan
Suite 400 Cary, NC
27518
PHM Netherlands Midco   Manufacturing   Second lien   L + 8.75%   7/30/2027         0.0 %     112,000       105,916       110,600
B.V. (dba                               senior
Loparex)(1)(2)                          secured
1255 Crescent Green                     loan
Suite 400 Cary, NC
27518
Phoenix Newco, Inc.     Healthcare      Second lien   L + 6.50%   11/15/2029        0.0 %     190,000       188,123       188,100
(dba Parexel)(1)(2)     providers and   senior
275 Grove St., Suite    services        secured
101C, Newton, MA                        loan
02466
Pluralsight,            Education       First lien    L + 8.00%    4/6/2027         0.0 %      99,450        98,526        98,455
LLC(1)(5)                               senior
42 Future Way Draper,                   secured
UT, 84020                               loan
Pluralsight,            Education       First lien    L + 8.00%    4/6/2027         0.0 %           -           (55 )         (62 )
LLC(1)(12)                              senior
42 Future Way Draper,                   secured
UT, 84020                               revolving
                                        loan



                                      102
--------------------------------------------------------------------------------
Pregis Topco LLC(1)(4)   Containers     Second lien     L +      8/1/2029         0.0 %     160,000       157,467       160,000
1650 Lake Cook Road,     and            senior         6.95%
Suite 400Deerfield, IL   packaging      secured loan
60015 USA
Premier Imaging, LLC     Healthcare     First lien      L +      1/2/2025         0.0 %      42,998        42,517        42,675
(dba                     providers      senior         5.25%
LucidHealth)(1)(2)       and services   secured loan
100 E. Campus View
Blvd., Suite
100Columbus, Ohio
43235
Project Power Buyer,     Oil and gas    First lien      L +     5/14/2026         0.0 %      45,091        44,664        45,091
LLC (dba                                senior         6.00%
PEC-Veriforce)(1)(4)                    secured loan
233 General Patton
Ave. Mandeville, LA
70471
Project Power Buyer,     Oil and gas    First lien      L +     5/14/2025         0.0 %           -           (22 )           -
LLC (dba                                senior         6.00%
PEC-Veriforce)(1)(12)                   secured
233 General Patton                      revolving
Ave. Mandeville, LA                     loan
70471
Proofpoint, Inc.(1)(4)   Internet       Second lien     L +     8/31/2029         0.0 %      19,600        19,505        19,502
925 West Maude Avenue    software and   senior         6.25%
Sunnyvale, CA 94085      services       secured loan
PS Operating Company     Distribution   First lien      L +     12/31/2024        0.0 %      13,241        12,979        12,976
LLC (fka QC Supply,                     senior         6.00%
LLC)(1)(4)(13)                          secured loan
574 Road 11Schuyler,
NE 68661
PS Operating Company     Distribution   First lien      L +     12/31/2024        0.0 %       2,319         2,171         2,219
LLC (fka QC Supply,                     senior         6.00%
LLC)(1)(4)(12)(13)                      secured
574 Road 11Schuyler,                    revolving
NE 68661                                loan
PS Op Holdings LLC(13)   Distribution   Class A         N/A        N/A           33.1 %     248,271         4,300         4,300
574 Road 11Schuyler,                    Common Units
NE 68661
QAD, Inc.(1)(3)          Internet       First lien      L +     11/5/2027         0.0 %      26,571        26,051        26,040
100 Innovation Place     software and   senior         6.00%
Santa Barbara, CA        services       secured loan
93108
QAD, Inc.(1)(12)         Internet       First lien      L +     11/5/2027         0.0 %           -           (67 )         (69 )
100 Innovation Place     software and   senior         6.00%
Santa Barbara, CA        services       secured
93108                                   revolving
                                        loan
Quva Pharma,             Healthcare     First lien      L +     4/12/2028         0.0 %      39,900        38,802        38,803
Inc.(1)(4)               providers      senior         5.50%
3 Sugar Creek Center     and services   secured loan
Blvd, Suite 250. Sugar
Land, TX 77478
Quva Pharma,             Healthcare     First lien      L +     4/10/2026         0.0 %           -          (103 )        (110 )
Inc.(1)(12)              providers      senior         5.50%
3 Sugar Creek Center     and services   secured
Blvd, Suite 250. Sugar                  revolving
Land, TX 77478                          loan
REALPAGE, INC.(1)(2)     Buildings      Second lien     L +     4/23/2029         0.0 %      34,500        34,017        34,897
2201 Lakeside Blvd.      and real       senior         6.50%
Richardson, Texas        estate         secured loan
75082
Recipe Acquisition       Food and       Second lien     L +     12/1/2022         0.0 %      32,000        31,881        30,080
Corp. (dba Roland        beverage       senior         9.00%
Corporation)(1)(4)                      secured loan
71 West 23rd StreetNew
York, NY 10010
Reef Global              Buildings      First lien      L +     11/28/2024        0.0 %     134,585       133,921       128,528
Acquisition LLC (fka     and real       senior         6.00%
Cheese Acquisition,      estate         secured loan   (incl.
LLC)(1)(5)                                             1.25%
233 Peachtree Street                                    PIK)
NE Harris Tower, Suite
2600, Atlanta, GA
30303



                                      103
--------------------------------------------------------------------------------
Imperial Parking       Buildings and   First lien     C +     11/28/2024        0.0 %      27,966        26,705        26,707
Canada(1)(8)           real estate     senior        6.00%
233 Peachtree Street                   secured       (incl.
NE Harris Tower,                       loan          1.25%
Suite 2600, Atlanta,                                  PIK)
GA 30303
Reef Global            Buildings and   First lien     L +     11/28/2023        0.0 %      10,987        10,982        10,251
Acquisition LLC (fka   real estate     senior        4.75%
Cheese Acquisition,                    secured
LLC)(1)(2)(12)                         revolving
233 Peachtree Street                   loan
NE Harris Tower,
Suite 2600, Atlanta,
GA 30303
Refresh Parent         Healthcare      First lien     L +     12/9/2026         0.0 %      88,973        87,832        88,306
Holdings, Inc.(1)(4)   providers and   senior        6.50%
320 1st Street         services        secured
North, Suite 712                       loan
Jacksonville Beach,
FL 32250
Refresh Parent         Healthcare      First lien     L +      6/9/2022         0.0 %      28,463        28,098        28,243
Holdings,              providers and   senior        6.50%
Inc.(1)(4)(12)         services        secured
320 1st Street                         delayed
North, Suite 712                       draw term
Jacksonville Beach,                    loan
FL 32250
Refresh Parent         Healthcare      First lien     L +     12/9/2026         0.0 %       3,879         3,746         3,799
Holdings,              providers and   senior        6.50%
Inc.(1)(4)(12)         services        secured
320 1st Street                         revolving
North, Suite 712                       loan
Jacksonville Beach,
FL 32250
Restore OMH            Healthcare      Senior        13.00%      N/A            0.6 %       2,616        25,566        25,506
Intermediate           providers and   Preferred      PIK
Holdings, Inc.         services        Stock
320 1st Street
North, Suite 712
Jacksonville Beach,
FL 32250
Relativity ODA         Professional    First lien     L +     5/12/2027         0.0 %      77,263        76,255        76,297
LLC(1)(2)              services        senior        7.50%
231 South LaSalle                      secured        PIK
Street, 8th Floor                      loan
Chicago, IL 60604
Relativity ODA         Professional    First lien     L +     5/12/2027         0.0 %           -           (98 )         (92 )
LLC(1)(12)             services        senior        6.50%
231 South LaSalle                      secured
Street, 8th Floor                      revolving
Chicago, IL 60604                      loan
Safety Products/JHC    Manufacturing   First lien     L +     6/28/2026         0.0 %      13,923        13,829        12,948
Acquisition Corp.                      senior        4.50%
(dba Justrite Safety                   secured
Group)(1)(2)                           loan
3921 DeWitt
AveMattoon, IL 61938
U.S.A.
Sara Lee Frozen        Food and        First lien     L +     7/30/2025         0.0 %      43,860        43,377        41,668
Bakery, LLC (fka       beverage        senior        4.50%
KSLB Holdings,                         secured
LLC)(1)(2)                             loan
3500 Lacey RdDowners
Grove, IL 60515
Sara Lee Frozen        Food and        First lien     P +     7/30/2023         0.0 %         300           236          (150 )
Bakery, LLC (fka       beverage        senior        3.50%
KSLB Holdings,                         secured
LLC)(1)(7)(12)                         revolving
3500 Lacey RdDowners                   loan
Grove, IL 60515
Shearer's Foods,       Food and        Second lien    L +     9/22/2028         0.0 %     120,000       118,973       120,000
LLC(1)(2)              beverage        senior        7.75%
100 Lincoln Way                        secured
East, Massillon,                       loan
Ohio 44646
Sonny's Enterprises    Manufacturing   First lien     L +      8/5/2026         0.0 %     232,258       228,600       232,258
LLC(1)(2)                              senior        6.75%
5605 Hiatus Road                       secured
Tamarac, FL 33321                      loan
Sonny's Enterprises    Manufacturing   First lien     L +      8/5/2025         0.0 %       2,567         2,309         2,567
LLC(1)(2)(12)                          senior        6.75%
5605 Hiatus Road                       secured
Tamarac, FL 33321                      revolving
                                       loan



                                      104
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Space Exploration Aerospace Class A N/A N/A

       0.0 %       3,232         1,557         1,810
Technologies            and defense   Common
Corp.(14)                             Stock
1 Rocket Road,
Hawthorne, CA 90250
Space Exploration       Aerospace     Class C          N/A         N/A            0.0 %         936           446           524
Technologies            and defense   Common
Corp.(14)                             Stock
1 Rocket Road,
Hawthorne, CA 90250
Swipe Acquisition       Advertising   First lien    L + 8.00%   6/29/2024         0.0 %      50,044        49,316        49,419
Corporation (dba        and media     senior
PLI)(1)(4)(13)                        secured
1220 Trade DriveNorth                 loan
Las Vegas, NV 89030
Swipe Acquisition       Advertising   First lien    L + 8.00%   12/30/2022 

0.0 % 10,899 10,899 10,635 Corporation (dba and media senior PLI)(1)(4)(12)(13)

                    secured
1220 Trade DriveNorth                 delayed
Las Vegas, NV 89030                   draw term
                                      loan
Swipe Acquisition       Advertising   Letter of     L + 8.00%   6/29/2024         0.0 %           -             3             -
Corporation (dba        and media     Credit
PLI)(1)(12)(13)
1220 Trade DriveNorth
Las Vegas, NV 89030
New PLI Holdings,       Advertising   Class A          N/A         N/A      

86.7 % 86,745 48,007 48,007 LLC(13)

                 and media     Common
1220 Trade DriveNorth                 Units
Las Vegas, NV 89030
Tahoe Finco,            Internet      First lien    L + 6.00%   9/29/2028         0.0 %     123,255       122,057       121,777
LLC(1)(4)               software      senior
                        and           secured
                        services      loan
Tahoe Finco,            Internet      First lien    L + 6.00%   10/1/2027         0.0 %           -           (89 )        (111 )
LLC(1)(12)              software      senior
                        and           secured
                        services      revolving
                                      loan

Tall Tree Foods, Food and First lien L + 7.25% 8/12/2022

       0.0 %      39,684        39,609        40,477
Inc.(1)(2)              beverage      senior
1190 West Loop                        secured
SouthHouston, TX                      loan
77028
TC Holdings, LLC (dba   Healthcare    First lien    L + 4.50%   11/14/2023 

0.0 % 73,081 72,560 73,081 TrialCard)(1)(4) providers senior 2250 Perimeter Park and

           secured
Dr #300, Morrisville,   services      loan
NC 27560
TC Holdings, LLC (dba   Healthcare    First lien    L + 4.50%   11/14/2022        0.0 %           -           (27 )           -
TrialCard)(1)(12)       providers     senior
2250 Perimeter Park     and           secured
Dr #300, Morrisville,   services      revolving
NC 27560                              loan

TEMPO BUYER CORP. Insurance First lien L + 5.50% 8/28/2028

       0.0 %       1,089         1,068         1,067
(dba Global Claims                    senior
Services)(1)(4)                       secured
6745 Philips                          loan
Industrial Blvd,
Jacksonville, FL
32256
TEMPO BUYER CORP.       Insurance     First lien    L + 5.50%   8/26/2023         0.0 %           -            (3 )          (3 )
(dba Global Claims                    senior
Services)(1)(12)                      secured
6745 Philips                          delayed
Industrial Blvd,                      draw term
Jacksonville, FL                      loan
32256
TEMPO BUYER CORP.       Insurance     First lien    L + 5.50%   8/28/2028         0.0 %           -            (3 )          (3 )
(dba Global Claims                    senior
Services)(1)(12)                      secured
6745 Philips                          revolving
Industrial Blvd,                      loan
Jacksonville, FL
32256
The Shade Store,        Specialty     First lien    L + 6.00%   10/13/2027        0.0 %       9,091         8,981         8,977
LLC(1)(4)               Retail        senior
21 Abendroth Avenue                   secured
Port Chester, NY                      loan
10573 USA
The Shade Store,        Specialty     First lien    L + 6.00%   10/13/2026        0.0 %           -           (11 )         (11 )
LLC(1)(12)              Retail        senior
21 Abendroth Avenue                   secured
Port Chester, NY                      revolving
10573 USA                             loan



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THG Acquisition, LLC Insurance First lien L + 12/2/2026

      0.0 %        75,513        74,093        74,569
(dba Hilb)(1)(4)                         senior        5.75%
6802 Paragon Place,                      secured
Suite 200 Richmond,                      loan
Virginia 23230
THG Acquisition, LLC     Insurance       First lien     L +     12/2/2025        0.0 %             -          (151 )        (107 )
(dba Hilb)(1)(12)                        senior        5.75%
6802 Paragon Place,                      secured
Suite 200 Richmond,                      revolving
Virginia 23230                           loan
Thunder Purchaser,       Internet        First lien     L +     6/30/2028        0.0 %        64,802        64,189        64,357
Inc. (dba Vector         software and    senior        5.75%
Solutions)(1)(4)         services        secured
4890 W. Kennedy Blvd,                    loan
Suite 300, Tampa, FL
33609
Thunder Purchaser,       Internet        First lien     L +     8/17/2023        0.0 %             -             -           (41 )
Inc. (dba Vector         software and    senior        5.75%
Solutions)(1)(12)        services        secured
4890 W. Kennedy Blvd,                    delayed
Suite 300, Tampa, FL                     draw term
33609                                    loan
Thunder Purchaser,       Internet        First lien     L +     6/30/2027        0.0 %             -           (35 )         (29 )
Inc. (dba Vector         software and    senior        5.75%
Solutions)(1)(12)        services        secured
4890 W. Kennedy Blvd,                    revolving
Suite 300, Tampa, FL                     loan
33609
Thunder Topco L.P.       Internet        Common         N/A        N/A           0.4 %     3,829,614         3,830         4,519
(dba Vector Solutions)   software and    Units
4890 W. Kennedy Blvd,    services
Suite 300, Tampa, FL
33609
Troon Golf,              Leisure and     First lien     L +     8/5/2027         0.0 %       283,073       281,736       281,659
L.L.C.(1)(4)             entertainment   senior        6.00%
15044 N. Scottsdale                      secured
Road, Suite                              loan
300Scottsdale, AZ
85254
Troon Golf,              Leisure and     First lien     L +     8/5/2026         0.0 %             -           (99 )        (108 )
L.L.C.(1)(12)            entertainment   senior        6.00%
15044 N. Scottsdale                      secured
Road, Suite                              revolving
300Scottsdale, AZ                        loan
85254
Ultimate Baked Goods     Food and        First lien     L +     8/13/2027        0.0 %        82,053        80,108        80,003
Midco, LLC(1)(3)         beverage        senior        6.25%
828 Kasota Ave                           secured
SEMinneapolis, MN                        loan
55414
Ultimate Baked Goods     Food and        First lien     L +     8/13/2027        0.0 %         5,222         4,989         4,973
Midco, LLC(1)(5)(12)     beverage        senior        6.25%
828 Kasota Ave                           secured
SEMinneapolis, MN                        revolving
55414                                    loan
USRP Holdings, Inc.      Insurance       First lien     L +     7/23/2027        0.0 %        39,087        38,349        38,306
(dba U.S. Retirement                     senior        5.50%
and Benefits                             secured
Partners)(1)(4)                          loan
99 Wood Avenue South
Suite 501, Iselin, NJ
08830
USRP Holdings, Inc.      Insurance       First lien     L +     7/23/2027        0.0 %            71            (8 )         (14 )
(dba U.S. Retirement                     senior        5.50%
and Benefits                             secured
Partners)(1)(4)(12)                      revolving
99 Wood Avenue South                     loan
Suite 501, Iselin, NJ
08830
KUSRP Intermediate,      Insurance       First lien    9.50%    7/24/2028        0.0 %        31,237        30,655        30,612
Inc. (dba U.S.                           senior         PIK
Retirement and                           secured
Benefits                                 loan
Partners)(1)(4)
99 Wood Avenue South
Suite 501, Iselin, NJ
08830
Valence Surface          Aerospace and   First lien     L +     6/28/2025        0.0 %       121,823       120,674       110,249
Technologies LLC(1)(5)   defense         senior        6.75%
1790 Hughes Landing                      secured       (incl.
Blvd Ste. 300The                         loan          1.00%
Woodlands, TX 77380                                     PIK)



                                      106
--------------------------------------------------------------------------------
Valence Surface          Aerospace and   First lien     L +     6/28/2025         0.0 %       9,984         9,897         9,031
Technologies             defense         senior        6.75%
LLC(1)(4)(12)                            secured       (incl.
1790 Hughes Landing                      revolving     1.00%
Blvd Ste. 300The                         loan           PIK)
Woodlands, TX 77380
Velocity HoldCo III      Chemicals       First lien     L +     4/22/2027         0.0 %      22,215        21,763        21,771
Inc. (dba                                senior        5.75%
VelocityEHS)(1)(4)                       secured
222 Merchandise Mart                     loan
Plz Ste 1750 Chicago,
IL, 60654
Velocity HoldCo III      Chemicals       First lien     L +     4/22/2026         0.0 %           -           (26 )         (27 )
Inc. (dba                                senior        5.75%
VelocityEHS)(1)(12)                      secured
222 Merchandise Mart                     revolving
Plz Ste 1750 Chicago,                    loan
IL, 60654
Walker Edison            Household       First lien     L +     3/31/2027         0.0 %      84,258        84,258        80,047
Furniture Company        products        senior        8.75%
LLC(1)(4)                                secured       (incl.
1553 West 9000 South                     loan          3.00%
West Jordan, Utah                                       PIK)
84088
When I Work,             Internet        First lien     L +     11/2/2027         0.0 %       4,932         4,884         4,883
Inc.(1)(4)               software and    senior        6.00%
420 N 5th St #500,       services        secured
Minneapolis, MN 55401                    loan
When I Work,             Internet        First lien     L +     11/2/2027         0.0 %           -            (9 )          (9 )
Inc.(1)(12)              software and    senior        6.00%
420 N 5th St #500,       services        secured
Minneapolis, MN 55401                    revolving
                                         loan
BCTO WIW Holdings,       Internet        Class A        N/A        N/A            0.5 %          13         1,300         1,300
Inc. (dba When I Work)   software and    Common
420 N 5th St #500,       services        Stock
Minneapolis, MN 55401
Windows Entities         Manufacturing   LLC Units      N/A        N/A           22.5 %      31,826        56,944       103,561
6201 E 43rd St, Tulsa,
OK 74135
Wingspire Capital        Financial       LLC            N/A        N/A           75.0 %     198,038       198,038       242,163
Holdings LLC(12)(13)     services        Interest
8000 Avalon Blvd.,
Suite 100, Alpharetta,
GA 30009
WMC Bidco, Inc.          Professional    Senior        11.25%      N/A            1.3 %      16,692        16,247        16,233
311 W. Monroe St.,       services        Preferred      PIK
14th Floor, Chicago,                     Stock
IL 60606
WU Holdco, Inc. (dba     Consumer        First lien     L +     3/26/2026         0.0 %     190,078       187,304       190,078
Weiman Products,         products        senior        5.50%
LLC)(1)(4)                               secured
705 Tri State                            loan
PkwyGurnee, IL 60031
WU Holdco, Inc. (dba     Consumer        First lien     L +     5/21/2022         0.0 %           -          (129 )           -
Weiman Products,         products        senior        5.50%
LLC)(1)(12)                              secured
705 Tri State                            delayed
PkwyGurnee, IL 60031                     draw term
                                         loan
WU Holdco, Inc. (dba     Consumer        First lien     L +     3/26/2025         0.0 %       5,762         5,529         5,762
Weiman Products,         products        senior        5.50%
LLC)(1)(4)(12)                           secured
705 Tri State                            revolving
PkwyGurnee, IL 60031                     loan
Zenith Energy U.S.       Oil and gas     First lien     L +     12/20/2024        0.0 %      64,476        63,728        64,476
Logistics Holdings,                      senior        5.50%
LLC(1)(4)                                secured
3900 Essex Lane Suite                    loan
950
Houston, TX 77027






                                      107
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________________
(1)
Loan contains a variable rate structure and may be subject to an interest rate
floor. Variable rate loans bear interest at a rate that may be determined by
reference to either the London Interbank Offered Rate ("LIBOR" or "L") (which
can include one-, two-, three- or six-month LIBOR) or an alternate base rate
(which can include the Federal Funds Effective Rate or the Prime Rate), at the
borrower's option, and which reset periodically based on the terms of the loan
agreement.
(2)
The interest rate on these loans is subject to 1 month LIBOR, which as of
December 31, 2021 was 0.10%.
(3)
The interest rate on these loans is subject to 2 month LIBOR, which as of
December 31, 2021 was 0.15%.
(4)
The interest rate on these loans is subject to 3 month LIBOR, which as of
December 31, 2021 was 0.21%.
(5)
The interest rate on these loans is subject to 6 month LIBOR, which as of
December 31, 2021 was 0.34%.
(6)
The interest rate on these loans is subject to 12 month LIBOR, which as of
December 31, 2021 was 0.58%.
(7)
The interest rate on this loan is subject to 6 month Canadian Dollar Offered
Rate ("CDOR" or "C"), which as of December 31, 2021 was 0.52%.
(8)
The interest rate on these loans is subject to Prime, which as of December 31,
2021 was 3.25%.
(9)
The interest rate on these loans is subject to 3 month EURIBOR, which as of
December 31, 2021 was (0.57)%.
(10)
The interest rate on these loans is subject to 6 month EURIBOR, which as of
December 31, 2021 was (0.55)%.
(11)
The interest rate on this loan is subject to SONIA, which as of December 31,
2021 was 0.47%.
(12)
Position or portion thereof is an unfunded loan commitment. See "ITEM 8.
CONSOLIDATED FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA - Note 7. Commitments
and Contingencies."
(13)
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). Other than for purposes of the 1940
Act, the Company does not believe that it has control over this portfolio
company.

ORCC Senior Loan Fund (fka Sebago Lake LLC)

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

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

As of December 31, 2021 and December 31, 2020, ORCC SLF had total investments in
senior secured debt at fair value of $790.3 million and $554.7 million,
respectively. The determination of fair value is in accordance with Financial
Accounting Standards Board ("FASB") Accounting Standards Codification 820, Fair
Value Measurements ("ASC 820"), as amended; however, such fair value is not
included in our Board's valuation process. The following table is a summary of
ORCC SLF's portfolio as well as a listing of the portfolio investments in ORCC
SLF's portfolio as of December 31, 2021 and December 31, 2020:


($ in thousands)                       December 31, 2021           December 31, 2020
Total senior secured debt
investments(1)                       $              798,420      $             563,555
Weighted average spread over
LIBOR(1)                                               4.14 %                     4.45 %
Number of portfolio companies                            38                 

17

Largest funded investment to a
single borrower(1)                   $               40,693      $              49,625


________________
(1)
At par.

ORCC Senior Loan Fund’s Portfolio as of December 31, 2021

                    ($ in thousands)



                                      108
--------------------------------------------------------------------------------

                                                                                             Amortized                        Percentage of
Company(1)(2)(4)(5)     Investment            Interest    Maturity Date    Par / Units        Cost(3)        Fair Value      Members' Equity
Debt Investments
Aerospace and defense
Applied Composites      First lien senior     L + 5.50%    12/21/2023     $      34,470     $    34,219     $     33,961                12.0   %
Holdings, LLC (fka      secured loan
AC&A Enterprises
Holdings, LLC)(8)
Applied Composites      First lien senior     L + 5.50%    12/21/2022             3,000           2,989            2,956                 1.0   %
Holdings, LLC (fka      secured revolving
AC&A Enterprises        loan
Holdings, LLC)(8)(14)
Bleriot US Bidco        First lien senior     L + 4.00%    10/30/2026            24,627          24,522           24,585                 8.7   %
Inc.(8)(10)             secured loan

Dynasty Acquisition First lien senior L + 3.50% 4/6/2026

     39,100          38,976           36,796                13.0   %
Co., Inc. (dba          secured loan
StandardAero
Limited)(8)
                                                                                101,197         100,706           98,298                34.7   %
Automotive

Holley, Inc.(8)(10) First lien senior L + 3.75% 11/17/2028

      17,100          17,016           17,032                 6.0   %
                        secured loan
Holley,                 First lien senior     L + 3.75%     5/18/2022               855             855              844                 0.3   %
Inc.(8)(10)(11)(13)     secured delayed
                        draw term loan
PAI Holdco,             First lien senior     L + 3.75%    10/28/2027             4,987           4,975            4,975                 1.9   %
Inc.(8)(10)(14)         secured loan
                                                                                 22,942          22,846           22,851                 8.2   %
Buildings and Real
estate
Wrench Group, LLC.(8)   First lien senior     L + 4.00%     4/30/2026            32,341          32,198           32,179                11.4   %
                        secured loan
Business Services
CoolSys, Inc.(8)        First lien senior     L + 4.75%     8/11/2028            16,955          16,793           16,785                 5.9   %
                        secured loan
CoolSys,                First lien senior     L + 4.75%     8/11/2023                 -             (29 )            (30 )                 -   %
Inc.(11)(12)(13)(14)    secured delayed
                        draw term loan

ConnectWise, LLC(8) First lien senior L + 3.50% 9/29/2028

     17,000          16,918           16,879                 6.0   %
                        secured loan
LABL, Inc.(8)           First lien senior     L + 5.00%    10/29/2028             8,000           7,883            7,879                 2.8   %
                        secured loan
Packers Holdings,       First lien senior     L + 3.25%     3/9/2028              9,951           9,808            9,879                 3.5   %
LLC(9)(10)              secured loan




                                      109
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                                          ORCC Senior Loan Fund's Portfolio as of December 31, 2021
                                                              ($ in thousands)
                                                                                             Amortized                         Percentage of
Company(1)(2)(4)(5)     Investment            Interest    Maturity Date    Par / Units        Cost(3)         Fair Value      Members' Equity
Vistage                 First lien senior     L + 4.00%     2/10/2025            29,922           29,807           29,919                10.6   %
International,          secured loan
Inc.(8)
                                                                                 81,828           81,180           81,311                28.8   %
Chemicals
Aruba Investments       First lien senior     L + 4.00%    11/24/2027               998              998              998                 0.4   %
Holdings LLC (dba       secured loan
Angus Chemical
Company)(9)(14)
Containers and
Packaging
BW Holding,             First lien senior     L + 4.00%    12/14/2028             3,954            3,914            3,914                 1.4   %
Inc.(8)(14)             secured loan
BW Holding,             First lien senior     L + 4.00%    12/17/2023                 -               (5 )             (5 )                 -   %
Inc.(11)(12)(13)(14)    secured delayed
                        draw term loan
Ring Container          First lien senior     L + 3.75%     8/12/2028            25,000           24,940           25,025                 8.9   %
Technologies Group,     secured loan
LLC (dba Ring
Container
Technologies)(6)(10)
Valcour Packaging,      First lien senior     L + 3.75%     10/4/2028             7,000            6,976            6,965                 2.5   %
LLC(7)                  secured loan
                                                                                 35,954           35,825           35,899                12.8   %
Distribution
Dealer Tire,            First lien senior     L + 4.25%    12/12/2025            36,260           36,114           36,206                12.8   %
LLC(6)(10)              secured loan
SRS Distribution,       First lien senior     L + 3.75%     6/2/2028              9,975            9,906            9,943                 3.5   %
Inc.(9)(10)             secured loan
                                                                                 46,235           46,020           46,149                16.3   %
Education
Spring Education        First lien senior     L + 4.25%     7/30/2025            33,862           33,805           33,003                11.7   %
Group, Inc. (fka SSH    secured loan
Group Holdings,
Inc.)(8)
Food and beverage
Balrog Acquisition,     First lien senior     L + 4.00%     9/5/2028             25,000           24,749           24,938                 8.8   %
Inc. (dba               secured loan
Bakemark)(9)
Dessert Holdings(8)     First lien senior     L + 4.00%     6/9/2028             20,160           20,019           20,001                 7.1   %
                        secured loan
Dessert                 First lien senior     L + 4.00%     6/9/2023                  -                -               (2 )                 -   %
Holdings(11)(12)(13)    secured delayed
                        draw term loan




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                                         ORCC Senior Loan Fund's Portfolio as of December 31, 2021
                                                              ($ in thousands)
                                                                                            Amortized                         Percentage of
Company(1)(2)(4)(5)     Investment           Interest    Maturity Date    Par / Units        Cost(3)         Fair Value      Members' Equity
Sovos Brands            First lien senior    L + 3.75%     6/8/2028             20,724           20,676           20,693                 7.3   %
Intermediate,           secured loan
Inc.(8)(10)
                                                                                65,884           65,444           65,630                23.2   %
Healthcare equipment
and services
Cadence, Inc.(6)        First lien senior    L + 5.00%     5/21/2025            26,714           26,363           26,195                 9.3   %
                        secured loan
Cadence,                First lien senior    L + 5.00%     5/21/2024             2,055            2,004            1,912                 0.7   %
Inc.(6)(11)(14)         secured revolving
                        loan
Medline Borrower,       First lien senior    L + 3.25%    10/23/2028            25,000           24,882           24,990                 8.9   %
LP(6)(10)               secured loan
Packaging               First lien senior    L + 3.75%    11/30/2027             4,987            4,975            4,983                 1.8   %
Coordinators Midco,     secured loan
Inc.(8)(10)(14)
                                                                                58,756           58,224           58,080                20.7   %
Healthcare providers
and services
Confluent Health,       First lien senior    L + 4.00%    11/30/2028            20,575           20,473           20,472                 7.3   %
LLC(6)                  secured loan
Confluent Health,       First lien senior    L + 4.00%    11/30/2023                 -              (22 )            (22 )                 -   %
LLC(11)(12)(13)(14)     secured delayed
                        draw term loan

Phoenix Newco, Inc. First lien senior L + 3.50% 11/15/2028

     27,500           27,363           27,489                 9.7   %
(dba                    secured loan

Parexel)(6)(10)(14)

Unified Women's         First lien senior    L + 4.25%    12/20/2027            19,950           19,857           19,863                 7.0   %
Healthcare, LP(6)       secured loan
                                                                                68,025           67,671           67,802                  24   %
Healthcare technology
VVC Holdings Corp.      First lien senior    L + 4.25%     2/11/2026            17,179           16,961           17,162                 6.1   %
(dba Athenahealth,      secured loan
Inc.)(8)(10)
Infrastructure and
environmental
services
CHA Holding, Inc.(8)    First lien senior    L + 4.50%     4/10/2025            40,693           40,471           40,171                14.2   %
                        secured loan
Insurance
AmeriLife Holdings      First lien senior    L + 4.00%     3/18/2027             7,980            7,940            7,946                 2.8   %
LLC(6)(10)(14)          secured loan




                                      111
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                                          ORCC Senior Loan Fund's Portfolio as of December 31, 2021
                                                              ($ in thousands)
                                                                                              Amortized                        Percentage of
Company(1)(2)(4)(5)      Investment            Interest    Maturity Date    

Par / Units Cost(3) Fair Value Members’ Equity Integro Parent Inc.(9) First lien senior L + 5.75% 10/31/2022

      29,615          29,584           28,422                10.1   %
                         secured loan
Integro Parent           First lien senior     L + 4.50%     4/30/2022             6,000           6,000            5,764                 2.0   %
Inc.(8)(11)(14)          secured revolving
                         loan
                                                                                  43,595          43,524           42,132                14.9   %
Internet software and
services
DCert Buyer, Inc. (dba   First lien senior     L + 4.00%    10/16/2026            22,219          22,135           22,161                 7.8   %
DigiCert)(6)(10)         secured loan
Trader Interactive,      First lien senior     L + 4.00%     7/28/2028            25,000          24,886           24,875                 8.8   %
LLC (fka Dominion Web    secured loan
Solutions, LLC)(9)(14)
                                                                                  47,219          47,021           47,036                16.6   %

Manufacturing

Engineered Machinery First lien senior L + 3.75% 5/19/2028

      35,000          34,834           34,864                12.3   %
Holdings (dba            secured loan
Duravant)(8)(10)
Pro Mach Group,          First lien senior     L + 4.00%     8/31/2028            22,207          22,100           22,262                 7.9   %
Inc.(8)(10)              secured loan
Pro Mach Group,          First lien senior     L + 4.00%     8/31/2023                 -               -                -                   -   %
Inc.(10)(11)(13)(14)     secured delayed
                         draw term loan
Gloves Buyer, Inc.       First lien senior     L + 4.00%    12/29/2027             7,500           7,463            7,463                 2.6   %
(dba Protective          secured loan
Industrial
Products)(6)(14)
                                                                                  64,707          64,397           64,589                22.8   %
Professional Services
Apex Group Treasury,     First lien senior     L + 3.75%     7/27/2028            19,950          19,900           19,900                 7.0   %
LLC(8)                   secured loan
Sovos Compliance,        First lien senior     L + 4.50%     8/11/2028            17,055          17,011           17,087                 6.1   %
LLC(6)(10)               secured loan
Sovos Compliance,        First lien senior     L + 4.50%     8/12/2023                 -               -                -                   -   %
LLC(10)(11)(13)          secured delayed
                         draw term loan
                                                                                  37,005          36,911           36,987                13.1   %
Total Debt Investments                                                           798,420         794,202          790,277               279.9   %
Total Investments                                                          $     798,420     $   794,202     $    790,277               279.9   %




________________
(1)
Certain portfolio company investments are subject to contractual restrictions on
sales.
(2)
Unless otherwise indicated, ORCC SLF's investments are pledged as collateral
supporting the amounts outstanding under ORCC SLF's credit facility.
(3)
The amortized cost represents the original cost adjusted for the amortization of
discounts and premiums, as applicable, on debt investments using the effective
interest method.
(4)
Unless otherwise indicated, all investments are considered Level 3 investments.
(5)
Unless otherwise indicated, loan contains a variable rate structure, and may be
subject to an interest rate floor. Variable rate loans bear interest at a rate
that may be determined by reference to either the London Interbank Offered Rate
("LIBOR" or "L") (which can include one-, two-, three- or six-month LIBOR) or an
alternate base rate (which can include the Federal Funds Effective Rate or the
Prime Rate), at the borrower's option, and which reset periodically based on the
terms of the loan agreement.
(6)
The interest rate on these loans is subject to 1 month LIBOR, which as of
December 31, 2021 was 0.10%.
(7)
The interest rate on these loans is subject to 2 month LIBOR, which as of
December 31, 2021 was 0.15%.
(8)
The interest rate on these loans is subject to 3 month LIBOR, which as of
December 31, 2021 was 0.21%.
(9)
The interest rate on these loans is subject to 6 month LIBOR, which as of
December 31, 2021 was 0.34%.
(10)
Level 2 investment.
(11)
Position or portion thereof is an unfunded loan commitment.
(12)
The negative cost is the result of the capitalized discount being greater than
the principal amount outstanding on the loan. The negative fair value is the
result of the capitalized discount on the loan.
(13)
The date disclosed represents the commitment period of the unfunded term loan.
Upon expiration of the commitment period, the funded portion of the term loan
may be subject to a longer maturity date.
(14)
Investment is not pledged as collateral under ORCC SLF's credit facility.



                                      112
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                                            ORCC Senior Loan Fund's 

Portfolio as of December 31, 2020

                                                                 ($ in 

thousands)

                                                                                               Amortized                        Percentage of
Company(1)(2)(4)(5)       Investment            Interest    Maturity Date    Par / Units        Cost(3)        Fair Value      Members' Equity
Debt Investments
Aerospace and defense
Applied Composites        First lien senior     L + 5.25%    12/21/2023     $      34,829     $    34,455     $     34,671                16.4   %
Holdings, LLC (fka AC&A   secured loan
Enterprises Holdings,
LLC)(7)
Applied Composites        First lien senior     L + 5.25%    12/21/2022             3,000           2,977            2,986                 1.4   %
Holdings, LLC (fka AC&A   secured revolving
Enterprises Holdings,     loan
LLC)(7)(14)
Bleriot US Bidco          First lien senior     L + 4.75%    10/30/2026            14,888          14,762           14,827                 6.9   %
Inc.(7)(10)               secured loan
Dynasty Acquisition       First lien senior     L + 3.50%     4/4/2026             39,500          39,345           35,826                17.0   %
Co., Inc. (dba            secured loan
StandardAero
Limited)(7)
                                                                                   92,217          91,539           88,310                41.7   %
Business Services
Vistage Worldwide,        First lien senior     L + 4.00%     2/10/2025            16,584          16,513           16,418                 7.8   %
Inc.(7)                   secured loan
Distribution
Dealer Tire, LLC          First lien senior     L + 4.25%    12/12/2025            36,630          36,449           36,293                17.2   %
(6)(10)                   secured loan
Education

Spring Education Group, First lien senior L + 4.25% 7/30/2025

       34,212          34,140           32,456                15.4   %
Inc. (fka SSH Group       secured loan
Holdings, Inc.)(7)
Food and beverage
DecoPac, Inc.(7)          First lien senior     L + 4.25%     9/30/2024            20,561          20,503           20,561                 9.7   %
                          secured loan
DecoPac,                  First lien senior     L + 4.25%     9/29/2023                 -              (8 )            (55 )                 -   %
Inc.(11)(12)(14)          secured revolving
                          loan
FQSR, LLC (dba KBP        First lien senior     L + 5.00%     5/15/2023            24,259          24,086           24,213                11.5   %
Investments)(7)           secured loan
FQSR, LLC (dba KBP        First lien senior     L + 5.00%     9/10/2021            17,987          17,778           17,943                 8.5   %

Investments)(8)(11)(13) secured delayed

                          draw term loan
Sovos Brands              First lien senior     L + 4.75%    11/20/2025            44,100          43,780           44,100                20.9   %

Intermediate, Inc.(7) secured loan

                                                                                  106,907         106,139          106,762                50.6   %
Healthcare equipment
and services
Cadence, Inc.(6)          First lien senior     L + 4.50%     5/21/2025            26,990          26,543           26,446                12.5   %
                          secured loan
Cadence,                  First lien senior     P + 3.50%     5/21/2025             2,936           2,848            2,788                 1.3   %
Inc.(9)(11)(14)           secured revolving
                          loan
                                                                                   29,926          29,391           29,234                13.8   %
Healthcare technology
VVC Holdings Corp. (dba   First lien senior     L + 4.50%     2/11/2026            17,309          17,041           17,262                 8.2   %
Athenahealth,             secured loan
Inc.)(6)(10)
Infrastructure and
environmental services
CHA Holding, Inc.(7)      First lien senior     L + 4.50%     4/10/2025            41,145          40,861           40,857                19.4   %
                          secured loan

Insurance

Integro Parent Inc.(6) First lien senior L + 5.75% 10/31/2022

        30,055          29,987           30,014                14.2   %
                          secured loan
Integro Parent            First lien senior     L + 4.50%     4/30/2022                 -              (7 )            (28 )                 -   %
Inc.(11)(12)(14)          secured revolving
                          loan
USRP Holdings, Inc.       First lien senior     L + 4.25%     3/29/2025            40,149          39,502           39,446                18.7   %
(dba U.S. Retirement      secured loan
and Benefits
Partners)(8)
USRP Holdings, Inc.       First lien senior     L + 4.25%     3/29/2024                 -             (84 )           (131 )              (0.1 ) %
(dba U.S. Retirement      secured revolving
and Benefits              loan
Partners)(11)(12)(14)
                                                                                   70,204          69,398           69,301                32.8   %






                                      113
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                                           ORCC Senior Loan Fund's 

Portfolio as of December 31, 2020

                                                                ($ in 

thousands)

                 Amortized                        Percentage of
Company(1)(2)(4)(5)     Investment            Interest    Maturity Date    Par / Units        Cost(3)        Fair Value      Members' Equity
Internet software and
services
DCert Buyer, Inc.       First lien senior     L + 4.00%    10/16/2026            49,625          49,466           49,511                23.5   %
(dba DigiCert)(6)(10)   secured loan
Manufacturing
Engineered Machinery    First lien senior     L + 4.25%     7/19/2024            44,397          44,071           43,841                20.8   %
Holdings (dba           secured loan
Duravant)(7)
Transportation
Uber Technologies,      First lien senior     L + 4.00%     4/4/2025             24,399          24,290           24,465                11.6   %
Inc.(6)(10)             secured loan
Total Debt                                                                      563,555         559,298          554,710               262.8   %
Investments
Total Investments                                                         $     563,555     $   559,298     $    554,710               262.8   %





________________
(1)
Certain portfolio company investments are subject to contractual restrictions on
sales.
(2)
Unless otherwise indicated, ORCC SLF's investments are pledged as collateral
supporting the amounts outstanding under ORCC SLF's credit facility.
(3)
The amortized cost represents the original cost adjusted for the amortization of
discounts and premiums, as applicable, on debt investments using the effective
interest method.
(4)
Unless otherwise indicated, all investments are considered Level 3 investments.
(5)
Unless otherwise indicated, loan contains a variable rate structure, 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)
or an alternate base rate (which can include the Federal Funds Effective Rate or
the Prime Rate), at the borrower's option and which reset periodically based on
the terms of the loan agreement.
(6)
The interest rate on these loans is subject to 1 month LIBOR, which as of
December 31, 2020 was 0.14%.
(7)
The interest rate on these loans is subject to 3 month LIBOR, which as of
December 31, 2020 was 0.24%.
(8)
The interest rate on these loans is subject to 6 month LIBOR, which as of
December 31, 2020 was 0.26%.
(9)
The interest rate on these loans is subject to Prime, which as of December 31,
2020 was 3.25%.
(10)
Level 2 investment.
(11)
Position or portion thereof is an unfunded loan commitment.
(12)
The negative cost is the result of the capitalized discount being greater than
the principal amount outstanding on the loan. The negative fair value is the
result of the capitalized discount on the loan.
(13)
The date disclosed represents the commitment period of the unfunded term loan.
Upon expiration of the commitment period, the funded portion of the term loan
may be subject to a longer maturity date.
(14)
Investment is not pledged as collateral under ORCC SLF's credit facility.


                                      114
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                                      115
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Below is selected balance sheet information for ORCC SLF as of December 31, 2021
and December 31, 2020:

($ in thousands)                                    December 31, 2021       December 31, 2020
Assets
Investments at fair value (amortized cost of
$794,202 and $559,298, respectively)               $           790,277     $           554,710
Cash                                                            60,723                   9,385
Interest receivable                                              1,319                     992
Prepaid expenses and other assets                                  111                     237
Total Assets                                       $           852,430     $           565,324

Liabilities

Debt (net of unamortized debt issuance costs of
$5,368 and $2,415, respectively)                   $           469,514     $           347,564
Distributions payable                                            4,518                   4,694
Payable for investments purchased                               91,986                       -
Accrued expenses and other liabilities                           4,056                   1,975
Total Liabilities                                  $           570,074     $           354,233
Members' Equity
Members' Equity                                                282,356                 211,091
Members' Equity                                                282,356                 211,091
Total Liabilities and Members' Equity              $           852,430     $           565,324



Below is selected statement of operations information for ORCC SLF for the years ended December 31, 2021, 2020 and 2019:

                                               For the Years Ended December 31,
($ in thousands)                                 2021                 2020             2019
Investment Income
Interest income                             $       30,836       $       32,163     $   38,841
Other income                                           344                  281            348
Total Investment Income                             31,180               32,444         39,189
Expenses
Interest expense                                     9,745               12,611         17,426
Professional fees                                      797                  691            718
Total Expenses                                      10,542               13,302         18,144
Net Investment Income Before Taxes                  20,638               19,142         21,045
Taxes                                                  731                  533            967
Net Investment Income After Taxes           $       19,907       $       18,609     $   20,078
Net Realized and Change in Unrealized
Gain (Loss) on Investments
Net change in unrealized gain (loss) on                663               (3,450 )        7,423
investments
Net realized gain on investments                       207                    4              -
Total Net Realized and Change in                       870               (3,446 )        7,423
Unrealized Gain (Loss) on Investments
Net Increase in Members' Equity Resulting   $       20,777       $       15,163     $   27,501
from Operations



                                      116
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On August 9, 2017, Sebago Lake Financing LLC and SL Lending LLC, wholly-owned
subsidiaries of ORCC SLF, entered into a credit facility with Goldman Sachs Bank
USA. Goldman Sachs Bank USA serves as the sole lead arranger, syndication agent
and administrative agent, and State Street Bank and Trust Company serves as the
collateral administrator and agent. The credit facility includes a maximum
borrowing capacity of $500 million. On June 22, 2021, Sebago Lake Financing LLC
and SL Lending LLC entered into an amendment with Goldman Sachs Bank USA to
extend the reinvestment period on the credit facility to October 6, 2021, and
again on September 20, 2021, extended the reinvestment period on the credit
facility to December 6, 2021. As of December 31, 2021, there was $474.9 million
outstanding under the credit facility. For the years ended December 31, 2021,
2020 and 2019, the components of interest expense were as follows:

                                          For the Years Ended December 31,
($ in thousands)                         2021             2020          2019
Interest expense                      $     8,168       $  10,962     $  15,782
Amortization of debt issuance costs         1,577           1,649         1,644
Total Interest Expense                $     9,745       $  12,611     $  17,426
Average interest rate                         2.3    %        3.1   %       4.7   %
Average daily borrowings              $   359,501       $ 352,505     $ 337,491


Loan Origination and Structuring Fees

If the loan origination and structuring fees earned by ORCC SLF during a fiscal
period exceed ORCC SLF's expenses and other obligations (excluding financing
costs), such excess is allocated to the Member(s) responsible for the
origination of the loans pro rata in accordance with the total loan origination
and structuring fees earned by ORCC SLF with respect to the loans originated by
such Member; provided, that in no event will the amount allocated to a Member
exceed 1% of the par value of the loans originated by such Member in any fiscal
year. The loan origination and structuring fee is accrued quarterly and included
in other income from controlled, affiliated investments on our Consolidated
Statements of Operations and paid annually. On February 27, 2019, ORCC SLF's
operating agreement was amended to eliminate the allocation of excess loan
origination and structuring fees to the Members. As such, for the years ended
December 31, 2021, 2020 and 2019, we accrued no income based on loan origination
and structuring fees.

Results of Operations

The following table represents the operating results for the years ended December 31, 2021, 2020 and 2019:

                                               For the Years Ended December 31,
($ in millions)                         2021                  2020                 2019
Total Investment Income            $       1,021.4       $         803.3      $        718.0
Less: Net operating expenses                 527.3                 283.8               217.1
Net Investment Income (Loss)       $         494.1       $         519.5      $        500.9
Before Taxes
Less: Income tax expense                       4.0                   2.0                 2.0
(benefit), including excise tax
expense (benefit)
Net Investment Income (Loss)       $         490.1       $         517.5      $        498.9
After Taxes
Net change in unrealized gain                179.8                 (76.0 )              (3.7 )

(loss)

Net realized gain (loss)                     (45.0 )               (53.8 )               2.8

Net Increase (Decrease) in Net $ 624.9 $ 387.7

   $        498.0
Assets Resulting from Operations


Net increase (decrease) in net assets resulting from operations can vary from
period to period as a result of various factors, including the level of new
investment commitments, expenses, the recognition of realized gains and losses
and changes in unrealized appreciation and depreciation on the investment
portfolio.

Investment Income

Investment income for the years ended December 31, 2021, 2020 and 2019 were as
follows:

                                               For the Years Ended December 31,
($ in millions)                         2021                  2020                 2019

Interest income from investments $ 893.3 $ 732.6

   $        674.9
Payment-in-kind interest income               53.2                  36.4                16.9
from investments
Dividend Income from investments              48.4                  19.5                10.0
Other income                                  26.5                  14.8                16.1
Total investment income            $       1,021.4       $         803.3      $        718.0



                                      117
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For the years ended December 31, 2021 and 2020

Investment income increased to $1,021.4 million for the year ended December 31,
2021 from $803.3 million for the same period in prior year primarily due to an
increase in our debt investment portfolio, which, at par, increased from $10.7
billion as of December 31, 2020 to $11.9 billion as of December 31, 2021,
partially offset by a decrease in our portfolio's weighted average yield from
7.9% as of December 31, 2020 to 7.7% as of December 31, 2021. Included in
investment income is dividend income which increased to $48.4 million from $19.5
million as of December 31, 2021 and 2020, respectively, primarily due to an
increase in dividends related to Windows Entities, ORCC SLF, and Wingspire. Also
included in interest income are other fees such as prepayment fees and
accelerated amortization of upfront fees from unscheduled paydowns. Period over
period, income generated from these fees represented $63.9 million and $23.6
million, for the years ended December 31, 2021 and 2020, respectively. This
change is due to an increase in unscheduled paydown activity year over year and
while these fees are non-recurring in nature, we expect repayments to continue.
For the year ended December 31, 2021 and 2020, payment-in-kind income
represented 6.4% and less than 5.0% of investment income, respectively. Other
income increased period-over-period due to an increase in incremental fee
income, which are fees that are generally available to us as a result of closing
investments and normally 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 years ended December 31, 2020 and 2019

Investment income increased to $803.3 million for the year ended December 31,
2020 from $718.0 million for the same period in prior year primarily due to an
increase in our investment portfolio, which, at par, increased from $8.9 billion
as of December 31, 2019, to $10.7 billion as of December 31, 2020, partially
offset by a decrease in our portfolio's weighted average yield from 8.6% as of
December 31, 2019 to 8.0% as of December 31, 2020. Included in interest income
are other fees such as prepayment fees and accelerated amortization of upfront
fees from unscheduled paydowns. Period over period, income generated from these
fees represented $23.6 million and $21.1 million, for the years ended December
31, 2020 and 2019, respectively. In addition to the growth in the portfolio, the
incremental increase in investment income was primarily due to an increase in
dividend income earned from our investment in Moore Holdings, LLC of $10.2
million, that was not earned in 2019, partially offset by a decrease in dividend
income from Sebago Lake of $0.9 million period over period. Other income
decreased period-over-period due to a decrease in incremental fee income, which
are fees that are generally available to us as a result of closing investments
and normally paid at the time of closing. For the year ended December 31, 2020,
the increase in investment income was partially driven by increased origination
activity as a result of significant merger activity which has since leveled off.
We expect that investment income will vary based on a variety of factors
including the pace of our originations and repayments.

Expenses

Expenses for the years ended December 31, 2021, 2020 and 2019 were as follows:

                                           For the Years Ended December 31,
($ in millions)                           2021              2020          2019
Interest expense                       $    219.1       $      152.9     $ 136.5
Management fee                              178.5              144.5        89.9
Performance based incentive fees            104.0               93.9        45.1
Professional fees                            15.1               14.7        10.0
Directors' fees                               1.0                0.8         0.6
Other general and administrative              9.6                7.9        

8.4

Total operating expenses               $    527.3       $      414.7     $ 

290.5

Management and incentive fees waived            -             (130.9 )     (73.4 )
Net operating expenses                 $    527.3       $      283.8     $ 217.1



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.
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For the years ended December 31, 2021 and 2020

Total expenses increased to $527.3 million for the year ended December 31, 2020
from $283.8 million for the same period in the prior year primarily due to an
increase in interest expense and increase in gross management fees and incentive
fees, coupled with the expiration of the management fee and incentive fee
waivers in October 2020. The increase in interest expense of $66.2 million was
driven by an increase in average daily borrowings to $6.3 billion from $3.8
billion period over period, partially offset by a decrease in the average
interest rate to 3.0% from 3.5% period over period and includes approximately
$2.1 million of non-recurring interest expense related to the restructuring of
CLO II and SPV IV and the repayment of the 2023 Notes. As a percentage of total
assets, professional fees, directors' fees and other general and administrative
expenses remained relatively consistent period over period.

For the years ended December 31, 2020 and 2019

Total expenses increased to $283.8 million for the year ended December 31, 2020
from $217.1 million for the same period in the prior year primarily due to an
increase in interest expense and increase in gross management fees and incentive
fees, coupled with the expiration of the management fee and incentive fee
waivers. The increase in interest expense of $16.4 million was driven by an
increase in average daily borrowings to $3.8 billion from $2.6 billion period
over period, partially offset by a decrease in the average interest rate to 3.5%
from 4.8% period over period. Interest expense increased period over period, and
we would expect it to continue to increase as we re-deploy leverage and our
asset coverage ratio decreases. As of December 31, 2019, our asset coverage
ratio was 293% compared to 206% as of December 31, 2020. Gross management fees
and incentive fees increased primarily due to an increase in our investment
portfolio, which at par, increased from $8.9 billion as of December 31, 2019, to
$10.7 billion as of December 31, 2020, and were partially offset by the
management and incentive fee waivers, which expired October 18, 2020.

Selected Quarterly Financial Data (Unaudited)

                                                        For the three months ended
(amounts in thousands,
except share and per share                                             September 30,
data)                          March 31, 2021       June 30, 2021           2021           December 31, 2021
Investment income             $        221,573     $       249,015     $      269,191     $           281,624
Net expenses                  $        118,918     $       129,886     $      138,692     $           143,770
Net investment income         $        102,655     $       119,129     $      130,499     $           137,854
(loss)

Net realized and unrealized $ 55,190 $ 31,051 $

    12,352     $            36,152
gains (losses)
Increase (decrease) in net    $        157,845     $       150,180     $      142,851     $           174,006
assets resulting from
operations
Net asset value per share     $          14.82     $         14.90     $        14.95     $             15.08
as of the end of the
quarter
Earnings (losses) per share   $           0.40     $          0.38     $         0.36     $              0.44
- basic and diluted



                                                        For the three months ended
(amounts in thousands,
except share and per share                                             September 30,
data)                          March 31, 2020       June 30, 2020           2020           December 31, 2020
Investment income             $        204,732     $       190,242     $      187,059     $           221,254
Net expenses                  $         58,476     $        61,080     $       59,622     $           106,653
Net investment income         $        146,256     $       129,162     $      127,437     $           114,601
(loss)

Net realized and unrealized $ (458,846 ) $ 174,457 $

    88,610     $            66,063
gains (losses)
Increase (decrease) in net    $       (312,590 )   $       303,619     $      216,047     $           180,664
assets resulting from
operations
Net asset value per share     $          14.09     $         14.52     $        14.67     $             14.74
as of the end of the
quarter
Earnings (losses) per share   $          (0.79 )   $          0.79     $         0.56     $              0.46
- basic and diluted



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                                                        For the three months ended
(amounts in thousands,
except share and per share                                             September 30,
data)                          March 31, 2019       June 30, 2019           2019           December 31, 2019
Investment income             $        151,475     $       176,135     $      188,154     $           202,255
Net expenses                  $         55,470     $        56,513     $       50,248     $            56,882
Net investment income         $         96,005     $       119,622     $      137,906     $           145,373
(loss)

Net realized and unrealized $ 18,482 $ 5,048 $

   (19,254 )   $            (5,181 )
gains (losses)
Increase (decrease) in net    $        114,487     $       124,670     $      118,652     $           140,192
assets resulting from
operations
Net asset value per share     $          15.26     $         15.28     $        15.22     $             15.24
as of the end of the
quarter
Earnings (losses) per share   $           0.49     $          0.44     $         0.31     $              0.36

– basic and diluted

Income Taxes, Including Excise Taxes

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

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

For the years ended December 31, 2021, 2020 and 2019, we recorded U.S. federal
and state income tax expense/(benefit) of $4.0 million, $2.0 million and $2.0
million, respectively, including U.S. federal excise tax expense/(benefit) of
$21.6 thousand, $(0.1) million and $2.0 million, respectively.

Certain of our consolidated subsidiaries are subject to U.S. federal and state
income taxes. For the years ended December 31, 2021 and 2020, we recorded a
current tax expense of $4.0 million and $2.1 million, respectively. For the year
ended December 31, 2019, we did not record a current tax expense for taxable
subsidiaries. The income tax expense for our taxable consolidated subsidiaries
will vary depending on the level of investment income earnings and realized
gains from the exits of investments held by such taxable subsidiaries during the
respective periods.

Net Unrealized Gains (Losses)

We fair value our portfolio investments quarterly and any changes in fair value
are recorded as unrealized gains or losses. During the years ended December 31,
2021, 2020 and 2019, net unrealized gains (losses) were comprised of the
following:

                                                For the Years Ended December 31,
($ in millions)                         2021                  2020                  2019

Net change in unrealized gain $ 192.4 $ (76.9 )

    $         (3.5 )
(loss) on investments
Income tax (provision) benefit                (8.6 )                (3.7 )                  -
Net change in translation of                  (4.0 )                 4.6                 (0.2 )

assets and liabilities in

   foreign currencies
Net change in unrealized gain      $         179.8       $         (76.0 )     $         (3.7 )
(loss)



For the years ended December 31, 2021 and 2020

For the year ended December 31, 2021, the net unrealized gain was primarily
driven by an increase in the fair value of our debt investments as compared to
December 31, 2020. As of December 31, 2021, the fair value of our debt
investments as a percentage of principal was 98.2% as compared to 97.3% as of
December 31, 2020. The primary driver of our portfolio's net unrealized gain was
due to the continued improvement of market conditions following the disruption
seen in 2020 due to the COVID-19 pandemic. See "COVID-19
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Developments” for additional information. The ten largest contributors to the change in net unrealized gain (loss) on investments during the year ended December 31, 2021 consisted of the following:

Portfolio Company                                  Net Change in Unrealized
($ in millions)                                           Gain (Loss)
Wingspire Capital Holdings LLC(1)                  $                    

44.1

Windows Entities                                                        

32.6

Aviation Solutions Midco, LLC (dba STS Aviation)                        

14.9

CIBT Global, Inc.                                                       

13.9

Innovative Water Care Global Corporation                                 

9.5

ABB/Con-cise Optical Group LLC                                           

9.1

Entertainment Benefits Group, LLC                                        

6.6

Blackhawk Network Holdings, Inc.                                         

6.5

PS Operating Company LLC (fka QC Supply, LLC)(1)                         

6.1

Remaining Portfolio Companies                                           64.6
Norvax, LLC (dba GoHealth)                                             (15.5 )
Total                                              $                   192.4


________________
(1)

Portfolio company is a controlled, affiliated investment

For the years ended December 31, 2020 and 2019

For the year ended December 31, 2020, the net unrealized loss was primarily
driven by a decrease in the fair value of our debt investments as compared to
December 31, 2019. As of December 31, 2020, the fair value of our debt
investments as a percentage of principal was 97.3% as compared to 98.0% as of
December 31, 2019. The primary driver of our portfolio's net unrealized loss was
due to current market conditions and credit spreads widening, the impact of
which was primarily seen in the first quarter of 2020, but which has
subsequently improved in the second, third and fourth quarters as the average
fair value of the portfolio has improved. See "COVID-19 Developments" for
additional information. The ten largest contributors to the change in net
unrealized gain (loss) on investments during the year ended December 31, 2020
consisted of the following:

Portfolio Company                                          Net Change in Unrealized
($ in millions)                                                  Gain (Loss)
Norvax, LLC (dba GoHealth)                                $                     16.9
Windows Entities                                                                14.0
Feradyne Outdoors, LLC                                                          11.4
Remaining portfolio companies                                                  (25.6 )
Aviation Solutions Midco, LLC (dba STS Aviation)                               (25.3 )
CIBT Global, Inc.                                                              (25.3 )
LineStar Integrity Services LLC                                                (10.0 )
Entertainment Benefits Group, LLC                                               (9.9 )
Valence Surface Technologies LLC                                            

(9.7 ) FR Arsenal Holdings II Corp. (dba Applied-Cleveland Holdings, Inc.)

                                                                 (6.9 )
Blackhawk Network Holdings, Inc.                                                (6.5 )
Total                                                     $                    (76.9 )

Net Realized Gains (Losses)

The realized gains and losses on fully exited and partially exited portfolio
companies during the years ended December 31, 2021, 2020 and 2019 were comprised
of the following:

                                                For the Years Ended December 31,
($ in millions)                         2021                  2020                  2019
Net realized gain (loss) on
investments                        $         (46.3 )     $         (51.4 )     $          2.6
Net realized gain (loss) on                    1.3                  (2.4 )                0.2
foreign currency transactions
Net realized gain (loss)           $         (45.0 )     $         (53.8 )     $          2.8


Realized Gross Internal Rate of Return

Since we began investing in 2016 through December 31, 2021, our exited
investments have resulted in an aggregate cash flow realized gross internal rate
of return to us of over 10.3% (based on total capital invested of $6.2 billion
and total proceeds from these
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exited investments of $7.3 billion). Over sixty percent of these exited investments resulted in an aggregate cash flow realized gross internal rate of return (“IRR”) to us of 10% or greater.

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

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

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

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

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

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

Financial Condition, Liquidity and Capital Resources

Our liquidity and capital resources are generated primarily from cash flows from
interest, dividends and fees earned from our investments and principal
repayments, our credit facilities, debt securitization transactions, and other
secured and unsecured debt. We may also generate cash flow from operations,
future borrowings and future offerings of securities including public and/or
private issuances of debt and/or equity securities through both registered
offerings off of our shelf registration statement and private offerings. The
primary uses of our cash are (i) investments in portfolio companies and other
investments and to comply with certain portfolio diversification requirements,
(ii) the cost of operations (including paying or reimbursing our Adviser), (iii)
debt service, repayment and other financing costs of any borrowings and (iv)
cash distributions to the holders of our shares.

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

As of December 31, 2021 and December 31, 2020, our asset coverage ratio was 182%
and 206%, respectively. We seek to carefully consider our unfunded commitments
for the purpose of planning our ongoing financial leverage. Further, we maintain
sufficient borrowing capacity within the 150% asset coverage limitation to cover
any outstanding unfunded commitments we are required to fund.

Cash and restricted cash as of December 31, 2021, 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 December 31, 2021, we had $1.4
billion available under our credit facilities.

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

As of December 31, 2021, we had $447.1 million in cash and restricted cash.
During the year ended December 31, 2021, we used $1.2 billion in cash for
operating activities, primarily as a result of funding portfolio investments of
$7.1 billion, partially offset by sell downs and repayments of $5.5 billion and
other operating activity of $0.4 billion. Lastly, cash provided by financing
activities was $1.3 billion during the period, which was the result of net
borrowings on our credit facilities of $1.8 billion, partially offset by
distributions paid of $0.5 billion.

Equity

Equity Issuances, IPO, Subscriptions and Drawdowns

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

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

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

On July 7, 2019, the Board of Directors determined to eliminate outstanding
fractional shares of the Company's common stock, as permitted by Maryland
General Corporation Law. On July 8, 2019, the Company eliminated the fractional
shares by rounding down the number of fractional shares held by each shareholder
to the nearest whole share and paying each shareholder cash for such fractional
shares based on a price of $15.27 per share.

Prior to March 2, 2018, the Company entered into subscription agreements (the
"Subscription Agreements") with investors providing for the private placement of
the Company's common shares. Under the terms of the Subscription Agreements,
investors were required to fund drawdowns to purchase the Company's common
shares up to the amount of their respective Capital Commitment on an as-needed
basis each time the Company delivered a drawdown notice to its investors. As of
June 17, 2019, all outstanding Capital Commitments had been drawn.

There were no sales of our common stock during the years ended December 31, 2021 and 2020.

During the year ended December 31, 2019, we delivered the following capital call
notices to our investors:
                                                                             Aggregate
                                   Common Share    Number of Common        Offering Price
Capital Drawdown Notice Date       Issuance Date     Shares Issued        ($ in millions)
June 4, 2019                       June 17, 2019         103,504,284      $        1,580.5
                                     March 21,            19,267,823
March 8, 2019                          2019                                          300.0
                                   February 12,           29,220,780
January 30, 2019                       2019                                          450.0
Total                                                    151,992,887      $        2,330.5


Distributions

The following table reflects the distributions declared on shares of our common stock during the year ended December 31, 2021:

                                            December 31, 2021
Date Declared          Record Date         Payment Date       Distribution per Share
November 2, 2021    December 31, 2021    January 31, 2022    $                   0.31
August 3, 2021      September 30, 2021   November 15, 2021   $                   0.31
May 5, 2021           June 30, 2021       August 13, 2021    $                   0.31
February 23, 2021     March 31, 2021       May 14, 2021      $                   0.31

On February 23, 2022, the Board declared a distribution of $0.31 per share for shareholders of record on March 31, 2022 payable on or before May 13, 2022.

During certain periods, our distributions may exceed our earnings. As a result,
it is possible that a portion of the distributions we make may represent a
return of capital. A return of capital generally is a return of a shareholder's
investment rather than a return of earnings or gains derived from our investment
activities. Each year, a statement on Form 1099-DIV identifying the tax
character of the distributions will be mailed to our shareholders. No portion of
the distributions paid during the years ended December 31, 2021, 2020 or 2019
represented a return of capital.

The following table reflects the distributions declared on shares of our common stock during the year ended December 31, 2020:

                                                        December 31, 2020
                                                                              Distribution per
Date Declared                         Record Date         Payment Date             Share
November 3, 2020                   December 31, 2020    January 19, 2020     $             0.31

May 28, 2019 (special dividend) December 31, 2020 January 19, 2020

  $             0.08
August 4, 2020                     September 30, 2020   November 13, 2020    $             0.31

May 28, 2019 (special dividend) September 30, 2020 November 13, 2020

  $             0.08
May 5, 2020                          June 30, 2020       August 14, 2020     $             0.31

May 28, 2019 (special dividend) June 30, 2020 August 14, 2020

  $             0.08
February 19, 2020                    March 31, 2020       May 15, 2020       $             0.31

May 28, 2019 (special dividend) March 31, 2020 May 15, 2020

  $             0.08


The following table reflects the distributions declared on shares of our common stock during the year ended December 31, 2019:

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                                                        December 31, 2019
                                                                              Distribution per
Date Declared                         Record Date         Payment Date             Share
October 30, 2019                   December 31, 2019    January 31, 2020     $             0.31

May 28, 2019 (special dividend) December 31, 2019 January 31, 2020

  $             0.04
May 28, 2019                       September 30, 2019   November 15, 2019    $             0.31

May 28, 2019 (special dividend) September 30, 2019 November 15, 2019

 $             0.02
June 4, 2019                         June 14, 2019       August 15, 2019     $             0.44
February 27, 2019                    March 31, 2019       May 14, 2019       $             0.33


Dividend Reinvestment

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

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

The following table reflects the common stock issued pursuant to the dividend reinvestment plan during the year ended December 31, 2021:

Date Declared Record Date Payment Date Shares August 3, 2021 September 30, 2021 November 15, 2021 800,451 May 5, 2021

           June 30, 2021       August 13, 2021        935,064

February 23, 2021 March 31, 2021 May 14, 2021 815,703 November 4, 2020 December 31, 2020 January 19, 2021 1,435,099

The following table reflects the common stock issued pursuant to the dividend reinvestment plan during the year ended December 31, 2020:

Date Declared Record Date Payment Date Shares August 4, 2020 September 30, 2020 November 13, 2020 1,738,817 May 5, 2020

           June 30, 2020       August 14, 2020      3,541,285

February 19, 2020 March 31, 2020 May 15, 2020 2,249,543 October 30, 2019 December 31, 2019 January 31, 2020 2,823,048

The following table reflects the common stock issued pursuant to the dividend reinvestment plan during the year ended December 31, 2019:

Date Declared          Record Date         Payment Date        Shares
May 28, 2019        September 30, 2019   November 15, 2019     2,974,103
June 4, 2019          June 14, 2019       August 15, 2019      3,965,754
February 27, 2019     March 31, 2019       May 14, 2019        2,882,297
November 6, 2018    December 31, 2018    January 31, 2019      2,613,223



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Stock Repurchase Plans

On July 7, 2019, our Board approved a stock repurchase plan (the "Company 10b5-1
Plan"), to acquire up to $150 million in the aggregate of our common stock at
prices below our net asset value per share over a specified period, in
accordance with the guidelines specified in Rule 10b-18 and Rule 10b5-1 of the
Exchange Act. The Company 10b5-1 Plan commenced on August 19, 2019 and was
exhausted on August 4, 2020.

The following table provides information regarding purchases of our common stock
by Goldman, Sachs & Co., as agent, pursuant to the 10b5-1 plan for each month in
the year ended December 31, 2020:

                                                                           Approximate          Approximate
                                                                         Dollar Value of       Dollar Value
                                                                           Shares that        of Shares that
Period                              Total Number                            have been           May Yet Be

($ in millions, except share and of Shares Average Price Purchased Under Purchased Under per share amounts)

                   Repurchased      Paid per Share        the Plans            the Plan
January 1, 2020 - January 31,                   -     $            -     $             -     $           150.0

2020

February 1, 2020 - February 29,            87,328     $        15.17     $           1.4     $           148.6

2020

March 1, 2020March 31, 2020 4,009,218 $ 12.46 $

         46.6     $           102.0

April 1, 2020April 30, 2020 6,235,497 $ 11.95 $

        74.3     $            27.7
May 1, 2020 - May 31, 2020              2,183,581     $        12.76     $          27.7     $               -
June 1, 2020 - June 30, 2020                    -     $            -     $             -     $               -
July 1, 2020 - July 31, 2020                    -     $            -     $             -     $               -
August 1, 2020 - August 31, 2020                -     $            -     $             -     $               -
Total                                  12,515,624                        $         150.0



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

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

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



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Debt

Aggregate Borrowings

Debt obligations consisted of the following as of December 31, 2021 and December
31, 2020:

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


________________
(1)
The amount available reflects any collateral related limitations at the Company
level related to each credit facility's borrowing base.
(2)
The carrying value of our Revolving Credit Facility, SPV Asset Facility II, SPV
Asset Facility III, SPV Asset Facility IV, CLO I, CLO II, CLO III, CLO IV, CLO
V, CLO VI, 2024 Notes, 2025 Notes, July 2025 Notes, 2026 Notes, July 2026 Notes,
2027 Notes and 2028 Notes are presented net of deferred financing costs of $12.4
million, $4.3 million, $1.0 million, $2.2 million, $3.0 million, $3.1 million,
$2.1 million, $5.2 million, $1.8 million, $1.9 million, $5.0 million, $5.3
million, $6.4 million, $8.9 million, $21.5 million, $9.7 million and $16.4
million respectively.
(3)
Includes the unrealized translation gain (loss) on borrowings denominated in
foreign currencies.
(4)
Inclusive of change in fair market value of effective hedge.
(5)
The amount available is reduced by $55.3 million of outstanding letters of
credit.
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                                                             December 31, 2020
                                      Aggregate
                                      Principal        Outstanding          Amount         Net Carrying
($ in thousands)                      Committed         Principal        Available(1)        Value(2)
Revolving Credit Facility(3)(5)     $   1,355,000     $     252,525     $    1,075,636     $     243,143
SPV Asset Facility II                     350,000           100,000            250,000            95,654
SPV Asset Facility III                    500,000           375,000            125,000           373,238
SPV Asset Facility IV                     450,000           295,000            155,000           291,644
CLO I                                     390,000           390,000                  -           386,708
CLO II                                    260,000           260,000                  -           257,686
CLO III                                   260,000           260,000                  -           257,744
CLO IV                                    252,000           252,000                  -           247,745
CLO V                                     196,000           196,000                  -           194,128
2023 Notes(4)                             150,000           150,000                  -           151,889
2024 Notes(4)                             400,000           400,000                  -           418,372
2025 Notes                                425,000           425,000                  -           418,154
July 2025 Notes                           500,000           500,000                  -           492,095
2026 Notes                                500,000           500,000                  -           489,176
July 2026 Notes                         1,000,000         1,000,000                  -           975,346
Total Debt                          $   6,988,000     $   5,355,525     $    1,605,636     $   5,292,722


________________

(1)
The amount available reflects any limitations related to each credit facility's
borrowing base.
(2)
The carrying value of our Revolving Credit Facility, SPV Asset Facility II, SPV
Asset Facility III, SPV Asset Facility IV, CLO I, CLO II, CLO III, CLO IV, CLO
V, 2023 Notes, 2024 Notes, 2025 Notes, July 2025 Notes, 2026 Notes and July 2026
Notes are presented net of deferred financing costs of $9.4 million, $4.2
million, $1.8 million, $3.4 million, $3.3 million, $2.3 million, $2.3 million,
$4.3 million, $1.9 million, $1.0 million, $7.0 million, $6.8 million, $7.9
million, $10.8 million, $24.7 million respectively.
(3)
Includes the unrealized translation gain (loss) on borrowings denominated in
foreign currencies.
(4)
Inclusive of change in fair market value of effective hedge.
(5)
The amount available is reduced by $26.8 million of outstanding letters of
credit.

For the years ended December 31, 2021, 2020 and 2019, the components of interest
expense were as follows:

                                            For the Years Ended December 31,
($ in thousands)                       2021               2020               2019
Interest expense                  $      192,652     $      136,387     $      125,311
Amortization of debt issuance             25,721             17,178             12,152
costs
Net change in unrealized gain                759               (626 )           (1,018 )
(loss) on effective
   interest rate swaps and
hedged items(1)
Total Interest Expense            $      219,132     $      152,939     $      136,445
Average interest rate                        3.0   %            3.5   %            4.8   %
Average daily borrowings          $    6,329,332     $    3,815,270     $    2,576,121


________________
(1)
Refer to "ITEM 8. - CONSOLIDATED FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA -
Notes to Consolidated Financial Statements - Note 6. Debt - 2023 Notes, 2024
Notes and 2027 Notes" for details on each facility's interest rate swap.

Credit Facilities

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

Revolving Credit Facility

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

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

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

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

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

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

Subscription Credit Facility

On August 1, 2016, we entered into a subscription credit facility (as amended,
the "Subscription Credit Facility") with Wells Fargo Bank, National Association
("Wells Fargo"), as administrative agent (the "Subscription Credit Facility
Administrative Agent") and letter of credit issuer, and Wells Fargo, State
Street Bank and Trust Company and the banks and financial institutions from time
to time party thereto, as lenders.

The Subscription Credit Facility permitted us to borrow up to $900 million,
subject to availability under the borrowing base which is calculated based on
the unused Capital Commitments of the investors meeting various eligibility
requirements. Effective June 19, 2019, the outstanding balance of the
Subscription Credit Facility was paid in full and the facility was terminated
pursuant to its terms.

Borrowings under the Subscription Credit Facility bore interest, at our election
at the time of drawdown, at a rate per annum equal to (i) in the case of LIBOR
rate loans, an adjusted LIBOR rate for the applicable interest period plus 1.60%
or (ii) in the case of reference
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rate loans, the greatest of (A) a prime rate plus 0.60%, (B) the federal funds
rate plus 1.10%, and (C) one-month LIBOR plus 1.60%. Loans may have been
converted from one rate to another at any time at our election, subject to
certain conditions. We predominantly borrowed utilizing LIBOR rate loans,
generally electing one-month LIBOR upon borrowing. We paid an unused commitment
fee of 0.25% per annum on the unused commitments.

SPV Asset Facilities

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

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

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

SPV Asset Facility I

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

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

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

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

SPV Asset Facility II

On May 22, 2018, our subsidiary, ORCC Financing II LLC ("ORCC Financing II"), a
Delaware limited liability company and our subsidiary, entered into a Credit
Agreement (as amended, the "SPV Asset Facility II"), with ORCC Financing II, as
Borrower, the lenders from time to time parties thereto, Natixis, New York
Branch, as Administrative Agent, State Street Bank and Trust Company, as
Collateral Agent, and Cortland Capital Market Services LLC as Document
Custodian. The parties to the SPV Asset Facility II have entered into various
amendments, including to admit new lenders, increase or decrease the maximum
principal amount available under the facility, extend the availability period
and maturity date, change the interest rate and make various other changes. The
following describes the terms of SPV Asset Facility II amended through July 8,
2021 (the "SPV Asset Facility II Sixth Amendment Date").
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From time to time, we sell and contribute certain investments to ORCC Financing
II pursuant to a sale and contribution agreement by and between us and ORCC
Financing II. No gain or loss will be recognized as a result of the
contribution. Proceeds from the SPV Asset Facility II will be used to finance
the origination and acquisition of eligible assets by ORCC Financing II,
including the purchase of such assets. The Company retains a residual interest
in assets contributed to or acquired by ORCC Financing II through the Company's
ownership of ORCC Financing II. The maximum principal amount of the SPV Asset
Facility II as of the SPV Asset Facility II Sixth Amendment Date is $350 million
(which includes terms loans of $100 million and revolving commitments of $250
million); the availability of this amount is subject to an overcollateralization
ratio test, which is based on the value of ORCC Financing II's assets from time
to time, and satisfaction of certain conditions, including an interest coverage
ratio test, certain concentration limits and collateral quality tests.

The SPV Asset Facility II provides for the ability to (1) draw term loans and
(2) draw and redraw revolving loans under the SPV Asset Facility II through
April 17, 2022, unless the revolving commitments are terminated or converted to
term loans sooner as provided in the SPV Asset Facility II (the "SPV Asset
Facility II Commitment Termination Date"). Unless otherwise terminated, the SPV
Asset Facility II will mature on December 22, 2028 (the "SPV Assert Facility II
Stated Maturity"). Prior to the SPV Asset Facility II Stated Maturity, proceeds
received by ORCC Financing II from principal and interest, dividends, or fees on
assets must be used to pay fees, expenses and interest on outstanding
borrowings, and the excess may be returned to us, subject to certain conditions.
On October 10, 2026, ORCC Financing II must pay in full all outstanding fees and
expenses and all principal and interest on outstanding borrowings, and the
excess may be returned to us.

With respect to revolving loans, 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 a spread that steps up from 2.20%
to 2.50% during the period from March 17, 2020, to the six month anniversary of
the Reinvestment Period End Date. With respect to term loans, 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 a spread
that steps up from 2.25% to 2.55% during the same period. We predominantly
borrow utilizing LIBOR rate loans, generally electing one-month LIBOR upon
borrowing. From March 17, 2020 to the SPV Asset Facility II Commitment
Termination Date, there is a commitment fee ranging from 0.50% to 0.625% per
annum on the undrawn amount, if any, of the revolving commitments in the SPV
Asset Facility II. For further details, see "ITEM 8. - Notes to Consolidated
Financial Statements - Note 6. Debt."

SPV Asset Facility III

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

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

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

Amounts drawn bear interest at LIBOR (or, in the case of certain SPV Lenders III
that are commercial paper conduits, the lower of (a) their cost of funds and (b)
LIBOR, such LIBOR not to be lower than zero) plus a spread equal to 2.20% per
annum, which spread will increase (a) on and after the end of the SPV Asset
Facility III Revolving Period by 0.15% per annum if no event of default has
occurred and (b) by 2.00% per annum upon the occurrence of an event of default
(such spread, the "Applicable Margin"). LIBOR may be replaced as a base rate
under certain circumstances. We predominantly borrow utilizing LIBOR rate loans,
generally electing one-month LIBOR upon borrowing. During the Revolving Period,
ORCC Financing III will pay an undrawn fee ranging from 0.25% to 0.50% per annum
on the undrawn amount, if any, of the revolving commitments in the SPV Asset
Facility III. During the Revolving Period, if the undrawn commitments are in
excess of a certain portion (initially 20% and increasing in stages to 75%) of
the total commitments under the SPV Asset Facility III, ORCC Financing III will
also pay a make-whole fee equal to the Applicable Margin multiplied by such
excess undrawn commitment amount, reduced by the undrawn fee payable on such
excess. For further details, see "ITEM 8. - Notes to Consolidated Financial
Statements - Note 6. Debt."

SPV Asset Facility IV

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

On May 26, 2021 (the "SPV Asset Facility IV Amendment Date"), the parties to the
SPV Asset Facility IV amended the SPV Asset Facility IV to extend the
reinvestment period from August 2, 2021 until April 1, 2022 and to reduce the
total commitments from $450 million to $250 million.

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

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

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 a spread ranging from 2.15% to 2.40%. We predominantly borrow
utilizing LIBOR rate loans, generally electing one-month LIBOR upon borrowing;
however, the SPV Asset Facility IV includes benchmark replacement provisions
which provide that the benchmark rate will transition to term SOFR on a
designated benchmark replacement date. From the Closing Date to the Commitment
Termination Date, there is a commitment fee ranging from 0.50% to 0.75% per
annum on the undrawn amount, if any, of the revolving commitments in the SPV
Asset Facility IV. The SPV Asset Facility IV contains customary covenants,
including certain financial maintenance covenants, limitations on the activities
of ORCC Financing IV, including limitations on incurrence of incremental
indebtedness, and customary events of default. The SPV Asset Facility IV is
secured by a perfected first priority security interest in the assets of ORCC
Financing IV and on any payments received by ORCC Financing IV in respect of
those assets. Assets pledged to the Lenders will not be available to pay our
debts. For further details, see "ITEM 8. - Notes to Consolidated Financial
Statements - Note 6. Debt."

CLOs

CLO I

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

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

Concurrently with the issuance of the CLO I Notes and the borrowing under the Class A Loans, the CLO I Issuer issued approximately $206.1 million of subordinated securities in the form of 206,106 preferred shares at an issue price of U.S.$1,000 per share

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(the "CLO I Preferred Shares"). The CLO I Preferred Shares were issued by the
CLO I Issuer as part of its issued share capital and are not secured by the
collateral securing the CLO I Debt. We own all of the CLO I Preferred Shares,
and as such, are eliminated in consolidation. We act as retention holder in
connection with the CLO I Transaction for the purposes of satisfying certain
U.S. and European Union regulations requiring sponsors of securitization
transactions to retain exposure to the performance of the securitized assets and
as such is required to retain a portion of the CLO I Preferred Shares.

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

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

Through May 20, 2023, a portion of the proceeds received by the CLO I Issuer
from the loans securing the CLO I Debt may be used by the CLO I Issuer to
purchase additional middle market loans under the direction of the Adviser as
the collateral manager in the CLO I Transaction.

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

The CLO I Notes were offered in reliance on Section 4(a)(2) of the Securities
Act. The CLO I Notes have not been registered under the Securities Act or any
state securities laws and, unless so registered, may not be offered or sold in
the United States absent registration with the Securities and Exchange
Commission or pursuant to an exemption from, or in a transaction not subject to,
the registration requirements of the Securities Act of 1933, as amended (the
"Securities Act") as applicable. For further details, see "ITEM 8. - Notes to
Consolidated Financial Statements - Note 6. Debt."

CLO II

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

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

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

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

The Adviser serves as collateral manager for the CLO II Issuer under a
collateral management agreement dated as of the CLO II Closing Date. The Adviser
is entitled to receive fees for providing these services. The Adviser has waived
its right to receive such fees but may rescind such waiver at any time;
provided, however, that if the Adviser rescinds such waiver, the management fee
payable to the Adviser pursuant to the Investment Advisory Agreement will be
offset by the amount of the collateral management fee attributable to the CLO II
Issuers' equity or notes that we own.
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The CLO II Debt was secured by all of the assets of the CLO II Issuer, which
will consist primarily of middle market loans, participation interests in middle
market loans, and related rights and the cash proceeds thereof. As part of the
CLO II Transaction, we and ORCC Financing III LLC sold and contributed
approximately $400 million par amount of middle market loans to the CLO II
Issuer on the CLO II Closing Date. Such loans constituted the initial portfolio
assets securing the CLO II Debt. We and ORCC Financing III LLC each made
customary representations, warranties, and covenants to the CLO II Issuer
regarding such sales and contributions under a loan sale agreement.

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

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

The CLO II Debt was offered in reliance on Section 4(a)(2) of the Securities
Act. The CLO II Notes have not been registered under the Securities Act or any
state securities laws and, unless so registered, may not be offered or sold in
the United States absent registration with the Securities and Exchange
Commission or pursuant to an exemption from, or in a transaction not subject to,
the registration requirements of the Securities Act as applicable. For further
details, see "ITEM 8. - Notes to Consolidated Financial Statements - Note 6.
Debt."

CLO II Refinancing

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

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

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

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

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

The Adviser is entitled to receive fees for providing these services. The
Adviser has waived its right to receive such fees but may rescind such waiver at
any time; provided, however, that if the Adviser rescinds such waiver, the
management fee payable to the Adviser pursuant to the Investment Advisory
Agreement will be offset by the amount of the collateral management fee
attributable to the CLO II Issuers' equity or notes that we own. For further
details, see "ITEM 8. - Notes to Consolidated Financial Statements - Note 6.
Debt."

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

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

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

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

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

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

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

The CLO III Debt was offered in reliance on Section 4(a)(2) of the Securities
Act. The CLO III Debt has not been registered under the Securities Act or any
state securities laws and, unless so registered, may not be offered or sold in
the United States absent registration with the Securities and Exchange
Commission or pursuant to an exemption from, or in a transaction not subject to,
the registration requirements of the Securities Act as applicable. For further
details, see "ITEM 8. - Notes to Consolidated Financial Statements - Note 6.
Debt."

CLO IV

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

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

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

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

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

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

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

CLO IV Refinancing

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

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

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

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

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

The Adviser serves as collateral manager for the CLO IV Issuer under a
collateral management agreement dated as of the CLO IV Closing Date. The Adviser
is entitled to receive fees for providing these services. The Adviser has waived
its right to receive such fees but may rescind such waiver at any time;
provided, however, that if the Adviser rescinds such waiver, the management fee
payable to the Adviser pursuant to the Investment Advisory Agreement will be
offset by the amount of the collateral management fee attributable to the CLO IV
Issuers' equity or notes we own. For further details, see "ITEM 8. - Notes to
Consolidated Financial Statements - Note 6. Debt."

CLO V

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

The CLO V Transaction was executed by the issuance of the following classes of
notes and preferred shares pursuant to an indenture and security agreement dated
as of the Closing Date (the "CLO V Indenture"), by and among the CLO V Issuers
and State Street Bank and Trust Company: (i) $182 million of AAA(sf)/AAAsf Class
A-1 Notes, which bear interest at three-month LIBOR plus 1.85% and (ii) $14
million of AAA(sf) Class A-2 Notes, which bear interest at three-month LIBOR
plus 2.20% (together, the "CLO V Secured Notes"). The CLO V Secured Notes are
secured by the middle market loans, participation interests in middle market
loans and other assets of the CLO V Issuer. The CLO V Secured Notes are
scheduled to mature on November 20, 2029. The CLO V Secured Notes were privately
placed by Natixis Securities Americas LLC. Upon the occurrence of certain
triggering events relating to the end of LIBOR, a different benchmark rate will
replace LIBOR as the reference rate for interest accruing on the CLO V Secured
Notes.

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

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

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

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

The Adviser will serve as collateral manager for the CLO V Issuer under a
collateral management agreement dated as of the CLO V Closing Date. The Adviser
is entitled to receive fees for providing these services. The Adviser has waived
its right to receive such fees but may rescind such waiver at any time;
provided, however, that if the Adviser rescinds such waiver, the management fee
payable to the Adviser pursuant to the Investment Advisory Agreement will be
offset by the amount of the collateral management fee attributable to the
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CLO V Issuers’ equity or notes that we own. For further details, see “ITEM 8. – Notes to Consolidated Financial Statements – Note 6. Debt.”

CLO VI

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

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

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

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

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

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

The Adviser serves as collateral manager for the CLO VI Issuer under a
collateral management agreement dated as of the CLO VI Closing Date. The Adviser
is entitled to receive fees for providing these services. The Adviser has waived
its right to receive such fees but may rescind such waiver at any time;
provided, however, that if the Adviser rescinds such waiver, the management fee
payable to the Adviser pursuant to the Investment Advisory Agreement will be
offset by the amount of the collateral management fee attributable to the CLO VI
Issuers' equity or notes that we own. For further details, see "ITEM 8. - Notes
to Consolidated Financial Statements - Note 6. Debt."

Unsecured Notes

2023 Notes

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

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

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

In connection with the offering of the 2023 Notes, on December 21, 2017 we
entered into a centrally cleared interest rate swap. The notional amount of the
interest rate swap was $150 million. We received fixed rate interest
semi-annually at 4.75% and paid variable rate interest monthly based on 1-month
LIBOR plus 2.545%. The interest rate swap matured on December 21, 2021. For the
years ended December 31, 2021, 2020 and 2019, we made periodic payments of $4.0
million, $4.8 million and $7.4 million, respectively. The interest expense
related to the 2023 Notes was equally offset by proceeds received from the
interest rate swap. The swap adjusted interest expense is included as a
component of interest expense in our Consolidated Statements of Operations. As
of December 31, 2020, the interest rate swap had a fair value of $3.0 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 2023 Notes, with the
remaining difference included as a component of interest expense on the
Consolidated Statements of Operations. For further details, see "ITEM 8. - Notes
to Consolidated Financial Statements - Note 6. Debt."

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

2024 Notes

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

In connection with the issuance of the 2024 Notes, on April 10, 2019 we entered
into centrally cleared interest rate swaps. The notional amount of the interest
rate swaps is $400 million. We will receive fixed rate interest at 5.25% and pay
variable rate interest based on one-month LIBOR plus 2.937%. The interest rate
swaps mature on April 10, 2024. For the years ended December 31, 2021, 2020 and
2019, we made periodic payments of $8.7 million, $19.3 million and $10.8
million, respectively. The interest expense related to the 2024 Notes is equally
offset by the proceeds received from the interest rate swaps. The swap adjusted
interest expense is included as a component of interest expense on our
Consolidated Statements of Operations. As of December 31, 2021 and 2020, the
interest rate swap had a fair value of $12.0 million and $26.9 million,
respectively. Depending on the nature of the balance at period end, the fair
value of the interest rate swap is either included as a component of accrued
expenses and other liabilities or prepaid expenses and other assets on our
Consolidated Statements of Assets and Liabilities. The change in fair value of
the interest rate swap is offset by the change in fair value of the 2024 Notes,
with the remaining difference included as a component of interest expense on the
Consolidated Statements of Operations. For further details, see "ITEM 8. - Notes
to Consolidated Financial Statements - Note 6. Debt."

2025 Notes

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

July 2025 Notes

On January 22, 2020, we issued $500 million aggregate principal amount of notes
that mature on July 22, 2025 (the "July 2025 Notes"). The July 2025 Notes bear
interest at a rate of 3.75% per year, payable semi-annually on January 22 and
July 22, of each year, commencing on July 22, 2020. We may redeem some or all of
the July 2025 Notes at any time, or from time to time, at a redemption price
equal to the greater of (1) 100% of the principal amount of the July 2025 Notes
to be redeemed or (2) the sum of the present values of the remaining scheduled
payments of principal and interest (exclusive of accrued and unpaid interest to
the date of redemption) on the July 2025 Notes to be redeemed, discounted to the
redemption date on a semi-annual basis (assuming a 360-day year consisting of
twelve 30-day months) using the applicable Treasury Rate plus 35 basis points,
plus, in each case, accrued and unpaid interest to the redemption date;
provided, however, that if we redeem any July 2025 Notes on or after June 22,
2025 (the date falling one month prior to the maturity date of the 2025 Notes),
the redemption price for the July 2025 Notes will be equal to 100% of the
principal amount of the July 2025 Notes to be redeemed, plus accrued and unpaid
interest, if any, to, but excluding, the date of redemption. For further
details, see "ITEM 8. - Notes to Consolidated Financial Statements - Note 6.
Debt."

2026 Notes

On July 23, 2020, we issued $500 million aggregate principal amount of notes
that mature on January 15, 2026 (the "2026 Notes"). The 2026 Notes bear interest
at a rate of 4.25% per year, payable semi-annually on January 15 and July 15 of
each year, commencing on January 15, 2021. We may redeem some or all of the 2026
Notes at any time, or from time to time, at a redemption price equal to the
greater of (1) 100% of the principal amount of the 2026 Notes to be redeemed or
(2) the sum of the present values of the remaining scheduled payments of
principal and interest (exclusive of accrued and unpaid interest to the date of
redemption) on the 2026 Notes to be redeemed, discounted to the redemption date
on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day
months) using the applicable Treasury Rate plus 50 basis points, plus, in each
case, accrued and unpaid interest to the redemption date; provided, however,
that if we redeem any 2026 Notes on or after December, 15 2025 (the date falling
one month prior to the maturity date of the 2026 Notes), the redemption price
for the 2026 Notes will be equal to 100% of the principal amount of the 2026
Notes to be redeemed, plus accrued and unpaid interest, if any, to, but
excluding, the date of redemption. For further details, see "ITEM 8. - Notes to
Consolidated Financial Statements - Note 6. Debt."

July 2026 Notes

On December 8, 2020, we issued $1.0 billion aggregate principal amount of notes
that mature on July 15, 2026 (the "July 2026 Notes"). The July 2026 Notes bear
interest at a rate of 3.40% per year, payable semi-annually on January 15 and
July 15 of each year, commencing on July 15, 2021. We may redeem some or all of
the July 2026 Notes at any time, or from time to time, at a redemption price
equal to the greater of (1) 100% of the principal amount of the July 2026 Notes
to be redeemed or (2) the sum of the present values of the remaining scheduled
payments of principal and interest (exclusive of accrued and unpaid interest to
the date of redemption) on the July 2026 Notes to be redeemed, discounted to the
redemption date on a semi-annual basis (assuming a 360-day year consisting of
twelve 30-day months) using the applicable Treasury Rate plus 50 basis points,
plus, in each case, accrued and unpaid interest to the redemption date;
provided, however, that if we redeem any July 2026 Notes on or after June 15,
2026 (the date falling one month prior to the maturity date of the July 2026
Notes), the redemption price for the July 2026 Notes will be equal to 100% of
the principal amount of the July 2026 Notes to be redeemed, plus accrued and
unpaid interest, if any, to, but excluding, the date of redemption. For further
details, see "ITEM 8. - Notes to Consolidated Financial Statements - Note 6.
Debt."

2027 Notes

On April 26, 2021, we issued $500 million aggregate principal amount of notes
that mature on January 15, 2027 (the "2027 Notes"). The 2027 Notes bear interest
at a rate of 2.625% per year, payable semi-annually on January 15 and July 15,
of each year, commencing on July 15, 2021. We may redeem some or all of the 2027
Notes at any time, or from time to time, at a redemption price equal to the
greater of (1) 100% of the principal amount of the 2027 Notes to be redeemed or
(2) the sum of the present values of the remaining scheduled payments of
principal and interest (exclusive of accrued and unpaid interest to the date of
redemption) on the 2027 Notes to be redeemed, discounted to the redemption date
on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day
months) using the applicable Treasury Rate plus 30 basis points, plus, in each
case, accrued and unpaid interest to the redemption date; provided, however,
that if we redeem any 2027 Notes on or after December 15, 2026 (the date falling
one month prior to the maturity date of the 2027 Notes), the redemption price
for the 2027 Notes will be equal to 100% of the principal amount of the 2027
Notes to be redeemed, plus accrued and unpaid interest, if any, to, but
excluding, the date of redemption.
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In connection with the issuance of the 2027 Notes, on April 26, 2021 we entered
into centrally cleared interest rate swaps. The notional amount of the interest
rate swaps is $500 million. We will receive fixed rate interest at 2.625% and
pay variable rate interest based on one-month LIBOR plus 1.655%. The interest
rate swaps mature on January 15, 2027. For the year ended December 31, 2021, we
made periodic payments of $0.9 million. The interest expense related to the 2027
Notes is equally offset by the proceeds received from the interest rate swaps.
The swap adjusted interest expense is included as a component of interest
expense on our Consolidated Statements of Operations. As of December 31, 2021,
the interest rate swap had a fair value of $7.6 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 2027 Notes, with the remaining difference included
as a component of interest expense on the Consolidated Statements of Operations.
For further details, see "ITEM 8. - Notes to Consolidated Financial Statements -
Note 6. Debt."

2028 Notes

On June 11, 2021, we issued $450 million aggregate principal amount of notes
that mature on June 11, 2028 and on August 17, 2021, we issued an additional
$400 million aggregate principal amount of our 2.875% notes due 2028 (together,
the "2028 Notes"). The 2028 Notes bear interest at a rate of 2.875% per year,
payable semi-annually on June 11 and December 11, of each year, commencing on
December 11, 2021. We may redeem some or all of the 2028 Notes at any time, or
from time to time, at a redemption price equal to the greater of (1) 100% of the
principal amount of the 2028 Notes to be redeemed or (2) the sum of the present
values of the remaining scheduled payments of principal and interest (exclusive
of accrued and unpaid interest to the date of redemption) on the 2028 Notes to
be redeemed, discounted to the redemption date on a semi-annual basis (assuming
a 360-day year consisting of twelve 30-day months) using the applicable Treasury
Rate plus 30 basis points, plus, in each case, accrued and unpaid interest to
the redemption date; provided, however, that if we redeem any 2028 Notes on or
after April 11, 2028 (the date falling two months prior to the maturity date of
the 2028 Notes), the redemption price for the 2028 Notes will be equal to 100%
of the principal amount of the 2028 Notes to be redeemed, plus accrued and
unpaid interest, if any, to, but excluding, the date of redemption. For further
details, see "ITEM 8. - Notes to Consolidated Financial Statements - Note 6.
Debt."
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Off-Balance Sheet Arrangements

Portfolio Company Commitments

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

Portfolio Company              Investment                       December 31, 2021       December 31, 2020
($ in thousands)
3ES Innovation Inc. (dba       First lien senior secured       $             3,893     $             3,893
Aucerna)                       revolving loan
Accela, Inc.                   First lien senior secured                     3,000                   3,000
                               revolving loan
Alera Group, Inc.              First lien senior secured                       417                       -
                               delayed draw term loan
AmSpec Group, Inc. (fka        First lien senior secured                    10,665                  14,462
AmSpec Services Inc.)          revolving loan
Apex Group Treasury, LLC       Second lien senior secured                   25,147                       -
                               delayed draw term loan
Apptio, Inc.                   First lien senior secured                     1,667                   2,779
                               revolving loan
Aramsco, Inc.                  First lien senior secured                     8,378                   8,378
                               revolving loan
Ardonagh Midco 3 PLC           First lien senior secured GBP                11,038                  16,950
                               delayed draw term loan
Ascend Buyer, LLC (dba PPC     First lien senior secured                       471                       -
Flexible Packaging)            revolving loan
Associations, Inc.             First lien senior secured                         -                     866
                               delayed draw term loan A
Associations, Inc.             First lien senior secured                    32,923                       -
                               revolving loan
AxiomSL Group, Inc.            First lien senior secured                     8,331                       -
                               delayed draw term loan
AxiomSL Group, Inc.            First lien senior secured                    18,227                   9,341
                               revolving loan
Bayshore Intermediate #2,      First lien senior secured                     6,913                       -
L.P. (dba Boomi)               revolving loan
BCPE Osprey Buyer, Inc. (dba   First lien senior secured                    28,014                       -
PartsSource)                   delayed draw term loan
BCPE Osprey Buyer, Inc. (dba   First lien senior secured                    11,855                       -
PartsSource)                   revolving loan
BCTO BSI Buyer, Inc. (dba      First lien senior secured                     2,339                   5,357
Buildertrend)                  revolving loan
Blend Labs, Inc.               First lien senior secured                     7,500                       -
                               revolving loan
BP Veraison Buyer, LLC (dba    First lien senior secured                    29,054                       -
Sun World)                     delayed draw term loan
BP Veraison Buyer, LLC (dba    First lien senior secured                     8,716                       -
Sun World)                     revolving loan
Brightway Holdings, LLC        First lien senior secured                     3,158                       -
                               revolving loan
Caiman Merger Sub LLC (dba     First lien senior secured                   
     -                  12,881
City Brewing)                  revolving loan
Centrify Corporation           First lien senior secured                     6,817                       -
                               revolving loan
CivicPlus, LLC                 First lien senior secured                     6,673                       -
                               delayed draw term loan
CivicPlus, LLC                 First lien senior secured                     1,335                       -
                               revolving loan
ConnectWise, LLC               First lien senior secured                         -                  15,004
                               revolving loan
Definitive Healthcare          First lien senior secured                         -                  35,651
Holdings, LLC                  delayed draw term loan
Definitive Healthcare          First lien senior secured                         -                  10,870
Holdings, LLC                  revolving loan
Denali BuyerCo, LLC (dba       First lien senior secured                     9,849                       -
Summit Companies)              delayed draw term loan




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Portfolio Company              Investment                       December 31, 2021       December 31, 2020
Denali BuyerCo, LLC (dba       First lien senior secured                     3,556                       -
Summit Companies)              revolving loan
Diamondback Acquisition,       First lien senior secured                     1,080                       -
Inc. (dba Sphera)              delayed draw term loan
Dodge Data & Analytics LLC     First lien senior secured                     1,888                       -
                               revolving loan
Douglas Products and           First lien senior secured                     3,936                   6,055
Packaging Company LLC          revolving loan
EET Buyer, Inc. (dba           First lien senior secured                       455                       -
e-Emphasys)                    revolving loan
Endries Acquisition, Inc.      First lien senior secured                         -                  27,000
                               revolving loan
Entertainment Benefits         First lien senior secured                    11,200                   1,104
Group, LLC                     revolving loan
Evolution BuyerCo, Inc. (dba   First lien senior secured                    10,709                       -
SIAA)                          revolving loan
Forescout Technologies, Inc.   First lien senior secured                     5,345                   5,345
                               revolving loan
Fortis Solutions Group, LLC    First lien senior secured                     1,347                       -
                               delayed draw term loan
Fortis Solutions Group, LLC    First lien senior secured                       462                       -
                               revolving loan
Gainsight, Inc.                First lien senior secured                     3,357                       -
                               revolving loan
Galls, LLC                     First lien senior secured                    20,468                  11,204
                               revolving loan
Gaylord Chemical Company,      First lien senior secured                    13,202                       -
L.L.C.                         revolving loan
GC Agile Holdings Limited      First lien senior secured                         -                   6,924
(dba Apex Fund Services)       revolving loan
Gerson Lehrman Group, Inc.     First lien senior secured                    21,563                  21,563
                               revolving loan
GI Ranger Intermediate, LLC    First lien senior secured                       614                       -

(dba Rectangle Health) delayed draw term loan GI Ranger Intermediate, LLC First lien senior secured

   369                       -
(dba Rectangle Health)         revolving loan
Global Music Rights, LLC       First lien senior secured                       667                       -
                               revolving loan
GovBrands Intermediate, Inc.   First lien senior secured                     1,111                       -
                               delayed draw term loan
GovBrands Intermediate, Inc.   First lien senior secured                       793                       -
                               revolving loan
Granicus, Inc.                 First lien senior secured                     1,006                       -
                               delayed draw term loan
Granicus, Inc.                 First lien senior secured                     1,187                   2,636
                               revolving loan
Guidehouse Inc.                First lien senior secured                       351                       -
                               revolving loan
H&F Opportunities LUX III      First lien senior secured                    16,250                  16,250
S.À R.L (dba Checkmarx)        revolving loan
Hercules Borrower, LLC (dba    First lien senior secured                    20,916                  20,916
The Vincit Group)              revolving loan
HGH Purchaser, Inc. (dba       First lien senior secured                    49,359                   5,346
Horizon Services)              delayed draw term loan
HGH Purchaser, Inc. (dba       First lien senior secured                     7,031                   8,748
Horizon Services)              revolving loan
Hometown Food Company          First lien senior secured                     4,235                   3,671
                               revolving loan
Ideal Tridon Holdings, Inc.    First lien senior secured                     3,927                   4,828
                               revolving loan




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Portfolio Company              Investment                       December 31, 2021       December 31, 2020
IG Investments Holdings, LLC   First lien senior secured                     1,987                       -
(dba Insight Global)           revolving loan
Individual Foodservice         First lien senior secured                     6,890                  25,781
Holdings, LLC                  delayed draw term loan
Individual Foodservice         First lien senior secured                    20,609                  18,465
Holdings, LLC                  revolving loan
Inovalon Holdings, Inc.        First lien senior secured                    18,988                       -
                               delayed draw term loan
Instructure, Inc.              First lien senior secured                         -                   5,554
                               revolving loan
Integrity Marketing            First lien senior secured                    14,832                  14,832
Acquisition, LLC               revolving loan
Intelerad Medical Systems      First lien senior secured                     1,607                   4,530
Incorporated (fka 11849573     revolving loan
Canada Inc.)
Interoperability Bidco, Inc.   First lien senior secured                         -                   8,000
                               delayed draw term loan
Interoperability Bidco, Inc.   First lien senior secured                     4,000                       -
                               revolving loan
IQN Holding Corp. (dba         First lien senior secured                    22,672                  22,672
Beeline)                       revolving loan
KPSKY Acquisition, Inc. (dba   First lien senior secured                       256                       -
BluSky)                        delayed draw term loan
KWOR Acquisition, Inc. (dba    First lien senior secured                         -                   2,063

Worley Claims Services) delayed draw term loan KWOR Acquisition, Inc. (dba First lien senior secured

                         -                   5,200
Alacrity Solutions)            revolving loan
Lazer Spot G B Holdings,       First lien senior secured                    26,833                  26,833
Inc.                           revolving loan
Lignetics Investment Corp.     First lien senior secured                     3,922                       -
                               delayed draw term loan
Lignetics Investment Corp.     First lien senior secured                     3,922                       -
                               revolving loan
Lightning Midco, LLC (dba      First lien senior secured                   
     -                   8,953
Vector Solutions)              revolving loan
Litera Bidco LLC               First lien senior secured                     5,176                       -
                               delayed draw term loan
Litera Bidco LLC               First lien senior secured                     5,738                   5,738
                               revolving loan
Medline Intermediate, LP       First lien senior secured                     7,190                       -
                               revolving loan
Lytx, Inc.                     First lien senior secured                         -                  14,092
                               delayed draw term loan
Mavis Tire Express Services    Second lien senior secured                        -                  11,376
Corp.                          delayed draw term loan
MHE Intermediate Holdings,     First lien senior secured                     9,850                       -
LLC (dba OnPoint Group)        delayed draw term loan
MHE Intermediate Holdings,     First lien senior secured                    15,536                       -
LLC (dba OnPoint Group)        revolving loan
Milan Laser Holdings LLC       First lien senior secured                     2,078                       -
                               revolving loan
MINDBODY, Inc.                 First lien senior secured                     6,071                   6,071
                               revolving loan
Ministry Brands Holdings,      First lien senior secured                       226                       -
LLC                            delayed draw term loan
Ministry Brands Holdings,      First lien senior secured                        68                       -
LLC                            revolving loan
National Dentex Labs LLC       First lien senior secured                     3,980                  30,437

(fka Barracuda Dental LLC) delayed draw term loan National Dentex Labs LLC First lien senior secured

                     6,322                   5,854
(fka Barracuda Dental LLC)     revolving loan




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Portfolio Company              Investment                       December 31, 2021       December 31, 2020
Nelipak Holding Company        First lien senior secured                     4,288                   7,597
                               revolving loan
Nelipak Holding Company        First lien senior secured                     7,518                   2,948
                               revolving loan
NMI Acquisitionco, Inc. (dba   First lien senior secured                     4,073                       -
Network Merchants)             delayed draw term loan
NMI Acquisitionco, Inc. (dba   First lien senior secured                     1,652                     646
Network Merchants)             revolving loan
Norvax, LLC (dba GoHealth)     First lien senior secured                     2,761                  12,273
                               revolving loan
Notorious Topco, LLC (dba      First lien senior secured                    15,962                   5,625

Beauty Industry Group) delayed draw term loan Notorious Topco, LLC (dba First lien senior secured

                     7,981                   2,000
Beauty Industry Group)         revolving loan
OB Hospitalist Group, Inc.     First lien senior secured                    13,533                       -
                               revolving loan
Nutraceutical International    First lien senior secured                         -                  13,578
Corporation                    revolving loan
Patriot Acquisition TopCo      First lien senior secured                    13,538                       -
S.A.R.L (dba Corza Health,     revolving loan
Inc.)
Peter C. Foy & Associates      First lien senior secured                     8,695                  37,955

Insurance Services, LLC (dba delayed draw term loan PCF Insurance Services) Peter C. Foy & Associates First lien senior secured

                     6,161                   8,194
Insurance Services, LLC (dba   revolving loan
PCF Insurance Services)
Pluralsight, LLC               First lien senior secured                     6,235                       -
                               revolving loan
Professional Plumbing Group,   First lien senior secured                         -                   5,757
Inc.                           revolving loan
Project Power Buyer, LLC       First lien senior secured                     3,188                   3,188
(dba PEC-Veriforce)            revolving loan
PS Operating Company LLC       First lien senior secured                     2,650                     633
(fka QC Supply, LLC)           revolving loan
QAD, Inc.                      First lien senior secured                     3,429                       -
                               revolving loan
Quva Pharma, Inc.              First lien senior secured                     4,000                       -
                               revolving loan
Reef Global Acquisition LLC    First lien senior secured                     5,377                   5,377
(fka Cheese Acquisition,       revolving loan
LLC)
Refresh Parent Holdings,       First lien senior secured                       797                  29,482
Inc.                           delayed draw term loan
Refresh Parent Holdings,       First lien senior secured                     6,897                   7,716
Inc.                           revolving loan
Relativity ODA LLC             First lien senior secured                     7,333                       -
                               revolving loan
RSC Acquisition, Inc (dba      First lien senior secured                         -                   1,702
Risk Strategies)               revolving loan
Safety Products/JHC            First lien senior secured                         -                     924

Acquisition Corp. (dba delayed draw term loan Justrite Safety Group) Sara Lee Frozen Bakery, LLC First lien senior secured

                     8,700                   4,440
(fka KSLB Holdings, LLC)       revolving loan
Sonny's Enterprises LLC        First lien senior secured                    15,402                  17,969
                               revolving loan
Swipe Acquisition              First lien senior secured                    10,230                  18,461
Corporation (dba PLI)          delayed draw term loan
Swipe Acquisition              Letter of Credit                              7,118                   7,118
Corporation (dba PLI)
Tahoe Finco, LLC               First lien senior secured                     9,244                       -
                               revolving loan
TC Holdings, LLC (dba          First lien senior secured                     7,685                   7,685
TrialCard)                     revolving loan




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Portfolio Company              Investment                      December 31, 2021       December 31, 2020
TEMPO BUYER CORP. (dba         First lien senior secured                      308                       -
Global Claims Services)        delayed draw term loan
TEMPO BUYER CORP. (dba         First lien senior secured                      154                       -
Global Claims Services)        revolving loan
The Shade Store, LLC           First lien senior secured                      909                       -
                               revolving loan
THG Acquisition, LLC (dba      First lien senior secured                        -                  36,302
Hilb)                          delayed draw term loan
THG Acquisition, LLC (dba      First lien senior secured                    8,608                   8,608
Hilb)                          revolving loan
Thunder Purchaser, Inc. (dba   First lien senior secured                   10,965                       -
Vector Solutions)              delayed draw term loan
Thunder Purchaser, Inc. (dba   First lien senior secured                    3,838                       -
Vector Solutions)              revolving loan
Trader Interactive, LLC (fka   First lien senior secured                        -                   4,471
Dominion Web Solutions, LLC)   revolving loan
Troon Golf, L.L.C.             First lien senior secured                   21,621                  14,426
                               revolving loan
TSB Purchaser, Inc. (dba       First lien senior secured                        -                   4,239
Teaching Strategies, Inc.)     revolving loan
Ultimate Baked Goods Midco,    First lien senior secured                    4,724                   4,638
LLC                            revolving loan
USRP Holdings, Inc. (dba       First lien senior secured                    4,168                       -
U.S. Retirement and Benefits   revolving loan
Partners)
Valence Surface Technologies   First lien senior secured                        -                   6,000
LLC                            delayed draw term loan
Valence Surface Technologies   First lien senior secured                       49                  10,000
LLC                            revolving loan
Velocity HoldCo III Inc.       First lien senior secured                    1,340                       -
(dba VelocityEHS)              revolving loan
When I Work, Inc.              First lien senior secured                      925                       -
                               revolving loan
WU Holdco, Inc. (dba Weiman    First lien senior secured                   14,829                       -
Products, LLC)                 delayed draw term loan
WU Holdco, Inc. (dba Weiman    First lien senior secured                   13,444                  10,739
Products, LLC)                 revolving loan
Wingspire Capital Holdings     LLC Interest                                51,962                  82,462

LLC

Total Unfunded Portfolio                                      $           963,808     $           880,626
Company Commitments



We seek to carefully consider our unfunded portfolio company commitments for the
purpose of planning our ongoing financial leverage. Further, we consider any
outstanding unfunded portfolio company commitments we are required to fund
within the 150% asset coverage limitation. As of December 31, 2021, we believed
we had adequate financial resources to satisfy the unfunded portfolio company
commitments.

Other Commitments and Contingencies

In connection with the IPO, on July 22, 2019, we entered into a stock repurchase
plan ("the Company 10b5-1 Plan"), to acquire up to $150 million in the aggregate
of our common stock at prices below its net asset value per share over a
specified period, in accordance with the guidelines specified in Rule 10b-18 and
Rule 10b5-1 of the Exchange Act. Under the Company 10b5-1 Plan, Goldman, Sachs &
Co., as agent, acquired 12,515,624 shares for approximately $150 million. The
Company 10b5-1 Plan commenced on August 19, 2019 and was exhausted on August 4,
2020.

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

From time to time, we may become a party to certain legal proceedings incidental
to the normal course of its business. At December 31, 2021, we were not aware of
any material pending or threatened litigation that would require accounting
recognition or financial statement disclosure.

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Contractual Obligations

A summary of our contractual payment obligations under our credit facilities as of December 31, 2021, is as follows:

                          Payments Due
                           by Period
                                           Less than 1
($ in millions)              Total            year          1-3 years       3-5 years       After 5 years
Revolving Credit                                                                 892.3                   -
Facility                  $      892.3     $         -     $         -
SPV Asset Facility II            100.0               -               -               -               100.0
SPV Asset Facility III           190.0               -           190.0               -                   -
SPV Asset Facility IV            155.0               -               -               -               155.0
CLO I                            390.0               -               -               -               390.0
CLO II                           260.0               -               -               -               260.0
CLO III                          260.0               -               -               -               260.0
CLO IV                           292.5               -               -               -               292.5
CLO V                            196.0               -               -               -               196.0
CLO VI                           260.0               -               -               -               260.0
2024 Notes                       400.0               -           400.0               -                   -
2025 Notes                       425.0               -               -           425.0                   -
July 2025 Notes                  500.0               -               -           500.0                   -
2026 Notes                       500.0               -               -           500.0                   -
July 2026 Notes                1,000.0               -               -         1,000.0                   -
2027 Notes                       500.0               -               -               -               500.0
2028 Notes                       850.0               -               -               -               850.0
Total Contractual
Obligations               $    7,170.8     $         -     $     590.0     $   3,317.3     $       3,263.5


Related-Party Transactions

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

the Investment Advisory Agreement;

the Administration Agreement; and

the License Agreement.

In addition to the aforementioned agreements, we, our Adviser and certain of our
Adviser's affiliates have been granted exemptive relief by the SEC to co-invest
with other funds managed by the Adviser or its affiliates, in a manner
consistent with our investment objective, positions, policies, strategies and
restrictions as well as regulatory requirements and other pertinent factors. See
"ITEM 8. - Consolidated Financial Statements and Supplementary Data - Note 3.
Agreements and Related Party Transactions" for further details.

We invest through Wingspire and, together with Nationwide, through ORCC SLF,
controlled affiliated investments as defined in the 1940 Act. See "ITEM 8. -
Consolidated Financial Statements and Supplementary Data - Note 3. Agreements
and Related Party Transactions" for further details.

Critical Accounting Policies

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

Investments at Fair Value

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

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

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

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

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

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

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

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

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

We conduct this valuation process on a quarterly basis.

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Income Taxes

We have elected to be treated as a BDC under the 1940 Act. We have also elected
to be treated as a RIC under the Code beginning with the taxable year ending
December 31, 2016 and intend to continue to qualify as a RIC. So long as we
maintain our tax treatment as a RIC, we generally will not pay corporate-level
U.S. federal income taxes on any ordinary income or capital gains that we
distribute at least annually to our shareholders as distributions. Rather, any
tax liability related to income earned and distributed by us represents
obligations of our investors and will not be reflected in our consolidated
financial statements.

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

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

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

Recent Developments

On January 24, 2022, Brian Finn notified Owl Rock Capital Corporation (the
"Company") of his intention to resign as a director of the Company, effective
February 23, 2022. Mr. Finn has served on the Company's Board of Directors (the
"Board") since 2016 and currently serves as a member of the Audit Committee,
Nominating and Corporate Governance Committee and Compensation Committee of the
Board. Mr. Finn's decision to resign was based on a desire to pursue other
opportunities and not the result of any disagreement relating to the Company's
operations, policies or practices. On February 23, 2022, the Board accepted Mr.
Finn's resignation and voted to reduce the size of the Board from seven to six
directors.

On February 23, 2022, the Board declared a distribution of $0.31 per share for shareholders of record on March 31, 2022 payable on or before May 13, 2022.

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