Investments

9 Months Ended

Sep. 30, 2022

Schedule of Investments [Abstract]

Investments

Investments

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

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

	September 30, 2022				December 31, 2021
($ in thousands)	Amortized Cost		Fair Value		Amortized Cost		Fair Value
First-lien senior secured debt investments	$	9,367,994	$	9,264,249	$	9,548,096	$	9,539,774
Second-lien senior secured debt investments	1,930,111		1,846,431		1,919,453		1,921,447
Unsecured debt investments	277,375		237,375		197,198		196,485
Preferred equity investments	340,145		329,451		256,630		260,869
Common equity investments(1)	671,145		844,502		477,462		576,004
Investment funds and vehicles(2)	345,089		313,910		249,714		247,061
Total Investments	$	12,931,859	$	12,835,918	$	12,648,553	$	12,741,640

_______________

(1)Includes equity investment in Wingspire, Amergin, and Chapford SMA.

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

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

	September 30, 2022		December 31, 2021
Advertising and media	1.5	%	0.9	%
Aerospace and defense	2.8		2.9
Automotive	1.5		1.5
Buildings and real estate	3.7		5.4
Business services	2.9		3.3
Chemicals	2.3		2.3
Consumer products	4.0		4.0
Containers and packaging	1.3		1.3
Distribution	4.2		4.4
Education	1.0		1.0
Financial services(1)	9.8		8.4
Food and beverage	6.8		6.2
Healthcare equipment and services	3.8		4.2
Healthcare providers and services	4.5		7.1
Healthcare technology	4.6		4.6
Household products	2.2		1.8
Human resource support services	1.5		1.6
Infrastructure and environmental services	1.4		1.5
Insurance(3)	8.7		8.8
Internet software and services	12.7		11.3
Investment funds and vehicles(2)	2.4		1.9
Leisure and entertainment	2.2		2.2
Manufacturing	5.8		5.7
Oil and gas	0.9		0.9
Professional services	3.5		3.0
Specialty retail	2.3		2.0
Transportation	1.7		1.8
Total	100.0	%	100.0	%

_______________

(1)Includes equity investment in Wingspire and Amergin.

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

(3)Includes equity investment in Chapford SMA.

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

	September 30, 2022		December 31, 2021
United States:
Midwest	18.5	%	17.0	%
Northeast	19.8		19.7
South	34.6		38.2
West	20.2		18.6
International	6.9		6.5
Total	100.0	%	100.0	%

ORCC Senior Loan Fund (fka Sebago Lake LLC)

ORCC Senior Loan Fund LLC (fka Sebago Lake LLC), a Delaware limited liability company, was formed as a joint venture between the Company and The Regents of the University of California (“Regents”) and commenced operations on June 20, 2017.

ORCC SLF’s principal purpose is to make investments, primarily in senior secured loans that are made to middle-market companies or in broadly syndicated loans. Through June 30, 2021, both the Company and Regents (the “Initial Members”) had a 50% economic ownership in ORCC SLF. Each of the Initial Members initially agreed to contribute up to $100 million to ORCC SLF. On July 26, 2018, each of the Initial Members increased their contribution to ORCC SLF up to an aggregate of $125 million. Effective as of June 30, 2021, capital commitments to ORCC SLF were increased to an aggregate of $371.5 million. In connection with this change, the Company increased its economic ownership interest to 87.5% from 50.0% and Regents transferred its remaining economic interest of 12.5% to Nationwide Life Insurance Company (“Nationwide” and together with the Company, the “Members” and each a “Member”). On July 26, 2022, the Members increased their capital commitments in ORCC SLF to an aggregate of $571.5 million. The Company increased its contribution pro rata from $325.1 million to $500.1 million. Nationwide increased its contribution pro rata from $46.4 million to $71.4 million. The Company’s economic ownership interest remains 87.5%, and Nationwide’s economic ownership interest remains 12.5%. ORCC SLF is managed by the Members, each of which have equal voting rights. Investment decisions must be approved by each of the Members. Except under certain circumstances, contributions to ORCC SLF cannot be redeemed.

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

As of September 30, 2022 and December 31, 2021, ORCC SLF had total investments in senior secured debt at fair value of $981.8 million and $790.3 million, respectively. The determination of fair value is in accordance with ASC 820; however, such fair value is not included in the Board’s valuation process described herein. The following table is a summary of ORCC SLF’s portfolio as well as a listing of the portfolio investments in ORCC SLF’s portfolio as of September 30, 2022 and December 31, 2021:

($ in thousands)	September 30, 2022			December 31, 2021
Total senior secured debt investments(1)	$	1,030,851		$	798,420
Weighted average spread over base rate(1)	4.12		%	4.14		%
Number of portfolio companies	54			38
Largest funded investment to a single borrower(1)	40,377			40,693

_______________

(1)At par.

ORCC Senior Loan Fund's Portfolio as of September 30, 2022 ($ in thousands) (Unaudited)
Company(1)(2)(4)(5)	Investment	Interest		Maturity Date	Par / Units		Amortized Cost(3)		Fair Value		Percentage of Members' Equity
Debt Investments
Aerospace and defense
Applied Composites Holdings, LLC (fka AC&A Enterprises Holdings, LLC)(7)	First lien senior secured loan	L +	6.00%	1/21/2025	$	34,200	$	34,028	$	33,404	9.3	%
Applied Composites Holdings, LLC (fka AC&A Enterprises Holdings, LLC)(7)(13)	First lien senior secured revolving loan	L +	5.50%	1/21/2025	3,000		2,995		2,929		0.8	%
Bleriot US Bidco Inc.(7)(9)	First lien senior secured loan	L +	4.00%	10/30/2026	25,433		25,341		24,541		6.8	%
Dynasty Acquisition Co., Inc. (dba StandardAero Limited)(6)	First lien senior secured loan	L +	3.50%	4/6/2026	38,800		38,697		37,250		10.4	%
					101,433		101,061		98,124		27.3	%
Automotive
Holley, Inc.(7)(9)	First lien senior secured loan	L +	3.75%	11/17/2028	23,255		23,109		21,090		5.9	%
Mavis Tire Express Services Topco Corp. (9)(14)	First lien senior secured loan	S +	4.00%	5/4/2028	2,933		2,912		2,744		0.8	%
PAI Holdco, Inc.(7)	First lien senior secured loan	L +	3.75%	10/28/2027	9,912		9,787		9,375		2.6	%
					36,100		35,808		33,209		9.3	%
Buildings and Real estate
CoreLogic Inc. (6)(9)	First lien senior secured loan	L +	3.50%	6/2/2028	12,389		11,544		9,260		2.6	%
Wrench Group, LLC.(7)	First lien senior secured loan	L +	4.00%	4/30/2026	32,092		31,973		32,012		8.9	%
					44,481		43,517		41,272		11.5	%

ORCC Senior Loan Fund's Portfolio as of September 30, 2022 ($ in thousands) (Unaudited)
Company(1)(2)(4)(5)	Investment	Interest		Maturity Date	Par / Units	Amortized Cost(3)	Fair Value	Percentage of Members' Equity
Business Services
Capstone Acquisition Holdings, Inc. (6)	First lien senior secured loan	L +	4.75%	11/12/2027	4,966	4,927	4,954	1.4	%
Capstone Acquisition Holdings, Inc. (6)(10)(12)	First lien senior secured delayed draw term loan	L +	4.75%	5/12/2022	334	332	334	0.1	%
CoolSys, Inc.(6)	First lien senior secured loan	L +	4.75%	8/11/2028	13,932	13,813	11,738	3.3	%
CoolSys, Inc.(10)(11)(12)(13)	First lien senior secured delayed draw term loan	L +	4.75%	8/11/2023	—	(20)	(382)	(0.1)	%
ConnectWise, LLC(7)(9)	First lien senior secured loan	L +	3.50%	9/29/2028	16,873	16,799	15,734	4.4	%
LABL, Inc.(6)	First lien senior secured loan	L +	5.00%	10/29/2028	7,940	7,836	7,739	2.2	%
Packers Holdings, LLC(6)(9)	First lien senior secured loan	L +	3.25%	3/9/2028	21,119	20,715	19,336	5.4	%
					65,164	64,402	59,453	16.7	%
Chemicals
Aruba Investments Holdings LLC (dba Angus Chemical Company)(6)	First lien senior secured loan	L +	4.00%	11/24/2027	15,915	15,550	14,622	4.1	%
Consumer Products
Olaplex, Inc.(14)	First lien senior secured loan	S +	3.75%	2/23/2029	14,925	14,890	14,738	4.1	%
Containers and Packaging
BW Holding, Inc.(15)	First lien senior secured loan	S +	4.00%	12/14/2028	12,227	11,994	12,013	3.3	%
Five Star Lower Holding LLC (15)	First lien senior secured loan	S +	4.25%	5/5/2029	21,875	21,585	20,891	5.8	%
Ring Container Technologies Group, LLC (dba Ring Container Technologies)(6)(9)	First lien senior secured loan	L +	3.75%	8/12/2028	24,813	24,759	23,862	6.7	%
Valcour Packaging, LLC (6)	First lien senior secured loan	L +	3.75%	10/4/2028	6,965	6,944	6,948	1.9	%
					65,880	65,282	63,714	17.7	%
Distribution
BCPE Empire Holdings, Inc. (dba Imperial-Dade) (14)	First lien senior secured loan	S +	4.63%	6/11/2026	24,875	24,057	24,253	6.8	%
Dealer Tire, LLC(6)(9)	First lien senior secured loan	L +	4.25%	12/12/2025	35,982	35,862	34,950	9.7	%
SRS Distribution, Inc.(7)(9)	First lien senior secured loan	L +	3.50%	6/2/2028	9,900	9,838	9,116	2.5	%
					70,757	69,757	68,319	19.0	%
Education
Spring Education Group, Inc. (fka SSH Group Holdings, Inc.)(7)	First lien senior secured loan	L +	4.25%	7/30/2025	33,600	33,554	33,351	9.3	%
Sophia, L.P. (14)	First lien senior secured loan	S +	4.00%	10/7/2027	19,950	19,765	19,900	5.6	%
					53,550	53,319	53,251	14.9	%
Food and beverage
Balrog Acquisition, Inc. (dba Bakemark)(7)	First lien senior secured loan	L +	4.00%	9/4/2028	24,813	24,588	23,758	6.6	%
Dessert Holdings(7)	First lien senior secured loan	L +	4.00%	7/10/2028	21,993	21,859	20,344	5.7	%
Dessert Holdings(10)(11)(12)	First lien senior secured delayed draw term loan	L +	4.00%	6/9/2023	—	—	(256)	(0.1)	%
Naked Juice LLC (dba Tropicana)(9)(15)	First lien senior secured loan	S +	3.25%	1/24/2029	1,995	1,990	1,825	0.5	%
Eagle Parent Corp.(9)(15)	First lien senior secured loan	S +	4.25%	6/8/2028	7,463	7,287	7,245	2.0	%

ORCC Senior Loan Fund's Portfolio as of September 30, 2022 ($ in thousands) (Unaudited)
Company(1)(2)(4)(5)	Investment	Interest		Maturity Date	Par / Units		Amortized Cost(3)		Fair Value		Percentage of Members' Equity
Sovos Brands Intermediate, Inc.(6)(9)	First lien senior secured loan	S +	3.50%	6/8/2028	20,724		20,681		19,688		5.5	%
					76,988		76,405		72,604		20.2	%
Healthcare equipment and services
Cadence, Inc.(6)	First lien senior secured loan	L +	5.00%	5/21/2025	26,507		26,229		25,646		7.1	%
Cadence, Inc.(6)(10)(13)	First lien senior secured revolving loan	L +	5.00%	5/21/2024	4,257		4,222		4,018		1.1	%
Confluent Medical Technologies, Inc.(15)	First lien senior secured loan	S +	3.75%	2/16/2029	4,975		4,952		4,900		1.4	%
Packaging Coordinators Midco, Inc.(7)(9)	First lien senior secured loan	L +	3.75%	11/30/2027	4,950		4,939		4,694		1.3	%
Medline Intermediate, LP(6)	First lien senior secured loan	L +	3.25%	10/23/2028	24,875		24,769		22,830		6.4	%
					65,564	—	65,111	—	62,088	—	17.3	%
Healthcare providers and services
Confluent Health, LLC(6)	First lien senior secured loan	L +	4.00%	11/30/2028	20,472		20,381		20,063		5.6	%
Confluent Health, LLC(6)(10)(12)(13)	First lien senior secured delayed draw term loan	L +	4.00%	11/30/2023	1,195		1,175		867		0.2	%
Corgi Bidco, Inc.(15)	First lien senior secured loan	S +	5.00%	9/20/2029	15,000		14,101		14,100		3.9	%
Phoenix Newco, Inc. (dba Parexel)(6)(9)	First lien senior secured loan	L +	3.25%	11/15/2028	27,363		27,241		26,063		7.3	%
Physician Partners, LLC(14)	First lien senior secured loan	S +	4.00%	12/23/2028	9,950		9,858		9,328		2.6	%
					73,980		72,756		70,421		19.6	%
Healthcare technology
Athenahealth, Inc.(9)(14)	First lien senior secured loan	S +	3.50%	2/15/2029	17,059		16,980		15,250		4.3	%
Athenahealth, Inc.(9)(10)(11)(12)(13)	First lien senior secured delayed draw term loan	S +	3.50%	8/15/2023	—		—		(293)		(0.1)	%
Imprivata, Inc.(14)	First lien senior secured loan	S +	4.25%	12/1/2027	19,950		19,354		19,246		5.4	%
PointClickCare Technologies Inc.(15)	First lien senior secured loan	S +	4.00%	12/29/2027	9,950		9,813		9,776		2.7	%
					46,959	—	46,147	—	43,979	—	12.3	%
Infrastructure and environmental services
CHA Holding, Inc.(7)	First lien senior secured loan	L +	4.50%	4/10/2025	40,377		40,203		39,516		11.0	%
Insurance
Integro Parent Inc.(15)	First lien senior secured loan	S +	6.25%	10/31/2022	3,460		3,460		3,443		1.0	%
Integro Parent Inc.(10)(13)(15)	2022 10Th Amend Revolver	S +	4.50%	10/31/2022	698		698		694		0.2	%
					4,158		4,158		4,137		1.2	%
Internet software and services
CDK Global, Inc.(9)(15)	First lien senior secured loan	S +	4.50%	7/6/2029	25,000		24,271		24,038		6.7	%
DCert Buyer, Inc. (dba DigiCert)(9)(15)	First lien senior secured loan	S +	4.00%	10/16/2026	22,049		21,977		20,984		5.8	%
Help/Systems Holdings, Inc.(9)(14)	First lien senior secured loan	S +	4.00%	11/19/2026	14,885		14,811		13,635		3.8	%
Barracuda Parent, LLC(14)	First lien senior secured loan	S +	4.50%	8/15/2029	25,000		24,260		23,455		6.6	%
					86,934		85,319		82,112		22.9	%
Manufacturing
Engineered Machinery Holdings (dba Duravant)(7)(9)	First lien senior secured loan	L +	3.75%	5/19/2028	34,738		34,589		33,348		9.3	%

ORCC Senior Loan Fund's Portfolio as of September 30, 2022 ($ in thousands) (Unaudited)
Company(1)(2)(4)(5)	Investment	Interest		Maturity Date	Par / Units		Amortized Cost(3)		Fair Value		Percentage of Members' Equity
Pro Mach Group, Inc.(6)(9)	First lien senior secured loan	L +	4.00%	8/31/2023	24,819		24,710		23,618		6.6	%
Pro Mach Group, Inc.(9)	First lien senior secured delayed draw term loan	L +	4.00%	8/31/2023	—		—		—		—	%
Gloves Buyer, Inc. (dba Protective Industrial Products)(6)	First lien senior secured loan	L +	4.00%	12/29/2027	14,893		14,719		14,745		4.1	%
					74,450		74,018		71,711		20.0	%
Professional Services
Apex Group Treasury, LLC(7)	First lien senior secured loan	L +	3.75%	7/27/2028	32,767		32,663		31,293		8.7	%
Sovos Compliance, LLC(6)(9)	First lien senior secured loan	L +	4.50%	8/11/2028	25,104		24,965		23,887		6.7	%
Sovos Compliance, LLC(6)(9)(12)	First lien senior secured delayed draw term loan	L +	4.50%	8/12/2023	478		468		455		0.1	%
					58,349		58,096		55,635		15.5	%
Telecommunications
ETC Group(15)	First lien senior secured loan	S +	6.00%	8/3/2029	5,000		4,600		4,738		1.3	%
Park Place Technologies, LLC (9)(14)	First lien senior secured loan	S +	5.00%	11/10/2027	14,924		14,461		14,141		3.9	%
					19,924		19,061		18,879		5.2	%
Transportation
Safe Fleet Holdings(14)	First lien senior secured loan	S +	3.75%	7/18/2029	14,963		14,524		14,065		3.9	%
Total Debt Investments					$	1,030,851	$	1,019,384	$	981,849	273.7	%
Total Investments					$	1,030,851	$	1,019,384	$	981,849	273.7	%

_______________

(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 or accretion of premiums or discounts, 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 September 30, 2022 was 3.14%.

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

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

(9)Level 2 investment.

(10)Position or portion thereof is an unfunded loan commitment.

(11)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.

(12)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.

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

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

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

ORCC Senior Loan Fund's Portfolio as of December 31, 2021 ($ in thousands)
Company(1)(2)(4)(5)	Investment	Interest		Maturity Date	Par / Units		Amortized Cost(3)		Fair Value		Percentage of Members' Equity
Debt Investments
Aerospace and defense
Applied Composites Holdings, LLC (fka AC&A Enterprises Holdings, LLC)(8)	First lien senior secured loan	L +	5.50%	12/21/2023	$	34,470,000	$	34,219,000	$	33,961,000	12.0	%
Applied Composites Holdings, LLC (fka AC&A Enterprises Holdings, LLC)(8)(14)	First lien senior secured revolving loan	L +	5.50%	12/21/2022	3,000,000		2,989,000		2,956,000		1.0	%
Bleriot US Bidco Inc.(8)(10)	First lien senior secured loan	L +	4.00%	10/30/2026	24,627,000		24,522,000		24,585,000		8.7	%
Dynasty Acquisition Co., Inc. (dba StandardAero Limited)(8)	First lien senior secured loan	L +	3.50%	4/6/2026	39,100,000		38,976,000		36,796,000		13.0	%
					101,197,000		100,706,000		98,298,000		34.7	%
Automotive
Holley, Inc.(8)(10)	First lien senior secured loan	L +	3.75%	11/17/2028	17,100,000		17,016,000		17,032,000		6.0	%
Holley, Inc.(8)(10)(11)(13)	First lien senior secured delayed draw term loan	L +	3.75%	5/18/2022	855,000		855,000		844,000		0.3	%
PAI Holdco, Inc.(8)(10)(14)	First lien senior secured loan	L +	3.75%	10/28/2027	4,987,000		4,975,000		4,975,000		1.9	%
					22,942,000		22,846,000		22,851,000		8.2	%
Buildings and Real estate
Wrench Group, LLC.(8)	First lien senior secured loan	L +	4.00%	4/30/2026	32,341,000		32,198,000		32,179,000		11.4	%
Business Services
CoolSys, Inc.(8)	First lien senior secured loan	L +	4.75%	8/11/2028	16,955,000		16,793,000		16,785,000		5.9	%
CoolSys, Inc.(11)(12)(13)(14)	First lien senior secured delayed draw term loan	L +	4.75%	8/11/2023	—		(29,000)		(30,000)		—	%
ConnectWise, LLC(8)	First lien senior secured loan	L +	3.50%	9/29/2028	17,000,000		16,918,000		16,879,000		6.0	%
LABL, Inc.(8)	First lien senior secured loan	L +	5.00%	10/29/2028	8,000,000		7,883,000		7,879,000		2.8	%
Packers Holdings, LLC(9)(10)	First lien senior secured loan	L +	3.25%	3/9/2028	9,951,000		9,808,000		9,879,000		3.5	%
Vistage International, Inc.(8)	First lien senior secured loan	L +	4.00%	2/10/2025	29,922,000		29,807,000		29,919,000		10.6	%
					81,828,000		81,180,000		81,311,000		28.8	%
Chemicals
Aruba Investments Holdings LLC (dba Angus Chemical Company)(9)(14)	First lien senior secured loan	L +	4.00%	11/24/2027	998,000		998,000		998,000		0.4	%
					998,000		998,000		998,000		0.4	%
Containers and Packaging
BW Holding, Inc.(8)(14)	First lien senior secured loan	L +	4.00%	12/14/2028	3,954,000		3,914,000		3,914,000		1.4	%
BW Holding, Inc.(11)(12)(13)(14)	First lien senior secured delayed draw term loan	L +	4.00%	12/17/2023	—		(5,000)		(5,000)		—	%
Ring Container Technologies Group, LLC (dba Ring Container Technologies)(6)(10)	First lien senior secured loan	L +	3.75%	8/12/2028	25,000,000		24,940,000		25,025,000		8.9	%
Valcour Packaging, LLC(7)	First lien senior secured loan	L +	3.75%	10/4/2028	7,000,000		6,976,000		6,965,000		2.5	%
					35,954,000		35,825,000		35,899,000		12.8	%
Distribution
Dealer Tire, LLC(6)(10)	First lien senior secured loan	L +	4.25%	12/12/2025	36,260,000		36,114,000		36,206,000		12.8	%
SRS Distribution, Inc.(9)(10)	First lien senior secured loan	L +	3.75%	6/2/2028	9,975,000		9,906,000		9,943,000		3.5	%
					46,235,000		46,020,000		46,149,000		16.3	%
Education
Spring Education Group, Inc. (fka SSH Group Holdings, Inc.)(8)	First lien senior secured loan	L +	4.25%	7/30/2025	33,862,000		33,805,000		33,003,000		11.7	%
					33,862,000		33,805,000		33,003,000		11.7	%
Food and beverage

ORCC Senior Loan Fund's Portfolio as of December 31, 2021 ($ in thousands)
Company(1)(2)(4)(5)	Investment	Interest		Maturity Date	Par / Units	Amortized Cost(3)	Fair Value	Percentage of Members' Equity
Balrog Acquisition, Inc. (dba Bakemark)(9)	First lien senior secured loan	L +	4.00%	9/5/2028	25,000,000	24,749,000	24,938,000	8.8	%
Dessert Holdings(8)	First lien senior secured loan	L +	4.00%	6/9/2028	20,160,000	20,019,000	20,001,000	7.1	%
Dessert Holdings(11)(12)(13)	First lien senior secured delayed draw term loan	L +	4.00%	6/9/2023	—	—	(2,000)	—	%
Sovos Brands Intermediate, Inc.(8)(10)	First lien senior secured loan	L +	3.75%	6/8/2028	20,724,000	20,676,000	20,693,000	7.3	%
					65,884,000	65,444,000	65,630,000	23.2	%
Healthcare equipment and services
Cadence, Inc.(6)	First lien senior secured loan	L +	5.00%	5/21/2025	26,714,000	26,363,000	26,195,000	9.3	%
Cadence, Inc.(6)(11)(14)	First lien senior secured revolving loan	L +	5.00%	5/21/2024	2,055,000	2,004,000	1,912,000	0.7	%
Medline Borrower, LP(6)(10)	First lien senior secured loan	L +	3.25%	10/23/2028	25,000,000	24,882,000	24,990,000	8.9	%
Packaging Coordinators Midco, Inc.(8)(10)(14)	First lien senior secured loan	L +	3.75%	11/30/2027	4,987,000	4,975,000	4,983,000	1.8	%
					58,756,000	58,224,000	58,080,000	20.7	%
Healthcare providers and services
Confluent Health, LLC(6)	First lien senior secured loan	L +	4.00%	11/30/2028	20,575,000	20,473,000	20,472,000	7.3	%
Confluent Health, LLC(11)(12)(13)(14)	First lien senior secured delayed draw term loan	L +	4.00%	11/30/2023	—	(22,000)	(22,000)	—	%
Phoenix Newco, Inc. (dba Parexel)(6)(10)(14)	First lien senior secured loan	L +	3.50%	11/15/2028	27,500,000	27,363,000	27,489,000	9.7	%
Unified Women's Healthcare, LP(6)	First lien senior secured loan	L +	4.25%	12/20/2027	19,950,000	19,857,000	19,863,000	7.0	%
					68,025,000	67,671,000	67,802,000	24.0	%
Healthcare technology
VVC Holdings Corp. (dba Athenahealth, Inc.)(8)(10)	First lien senior secured loan	L +	4.25%	2/11/2026	17,179,000	16,961,000	17,162,000	6.1	%
					17,179,000	16,961,000	17,162,000	6.1	%
Infrastructure and environmental services
CHA Holding, Inc.(8)	First lien senior secured loan	L +	4.50%	4/10/2025	40,693,000	40,471,000	40,171,000	14.2	%
					40,693,000	40,471,000	40,171,000	14.2	%
Insurance
AmeriLife Holdings LLC(6)(10)(14)	First lien senior secured loan	L +	4.00%	3/18/2027	7,980,000	7,940,000	7,946,000	2.8	%
Integro Parent Inc.(9)	First lien senior secured loan	L +	5.75%	10/31/2022	29,615,000	29,584,000	28,422,000	10.1	%
Integro Parent Inc.(8)(11)(14)	First lien senior secured revolving loan	L +	4.50%	4/30/2022	6,000,000	6,000,000	5,764,000	2.0	%
					43,595,000	43,524,000	42,132,000	14.9	%
Internet software and services
DCert Buyer, Inc. (dba DigiCert)(6)(10)	First lien senior secured loan	L +	4.00%	10/16/2026	22,219,000	22,135,000	22,161,000	7.8	%
Trader Interactive, LLC (fka Dominion Web Solutions, LLC)(9)(14)	First lien senior secured loan	L +	4.00%	7/28/2028	25,000,000	24,886,000	24,875,000	8.8	%
					47,219,000	47,021,000	47,036,000	16.6	%
Manufacturing
Engineered Machinery Holdings (dba Duravant)(8)(10)	First lien senior secured loan	L +	3.75%	5/19/2028	35,000,000	34,834,000	34,864,000	12.3	%
Pro Mach Group, Inc.(8)(10)	First lien senior secured loan	L +	4.00%	8/31/2028	22,207,000	22,100,000	22,262,000	7.9	%
Pro Mach Group, Inc.(10)(11)(13)(14)	First lien senior secured delayed draw term loan	L +	4.00%	8/31/2023	—	—	—	—	%
Gloves Buyer, Inc. (dba Protective Industrial Products)(6)(14)	First lien senior secured loan	L +	4.00%	12/29/2027	7,500,000	7,463,000	7,463,000	2.6	%
					64,707,000	64,397,000	64,589,000	22.8	%

ORCC Senior Loan Fund's Portfolio as of December 31, 2021 ($ in thousands)
Company(1)(2)(4)(5)	Investment	Interest		Maturity Date	Par / Units		Amortized Cost(3)		Fair Value		Percentage of Members' Equity
Professional Services
Apex Group Treasury, LLC(8)	First lien senior secured loan	L +	3.75%	7/27/2028	19,950,000		19,900,000		19,900,000		7.0	%
Sovos Compliance, LLC(6)(10)	First lien senior secured loan	L +	4.50%	8/11/2028	17,055,000		17,011,000		17,087,000		6.1	%
Sovos Compliance, LLC(10)(11)(13)	First lien senior secured delayed draw term loan	L +	4.50%	8/12/2023	—		—		—		—	%
					37,005,000		36,911,000		36,987,000		13.1	%
Total Debt Investments					798,420,000		794,202,000		790,277,000		279.9	%
Total Investments					$	798,420,000	$	794,202,000	$	790,277,000	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.

Below is selected balance sheet information for ORCC SLF as of September 30, 2022 and December 31, 2021:

($ in thousands)	September 30, 2022 (Unaudited)		December 31, 2021
Assets
Investments at fair value (amortized cost of $1,019,384 and $794,202, respectively)	$	981,849	$	790,277
Cash	95,706		60,723
Interest receivable	2,517		1,319
Prepaid expenses and other assets	1,290		111
Total Assets	$	1,081,362	$	852,430
Liabilities
Debt (net of unamortized debt issuance costs of $6,111 and $5,368, respectively)	$	684,272	$	469,514
Distributions payable	11,775		4,518
Payable for investments purchased	18,700		91,986
Accrued expenses and other liabilities	7,861		4,056
Total Liabilities	$	722,608	$	570,074
Members' Equity
Members' Equity	358,754		282,356
Members' Equity	358,754		282,356
Total Liabilities and Members' Equity	$	1,081,362	$	852,430

Below is selected statement of operations information for ORCC SLF for the three and nine months ended September 30, 2022 and 2021:

	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
($ in thousands)	2022		2021		2022		2021
Investment Income
Interest income	$	19,140	$	7,542	$	41,884	$	22,382
Other income	772		14		1,993		209
Total Investment Income	19,912		7,556		43,877		22,591
Expenses
Interest expense	7,419		2,331		14,965		7,195
Professional fees	243		181		719		570
Total Expenses	7,662		2,512		15,684		7,765
Net Investment Income Before Taxes	12,250		5,044		28,193		14,826
Tax expense (benefit)	436		201		(184)		588
Net Investment Income After Taxes	$	11,814	$	4,843	$	28,377	$	14,238
Net Realized and Change in Unrealized Gain (Loss) on Investments
Net change in unrealized gain (loss) on investments	599		869		(33,610)		2,317
Net realized gain on investments	—		18		20		155
Total Net Realized and Change in Unrealized Gain (Loss) on Investments	599		887		(33,590)		2,472
Net Increase in Members' Equity Resulting from Operations	$	12,413	$	5,730	$	(5,213)	$	16,710