BLUE OWL CAPITAL CORPORATION 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 ofOwl 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 aMaryland corporation formed onOctober 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 byOwl Rock Capital Advisors LLC ("the Adviser" or "our Adviser"). The Adviser is registered with theU.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 affiliate 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. OnJuly 22, 2019 , we closed our initial public offering ("IPO") and our common stock began trading on theNew York Stock Exchange ("NYSE") under the symbol "ORCC" onJuly 18, 2019 .
The Adviser also serves as investment adviser to
Blue Owl consists of three divisions: (1) Owl Rock, which focuses on direct lending, (2) Dyal, which focuses on providing capital to institutional alternative asset managers and (3)Oak Street , which focuses on real estate strategies. Owl Rock is comprised of the Adviser,Owl Rock Technology Advisors LLC ("ORTA"),Owl Rock Technology Advisors II LLC ("ORTA II"),Owl Rock Capital Private Fund Advisors LLC ("ORPFA"), andOwl 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. As ofDecember 31, 2022 , the Adviser and its affiliates had$68.6 billion of assets under management across the Owl Rock division of Blue Owl. The management of our investment portfolio is the responsibility of the Adviser and the Investment Committee. We consider these individuals to be our portfolio managers. The Investment Team, is led byDouglas I. Ostrover ,Marc S. Lipschultz andCraig W. Packer and is supported by certain members of the Adviser's senior executive team and the Investment Committee. The Investment Team, under the Investment Committee's supervision, sources investment opportunities, conducts research, performs due diligence on potential investments, structures our investments and will monitor our portfolio companies on an ongoing basis. The Investment Committee is comprised ofDouglas I. Ostrover ,Marc S. Lipschultz ,Craig W. Packer ,Alexis Maged andJeff Walwyn . The Investment Committee meets regularly to consider our investments, direct our strategic initiatives and supervise the actions taken by the Adviser on our behalf. In addition, the Investment Committee reviews and determines whether to make prospective investments (including approving parameters or guidelines pursuant to which investments in broadly syndicated loans may be bought and sold), structures financings and monitors the performance of the investment portfolio. Each investment opportunity requires the approval of a majority of the Investment Committee. Follow-on investments in existing portfolio companies may require the Investment Committee's approval beyond that obtained when the initial investment in the portfolio company was made. In addition, temporary investments, such as those in cash equivalents,U.S. government securities and other high quality debt investments that mature in one year or less, may require approval by the Investment Committee. The compensation packages of certain Investment Committee members from the Adviser include various combinations of discretionary bonuses and variable incentive compensation based primarily on performance for services provided and may include shares of Blue Owl. We may be prohibited under the 1940 Act from participating in certain transactions with our affiliates without the prior approval of our directors who are not interested persons and, in some cases, the prior approval of theSEC . We, our Adviser and certain affiliates have been granted an order for exemptive relief (the "Order") by theSEC 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 the Order, we generally are permitted to co-invest with certain of our affiliates if a "required majority" (as defined in Section 57(o) of the 1940 Act) of our independent directors make certain conclusions in connection with a co-investment transaction, including that (1) the terms of the transactions, including the consideration to be paid, are reasonable and fair to us and our shareholders and do not involve overreaching by us or our shareholders on the part of any person concerned, (2) the transaction is consistent with the interests of our shareholders and is consistent with our 82 -------------------------------------------------------------------------------- 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, we received an amendment to the Order to permit us to continue to co-invest in our existing portfolio companies with certain affiliates that are private funds if such private funds did not have an investment in such existing portfolio company. The Owl Rock Advisers' investment allocation policy seeks to ensure equitable allocation of investment opportunities over time between us and other funds managed by our Adviser or its affiliates. As a result of the Order, there could be significant overlap in our investment portfolio and the investment portfolio of 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. OnApril 27, 2016 , we formed a wholly-owned subsidiary,OR Lending LLC , aDelaware limited liability company, which holds aCalifornia finance lenders license. ORLending LLC makes loans to borrowers headquartered inCalifornia . 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
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.
Our Investment Framework
We are aMaryland 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 inApril 2016 throughDecember 31, 2022 , our Adviser and its affiliates have originated$72.8 billion aggregate principal amount of investments, of which$69.2 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 participate in transactions sponsored by what we believe to be high-quality private equity and venture capital firms capable of providing both operational and financial resources. We seek to generate current income primarily inU.S. middle market companies through direct originations of senior secured loans or originations of unsecured loans, subordinated loans or mezzanine loans, broadly syndicated loans and, to a lesser extent, investments in equity and equity-related securities including warrants, preferred stock and similar forms of senior equity. 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 through special purpose vehicles. In addition, we may invest a portion of our portfolio in opportunistic investments and broadly syndicated loans, which will not be our primary focus, but will be intended to enhance returns to our shareholders and from time to time, we may evaluate and enter into strategic portfolio transactions which may result in additional portfolio companies which we are considered to control. These investments may include high-yield bonds and broadly-syndicated loans, including publicly traded debt instruments, which are typically originated and structured by banks on behalf of large corporate borrowers with employee counts, revenues, EBITDAs and enterprise values larger than those of middle market companies described above, and equity investments in portfolio companies that make senior secured loans or invest in broadly syndicated loans or structured products, such as life settlements and royalty interests. In addition, we generally do not intend to invest more than 20% of our total assets in companies whose principal place of business is outsidethe 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. 83 -------------------------------------------------------------------------------- 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 ofDecember 31, 2022 , our average debt investment size in each of our portfolio companies was approximately$67.4 million based on fair value. As ofDecember 31, 2022 , our portfolio companies, excluding the investment in ORCC SLF and certain investments that fall outside of our typical borrower profile and represent 81.6% of our total debt portfolio based on fair value, had weighted average annual revenue of$785 million , weighted average annual EBITDA of$168 million and an average interest coverage of 2.3x. 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". A majority of our new investments are indexed to SOFR; however we have material contracts that are indexed to USD-LIBOR and are monitoring this activity, evaluating the related risks and our exposure, and adding alternative language to contracts, where necessary. Certain contracts have an orderly market transition already in process. However, it is not possible to predict the effect of any of these developments, and any future initiatives to regulate, reform or change the manner of administration of LIBOR could result in adverse consequences to the rate of interest payable and receivable on, market value of and market liquidity for LIBOR-based financial instruments.
Key Components of Our Results of Operations
Investments
We focus primarily on the direct origination of loans to middle market companies
domiciled in
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 ofDecember 31, 2022 , 98.3% 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 underU.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. 84 --------------------------------------------------------------------------------
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 onOctober 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 theSEC (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;
85
--------------------------------------------------------------------------------•costs incurred in connection with the formation or maintenance of entities or vehicles to hold our assets for tax or other purposes;
•extraordinary expenses (such as litigation or indemnification); and
•costs associated with reporting and compliance obligations under the 1940 Act and applicable federal and state securities laws.
We expect, but cannot assure, that our general and administrative expenses will increase in dollar terms during periods of asset growth, but will decline as a percentage of total assets during such periods.
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. OnJune 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 onJune 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 toU.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 inU.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 ofU.S. middle market companies, mutual funds and ETFs generally do not provide debt capital toU.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. 86 -------------------------------------------------------------------------------- Robust Demand forDebt Capital . We believeU.S. middle market companies will continue to require access to debt capital to refinance existing debt, support growth and finance acquisitions. In addition, we believe the large amount of uninvested capital held by funds of private equity firms broadly, estimated byPreqin Ltd. , an alternative assets industry data and research company, to be$2.5 trillion as ofDecember 31, 2022 , will continue to drive deal activity. We expect that private equity sponsors will continue to pursue acquisitions and leverage their equity investments with secured loans provided by companies such as us. The Middle Market is a Large Addressable Market. According toGE Capital's National Center for the Middle Market mid-year 2022 Middle Market Indicator, there are approximately 200,000U.S. middle market companies, which have approximately 48 million aggregate employees. Moreover, theU.S. middle market accounts for one-third of private sector gross domestic product ("GDP").GE definesU.S. middle market companies as those between$10 million and$1 billion in annual revenue, which we believe has significant overlap with our definition ofU.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 thanU.S. commercial banks through credit cycles. Further, we believe that historical middle market default rates have been lower, and recovery rates have been higher, as compared to the larger market capitalization, broadly distributed market, leading to lower cumulative losses. Lastly, we believe that in the current environment, lenders with available capital may be able to take advantage of attractive investment opportunities as the economy reopens and may be able to achieve improved economic spreads and documentation terms. Conservative Capital Structures. Following the credit crisis, which we define broadly as occurring between mid-2007 and mid-2009, lenders have generally required borrowers to maintain more equity as a percentage of their total capitalization, specifically to protect lenders during economic downturns. With more conservative capital structures,U.S. middle market companies have exhibited higher levels of cash flows available to service their debt. In addition,U.S. middle market companies often are characterized by simpler capital structures than larger borrowers, which facilitates a streamlined underwriting process and, when necessary, restructuring process. Attractive Opportunities in Investments in Loans. We invest in senior secured or unsecured loans, subordinated loans or mezzanine loans and, to a lesser extent, equity and equity-related securities. We believe that opportunities in senior secured loans are significant because of the floating rate structure of most senior secured debt issuances and because of the strong defensive characteristics of these types of investments. We believe that debt issues with floating interest rates offer a superior return profile as compared with fixed-rate investments, since floating rate structures are generally less susceptible to declines in value experienced by fixed-rate securities in a rising interest rate environment. Senior secured debt also provides strong defensive characteristics. Senior secured debt has priority in payment among an issuer's security holders whereby holders are due to receive payment before junior creditors and equity holders. Further, these investments are secured by the issuer's assets, which may provide protection in the event of a default.
Portfolio and Investment Activity
As ofDecember 31, 2022 , based on fair value, our portfolio consisted of 71.4% first lien senior secured debt investments (of which 69% we consider to be unitranche debt investments (including "last out" portions of such loans)), 14.3% second lien senior secured debt investments, 1.9% unsecured debt investments, 2.7% preferred equity investments, 7.5% common equity investments and 2.2% investment funds and vehicles. As ofDecember 31, 2022 , our weighted average total yield of the portfolio at fair value and amortized cost was 11.0% and 11.0%, respectively, and our weighted average yield of accruing debt and income producing securities at fair value and amortized cost was 11.5% and 11.5%, respectively(1). As ofDecember 31, 2022 , the weighted average spread of total debt investments was 6.8%
As of
We expect the pace of our originations to vary with the pace of repayments. In periods with lower repayment volume, the pace of our originations is expected to slow. Currently, rapidly rising interest rates, reduced refinancing activity and market uncertainty has led to a decline in merger and acquisitions activity which in turn has led to decreased repayments and originations over the quarter; however, when the interest rate environment stabilizes, we expect repayments to increase. In addition, although the pace of originations has slowed, we continue to focus on investing in recession resistant industries that we are familiar with, including service oriented sectors such as software, insurance, and healthcare, and the credit quality of our portfolio remains consistent. The majority of our investments are supported by sophisticated financial sponsors who provide operational and financial resources. In addition, the current lending environment is favorable to direct lenders and Owl Rock continues to have the opportunity to invest in large unitranche transactions in excess of$1 billion in size which gives us the ability to structure the terms and spreads of such deals to include wider spreads, lower loan to values, extended call protection, attractive leverage profiles and credit protections. 87 -------------------------------------------------------------------------------- Many of the companies in which we invest have experienced relief from earlier supply chain disruptions resulting from the pandemic, the war betweenRussia andUkraine and elements of geopolitical, economic and financial market instability. In addition, we have seen a moderation in input costs which has helped to offset the impact of rising rates and support growth. However, in the event that theU.S. economy enters into a protracted recession, it is possible that the results of some of the middle market companies similar to those in which we invest could experience deterioration. While we are not seeing signs of an overall, broad deterioration in our results or those of our portfolio companies at this time, there can be no assurance that the performance of certain of our portfolio companies will not be negatively impacted by economic conditions, which could have a negative impact on our future results. We also continue to invest in specialty financing portfolio companies, including ORCC SLF, Wingspire, Fifth Season, LSI Financing, and Amergin AssetCo. These companies may use our capital to support acquisitions which could continue to lead to increased dividend income. See "Specialty Financing Portfolio Companies." We are continuing to monitor the effect that market volatility, including as a result of a rising interest rate environment may have on our portfolio companies and our investment activities. We believe that the rapid rise in interest rates will meaningfully benefit our net investment income as we continue to see the impact of interest rates exceeding our interest rate floors. For example, based on interest rate elections in effect as ofDecember 31, 2022 , the average base rate on our floating rate debt investments is approximately 4.3% and could increase further as interest contracts reset throughout the three months endedMarch 31, 2023 . ______________ (1)Refer to footnote (1) of our weighted average yields and interest rates table for more information on our calculation of weighted average yields. 88 -------------------------------------------------------------------------------- Our investment activity for the years endedDecember 31, 2022 , 2021 and 2020 is presented below (information presented herein is at par value unless otherwise indicated). For the Years Ended December 31, ($ in thousands) 2022 2021 2020 New investment commitments Gross originations 1,997,087$ 7,456,901 $ 3,667,048 Less: Sell downs (224,665) (632,072) (222,276) Total new investment commitments$ 1,772,422 $ 6,824,829 $ 3,444,772 Principal amount of investments funded: First-lien senior secured debt investments$ 788,717 $ 4,369,794 $ 2,132,417 Second-lien senior secured debt investments 6,883 846,299 518,480 Unsecured debt investments 90,451 132,288 55,873 Preferred equity investments(4) 90,110 238,367 22,163 Common equity investments(4) 131,777 113,780 97,617 Investment funds and vehicles 69,125 141,876 18,950 Total principal amount of investments funded$ 1,177,063 $ 5,842,404 $ 2,845,500 Principal amount of investments sold or repaid: First-lien senior secured debt investments$ (1,116,583) $ (3,343,381) $ (1,060,352) Second-lien senior secured debt investments (29,800) (910,582) (90,686) Unsecured debt investments (31,427) - - Preferred equity investments(4) (22,843) - - Common equity investments(4) (7,350) (4,827) (867) Investment funds and vehicles - - -
Total principal amount of investments sold or repaid
$ (4,258,790) $ (1,151,905)
Number of new investment commitments in new portfolio companies(1)
52 67 30
Average new investment commitment amount $ 22,757 $ 82,831 $ 84,891
Weighted average term for new debt investment
commitments (in years) 5.6 6.3 5.9
Percentage of new debt investment commitments at
floating rates 95.1 % 98.1 % 96.3 %
Percentage of new debt investment commitments at
fixed rates 4.9 % 1.9 % 3.7 %
Weighted average interest rate of new debt investment
commitments(2)(3) 10.4 % 7.3 % 7.8 %
Weighted average spread over applicable base rate of new floating rate debt investment commitments
6.9 % 6.4 % 6.9 %
______________
(1)Number of new investment commitments represents commitments to a particular portfolio company. (2)For the year endedDecember 31, 2021 and 2020, 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% and 0.24%. (3)For the year endedDecember 31, 2022 , assumes each floating rate commitment is subject to the greater of the interest rate floor (if applicable) or 3-month SOFR, which was 4.59% as ofDecember 31, 2022 . (4)As ofDecember 31, 2020 , preferred equity investments and common equity investments were reported in aggregate as equity investments. 89 -------------------------------------------------------------------------------- As ofDecember 31, 2022 andDecember 31, 2021 , our investments consisted of the following: December 31, 2022 December 31, 2021 ($ in thousands) Amortized Cost Fair Value Amortized Cost Fair Value First-lien senior secured debt investments(3)$ 9,388,499 $
9,279,179
1,934,274 1,860,978 1,919,453 1,921,447
Unsecured debt investments 270,714 248,019 197,198 196,485
Preferred equity investments(4) 361,690 355,261 256,630 260,869
Common equity investments(1) 772,116 977,927 477,462 576,004
Investment funds and vehicles(2) 318,839 288,981 249,714 247,061
Total Investments $ 13,046,132 $ 13,010,345 $ 12,648,553 $ 12,741,640
______________
(1)Includes investment in Wingspire, Amergin AssetCo, and Fifth Season.
(2)Includes investment in ORCC SLF.
(3)69% and 55% of which we consider unitranche loans as of December 31, 2022 and
December 31, 2021 , respectively.
(4)Includes investment in LSI Financing.
90
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The table below describes investments by industry composition based on fair
value as of
December 31, 2022 December 31, 2021
Advertising and media 1.5 % 0.9 %
Aerospace and defense 2.8 2.9
Asset based lending and fund finance(1) 4.9 -
Automotive 1.5 1.5
Buildings and real estate 3.7 5.4
Business services 2.9 3.3
Chemicals 1.6 2.3
Consumer products 3.9 4.0
Containers and packaging 1.3 1.3
Distribution 4.2 4.4
Education 1.0 1.0
Financial services 5.0 8.4
Food and beverage 6.7 6.2
Healthcare equipment and services 3.9 4.2
Healthcare providers and services 4.5 7.1
Healthcare technology(4) 4.8 4.6
Household products 2.1 1.8
Human resource support services 1.5 1.6
Infrastructure and environmental services 1.2 1.5
Insurance(3) 9.3 8.8
Internet software and services 13.3 11.3
Investment funds and vehicles(2) 2.2 1.9
Leisure and entertainment 2.2 2.2
Manufacturing 5.8 5.7
Oil and gas 0.8 0.9
Professional services 3.5 3.0
Specialty retail 2.2 2.0
Transportation 1.7 1.8
Total 100.0 % 100.0 %
______________
(1)Includes investment in Wingspire and Amergin AssetCo. (2)Includes investment in ORCC SLF. (3)Includes equity investment in Fifth Season. (4)Includes investment in LSI Financing.
The table below describes investments by geographic composition based on fair
value as of
December 31, 2022 December 31, 2021
United States:
Midwest 17.5 % 17.0 %
Northeast 20.4 19.7
South 34.4 38.2
West 20.6 18.6
International 7.1 6.5
Total 100.0 % 100.0 %
91--------------------------------------------------------------------------------
The weighted average yields and interest rates of our investments at fair value
as of
December 31, 2022 December 31, 2021
Weighted average total yield of portfolio(1) 11.0 % 7.7 %
Weighted average total yield of debt and income
producing securities(1) 11.5 % 7.9 %
Weighted average interest rate of debt securities 11.0 % 7.4 %
Weighted average spread over base rate of all floating
rate investments 6.7 % 6.5 %
______________
(1)For non-stated rate income producing investments, computed based on (a) the
dividend or interest income earned for the respective trailing twelve months
ended on the measurement date, divided by (b) the ending fair value. In
instances where historical dividend or interest income data is not available or
not representative for the trailing twelve months ended, the dividend or
interest income is annualized.
The weighted average yield of our 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 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.
92
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The Adviser has built out its portfolio management team to include workout
experts who closely monitor our portfolio companies and who, on at least a
quarterly basis, assess each portfolio company's operational and liquidity
exposure and outlook to understand and mitigate risks; and, on at least a
monthly basis, evaluates existing and newly identified situations where
operating results are deviating from expectations. As part of its monitoring
process, the Adviser focuses on projected liquidity needs and where warranted,
re-underwriting credits and evaluating downside and liquidation scenarios.
For investments that are significantly underperforming or which may need to be
restructured, the Adviser's workout team partners with the investment team and
all material amendments, waivers and restructurings require the approval of a
majority of the Investment Committee. Since inception, only six of our
investments have been placed on non-accrual and our annualized loss ratio is
less than 0.15%.
The following table shows the composition of our portfolio on the 1 to 5 rating
scale as of
December 31, 2022 December 31, 2021
Investments Percentage of Investments Percentage of
Investment Rating at Fair Value Total Portfolio at Fair Value Total Portfolio
($ in thousands)
1 $ 1,636,460 12.6 % $ 1,486,521 11.7 %
2 9,951,409 76.5 9,989,520 78.4
3 1,268,891 9.7 1,249,149 9.8
4 103,104 0.8 16,450 0.1
5 50,481 0.4 - -
Total $ 13,010,345 100.0 % $ 12,741,640 100.0 %
The following table shows the amortized cost of our performing and non-accrual
debt investments as of
December 31, 2022
($ in thousands) Amortized Cost Percentage Amortized Cost Percentage
Performing $ 11,367,517 98.1 % $ 11,637,373 99.8 %
Non-accrual 225,967 1.9 27,374 0.2
Total $ 11,593,484 100.0 % $ 11,664,747 100.0 %
Loans are generally placed on non-accrual status when there is reasonable doubt
that principal or interest will be collected in full. Accrued interest is
generally reversed when a loan is placed on non-accrual status. Interest
payments received on non-accrual loans 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 ofDecember 31, 2022 . 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 ofDecember 31, 2022 , other than ORCC SLF, Wingspire,Swipe Acquisition Corp. (dba PLI),PS Operating Company LLC (fkaQC Supply, LLC ), Fifth Season and Amergin AssetCo, we did not "control" any of our portfolio companies, and, other than LSI Financing, we were not an "affiliate" of any of our portfolio companies, 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 Held on a Principal Number ($ in thousands) Fully Diluted of Shares / Company Industry Type of Investment Interest Rate Maturity / Dissolution Date Basis Number of Units Amortized Cost Fair Value3ES Innovation Inc. (dba Aucerna)(1)(3) Suite 800, 250 - 2nd Street S.W. Calgary, Alberta, Internet software and First lien seniorCanada services secured loan L + 6.50%5/13/2025 0.0% 60,635 60,243 60,3323ES Innovation Inc. (dba Aucerna)(1)(3)(12) Suite 800, 250 - 2nd Street First lien senior S.W. Calgary, Alberta, Internet software and secured revolvingCanada services loan L + 6.50%5/13/2025 0.0% 1,700 1,681 1,681 AAM Series 1.1 Rail and Domestic Intermodal Feeder, LLC(12)(13) 1100 Highland Drive, Boca Asset Based Lending Raton,Florida 33487 and Fund Finance LLC Interest N/A N/A 40.0% 5 5 - AAM Series 2.1 Aviation Feeder, LLC(12)(13) 1100 Highland Drive, Boca Asset Based Lending Raton,Florida 33487 and Fund Finance LLC Interest N/A N/A 40.0% 1,568 1,574 1,568 Amergin Asset Management, LLC 1100 Highland Drive, Boca Asset Based Lending Raton,Florida 33487 and Fund Finance Class A Units N/A N/A 5.0% 50,000 - -ABB/Con-cise Optical Group LLC(1)(4) 12301 NW 39th Street, Coral First lien senior Springs, FL, 33065 Distribution secured loan L + 7.50%2/23/2028 0.0% 67,415 66,517 67,247ABB/Con-cise Optical Group LLC(1)(4)(12) First lien senior 12301 NW 39th Street, Coral secured revolving Springs, FL, 33065 Distribution loan L + 7.50%2/23/2028 0.0% 6,722 6,631 6,704Accela, Inc. (1)(2) 2633 Camino Ramon, San Internet software and First lien senior 7.50% (incl. Ramon, CA, 94583 services secured loan L + 4.25% PIK)9/30/2024 0.0% 27,800 27,650 27,521 Accela, Inc.(1)(12) First lien senior 2633 Camino Ramon, San Internet software and secured revolving Ramon, CA, 94583 services loan L + 7.00%9/30/2024 0.0% - - (30)Access CIG, LLC (1)(2) 6818 A Patterson Pass Second lien senior RoadLivermore, CA 94550 Business services secured loan L + 7.75%2/27/2026 0.0% 58,760 58,429 58,465Alera Group, Inc. (1)(5) 3 Parkway North, Deerfield, First lien senior IL, 60015 Insurance secured loan S + 6.00%10/2/2028 0.0% 34,814 34,150 34,552AmeriLife Holdings LLC (1)(6) 2650 McCormick Drive, First lien seniorClearwater, FL , 33759 Insurance secured loan S + 5.75%8/31/2029 0.0% 727 713 715AmeriLife Holdings LLC(1)(7)(12) First lien senior 2650 McCormick Drive, secured delayedClearwater, FL , 33759 Insurance draw term loan S + 5.75%9/2/2024 0.0% 121 118 119AmeriLife Holdings LLC(1)(12) First lien senior 2650 McCormick Drive, secured revolving Clearwater, FL, 33759 Insurance loan
S + 5.75% 8/31/2028 0.0% - (2) (2)
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Percentage of
Class Held on a Principal Number
($ in thousands) Fully Diluted of Shares /
Company Industry Type of Investment Interest Rate Maturity / Dissolution Date Basis Number of Units Amortized Cost Fair Value
Accelerate topco Holdings,
LLC
2650 McCormick Drive ,
Clearwater, FL , 33759 Insurance Common Units N/A N/A 0.0% 493 14 14
AmSpec Group, Inc. (fka
AmSpec Services
Inc.)(1)(3)
1249 S. River Rd., Professional First lien senior
Cranbury, NJ , 08512 services secured loan L + 5.75% 7/2/2024 0.0% 109,126 108,530 108,306
AmSpec Group, Inc. (fka
AmSpec Services
Inc.)(1)(3)(12) First lien senior
1249 S. River Rd., Professional secured revolving
Cranbury, NJ , 08512 services loan L + 4.75% 7/2/2024 0.0% 3,073 3,010 2,965
Anaplan, Inc.(1)(5) Internet
50 Hawthorne Street, San software and First lien senior
Francisco, CA, 94105 services secured loan S + 6.50% 6/21/2029 0.0% 135,082 133,807 134,744
Anaplan, Inc.(1)(12) Internet First lien senior
50 Hawthorne Street, San software and secured revolving
Francisco, CA, 94105 services loan S + 6.50% 6/21/2028 0.0% - (89) (24)
Project Alpine Co-Invest
Fund,
LP Internet
50 Hawthorne Street, San software and
Francisco, CA, 94105 services LP Interest N/A N/A 0.2% 10,006 10,006 10,000
Apex Group Treasury,
LLC(1)(3)
Vallis Building, 4th
Floor, 58 Par-la-Ville Rd, Professional Second lien senior
Hamilton HM11 Bermuda services secured loan L + 6.75% 7/27/2029 0.0% 44,147 43,501 41,940
Apex Service Partners ,
LLC(1)(7)
201 East Kennedy First lien senior
Boulevard, Tampa, FL, Professional secured delayed
33602 services draw term loan S + 5.50% 10/23/2023 0.0% 997 985 989
Apex Service Partners ,
LLC(1)(7)(12)
201 East Kennedy First lien senior
Boulevard, Tampa, FL, Professional secured revolving
33602 services loan S + 5.25% 7/31/2025 0.0% 31 31 31
Apex Service Partners
Intermediate 2, LLC
201 East Kennedy
Boulevard, Tampa, FL, Professional First lien senior 12.50% (incl.
33602 services secured loan 12.50% PIK) 7/22/2027 0.0% 48,639 47,529 47,666
Apptio, Inc.(1)(3) Internet
11100 NE 8th St #600, software and First lien senior
Bellevue, WA , 98004 services secured loan L + 6.00% 1/10/2025 0.0% 50,916 50,404 50,916
Apptio, Inc.(1)(3)(12) Internet First lien senior
11100 NE 8th St #600, software and secured revolving
Bellevue, WA , 98004 services loan L + 6.00% 1/10/2025 0.0% 1,667 1,649 1,667
Aptive Environmental, LLC
5132 North 300 West, First lien senior 12.00% (incl.
Provo, UT , 84604 Household products secured loan 6.00% PIK) 1/23/2026 0.0% 12,228 10,256 11,005
Evology, LLC
5132 North 300 West,
Provo, UT , 84604 Household products Class B Units N/A N/A 0.4% 451 2,160 2,771
Aramsco, Inc. (1)(2)
1480 Grandview Avenue, First lien senior
Paulsboro, NJ , 08066 Distribution secured loan L + 5.25% 8/28/2024 0.0% 55,322 54,893 55,183
Aramsco, Inc.(1)(2)(12) First lien senior
1480 Grandview Avenue, secured revolving
Paulsboro, NJ , 08066 Distribution loan L + 5.25% 8/28/2024 0.0% 1,676 1,618 1,655
Ardonagh Midco 3 PLC (1)(4)
1 Minster Court, Mincing First lien senior
Lane, London EC3R 7AA, secured USD term
United Kingdom Insurance loan L + 5.75% 7/14/2026 0.0% 26,784 26,382 26,583
Ardonagh Midco 3
PLC(1)(10)
1 Minster Court, Mincing First lien senior
Lane, London EC3R 7AA, secured EUR term
United Kingdom Insurance loan E + 7.00% 7/14/2026 0.0% 9,749 10,056 9,724
Ardonagh Midco 3 PLC (1)(6)
1 Minster Court, Mincing First lien senior
Lane, London EC3R 7AA, secured GBP term
United Kingdom Insurance loan S + 7.00% 7/14/2026 0.0% 104,242 107,189 104,242
95
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Percentage of
Class Held on a Principal Number of
($ in thousands) Fully Diluted Shares / Number of
Company Industry Type of Investment Interest Rate Maturity / Dissolution Date Basis Units Amortized Cost Fair Value
Ardonagh Midco 3 PLC (1)(9)
1 Minster Court, Mincing First lien senior
Lane, London EC3R 7AA, secured GBP delayed
United Kingdom Insurance draw term loan E + 5.75% 8/20/2023 0.0% 9,803 11,009 9,729
Ardonagh Midco 2 PLC
1 Minster Court , Mincing
Lane, London EC3R 7AA,
United Kingdom Insurance Unsecured notes 11.50% 1/15/2027 0.0% 11,198 11,134 10,579
Armstrong Bidco Limited (dba
The Access Group)(1)(11)
The Old School Lane, Internet
Stratford St Mary, software and First lien senior
Colchester , CO7 6LZ, UK services secured loan SA + 5.25% 6/28/2029 0.0% 2,340 2,336 2,310
Armstrong Bidco Limited (dba
The Access Group)(1)(11)(12)
The Old School Lane, Internet First lien senior
Stratford St Mary, software and secured delayed
Colchester , CO7 6LZ, UK services draw term loan SA + 5.25% 6/30/2025 0.0% 947 945 935
Aruba Investments Holdings
LLC (dba Angus Chemical
Company)(1)(2)
1500 East Lake Cook Road, Second lien senior
Buffalo Grove, IL , 60089 Chemicals secured loan L + 7.75% 11/24/2028 0.0% 10,000 9,880 9,850
Ascend Buyer, LLC (dba PPC
Flexible Packaging )(1)(5)
1111 Busch Parkway, Buffalo Containers and First lien senior
Grove, IL, 60089 packaging secured loan S + 6.25% 10/2/2028 0.0% 5,498 5,451 5,457
Ascend Buyer, LLC (dba PPC
Flexible Packaging)(1)(12) First lien senior
1111 Busch Parkway, Buffalo Containers and secured revolving
Grove, IL, 60089 packaging loan S + 6.25% 9/30/2027 0.0% - (4) (4)
Associations, Inc. (1)(6)
5401 North Central
ExpresswaynSuite 300, Buildings and real First lien senior 6.50% (incl.
Dallas, TX , 75025 estate secured loan S + 2.50% PIK) 7/2/2027 0.0% 386,382 383,491 385,414
Associations, Inc. (1)(6)(12)
5401 North Central First lien senior
ExpresswaynSuite 300, Buildings and real secured delayed 6.50% (incl.
Dallas, TX , 75025 estate draw term loan S + 2.50% PIK) 6/10/2024 0.0% 3,714 3,274 3,590
Associations, Inc. (1)(12)
5401 North Central First lien senior
ExpresswaynSuite 300, Buildings and real secured revolving
Dallas, TX , 75025 estate loan S + 4.00% 7/2/2027 0.0% - (247) (82)
Associations Finance, Inc.
5401 North Central
ExpresswaynSuite 300, Buildings and real 12.00% (incl.
Dallas, TX , 75025 estate Preferred Stock 12.00% PIK) N/A 16.9% 54,800,000 55,348 55,641
Aviation Solutions Midco,
LLC (dba STS Aviation )(1)(3)
2000 North East, Jensen Aerospace and First lien senior
Beach, FL, 34957 defense secured loan L + 7.25% 1/3/2025 0.0% 212,678 211,054 205,233
AxiomSL Group, Inc. (1)(2)
45 Broadway, New York, NY, First lien senior
10006 Financial services secured loan L + 5.75% 12/3/2027 0.0% 200,737 198,896 197,726
AxiomSL Group, Inc.(1)(12) First lien senior
45 Broadway, New York, NY, secured delayed
10006 Financial services draw term loan L + 5.75% 7/21/2023 0.0% - (32) (42)
AxiomSL Group, Inc.(1)(12) First lien senior
45 Broadway, New York, NY, secured revolving
10006 Financial services loan L + 5.75% 12/3/2025 0.0% - (141) (273)
Balrog Acquisition, Inc.
(dba Bakemark)(1)(3)
7351 Crider Avenue, Pico Second lien senior
Rivera, CA, 90660 Food and beverage secured loan L + 7.00% 9/3/2029 0.0% 22,000 21,838 21,780
Bayshore Intermediate #2,
L.P. (dba Boomi)(1)(2) Internet
1400 Liberty Ridge Drive, software and First lien senior 7.75% (incl.
Chesterbrook, PA, 19087 services secured loan
L + 7.75% PIK) 10/2/2028 0.0% 92,829 91,215 90,973
96--------------------------------------------------------------------------------
Percentage of
Class Held on a Principal Number
($ in thousands) Fully Diluted of Shares /
Company Industry Type of Investment Interest Rate Maturity / Dissolution Date Basis Number of Units Amortized Cost Fair Value
Bayshore Intermediate #2, L.P.
(dba Boomi)(1)(2)(12) First lien senior
1400 Liberty Ridge Drive, Internet software and secured revolving
Chesterbrook, PA , 19087 services loan L + 6.75% 10/1/2027 0.0% 2,306 2,183 2,168
BCPE Nucleon (DE) SPV, LP (1)(4)
4001 Kennett Pike, Suite 302, Internet software and First lien senior
Wilmington, DE 19807 services secured loan L + 7.00% 9/24/2026 0.0% 189,778 187,787 189,303
BCPE Osprey Buyer, Inc. (dba
PartsSource)(1)(3) First lien senior
777 Lena Drive , Aurora, OH , 44202 Healthcare technology secured loan L + 5.75% 8/23/2028 0.0% 112,911 111,391 110,371
BCPE Osprey Buyer, Inc. (dba First lien senior
PartsSource)(1)(12) secured delayed
777 Lena Drive , Aurora, OH , 44202 Healthcare technology draw term loan L + 5.75% 8/23/2023 0.0% - (229) (315)
BCPE Osprey Buyer, Inc. (dba First lien senior
PartsSource)(1)(12) secured revolving
777 Lena Drive , Aurora, OH , 44202 Healthcare technology loan L + 5.75% 8/21/2026 0.0% - (149) (267)
BCPE Watson (DE) ORML, LP (1)(7)
375 Saxonburg Boulevard, First lien senior
Saxonburg, PA 16056 Manufacturing secured loan S + 6.50% 7/3/2028 0.0% 15,000 14,860 14,850
BCTO BSI Buyer, Inc. (dba
Buildertrend)(1)(6) Internet software and First lien senior 8.00% (incl.
11818 I Street , Omaha, NE , 68137 services secured loan S + 8.00% PIK) 12/23/2026 0.0% 52,752 52,332 52,752
BCTO BSI Buyer, Inc. (dba First lien senior
Buildertrend)(1)(12) Internet software and secured revolving
11818 I Street , Omaha, NE , 68137 services loan S + 8.00% 12/23/2026 0.0% - (84) -
BEHP Co-Investor II, L.P.
11511 Reed Hartman Highway ,
Cincinnati, OH 45241 Healthcare technology LP Interest N/A N/A 0.6% 1,269,969 1,266 1,270
WP Irving Co-Invest, L.P.
11511 Reed Hartman Highway ,
Cincinnati, OH 45241 Healthcare technology Partnership Units N/A N/A 0.5% 1,250,000 1,250 1,250
Blackhawk Network Holdings ,
Inc.(1)(3)
6220 Stoneridge Mall Road, Second lien senior
Pleasanton, CA , 94588 Financial services secured loan L + 7.00% 6/15/2026 0.0% 106,400 105,887 105,869
Blend Labs, Inc. (1)(5)
415 Kearny Street, San Francisco, First lien senior
CA, 94108 Financial services secured loan S + 7.50% 6/30/2026 0.0% 67,500 66,275 66,319
Blend Labs, Inc.(1)(12) First lien senior
415 Kearny Street, San Francisco, secured revolving
CA, 94108 Financial services loan S + 7.50% 6/30/2026 0.0% - (52) (131)
Blend Labs, Inc.
415 Kearny Street , San Francisco,
CA , 94108 Financial services Common stock N/A N/A <1.0% 72,317 1,000 104
Blend Labs, Inc.
415 Kearny Street , San Francisco,
CA , 94108 Financial services Warrants N/A N/A <1.0% 179,529 975 5
BP Veraison Buyer, LLC (dba Sun
World)(1)(3)
5701 Truxtun Avenue, Bakersfield, First lien senior
CA, 93309 Food and beverage secured loan L + 5.50% 5/12/2027 0.0% 68,684 68,029 68,169
BP Veraison Buyer, LLC (dba Sun
World)(1)(12) First lien senior
5701 Truxtun Avenue, Bakersfield, secured delayed
CA, 93309 Food and beverage draw term loan L + 5.50% 5/12/2023 0.0% - (26) -
BP Veraison Buyer, LLC (dba Sun
World)(1)(12) First lien senior
5701 Truxtun Avenue, Bakersfield, secured revolving
CA, 93309 Food and beverage loan L + 5.50% 5/12/2027 0.0% - (79) (65)
Bracket Intermediate Holding
Corp.(1)(3)
785 Arbor Way, Blue Bell, PA, First lien senior
19422 Healthcare technology secured loan L + 4.25% 9/5/2025 0.0% 510 489 487
97--------------------------------------------------------------------------------
Percentage of
Class Held on a Principal Number
($ in thousands) Fully Diluted of Shares / Number
Company Industry Type of Investment Interest Rate Maturity / Dissolution Date Basis of Units Amortized Cost Fair Value
Bracket Intermediate Holding
Corp.(1)(3)
785 Arbor Way, Blue Bell, Second lien senior
PA, 19422 Healthcare technology secured loan L + 8.13% 9/7/2026 0.0% 26,250 25,959 25,200
Brightway Holdings ,
LLC(1)(2)
3733 University Boulevard
West, Jacksonville, FL, First lien senior
32217 Insurance secured loan L + 6.50% 12/16/2027 0.0% 26,641 26,355 26,108
Brightway Holdings ,
LLC(1)(12)
3733 University Boulevard
West, Jacksonville, FL, First lien senior
32217 Insurance secured revolving loan L + 6.50% 12/16/2027 0.0% - (33) (63)
GrowthCurve Capital Sunrise
Co-Invest LP (dba Brightway)
3733 University Boulevard
West, Jacksonville, FL ,
32217 Insurance LP Interest N/A N/A 1.6% 638 638 632
Brooklyn Lender Co-Invest 2,
L.P. (dba Boomi)
1400 Liberty Ridge Drive, Internet software and
Chesterbrook, PA , 19087 services Common Units N/A N/A <1.0% 7,503,843 7,504 7,378
CD&R Value Building Partners
I, L.P. (dba Belron)
c/o Maples Corporate
Services Limited , P.O. Box
309, Ugland House, Grand
Cayman , KY1-1104, Cayman
Islands Automotive LP Interest N/A N/A 0.8% 33,108 33,107 33,955
Centrify Corporation (1)(3)
201 Redwood Shores Parkway, Internet software and First lien senior
Santa Clara, CA , 94065 services secured loan L + 6.00% 3/2/2028 0.0% 66,229 64,922 65,401
Centrify Corporation (1)(3)
201 Redwood Shores Parkway, Internet software and First lien senior
Santa Clara, CA , 94065 services secured revolving loan L + 6.00% 3/2/2027 0.0% 6,817 6,678 6,732
CIBT Global, Inc. (1)(3)
1600 International Drive, First lien senior 5.25% (incl.
McLean, VA , 22102 Business services secured loan L + 4.25% PIK) 6/2/2025 0.0% 903 616 470
CIBT Global, Inc. (1)(3)
1600 International Drive, Second lien senior 7.75% (incl.
McLean, VA , 22102 Business services secured loan L + 7.75% PIK) 12/1/2025 0.0% 63,678 26,736 6,048
CivicPlus, LLC (1)(3)
302 South 4th Street, Internet software and First lien senior 6.75% (incl.
Manhattan, KS , 66502 services secured loan L + 2.50% PIK) 8/24/2027 0.0% 34,693 34,394 34,606
CivicPlus, LLC (1)(12)
302 South 4th Street, Internet software and First lien senior
Manhattan, KS , 66502 services secured revolving loan L + 6.25%8/24/2027 0.0% - (22) (7) Insight CP (Blocker)Holdings, L.P. (dbaCivicPlus, LLC ) 302 South 4th Street, Internet software andManhattan, KS , 66502 services LP Interest N/A N/A 1.3% 1,230 1,230 1,230Conair Holdings, LLC (1)(3) 1 Cummings Point Road, Second lien
senior
Stamford, CT , 06902 Consumer products secured loan L + 7.50%5/17/2029 0.0% 187,500 186,310 170,626ASP Conair Holdings LP 1 Cummings Point Road ,Stamford, CT , 06902 Consumer products Class A Units N/A N/A 0.8% 60,714 6,071 5,444Confluent Medical Technologies, Inc. (1)(6) 6263 North Scottsdale Road, Healthcare equipment Second lien seniorScottsdale, AZ , 85250 and services secured loan S + 6.50%2/18/2030 0.0% 1,000 983 948 Covetrus Inc.(1)(6) 7 Custom House Street, Healthcare providers Second lien seniorPortland, ME , 04101 and services secured loan S + 9.25%10/30/2030 0.0% 5,000 4,900 4,898 Cornerstone OnDemand, Inc.(1)(2) 1601 Cloverfield Boulevard, Human resource Second lien seniorSanta Monica, CA , 90404 support services secured loan L + 6.50%10/15/2029 0.0% 115,833 114,294 111,200 98
--------------------------------------------------------------------------------
Percentage of
Class Held on a Principal Number of
($ in thousands) Fully Diluted Shares / Number of
Company Industry Type of Investment Interest Rate Maturity / Dissolution Date Basis Units Amortized Cost Fair Value
Sunshine Software Holdings, Inc.
(dba Cornerstone OnDemand)
1601 Cloverfield Boulevard, Santa Human resource Series A Preferred 10.50% (incl.
Monica, CA, 90404 support services Stock 10.50% PIK) N/A 0.0% 41,402 40,538 37,469
CP PIK DEBT ISSUER, LLC (dba
CivicPlus, LLC )(1)(7)
302 South 4th Street, Manhattan, Internet software and 11.75% (incl.
KS, 66502 services Unsecured notes S + 11.75% PIK) 6/9/2034 0.0% 17,837 17,357 17,569
CSC Mkg Topco LLC (dba Medical
Knowledge Group )(1)(2)
285 Fulton Street, New York, NY, Healthcare equipment First lien senior
10007 and services secured loan L + 5.75% 2/1/2029 0.0% 1,274 1,252 1,246
and services Class A-2 Units N/A N/A 0.0% 168,539 169 179
Delta TopCo, Inc. (dba Infoblox,
Inc. )(1)(6)
3111 Coronado Drive, Santa Clara, Internet software and Second lien senior
CA, 95054 services secured loan S + 7.25% 12/1/2028 0.0% 15,000 14,941 13,950
Denali BuyerCo, LLC (dba Summit
Companies)(1)(3)
2500 Lexington Avenue South, First lien senior
Mendota Heights, MN , 55120 Business services secured loan L + 5.75% 9/15/2028 0.0% 43,339 42,786 42,905
Denali BuyerCo, LLC (dba Summit
Companies)(1)(3)(12) First lien senior
2500 Lexington Avenue South, secured delayed
Mendota Heights, MN , 55120 Business services draw term loan L + 5.75% 9/15/2023 0.0% 8,229 8,122 8,147
Denali BuyerCo, LLC (dba Summit
Companies)(1)(12) First lien senior
2500 Lexington Avenue South, secured revolving
Mendota Heights, MN , 55120 Business services loan L + 5.75% 9/15/2027 0.0% - (24) (30)
Denali Holding, LP (dba Summit
Companies)
2500 Lexington Avenue South ,
Mendota Heights, MN , 55120 Business services Class A Units N/A N/A 0.4% 337,460 3,431 4,344
Diagnostic Service Holdings, Inc.
(dba Rayus Radiology)(1)(2)
5775 Wayzata Boulevard, St. Louis Healthcare providers First lien senior
Park, MN, 55416 and services secured loan L + 5.50% 3/17/2025 0.0% 998 998 988
Diamondback Acquisition, Inc. (dba
Sphera)(1)(2)
130 East Randolph Street, Chicago, First lien senior
IL, 60601 Business services secured loan L + 5.50% 9/13/2028 0.0% 4,109 4,039 4,068
Diamondback Acquisition, Inc. (dba
Sphera)(1)(12) First lien senior
130 East Randolph Street, Chicago, secured delayed
IL, 60601 Business services draw term loan L + 5.50% 9/13/2023 0.0% - (9) -
Dodge Construction Network
Holdings, LP
300 American Metro Boulevard, Buildings and real Class A-2 Common
Hamilton, NJ , 08619 estate Units N/A N/A 0.4% 2,181,629 1,859 1,855
Dodge Construction Network
Holdings, LP
300 American Metro Boulevard, Buildings and real Series A Preferred 8.25% (incl.
Hamilton, NJ , 08619 estate Units 8.25% PIK) N/A 0.4% - 45 45
Douglas Products and Packaging
Company LLC(1)(5)
1550 East Old 210 Highway, First lien senior
Liberty, MO , 64068 Chemicals secured loan S + 7.00% 6/30/2025 0.0% 18,688 18,505 18,501
99--------------------------------------------------------------------------------
Percentage of
Class Held on a Principal Number
($ in thousands) Fully Diluted of Shares /
Company Industry Type of Investment Interest Rate Maturity / Dissolution Date Basis Number of Units Amortized Cost Fair Value
Douglas Products and Packaging
Company LLC(1)(12) First lien senior
1550 East Old 210 Highway, secured revolving
Liberty, MO , 64068 Chemicals loan S + 7.00% 6/30/2025 0.0% - (24) (24)
EET Buyer, Inc. (dba
e-Emphasys)(1)(4) Internet
2501 Weston Parkway, Cary, NC, software and First lien senior
27513 services secured loan L + 5.25% 11/8/2027 0.0% 4,511 4,474 4,511
EET Buyer, Inc. (dba
e-Emphasys)(1)(12) Internet First lien senior
2501 Weston Parkway, Cary, NC, software and secured revolving
27513 services loan L + 5.25% 11/8/2027 0.0% - (4) -
Elliott Alto Co-Investor
Aggregator L.P. Internet
851 Cypress Creek Road, Fort software and
Lauderdale , FL, 33309 services LP Interest N/A N/A 0.0% 3,134 3,144 3,133
Picard Holdco, LLC(1)(6) Internet
851 Cypress Creek Road, Fort software and Series APreferred 12.00% (incl.Lauderdale , FL, 33309 services Stock S + 12.00% PIK) N/A 0.0% 25,697 24,968 24,925Endries Acquisition, Inc. (1)(6) Post Office Box 69, Brillion, First lien senior WI, 54110 Distribution secured loan S + 6.25%12/10/2025 0.0% 237,607 235,615 237,607Engage Debtco Limited (1)(6) 3 St James's Square, London Healthcare First lien senior SW1Y 4JU,United Kingdom technology secured loan S + 5.75%7/13/2029 0.0% 1,000 976 978Entertainment Benefits Group , LLC(1)(5) 19495 Biscayne Boulevard, First lien seniorAventura, FL , 33180 Business services secured loan S + 4.75%5/1/2028 0.0% 862 855 862Entertainment Benefits Group , LLC(1)(5)(12) First lien senior 19495 Biscayne Boulevard, secured revolvingAventura, FL , 33180 Business services loan S + 4.75%4/29/2027 0.0% 89 88 89Evolution BuyerCo, Inc. (dba SIAA)(1)(6) 100 Witmer Road, Horsham, PA, First lien senior 19044 Insurance secured loan S + 6.25%4/28/2028 0.0% 141,715 140,083 139,589Evolution BuyerCo, Inc. (dba SIAA)(1)(12) First lien
senior
100 Witmer Road, Horsham, PA, secured revolving 19044 Insurance loan S + 6.25%4/30/2027 0.0% - (110) (161)Evolution Parent, LP (dbaSIAA )100 Witmer Road ,Horsham, PA , 19044 Insurance LP Interest N/A N/A 0.9% 42,838 4,284 4,284Feradyne Outdoors, LLC (1)(5) 1230 Poplar Avenue, Superior, First lien senior WI, 54880 Consumer products secured loan S + 6.25%2/25/2024 0.0% 86,016 85,934 84,726 Fifth Season Investments LLC(13)201 Broad St , Suite 500,Stamford, Connecticut 06901 Insurance Class A Units N/A N/A 35.1% 28 89,680 89,680 Forescout Technologies, Inc.(1)(3) Internet 190 West Tasman Drive, San software and First lien senior 9.50% (incl. Jose, CA, 95134 services secured loan L + 9.50% PIK)8/17/2026 0.0% 103,707 102,767 103,490 Forescout Technologies, Inc.(1)(12) Internet First lien senior 190 West Tasman Drive, San software and secured delayed Jose, CA, 95134 services draw term loan L + 8.00%7/1/2024 0.0% - (215) - Forescout Technologies, Inc.(1)(12) Internet First lien senior 190 West Tasman Drive, San software and secured revolving Jose, CA, 95134 services loan L + 8.50%8/18/2025 0.0% - (49) -Fortis Solutions Group , LLC(1)(3) 2505 Hawkeye Court, Virginia Containers and First lien senior Beach,VA , 23452 packaging secured loan L + 5.50%10/13/2028 0.0% 4,616 4,536 4,489 100
--------------------------------------------------------------------------------
Percentage of
Class Held on a Principal Number
($ in thousands) Fully Diluted of Shares /
Company Industry Type of Investment Interest Rate Maturity / Dissolution Date Basis Number of Units Amortized Cost Fair Value
Fortis Solutions Group ,
LLC(1)(12) First lien senior
2505 Hawkeye Court, Virginia secured delayed
Beach, VA , 23452 Containers and packaging draw term loan L + 5.50% 10/13/2023 0.0% - - -
Fortis Solutions Group ,
LLC(1)(4)(12) First lien senior
2505 Hawkeye Court, Virginia secured revolving
Beach, VA , 23452 Containers and packaging loan L + 5.50% 10/15/2027 0.0% 62 54 49
Foundation Consumer Brands,
LLC(1)(3)
1190 Omega Drive, First lien senior
Pittsburgh, PA , 15205 Consumer products secured loan L + 5.50% 2/12/2027 0.0% 3,456 3,456 3,447
FR Arsenal Holdings II Corp.
(dba Applied-Cleveland
Holdings, Inc. )(1)(2)
13100 Northwest Freeway, Infrastructure and First lien senior 9.50% (incl.
Longview, TX , 77040 environmental services secured loan L + 2.00% PIK) 1/17/2023 0.0% 115,847 115,422 103,104
Fullsteam Operations,
LLC(1)(3)(12) First lien senior
197 E University Dr #2, secured delayed 7.50% (incl.
Auburn, AL 36832 Business services draw term loan L + 3.00% PIK) 5/13/2024 0.0% 6,121 5,940 5,994
Gainsight, Inc. (1)(3)
350 Bay Street, San First lien senior 6.75% (incl.
Francisco, CA, 94133 Business services secured loan L + 6.75% PIK) 7/30/2027 0.0% 21,222 20,951 20,902
Gainsight, Inc.(1)(12) First lien senior
350 Bay Street, San secured revolving
Francisco, CA, 94133 Business services loan L + 6.25% 7/30/2027 0.0% - (45) (50)
Galls, LLC (1)(3)
Lexington, Lexington, KY, First lien senior 6.75% (incl.
40505 Specialty Retail secured loan L + 0.50% PIK) 1/31/2025 0.0% 112,582 111,958 110,331
Galls, LLC(1)(3)(12) First lien senior
Lexington, Lexington, KY, secured revolving
40505 Specialty Retail loan L + 6.75% 1/31/2024 0.0% 15,232 15,034 14,583
Gaylord Chemical Company ,
L.L.C.(1)(3)
106 Galeria Boulevard, First lien senior
Slidell, LA , 70458 Chemicals secured loan L + 6.50% 3/30/2027 0.0% 151,107 149,966 151,106
Gaylord Chemical Company ,
L.L.C.(1)(12) First lien senior
106 Galeria Boulevard, secured revolving
Slidell, LA , 70458 Chemicals loan L + 6.00% 3/30/2026 0.0% - (86) -
Genesis Acquisition Co. (dba
Procare Software )(1)(4)
1125 17th Street, Denver, Internet software and First lien senior
CO, 80202 services secured loan L + 3.75% 7/31/2024 0.0% 17,942 17,838 17,583
Genesis Acquisition Co. (dba
Procare Software)(1)(4) First lien senior
1125 17th Street, Denver, Internet software and secured revolving
CO, 80202 services loan L + 3.75% 7/31/2024 0.0% 2,637 2,623 2,584
Gerson Lehrman Group ,
Inc.(1)(2)
60 East 42nd Street, New First lien senior
York, NY , 10165 Professional services secured loan L + 5.25% 12/12/2024 0.0% 121,623 121,184 121,623
Gerson Lehrman Group ,
Inc.(1)(12) First lien senior
60 East 42nd Street, New secured revolving
York, NY , 10165 Professional services loan L + 5.25% 12/12/2024 0.0% - (69) -
GI Ranger Intermediate, LLC
(dba Rectangle Health )(1)(6)
115 East Stevens Avenue, First lien senior
Valhalla, NY , 10595 Healthcare technology secured loan S + 6.00% 10/30/2028 0.0% 4,585 4,506 4,471
GI Ranger Intermediate, LLC
(dba Rectangle
Health)(1)(6)(12) First lien senior
115 East Stevens Avenue, secured revolving
Valhalla, NY , 10595 Healthcare technology loan S + 6.00% 10/29/2027 0.0% 37 31 28
Global Music Rights,
LLC(1)(3)
907 Westwood Boulevard, Los First lien senior
Angeles, CA, 90024 Advertising and media secured loan L + 5.50% 8/28/2028 0.0% 7,425 7,300 7,425
Global Music Rights,
LLC(1)(12) First lien senior
907 Westwood Boulevard, Los secured revolving
Angeles, CA, 90024 Advertising and media loan L + 5.50% 8/27/2027 0.0% - (10) -
101--------------------------------------------------------------------------------
Percentage of
Class Held on a Principal Number of
($ in thousands) Fully Diluted Shares / Number of
Company Industry Type of Investment Interest Rate Maturity / Dissolution Date Basis Units Amortized Cost Fair Value
Gloves Buyer, Inc. (dba
Protective Industrial
Products)(1)(2)
25 British American Second lien senior
Boulevard, Latham, NY , 12110 Manufacturing secured loan L + 8.25% 12/29/2028 0.0% 29,250 28,653 28,811
Gloves Holdings, LP (dba
Protective Industrial
Products)
25 British American
Boulevard, Latham, NY , 12110 Manufacturing LP Interest N/A N/A 0.5% 32,500 3,250 3,848
GovBrands Intermediate,
Inc.(1)(3)
3025 Windward Plaza, Internet software and First lien senior
Alpharetta, GA , 30005 services secured loan L + 5.50% 8/4/2027 0.0% 10,551 10,339 10,076
GovBrands Intermediate,
Inc.(1)(3)(12) First lien senior
3025 Windward Plaza, Internet software and secured delayed
Alpharetta, GA , 30005 services draw term loan L + 5.50% 8/4/2023 0.0% 2,380 2,322 2,237
GovBrands Intermediate,
Inc.(1)(3)(12) First lien senior
3025 Windward Plaza, Internet software and secured revolving
Alpharetta, GA , 30005 services loan L + 5.50% 8/4/2027 0.0% 714 699 678
Granicus, Inc. (1)(2)
408 St. Peter Street, Denver, Internet software and First lien senior
CO, 55102 services secured loan L + 5.50% 1/29/2027 0.0% 13,394 13,158 13,059
Granicus, Inc.(1)(2) First lien senior
1999 Broadway, Denver, CO, Internet software and secured delayed
80202 services draw term loan L + 6.00% 1/30/2023 0.0% 2,530 2,491 2,467
Granicus, Inc.(1)(2)(12) First lien senior
408 St. Peter Street, Denver, Internet software and secured revolving
CO, 55102 services loan L + 6.50% 1/29/2027 0.0% 398 379 369
Guidehouse Inc. (1)(2)
1676 International Drive, First lien senior
Suite 800, McLean, VA 22102 Professional services secured loan L + 6.25% 10/16/2028 0.0% 4,603 4,563 4,557
H&F Opportunities LUX III S.À
R.L (dba Checkmarx )(1)(2)
Amot Atrium Tower, 2
Jabotinsky Street, Ramat Gan Internet software and First lien senior
520501, Israel services secured loan L + 7.50% 4/16/2026 0.0% 51,567 50,623 51,567
H&F Opportunities LUX III S.À
R.L (dba Checkmarx )(1)(12)
Amot Atrium Tower, 2 First lien senior
Jabotinsky Street, Ramat Gan Internet software and secured revolving
520501, Israel services loan L + 7.50% 4/16/2026 0.0% - (267) -
Hercules Borrower, LLC (dba
The Vincit Group )(1)(3)
412 Georgia Avenue, First lien senior
Chattanooga, TN , 37403 Business services secured loan L + 6.50% 12/15/2026 0.0% 176,892 175,005 176,447
Hercules Borrower, LLC (dba
The Vincit Group)(1)(4)(12) First lien senior
412 Georgia Avenue, secured revolving
Chattanooga, TN , 37403 Business services loan L + 6.50% 12/15/2026 0.0% 2,231 2,024 2,179
Hercules Buyer, LLC (dba The
Vincit Group)
412 Georgia Avenue, 0.48% (incl.
Chattanooga, TN , 37403 Business services Unsecured notes 0.48% PIK) 12/14/2029 0.0% 5,160 5,160 5,160
Hercules Buyer, LLC (dba The
Vincit Group)
412 Georgia Avenue,
Chattanooga, TN , 37403 Business services Common Units N/A N/A 0.3% 2,190,000 2,192 2,302
H-Food Holdings, LLC (1)(2)
3250 Lacey RoadnSuite 400, Second lien senior
Downers Grove, IL , 60515 Food and beverage secured loan L + 7.00% 3/2/2026 0.0% 121,800 120,316 105,053
H-Food Holdings, LLC
3250 Lacey RoadnSuite 400,
Downers Grove, IL , 60515 Food and beverage LLC interest N/A N/A 0.9% 10,875 10,874 9,337
102
--------------------------------------------------------------------------------
Percentage of
Class Held on a Principal Number
($ in thousands) Fully Diluted of Shares /
Company Industry Type of Investment Interest Rate Maturity / Dissolution Date Basis Number of Units Amortized Cost Fair Value
Hg Genesis 8 Sumoco Limited (1)(11)
2 More London Riverside London SE1 Asset Based Lending and 6.00% (incl.
2AP UK Fund Finance Unsecured facility SA + 6.00% PIK) 8/28/2025 0.0% 45,071 49,137 45,071
Hg Genesis 9 SumoCo Limited (1)(9)
2 More London Riverside London SE1 Asset Based Lending and 7.00% (incl.
2AP UK Fund Finance Unsecured facility E + 7.00% PIK) 3/10/2027 0.0% 46,914 48,136 46,914
Hg Saturn Luchaco Limited (1)(11)
2 More London Riverside London SE1 Asset Based Lending and 7.50% (incl.
2AP UK Fund Finance Unsecured facility SA + 7.50% PIK) 3/30/2026 0.0% 120,209 135,817 118,706
HGH Purchaser, Inc. (dba Horizon
Services)(1)(5) First lien senior
900 Adams Avenue Audubon, PA 19403 Household products secured loan S + 6.50% 11/3/2025 0.0% 147,121 145,874 145,650
HGH Purchaser, Inc. (dba Horizon First lien senior
Services)(1)(5)(12) secured delayed
900 Adams Avenue Audubon, PA 19403 Household products draw term loan S + 6.50% 11/3/2025 0.0% 38,681 38,407 38,284
HGH Purchaser, Inc. (dba Horizon First lien senior
Services)(1)(5)(12) secured revolving
900 Adams Avenue Audubon, PA 19403 Household products loan S + 6.50% 11/3/2025 0.0% 10,028 9,906 9,863
Hissho Sushi Merger Sub LLC (1)(6)
11949 Steele Creek Road, First lien senior
Charlotte, NC , 28273 Food and beverage secured loan S + 5.75% 5/18/2028 0.0% 901 893 899
Hissho Sushi Merger Sub
LLC(1)(6)(12) First lien senior
11949 Steele Creek Road, secured revolving
Charlotte, NC , 28273 Food and beverage loan S + 5.75% 5/18/2028 0.0% 14 13 14
Hissho Sushi Holdings, LLC
11949 Steele Creek Road ,
Charlotte, NC , 28273 Food and beverage Class A units N/A N/A 0.0% 7,502 75 83
Hometown Food Company (1)(2)
500 West Madison Street, Chicago, First lien senior
IL, 60661 Food and beverage secured loan L + 5.00% 8/31/2023 0.0% 14,560 14,516 14,560
Hometown Food Company(1)(2)(12) First lien senior
500 West Madison Street, Chicago, secured revolving
IL, 60661 Food and beverage loan L + 5.00% 8/31/2023 0.0% 847 836 847
Hyland Software, Inc. (1)(2)
28500 Clemens Road, Westlake, OH, Internet software and Second lien senior
44145 services secured loan L + 6.25% 7/7/2025 0.0% 15,482 15,472 14,630
Ideal Image Development, LLC (1)(5)
1 North Dale Mabry Highway, Tampa, First lien senior
FL, 33609 Specialty Retail secured loan S + 6.50% 9/1/2027 0.0% 11,678 11,457 11,474
Ideal Image Development ,
LLC(1)(12) First lien senior
1 North Dale Mabry Highway, Tampa, secured delayed
FL, 33609 Specialty Retail draw term loan S + 6.50% 3/1/2024 0.0% - (7) (4)
Ideal Image Development ,
LLC(1)(12) First lien senior
1 North Dale Mabry Highway, Tampa, secured revolving
FL, 33609 Specialty Retail loan S + 6.50% 9/1/2027 0.0% - (34) (32)
Ideal Tridon Holdings, Inc. (1)(3)
8100 Tridon Drive, Smyrna, TN, First lien senior
37167 Manufacturing secured loan L + 5.25% 7/31/2024 0.0% 52,697 52,448 52,697
Ideal Tridon Holdings ,
Inc.(1)(2)(12) First lien senior
8100 Tridon Drive, Smyrna, TN, secured revolving
37167 Manufacturing loan L + 5.25% 7/31/2023 0.0% 3,191 3,191 3,191
IG Investments Holdings, LLC (dba
Insight Global)(1)(2)
1224 Hammond Drive, Atlanta, GA, Human resource support First lien senior
30346 services secured loan L + 6.00% 9/22/2028 0.0% 50,388 49,519 49,758
103--------------------------------------------------------------------------------
Percentage of
Class Held on a Principal Number
($ in thousands) Fully Diluted of Shares /
Company Industry Type of Investment Interest Rate Maturity / Dissolution Date Basis Number of Units Amortized Cost Fair Value
IG Investments Holdings, LLC
(dba Insight
Global)(1)(2)(12) First lien senior
1224 Hammond Drive, Atlanta, Human resource secured revolving
GA, 30346 support services loan L + 6.00% 9/22/2027 0.0% 1,590 1,527 1,540
Imprivata, Inc. (1)(5)
480 Totten Pond Road, Second lien senior
Waltham, MA , 02451 Healthcare technology secured loan S + 6.25% 12/1/2028 0.0% 882 874 860
Indigo Buyer, Inc. (dba
Inovar Packaging Group )(1)(6)
10470 Miller Road, Dallas, Containers and First lien senior
TX, 75238 packaging secured loan S + 5.75% 5/23/2028 0.0% 647 641 647
Indigo Buyer, Inc. (dba
Inovar Packaging
Group)(1)(12) First lien senior
10470 Miller Road, Dallas, Containers and secured delayed
TX, 75238 packaging draw term loan S + 5.75% 5/23/2024 0.0% - - -
Indigo Buyer, Inc. (dba
Inovar Packaging
Group)(1)(6)(12) First lien senior
10470 Miller Road, Dallas, Containers and secured revolving
TX, 75238 packaging loan S + 5.75% 5/23/2028 0.0% 17 16 17
BradyIFS Holdings, LLC (fka
Individual Foodservice
Holdings, LLC)(1)(6)
5496 Lindbergh Lane, Bell, First lien senior
CA, 90201 Distribution secured loan S + 6.25% 11/21/2025 0.0% 133,438 131,992 133,104
BradyIFS Holdings, LLC (fka
Individual Foodservice
Holdings, LLC)(1)(12) First lien senior
5496 Lindbergh Lane, Bell, secured revolving
CA, 90201 Distribution loan S + 6.25% 11/22/2024 0.0% - (176) (54)
Innovation Ventures HoldCo,
LLC (dba 5 Hour Energy )(1)(5)
38955 Hills Tech Drive, First lien senior
Farmington Hills, MI , 48331 Food and beverage secured loan S + 6.25% 3/11/2027 0.0% 125,000 122,950 122,500
Inovalon Holdings, Inc. (1)(3)
4321 Collington Road, Bowie, First lien senior 6.25% (incl.
MD, 20716 Healthcare technology secured loan L + 2.75% PIK) 11/24/2028 0.0% 182,751 178,889 178,182
Inovalon Holdings ,
Inc.(1)(12) First lien senior
4321 Collington Road, Bowie, secured delayed
MD, 20716 Healthcare technology draw term loan L + 5.75% 5/24/2024 0.0% - (200) (237)
Inovalon Holdings, Inc. (1)(3)
4321 Collington Road, Bowie, Second lien senior 10.50% (incl.
MD, 20716 Healthcare technology secured loan L + 10.50% PIK) 11/24/2033 0.0% 95,535 93,916 94,102
Integrity Marketing
Acquisition, LLC (1)(4)
1445 Ross Avenue, Dallas, TX, First lien senior
75202 Insurance secured loan L + 5.80% 8/27/2025 0.0% 216,642 214,862 216,100
Integrity Marketing
Acquisition, LLC(1)(12) First lien senior
1445 Ross Avenue, Dallas, TX, secured revolving
75202 Insurance loan L + 6.50% 8/27/2025 0.0% - (98) (37)
Intelerad Medical Systems
Incorporated (fka 11849573
Canada Inc.)(1)(6)
800 Boulevard de Maisonneuve
East 12th floor, Montreal, First lien senior
Quebec H2L 4L8, Canada Healthcare technology secured loan S + 6.50% 8/21/2026 0.0% 117,793 116,791 117,204
Intelerad Medical Systems
Incorporated (fka 11849573
Canada Inc.)(1)(5)
800 Boulevard de Maisonneuve First lien senior
East 12th floor, Montreal, secured revolving
Quebec H2L 4L8, Canada Healthcare technology loan S + 6.50% 8/21/2026 0.0% 4,590 4,559 4,567
Interoperability Bidco, Inc.
(dba Lyniate)(1)(6)
100 High Street, Boston, MA, First lien senior
02110 Healthcare technology secured loan S + 7.00% 12/24/2026 0.0% 66,455 66,088 65,957
104--------------------------------------------------------------------------------
Percentage of
Class Held on a Principal Number of
($ in thousands) Fully Diluted Shares / Number of
Company Industry Type of Investment Interest Rate Maturity / Dissolution Date Basis Units Amortized Cost Fair Value
Interoperability Bidco, Inc.
(dba Lyniate)(1)(6)(12) First lien senior
100 High Street, Boston, MA, secured revolving
02110 Healthcare technology loan S + 7.00% 12/26/2024 0.0% 1,522 1,509 1,499
Kaseya Inc. (1)(6)
701 Brickell Avenue, Miami, First lien senior
FL, 33131 Business services secured loan S + 5.75% 6/25/2029 0.0% 18,732 18,377 18,544
Kaseya Inc.(1)(12) First lien senior
701 Brickell Avenue, Miami, secured delayed
FL, 33131 Business services draw term loan S + 5.75% 6/24/2024 0.0% - (10) -
Kaseya Inc.(1)(12) First lien senior
701 Brickell Avenue, Miami, secured revolving
FL, 33131 Business services loan S + 5.75% 6/25/2029 0.0% - (21) (11)
Knockout Intermediate Holdings
I Inc. (dba Kaseya)
701 Brickell Avenue, Miami, Perpetual Preferred 11.75% (incl.
FL, 33131 Business services Stock 11.75% PIK) N/A 0.0% 14,000 13,667 13,825
KPSKY Acquisition, Inc. (dba
BluSky)(1)(2)
9110 East Nichols Avenue, First lien senior
Centennial, CO , 80112 Business services secured loan L + 5.50% 10/19/2028 0.0% 4,941 4,856 4,817
Lazer Spot Holdings, Inc.
(f/k/a Lazer Spot GB Holdings ,
Inc.)(1)(4)
6525 Shiloh Road, Alpharetta, First lien senior
GA, 30005 Transportation secured loan L + 5.75% 12/9/2025 0.0% 142,598 141,262 142,598
Lazer Spot Holdings, Inc.
(f/k/a Lazer Spot GB Holdings ,
Inc.)(1)(12) First lien senior
6525 Shiloh Road, Alpharetta, secured revolving
GA, 30005 Transportation loan L + 5.75% 12/9/2025 0.0% - (227) -
Learning Care Group (US) No. 2
Inc.(1)(3)
21333 Haggerty Road, Novi, MI, Second lien senior
48375 Education secured loan L + 7.50% 3/13/2026 0.0% 26,967 26,726 25,822
Lignetics Investment
Corp.(1)(3)
1075 East South Boulder Road, First lien senior
Louisville, CO , 80027 Consumer products secured loan L + 6.00% 11/1/2027 0.0% 31,059 30,733 30,438
Lignetics Investment
Corp.(1)(12) First lien senior
1075 East South Boulder Road, secured delayed
Louisville, CO , 80027 Consumer products draw term loan L + 6.00% 11/1/2023 0.0% - (39) (78)
Lignetics Investment
Corp.(1)(2)(12) First lien senior
1075 East South Boulder Road, secured revolving
Louisville, CO , 80027 Consumer products loan L + 6.00% 10/30/2026 0.0% 2,824 2,778 2,729
LineStar Integrity Services
LLC(1)(4)
4203 Montrose Boulevard, Infrastructure and First lien senior
Houston, TX , 77006 environmental services secured loan L + 7.25% 2/12/2026 0.0% 56,897 57,036 53,768
Litera Bidco LLC (1)(5)
300 South Riverside Plaza, Internet software and First lien senior
Chicago, IL , 60606 services secured loan S + 5.75% 5/29/2026 0.0% 148,677 147,381 148,354
Litera Bidco LLC(1)(3)(12) First lien senior
300 South Riverside Plaza, Internet software and secured revolving
Chicago, IL , 60606 services loan L + 5.75% 5/30/2025 0.0% 1,578 1,547 1,549
LSI Financing 1 DAC(14)
Victoria Building , 1-2
Haddington Rd , Dublin , D04
XN32, Ireland Healthcare technology Preferred equity N/A N/A 20.0% 6,174,611 6,224 6,175
Lytx, Inc. (1)(5)
9785 Towne Centre Drive, San First lien senior
Diego, CA, 92121 Transportation secured loan S + 6.75% 2/27/2026 0.0% 71,005 70,312 70,472
Mario Purchaser, LLC (dba Len
the Plumber)(1)(5)
1552 Ridgely Street, First lien senior
Baltimore, MD , 21230 Household products secured loan S + 5.75% 4/26/2029 0.0% 13,042 12,800 12,911
Mario Purchaser, LLC (dba Len
the Plumber)(1)(5)(12) First lien senior
1552 Ridgely Street, secured delayed
Baltimore, MD, 21230 Household products draw term loan S + 5.75% 4/25/2024
0.0% 2,021 1,939 2,000
105--------------------------------------------------------------------------------
Percentage of
Class Held on a Principal Number
($ in thousands) Fully Diluted of Shares /
Company Industry Type of Investment Interest Rate Maturity / Dissolution Date Basis Number of Units Amortized Cost Fair Value
Mario Midco Holdings, Inc. (dba
Len the Plumber)(1)(12) First lien senior
1552 Ridgely Street, Baltimore, secured revolving
MD, 21230 Household products loan S + 5.75% 4/26/2028 0.0% - (24) (14)
Mario Midco Holdings, Inc. (dba
Len the Plumber)(1)(5)
1552 Ridgely Street, Baltimore, 10.75% (incl.
MD, 21230 Household products Unsecured facility S + 10.75% PIK) 4/26/2032 0.0% 4,081 3,973 4,020
Medline Borrower, LP(1)(12) First lien senior
Three Lakes Drive, Northfield, Healthcare equipment and secured revolving
IL, 60093 services loan L + 2.25% 10/21/2026 0.0% - (123) (485)
MessageBird BidCo B.V. (1)(2)
Trompenburgstraat 2C, 1079 TX Internet software and First lien senior
Amsterdam, Netherlands services secured loan L + 6.75% 5/5/2027 0.0% 77,000 75,685 75,268
MessageBird Holding B.V.
Trompenburgstraat 2C, 1079 TX Internet software and Extended Series C
Amsterdam, Netherlands services Warrants N/A N/A 0.0% 122,890 753 89
Metis HoldCo, Inc. (dba Mavis
Tire Express Services) Series A
358 Saw Mill River Road, Convertible 7.00% (incl.
Millwood, NY , 10546 Automotive Preferred Stock 7.00% PIK) N/A 0.0% 167,977 163,743 161,677
MHE Intermediate Holdings, LLC
(dba OnPoint Group )(1)(7)
3235 Levis Commons Boulevard, First lien senior
Perrysburg, OH , 43551 Manufacturing secured loan S + 6.00% 7/21/2027 0.0% 181,776 180,317 179,957
MHE Intermediate Holdings, LLC
(dba OnPoint Group)(1)(7)(12) First lien senior
3235 Levis Commons Boulevard, secured revolving
Perrysburg, OH , 43551 Manufacturing loan S + 6.00% 7/21/2027 0.0% 2,175 2,057 2,020
Milan Laser Holdings LLC (1)(5)
16939 Wright Plaza, Omaha, NE, First lien senior
68130 Specialty Retail secured loan S + 5.00% 4/27/2027 0.0% 24,055 23,873 24,055
Milan Laser Holdings LLC(1)(12) First lien senior
16939 Wright Plaza, Omaha, NE, secured revolving
68130 Specialty Retail loan S + 5.00% 4/27/2026 0.0% - (14) -
MINDBODY, Inc. (1)(3)
4051 Broad Street, San Luis Internet software and First lien senior
Obispo, CA, 93401 services secured loan L + 7.00% 2/14/2025 0.0% 67,637 67,330 67,637
MINDBODY, Inc.(1)(12) First lien senior
4051 Broad Street, San Luis Internet software and secured revolving
Obispo, CA, 93401 services loan L + 7.00% 2/14/2025 0.0% - (22) -
VEPF Torreys Aggregator, LLC (dba
MINDBODY, Inc.)
4051 Broad Street, San Luis Internet software and Series A Preferred 6.00% (incl.
Obispo, CA, 93401 services Stock 6.00% PIK) N/A 0.8% 21,250 22,544 22,319
Minerva Holdco, Inc.
135 South Road, Farmington, CT, Series A Preferred 10.75% (incl.
06032 Healthcare technology Stock 10.75% PIK) N/A 0.0% 7,483 7,354 6,734Ministry Brands Holdings , LLC(1)(2) 14488 Old Stage Road, Lenoir Internet software and First lien senior City, TN, 37772 services secured loan L + 5.50%12/29/2028 0.0% 701 689 683Ministry Brands Holdings , LLC(1)(12) First lien senior 14488 Old Stage Road, Lenoir Internet software and secured delayed City, TN, 37772 services draw term loan L + 5.50%12/27/2023 0.0% - (2) (3)Ministry Brands Holdings , LLC(1)(2)(12) First lien senior 14488 Old Stage Road, Lenoir Internet software and secured revolving City, TN, 37772 services loan L + 5.50%12/30/2027 0.0% 34 33 32Motus Group, LLC (1)(2) 60 South Street, Boston, MA, Second lien senior 02111 Transportation secured loan L + 6.50%12/10/2029 0.0% 10,810 10,712 10,594 106
--------------------------------------------------------------------------------
Percentage of
Class Held on a Principal Number
($ in thousands) Fully Diluted of Shares /
Company Industry Type of Investment Interest Rate Maturity / Dissolution Date Basis Number of Units Amortized Cost Fair Value
Muine Gall, LLC (1)(4)
1209 Orange Street, First lien senior 7.00% (incl.
Wilmington, DE 19801 Financial services secured loan L + 7.00% PIK) 9/23/2024 0.0% 261,493 262,995 254,956
National Dentex Labs LLC (fka
Barracuda Dental LLC )(1)(3)
11601 Kew Gardens Avenue, Healthcare providers First lien senior 8.00% (incl.
Palm Beach Gardens, FL , 33410 and services secured loan L + 3.00% PIK) 10/27/2025 0.0% 106,033 104,979 103,381
National Dentex Labs LLC (fka Barracuda Dental LLC)(1)(3)(12) First lien senior 11601 Kew Gardens Avenue, Healthcare providers secured revolvingPalm Beach Gardens, FL , 33410 and services loan L + 7.00%10/27/2025 0.0% 9,195 9,055 8,961Natural Partners, LLC (1)(4) 245 Cooper St Ottawa ON K2P Healthcare providers First lien senior 0G2 and services secured loan L + 6.00%11/29/2027 0.0% 924 908 906 Natural Partners, LLC(1)(12) First lien
senior
245 Cooper St Ottawa ON K2P Healthcare providers secured revolving 0G2 and services loan L + 6.00%11/29/2027 0.0% - (1) (1)Nelipak Holding Company (1)(3) 21 Amflex Drive, Cranston, Healthcare equipment First lien senior RI, 02921 and services secured loan L + 4.25%7/2/2026 0.0% 2,286 2,260 2,269Nelipak Holding Company (1)(3) 21 Amflex Drive, Cranston, Healthcare equipment Second lien USD RI, 02921 and services senior secured loan L + 8.25%7/2/2027 0.0% 67,006 66,348 66,503Nelipak Holding Company(1)(3)(12) First lien senior 21 Amflex Drive, Cranston, Healthcare equipment secured USD RI, 02921 and services revolving loan L + 4.25%7/2/2024 0.0% 1,072 1,028 1,017Nelipak Holding Company(1)(9)(12) First lien senior 21 Amflex Drive, Cranston, Healthcare equipment secured EUR RI, 02921 and services revolving loan E + 4.50%7/2/2024 0.0% 2,574 2,516 2,522Nelipak Holding Company(1)(10) 21 Amflex Drive, Cranston, Healthcare equipment Second lien EUR RI, 02921 and services senior secured loan E + 8.50%7/2/2027 0.0% 64,142 66,603 63,340 Nellson Nutraceutical, LLC(1)(5) 5115 East La Palma Avenue, First lien seniorAnaheim, CA , 92807 Food and beverage secured loan S + 5.75%12/23/2025 0.0% 25,982 25,643 25,527NMI Acquisitionco, Inc. (dba Network Merchants)(1)(2) 1450 American Lane, First lien seniorSchaumburg, IL , 60173 Financial services secured loan L + 5.75%9/8/2025 0.0% 25,048 24,933 24,735NMI Acquisitionco, Inc. (dba Network Merchants)(1)(2)(12) First lien senior 1450 American Lane, secured delayedSchaumburg, IL , 60173 Financial services draw term loan L + 5.75%10/2/2023 0.0% 5,923 5,844 5,834NMI Acquisitionco, Inc. (dba Network Merchants)(1)(12) First lien senior 1450 American Lane, secured revolvingSchaumburg, IL , 60173 Financial services loan L + 5.75%9/8/2025 0.0% - (13) (21)Norvax, LLC (dba GoHealth)(1)(3) 214 West Huron Street, First lien seniorChicago, IL , 60654 Insurance secured loan L + 7.50%9/15/2025 0.0% 76,588 74,905 75,440Norvax, LLC (dba GoHealth)(1)(12) First lien senior 214 West Huron Street, secured revolvingChicago, IL , 60654 Insurance loan L + 6.50%9/13/2024 0.0% - (63) (184) GoHealth, Inc.214 West Huron Street ,Chicago, IL , 60654 Insurance Common stock N/A N/A 0.3% 1,021,885 5,232 712Notorious Topco, LLC (dbaBeauty Industry Group )(1)(6) 631 North 400 West, Salt Lake First lien senior City, UT, 84103 Specialty Retail secured loan S + 6.75%11/23/2027 0.0% 109,355 107,959 108,809 107
--------------------------------------------------------------------------------
Percentage of
Class Held on a Principal Number
($ in thousands) Fully Diluted of Shares /
Company Industry Type of Investment Interest Rate Maturity / DissolutionDate Basis Number of Units Amortized Cost Fair ValueNotorious Topco, LLC (dba Beauty Industry Group)(1)(6)(12) First lien senior 631 North 400 West, Salt Lake secured delayed City, UT, 84103 Specialty Retail draw term loan S + 6.75%11/23/2023 0.0% 9,530 9,336 9,482Notorious Topco, LLC (dba Beauty Industry Group)(1)(6)(12) First lien senior 631 North 400 West, Salt Lake secured revolving City, UT, 84103 Specialty Retail loan S + 6.75%5/24/2027 0.0% 1,596 1,481 1,548Nutraceutical International Corporation(1)(2) 222 South Main Street, Salt First lien seniorLake City , UT, 84101 Food and beverage secured loan L + 7.00%9/30/2026 0.0% 186,644 184,758 169,845Nutraceutical International Corporation(1)(2) First lien senior 222 South Main Street, Salt secured revolvingLake City , UT, 84101 Food and beverage loan L + 7.00%9/30/2025 0.0% 13,578 13,467 12,356OB Hospitalist Group , Inc.(1)(3) 777 Lowndes Hill Road, Healthcare providers First lien seniorGreenville, SC , 29607 and services secured loan L + 5.50%9/27/2027 0.0% 95,029 93,464 93,841OB Hospitalist Group , Inc.(1)(3)(12) First lien senior 777 Lowndes Hill Road, Healthcare providers secured revolvingGreenville, SC , 29607 and services loan L + 5.50%9/27/2027 0.0% 5,251 5,012 5,062Ex Vivo Parent Inc. (dba OB Hospitalist)(1)(3) 777 Lowndes Hill Road, Healthcare providers First lien seniorGreenville, SC , 29607 and services secured loan L + 9.50%9/27/2028 0.0% 57,810 56,803 56,509KOBHG Holdings, L.P. (dba OB Hospitalist) 777 Lowndes Hill Road, Healthcare providersGreenville, SC , 29607 and services Class A Interests N/A N/A 1.4% 6,670 6,670 6,196Offen, Inc. (1)(2) 5100 E. 78th Avenue, Commerce First lien senior City, CO, 80022 Distribution secured loan L + 5.00%6/22/2026 0.0% 18,695 18,596 18,695Ole Smoky Distillery , LLC(1)(5) 236 East Main Street, First lien seniorSevierville, TN , 37862 Food and beverage secured loan S + 5.25%3/31/2028 0.0% 877 861 860Ole Smoky Distillery , LLC(1)(12) First lien senior 236 East Main Street, secured revolvingSevierville, TN , 37862 Food and beverage loan S + 5.25%3/31/2028 0.0% - (2) (2)ORCC Senior Loan Fund LLC (fkaSebago Lake LLC )(13) 399 Park Avenue, 38th Floor, Investment funds andNew York, NY 10022 vehicles LLC Interest N/A N/A 0.0% 318,839 318,839 288,981Pacific BidCo Inc. (1)(6) Otto-Hahn-Strasse, Healthcare providers First lien seniorPlankstadt, Germany , 68723 and services secured loan S + 5.75%8/13/2029 0.0% 30,924 30,184 30,228 Pacific BidCo Inc.(1)(12) First lien senior Otto-Hahn-Strasse, Healthcare providers secured delayedPlankstadt, Germany , 68723 and services draw term loan S + 5.75%8/11/2025 0.0% - (41) (34) Packaging Coordinators Midco, Inc.(1)(3) 3001 Red Lion Road, Healthcare equipment Second lien seniorPhiladelphia, PA , 19114 and services secured loan L + 7.00%12/13/2029 0.0% 196,044 192,817 185,261KPCI Holdings, L.P. 3001 Red Lion Road, Healthcare equipmentPhiladelphia, PA , 19114 and services Class A Units N/A N/A 5.7% 30,425 32,284 34,497 Patriot Acquisition TopCo S.A.R.L (dbaCorza Health , Inc.) (1)(6) 247 Station Dr, Westwood, MA Healthcare equipment First lien senior 02090 and services secured loan S + 6.75%1/31/2028 0.0% 135,372 133,607 133,680 Patriot Acquisition TopCo S.A.R.L (dbaCorza Health , Inc.) (1)(6)(12) First lien senior 247 Station Dr, Westwood, MA Healthcare equipment secured revolving 02090 and services loan
S + 6.75% 1/29/2026 0.0% 2,901 2,728 2,732
108--------------------------------------------------------------------------------
Percentage of
Class Held on a Principal Number of
($ in thousands) Fully Diluted Shares / Number of
Company Industry Type of Investment Interest Rate Maturity / Dissolution Date Basis Units Amortized Cost Fair Value
Patriot Holdings SCSp (dba
Corza Health, Inc.)
247 Station Dr, Westwood, MA Healthcare equipment and
02090 services Class B Units N/A N/A 0.8% 97,833 18 1,145
Patriot Holdings SCSp (dba
Corza Health, Inc.)
247 Station Dr, Westwood, MA Healthcare equipment and 8.00% (incl.
02090 services Class A Units 8.00% PIK) N/A 1.0% 7,104 8,265 8,534
Peraton Corp. (1)(2)
1875 Explorer Street, Herndon, Second lien senior
VA , 20170 Aerospace and defense secured loan L + 7.75% 2/1/2029 0.0% 46,113 45,539 43,691
Peter C. Foy & Associates
Insurance Services, LLC (dba
PCF Insurance Services )(1)(4)
2500 West Executive Parkway, First lien senior
Lehi, UT , 84043 Insurance secured loan L + 6.00% 11/1/2028 0.0% 134,907 133,740 134,570
Peter C. Foy & Associates
Insurance Services, LLC (dba
PCF Insurance Services)(1)(12) First lien senior
2500 West Executive Parkway, secured revolving
Lehi, UT , 84043 Insurance loan L + 6.00% 11/1/2027 0.0% - (50) (15)
PCF Midco II, LLC (dba PCF
Insurance Services)
2500 West Executive Parkway, First lien senior 9.00% (incl.
Lehi, UT , 84043 Insurance secured loan 9.00% PIK) 10/31/2031 0.0% 131,818 121,345 118,636
PCF Holdco, LLC (dba PCF
Insurance Services)
2500 West Executive Parkway ,
Lehi, UT , 84043 Insurance Class A Units N/A N/A 3.6% 14,772,724 37,464 67,456
PHM Netherlands Midco B.V .
(dba Loparex)(1)(3)
1255 Crescent Green, Cary, NC, First lien senior
27518 Manufacturing secured loan L + 4.50% 7/31/2026 0.0% 778 740 751
PHM Netherlands Midco B.V .
(dba Loparex)(1)(3)
1255 Crescent Green, Cary, NC, Second lien senior
27518 Manufacturing secured loan L + 8.75% 7/30/2027 0.0% 112,000 106,756 109,200
Phoenix Newco, Inc. (dba
Parexel)(1)(2)
275 Grove Street, Waltham, MA, Healthcare providers and Second lien senior
02466 services secured loan L + 6.50% 11/15/2029 0.0% 190,000 188,302 186,200
Ping Identity Holding
Corp.(1)(5)
1001 17th Street, Denver, CO, First lien senior
80202 Business services secured loan S + 7.00% 10/17/2029 0.0% 909 896 895
Ping Identity Holding
Corp.(1)(12) First lien senior
1001 17th Street, Denver, CO, secured revolving
80202 Business services loan S + 7.00% 10/17/2028 0.0% - (1) (1)
Plasma Buyer LLC (dba
PathGroup)(1)(5)
5301 Virginia Way, Brentwood, Healthcare providers and First lien senior
TN, 37027 services secured loan S + 5.75% 5/14/2029 0.0% 679 666 667
Plasma Buyer LLC (dba
PathGroup)(1)(12) First lien senior
5301 Virginia Way, Brentwood, Healthcare providers and secured delayed
TN, 37027 services draw term loan S + 5.75% 5/13/2024 0.0% - (2) (1)
Plasma Buyer LLC (dba
PathGroup)(1)(12) First lien senior
5301 Virginia Way, Brentwood, Healthcare providers and secured revolving
TN, 37027 services loan S + 5.75% 5/12/2028 0.0% - (1) (1)
Pluralsight, LLC (1)(3)
42 Future Way, Draper, UT, First lien senior
84020 Education secured loan L + 8.00% 4/6/2027 0.0% 99,450 98,455 97,958
Pluralsight, LLC(1)(2)(12) First lien senior
42 Future Way, Draper, UT, secured revolving
84020 Education loan L + 8.00% 4/6/2027 0.0% 3,118 3,055 3,024
PPV Intermediate Holdings ,
LLC(1)(6)
141 Longwater Drive, Hingham, Healthcare providers and First lien senior
MA, 02061 services secured loan S + 5.75% 8/31/2029 0.0% 823 808 807
109--------------------------------------------------------------------------------
Percentage of
Class Held on a Principal Number
($ in thousands) Fully Diluted of Shares /
Company Industry Type of Investment Interest Rate Maturity / Dissolution Date Basis Number of Units Amortized Cost Fair Value
PPV Intermediate Holdings, LLC(1)(12) First lien senior
141 Longwater Drive, Hingham, MA, Healthcare providers secured delayed
02061 and services draw term loan S + 5.75% 9/2/2024 0.0% - (2) (1)
PPV Intermediate Holdings ,
LLC(1)(6)(12) First lien senior
141 Longwater Drive, Hingham, MA, Healthcare providers secured revolving
02061 and services loan S + 5.75% 8/31/2029 0.0% 18 17 17
Pregis Topco LLC (1)(2)
1650 Lake Cook Road, Deerfield, IL, Containers and Second lien senior
60015 packaging secured loan L + 7.02% 8/1/2029 0.0% 160,000 157,716 158,193
Premier Imaging, LLC (dba
LucidHealth)(1)(2)
100 East Campus View Boulevard, Healthcare providers First lien senior
Columbus, OH , 43235 and services secured loan L + 5.75% 1/2/2025 0.0% 42,998 42,666 42,460
Project Power Buyer, LLC (dba
PEC-Veriforce)(1)(2)
233 General Patton Ave. Mandeville, First lien senior
LA 70471 Oil and gas secured loan L + 6.00% 5/14/2026 0.0% 44,630 44,292 44,630
Project Power Buyer, LLC (dba
PEC-Veriforce)(1)(12) First lien senior
233 General Patton Ave. Mandeville, secured revolving
LA 70471 Oil and gas loan L + 6.00% 5/14/2025 0.0% - (16) -
Proofpoint, Inc. (1)(3)
925 West Maude Avenue, Sunnyvale, CA, Internet software and Second lien senior
94085 services secured loan L + 6.25% 8/31/2029 0.0% 19,600 19,514 18,767
PS Operating Company LLC (fka QC
Supply, LLC )(1)(3)(13)
Post Office Box 581, Schuyler, NE, First lien senior
68661 Distribution secured loan L + 6.00% 12/31/2024 0.0% 13,241 12,976 12,778
PS Operating Company LLC (fka QC
Supply, LLC)(1)(3)(12)(13) First lien senior
Post Office Box 581, Schuyler, NE, secured revolving
68661 Distribution loan L + 6.00% 12/31/2024 0.0% 3,807 3,708 3,633
PS Op Holdings LLC (fka QC Supply,
LLC)(13)
Post Office Box 581, Schuyler, NE, Class A Common
68661 Distribution Units N/A N/A 33.1% 248,271 4,300 3,950
QAD, Inc. (1)(2)
100 Innovation Place, Santa Barbara, Internet software and First lien senior
CA, 93108 services secured loan L + 6.00% 11/5/2027 0.0% 26,372 25,929 25,713
QAD, Inc.(1)(12) First lien senior
100 Innovation Place, Santa Barbara, Internet software and secured revolving
CA, 93108 services loan L + 6.00% 11/5/2027 0.0% - (55) (86)
Quva Pharma, Inc. (1)(3)
3 Sugar Creek Center Boulevard, Sugar Healthcare providers First lien senior
Land, TX, 77478 and services secured loan L + 5.50% 4/12/2028 0.0% 39,500 38,554 38,710
Quva Pharma, Inc.(1)(3)(12) First lien senior
3 Sugar Creek Center Boulevard, Sugar Healthcare providers secured revolving
Land, TX, 77478 and services loan L + 5.50% 4/10/2026 0.0% 1,920 1,841 1,840
REALPAGE, INC.(1)(2)
2201 Lakeside Boulevard, Richardson, Buildings and real Second lien senior
TX, 75082 estate secured loan L + 6.50% 4/23/2029 0.0% 34,500 34,067 33,033
Recipe Acquisition Corp. (dba Roland
Corporation)(1)(6)
71 West 23rd Street, New York, NY, Second lien senior
10010 Food and beverage secured loan S + 9.00% 12/22/2023 0.0% 32,000 31,960 31,520
Relativity ODA LLC (1)(2)
231 South LaSalle Street, Chicago, First lien senior 7.50% (incl.
IL, 60604 Professional services secured loan L + 7.50% PIK) 5/12/2027 0.0% 83,982 83,128 83,772
Relativity ODA LLC(1)(12) First lien senior
231 South LaSalle Street, Chicago, secured revolving
IL, 60604 Professional services loan L + 6.50% 5/12/2027 0.0% - (80) (18)
Rhea Parent, Inc. (1)(6)
1 Technology Circle, Columbia, SC, Healthcare equipment First lien senior
29203 and services secured loan S + 5.75% 2/19/2029 0.0% 770 756 753
110--------------------------------------------------------------------------------
Percentage of
Class Held on a Principal Number
($ in thousands) Fully Diluted of Shares /
Company Industry Type of Investment Interest Rate Maturity / Dissolution Date Basis Number of Units Amortized Cost Fair Value
Rhea Acquisition Holdings ,
LP
1 Technology Circle, Healthcare equipment and
Columbia, SC , 29203 services Series A-2 Units N/A N/A 0.0% 119,048 119 119
Safety Products/JHC
Acquisition Corp. (dba
Justrite Safety Group )(1)(2)
1751 Lake Cook Road, First lien senior
Deerfield, IL , 60015 Manufacturing secured loan L + 4.50% 6/29/2026 0.0% 13,781 13,706 13,470
SailPoint Technologies
Holdings, Inc.(1)(5)
11120 Four Points Drive, Internet software and First lien senior
Austin, TX , 78726 services secured loan S + 6.25% 8/15/2029 0.0% 45,640 44,713 44,727
SailPoint Technologies
Holdings, Inc.(1)(12) First lien senior
11120 Four Points Drive, Internet software and secured revolving
Austin, TX , 78726 services loan S + 6.25% 8/15/2028 0.0% - (82) (87)
Project Hotel California
Co-Invest Fund, L.P.
11120 Four Points Drive, Internet software and
Austin, TX , 78726 services LP Interest N/A N/A 0.1% 2,687 2,687 2,685
Sara Lee Frozen Bakery, LLC
(fka KSLB Holdings,
LLC)(1)(3)
1 Tower Lane Suite 500,
Oakbrook Terrace, IL 60181, First lien senior
Oakbrook Terrace, IL , 60181 Food and beverage secured loan L + 4.50% 7/30/2025 0.0% 43,522 43,166 40,693
Sara Lee Frozen Bakery, LLC
(fka KSLB Holdings,
LLC)(1)(3)(12)
1 Tower Lane Suite 500, First lien senior
Oakbrook Terrace, IL 60181, secured revolving
Oakbrook Terrace, IL , 60181 Food and beverage loan L + 4.50% 7/31/2023 0.0% 7,020 6,997 6,435
Securonix, Inc. (1)(6)
5080 Spectrum Drive, Internet software and First lien senior
Addison, TX , 75001 services secured loan S + 6.50% 4/5/2028 0.0% 847 840 839
Securonix, Inc.(1)(12) First lien senior
5080 Spectrum Drive, Internet software and secured revolving
Addison, TX , 75001 services loan S + 6.50% 4/5/2028 0.0% - (1) (2)
Shearer's Foods, LLC (1)(2)
100 Lincoln Way East, Second lien senior
Massillon, OH , 44646 Food and beverage secured loan L + 7.75% 9/22/2028 0.0% 115,200 114,325 114,624
SimpliSafe Holding
Corporation(1)(5)
294 Washington Street, First lien senior
Boston, MA , 02108 Household products secured loan S + 6.25% 5/2/2028 0.0% 6,142 6,030 6,065
SimpliSafe Holding
Corporation(1)(12) First lien senior
294 Washington Street, secured delayed
Boston, MA , 02108 Household products draw term loan S + 6.25% 5/2/2024 0.0% - (7) (2)
Smarsh Inc. (1)(7)
851 Southwest 6th Avenue, First lien senior
Portland, OR , 97204 Financial services secured loan S + 6.50% 2/16/2029 0.0% 762 755 754
Smarsh Inc.(1)(7)(12) First lien senior
851 Southwest 6th Avenue, secured delayed
Portland, OR , 97204 Financial services draw term loan S + 6.50% 2/19/2024 0.0% 95 93 94
Smarsh Inc.(1)(12) First lien senior
851 Southwest 6th Avenue, secured revolving
Portland, OR , 97204 Financial services loan S + 6.50% 2/16/2029 0.0% - - -
Sonny's Enterprises
LLC(1)(6)
5605 Hiatus Road, Tamarac, First lien senior
FL, 33321 Manufacturing secured loan S + 6.75% 8/5/2026 0.0% 229,908 226,995 229,908
Sonny's Enterprises
LLC(1)(12) First lien senior
5605 Hiatus Road, Tamarac, secured revolving
FL, 33321 Manufacturing loan S + 6.75% 8/5/2025 0.0% - (186) -
Space Exploration
Technologies Corp.
1 Rocket Road, Hawthorne, Class A Common
CA, 90250 Aerospace and defense Stock N/A N/A 0.0% 46,605 2,557 3,509
111--------------------------------------------------------------------------------
Percentage of
Class Held on a Principal Number
($ in thousands) Fully Diluted of Shares /
Company Industry Type of Investment Interest Rate Maturity / Dissolution Date Basis Number of Units Amortized Cost Fair Value
Space Exploration Technologies
Corp.
1 Rocket Road, Hawthorne, CA, Class C Common
90250 Aerospace and defense Stock N/A N/A 0.0% 9,360 446 705
Spotless Brands, LLC (1)(6)
1 Mid America Plaza Suite 210, First lien senior
Chicago, IL , 60181 Professional services secured loan S + 6.50% 7/25/2028 0.0% 48,592 47,675 47,621
Spotless Brands, LLC(1)(12) First lien senior
1 Mid America Plaza Suite 210, secured revolving
Chicago, IL , 60181 Professional services loan S + 6.50% 7/25/2028 0.0% - (24) (26)
Swipe Acquisition Corporation
(dba PLI)(1)(5)(13)
1220 Trade Drive, Las Vegas, NV, First lien senior
89030 Advertising and media secured loan S + 8.00% 6/28/2024 0.0% 49,360 48,911 49,236
Swipe Acquisition Corporation
(dba PLI)(1)(6)(12)(13) First lien senior
1220 Trade Drive, Las Vegas, NV, secured delayed
89030 Advertising and media draw term loan S + 8.00% 5/31/2023 0.0% 14,698 14,698 14,645
Swipe Acquisition Corporation
(dba PLI)(1)(12)(13)
1220 Trade Drive , Las Vegas, NV ,
89030 Advertising and media Letter of Credit S + 8.00% 6/28/2024 0.0% - 2 -
New PLI Holdings, LLC (dba
PLI)(13)
1220 Trade Drive, Las Vegas, NV, Class A Common
89030 Advertising and media Units N/A N/A 86.7% 86,745 48,008 97,799
SWK BUYER, Inc. (dba Stonewall
Kitchen)(1)(7)
2 Stonewall Lane, York, ME, First lien senior
03909 Consumer products secured loan S + 5.25% 3/12/2029 0.0% 751 737 728
SWK BUYER, Inc. (dba Stonewall
Kitchen)(1)(12) First lien senior
2 Stonewall Lane, York, ME, secured delayed
03909 Consumer products draw term loan S + 5.25% 3/11/2024 0.0% - (2) (4)
SWK BUYER, Inc. (dba Stonewall
Kitchen)(1)(5)(12) First lien senior
2 Stonewall Lane, York, ME, secured revolving
03909 Consumer products loan S + 5.25% 3/12/2029 0.0% 25 23 22
Tahoe Finco, LLC (1)(2)
1101 CM Amsterdam, the Internet software and First lien senior
Netherlands , Herikerbergweg 88 services secured loan L + 6.00% 9/29/2028 0.0% 123,256 122,199 121,099
Tahoe Finco, LLC(1)(12) First lien senior
1101 CM Amsterdam, the Internet software and secured revolving
Netherlands , Herikerbergweg 88 services loan L + 6.00% 10/1/2027 0.0% - (73) (162)
Tall Tree Foods, Inc. (1)(2)
1190 West Loop SouthHouston, TX First lien senior
77028 Food and beverage secured loan L + 7.25% 1/31/2023 0.0% 39,084 39,084 39,084
Tamarack Intermediate, L.L.C.
(dba Verisk 3E)(1)(7)
1905 Aston Avenue, Carlsbad, CA, Infrastructure and First lien senior
92029 environmental services secured loan S + 5.75% 3/13/2028 0.0% 855 840 838
Tamarack Intermediate, L.L.C.
(dba Verisk 3E)(1)(5)(12) First lien senior
1905 Aston Avenue, Carlsbad, CA, Infrastructure and secured revolving
92029 environmental services loan S + 5.75% 3/13/2028 0.0% 25 23 22
Tempo Buyer Corp. (dba Global
Claims Services )(1)(3)
6745 Philips Industrial Blvd, First lien senior
Jacksonville, FL , 32256 Insurance secured loan L + 5.50% 8/28/2028 0.0% 1,078 1,060 1,051
Tempo Buyer Corp. (dba Global
Claims Services)(1)(12) First lien senior
6745 Philips Industrial Blvd, secured delayed
Jacksonville, FL , 32256 Insurance draw term loan L + 5.50% 8/28/2023 0.0% - (2) (5)
112--------------------------------------------------------------------------------
Percentage of
Class Held on a Principal Number of
($ in thousands) Fully Diluted Shares / Number of
Company Industry Type of Investment Interest Rate Maturity / Dissolution Date Basis Units Amortized Cost Fair Value
Tempo Buyer Corp. (dba Global
Claims Services)(1)(8)(12) First lien senior
6745 Philips Industrial Blvd, secured revolving
Jacksonville, FL , 32256 Insurance loan P + 4.50% 8/26/2027 0.0% 12 10 8
The NPD Group, L.P. (1)(5)
900 West Shore Road, Port First lien senior 6.25% (incl.
Washington, NY , 11050 Advertising and media secured loan S + 2.75% PIK) 12/1/2028 0.0% 23,717 23,252 23,243
The NPD Group, L.P.(1)(5)(12) First lien senior
900 West Shore Road, Port secured revolving
Washington, NY , 11050 Advertising and media loan S + 5.75% 12/1/2027 0.0% 181 153 151
The Shade Store, LLC (1)(6)
21 Abendroth Avenue, Port Chester, First lien senior
NY, 10573 Specialty Retail secured loan S + 6.00% 10/13/2027 0.0% 9,000 8,907 8,753
The Shade Store, LLC(1)(6)(12) First lien senior
21 Abendroth Avenue, Port Chester, secured revolving
NY, 10573 Specialty Retail loan S + 6.00% 10/13/2026 0.0% 255 246 230
THG Acquisition, LLC (dba
Hilb)(1)(2)
6802 Paragon Place, Richmond, VA, First lien senior
23230 Insurance secured loan L + 5.75% 12/2/2026 0.0% 74,744 73,593 73,810
THG Acquisition, LLC (dba
Hilb)(1)(12) First lien senior
6802 Paragon Place, Richmond, VA, secured revolving
23230 Insurance loan L + 5.75% 12/2/2025 0.0% - (112) (108)
Thunder Purchaser, Inc. (dba Vector
Solutions)(1)(3)
4890 West Kennedy Boulevard, Tampa, Internet software and First lien senior
FL, 33609 services secured loan L + 5.75% 6/30/2028 0.0% 64,151 63,623 62,868
Thunder Purchaser, Inc. (dba Vector
Solutions)(1)(3)(12) First lien senior
4890 West Kennedy Boulevard, Tampa, Internet software and secured delayed
FL, 33609 services draw term loan L + 5.75% 8/17/2023 0.0% 3,928 3,891 3,779
Thunder Purchaser, Inc. (dba Vector
Solutions)(1)(3)(12) First lien senior
4890 West Kennedy Boulevard, Tampa, Internet software and secured revolving
FL, 33609 services loan L + 5.75% 6/30/2027 0.0% 1,316 1,287 1,239
Thunder Topco L.P. (dba Vector
Solutions)
4890 West Kennedy Boulevard, Tampa, Internet software and
FL, 33609 services Common Units N/A N/A 0.4% 3,829,614 3,830 3,783
Tivity Health, Inc. (1)(6)
701 Cool Springs Boulevard, Healthcare providers and First lien senior
Franklin, TN , 37067 services secured loan S + 6.00% 6/28/2029 0.0% 998 974 983
Troon Golf, L.L.C. (1)(4)
15044 North Scottsdale Road, First lien senior
Scottsdale, AZ , 85254 Leisure and entertainment secured loan L + 5.75% 8/5/2027 0.0% 280,236 279,111 280,236
Troon Golf, L.L.C.(1)(12) First lien senior
15044 North Scottsdale Road, secured revolving
Scottsdale, AZ , 85254 Leisure and entertainment loan L + 5.75% 8/5/2026 0.0% - (78) -
Ultimate Baked Goods Midco,
LLC(1)(2)
828 Kasota Avenue South East, First lien senior
Minneapolis, MN , 55414 Food and beverage secured loan L + 6.50% 8/13/2027 0.0% 81,234 79,589 78,797
Ultimate Baked Goods Midco,
LLC(1)(2)(12) First lien senior
828 Kasota Avenue South East, secured revolving
Minneapolis, MN , 55414 Food and beverage loan L + 6.50% 8/13/2027 0.0% 2,611 2,420 2,312
Unified Women's Healthcare ,
LP(1)(5)
1501 Yamato Road, Boca Raton, FL, Healthcare providers and First lien senior
33431 services secured loan S + 5.25% 6/18/2029 0.0% 878 872 878
Unified Women's Healthcare ,
LP(1)(12) First lien senior
1501 Yamato Road, Boca Raton, FL, Healthcare providers and secured delayed
33431 services draw term loan S + 5.25% 6/17/2024 0.0% - - -
113--------------------------------------------------------------------------------
Percentage of
Class Held on a Principal Number
($ in thousands) Fully Diluted of Shares /
Company Industry Type of Investment Interest Rate Maturity / Dissolution Date Basis Number of Units Amortized Cost Fair Value
Unified Women's Healthcare ,
LP(1)(12)
1501 Yamato Road, Boca Raton, Healthcare providers First lien senior
FL, 33431 and services secured revolving loan S + 5.25% 6/18/2029 0.0% - (1) -
USRP Holdings, Inc. (dba U.S.
Retirement and Benefits
Partners)(1)(3)
99 Wood Avenue South, Iselin, First lien senior
NJ, 08830 Insurance secured loan L + 5.50% 7/23/2027 0.0% 38,696 38,075 37,922
USRP Holdings, Inc. (dba U.S.
Retirement and Benefits
Partners)(1)(12)
99 Wood Avenue South, Iselin, First lien senior
NJ, 08830 Insurance secured revolving loan L + 5.50% 7/23/2027 0.0% - (65) (85)
KUSRP Intermediate, Inc. (dba
U.S. Retirement and Benefits
Partners)(1)(4)
99 Wood Avenue South, Iselin, First lien senior 9.50% (incl.
NJ, 08830 Insurance secured loan L + 9.50% PIK) 7/24/2028 0.0% 34,918 34,399 34,482
Valence Surface Technologies
LLC(1)(6)
1790 Hughes Landing Blvd Ste. First lien senior 7.75% (incl.
300The Woodlands, TX 77380 Aerospace and defense secured loan S + 3.88% PIK) 6/30/2025 0.0% 128,074 127,233 102,459
Valence Surface Technologies
LLC(1)(6)(12)
1790 Hughes Landing Blvd Ste. First lien senior
300The Woodlands, TX 77380 Aerospace and defense secured revolving loan S + 7.75% 6/30/2025 0.0% 10,408 10,345 8,316
Velocity HoldCo III Inc. (dba
VelocityEHS)(1)(4)
222 Merchandise Mart Plaza, First lien senior
Chicago, IL , 60654 Chemicals secured loan L + 5.75% 4/22/2027 0.0% 21,992 21,614 21,992
Velocity HoldCo III Inc. (dba
VelocityEHS )(1)(2)(12)
222 Merchandise Mart Plaza, First lien senior
Chicago, IL , 60654 Chemicals secured revolving loan L + 5.75% 4/22/2026 0.0% 268 248 268
Vermont Aus Pty Ltd (1)(6)
Quarter One, Level 2, 1 Epping Healthcare providers First lien senior
Road, North Ryde , NSW 2113 and services secured loan S + 5.50% 3/22/2028 0.0% 993 970 968
Walker Edison Furniture Company
LLC(1)(3)
1553 West 9000 South, Salt Lake First lien senior 8.75% (incl.
City, UT, 84088 Household products secured loan L + 3.00% PIK) 3/31/2027 0.0% 86,203 83,193 43,963
When I Work, Inc. (1)(3)
420 North 5th Street, Internet software and First lien senior 7.00% (incl.
Minneapolis, MN , 55401 services secured loan L + 7.00% PIK) 11/2/2027 0.0% 5,200 5,158 5,096
When I Work, Inc. (1)(12)
420 North 5th Street, Internet software and First lien senior
Minneapolis, MN , 55401 services secured revolving loan L + 6.00% 11/2/2027 0.0% - (7) (18)
BCTO WIW Holdings, Inc. (dba
When I Work)
420 North 5th Street, Internet software and
Minneapolis, MN , 55401 services Class A Common Stock N/A N/A 0.5% 13,000 1,300 1,171
Windows Entities
6201 E 43rd St , Tulsa, OK 74135 Manufacturing LLC Units N/A N/A 22.5% 31,849 60,318 121,419
Wingspire Capital Holdings
LLC(12)(13)
8000 Avalon Blvd., Suite 100, Asset Based Lending and
Alpharetta, GA 30009 Fund Finance LLC interest N/A N/A 75.0% 364,145 364,145 431,531
WU Holdco, Inc. (dba Weiman
Products, LLC)(1)(3)
One Market Street, Gurnee, IL, First lien senior
60031 Consumer products secured loan L + 5.50% 3/26/2026 0.0% 202,864 200,481 197,793
WU Holdco, Inc. (dba Weiman
Products, LLC )(1)(3)(12)
One Market Street, Gurnee, IL, First lien senior
60031 Consumer products secured revolving loan L + 5.50% 3/26/2025 0.0% 9,987 9,826 9,507
114--------------------------------------------------------------------------------
Percentage of
Class Held on a Principal Number
($ in thousands) Fully Diluted of Shares /
Company Industry Type of Investment Interest Rate Maturity / DissolutionDate Basis Number of Units Amortized Cost Fair ValueWMC Bidco, Inc. (dba West Monroe) Internet 222 West Adams Street, software and Senior Preferred 11.25% (incl.Chicago, IL , 60606 services Stock 11.25% PIK) N/A 0.0% 18,427 18,039 17,230 Zendesk, Inc.(1)(6) Internet 989 Market Street, San software and First lien senior Francisco, CA, 94103 services secured loan S + 6.50%11/22/2028 0.0% 69,409 68,040 67,674 Zendesk, Inc.(1)(12) Internet First lien senior 989 Market Street, San software and secured delayed Francisco, CA, 94103 services draw term loan S + 6.50%11/22/2024 0.0% - (631) (260) Zendesk, Inc.(1)(12) Internet First lien senior 989 Market Street, San software and secured revolving Francisco, CA, 94103 services loan S + 6.50%11/22/2028 0.0% - (140) (179)Zoro TopCo, Inc. (dba Zendesk, Inc.) Internet 989 Market Street, San software and Series A Preferred 12.50% (incl. Francisco, CA, 94103 services Stock 12.50% PIK) N/A 0.0% 9,554 9,220 9,220Zoro TopCo, L.P. (dba Zendesk, Inc.) Internet 989 Market Street, San software and Class A Common Francisco, CA, 94103 services Units N/A N/A 0.1% 796,165 7,962 7,962 Zenith EnergyU.S. Logistics Holdings, LLC(1)(2) 3900 Essex Lane Suite 700, First lien seniorHouston, TX , 77027 Oil and gas secured loan L + 5.50%12/20/2024 0.0% 58,042 57,575 58,042 _______________ (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-, three-, six- or twelve- month LIBOR), Secured Overnight Financing Rate ("SOFR" or "S," which can include one-, three- or six- month SOFR), Euro Interbank Offered Rate ("EURIBOR"), GreatBritain Pound London Interbank Offered Rate ("GBPLIBOR" or "G", which can include three- or six-month GBPLIBOR), SONIA ("SONIA" or "SA") 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 ofDecember 31, 2022 was 4.39%. (3)The interest rate on these loans is subject to 3 month LIBOR, which as ofDecember 31, 2022 was 4.77%. (4)The interest rate on these loans is subject to 6 month LIBOR, which as ofDecember 31, 2022 was 5.14%. (5)The interest rate on these loans is subject to 1 month SOFR, which as ofDecember 31, 2022 was 4.36%. (6)The interest rate on these loans is subject to 3 month SOFR, which as ofDecember 31, 2022 was 4.59%. (7)The interest rate on these loans is subject to 6 month SOFR, which as ofDecember 31, 2022 was 4.78%. (8)The interest rate on these loans is subject to Prime, which as ofDecember 31, 2022 was 7.50%. (9)The interest rate on this loan is subject to 3 month EURIBOR, which as ofDecember 31, 2022 was 2.13%. (10)The interest rate on this loan is subject to 6 month EURIBOR, which as ofDecember 31, 2022 was 2.69%. (11)The interest rate on this loan is subject to SONIA, which as ofDecember 31, 2022 was 3.43%. (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. (14)As defined in the 1940 Act, the Company is deemed to be an "affiliated person" of this portfolio company as the Company owns more than 5% but less than 25% of the portfolio company's voting securities or has the power to exercise control over management or policies of such portfolio company, including through a management agreement ("non-controlled affiliate").
Specialty Financing Portfolio Companies
Wingspire
Wingspire is an independent diversified direct lender focused on providing asset-based commercial finance loans and related senior secured loans toU.S. -based middle market borrowers. Wingspire offers a wide variety of asset-based financing solutions to businesses in an array of industries, including revolving credit facilities, machinery and equipment term loans, real estate term loans, first-in/last-out tranches, cash flow term loans, and opportunistic / bridge financings. We committed$50 million to Wingspire onSeptember 24, 2019 , and subsequently increased our commitment to$100 million onMarch 25, 2020 , to$150 million onJuly 31, 2020 , to$200 million onMarch 8, 2021 , to$250 million onAugust 19, 2021 , to$350 million onFebruary 28, 2022 and again to$400 million onMay 21, 2022 . 115 --------------------------------------------------------------------------------
Amergin
Amergin was created to invest in a leasing platform focused on railcar and aviation assets. Amergin consists ofAmergin AssetCo and Amergin Asset Management LLC , which has entered into a Servicing Agreement with Amergin AssetCo. We made a$90 million equity commitment to Amergin AssetCo onJuly 1, 2022 . Our investment in Amergin is a co-investment made with our affiliates in accordance with the terms of the exemptive relief that we received from theSEC . We do not consolidate our equity interest in Amergin AssetCo.
Fifth Season is a portfolio company created to invest in life settlement assets. OnJuly 18, 2022 , we made a$15.9 million equity commitment to Fifth Season. We increased our commitment to Fifth Season onOctober 17, 2022 ,November 9, 2022 ,November 15, 2022 andNovember 29, 2022 by$73.6 million ,$1.7 million ,$7.3 million and$7.0 million , respectively. Our investment in Fifth Season is a co-investment with our affiliates in accordance with the terms of the exemptive relief that we received from theSEC . We do not consolidate our equity interest in Fifth Season.
LSI Financing 1 DAC ("LSI Financing")
LSI Financing is a portfolio company formed to acquire a contractual right to revenue pursuant to an earnout agreement in the life sciences space. OnDecember 14, 2022 , we made a$6.2 million commitment to LSI Financing. Our investment in LSI Financing is a co-investment with our affiliates in accordance with the terms of the exemptive relief that we received from theSEC . We do not consolidate our equity interest in LSI Financing.
ORCC SLF, aDelaware limited liability company, was formed as a joint venture between us and The Regents of theUniversity of California ("Regents") and commenced operations onJune 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. ThroughJune 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. OnJuly 26, 2018 , each of the Initial Members increased their contribution to ORCC SLF up to an aggregate of$125 million . Effective as ofJune 30, 2021 , capital commitments to ORCC SLF were increased to an aggregate of$371.5 million . In connection with this change, we increased our economic ownership interest to 87.5% from 50.0% and Regents transferred its remaining economic interest of 12.5% toNationwide Life Insurance Company ("Nationwide" and together with us, the "Members" and each a "Member"). OnJuly 26, 2022 , we increased our capital commitments in ORCC SLF to an aggregate of$571.5 million . We increased our 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 . Our 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. 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 ofDecember 31, 2022 andDecember 31, 2021 , ORCC SLF had total investments in senior secured debt at fair value of$997.4 million and$790.3 million , respectively. The determination of fair value is in accordance withFinancial Accounting Standards Board ("FASB") Accounting Standards Codification 820, Fair Value Measurements ("ASC 820"), as amended; however, such fair value is not included in our Board's valuation process. The following table is a summary of ORCC SLF's portfolio as well as a listing of the portfolio investments in ORCC SLF's portfolio as ofDecember 31, 2022 andDecember 31, 2021 : December 31, ($ in thousands) December 31, 2022 2021 Total senior secured debt investments(1)$ 1,045,865 $ 798,420 Weighted average spread over base rate(1) 4.05 % 4.14 % Number of portfolio companies 56 38 Largest funded investment to a single borrower(1) 40,272 40,693 _______________ (1)At par. 116
--------------------------------------------------------------------------------
ORCC Senior Loan Fund's Portfolio as of December 31, 2022
($ in thousands)
Percentage of
Company(1)(2)(4)(5) Investment Interest Maturity Date Par / Units Amortized Cost(3) Fair Value Members' Equity
Debt Investments
Aerospace and defense
Applied Composites Holdings, LLC (fka AC&A First lien senior secured
Enterprises Holdings, LLC )(7) loan L + 6.00% 1/21/2025 34,111 33,956 33,305 10.1 %
revolving loan L + 6.00% 1/21/2025 3,000 2,995 2,928 0.9 %
First lien senior secured
Bleriot US Bidco Inc. (7) loan L + 4.00% 10/30/2026 25,368 25,282 25,049 7.6 %
Dynasty Acquisition Co., Inc. (dba First lien senior secured
StandardAero Limited )(14) loan S + 3.50% 4/6/2026 38,700 38,602 36,813 11.0 %
101,179 100,835 98,095 29.6 %
Automotive
First lien senior secured
Holley, Inc.(7)(9) loan L + 3.75% 11/17/2028 23,202 23,060 20,025 6.1 %
Mavis Tire Express Services Topco Corp. (9) First lien senior secured
(14) loan S + 4.00% 5/4/2028 2,925 2,905 2,785 0.8 %
First lien senior secured
PAI Holdco, Inc. (7) loan L + 3.75% 10/28/2027 9,887 9,767 8,700 2.6 %
36,014 35,732 31,510 9.5 %
Buildings and Real estate
First lien senior secured
CoreLogic Inc. (6)(9) loan L + 3.50% 6/2/2028 12,357 11,545 10,273 3.1 %
First lien senior secured
Wrench Group, LLC .(7) loan L + 4.00% 4/30/2026 32,008 31,898 30,890 9.5 %
44,365 43,443 41,163 12.6 %
Business Services
First lien senior secured
Capstone Acquisition Holdings, Inc. (6) loan L + 4.75% 11/12/2027 4,953 4,916 4,941 1.5 %
First lien senior secured
Capstone Acquisition Holdings, Inc. (6) delayed draw term loan L + 4.75%11/12/2027 334 331 333 0.1 % First lien senior securedCoolSys, Inc. (7) loan L + 4.75%8/11/2028 13,932 13,817 11,250 3.4 % First lien senior securedCoolSys, Inc. (10)(11)(12)(13) delayed draw term loan L + 4.75%8/11/2023 - (19) (467) - % First lien senior securedConnectWise, LLC (6)(9) loan L + 3.50%9/29/2028 16,830 16,759 15,951 4.8 % First lien senior securedLABL, Inc. (6) loan L + 5.00%10/29/2028 7,920 7,819 7,496 2.3 % First lien senior securedPackers Holdings, LLC (6) loan L + 3.25%3/9/2028 21,066 20,679 18,327 5.5 % 65,035 64,302 57,831 17.6 % Chemicals Aruba Investments Holdings LLC (dba Angus First lien senior securedChemical Company )(6) loan L + 3.75%11/24/2027 15,874 15,525 15,398 4.7 % 15,874 15,525 15,398 4.7 % Consumer Products First lien senior securedOlaplex, Inc. (14) loan S + 3.50%2/23/2029 14,925 14,892 14,030 4.2 % 14,925 14,892 14,030 4.2 % Containers and Packaging First lien senior secured BW Holding, Inc.(15) loan S + 4.00% 12/14/2028 12,197 11,971 11,221 3.4 % First lien senior secured Five Star Lower Holding LLC (16) loan S + 4.25% 5/5/2029 21,820 21,540 21,275 6.4 %
Ring Container Technologies Group, LLC (dba First lien senior secured Ring Container Technologies)(6)
loan L + 3.50% 8/12/2028 24,750 24,699 24,379 7.4 %
First lien senior secured
Valcour Packaging, LLC (8) loan L + 3.75% 10/4/2028 6,948 6,927 6,218 1.9 %
65,715 65,137 63,093 19.1 %
Distribution
BCPE Empire Holdings, Inc. (dba First lien senior secured
Imperial-Dade ) (9)(14) loan S + 4.63% 6/11/2026 24,813 24,044 24,068 7.3 %
117
--------------------------------------------------------------------------------
ORCC Senior Loan Fund's Portfolio as of December 31, 2022
($ in thousands)
Percentage of
Company(1)(2)(4)(5) Investment Interest Maturity Date Par / Units Amortized Cost(3) Fair Value Members' Equity
First lien senior secured
Dealer Tire, LLC (14) loan S + 4.50% 12/12/2025 35,982 35,091 35,563 10.7 %
First lien senior secured
SRS Distribution, Inc. (7) loan L + 3.50% 6/2/2028 9,875 9,816 9,431 2.9 %
70,670 68,951 69,062 20.9 %
Education
Spring Education Group, Inc. (fka SSH Group First lien senior secured
Holdings, Inc.)(7) loan L + 4.00% 7/30/2025 33,512 33,470 32,646 9.9 %
First lien senior secured
Sophia, L.P. (14) loan S + 4.25% 10/7/2027 19,900 19,723 19,850 6.0 %
53,412 53,193 52,496 15.9 %
Food and beverage
First lien senior secured
Balrog Acquisition, Inc. (dba Bakemark)(7) loan L + 4.00% 9/4/2028 24,750 24,533 24,193 7.3 %
First lien senior secured
Dessert Holdings(7) loan L + 4.00% 6/9/2028 25,718 25,560 23,789 7.2 %
First lien senior secured
Eagle Parent Corp .(9)(15) loan S + 4.25% 4/2/2029 2,722 2,661 2,668 0.8 %
First lien senior secured
Naked Juice LLC (dba Tropicana)(9)(15) loan S + 3.25% 1/24/2029 1,990 1,986 1,775 0.5 %
First lien senior secured
Sovos Brands Intermediate, Inc. (7)(9) loan L + 3.50% 6/8/2028 20,724 20,683 20,138 6.1 %
75,904 75,423 72,563 21.9 %
Healthcare equipment and services
First lien senior secured
Cadence, Inc. (6) loan L + 5.00% 5/21/2025 28,640 28,277 27,793 8.4 %
First lien senior secured
Cadence, Inc. (6)(10)(13) revolving loan L + 5.00% 5/21/2024 2,921 2,892 2,704 0.8 %
First lien senior secured
Confluent Medical Technologies, Inc. (15) loan S + 3.75% 2/16/2029 4,963 4,940 4,702 1.4 %
First lien senior secured
Medline Intermediate, LP(6)(9) loan L + 3.25% 10/23/2028 24,813 24,710 23,547 7.1 %
First lien senior secured
Packaging Coordinators Midco, Inc.(7)(9) loan L + 3.50% 11/30/2027 4,937 4,927 4,672 1.4 %
66,274 65,746 63,418 19.1 %
Healthcare providers and services
First lien senior secured
Confluent Health, LLC(6) loan L + 4.00% 11/30/2028 20,419 20,331 20,011 6.1 %
First lien senior secured
Confluent Health, LLC(6)(10)(12)(13) delayed draw term loan L + 4.00% 11/30/2023 2,514 2,496 2,426 0.7 %
First lien senior secured
Corgi Bidco, Inc.(9)(15) loan S + 5.00% 10/13/2029 15,000 14,126 14,018 4.2 %
First lien senior secured
Phoenix Newco, Inc. (dba Parexel)(6)(9) loan L + 3.25% 11/15/2028 27,294 27,177 26,240 7.9 %
First lien senior secured
Physician Partners, LLC(9)(14) loan S + 4.00% 12/23/2028 9,925 9,836 9,434 2.9 %
75,152 73,966 72,129 21.8 %
Healthcare technology
First lien senior secured
Athenahealth, Inc. (9)(14) loan S + 3.50% 2/15/2029 17,741 17,665 15,974 4.8 %
First lien senior secured
Athenahealth, Inc. (9)(10)(11)(12)(13)(14) delayed draw term loan S + 3.50% 8/15/2023 - (4) (206) - %
First lien senior secured
Imprivata, Inc. (14) loan S + 4.25% 12/1/2027 19,900 19,305 19,154 5.8 %
First lien senior secured
PointClickCare Technologies Inc. (15) loan S + 4.00% 12/29/2027 9,925 9,794 9,751 3.0 %
47,566 46,760 44,673 13.6 %
Infrastructure and environmental services
First lien senior secured
CHA Holding, Inc. (7) loan L + 4.50% 4/10/2025 40,272 40,115 39,466 11.9 %
40,272 40,115 39,466 11.9 %
Insurance
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ORCC Senior Loan Fund's Portfolio as of December 31, 2022
($ in thousands)
Percentage of
Company(1)(2)(4)(5) Investment Interest Maturity Date Par / Units Amortized Cost(3) Fair Value Members' Equity
First lien senior
Acrisure, LLC (15) secured loan S + 5.75% 2/15/2027 10,000 9,513 9,900 3.0 %
First lien senior
AssuredPartners, Inc. (6) secured loan L + 4.25% 2/12/2027 4,988 4,822 4,875 1.5 %
First lien senior
Integro Parent Inc.(15) secured loan S + 10.25% 10/30/2024 3,649 3,648 3,638 1.1 %
First lien senior
Integro Parent Inc.(15) secured revolving loan S + 10.25% 10/30/2024 736 736 733 0.2 %
19,373 18,719 19,146 5.8 %Internet software and services
First lien senior
Barracuda Networks, Inc. (15) secured loan S + 4.50% 8/15/2029 25,000 24,282 24,063 7.3 %
First lien senior
CDK Global, Inc.(9)(15) secured loan S + 4.50% 7/6/2029 25,000 24,292 24,745 7.5 %
First lien senior
DCert Buyer, Inc. (dba DigiCert )(9)(16) secured loan S + 4.00% 10/16/2026 21,993 21,925 21,214 6.4 %
First lien senior
Help/Systems Holdings, Inc.(15) secured loan S + 4.00% 11/19/2026 14,847 14,773 13,325 4.0 %
86,840 85,272 83,347 25.2 %
Manufacturing
Engineered Machinery Holdings (dba First lien senior
Duravant )(7) secured loan L + 3.75% 5/19/2028 34,649 34,508 33,483 10.1 %
Gloves Buyer, Inc. (dba Protective First lien senior
Industrial Products)(6) secured loan L + 4.00% 12/29/2027 14,875 14,706 14,763 4.7 %
First lien senior
Pro Mach Group, Inc.(6)(9) secured loan L + 4.00% 8/31/2028 24,757 24,652 24,039 7.3 %
74,281 73,866 72,285 22.1 %
Professional Services
First lien senior
Apex Group Treasury, LLC(7)(9) secured loan L + 3.75% 7/27/2028 32,685 32,584 31,050 9.4 %
First lien senior
Sovos Compliance, LLC (6) secured loan L + 4.50% 8/11/2028 25,518 25,374 23,477 7.1 %
58,203 57,958 54,527 16.5 %
Telecommunications
First lien senior
ETC Group (15) secured loan S + 6.00% 10/6/2029 5,000 4,609 4,763 1.4 %
First lien senior
Park Place Technologies, LLC (9) (14) secured loan S + 5.00% 11/10/2027 14,886 14,443 13,987 4.2 %
19,886 19,052 18,750 5.6 %
Transportation
First lien senior
Safe Fleet Holdings (14) secured loan S + 5.00% 2/23/2029 14,925 14,501 14,403 4.4 %
14,925 14,501 14,403 4.4 %
Total Debt Investments 1,045,865 1,033,388 997,385 302.0 %
Total Investments 1,045,865 1,033,388 997,385 302.0 %
_______________
(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),
Secured Overnight Financing Rate ("SOFR" or "S," which can include one-, three-
or six- month SOFR), 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, 2022 was 4.39%.
(7)The interest rate on these loans is subject to 3 month LIBOR, which as of
December 31, 2022 was 4.77%.
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(8)The interest rate on these loans is subject to 6 month LIBOR, which as of
December 31, 2022 was 5.14%..
(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 facilities.
(14)The interest rate on these loans is subject to 1 month SOFR, which as of
December 31, 2022 was 4.36%.
(15)The interest rate on these loans is subject to 3 month SOFR, which as of
December 31, 2022 was 4.59%.
(16)The interest rate on these loans is subject to 6 month SOFR, which as of
December 31, 2022 was 4.78%.
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
Debt Investments
Aerospace and defense
Applied Composites Holdings, LLC
(fka AC&A Enterprises Holdings, First lien senior
LLC)(8) secured loan L + 5.50% 12/21/2023 $ 34,470 $ 34,219 $ 33,961 12.0 %
secured revolving
LLC)(8)(14) loan L + 5.50% 12/21/2022 3,000 2,989 2,956 1.0 %
First lien senior
Bleriot US Bidco Inc.(8)(10) secured loan L + 4.00% 10/30/2026 24,627 24,522 24,585 8.7 %
Dynasty Acquisition Co., Inc. (dba First lien senior
secured loan L + 3.50% 4/6/2026 39,100 38,976 36,796 13.0 %
101,197 100,706 98,298 34.7 %
Automotive
First lien senior
Holley, Inc.(8)(10) secured loan L + 3.75% 11/17/2028 17,100 17,016 17,032 6.0 %
First lien senior
secured delayed draw
Holley, Inc.(8)(10)(11)(13) term loan L + 3.75% 5/18/2022 855 855 844 0.3 %
First lien senior
PAI Holdco, Inc.(8)(10)(14) secured loan L + 3.75% 10/28/2027 4,987 4,975 4,975 1.9 %
22,942 22,846 22,851 8.2 %
Buildings and Real estate
First lien senior
Wrench Group, LLC.(8) secured loan L
+ 4.00% 4/30/2026 32,341 32,198 32,179 11.4 %
Business Services
First lien senior
CoolSys, Inc. (8) secured loan L + 4.75% 8/11/2028 16,955 16,793 16,785 5.9 %
First lien senior
secured delayed draw
CoolSys, Inc. (11)(12)(13)(14) term loan L + 4.75% 8/11/2023 - (29) (30) - %
First lien senior
ConnectWise, LLC(8) secured loan L + 3.50% 9/29/2028 17,000 16,918 16,879 6.0 %
First lien senior
LABL, Inc. (8) secured loan L + 5.00% 10/29/2028 8,000 7,883 7,879 2.8 %
First lien senior
Packers Holdings, LLC (9)(10) secured loan L + 3.25% 3/9/2028 9,951 9,808 9,879 3.5 %
First lien senior
Vistage International, Inc. (8) secured loan L + 4.00% 2/10/2025 29,922 29,807 29,919 10.6 %
81,828 81,180 81,311 28.8 %
Chemicals
Aruba Investments Holdings LLC (dba First lien senior
secured loan L + 4.00% 11/24/2027 998 998 998 0.4 %
998 998 998 0.4 %
Containers and Packaging
First lien senior
BW Holding, Inc.(8)(14) secured loan L + 4.00% 12/14/2028 3,954 3,914 3,914 1.4 %
First lien senior
secured delayed draw
BW Holding, Inc.(11)(12)(13)(14) term loan L + 4.00% 12/17/2023 - (5) (5) - %
Ring Container Technologies Group,
LLC (dba Ring Container First lien senior
Technologies)(6)(10) secured loan L + 3.75% 8/12/2028 25,000 24,940 25,025 8.9 %
First lien senior
Valcour Packaging, LLC(7) secured loan L + 3.75% 10/4/2028 7,000 6,976 6,965 2.5 %
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ORCC Senior Loan Fund's Portfolio as of December 31, 2021
($ in thousands)
Percentage of
Company(1)(2)(4)(5) Investment Interest Maturity Date Par / Units Amortized Cost(3) Fair Value Members' Equity
35,954 35,825 35,899 12.8 %
Distribution
First lien senior secured
Dealer Tire, LLC (6)(10) loan L + 4.25% 12/12/2025 36,260 36,114 36,206 12.8 %
First lien senior secured
SRS Distribution, Inc. (9)(10) loan L + 3.75% 6/2/2028 9,975 9,906 9,943 3.5 %
46,235 46,020 46,149 16.3 %
Education
Spring Education Group, Inc. (fka SSH Group First lien senior secured
Holdings, Inc.)(8) loan L + 4.25% 7/30/2025 33,862 33,805 33,003 11.7 %
33,862 33,805 33,003 11.7 %
Food and beverage
First lien senior secured
Balrog Acquisition, Inc. (dba Bakemark)(9) loan L + 4.00% 9/5/2028 25,000 24,749 24,938 8.8 %
First lien senior secured
Dessert Holdings(8) loan L + 4.00% 6/9/2028 20,160 20,019 20,001 7.1 %
First lien senior secured
Dessert Holdings(11)(12)(13) delayed draw term loan L + 4.00% 6/9/2023 - - (2) - %
First lien senior secured
Sovos Brands Intermediate, Inc. (8)(10) loan L + 3.75% 6/8/2028 20,724 20,676 20,693 7.3 %
65,884 65,444 65,630 23.2 %Healthcare equipment and services
First lien senior secured
Cadence, Inc. (6) loan L + 5.00% 5/21/2025 26,714 26,363 26,195 9.3 %
First lien senior secured
Cadence, Inc. (6)(11)(14) revolving loan L + 5.00% 5/21/2024 2,055 2,004 1,912 0.7 %
First lien senior secured
Medline Borrower, LP(6)(10) loan L + 3.25% 10/23/2028 25,000 24,882 24,990 8.9 %
Packaging Coordinators Midco, First lien senior secured
Inc.(8)(10)(14) loan L + 3.75% 11/30/2027 4,987 4,975 4,983 1.8 %
58,756 58,224 58,080 20.7 %Healthcare providers and services
First lien senior secured
Confluent Health, LLC(6) loan L + 4.00% 11/30/2028 20,575 20,473 20,472 7.3 %
First lien senior secured
Confluent Health, LLC(11)(12)(13)(14) delayed draw term loan L + 4.00% 11/30/2023 - (22) (22) - %
Phoenix Newco, Inc. (dba First lien senior secured
Parexel)(6)(10)(14) loan L + 3.50% 11/15/2028 27,500 27,363 27,489 9.7 %
First lien senior secured
Unified Women's Healthcare, LP(6) loan L + 4.25% 12/20/2027 19,950 19,857 19,863 7.0 %
68,025 67,671 67,802 24.0 %
Healthcare technology
VVC Holdings Corp. (dba Athenahealth, First lien senior secured
Inc.)(8)(10) loan L + 4.25% 2/11/2026 17,179 16,961 17,162 6.1 %
17,179 16,961 17,162 6.1 %Infrastructure and environmental services
First lien senior secured
CHA Holding, Inc. (8) loan L + 4.50% 4/10/2025 40,693 40,471 40,171 14.2 %
40,693 40,471 40,171 14.2 %
Insurance
First lien senior secured
AmeriLife Holdings LLC(6)(10)(14) loan L + 4.00% 3/18/2027 7,980 7,940 7,946 2.8 %
First lien senior secured
Integro Parent Inc.(9) loan L + 5.75% 10/31/2022 29,615 29,584 28,422 10.1 %
First lien senior secured
Integro Parent Inc.(8)(11)(14) revolving loan L + 4.50% 4/30/2022 6,000 6,000 5,764 2.0 %
43,595 43,524 42,132 14.9 %Internet software and services
First lien senior secured
DCert Buyer, Inc. (dba DigiCert )(6)(10) loan L + 4.00% 10/16/2026 22,219 22,135 22,161 7.8 %
Trader Interactive, LLC (fka Dominion Web First lien senior secured
Solutions, LLC)(9)(14) loan L + 4.00% 7/28/2028 25,000 24,886 24,875 8.8 %
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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
47,219 47,021 47,036 16.6 %
Manufacturing
Engineered Machinery Holdings (dba First lien senior
secured loan L + 3.75% 5/19/2028 35,000 34,834 34,864 12.3 %
First lien senior
Pro Mach Group, Inc.(8)(10) secured loan L + 4.00% 8/31/2028 22,207 22,100 22,262 7.9 %
First lien senior
Pro Mach Group, secured delayed draw
Inc.(10)(11)(13)(14) term loan L + 4.00% 8/31/2023 - - - - %Gloves Buyer, Inc. (dba Protective First lien senior Industrial Products)(6)(14)
secured loan L + 4.00% 12/29/2027 7,500 7,463 7,463 2.6 %
64,707 64,397 64,589 22.8 %
Professional Services
First lien senior
Apex Group Treasury, LLC(8) secured loan L + 3.75% 7/27/2028 19,950 19,900 19,900 7.0 %
First lien senior
Sovos Compliance, LLC (6)(10) secured loan L + 4.50% 8/11/2028 17,055 17,011 17,087 6.1 %
First lien senior
secured delayed draw
Sovos Compliance, LLC (10)(11)(13) term loan L + 4.50% 8/12/2023 - - - - %
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.
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Below is selected balance sheet information for ORCC SLF as of December 31, 2022
and December 31, 2021:
($ in thousands) December 31, 2022 December 31, 2021
Assets
Investments at fair value (amortized cost of
$1,033,388 and $794,202, respectively) $ 997,385 $ 790,277
Cash 27,914 60,723
Interest receivable 3,920 1,319
Prepaid expenses and other assets 6,108 111
Total Assets $ 1,035,327 $ 852,430
Liabilities
Debt (net of unamortized debt issuance costs of
$6,117 and $5,368, respectively) $ 685,265 $ 469,514
Distributions payable 11,095 4,518
Payable for investments purchased - 91,986
Accrued expenses and other liabilities 8,703 4,056
Total Liabilities $ 705,063 $ 570,074
Members' Equity
Members' Equity 330,264 282,356
Members' Equity 330,264 282,356
Total Liabilities and Members' Equity $ 1,035,327 $ 852,430
Below is selected statement of operations information for ORCC SLF for the years ended December 31, 2022, 2021 and 2020:
For the Years Ended December 31,
($ in thousands) 2022 2021 2020
Investment Income
Interest income $ 63,220 $ 30,836 $ 32,163
Other income 2,599 344 281
Total Investment Income 65,819 31,180 32,444
Expenses
Interest expense 25,182 9,745 12,611
Professional fees 935 797 691
Total Expenses 26,117 10,542 13,302
Net Investment Income Before Taxes 39,702 20,638 19,142
Tax expense (benefit) 260 731 533
Net Investment Income After Taxes $ 39,442 $ 19,907 $ 18,609
Net Realized and Change in Unrealized Gain
(Loss) on Investments
Net change in unrealized gain (loss) on
investments (32,078) 663 (3,450)
Net realized gain on investments 27 207 4
Total Net Realized and Change in Unrealized
Gain (Loss) on Investments (32,051) 870 (3,446)
Net Increase in Members' Equity Resulting from
Operations $ 7,391 $ 20,777 $ 15,163
On August 9, 2017, Sebago Lake Financing LLC and SL Lending LLC, wholly-owned subsidiaries of ORCC SLF, entered into a credit facility withGoldman Sachs Bank USA .Goldman Sachs Bank USA serves as the sole lead arranger, syndication agent and administrative agent, andState 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 withGoldman 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, 2022, there was $451.9 million outstanding under the credit facility. On March 1, 2022, SLF Financing I LLC, a wholly-owned subsidiary of ORCC SLF, entered into a credit facility with Natixis,New York Branch which serves as the administrative agent and the initial lender, andState Street Bank and Trust Company which serves as the collateral agent, collateral administrator and 123 -------------------------------------------------------------------------------- custodian. The credit facility includes a maximum borrowing capacity of $300 million. The re-investment period on the credit facility ends on March 1, 2024 and the maturity date of the credit facility is March 1, 2032. As of December 31, 2022, there was $239.5 million outstanding under the credit facility. For the years ended December 31, 2022, 2021 and 2020, the components of interest expense were as follows: For the Years Ended December 31, ($ in thousands) 2022 2021 2020 Interest expense $ 23,825 $ 8,168 $ 10,962 Amortization of debt issuance costs 1,357 1,577 1,649 Total Interest Expense 25,182 9,745 12,611 Average interest rate 3.8 % 2.3 % 3.1 % Average daily borrowings $ 627,591 $ 359,501 $ 352,505 Results of Operations
The following table represents the operating results for the years ended December 31, 2022, 2021 and 2020:
For the Years Ended December 31,
($ in millions) 2022 2021 2020
Total Investment Income $ 1,202.0 $ 1,021.4 $ 803.3
Less: Net operating expenses 639.5 527.3 283.8
Net Investment Income (Loss) Before
Taxes $ 562.5 $ 494.1 $ 519.5
Less: Income tax expense (benefit),
including excise tax expense (benefit) 5.8 4.0 2.0
Net Investment Income (Loss) After Taxes $ 556.7 $ 490.1 $ 517.5
Net change in unrealized gain (loss) (94.5) 179.8 (76.0)
Net realized gain (loss) 4.1 (45.0) (53.8)
Net Increase (Decrease) in Net Assets
Resulting from Operations $ 466.3 $ 624.9 $ 387.7
Net increase (decrease) in net assets resulting from operations can vary from
period to period as a result of various factors, including the level of new
investment commitments, expenses, the recognition of realized gains and losses
and changes in unrealized appreciation and depreciation on the investment
portfolio. For the year ended December 31, 2022, our net asset value per share
decreased, primarily driven by market spreads widening.
Investment Income
Investment income for the years ended December 31, 2022, 2021 and 2020:
For the Years Ended December 31,
($ in millions) 2022 2021 2020
Interest income from investments $ 940.0 $ 893.3 $ 732.6
Payment-in-kind interest income from
investments 113.3 53.2 36.4
Dividend income from investments 129.5 48.4 19.5
Other income 19.2 26.5 14.8
Total investment income $ 1,202.0 $ 1,021.4 $ 803.3
For the years ended December 31, 2022 and 2021
Investment income increased to $1.2 billion for the year ended December 31, 2022
from $1.0 billion for the same period in prior year primarily due to an increase
in our portfolio's weighted average yield from 7.7% as of December 31, 2021 to
11.0% as of December 31, 2022 offset by a decrease in our debt portfolio which,
at par, decreased from $11.9 billion as of December 31, 2021 to $11.7 billion as
of December 31, 2022. Included in investment income is dividend income which
increased to $129.5 million from $48.4 million as of December 31, 2022 and 2021,
respectively, primarily due to an increase in dividends related to Windows
Entities,
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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 $11.8
million and $63.9 million, for the years ended December 31, 2022 and 2021,
respectively. This change is due to a decrease in unscheduled paydown activity
year over year and while these fees are non-recurring in nature, we expect
repayments to continue. For the year ended December 31, 2022 and 2021,
payment-in-kind income represented 11.6% and 6.4% of investment income,
respectively. 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. 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, 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 $23.6
million, for the years ended December 31, 2021 and 2020, respectively. This
change is due to an increase in unscheduled paydown activity year over year and
while these fees are non-recurring in nature, we expect repayments to continue
and increase when the interest rate environment stabilizes. For the year ended
December 31, 2021 and 2020, payment-in-kind income represented 6.4% and less
than 5.0% of investment income, respectively. Other income increased
period-over-period due to an increase in incremental fee income, which are fees
that are generally available to us as a result of closing investments and
normally paid at the time of closing. We expect that investment income will vary
based on a variety of factors including the pace of our originations and
repayments.
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Expenses
Expenses for the years ended December 31, 2022, 2021 and 2020:
For the Years Ended December 31,
($ in millions) 2022 2021 2020
Interest expense $ 307.5 $ 219.1 $ 152.9
Management fee 188.8 178.5 144.5
Performance based incentive fees 118.1 104.0 93.9
Professional fees 14.7 15.1 14.7
Directors' fees 1.1 1.0 0.8
Other general and administrative 9.3 9.6 7.9
Total operating expenses $
639.5 $ 527.3 $ 414.7
Management and incentive fees waived - - (130.9) Total operating expenses $
639.5 $ 527.3 $ 283.8
Under the terms of the Administration Agreement, we reimburse the Adviser for services performed for us. In addition, pursuant to the terms of the Administration Agreement, the Adviser may delegate its obligations under the Administration Agreement to an affiliate or to a third party and we reimburse the Adviser for any services performed for us by such affiliate or third party.
For the years ended December 31, 2022 and 2021
Total expenses increased to $639.5 million for the year ended December 31, 2022 from $527.3 million for the same period in the prior year primarily due to an increase in interest expense, gross management fees and incentive fees. The increase in interest expense of $88.4 million was driven by an increase in average daily borrowings to $7.3 billion from $6.3 billion period over period, coupled with an increase in the average interest rate to 3.7% from 3.0% period over period and includes approximately $2.6 million of non-recurring interest expense related to the termination of ORCC Financing IV LLC during the fourth quarter of 2022. Management fees increased primary due to an overall increase in our total assets. Incentive fees increased primarily due to an increase in dividend income. 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, 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 ofCLO 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. 126
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