Quarterly report pursuant to Section 13 or 15(d)

Investments (Tables)

v3.22.2.2
Investments (Tables)
9 Months Ended
Sep. 30, 2022
Schedule of Investments [Abstract]  
Schedule of Investments
Investments at fair value and amortized cost consisted of the following as of September 30, 2022 and December 31, 2021:
September 30, 2022 December 31, 2021
($ in thousands) Amortized Cost Fair Value Amortized Cost Fair Value
First-lien senior secured debt investments $ 9,367,994  $ 9,264,249  $ 9,548,096  $ 9,539,774 
Second-lien senior secured debt investments 1,930,111  1,846,431  1,919,453  1,921,447 
Unsecured debt investments 277,375  237,375  197,198  196,485 
Preferred equity investments
340,145  329,451  256,630  260,869 
Common equity investments(1)
671,145  844,502  477,462  576,004 
Investment funds and vehicles(2)
345,089  313,910  249,714  247,061 
Total Investments $ 12,931,859  $ 12,835,918  $ 12,648,553  $ 12,741,640 
_______________
(1)Includes equity investment in Wingspire, Amergin, and Chapford SMA.
(2)Includes equity investment in ORCC SLF. See below, within Note 4, for more information regarding ORCC SLF.
The industry composition of investments based on fair value as of September 30, 2022 and December 31, 2021 was as follows:
September 30, 2022 December 31, 2021
Advertising and media 1.5  % 0.9  %
Aerospace and defense 2.8  2.9 
Automotive 1.5  1.5 
Buildings and real estate 3.7  5.4 
Business services 2.9  3.3 
Chemicals 2.3  2.3 
Consumer products 4.0  4.0 
Containers and packaging 1.3  1.3 
Distribution 4.2  4.4 
Education 1.0  1.0 
Financial services(1) 9.8  8.4 
Food and beverage 6.8  6.2 
Healthcare equipment and services 3.8  4.2 
Healthcare providers and services 4.5  7.1 
Healthcare technology 4.6  4.6 
Household products 2.2  1.8 
Human resource support services 1.5  1.6 
Infrastructure and environmental services 1.4  1.5 
Insurance(3) 8.7  8.8 
Internet software and services 12.7  11.3 
Investment funds and vehicles(2) 2.4  1.9 
Leisure and entertainment 2.2  2.2 
Manufacturing 5.8  5.7 
Oil and gas 0.9  0.9 
Professional services 3.5  3.0 
Specialty retail 2.3  2.0 
Transportation 1.7  1.8 
Total 100.0  % 100.0  %
_______________
(1)Includes equity investment in Wingspire and Amergin.
(2)Includes equity investment in ORCC SLF. See below, within Note 4, for more information regarding ORCC SLF.
(3)Includes equity investment in Chapford SMA.
The geographic composition of investments based on fair value as of September 30, 2022 and December 31, 2021 was as follows:
September 30, 2022 December 31, 2021
United States:
Midwest 18.5  % 17.0  %
Northeast 19.8  19.7 
South 34.6  38.2 
West 20.2  18.6 
International 6.9  6.5 
Total 100.0  % 100.0  %
The following table is a summary of ORCC SLF’s portfolio as well as a listing of the portfolio investments in ORCC SLF’s portfolio as of September 30, 2022 and December 31, 2021:
($ in thousands) September 30, 2022 December 31, 2021
Total senior secured debt investments(1)
$ 1,030,851  $ 798,420 
Weighted average spread over base rate(1)
4.12  % 4.14  %
Number of portfolio companies 54  38 
Largest funded investment to a single borrower(1)
40,377  40,693 
_______________
(1)At par.

ORCC Senior Loan Fund's Portfolio as of September 30, 2022
($ in thousands)
(Unaudited)

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

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

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

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

_______________
(1)Certain portfolio company investments are subject to contractual restrictions on sales.
(2)Unless otherwise indicated, ORCC SLF’s investments are pledged as collateral supporting the amounts outstanding under ORCC SLF’s credit facility.
(3)The amortized cost represents the original cost adjusted for the amortization or accretion of premiums or discounts, as applicable, on debt investments using the effective interest method.
(4)Unless otherwise indicated, all investments are considered Level 3 investments.
(5)Unless otherwise indicated, loan contains a variable rate structure and may be subject to an interest rate floor. Variable rate loans bear interest at a rate that may be determined by reference to either the London Interbank Offered Rate (“LIBOR” or “L”) (which can include one-, two-, three- or six-month LIBOR) or an alternate base rate (which can include the Federal Funds Effective Rate or the Prime Rate), at the borrower’s option, and which reset periodically based on the terms of the loan agreement.
(6)The interest rate on these loans is subject to 1 month LIBOR, which as of September 30, 2022 was 3.14%.
(7)The interest rate on these loans is subject to 3 month LIBOR, which as of September 30, 2022 was 3.75%.
(8)The interest rate on these loans is subject to 6 month LIBOR, which as of September 30, 2022 was 4.23%.
(9)Level 2 investment.
(10)Position or portion thereof is an unfunded loan commitment.
(11)The negative cost is the result of the capitalized discount being greater than the principal amount outstanding on the loan. The negative fair value is the result of the capitalized discount on the loan.
(12)The date disclosed represents the commitment period of the unfunded term loan. Upon expiration of the commitment period, the funded portion of the term loan may be subject to a longer maturity date.
(13)Investment is not pledged as collateral under ORCC SLF’s credit facility.
(14)The interest rate on these loans is subject to 1 month SOFR, which as of September 30, 2022 was 3.04%.
(15)The interest rate on these loans is subject to 3 month SOFR, which as of September 30, 2022 was 3.59%.
ORCC Senior Loan Fund's Portfolio as of December 31, 2021
($ in thousands)

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

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

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

(1)Certain portfolio company investments are subject to contractual restrictions on sales.
(2)Unless otherwise indicated, ORCC SLF’s investments are pledged as collateral supporting the amounts outstanding under ORCC SLF’s credit facility.
(3)The amortized cost represents the original cost adjusted for the amortization of discounts and premiums, as applicable, on debt investments using the effective interest method.
(4)Unless otherwise indicated, all investments are considered Level 3 investments.
(5)Unless otherwise indicated, loan contains a variable rate structure and may be subject to an interest rate floor. Variable rate loans bear interest at a rate that may be determined by reference to either the London Interbank Offered Rate (“LIBOR” or “L”) (which can include one-, two-, three- or six-month LIBOR) or an alternate base rate (which can include the Federal Funds Effective Rate or the Prime Rate), at the borrower’s option, and which reset periodically based on the terms of the loan agreement.
(6)The interest rate on these loans is subject to 1 month LIBOR, which as of December 31, 2021 was 0.10%.
(7)The interest rate on these loans is subject to 2 month LIBOR, which as of December 31, 2021 was 0.15%.
(8)The interest rate on these loans is subject to 3 month LIBOR, which as of December 31, 2021 was 0.21%.
(9)The interest rate on these loans is subject to 6 month LIBOR, which as of December 31, 2021 was 0.34%.
(10)Level 2 investment.
(11)Position or portion thereof is an unfunded loan commitment.
(12)The negative cost is the result of the capitalized discount being greater than the principal amount outstanding on the loan. The negative fair value is the result of the capitalized discount on the loan.
(13)The date disclosed represents the commitment period of the unfunded term loan. Upon expiration of the commitment period, the funded portion of the term loan may be subject to a longer maturity date.
(14)Investment is not pledged as collateral under ORCC SLF’s credit facility.
Summary of Financial Information
Below is selected balance sheet information for ORCC SLF as of September 30, 2022 and December 31, 2021:
($ in thousands) September 30, 2022
(Unaudited)
December 31, 2021
Assets
Investments at fair value (amortized cost of $1,019,384 and $794,202, respectively)
$ 981,849  $ 790,277 
Cash 95,706  60,723 
Interest receivable 2,517  1,319 
Prepaid expenses and other assets 1,290  111 
Total Assets $ 1,081,362  $ 852,430 
Liabilities
Debt (net of unamortized debt issuance costs of $6,111 and $5,368, respectively)
$ 684,272  $ 469,514 
Distributions payable 11,775  4,518 
Payable for investments purchased 18,700  91,986 
Accrued expenses and other liabilities 7,861  4,056 
Total Liabilities $ 722,608  $ 570,074 
Members' Equity
Members' Equity 358,754  282,356 
Members' Equity 358,754  282,356 
Total Liabilities and Members' Equity $ 1,081,362  $ 852,430 
Below is selected statement of operations information for ORCC SLF for the three and nine months ended September 30, 2022 and 2021:
For the Three Months Ended September 30, For the Nine Months Ended September 30,
($ in thousands) 2022 2021 2022 2021
Investment Income
Interest income $ 19,140  $ 7,542  $ 41,884  $ 22,382 
Other income 772  14  1,993  209 
Total Investment Income 19,912  7,556  43,877  22,591 
Expenses
Interest expense 7,419  2,331  14,965  7,195 
Professional fees 243  181  719  570 
Total Expenses 7,662  2,512  15,684  7,765 
Net Investment Income Before Taxes 12,250  5,044  28,193  14,826 
Tax expense (benefit) 436  201  (184) 588 
Net Investment Income After Taxes $ 11,814  $ 4,843  $ 28,377  $ 14,238 
Net Realized and Change in Unrealized Gain (Loss) on Investments
Net change in unrealized gain (loss) on investments 599  869  (33,610) 2,317 
Net realized gain on investments —  18  20  155 
Total Net Realized and Change in Unrealized Gain (Loss) on Investments 599  887  (33,590) 2,472 
Net Increase in Members' Equity Resulting from Operations $ 12,413  $ 5,730  $ (5,213) $ 16,710