Blue Owl Credit Income Corp.

Company at a glance

• Type: Externally managed, closed-end investment company that has elected to be regulated as a Business Development Company (BDC) under the 1940 Act and to qualify as a Regulated Investment Company (RIC) for U.S. federal income tax purposes.
• Adviser/Administrator: Blue Owl Credit Advisors LLC (an affiliate of Blue Owl Capital Inc.). The Adviser sources, performs due diligence, structures, monitors and manages the portfolio day-to-day; the Adviser also serves as Administrator.
• Corporate structure: The Adviser is part of Blue Owl’s Credit platform. The Company relies on the Adviser for investment management and related services; the Company has no employees (all personnel are provided by the Adviser or its affiliates).

Business objective and strategy

• Investment objective: Generate current income and, to a lesser extent, capital appreciation.
• Target universe: U.S. middle-market companies.
• Primary approach: Originate and fund debt and, to a lesser extent, equity investments (including securities convertible into equity, warrants and equity-related securities). Focus on direct originations of senior secured loans, unsecured loans, subordinated/mezzanine debt, and broadly syndicated loans; equity and equity-linked investments are included opportunistically.
• Portfolio philosophy: Maintain a high-quality, diversified portfolio with conservative loan-to-value, generally favoring portfolio companies that can support cash flow and covenants; preference for floating-rate debt (the majority of debt investments are floating rate).
• Portfolio management: Emphasizes origination via an internal platform, active monitoring, covenant protection (with some covenant-lite exposure), and workout capabilities when required.

Investment strategy and portfolio characteristics (as of December 31, 2025)

• Portfolio scope
  • Portfolio companies: 370
  • Industries represented: 31
  • Largest industry by fair value: Healthcare providers and services (13.9% of portfolio)
• Portfolio composition (by fair value)
  • First-lien senior secured debt: 88.0% (of which 40.5% are unitranche, including last-out portions)
  • Second-lien senior secured debt: 4.2%
  • Unsecured debt: 1.3%
  • Specialty finance debt: 0.4%
  • Joint ventures: 1.0%
  • Preferred equity: 1.4%
  • Specialty finance equity: 2.5%
  • Common equity: 1.2%
• Debt characteristics
  • Approximately 98.2% of debt investments are floating rate; many include interest rate floors.
• Aggregate size and fair value
  • Total investments (amortized cost vs. fair value): $35.983B amortized cost vs. $35.918B fair value (12/31/2025)
  • Investments span 370 portfolio companies as of 12/31/2025
• Portfolio company fundamentals (excluding OCIC SLF and Credit SLF investments)
  • Weighted average annual revenue: $1.23 billion
  • Weighted average EBITDA: $296.7 million
  • Average interest coverage: 2.1x
  • Average net loan-to-value: 39.7%
• Declared and outstanding capital
  • Outstanding commitments to fund unfunded investments: $5.30B (as of 12/31/2025)
  • Unfunded commitments as of 12/31/2024: $3.19B

Capital structure and resources

• Leverage and asset coverage
  • Asset coverage: 223% as of 12/31/2025 (209% as of 12/31/2024)
  • Target leverage: 0.90x – 1.25x (with asset coverage mechanics under the 1940 Act)
• Debt facilities and securitizations
  • Revolving credit facility in place
  • Special purpose vehicle (SPV) asset credit facilities
  • Collateralized loan obligation (CLO) transactions
  • Potential for additional credit facilities and CLO transactions
• Cash flow and liquidity
  • Uses revolving debt and other borrowings to finance investments; distributions funded from earnings subject to regulatory constraints
• Cash resources and NAV context
  • As of 12/31/2025, illustrative context included approximately $19.76B net assets and $37.01B in total assets under a scenario used for leverage illustration

Offerings, share classes, and fundraising

• Continuous public offering framework
  • The Company operates under an Order that permits multiple share classes and various fee structures.
• Share classes and offering caps
  • Class S, Class D, Class I common stock
  • Offering cap: up to $14,000,000,000 in any combination of Class S, Class D, and Class I
• Share counts and gross proceeds
  • As of 12/31/2025
    • Class S shares outstanding: 711,941,000; gross proceeds $6.74B
    • Class D shares outstanding: 105,882,972; gross proceeds $0.99B
    • Class I shares outstanding: 1,470,414,548; gross proceeds $13.83B
  • As of 3/3/2026 (updated)
    • Class S: 724,971,329 shares; gross proceeds $6.86B
    • Class D: 106,298,969 shares; gross proceeds $0.99B
    • Class I: 1,513,730,543 shares; gross proceeds $14.23B
    • Subscriptions held in escrow (3/3/2026): $0.14B
• Distributions and reinvestment
  • Monthly or quarterly distributions, subject to board discretion and applicable law
  • Optional distribution reinvestment plan
  • Selling commissions and dealer-manager arrangements apply to Class S and Class D (Class I has no upfront commissions)
• Shareholder servicing and fees
  • Ongoing servicing fees: Class S 0.85% per year; Class D 0.25% per year of aggregate net asset value, payable monthly
  • Upfront selling commissions: Class S up to 3.50%; Class D up to 1.50%
  • Fees reduce net asset value and distributions for Class S and Class D
• Repurchase program
  • Quarterly tender offers to repurchase shares at net asset value per share for the applicable class
  • Typically limited to no more than 5% of outstanding shares per quarter
• Eligibility and regulatory limits
  • As a BDC, the Company must adhere to asset coverage and diversification requirements; offerings may be adjusted to remain compliant

Management, oversight, and operations

• Investment adviser: Blue Owl Credit Advisors LLC (affiliate of Blue Owl Capital Inc.)
• Board oversight: Independent directors provide governance; investment advisory and administration agreements are Board-approved
• Adviser scale and experience
  • Adviser’s investment team: more than 130 investment professionals (over 40 focused on technology investing)
  • Platform committees: Diversified Lending, Technology Lending, First Lien Lending, Opportunistic Lending
  • AUM across Blue Owl Credit Advisers: $157.76B as of 12/31/2025
  • Originations: From April 2016 to 12/31/2025, the Adviser or affiliates originated $187.04B aggregate principal amount of investments; $182.92B remained with the Company or affiliated entities prior to exits or repayments
• External resources and affiliates
  • The Adviser is an indirect affiliate of Blue Owl and part of Blue Owl’s Credit platform
  • The Company may co-invest with affiliates under an exemptive order; the Board oversees such co-investments

Tax status and distribution requirements

• Tax status: Intends to qualify as a RIC; otherwise could be taxed at corporate rates
• Distribution requirements: Must distribute at least 90% of “investment company taxable income” (and 90% of tax-exempt income) to maintain RIC status
• Potential excise tax: 4% excise tax on certain undistributed income if distributions are not timely
• Other tax considerations: PFIC/CFC and other tax issues depend on investments and structures

Risk and regulatory context

• Exposed to macro risks: interest rates, inflation, geopolitical events and capital markets disruptions
• Subject to leverage and asset-coverage constraints under the 1940 Act, which affect liquidity and distribution capacity
• Potential conflicts of interest from adviser affiliations and co-investments across Blue Owl clients
• Valuation risk: portfolio investments are carried at fair value and involve adviser judgment and third‑party inputs
• Operational risks include cybersecurity, privacy, ESG/regulatory compliance and data protection obligations
• Regulatory status as a BDC and any future rule changes could affect operations and fundraising

Notable specifics

• As of 12/31/2025: 370 portfolio companies across 31 industries; largest sector healthcare providers/services at 13.9%
• Capital structure by fair value (12/31/2025): first-lien senior secured 88.0% (40.5% unitranche); second-lien 4.2%; unsecured 1.3%; specialty finance debt 0.4%; joint ventures 1.0%; preferred equity 1.4%; specialty finance equity 2.5%; common equity 1.2%
• Floating-rate debt represents about 98.2% of debt investments
• Weighted portfolio metrics (excluding OCIC SLF/Credit SLF and ARR loans): revenue $1.23B; EBITDA $296.7M; interest coverage 2.1x; net loan-to-value 39.7%
• Asset coverage: 223% as of 12/31/2025 (209% as of 12/31/2024)
• Illustrative asset and leverage context: total assets $37.01B; outstanding indebtedness $15.75B; net assets $19.76B; implied leverage ~0.76x (illustrative basis)
• Offering history through 12/31/2025: Class S issued 711.941M shares ($6.74B gross proceeds); Class D 105.883M shares ($0.99B); Class I 1,470.415M shares ($13.83B)
• As of 3/3/2026: Class S 724.971M; Class D 106.299M; Class I 1,513.731M; gross proceeds $6.86B, $0.99B, $14.23B respectively; escrow $0.14B

What the company does

Blue Owl Credit Income Corp. pools investor capital to provide debt and, to a lesser extent, equity financing to U.S. middle-market companies, with a focus on senior secured loans and other credit instruments. It operates as a BDC and seeks to deliver current income and potential capital appreciation through origination and long-term holds of middle-market loans and related credit assets. The Company is externally managed and administered by Blue Owl’s credit platform, which provides the team and infrastructure to source, structure and monitor portfolio investments, including co-investments, SPVs and CLO transactions. Capital is raised through a continuous public offering across Class S, Class D and Class I shares; the Company also offers a distribution reinvestment plan, maintains a quarterly repurchase program and uses leverage within regulatory limits.