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Diversified Lending

Blue Owl Credit Income Corp. (OCIC)

OCIC provides investors access to a private credit strategy that seeks to generate attractive risk-adjusted returns that are largely income-based.

NAV $9.55 | Annualized total distrib. rate¹: 9.32%

NAV $9.56 | Annualized total distrib. rate¹: 9.92%

NAV $9.58 | Annualized total distrib. rate¹: 10.15%

Distribution payments are not guaranteed. Blue Owl Credit Income Corp. may pay distributions from sources other than cash flow from operations, including, without limitation, the sale of assets, borrowings, return of capital or offering proceeds, and advances or the deferral of fees and expense reimbursements. The annualized distribution rate shown is calculated by multiplying the sum of the last three base distributions per share paid and special distribution per share paid by four, and dividing the result by the NAV per share of the month preceding the relevant three month period. Excluding special dividends, the Fund declared an annualized distribution amount of ‌‌‌​​​‌‌‌​‌​​​‌‌​‌​‌​​​​​‌​​‌​‌‌‌‌​‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌​‌‌​‌‌​‌‌‌​‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌​​‌‌‌‌‌‌‌‌‌‌‌‌​​‌​$0.76‌‌‌ per share for Class S, ‌‌‌​​​‌‌‌​‌​​​‌‌​‌​‌​​​​​‌​​‌​‌‌‌‌​‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌​‌‌​‌‌​‌‌‌​‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌​​‌‌‌‌‌‌‌‌‌‌‌‌​​​‌$0.82‌‌‌ per share for Class D, and ‌‌‌​​​‌‌‌​‌​​​‌‌​‌​‌​​​​​‌​​‌​‌‌‌‌​‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌​‌‌​‌‌​‌‌‌​‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌​​‌‌‌‌‌‌‌‌‌‌‌‌​​​​$0.84‌‌‌ per share for Class I, resulting in annualized distribution rates of ‌‌‌​​​‌‌‌​‌​​​‌‌​‌​‌​​​​​‌​​‌​‌‌‌‌​‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌​‌‌​‌‌​‌‌‌​‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌​​‌‌‌‌‌‌‌‌‌‌‌‌​‌​‌7.97%‌‌‌ for Class S shares, ‌‌‌​​​‌‌‌​‌​​​‌‌​‌​‌​​​​​‌​​‌​‌‌‌‌​‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌​‌‌​‌‌​‌‌‌​‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌​​‌‌‌‌‌‌‌‌‌‌‌‌​‌​​8.55%‌‌‌ for Class D shares, and ‌‌‌​​​‌‌‌​‌​​​‌‌​‌​‌​​​​​‌​​‌​‌‌‌‌​‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌​‌‌​‌‌​‌‌‌​‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌​​‌‌‌‌‌‌‌‌‌‌‌‌​​‌‌8.78%‌‌‌ for Class I shares based on the last reported NAV. The annualized distribution rate shown may be rounded and is net of applicable servicing fees (Class S: 0.85%, Class D: 0.25%, Class I: No servicing fee). The payment of future distributions is subject to the discretion of OCIC’s board of directors and applicable legal restrictions, therefore there can be no assurance as to the amount or timing of any such future distributions. Distributions are not guaranteed. Up to 100% of distributions have been funded and may continue to be funded by the reimbursement of certain expenses that are subject to repayment to the Adviser of OCIC. Such waivers and reimbursements by the Adviser may not continue in the future. No distributions paid were classified as a return of capital for the quarter ending ‌‌‌​​​‌‌‌​‌​​​‌‌​‌​‌​​​​​‌​​‌​‌‌‌‌​‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌​‌‌​‌‌​‌‌‌​‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌​​‌‌‌‌‌‌‌‌‌‌‌‌​‌‌​September 30, 2024‌‌‌. For further information, please see our SEC filings at www.sec.gov. 
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About OCIC

OCIC is a perpetually non-traded business development company (BDC) that seeks to generate current income through a diverse, high-quality portfolio of predominantly senior secured, directly originated floating rate loans to U.S. middle and upper middle-market companies.

OCIC investments are diversified across non-cyclical, recession-resistant sectors, that are less sensitive to changes in demand.

Fund information

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Access an all-weather private credit solution

Learn more about the asset class and OCIC’s investment strategy, investment approach, and key terms.

Direct lending

Direct lending is where a single or a small group of non-bank lenders (or direct lenders) provide a financing solution directly to a private company (or borrower) who often seek loans to finance growth opportunities and their day-to-day operations. The direct lender and borrower directly negotiate a customized solution that suits the needs of both parties. These borrowers are typically privately held and/or owned by private equity firms and are looking for a reliable alternative to a bank.

Why OCIC?

OCIC aims to deliver three key benefits for investors seeking an alternative income solution.

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Attractive income

OCIC seeks to deliver attractive monthly income at a yield premium to public fixed income and credit markets, potentially benefiting from illiquidity and complexity premiums.

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Seeking risk mitigation

OCIC’s investment approach seeks to insulate the portfolio from many of the challenges in the public markets. OCIC’s investments are predominantly floating rate, first-lien, senior secured loans structured with low loan-to-values.

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Diversification

OCIC seeks to offers an uncorrelated return stream to traditional fixed income due to the floating rate nature of the portfolio coupled with the exposure to defensive, less-cyclical end markets.

Investing in real estate through a credit-oriented strategy

Blue Owl’s net lease real estate strategy takes a different approach from traditional real estate, one focused on creditworthiness of the underlying tenant, which is purpose built for today’s market environment.

Illustrative Investment Characteristics Traditional Real Estate1 Blue Owl Net Lease IG Fixed Income

Primary investment objective

Capital appreciation
Income

Realize capital appreciation from active investment management and asset management

Capital appreciation
Income

Generate current income and, to a lesser extent, capital appreciation

Capital appreciation
Income

Generate current income

Capital appreciation
Income

Return composition

Capital appreciation
Income
Realize capital appreciation from active investment management and asset management ORENT Chart 2
Capital appreciation
Income
Generate current income and, to a lesser extent, capital appreciation ORENT Chart 3-1
Capital appreciation
Income
Generate current income ORENT Chart 4
Capital appreciation
Income
Cashflow
Capital appreciation
Income
Variable cash flows
Capital appreciation
Income
Long-term contractual cash flows with escalators
Capital appreciation
Income
Contractual cash flows
Capital appreciation
Income
Creditworthy underlying tenant/borrower
Capital appreciation
Income
Sometimes
Capital appreciation
Income
Always2
Capital appreciation
Income
Always
Capital appreciation
Income
Volatility of capital appreciation
Capital appreciation
Income
Higher volatility
Capital appreciation
Income
Lower volatility
Capital appreciation
Income
None
Capital appreciation
Income
Liquidity
Capital appreciation
Income
Less liquid
Capital appreciation
Income
More liquid
Capital appreciation
Income
Liquid
Capital appreciation
Income
Tax-efficiency of income
Capital appreciation
Income
High
Capital appreciation
Income
High
Capital appreciation
Income
Low
Capital appreciation
Income
Headline risks
Capital appreciation
Income
  • New supply
  • Growing expenses
  • Asset selection
  • Geographic selection
Capital appreciation
Income
Tenant credit
Capital appreciation
Income
Bond credit
Capital appreciation
Income

The graphic above seeks to examine for illustrative and educational purposes only similar characteristics of different types of investments solutions. This is not a comparison of like products but rather an illustration of different products with similar characteristics.

1.Based on Blue Owl research on open-end core funds. The terms, investment targets and potential risks of each individual core fund offered by non-Blue Owl sponsors may vary and investors should independently evaluate the risks involved

2.Investment grade companies must have “BBB-” rating or higher by S&P. Creditworthy refers to businesses that Blue Owl deems financially sound enough to justify an extension of credit or engage in a lease agreement. Tenants are creditworthy or investment grade at acquisition.

Performance

OCIC is structured as a perpetually non-traded, multi-share class business development company with monthly closings, monthly distributions, and a quarterly tender.

Total net return11

Share Class 1-month 3-month YTD 1-year 3-year ITD
Class S (No sales load) 0.66% 2.35% 8.74% 12.00% 9.60% 9.20%
Class S (Max sales load) -2.74% -1.11% 5.07% 8.22% 8.35% 8.15%

Historical net asset value per share

Year Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
2024 $9.49 $9.49 $9.50 $9.51 $9.57 $9.53 $9.55 $9.56 $9.55 $9.55 - -
2023 $9.24 $9.23 $9.21 $9.21 $9.18 $9.28 $9.33 $9.37 $9.40 $9.36 $9.42 $9.48
2022 $9.33 $9.27 $9.24 $9.23 $9.02 $8.84 $9.02 $9.09 $8.99 $9.00 $9.05 $9.06
2021 - - $9.26 $9.26 $9.28 $9.30 $9.30 $9.30 $9.31 $9.32 $9.31 $9.33

Historical performance

Year Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec YTD
2024 0.77% 0.67% 1.12% 0.77% 1.30% 0.59% 0.87% 0.77% 0.90% 0.66% - - 8.74%
2023 2.88% 0.56% 0.44% 0.88% 0.34% 1.76% 1.41% 1.11% 1.00% 0.60% 1.32% 1.66% 14.84%
2022 0.53% -0.11% 0.21% 0.43% -1.74% -1.45% 2.65% 1.37% -0.44% 0.78% 1.22% 0.77% 4.21%
2021 - - - 0.49% 0.70% 0.70% 0.48% 0.48% 0.59% 0.60% 0.41% 0.74% 5.31%

Historical distribution per share

Year Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
2024 Distribution $0.0633 $0.0637 $0.0633 $0.0635 $0.0633 $0.0634 $0.0632 $0.0632 $0.0634 $0.0632 $0.0634 -
2024 Special Distribution - - $0.0327 - - $0.0327 - - $0.0327 - - -
2023 Distribution $0.0611 $0.0616 $0.0610 $0.0612 $0.0610 $0.0612 $0.0610 $0.0634 $0.0636 $0.0633 $0.0636 $0.0633
2023 Special Distribution $0.0200 - - $0.0200 - - $0.0200 - - $0.0327 - $0.0327
2022 Distribution $0.0491 $0.0497 $0.0491 $0.0493 $0.0491 $0.0495 $0.0515 $0.0514 $0.0515 $0.0599 $0.0601 $0.0599
2022 Special Distribution - - - - - - $0.0025 $0.0025 $0.0086 - - -
2021 Distribution - - - $0.0450 $0.0448 $0.0450 $0.0447 $0.0447 $0.0450 $0.0447 $0.0449 $0.0447
2021 Special Distribution - - - - - - - - - $0.0014 $0.0029 $0.0043

Distribution payments are not guaranteed. Blue Owl Credit Income Corp. may pay distributions from sources other than cash flow from operations, including, without limitation, the sale of assets, borrowings, return of capital or offering proceeds, and advances or the deferral of fees and expense reimbursements. The annualized distribution rate shown is calculated by multiplying the sum of the last three base distributions per share paid and special distribution per share paid by four, and dividing the result by the NAV per share of the month preceding the relevant three month period. Excluding special dividends, the Fund declared an annualized distribution amount of ‌‌‌​​​‌‌‌​‌​​​‌‌​‌​‌​​​​​‌​​‌​‌‌‌‌​‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌​‌‌​‌‌​‌‌‌​‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌​​‌‌‌‌‌‌‌‌‌‌‌‌​​‌​$0.76‌‌‌ per share for Class S, ‌‌‌​​​‌‌‌​‌​​​‌‌​‌​‌​​​​​‌​​‌​‌‌‌‌​‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌​‌‌​‌‌​‌‌‌​‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌​​‌‌‌‌‌‌‌‌‌‌‌‌​​​‌$0.82‌‌‌ per share for Class D, and ‌‌‌​​​‌‌‌​‌​​​‌‌​‌​‌​​​​​‌​​‌​‌‌‌‌​‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌​‌‌​‌‌​‌‌‌​‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌​​‌‌‌‌‌‌‌‌‌‌‌‌​​​​$0.84‌‌‌ per share for Class I, resulting in annualized distribution rates of ‌‌‌​​​‌‌‌​‌​​​‌‌​‌​‌​​​​​‌​​‌​‌‌‌‌​‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌​‌‌​‌‌​‌‌‌​‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌​​‌‌‌‌‌‌‌‌‌‌‌‌​‌​‌7.97%‌‌‌ for Class S shares, ‌‌‌​​​‌‌‌​‌​​​‌‌​‌​‌​​​​​‌​​‌​‌‌‌‌​‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌​‌‌​‌‌​‌‌‌​‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌​​‌‌‌‌‌‌‌‌‌‌‌‌​‌​​8.55%‌‌‌ for Class D shares, and ‌‌‌​​​‌‌‌​‌​​​‌‌​‌​‌​​​​​‌​​‌​‌‌‌‌​‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌​‌‌​‌‌​‌‌‌​‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌​​‌‌‌‌‌‌‌‌‌‌‌‌​​‌‌8.78%‌‌‌ for Class I shares based on the last reported NAV. The annualized distribution rate shown may be rounded and is net of applicable servicing fees (Class S: 0.85%, Class D: 0.25%, Class I: No servicing fee). The payment of future distributions is subject to the discretion of OCIC’s board of directors and applicable legal restrictions, therefore there can be no assurance as to the amount or timing of any such future distributions. Distributions are not guaranteed. Up to 100% of distributions have been funded and may continue to be funded by the reimbursement of certain expenses that are subject to repayment to the Adviser of OCIC. Such waivers and reimbursements by the Adviser may not continue in the future. No distributions paid were classified as a return of capital for the quarter ending ‌‌‌​​​‌‌‌​‌​​​‌‌​‌​‌​​​​​‌​​‌​‌‌‌‌​‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌​‌‌​‌‌​‌‌‌​‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌​​‌‌‌‌‌‌‌‌‌‌‌‌​‌‌​June 30, 2024‌‌‌. For further information, please see our SEC filings at www.sec.gov. 

Total net return11

Share Class 1-month 3-month YTD 1-year 3-year ITD
Class D (No sales load) 0.71% 2.50% 9.27% 12.66% 10.28% 9.80%
Class D (Max sales load) -0.78% 0.98% 7.66% 10.99% 9.73% 9.35%

Historical net asset value per share

Year Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
2024 $9.50 $9.50 $9.51 $9.52 $9.58 $9.55 $9.56 $9.57 $9.56 $9.56 - -
2023 $9.25 $9.24 $9.22 $9.22 $9.19 $9.29 $9.34 $9.38 $9.41 $9.37 $9.43 $9.49
2022 $9.33 $9.27 $9.25 $9.24 $9.04 $8.86 $9.04 $9.09 $9.00 $9.01 $9.05 $9.07
2021 - $9.26 $9.26 $9.25 $9.27 $9.29 $9.29 $9.29 $9.31 $9.32 $9.31 $9.34

Historical performance

Year Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec YTD
2024 0.82% 0.72% 1.17% 0.82% 1.35% 0.74% 0.82% 0.82% 0.95% 0.71% - - 9.27%
2023 2.93% 0.60% 0.49% 0.93% 0.39% 1.80% 1.46% 1.16% 1.05% 0.65% 1.37% 1.71% 15.51%
2022 0.47% -0.06% 0.36% 0.47% -1.58% -1.39% 2.69% 1.20% -0.28% 0.83% 1.16% 0.93% 4.83%
2021 - - 0.53% -0.43% 0.75% 0.75% 0.53% 0.53% 0.75% 0.65% 0.46% 0.90% 6.47%

Historical distribution per share

Year Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
2024 Distribution $0.0681 $0.0682 $0.0681 $0.0682 $0.0681 $0.0681 $0.0681 $0.0681 $0.0681 $0.0681 $0.0681 -
2024 Special Distribution - - $0.0327 - - $0.0327 - - $0.0327 - - -
2023 Distribution $0.0657 $0.0659 $0.0657 $0.0658 $0.0657 $0.0658 $0.0657 $0.0681 $0.0682 $0.0681 $0.0682 $0.0681
2023 Special Distribution $0.0200 - - $0.0200 - - $0.0200 - - $0.0327 - $0.0327
2022 Distribution $0.0538 $0.0540 $0.0538 $0.0539 $0.0538 $0.0539 $0.0560 $0.0560 $0.0560 $0.0645 $0.0646 $0.0645
2022 Special Distribution - - - - - - $0.0025 $0.0025 $0.0086 - - -
2021 Distribution - - $0.0495 $0.0496 $0.0495 $0.0496 $0.0495 $0.0495 $0.0495 $0.0495 $0.0495 $0.0495
2021 Special Distribution - - - - - - - - - $0.0014 $0.0029 $0.0043

Distribution payments are not guaranteed. Blue Owl Credit Income Corp. may pay distributions from sources other than cash flow from operations, including, without limitation, the sale of assets, borrowings, return of capital or offering proceeds, and advances or the deferral of fees and expense reimbursements. The annualized distribution rate shown is calculated by multiplying the sum of the last three base distributions per share paid and special distribution per share paid by four, and dividing the result by the NAV per share of the month preceding the relevant three month period. Excluding special dividends, the Fund declared an annualized distribution amount of ‌‌‌​​​‌‌‌​‌​​​‌‌​‌​‌​​​​​‌​​‌​‌‌‌‌​‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌​‌‌​‌‌​‌‌‌​‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌​​‌‌‌‌‌‌‌‌‌‌‌‌​​‌​$0.76‌‌‌ per share for Class S, ‌‌‌​​​‌‌‌​‌​​​‌‌​‌​‌​​​​​‌​​‌​‌‌‌‌​‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌​‌‌​‌‌​‌‌‌​‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌​​‌‌‌‌‌‌‌‌‌‌‌‌​​​‌$0.82‌‌‌ per share for Class D, and ‌‌‌​​​‌‌‌​‌​​​‌‌​‌​‌​​​​​‌​​‌​‌‌‌‌​‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌​‌‌​‌‌​‌‌‌​‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌​​‌‌‌‌‌‌‌‌‌‌‌‌​​​​$0.84‌‌‌ per share for Class I, resulting in annualized distribution rates of ‌‌‌​​​‌‌‌​‌​​​‌‌​‌​‌​​​​​‌​​‌​‌‌‌‌​‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌​‌‌​‌‌​‌‌‌​‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌​​‌‌‌‌‌‌‌‌‌‌‌‌​‌​‌7.97%‌‌‌ for Class S shares, ‌‌‌​​​‌‌‌​‌​​​‌‌​‌​‌​​​​​‌​​‌​‌‌‌‌​‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌​‌‌​‌‌​‌‌‌​‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌​​‌‌‌‌‌‌‌‌‌‌‌‌​‌​​8.55%‌‌‌ for Class D shares, and ‌‌‌​​​‌‌‌​‌​​​‌‌​‌​‌​​​​​‌​​‌​‌‌‌‌​‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌​‌‌​‌‌​‌‌‌​‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌​​‌‌‌‌‌‌‌‌‌‌‌‌​​‌‌8.78%‌‌‌ for Class I shares based on the last reported NAV. The annualized distribution rate shown may be rounded and is net of applicable servicing fees (Class S: 0.85%, Class D: 0.25%, Class I: No servicing fee). The payment of future distributions is subject to the discretion of OCIC’s board of directors and applicable legal restrictions, therefore there can be no assurance as to the amount or timing of any such future distributions. Distributions are not guaranteed. Up to 100% of distributions have been funded and may continue to be funded by the reimbursement of certain expenses that are subject to repayment to the Adviser of OCIC. Such waivers and reimbursements by the Adviser may not continue in the future. No distributions paid were classified as a return of capital for the quarter ending ‌‌‌​​​‌‌‌​‌​​​‌‌​‌​‌​​​​​‌​​‌​‌‌‌‌​‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌​‌‌​‌‌​‌‌‌​‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌​​‌‌‌‌‌‌‌‌‌‌‌‌​‌‌​June 30, 2024‌‌‌. For further information, please see our SEC filings at www.sec.gov. 

Total net return11

Share Class 1-month 3-month YTD 1-year 3-year ITD
Class I 0.84% 2.56% 9.60% 13.03% 10.62% 10.12%

Historical net asset value per share

Year Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
2024 $9.51 $9.52 $9.53 $9.53 $9.59 $9.56 $9.58 $9.58 $9.57 $9.58 - -
2023 $9.26 $9.26 $9.24 $9.24 $9.21 $9.31 $9.36 $9.39 $9.43 $9.38 $9.45 $9.50
2022 $9.34 $9.28 $9.26 $9.25 $9.05 $8.88 $9.06 $9.11 $9.01 $9.02 $9.07 $9.08
2021 - $9.26 $9.26 $9.26 $9.28 $9.30 $9.30 $9.30 $9.32 $9.32 $9.31 $9.34

Historical performance

Year Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec YTD
2024 0.84% 0.84% 1.18% 0.74% 1.37% 0.76% 0.94% 0.73% 0.97% 0.84% - - 9.60%
2023 2.95% 0.73% 0.51% 0.95% 0.41% 1.82% 1.48% 1.07% 1.17% 0.56% 1.49% 1.62% 15.77%
2022 0.60% -0.04% 0.39% 0.49% -1.56% -1.26% 2.71% 1.22% -0.37% 0.85% 1.29% 0.84% 5.20%
2021 - - 0.56% 0.56% 0.77% 0.77% 0.55% 0.55% 0.77% 0.57% 0.48% 0.92% 6.69%

Historical distribution per share

Year Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
2024 Distribution $0.0701 $0.0701 $0.0701 $0.0701 $0.0701 $0.0701 $0.0701 $0.0701 $0.0701 $0.0701 $0.0701 -
2024 Special Distribution - - $0.0327 - - $0.0327 - - $0.0327 - - -
2023 Distribution $0.0677 $0.0677 $0.0677 $0.0677 $0.0677 $0.0677 $0.0677 $0.0701 $0.0701 $0.0701 $0.0701 $0.0701
2023 Special Distribution $0.0200 - - $0.0200 - - $0.0200 - - $0.0327 - $0.0327
2022 Distribution $0.0558 $0.0558 $0.0558 $0.0558 $0.0558 $0.0558 $0.0579 $0.0579 $0.0579 $0.0664 $0.0664 $0.0664
2022 Special Distribution - - - - - - $0.0025 $0.0025 $0.0086 - - -
2021 Distribution - - $0.0515 $0.0515 $0.0515 $0.0515 $0.0515 $0.0515 $0.0515 $0.0515 $0.0515 $0.0515
2021 Special Distribution - - - - - - - - - $0.0014 $0.0029 $0.0043

Distribution payments are not guaranteed. Blue Owl Credit Income Corp. may pay distributions from sources other than cash flow from operations, including, without limitation, the sale of assets, borrowings, return of capital or offering proceeds, and advances or the deferral of fees and expense reimbursements. The annualized distribution rate shown is calculated by multiplying the sum of the last three base distributions per share paid and special distribution per share paid by four, and dividing the result by the NAV per share of the month preceding the relevant three month period. Excluding special dividends, the Fund declared an annualized distribution amount of ‌‌‌​​​‌‌‌​‌​​​‌‌​‌​‌​​​​​‌​​‌​‌‌‌‌​‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌​‌‌​‌‌​‌‌‌​‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌​​‌‌‌‌‌‌‌‌‌‌‌‌​​‌​$0.76‌‌‌ per share for Class S, ‌‌‌​​​‌‌‌​‌​​​‌‌​‌​‌​​​​​‌​​‌​‌‌‌‌​‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌​‌‌​‌‌​‌‌‌​‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌​​‌‌‌‌‌‌‌‌‌‌‌‌​​​‌$0.82‌‌‌ per share for Class D, and ‌‌‌​​​‌‌‌​‌​​​‌‌​‌​‌​​​​​‌​​‌​‌‌‌‌​‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌​‌‌​‌‌​‌‌‌​‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌​​‌‌‌‌‌‌‌‌‌‌‌‌​​​​$0.84‌‌‌ per share for Class I, resulting in annualized distribution rates of ‌‌‌​​​‌‌‌​‌​​​‌‌​‌​‌​​​​​‌​​‌​‌‌‌‌​‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌​‌‌​‌‌​‌‌‌​‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌​​‌‌‌‌‌‌‌‌‌‌‌‌​‌​‌7.97%‌‌‌ for Class S shares, ‌‌‌​​​‌‌‌​‌​​​‌‌​‌​‌​​​​​‌​​‌​‌‌‌‌​‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌​‌‌​‌‌​‌‌‌​‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌​​‌‌‌‌‌‌‌‌‌‌‌‌​‌​​8.55%‌‌‌ for Class D shares, and ‌‌‌​​​‌‌‌​‌​​​‌‌​‌​‌​​​​​‌​​‌​‌‌‌‌​‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌​‌‌​‌‌​‌‌‌​‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌​​‌‌‌‌‌‌‌‌‌‌‌‌​​‌‌8.78%‌‌‌ for Class I shares based on the last reported NAV. The annualized distribution rate shown may be rounded and is net of applicable servicing fees (Class S: 0.85%, Class D: 0.25%, Class I: No servicing fee). The payment of future distributions is subject to the discretion of OCIC’s board of directors and applicable legal restrictions, therefore there can be no assurance as to the amount or timing of any such future distributions. Distributions are not guaranteed. Up to 100% of distributions have been funded and may continue to be funded by the reimbursement of certain expenses that are subject to repayment to the Adviser of OCIC. Such waivers and reimbursements by the Adviser may not continue in the future. No distributions paid were classified as a return of capital for the quarter ending ‌‌‌​​​‌‌‌​‌​​​‌‌​‌​‌​​​​​‌​​‌​‌‌‌‌​‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌​‌‌​‌‌​‌‌‌​‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌​​‌‌‌‌‌‌‌‌‌‌‌‌​‌‌​June 30, 2024‌‌‌. For further information, please see our SEC filings at www.sec.gov.

Portfolio

OCIC’s portfolio is intentionally constructed to withstand economic cycles through an “up-in quality” investment approach.

$ 25.0 B
Total par value of debt investments
0 %
Senior secured loans 12
0
Portfolio companies
0 %
Floating rate debt investments12
0 %
Loan-to-value(LTV)13
$ 0 M
Portfolio company EBITDA14
92 %
Private equity sponsored15

NEED TO REMOVE

  • Southeast 26.1%
  • West 24.1%
  • Midwest 19.2%
  • International 18.4%
  • Southwest 10.4%
  • Northeast 1.7%

Asset Type

  • First Lien Senior Secured 90%
  • Second Lien Senior Secured 4%
  • Unsecured 2%
  • Preferred Equity 2%
  • Common Equity 2%
  • Joint Ventures 1%

Industry Diversification

  • Healthcare providers and services 13%
  • Internet software and services 11%
  • Insurance 9%
  • Food and beverage 7%
  • Financial services 6%
  • Business services 6%
  • Healthcare technology 6%
  • Professional services 4%
  • Healthcare equipment and services 4%
  • Other16 34%

As of September 30, 2024. Past performance is not representative of future results. Click here to view additional important information.

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Top 10 holdings

Company17 Industry Facility type Fair value Interest rate18 % of portfolio
Cell label Winland Foods Cell label Food and beverage Cell label 1st Lien Cell label $470,834 Cell label S + 6.25% 1.9%
Cell label Associations, Inc. Cell label Buildings & real estate Cell label 1st Lien Cell label $408,855 Cell label S + 6.50% 1.6%
Cell label Troon Golf, LLC Cell label Leisure and entertainment Cell label 1st Lien Cell label $355,963 Cell label S + 4.50% 1.4%
Cell label Datavent Cell label Healthcare technology Cell label 1st Lien Cell label $348,649 Cell label S + 5.00% 1.4%
Cell label Integrity Marketing Acquisition, LLC Cell label Insurance Cell label 1st Lien Cell label $347,332 Cell label S + 5.00% 1.4%
Cell label Recochem Cell label Chemicals Cell label 1st Lien Cell label $347,089 Cell label S + 5.75% 1.4%
Audiotonix Leisure & entertainment 1st Lien $336,192 S + 5.25% 1.4%
Humanetics Professional services  1st Lien $298,310 S + 7.00% (2.00% PIK) 1.2%
Inspira Financial Financial services 1st Lien $290,108 S + 5.00% 1.2%
PCF Insurance Services Insurance 1st Lien $238,422 9.00% PIK 1.0%

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Frequently asked questions

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All data as of October 31, 2024 unless otherwise noted. Past performance is not a guarantee of future results.

Endnotes

1. Distribution payments are not guaranteed. Blue Owl Credit Income Corp. may pay distributions from sources other than cash flow from operations, including, without limitation, the sale of assets, borrowings, return of capital or offering proceeds, and advances or the deferral of fees and expense reimbursements. The annualized distribution rate shown is calculated by multiplying the sum of the last three base distributions per share paid and special distribution per share paid by four, and dividing the result by the NAV per share of the month preceding the relevant three month period. Excluding special dividends, the Fund declared an annualized distribution amount of ‌‌‌​​​‌‌‌​‌​​​‌‌​‌​‌​​​​​‌​​‌​‌‌‌‌​‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌​‌‌​‌‌​‌‌‌​‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌​​‌‌‌‌‌‌‌‌‌‌‌‌​​‌​$0.76‌‌‌ per share for Class S, ‌‌‌​​​‌‌‌​‌​​​‌‌​‌​‌​​​​​‌​​‌​‌‌‌‌​‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌​‌‌​‌‌​‌‌‌​‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌​​‌‌‌‌‌‌‌‌‌‌‌‌​​​‌$0.82‌‌‌ per share for Class D, and ‌‌‌​​​‌‌‌​‌​​​‌‌​‌​‌​​​​​‌​​‌​‌‌‌‌​‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌​‌‌​‌‌​‌‌‌​‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌​​‌‌‌‌‌‌‌‌‌‌‌‌​​​​$0.84‌‌‌ per share for Class I, resulting in annualized distribution rates of ‌‌‌​​​‌‌‌​‌​​​‌‌​‌​‌​​​​​‌​​‌​‌‌‌‌​‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌​‌‌​‌‌​‌‌‌​‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌​​‌‌‌‌‌‌‌‌‌‌‌‌​‌​‌7.97%‌‌‌ for Class S shares, ‌‌‌​​​‌‌‌​‌​​​‌‌​‌​‌​​​​​‌​​‌​‌‌‌‌​‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌​‌‌​‌‌​‌‌‌​‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌​​‌‌‌‌‌‌‌‌‌‌‌‌​‌​​8.55%‌‌‌ for Class D shares, and ‌‌‌​​​‌‌‌​‌​​​‌‌​‌​‌​​​​​‌​​‌​‌‌‌‌​‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌​‌‌​‌‌​‌‌‌​‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌​​‌‌‌‌‌‌‌‌‌‌‌‌​​‌‌8.78%‌‌‌ for Class I shares based on the last reported NAV. The annualized distribution rate shown may be rounded and is net of applicable servicing fees (Class S: 0.85%, Class D: 0.25%, Class I: No servicing fee). The payment of future distributions is subject to the discretion of OCIC’s board of directors and applicable legal restrictions, therefore there can be no assurance as to the amount or timing of any such future distributions. Distributions are not guaranteed. Up to 100% of distributions have been funded and may continue to be funded by the reimbursement of certain expenses that are subject to repayment to the Adviser of OCIC. Such waivers and reimbursements by the Adviser may not continue in the future. No distributions paid were classified as a return of capital for the quarter ending ‌‌‌​​​‌‌‌​‌​​​‌‌​‌​‌​​​​​‌​​‌​‌‌‌‌​‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌​‌‌​‌‌​‌‌‌​‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌​​‌‌‌‌‌‌‌‌‌‌‌‌​‌‌​September 30, 2024‌‌‌. For further information, please see our SEC filings at www.sec.gov. 

2. Distribution payments are not guaranteed. Blue Owl Credit Income Corp. may pay distributions from sources other than cash flow from operations, including, without limitation, the sale of assets, borrowings, return of capital or offering proceeds, and advances or the deferral of fees and expense reimbursements. 

3. Any periodic repurchase offers are subject in part to our available cash and compliance with the BDC and RIC qualification and diversification rules promulgated under the 1940 Act and the Code, respectively. While we Intend to continue to conduct quarterly repurchase offers as described above, we are not required to do so and may suspend or terminate the share repurchase program at any time. All periodic repurchase offers are subject to Board approval. 

4. Under the 1940 Act, we are required to maintain an asset coverage ratio of 150%. We are not otherwise limited in the amount of leverage that we may incur, and the amount of leverage that we incur is within our discretion.

5. Total annual expenses include expenses incurred at the fund-level, which an investor in the Fund bears indirectly. Total annual expenses include base management fees, incentive fees, interest payment on borrowed funds, ongoing service fees, acquired fund fees and expenses, and other expenses as outlined in the fund's prospectus.

6. The incentive fee consists of an incentive fee on income and an incentive fee on capital gains. The incentive fee on income is calculated and payable quarterly in arrears, subject to a 5% hurdle, and includes a catch-up rate after the hurdle. For more information on the incentive fee, please see the Prospectus.

7. Suitability requirements vary by broker-dealer. Please consult your financial representative.

8. To be paid by the Investor.

9. Composition of Class S upfront sales load may change but will not exceed 3.50%.

10. Ongoing Service Fee, together with the maximum upfront sales load, to be capped at 10% of gross proceeds or such other lower amount as Blue Owl may negotiate with its distribution partners.

11. Past performance is not a guarantee of future results. Returns are compounded monthly. Total return is calculated as the change in monthly NAV (assuming any dividends and distributions, net of shareholder servicing fees, are reinvested in accordance with the Company’s dividend reinvestment plan), if any, divided by the beginning NAV. Returns greater than one year are annualized. Returns reflect reinvestments of distributions and the deduction of ongoing expenses that are borne by investors, such as management fees, incentive fees, servicing fees, interest expense, offering costs, professional fees, director fees and other general and administrative expenses. An investment in the Company is subject to a maximum upfront sales load (Class S: 3.5%, Class D: 1.5%, Class I: No sales load) which will reduce the amount of capital available for investment. Operating expenses may vary in the future based on the amount of capital raised, the Adviser’s election to continue expense support, and other unpredictable variables. Total returns based on the max upfront fee load for an investor starting at the inception of the respective share class, which for Class S is April 1, 2021 and for Class D and Class I are March 1, 2021. Class I does not have upfront fees.

12. As of ‌‌‌October 31, 2024‌‌‌. Based on par value and shown net of unfunded commitment amounts. Valuations may change over time. Based on debt portfolio only. Par value represents the face value of loans in the portfolio. 

13. As of ‌‌‌​​​‌‌‌​‌​​​‌‌​‌​‌​​​​​‌​​‌​‌‌‌‌​‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌​‌‌​‌‌​‌‌‌​‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌​​‌‌‌‌‌‌‌‌‌‌‌‌‌‌​​September 30, 2024‌‌‌ and based on fair value of portfolio reported in ‌‌‌​​​‌‌‌​‌​​​‌‌​‌​‌​​​​​‌​​‌​‌‌‌‌​‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌​‌‌​‌‌​‌‌‌​‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌​​‌‌‌‌‌‌‌‌‌‌‌‌‌​​‌3Q24‌‌‌ financials.

14. As of ‌‌‌​​​‌‌‌​‌​​​‌‌​‌​‌​​​​​‌​​‌​‌‌‌‌​‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌​‌‌​‌‌​‌‌​​​‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌​‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌​‌September 30, 2024‌‌‌. Weightings are based on fair value of investments unless otherwise noted. Borrower financials are derived from the most recently available portfolio company financial statements, have not been independently verified by Blue Owl, and may reflect a normalized or adjusted amount Accordingly, Blue Owl makes no representation or warranty in respect of this information. 

15. As of September 30, 2024 and based on the portfolio reported in 3Q24 financials.

16. ‌‌‌​​​‌‌‌​‌​​​‌‌​‌​‌​​​​​‌​​‌​‌‌‌‌​‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌​‌‌​‌‌​‌‌‌​‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌​​‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌​Other industries include Manufacturing (3.3%), Leisure and entertainment (3.1%), Chemicals (2.7%), Buildings and real estate (2.7%), Containers and packaging (2.7%), Distribution (2.6%), Advertising and media (2.6%), Specialty retail (2.0%), Infrastructure and environmental services (1.7%), Consumer products (1.7%), Household products (1.4%), Telecommunications (1.2%), Education (1.0%), Aerospace and defense (1.0%), Asset based lending and fund finance (0.9%), Human resource support services (0.9%), Pharmaceuticals (0.8%), Transportation (0.6%), Automotive services (0.5%), Energy equipment and services (0.4%), and Automotive aftermarket (0.2%).

17. Debt investments are shown as “Doing Business As” names. Please refer to the 10-K or 10-Q for actual borrower names. Holdings are subject to change and there is no assurance any investment will remain in our portfolio.

18. 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 Secured Overnight Financing Rate (“SOFR” or “S”) (which can include one-, three-, six- or twelve-month SOFR), Euro Interbank Offered Rate (“EURIBOR” or “E”), Canadian Overnight Repo Rate Average (“CORRA” or “C”) (which can include one- or three-month CORRA), Australian Bank Bill Swap Bid Rate (“BBSY” or “BB”) (which can include one-, three-, or six-month BBSY), Sterling (SP) Overnight Interbank Average Rate (“SONIA” or “SA”) or an alternate base rate (which can include the Federal Funds Effective Rate or the Prime Rate (“Prime” or “P”), at the borrower’s option, and which reset periodically based on the terms of the loan agreement.

Important information

OCIC Risk Factors

Assets Under Management (“AUM”) refers to the assets that we manage, and is generally equal to the sum of (i) net asset value (“NAV”); (ii) drawn and undrawn debt; (iii) uncalled capital commitments; (iv) total managed assets for certain Credit and Real Estate products; and (v) par value of collateral for collateralized loan obligations (“CLOs”) and other securitizations.

This is neither an offer to sell nor a solicitation of an offer to buy the securities described herein. Only a prospectus for Blue Owl Credit Income Corp. can make such an offer. This material is authorized only when it is accompanied or preceded by the Blue Owl Credit Income Corp. prospectus. Neither the SEC, the Attorney General of the State of New York nor any state securities commission has approved or disapproved of these securities or determined if the prospectus is truthful or complete. Any representation to the contrary is a criminal offense. Securities are offered through Blue Owl Securities LLC, member of FINRA/SIPC, as Dealer Manager.

An investment in Blue Owl Credit Income Corp. (“OCIC”) is speculative and involves a high degree of risk, including the risk of a substantial loss of investment, as well as substantial fees and costs, all of which can impact an investor's return. The following are some of the risks involved in an investment in OCIC's common shares; however, an investor should carefully consider the fees and expenses and information found in the “Risk Factors” section of the OCIC prospectus before deciding to invest:

You should not expect to be able to sell your shares regardless of how OCIC performs and you should consider that you may not have access to the money you invest for an indefinite period of time. An investment in shares of OCIC's common stock is not suitable for you if you need access to the money you invest.

OCIC does not intend to list its shares on any securities exchange and does not expect a secondary market in its shares to develop. As a result, you may be unable to reduce your exposure in any market downturn. If you are able to sell your shares before a liquidity event is completed, you will likely receive less than your purchase price.

OCIC has implemented a share repurchase program pursuant to which it intends to conduct quarterly repurchases of a limited number of outstanding shares of its common stock. OCIC's board of directors has complete discretion to determine whether OCIC will engage in any share repurchase, and if so, the terms of such repurchase. OCIC's share repurchase program will include numerous restrictions that may limit your ability to sell your shares. As a result, share repurchases may not be available each month. While OCIC intends to continue to conduct quarterly tender offers as described above, it is not required to do so and may suspend or terminate the share repurchase program at any time.

Distributions on OCIC's common stock may exceed OCIC's taxable earnings and profits, particularly during the period before it has substantially invested the net proceeds from its public offering. Therefore, portions of the distributions that OCIC pays may represent a return of capital to you for U.S. federal tax purposes. A return of capital is a return of a portion of your original investment in shares of OCIC common stock. As a result, a return of capital will (I) lower your tax basis in your shares and thereby increase the amount of capital gain (or decrease the amount of capital loss) realized upon a subsequent sale or redemption of such shares, and (ii) reduce the amount of funds OCIC has for investment in portfolio companies. OCIC has not established any limit on the extent to which it may use offering proceeds to fund distributions.

Distributions are not guaranteed. Distributions may also be funded in significant part, directly or indirectly, from (I) the waiver of certain investment advisory fees, that will not be subject to repayment to the Adviser and/or (ii) the deferral of certain investment advisory fees that may be subject to repayment to the Adviser and/or (iii) the reimbursement of certain operating expenses, that will be subject to repayment to the Adviser and its affiliates. Significant portions of distributions may not be based on investment performance. In the event distributions are funded from waivers and/or deferrals of fees and reimbursements by OCIC's affiliates, such funding may not continue in the future. If OCIC's affiliates do not agree to reimburse certain of its operating expenses or waive certain of their advisory fees, then significant portions of OCIC's distributions may come from offering proceeds or borrowings. The repayment of any amounts owed to OCIC's affiliates will reduce future distributions to which you would otherwise be entitled.

 The payment of fees and expenses will reduce the funds available for investment, the net income generated, the funds available for distribution and the book value of the common shares. In addition, the fees and expenses paid will require investors to achieve a higher total net return in order to recover their initial investment. Please see OCIC's prospectus for details regarding its fees and expenses.

OCIC intends to invest in securities that are rated below investment grade by rating agencies or that would be rated below investment grade if they were rated. Below investment grade securities, which are often referred to as “junk,” have predominantly speculative characteristics with respect to the issuer's capacity to pay interest and repay principal. They may also be illiquid and difficult to value.

The Adviser and its affiliates face a number of conflicts with respect to OCIC. Currently, the Adviser and Its affiliates manage other investment entities, including Blue Owl Capital Corporation and Blue Owl Capital Corporation II, and are not prohibited from raising money for and managing future investment entities that make the same types of investments as those OCIC targets. As a result, the time and resources that the Adviser devotes to OCIC may be diverted. In addition, OCIC may compete with any such investment entity also managed by the Adviser for the same investors and investment opportunities. Furthermore, the Adviser may face conflicts of interest with respect to services it may perform for companies in which OCIC invests as it may receive fees in connection with such services that may not be shared with OCIC.

 The incentive fee payable by OCIC to the Adviser may create an incentive for the Adviser to make investments on OCIC's behalf that are risky or more speculative than would be the case in the absence of such compensation arrangements. OCIC may be obligated to pay the Adviser Incentive fees even if OCIC incurs a net loss due to a decline in the value of its portfolio and even if its earned interest income is not payable in cash.

The information provided above is not directed at any particular investor or category of investors and is provided solely as general information about Blue Owl Capital Inc.'s products and services to regulated financial intermediaries and to otherwise provide general Investment education. No information contained herein should be regarded as a suggestion to engage in or refrain from any investment-related course of action as Blue Owl Securities LLC, its affiliates, and OCIC are not undertaking to provide Impartial investment advice, act as an impartial adviser, or give advice in a fiduciary capacity with respect to the materials presented herein.

6039271.2