UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM
CURRENT REPORT
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| Item 1.01 | Entry into to a Material Definitive Agreement |
On December 31, 2025 (the “Closing Date”), Core Income Funding X LLC (“Core Income Funding X”), a Delaware limited liability company and a newly formed subsidiary of Blue Owl Credit Income Corp., a Maryland corporation (the “Company” or “us”) entered into a Revolving Credit and Security Agreement (the “Secured Credit Facility”), with Core Income Funding X, as borrower, Société Générale, as administrative agent and swingline lender, State Street Bank and Trust Company, as collateral agent, collateral administrator, custodian and document custodian, and the lenders party thereto.
From time to time, the Company expects to sell and contribute certain investments to Core Income Funding X pursuant to a Sale and Contribution Agreement by and between the Company and Core Income Funding X. No gain or loss will be recognized as a result of the contribution. Proceeds from the Secured Credit Facility will be used to finance the origination and acquisition of eligible assets by Core Income Funding X, including the purchase of such assets from the Company. The Company retains a residual interest in assets contributed to or acquired by Core Income Funding X through its ownership of Core Income Funding X. The initial maximum principal amount which may be borrowed under the Credit Facility is $750 million; the availability of this amount is subject to a borrowing base test, which is based on the value of Core Income Funding X’s assets from time to time, and satisfaction of certain conditions, including an overcollateralization test, coverage tests, collateral quality tests, and certain concentration limits.
The Secured Credit Facility provides for the ability to draw term loans and to draw and redraw revolving loans under the Secured Credit Facility for a period of up to 3 years after the Closing Date. Unless otherwise terminated, the Secured Credit Facility will mature on December 31, 2035 (the “Stated Maturity”). Prior to the Stated Maturity, proceeds received by Core Income Funding X from principal and interest, dividends, or fees on assets must be used to pay fees, expenses and interest on outstanding borrowings, and the excess may be returned to the Company or reinvested to purchase new assets, subject to certain conditions. On the Stated Maturity, Core Income Funding X must pay in full all outstanding fees and expenses and all principal and interest on outstanding borrowings, and the excess may be returned to the Company.
Amounts drawn bear interest at a reference rate (initially SOFR) plus an applicable margin equal to 1.75% per annum. The undrawn amount of the aggregate term commitment and revolving commitment not subject to such spread payment is subject to an undrawn fee of, after the Closing Date, 0.50% per annum; provided that after the nine-month anniversary of the Closing Date, if the drawn amount is less than 50.0% of the aggregate term commitment and revolving commitment, then the portion of the undrawn amount constituting the positive difference between the drawn amount and 50.0% of the aggregate term commitment and revolving commitment is subject to an undrawn fee of 1.00% per annum. Certain additional fees are payable to Société Générale as administrative agent.
The Secured Credit Facility contains customary covenants, including certain maintenance covenants, and events of default. The Secured Credit Facility is secured by a perfected first priority security interest in the assets of Core Income Funding X and on any payments received by Core Income Funding X in respect of those assets. Assets pledged to the lenders will not be available to pay the debts of the Company.
Borrowings of Core Income Funding X are considered the Company’s borrowings for purposes of complying with the asset coverage requirements under the 1940 Act.
The description above is only a summary of the material provisions of the Secured Credit Facility and is qualified in its entirety by reference to the agreements which are filed as Exhibits 10.1 and 10.2 to this current report on Form 8-K and are incorporated herein by reference.
| Item 2.03 | Creation of a Direct Financial Obligation |
The information set forth under Item 1.01 above is incorporated by reference into this Item 2.03.
| Item 9.01 | Financial Statements and Exhibits |
(d) Exhibits
| Exhibit |
Description | |
| 10.1 | Credit Agreement, dated as of December 31, 2025, among Core Income Funding X LLC, as Borrower, the Lenders referred to therein, Société Générale, as Administrative Agent, State Street Bank and Trust Company, as Collateral Agent, Collateral Administrator and Document Custodian. | |
| 10.2 | Sale and Contribution Agreement, dated as of December 31, 2025, between Blue Owl Credit Income Corp., as Seller, and Core Income Funding X LLC, as Purchaser. | |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document). | |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
| Blue Owl Credit Income Corp. | ||||||
| Dated: January 6, 2026 | By: | /s/ Jonathan Lamm | ||||
| Name: | Jonathan Lamm | |||||
| Title: | Chief Operating Officer and Chief Financial Officer | |||||