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Filed pursuant to Rule 424(b)(3)
File No. 333-274687
blueowllogo1aa.jpg
Blue Owl Credit Income Corp.
Supplement No. 2 dated August 8, 2025
To
Prospectus dated April 15, 2025
This supplement contains information that amends, supplements or modifies certain information contained in the accompanying prospectus of Blue Owl Credit Income Corp. dated April 15, 2025, as amended and supplemented (the “Prospectus”), and is part of, and should be read in conjunction with, the Prospectus. The Prospectus has been filed with the U.S. Securities and Exchange Commission, and is available free of charge at www.sec.gov or by calling (212) 419-3000. Capitalized terms used in this supplement have the same meanings as in the Prospectus, unless otherwise stated herein.
Before investing in shares of our common stock, you should read carefully the Prospectus and this supplement and consider carefully our investment objective, risks, charges and expenses. You should also carefully consider the “Risk Factors” beginning on page 45 of the Prospectus before you decide to invest in our common stock.
UPDATES TO PROSPECTUS|

The following replaces the paragraph under “New Mexico” in the “Suitability Standards” section of the Prospectus:

New Mexico — New Mexico investors may not invest more than 10% of their liquid net worth in our shares, shares of our affiliates and other non-traded business development companies. Liquid net worth is defined as that portion of net worth which consists of cash, cash equivalents, and readily marketable securities. Investors who are accredited investors as defined in Regulation D under the Securities Act of 1933, as amended, are not subject to the foregoing concentration limit.

The following replaces the paragraph under “Oregon” in the “Suitability Standards” section of the Prospectus:

Oregon - In addition to general suitability standards, non-accredited Oregon investors may not invest more than 10% of their liquid net worth in us. For purposes of Oregon’s suitability standard, “liquid net worth” is defined as an investor’s total assets (excluding home, home furnishings, and automobiles) minus total liabilities. Oregon investors who meet the definition of “accredited investor” as defined in Regulation D under the Securities Act of 1933, as amended, are not subject to the limitation described in this paragraph.

The following paragraphs replace “Other” in the “Regulation” section of the Prospectus:

Other

We have adopted an investment policy that mirrors the requirements applicable to us as a BDC under the 1940 Act.

We are subject to periodic examination by the SEC for compliance with the Exchange Act and the 1940 Act.


We are required to provide and maintain a bond issued by a reputable fidelity insurance company to protect us against larceny and embezzlement. Furthermore, as a BDC, we are prohibited from protecting any director or officer against any liability to us or our shareholders arising from willful misfeasance, bad faith, gross negligence or reckless disregard of the duties involved in the conduct of such person’s office.

We and the Adviser have adopted and implemented written policies and procedures reasonably designed to prevent violation of the federal securities laws, and will review these policies and procedures annually for their adequacy and the effectiveness of their implementation. We and the Adviser have designated a chief compliance officer to be responsible for administering the policies and procedures.

We intend to operate as a non-diversified management investment company; however, we may, from time to time, in the future, be considered a diversified management investment company pursuant to the definitions set forth in the 1940 Act.

Our internet address is www.ocic.com. We make available free of charge on our website our annual reports on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K, proxy statements and amendments to those reports as soon as reasonably practicable after we electronically file such material with, or furnish it to, the SEC.

RECENT DEVELOPMENTS
Quarterly Report on Form 10-Q
On August 7, 2025, we filed our Quarterly Report on Form 10-Q for the quarter ended June 30, 2025 (the “Form 10-Q”) with the U.S. Securities and Exchange Commission. The Form 10-Q, excluding the exhibits thereto, is attached to this supplement as Annex A, and incorporated herein by reference. 

Annex A
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

FORM 10-Q
(Mark One)
☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 2025
OR
☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from___to
Commission File Number: 814-01369
BLUE OWL CREDIT INCOME CORP.
(Exact name of Registrant as specified in its Charter)

Maryland
85-1187564
(State or other jurisdiction of incorporation or organization)
(I.R.S. Employer Identification No.)
399 Park Avenue, New York, New York

10022
(Address of principal executive offices)

(Zip Code)
Registrant’s telephone number, including area code: (212) 419-3000
Securities registered pursuant to Section 12(b) of the Act:

Title of each class
Trading Symbol(s)
Name of each exchange on which registered
None
None
None
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐
Indicate by check mark whether the Registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐
Indicate by check mark whether the Registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer”, “accelerated filer”, “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer
☐
Accelerated filer
☐
Non-accelerated filer
☒
Smaller reporting company
☐
Emerging growth company
☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the Registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒
As of August 7, 2025, the registrant had 632,551,232 shares of Class S common stock, 58,328,823 shares of Class D common stock, and 1,228,086,500 shares of Class I common stock, $0.01, par value per share, outstanding.
i

Table of Contents

Page
Item 1.
Item 2.
Item 3.
Item 4.
Item 1.
Item 1A.
Item 2.
Item 3.
Item 4.
Item 5.
Item 6.
ii

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS
This report contains forward-looking statements that involve substantial risks and uncertainties. Such statements involve known and unknown risks, uncertainties and other factors and undue reliance should not be placed thereon. These forward-looking statements are not historical facts, but rather are based on current expectations, estimates and projections about Blue Owl Credit Income Corp. (the “Company,” “we” or “our”), our current and prospective portfolio investments, our industry, our beliefs and opinions, and our assumptions. Words such as “anticipates,” “expects,” “intends,” “plans,” “will,” “may,” “continue,” “believes,” “seeks,” “estimates,” “would,” “could,” “should,” “targets,” “projects,” “outlook,” “potential,” “predicts” and variations of these words and similar expressions are intended to identify forward-looking statements. These statements are not guarantees of future performance and are subject to risks, uncertainties and other factors, some of which are beyond our control and difficult to predict and could cause actual results to differ materially from those expressed or forecasted in the forward-looking statements, including without limitation:
•an economic downturn could impair our portfolio companies’ ability to continue to operate, which could lead to the loss of some or all of our investments in such portfolio companies;
•an economic downturn could disproportionately impact the companies that we intend to target for investment, potentially causing us to experience a decrease in investment opportunities and diminished demand for capital from these companies;
•the impact of elevated inflation rates, fluctuating interest rates, ongoing supply chain and labor market disruptions, including those as a result of strikes, work stoppages or accidents, instability in the U.S. and international banking systems, uncertainties related to the new Presidential administration, including the impact of tariff enactment and tax reductions, trade disputes with other countries, and the risk of recession or a shutdown of government services could impact our business prospects and the prospects of our portfolio companies;
•an economic downturn could also impact availability and pricing of our financing and our ability to access the debt and equity capital markets;
•a contraction of available credit and/or an inability to access the equity markets could impair our lending and investment activities;
•changes in base interest rates and significant market volatility on our business and our portfolio companies (including our business prospects and the prospects of our portfolio companies including the ability to achieve our and their business objectives), our industry and the global economy including as a result of ongoing supply chain disruptions;
•interest rate volatility could adversely affect our results, particularly because we use leverage as part of our investment strategy;
•currency fluctuations could adversely affect the results of our investments in foreign companies, particularly to the extent that we receive payments denominated in foreign currency rather than U.S. dollars;
•our future operating results;
•our contractual arrangements and relationships with third parties;
•the ability of our portfolio companies to achieve their objectives;
•competition with other entities and our affiliates for investment opportunities;
•risks related to the uncertainty of the value of our portfolio investments, particularly those having no liquid trading market;
•the use of borrowed money to finance a portion of our investments as well as any estimates regarding potential use of leverage;
•the adequacy of our financing sources and working capital;
•the loss of key personnel;
•the timing of cash flows, if any, from the operations of our portfolio companies;
•the ability of Blue Owl Credit Advisors LLC (“the Adviser” or “our Adviser”) to locate suitable investments for us and to monitor and administer our investments;
•the ability of the Adviser to attract and retain highly talented professionals;
•our ability to qualify for and maintain our tax treatment as a regulated investment company (“RIC”) under Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”), and as a business development company (“BDC”) under the Investment Company Act of 1940, as amended (the “1940 Act”);
•the impact that environmental, social and governance matters could have on our brand and reputation and our portfolio companies;
•the effect of legal, tax and regulatory changes;
•the impact of information technology system failures, data security breaches, data privacy compliance, network disruptions, and cybersecurity attacks, and the increasing use of artificial intelligence and machine learning technology;
•the impact of geo-political conditions, including revolution, insurgency, terrorism or war, including those arising out of the ongoing war between Russia and Ukraine, as well as political and social unrest in the Middle East and North Africa regions, uncertainty with respect to immigration and general uncertainty surrounding the financial and political stability of the United States, the United Kingdom, the European Union and China, on financial market volatility, global economic markets, and various markets for commodities globally such as oil and natural gas; and
•other risks, uncertainties and other factors previously identified in the reports and other documents we have filed with the Securities and Exchange Commission (“SEC”).
Although we believe that the assumptions on which these forward-looking statements are based are reasonable, any of those assumptions could prove to be inaccurate, and as a result, the forward-looking statements based on those assumptions also could be inaccurate. In light of these and other uncertainties, the inclusion of a projection or forward-looking statement in this report should not be regarded as a representation by us that our plans and objectives will be achieved. These forward-looking statements apply only as of the date of this report. Moreover, we assume no duty and do not undertake to update the forward-looking statements. Because we are an investment company, the forward-looking statements and projections contained in this report are excluded from the safe harbor protection provided by Section 21E of the U.S. Securities Exchange Act of 1934, as amended (the “Exchange Act”).





3


Part I. FINANCIAL INFORMATION
Item 1. Financial Statements

Blue Owl Credit Income Corp.
Consolidated Statements of Assets and Liabilities
(Amounts in thousands, except share and per share amounts)

June 30, 2025
(Unaudited)		December 31, 2024
Assets
Investments at fair value
Non-controlled, non-affiliated investments (amortized cost of $31,011,642 and $25,422,365, respectively)
$30,935,348 $25,384,902 
Non-controlled, affiliated investments (amortized cost of $7,774 and $8,305, respectively)
7,346 8,248 
Controlled, affiliated investments (amortized cost of $1,019,791 and $952,995, respectively)
1,061,460 985,744 
Total investments at fair value (amortized cost of $32,039,207 and $26,383,665, respectively)
32,004,154 26,378,894 
Cash (restricted cash of $45,860 and $182,030, respectively)
531,517 1,003,117 
Foreign cash (cost of $5,823 and $3,554, respectively)
6,114 3,366 
Interest and dividend receivable192,102 180,178 
Receivable from controlled affiliates23,639 16,299 
Receivable for investments sold426,259 473,053 
Prepaid expenses and other assets150,738 8,974 
Total Assets$33,334,523 $28,063,881 
Liabilities
Debt (net of unamortized debt issuance costs of $190,819 and $178,732, respectively)
$14,671,718 $12,681,822 
Distribution payable186,242 152,477 
Payable for investments purchased233,792 129,625 
Payables to affiliates78,576 73,430 
Tender offer payable464,234 193,203 
Accrued expenses and other liabilities204,915 311,722 
Total Liabilities15,839,477 13,542,279 
Commitments and contingencies (Note 7)
Net Assets
Class S Common shares $0.01 par value, 1,500,000,000 shares authorized; 615,947,390 and 515,664,737 shares issued and outstanding, respectively
6,159 5,157 
Class D Common shares $0.01 par value, 1,000,000,000 shares authorized; 57,044,599 and 51,059,824 shares issued and outstanding, respectively
570 511 
Class I Common shares $0.01 par value, 2,000,000,000 shares authorized; 1,180,086,396 and 952,454,240 shares issued and outstanding, respectively
11,801 9,525 
Additional paid-in-capital17,365,194 14,191,257 
Accumulated undistributed (overdistributed) earnings111,322 315,152 
Total Net Assets17,495,046 14,521,602 
Total Liabilities and Net Assets$33,334,523 $28,063,881 
Net Asset Value Per Class S Share$9.42 $9.54 
Net Asset Value Per Class D Share$9.43 $9.55 
Net Asset Value Per Class I Share$9.45 $9.57 

The accompanying notes are an integral part of these consolidated financial statements.









4
Blue Owl Credit Income Corp.
Consolidated Statements of Operations
(Amounts in thousands, except share and per share amounts)
(Unaudited)

For the Three Months Ended June 30,For the Six Months Ended June 30,
2025202420252024
Investment Income
Investment income from non-controlled, non-affiliated investments:
Interest income$698,256 $545,607 $1,326,288 $1,006,142 
Payment-in-kind (“PIK”) interest income32,187 31,284 60,907 57,742 
Dividend income738 2,293 2,347 4,397 
Payment-in-kind (“PIK”) dividend income14,341 14,767 27,685 32,018 
Other income13,023 7,471 20,852 12,922 
Total investment income from non-controlled, non-affiliated investments758,545 601,422 1,438,079 1,113,221 
Investment income from non-controlled, affiliated investments:
Interest income15 — 37 — 
Payment-in-kind (“PIK”) interest income50 — 92 — 
Dividend income343 272 343 417 
Other income2 — 2 — 
Total investment income from non-controlled, affiliated investments410 272 474 417 
Investment income from controlled, affiliated investments:
Interest income3,289 2,279 6,054 3,796 
Payment-in-kind (“PIK”) interest income— — — 1,104 
Dividend income19,854 22,070 44,741 35,662 
Total investment income from controlled, affiliated investments23,143 24,349 50,795 40,562 
Total Investment Income782,098 626,043 1,489,348 1,154,200 
Operating Expenses
Offering costs1,580 1,443 3,542 2,694 
Interest expense249,963 182,950 466,523 352,366 
Management fees, net(1)
51,511 32,969 97,908 61,488 
Performance based incentive fees56,824 45,485 109,499 84,395 
Professional fees7,258 5,085 12,854 10,701 
Directors’ fees320 320 640 646 
Shareholder servicing fees12,532 8,607 23,940 16,019 
Other general and administrative3,997 2,903 7,383 4,685 
Total Operating Expenses383,985 279,762 722,289 532,994 
Net Investment Income (Loss) Before Taxes398,113 346,281 767,059 621,206 
Income tax expense (benefit), including excise tax expense (benefit)341 2,464 561 3,263 
Net Investment Income (Loss) After Taxes$397,772 $343,817 $766,498 $617,943 





5
Blue Owl Credit Income Corp.
Consolidated Statements of Operations - Continued
(Amounts in thousands, except share and per share amounts)
(Unaudited)




For the Three Months Ended June 30,For the Six Months Ended June 30,
Net Realized and Change in Unrealized Gain (Loss)
Net change in unrealized gain (loss):
Non-controlled, non-affiliated investments$(54,241)$(28,617)$(108,694)$(32,688)
Non-controlled, affiliated investments(289)1,391 (371)2,734 
Controlled, affiliated investments15,195 2,334 8,920 6,960 
Translation of assets and liabilities in foreign currencies(2,578)582 4,950 291 
Income tax (provision) benefit(1,235)— (1,066)8 
Total Net Change in Unrealized Gain (Loss)(43,148)(24,310)(96,261)(22,695)
Net realized gain (loss):
Non-controlled, non-affiliated investments8,319 (14)(49,546)(3,434)
Foreign currency transactions5,241 (1,103)(774)(1,054)
Total Net Realized Gain (Loss)13,560 (1,117)(50,320)(4,488)
Total Net Realized and Change in Unrealized Gain (Loss)(29,588)(25,427)(146,581)(27,183)
Total Net Increase (Decrease) in Net Assets Resulting from Operations$368,184 $318,390 $619,917 $590,760 
Net Increase (Decrease) in Net Assets Resulting from Operations - Class S Common Stock$114,113 $104,763 $191,514 $194,413 
Net Increase (Decrease) in Net Assets Resulting from Operations - Class D Common Stock$11,606 $11,958 $19,942 $23,365 
Net Increase (Decrease) in Net Assets Resulting from Operations - Class I Common Stock$242,465 $201,669 $408,461 $372,982 
Earnings Per Share - Basic and Diluted of Class S Common Stock$0.19 $0.25 $0.33 $0.51 
Weighted Average Shares of Class S Common Stock Outstanding - Basic and Diluted607,882,907413,208,224580,809,758384,667,787
Earnings Per Share - Basic and Diluted of Class D Common Stock$0.20 $0.27 $0.35 $0.53 
Weighted Average Shares of Class D Common Stock Outstanding - Basic and Diluted58,468,74244,636,86256,573,12243,768,118
Earnings Per Share - Basic and Diluted of Class I Common Stock$0.21 $0.27 $0.37 $0.55 
Weighted Average Shares of Class I Common Stock Outstanding - Basic and Diluted1,172,654,549736,786,9491,108,266,084683,495,105
(1)Refer to Note 3 “Agreements and Related Party Transactions” for additional details on management fee waiver.

The accompanying notes are an integral part of these consolidated financial statements.






6
Blue Owl Credit Income Corp.
Consolidated Schedules of Investments
As of June 30, 2025
(Amounts in thousands, except share amounts)
(Unaudited)
Company(1)(2)(3)(19)(28)InvestmentInterestMaturity DatePar / UnitsAmortized Cost(4)(24)Fair Value% of Net Assets
Ref. RateCashPIK
Non-controlled/non-affiliated portfolio company investments
Debt Investments(5)
Advertising and media
IRI Group Holdings, Inc. (f/k/a Circana Group, L.P. (f/k/a The NPD Group, L.P.))(6)First lien senior secured loanS+4.50%12/2029237,388 $237,304 $237,388 
Monotype Imaging Holdings Inc.(7)(18)First lien senior secured loanS+5.50%2/2031170,253 169,114 170,253 
Project Boost Purchaser, LLC (dba J.D. Power)(7)(21)First lien senior secured loanS+3.00%7/203145,940 45,883 45,999 
Project Boost Purchaser, LLC (dba J.D. Power)(7)(21)Second lien senior secured loanS+5.25%7/203211,250 11,199 11,315 
463,500 464,955 2.7 %
Aerospace and defense
ManTech International Corporation(7)First lien senior secured loanS+5.00%9/202914,532 14,532 14,532 
Novaria Holdings, LLC(6)(21)First lien senior secured loanS+3.25%6/203119,123 19,117 19,075 
Peraton Corp.(6)(21)First lien senior secured loanS+3.75%2/202851,000 51,026 44,895 
Peraton Corp.(7)(21)Second lien senior secured loanS+7.75%2/20294,831 4,793 3,358 
STS PARENT, LLC (dba STS Aviation Group)(7)First lien senior secured loanS+5.00%10/2031134,842 134,228 134,168 
STS PARENT, LLC (dba STS Aviation Group)(7)(18)First lien senior secured revolving loanS+5.00%10/20309,951 9,887 9,876 
233,583 225,904 1.3 %
Asset based lending and fund finance
Hg Genesis 9 SumoCo Limited(12)(22)Unsecured facilityE+6.25%3/2029€132,180 139,927 155,160 
Hg Saturn Luchaco Limited(15)(22)Unsecured facilitySA+8.25%3/2027£680 865 932 
140,792 156,092 0.9 %
Automotive aftermarket
OAC Holdings I Corp. (dba Omega Holdings)(7)First lien senior secured loanS+4.75%3/20298,361 8,258 8,298 
OAC Holdings I Corp. (dba Omega Holdings)(6)(18)First lien senior secured revolving loanS+4.75%3/20281,360 1,336 1,340 
Power Stop, LLC(7)First lien senior secured loanS+4.75%1/202929,018 28,849 21,619 
38,443 31,257 0.2 %
Automotive services
Mavis Tire Express Services Topco Corp.(7)(21)First lien senior secured loanS+3.00%5/202843,934 43,749 43,886 
Spotless Brands, LLC(7)First lien senior secured loanS+5.75%7/202881,301 80,688 81,301 
Spotless Brands, LLC(6)(18)First lien senior secured revolving loanS+5.75%7/20281,347 1,332 1,347 
Wand Newco 3, Inc. (dba Caliber )(6)(21)First lien senior secured loanS+2.50%1/203121,874 21,714 21,762 
147,483 148,296 0.8 %
Buildings and real estate
Associations Finance, Inc.(17)Unsecured notesN/A14.25%5/2030176,538 175,522 176,538 
Associations, Inc.(7)(18)First lien senior secured loanS+6.50%7/2028438,452 438,069 438,452 
Beacon Roofing Supply, Inc. (dba QXO)(7)(21)First lien senior secured loanS+3.00%4/203213,222 13,092 13,302 
CoreLogic Inc.(6)(20)(21)First lien senior secured loanS+3.50%6/202823,717 23,323 23,441 
Dodge Construction Network LLC(7)(21)First lien senior secured loanS+4.75%2/202910,432 8,578 8,519 
Dodge Construction Network LLC(7)First lien senior secured loanS+6.25%1/20297,523 7,391 7,466 
RealPage, Inc.(7)(21)First lien senior secured loanS+3.00%4/202838,714 38,573 38,416 
RealPage, Inc.(7)(21)First lien senior secured loanS+3.75%4/202825,785 25,655 25,785 
Wrench Group LLC(7)(21)First lien senior secured loanS+4.00%10/202814,393 14,378 14,325 
744,581 746,244 4.3 %





7
Blue Owl Credit Income Corp.
Consolidated Schedules of Investments - Continued
As of June 30, 2025
(Amounts in thousands, except share amounts)
(Unaudited)

Company(1)(2)(3)(19)(28)InvestmentInterestMaturity DatePar / UnitsAmortized Cost(4)(24)Fair Value% of Net Assets
Ref. RateCashPIK
Business services
Access CIG, LLC(8)(21)First lien senior secured loanS+4.25%8/202878,600 78,600 78,883 
Accommodations Plus Technologies LLC(7)First lien senior secured loanS+4.50%5/20328,125 8,045 8,044 
Aurelia Netherlands B.V.(12)(22)First lien senior secured EUR term loanE+4.75%5/2031€55,027 62,192 64,593 
Boxer Parent Company Inc. (f/k/a BMC)(7)(21)First lien senior secured loanS+3.00%7/203173,067 72,824 72,563 
Capstone Acquisition Holdings, Inc.(6)First lien senior secured loanS+4.50%11/202984,928 84,393 84,503 
ConnectWise, LLC(7)(21)First lien senior secured loanS+3.50%9/202850,837 50,860 51,051 
CoolSys, Inc.(8)(21)First lien senior secured loanS+4.75%8/202813,666 13,000 11,248 
CoreTrust Purchasing Group LLC(6)First lien senior secured loanS+5.25%10/2029112,049 111,192 112,049 
Denali BuyerCo, LLC (dba Summit Companies)(7)(18)First lien senior secured loanS+5.25%9/2028228,391 226,224 228,391 
Diamondback Acquisition, Inc. (dba Sphera)(6)First lien senior secured loanS+5.50%9/202846,149 45,657 46,149 
Fullsteam Operations, LLC(7)(18)First lien senior secured loanS+8.25%11/202913,251 12,924 13,251 
Fullsteam Operations, LLC(7)(18)First lien senior secured delayed draw term loanS+7.00%11/20294,339 4,273 4,339 
Hercules Borrower, LLC (dba The Vincit Group)(7)First lien senior secured loanS+5.50%12/202615,693 15,642 15,693 
Hercules Buyer, LLC (dba The Vincit Group)(17)(27)Unsecured notesN/A0.48%12/202924 24 28 
Kaseya Inc.(6)(21)First lien senior secured loanS+3.25%3/203279,800 79,413 80,071 
Kaseya Inc.(6)(21)Second lien senior secured loanS+5.00%3/203322,154 22,014 22,160 
KPSKY Acquisition, Inc. (dba BluSky)(7)First lien senior secured loanS+5.50%10/2028100,660 99,589 95,628 
KPSKY Acquisition, Inc. (dba BluSky)(7)(18)First lien senior secured delayed draw term loanS+5.75%10/202872 31 (143)
DuraServ LLC(6)(18)First lien senior secured loanS+4.75%6/2031181,044 179,910 180,139 
Ping Identity Holding Corp.(7)First lien senior secured loanS+4.75%10/202965,479 65,376 65,479 
Plano HoldCo, Inc. (dba Perficient)(7)First lien senior secured loanS+3.50%10/203124,938 24,825 23,628 
Plusgrade Inc.(6)(22)First lien senior secured loanS+3.50%3/203123,707 23,707 23,529 
Tecta America Corp.(6)(21)First lien senior secured loanS+3.00%2/203237,333 37,244 37,367 
Pye-Barker Fire & Safety, LLC(7)(18)First lien senior secured loanS+4.50%5/2031245,189 243,943 244,575 
Pye-Barker Fire & Safety, LLC(7)(18)First lien senior secured revolving loanS+4.50%5/20304,213 4,075 4,128 
XPLOR T1, LLC(7)First lien senior secured loanS+3.50%6/203149,625 49,625 49,625 
CMG HoldCo, LLC (dba Crete United)(8)(18)First lien senior secured loanS+4.75%5/202859,116 58,428 58,401 
1,674,030 1,675,372 9.6 %
Chemicals
Advancion Holdings, LLC (fka Aruba Investments Holdings, LLC)(6)First lien senior secured loanS+4.00%11/202718,966 18,785 17,733 
Advancion Holdings, LLC (fka Aruba Investments Holdings, LLC)(6)Second lien senior secured loanS+7.75%11/202840,137 40,129 37,528 
DCG ACQUISITION CORP. (dba DuBois Chemical)(6)First lien senior secured loanS+4.50%6/203195,076 94,233 94,600 
DCG ACQUISITION CORP. (dba DuBois Chemical)(7)(18)First lien senior secured delayed draw term loanS+4.50%6/20319,539 9,426 9,492 
Gaylord Chemical Company, L.L.C.(7)(18)First lien senior secured loanS+5.50%12/2027187,191 186,256 187,191 
Rocket BidCo, Inc. (dba Recochem)(7)(22)First lien senior secured loanS+5.75%11/2030350,613 344,457 350,613 
Velocity HoldCo III Inc. (dba VelocityEHS)(7)First lien senior secured loanS+5.50%4/20272,264 2,246 2,264 
Nouryon Finance B.V.(7)(21)(22)First lien senior secured loanS+3.25%4/202812,423 12,423 12,470 
Derby Buyer LLC (dba Delrin)(6)(21)First lien senior secured loanS+3.00%11/203057,259 57,259 56,979 
765,214 768,870 4.4 %





8
Blue Owl Credit Income Corp.
Consolidated Schedules of Investments - Continued
As of June 30, 2025
(Amounts in thousands, except share amounts)
(Unaudited)

Company(1)(2)(3)(19)(28)InvestmentInterestMaturity DatePar / UnitsAmortized Cost(4)(24)Fair Value% of Net Assets
Ref. RateCashPIK
Consumer products
Beach Acquisition Bidco, LLC (dba Skechers)(6)(20)First lien senior secured loanS+3.25%7/203235,000 34,913 34,913 
BEP Intermediate Holdco, LLC (dba Buyers Edge Platform)(6)(21)First lien senior secured loanS+3.25%4/203115,713 15,713 15,734 
Conair Holdings LLC(6)(21)First lien senior secured loanS+3.75%5/202844,685 44,399 32,473 
Conair Holdings LLC(6)Second lien senior secured loanS+7.50%5/202922,591 22,377 16,887 
Foundation Consumer Brands, LLC(7)First lien senior secured loanS+5.50%2/2029125,633 124,498 125,004 
Lignetics Investment Corp.(7)First lien senior secured loanS+5.00%11/202795,729 95,539 95,250 
Lignetics Investment Corp.(7)(18)First lien senior secured revolving loanS+5.50%10/202610,324 10,305 10,266 
Olaplex, Inc.(6)(21)(22)First lien senior secured loanS+3.50%2/202920,457 20,262 19,675 
SWK BUYER, Inc. (dba Stonewall Kitchen)(7)First lien senior secured loanS+5.25%3/202958,174 57,482 57,302 
SWK BUYER, Inc. (dba Stonewall Kitchen)(8)(18)First lien senior secured revolving loanS+5.25%3/20291,674 1,615 1,590 
WU Holdco, Inc. (dba PurposeBuilt Brands)(7)First lien senior secured loanS+4.75%4/2032189,644 189,180 189,170 
616,283 598,264 3.4 %
Containers and packaging
Anchor Packaging, LLC(6)(21)First lien senior secured loanS+3.25%7/202947,505 47,505 47,733 
Arctic Holdco, LLC (dba Novvia Group)(7)(18)First lien senior secured loanS+5.25%1/2032166,434 165,694 165,602 
Arctic Holdco, LLC (dba Novvia Group)(7)(18)First lien senior secured revolving loanS+5.25%1/20314,261 4,206 4,202 
Ascend Buyer, LLC (dba PPC Flexible Packaging)(7)First lien senior secured loanS+5.75%9/202882,197 81,541 82,197 
Ascend Buyer, LLC (dba PPC Flexible Packaging)(7)First lien senior secured loanS+6.00%9/20288,775 8,662 8,775 
Berlin Packaging(6)(21)First lien senior secured loanS+3.50%6/203184,438 84,438 84,716 
Clydesdale Acquisition Holdings, Inc. (dba Novolex)(6)(18)(21)First lien senior secured loanS+3.25%3/2032113,083 112,220 112,586 
Charter NEX US, Inc.(6)(21)First lien senior secured loanS+2.75%11/203025,559 25,559 25,639 
Fortis Solutions Group, LLC(7)First lien senior secured loanS+5.50%10/202865,937 65,205 64,618 
Fortis Solutions Group, LLC(7)(18)First lien senior secured revolving loanS+5.50%10/20271,687 1,635 1,552 
Indigo Buyer, Inc. (dba Inovar Packaging Group)(7)(18)First lien senior secured loanS+5.25%5/2028125,415 124,675 125,415 
Pregis Topco LLC(6)Second lien senior secured loanS+7.75%8/20292,500 2,500 2,500 
Pregis Topco LLC(6)(21)First lien senior secured loanS+4.00%2/202916,653 16,613 16,686 
Pregis Topco LLC(6)Second lien senior secured loanS+6.75%8/202930,000 30,000 30,000 
ProAmpac PG Borrower LLC(7)(21)First lien senior secured loanS+4.00%9/202851,854 51,856 51,974 
Tricorbraun Holdings, Inc.(6)(21)First lien senior secured loanS+3.25%3/202856,821 56,417 56,730 
878,726 880,925 5.0 %
Distribution
ABB/Con-cise Optical Group LLC(7)First lien senior secured loanS+7.50%2/202833,306 33,045 32,807 
AI Aqua Merger Sub, Inc. (dba Culligan)(6)(21)First lien senior secured loanS+3.00%7/202856,125 56,079 56,007 
Aramsco, Inc.(7)First lien senior secured loanS+4.75%10/203049,842 49,084 40,123 
BCPE Empire Holdings, Inc. (dba Imperial-Dade)(6)(21)First lien senior secured loanS+3.25%12/203092,937 92,931 92,315 
BCPE Empire Holdings, Inc. (dba Imperial-Dade)(6)(20)Second lien senior secured loanS+5.25%12/2031285,000 282,919 282,863 
BradyPLUS Holdings, LLC (f/k/a BradyIFS Holdings, LLC)(7)(18)First lien senior secured loanS+5.00%10/2029176,090 174,653 176,090 
Dealer Tire Financial, LLC(17)(20)(21)Unsecured notesN/A8.00%2/202856,120 55,445 53,595 
Dealer Tire Financial, LLC(6)First lien senior secured loanS+3.00%7/203130,187 30,187 29,961 
Endries Acquisition, Inc.(6)First lien senior secured loanS+5.50%12/2028108,269 107,679 106,917 
Formerra, LLC(7)First lien senior secured loanS+7.25%11/20285,338 5,228 5,311 





9
Blue Owl Credit Income Corp.
Consolidated Schedules of Investments - Continued
As of June 30, 2025
(Amounts in thousands, except share amounts)
(Unaudited)

Company(1)(2)(3)(19)(28)InvestmentInterestMaturity DatePar / UnitsAmortized Cost(4)(24)Fair Value% of Net Assets
Ref. RateCashPIK
Foundation Building Materials, Inc.(7)(21)First lien senior secured loanS+4.00%1/203119,787 19,698 19,334 
White Cap Supply Holdings, LLC(6)(21)First lien senior secured loanS+3.25%10/202948,117 47,929 47,780 
954,877 943,103 5.4 %
Education
Ellucian Holdings Inc. (f/k/a Sophia, L.P.)(6)Second lien senior secured loanS+4.75%11/203210,000 9,976 10,200 
Ellucian Holdings Inc. (f/k/a Sophia, L.P.)(6)(21)First lien senior secured loanS+3.00%10/202919,680 19,680 19,717 
Icon Parent I Inc. (dba Instructure Holdings)(8)(20)(21)First lien senior secured loanS+3.00%11/203119,950 19,607 19,966 
Learning Care Group (US) No. 2 Inc.(7)(21)First lien senior secured loanS+4.00%8/202842,007 41,990 41,914 
Renaissance Learning, Inc.(7)(21)First lien senior secured loanS+4.00%4/203055,190 54,613 49,991 
Severin Acquisition, LLC (dba PowerSchool)(6)(18)First lien senior secured loanS+2.75%2.25%10/2031134,397 133,078 132,540 
Severin Acquisition, LLC (dba PowerSchool)(6)(18)First lien senior secured revolving loanS+4.75%10/20317,074 6,929 6,870 
Spring Education Group, Inc. (fka SSH Group Holdings, Inc.)(7)(21)First lien senior secured loanS+4.00%10/203015,107 15,107 15,154 
300,980 296,352 1.7 %
Energy equipment and services
Dresser Utility Solutions, LLC(6)First lien senior secured loanS+5.25%3/202989,411 88,705 89,411 
88,705 89,411 0.5 %
Financial services
Ascensus Holdings, Inc.(6)(21)First lien senior secured loanS+3.00%8/202821,759 21,759 21,780 
Baker Tilly Advisory Group, LP(6)First lien senior secured loanS+4.75%6/2031113,430 111,926 113,430 
Baker Tilly Advisory Group, LP(6)First lien senior secured loanS+4.50%6/2031157,600 156,820 156,812 
BCPE Pequod Buyer, Inc. (dba Envestnet)(6)(21)First lien senior secured loanS+3.25%11/2031113,053 110,919 113,166 
Blackhawk Network Holdings, Inc.(6)(21)First lien senior secured loanS+4.00%3/2029122,759 122,759 123,336 
BTRS Holdings Inc. (dba Billtrust)(7)(18)First lien senior secured loanS+5.50%12/202831,936 31,651 31,851 
Citrin Cooperman Advisors LLC(7)(21)First lien senior secured loanS+3.00%4/203216,439 16,359 16,411 
Cohnreznick Advisory LLC(7)First lien senior secured loanS+4.00%3/203240,195 40,017 39,995 
Continental Finance Company, LLC(6)First lien senior secured loanS+8.00%3/202913,250 13,126 13,118 
Computer Services, Inc. (dba CSI)(7)First lien senior secured loanS+5.25%11/202952,250 51,718 52,250 
Computer Services, Inc. (dba CSI)(7)First lien senior secured loanS+4.75%11/202918,371 18,287 18,371 
CCM Midco, LLC (f/k/a Cresset Capital Management, LLC)(6)(18)First lien senior secured loanS+5.00%6/203025,142 24,916 25,142 
Deerfield Dakota Holdings(7)(21)First lien senior secured loanS+3.75%4/202796,705 96,222 93,813 
Deerfield Dakota Holdings(7)(21)Second lien senior secured loanS+6.75%4/202821,476 21,496 20,455 
Finastra USA, Inc.(8)(22)First lien senior secured loanS+7.25%9/2029162,704 161,233 162,704 
Finastra USA, Inc.(7)(18)(22)First lien senior secured revolving loanS+7.25%9/20293,393 3,222 3,393 
First Eagle Holdings, Inc.(6)(21)First lien senior secured loanS+3.50%6/203242,708 42,068 41,910 
Klarna Holding AB(7)(22)Subordinated Floating Rate NotesS+7.00%4/20341,000 1,000 1,000 
KRIV Acquisition Inc. (dba Riveron)(7)(18)First lien senior secured loanS+5.75%7/202982,012 80,034 82,012 
Minotaur Acquisition, Inc. (dba Inspira Financial)(6)First lien senior secured loanS+5.00%6/2030290,155 287,483 290,155 
NMI Acquisitionco, Inc. (dba Network Merchants)(6)First lien senior secured loanS+5.00%9/202812,115 12,085 12,115 
OneDigital Borrower LLC(6)(21)Second lien senior secured loanS+5.25%7/203233,800 33,648 33,759 
OneDigital Borrower LLC(6)(21)First lien senior secured loanS+3.00%7/203154,034 54,034 53,882 
Orion US Finco Inc. (dba OSTTRA)(6)(21)(22)First lien senior secured loanS+3.50%5/203217,500 17,413 17,553 





10
Blue Owl Credit Income Corp.
Consolidated Schedules of Investments - Continued
As of June 30, 2025
(Amounts in thousands, except share amounts)
(Unaudited)

Company(1)(2)(3)(19)(28)InvestmentInterestMaturity DatePar / UnitsAmortized Cost(4)(24)Fair Value% of Net Assets
Ref. RateCashPIK
PPI Holding US INC. (dba Nuvei)(6)(21)(22)First lien senior secured loanS+3.00%7/203119,950 19,906 19,974 
Pushpay USA Inc(7)(22)First lien senior secured loanS+4.00%8/203114,925 14,925 15,000 
Saphilux S.a.r.L. (dba IQ-EQ)(8)(21)(22)First lien senior secured loanS+3.50%7/202847,716 47,716 47,935 
Smarsh Inc.(7)(18)First lien senior secured loanS+4.75%2/2029112,983 112,307 112,685 
1,725,049 1,734,007 9.9 %
Food and beverage
Balrog Acquisition, Inc. (dba Bakemark)(6)(21)First lien senior secured loanS+4.00%9/202813,510 13,437 13,148 
Balrog Acquisition, Inc. (dba Bakemark)(6)Second lien senior secured loanS+7.00%9/20296,000 5,969 5,880 
Blast Bidco Inc. (dba Bazooka Candy Brands)(7)First lien senior secured loanS+6.00%10/203035,373 34,651 35,373 
Dessert Holdings(6)(20)(21)First lien senior secured loanS+4.00%6/202823,278 23,199 22,929 
Eagle Family Foods Group LLC(8)First lien senior secured loanS+5.00%8/2030173,827 172,250 173,827 
Fiesta Purchaser, Inc. (dba Shearer's Foods)(6)(21)First lien senior secured loanS+3.25%2/203154,451 54,451 54,554 
Gehl Foods, LLC(7)First lien senior secured loanS+6.25%6/2030126,789 125,644 126,789 
Hissho Parent, LLC(7)First lien senior secured loanS+4.50%5/2029122,633 121,974 122,633 
Innovation Ventures HoldCo, LLC (dba 5 Hour Energy)(6)First lien senior secured loanS+6.25%3/2027170,702 169,505 168,142 
KBP Brands, LLC(6)First lien senior secured loanS+5.50%5/202755,796 55,460 54,820 
Ole Smoky Distillery, LLC(6)First lien senior secured loanS+5.50%3/202830,013 29,684 29,788 
Savor Acquisition, Inc. (dba Sauer Brands)(6)(21)First lien senior secured loanS+3.25%2/203263,966 63,813 64,305 
Rushmore Investment III LLC (dba Winland Foods)(6)First lien senior secured loanS+5.00%10/2030509,456 505,019 509,456 
Tacala, LLC(6)(21)First lien senior secured loanS+3.50%1/203155,225 55,092 55,429 
Vital Bidco AB (dba Vitamin Well)(7)(22)First lien senior secured loanS+4.50%10/2031225,476 221,545 225,476 
1,651,693 1,662,549 9.5 %
Healthcare equipment and services
Azalea TopCo, Inc. (dba Press Ganey)(6)(21)First lien senior secured loanS+3.25%4/203157,019 56,980 57,093 
Bamboo US BidCo LLC(7)(18)First lien senior secured loanS+5.25%9/2030114,845 114,634 114,845 
Bamboo US BidCo LLC(12)First lien senior secured EUR term loanE+5.25%9/2030€61,293 64,483 71,949 
Canadian Hospital Specialties Limited(10)(22)First lien senior secured loanC+4.50%4/2028CAD4,808 3,810 3,454 
Canadian Hospital Specialties Limited(10)(18)(22)First lien senior secured revolving loanC+4.50%4/2027CAD366 290 259 
Cambrex Corporation(6)First lien senior secured loanS+4.75%3/2032223,073 220,917 222,515 
Confluent Medical Technologies, Inc.(7)(21)First lien senior secured loanS+3.25%2/202974,174 74,174 74,085 
Creek Parent, Inc. (dba Catalent)(6)First lien senior secured loanS+5.25%12/2031293,842 288,989 293,842 
CSC MKG Topco LLC (dba Medical Knowledge Group)(6)First lien senior secured loanS+5.50%2/202998,263 97,071 97,772 
NELIPAK EUROPEAN HOLDINGS COÖPERATIEF U.A.(12)First lien senior secured EUR term loanE+5.50%3/2031€55,356 59,169 63,680 
NELIPAK EUROPEAN HOLDINGS COÖPERATIEF U.A.(11)(18)First lien senior secured EUR revolving loanE+5.50%3/2031€264 287 215 
Nelipak Holding Company(7)First lien senior secured loanS+5.50%3/203130,229 29,836 29,625 
Nelipak Holding Company(6)(18)First lien senior secured revolving loanS+5.50%3/20315,190 5,082 5,014 
Packaging Coordinators Midco, Inc.(7)First lien senior secured loanS+4.75%1/2032446,206 440,215 440,629 
Patriot Acquisition TopCo S.A.R.L (dba Corza Health, Inc.)(7)(18)(22)First lien senior secured loanS+4.75%1/2028157,948 157,417 157,535 
PerkinElmer U.S. LLC(6)First lien senior secured loanS+4.75%3/2029167,512 167,193 165,837 
Resonetics, LLC(7)(21)First lien senior secured loanS+3.25%6/203174,438 74,438 74,438 
Rhea Parent, Inc.(7)First lien senior secured loanS+4.75%12/2030202,293 201,745 201,787 





11
Blue Owl Credit Income Corp.
Consolidated Schedules of Investments - Continued
As of June 30, 2025
(Amounts in thousands, except share amounts)
(Unaudited)

Company(1)(2)(3)(19)(28)InvestmentInterestMaturity DatePar / UnitsAmortized Cost(4)(24)Fair Value% of Net Assets
Ref. RateCashPIK
TBRS, Inc. (dba TEAM Technologies)(7)First lien senior secured loanS+4.75%11/2031152,008 151,211 151,248 
TBRS, Inc. (dba TEAM Technologies)(7)(18)First lien senior secured revolving loanS+4.75%11/20301,295 1,190 1,190 
Zest Acquisition Corp.(7)(21)First lien senior secured loanS+5.25%2/202819,435 19,435 19,338 
2,228,566 2,246,350 12.8 %
Healthcare providers and services
Allied Benefit Systems Intermediate LLC(6)First lien senior secured loanS+5.25%10/203017,531 17,316 17,531 
Allied Benefit Systems Intermediate LLC(7)First lien senior secured delayed draw term loanS+5.25%10/20303,215 3,176 3,215 
Anesthesia Consulting & Management, LP(6)(18)First lien senior secured loanS+5.50%12/202738,164 37,900 37,882 
Belmont Buyer, Inc. (dba Valenz)(7)(18)First lien senior secured loanS+6.50%6/202971,819 70,711 71,819 
Belmont Buyer, Inc. (dba Valenz)(8)First lien senior secured loanS+5.25%6/202942,835 42,564 42,514 
Commander Buyer, Inc. (dba CenExel)(7)First lien senior secured loanS+4.75%6/2032123,800 123,126 123,124 
Confluent Health, LLC(6)First lien senior secured loanS+5.00%11/202819,750 19,302 19,009 
Covetrus, Inc.(7)(21)First lien senior secured loanS+5.00%10/202935,127 33,992 31,561 
Covetrus, Inc.(7)Second lien senior secured loanS+9.25%10/2030160,000 157,477 151,200 
D4C Dental Brands, Inc.(7)(18)(20)First lien senior secured loanS+4.50%11/2029137,554 136,352 137,181 
Engage Debtco Limited(7)(20)(22)First lien senior secured loanS+3.03%4.00%7/202932,687 32,044 32,033 
Engage Debtco Limited(7)(22)First lien senior secured loanS+3.33%2.75%7/202963,765 62,767 61,055 
Engage Debtco Limited(7)(22)First lien senior secured delayed draw term loanS+3.18%2.54%7/202920,702 20,415 19,822 
EresearchTechnology, Inc. (dba Clario)(6)(18)First lien senior secured loanS+4.75%1/2032210,617 208,483 208,367 
Ex Vivo Parent Inc. (dba OB Hospitalist)(6)First lien senior secured loanS+9.85%9/202845,221 44,870 45,221 
KABAFUSION Parent, LLC(7)First lien senior secured loanS+5.00%11/203171,044 70,379 70,689 
KABAFUSION Parent, LLC(6)First lien senior secured loanS+5.00%11/203140,804 40,398 40,600 
KWOL Acquisition, Inc. (dba Worldwide Clinical Trials)(7)First lien senior secured loanS+4.75%12/2029172,766 170,217 172,766 
Lakefield Acquisition Corp. (dba Lakefield Veterinary Group)(8)(18)First lien senior secured loanS+4.00%9/203079,636 79,275 79,237 
Maple Acquisition, LLC (dba Medicus)(8)First lien senior secured loanS+5.00%5/2031101,901 101,226 101,901 
MED ParentCo, LP(7)(21)First lien senior secured loanS+3.25%4/203124,813 24,813 24,884 
MJH Healthcare Holdings, LLC(6)(20)(21)First lien senior secured loanS+3.25%1/202914,392 14,392 14,428 
Natural Partners, LLC(7)(22)First lien senior secured loanS+4.50%11/2030163,414 161,763 162,597 
Neptune Holdings, Inc. (dba NexTech)(7)First lien senior secured loanS+4.50%8/203030,419 30,279 30,419 
OB Hospitalist Group, Inc.(6)First lien senior secured loanS+5.25%9/202768,076 67,400 68,076 
OneOncology, LLC(7)(18)First lien senior secured loanS+4.75%6/2030133,741 133,076 133,071 
OneOncology, LLC(7)First lien senior secured delayed draw term loanS+5.00%6/2030124,342 123,519 124,342 
Pacific BidCo Inc.(8)(22)First lien senior secured loanS+4.12%1.88%8/2029172,505 169,793 170,349 
Pacific BidCo Inc.(8)(22)First lien senior secured delayed draw term loanS+5.75%8/202917,905 17,596 17,682 
Pediatric Associates Holding Company, LLC(7)(21)First lien senior secured loanS+3.25%12/202832,062 31,215 28,496 
Pediatric Associates Holding Company, LLC(7)First lien senior secured loanS+4.50%12/202827,277 26,460 24,959 
PetVet Care Centers, LLC(6)First lien senior secured loanS+6.00%11/2030239,321 237,345 226,158 
Valeris, Inc. (fka Phantom Purchaser, Inc.)(7)First lien senior secured loanS+5.00%9/203188,972 88,158 88,750 
Physician Partners, LLC(7)First lien senior secured loanS+6.00%12/2029177,214 167,797 160,378 
Physician Partners, LLC(7)(21)First lien senior secured loanS+1.50%2.50%12/202917,879 11,209 8,850 
Physician Partners, LLC(7)First lien senior secured loanS+3.00%2.50%12/202981,840 54,780 43,785 





12
Blue Owl Credit Income Corp.
Consolidated Schedules of Investments - Continued
As of June 30, 2025
(Amounts in thousands, except share amounts)
(Unaudited)

Company(1)(2)(3)(19)(28)InvestmentInterestMaturity DatePar / UnitsAmortized Cost(4)(24)Fair Value% of Net Assets
Ref. RateCashPIK
Plasma Buyer LLC (dba PathGroup)(7)First lien senior secured loanS+5.75%5/2029107,103 105,745 103,623 
Plasma Buyer LLC (dba PathGroup)(7)First lien senior secured delayed draw term loanS+6.25%5/20294,042 3,986 3,911 
Plasma Buyer LLC (dba PathGroup)(7)First lien senior secured revolving loanS+5.75%5/202812,182 12,066 11,786 
PPV Intermediate Holdings, LLC(7)First lien senior secured loanS+5.75%8/2029161,763 159,579 161,763 
PPV Intermediate Holdings, LLC(7)First lien senior secured delayed draw term loanS+6.00%8/20299,997 9,921 9,997 
Premise Health Holding Corp.(6)First lien senior secured loanS+5.25%3/203169,776 68,878 69,776 
Premise Health Holding Corp.(6)(18)First lien senior secured revolving loanS+5.25%2/2030546 451 546 
Quva Pharma, Inc.(7)First lien senior secured loanS+5.50%4/20285,875 5,790 5,816 
Quva Pharma, Inc.(7)First lien senior secured loanS+5.50%4/20261,362 1,347 1,348 
SimonMed, Inc.(7)(18)First lien senior secured loanS+4.75%2/2032253,062 251,737 251,798 
SimonMed, Inc.(6)(18)First lien senior secured revolving loanS+4.75%2/20317,672 7,528 7,519 
Soliant Lower Intermediate, LLC (dba Soliant)(8)(21)First lien senior secured loanS+3.75%7/203165,794 63,325 65,136 
Soleo Holdings, Inc.(7)First lien senior secured loanS+4.50%2/2032112,324 111,787 112,324 
Tivity Health, Inc.(6)First lien senior secured loanS+5.00%6/202974,640 74,641 74,640 
Unified Women's Healthcare, LP(7)First lien senior secured loanS+5.50%6/202981,615 81,223 81,615 
Unified Women's Healthcare, LP(6)First lien senior secured delayed draw term loanS+5.25%6/202971,444 71,011 71,444 
Unified Women's Healthcare, LP(6)First lien senior secured loanS+5.50%6/202968,027 67,612 68,027 
Unified Women's Healthcare, LP(6)(18)First lien senior secured delayed draw term loanS+5.00%6/202936,392 36,089 36,189 
Valeris, Inc. (fka Phantom Purchaser, Inc.)(7)First lien senior secured loanS+4.75%9/2031184,510 182,690 182,665 
Vermont Aus Pty Ltd(14)(22)First lien senior secured AUD term loanB+5.75%3/2028A$70,350 47,791 45,874 
WCG Intermediate Corp. (f/k/a Da Vinci Purchaser Corp.) (dba WCG)(6)(21)First lien senior secured loanS+3.00%2/203230,000 29,873 29,634 
4,224,655 4,189,382 23.9 %
Healthcare technology
Athenahealth Group Inc.(6)(21)First lien senior secured loanS+2.75%2/202925,994 25,994 25,953 
BCPE Osprey Buyer, Inc. (dba PartsSource)(7)First lien senior secured loanS+5.75%8/202852,409 51,969 51,885 
BCPE Osprey Buyer, Inc. (dba PartsSource)(6)(18)First lien senior secured delayed draw term loanS+5.75%8/202822,742 22,296 22,515 
BCPE Osprey Buyer, Inc. (dba PartsSource)(6)(18)First lien senior secured revolving loanS+5.75%8/20262,328 2,311 2,281 
Bracket Intermediate Holding Corp.(7)(21)First lien senior secured loanS+4.25%5/202849,005 49,005 49,117 
Color Intermediate, LLC (dba ClaimsXten)(6)First lien senior secured loanS+4.75%10/20299,028 9,028 9,005 
Cotiviti, Inc.(6)(21)First lien senior secured loanS+2.75%5/203135,040 34,342 34,844 
CT Technologies Intermediate Holdings, Inc. (& Smart Holdings Corp.) (dba Datavant)(6)First lien senior secured loanS+5.00%8/2031349,085 347,257 349,085 
Ensemble RCM, LLC(7)(21)First lien senior secured loanS+3.00%8/202933,552 33,377 33,673 
GI Ranger Intermediate, LLC (dba Rectangle Health)(6)First lien senior secured loanS+5.75%10/202824,454 24,189 23,965 
Imprivata, Inc.(7)(21)First lien senior secured loanS+3.00%12/202710,319 10,319 10,351 
Indikami Bidco, LLC (dba IntegriChain)(6)First lien senior secured loanS+4.00%2.50%12/203048,478 47,585 47,993 
Indikami Bidco, LLC (dba IntegriChain)(6)(18)First lien senior secured delayed draw term loanS+6.00%12/2030751 698 743 
Indikami Bidco, LLC (dba IntegriChain)(6)(18)First lien senior secured revolving loanS+6.00%6/20303,566 3,486 3,519 
Inovalon Holdings, Inc.(7)First lien senior secured loanS+3.00%2.75%11/2028305,124 304,679 305,124 
Inovalon Holdings, Inc.(7)Second lien senior secured loanS+8.50%11/2033113,685 113,685 113,685 





13
Blue Owl Credit Income Corp.
Consolidated Schedules of Investments - Continued
As of June 30, 2025
(Amounts in thousands, except share amounts)
(Unaudited)

Company(1)(2)(3)(19)(28)InvestmentInterestMaturity DatePar / UnitsAmortized Cost(4)(24)Fair Value% of Net Assets
Ref. RateCashPIK
Intelerad Medical Systems Incorporated (fka 11849573 Canada Inc.)(7)(22)First lien senior secured loanS+6.50%8/202631,371 31,263 30,743 
Interoperability Bidco, Inc. (dba Lyniate)(7)(18)First lien senior secured loanS+5.75%3/202877,433 77,235 75,981 
Modernizing Medicine, Inc. (dba ModMed)(7)First lien senior secured loanS+2.50%2.75%4/2032114,452 113,335 113,308 
PointClickCare Technologies, Inc.(8)(21)(22)First lien senior secured loanS+3.25%11/203146,753 46,638 46,897 
Project Ruby Ultimate Parent Corp. (dba Wellsky)(6)(21)First lien senior secured loanS+3.00%3/202853,121 53,121 53,163 
Raven Acquisition Holdings, LLC (dba R1 RCM)(6)(21)First lien senior secured loanS+3.25%11/203158,649 58,412 58,578 
RL Datix Holdings (USA), Inc.(8)First lien senior secured loanS+5.25%4/203166,094 65,518 65,763 
RL Datix Holdings (USA), Inc.(15)First lien senior secured GBP term loanSA+5.25%4/2031£30,608 37,897 41,733 
RL Datix Holdings (USA), Inc.(8)(18)First lien senior secured revolving loanS+5.25%10/20302,869 2,762 2,804 
Salinger Bidco Inc. (dba Surgical Information Systems)(7)First lien senior secured loanS+5.75%8/203159,336 58,528 59,336 
Salinger Bidco Inc. (dba Surgical Information Systems)(7)(18)First lien senior secured revolving loanS+5.75%5/20311,148 1,074 1,148 
Southern Veterinary Partners, LLC(7)(21)First lien senior secured loanS+3.25%12/203139,900 39,762 39,916 
Zelis Cost Management Buyer, Inc.(6)(21)First lien senior secured loanS+2.75%9/20294,938 4,918 4,901 
Zelis Cost Management Buyer, Inc.(6)(21)First lien senior secured loanS+3.25%11/203170,607 70,281 70,155 
1,740,964 1,748,164 10.0 %
Household products
Home Service TopCo IV, Inc.(6)First lien senior secured loanS+4.50%12/202735,740 35,740 35,740 
Home Service TopCo IV, Inc.(7)First lien senior secured delayed draw term loanS+4.50%12/20272,792 2,754 2,792 
Mario Midco Holdings, Inc. (dba Len the Plumber)(6)Unsecured facilityS+10.75%4/203235,357 34,822 34,119 
Mario Purchaser, LLC (dba Len the Plumber)(6)First lien senior secured loanS+5.75%4/2029116,049 114,617 112,858 
Mario Purchaser, LLC (dba Len the Plumber)(6)(18)First lien senior secured revolving loanS+5.75%4/20281,340 1,264 1,119 
SimpliSafe Holding Corporation(6)First lien senior secured loanS+6.25%5/2028140,389 138,850 140,389 
Southern Air & Heat Holdings, LLC(7)(18)First lien senior secured loanS+4.75%10/20272,240 2,226 2,240 
Southern Air & Heat Holdings, LLC(7)(18)First lien senior secured delayed draw term loanS+5.25%10/202710,473 9,799 10,473 
Walker Edison Furniture Company LLC(7)(25)(31)First lien senior secured loanS+6.75%3/20276,272 4,955 350 
Walker Edison Furniture Company LLC(6)(18)(25)(31)First lien senior secured delayed draw term loanS+6.75%3/2027604 587 604 
345,614 340,684 1.9 %
Human resource support services
AQ Carver Buyer, Inc. (dba CoAdvantage)(7)(21)First lien senior secured loanS+5.50%8/202922,106 21,762 21,755 
Cornerstone OnDemand, Inc.(6)(20)(21)First lien senior secured loanS+3.75%10/202819,350 19,298 18,110 
Cornerstone OnDemand, Inc.(6)Second lien senior secured loanS+6.50%10/202944,583 44,163 41,017 
IG Investments Holdings, LLC (dba Insight Global)(7)First lien senior secured loanS+5.00%9/202847,478 47,480 47,478 
iSolved, Inc.(6)(21)First lien senior secured loanS+3.00%10/203020,954 20,945 21,013 
UKG Inc. (dba Ultimate Software)(6)(21)First lien senior secured loanS+3.00%2/203119,885 19,851 19,955 
173,499 169,328 1.0 %





14
Blue Owl Credit Income Corp.
Consolidated Schedules of Investments - Continued
As of June 30, 2025
(Amounts in thousands, except share amounts)
(Unaudited)

Company(1)(2)(3)(19)(28)InvestmentInterestMaturity DatePar / UnitsAmortized Cost(4)(24)Fair Value% of Net Assets
Ref. RateCashPIK
Infrastructure and environmental services
AWP Group Holdings, Inc.(6)(18)First lien senior secured loanS+4.75%12/203043,979 43,980 43,503 
Azuria Water Solutions, Inc. (f/k/a Aegion Corporation)(6)(20)(21)First lien senior secured loanS+3.00%5/202836,664 36,664 36,741 
CHA Vision Holdings, Inc. (fka FR Vision Holdings, Inc.)(7)(18)First lien senior secured loanS+5.00%1/203154,106 53,588 54,106 
GI Apple Midco LLC (dba Atlas Technical Consultants)(6)First lien senior secured loanS+6.75%4/203092,945 91,773 92,016 
GI Apple Midco LLC (dba Atlas Technical Consultants)(6)(18)First lien senior secured revolving loanS+6.75%4/2029237 97 127 
KENE Acquisition, Inc. (dba Entrust Solutions Group)(7)(18)First lien senior secured loanS+5.25%2/203117,491 17,140 17,447 
Osmose Utilities Services, Inc.(6)(21)First lien senior secured loanS+3.25%6/20283,670 3,642 3,436 
Tamarack Intermediate, L.L.C. (dba Verisk 3E)(7)First lien senior secured loanS+5.75%3/20296,617 6,531 6,617 
Tamarack Intermediate, L.L.C. (dba Verisk 3E)(7)(18)First lien senior secured loanS+5.75%3/202832,310 31,932 32,310 
USIC Holdings, Inc.(7)(18)First lien senior secured loanS+5.50%9/203138,501 38,156 37,401 
USIC Holdings, Inc.(7)(18)First lien senior secured revolving loanS+5.25%9/20312,207 2,164 2,074 
Vessco Midco Holdings, LLC(6)(18)First lien senior secured loanS+4.75%7/203180,969 80,192 80,564 
W.A. Kendall and Company, LLC(6)First lien senior secured loanS+5.75%4/203039,540 39,146 39,144 
W.A. Kendall and Company, LLC(6)(18)First lien senior secured revolving loanS+5.88%4/20302,529 2,447 2,447 
447,452 447,933 2.6 %
Insurance
Acrisure, LLC(17)(21)(22)Unsecured notesN/A8.50%6/202918,375 18,375 19,156 
Acrisure, LLC(6)(21)First lien senior secured loanS+3.00%11/203058,890 58,890 58,678 
Acrisure, LLC(6)(21)First lien senior secured loanS+3.25%11/20329,654 9,630 9,643 
Alera Group, Inc.(6)(21)First lien senior secured loanS+3.25%5/203275,000 74,628 75,210 
Alera Group, Inc.(6)(21)Second lien senior secured loanS+5.50%5/2033125,000 124,379 127,288 
AmeriLife Holdings LLC(8)First lien senior secured loanS+4.75%8/2029287,610 284,584 286,172 
AmeriLife Holdings LLC(7)(18)First lien senior secured delayed draw term loanS+4.84%8/202927,219 27,094 27,070 
AmeriLife Holdings LLC(7)(18)First lien senior secured revolving loanS+4.75%8/20282,783 2,534 2,616 
Ardonagh Midco 3 PLC(7)(21)(22)First lien senior secured loanS+2.75%2/203157,356 57,295 56,857 
AssuredPartners, Inc.(6)(21)First lien senior secured loanS+3.50%2/203159,551 59,461 59,688 
Asurion, LLC(6)(21)First lien senior secured loanS+3.25%7/20279,974 9,961 9,959 
Asurion, LLC(6)(21)First lien senior secured loanS+4.25%9/203010,770 10,413 10,453 
Asurion, LLC(6)(21)Second lien senior secured loanS+5.25%1/2029104,017 100,227 96,299 
Asurion, LLC(6)(21)Second lien senior secured loanS+5.25%1/202842,700 40,832 40,727 
Atlas US Finco, Inc. (dba Nearmap)(7)(22)First lien senior secured loanS+5.00%12/202973,470 73,108 73,102 
Brightway Holdings, LLC(7)First lien senior secured loanS+5.75%12/202720,437 20,309 20,437 
Brightway Holdings, LLC(6)(18)First lien senior secured revolving loanS+5.75%12/20271,011 1,001 1,011 
Broadstreet Partners, Inc.(6)(21)First lien senior secured loanS+3.00%6/203113,532 13,532 13,546 
CFC USA 2025 LLC (dba CFC Insurance)(6)(22)First lien senior secured loanS+3.75%7/203280,000 79,200 79,200 
Diamond Mezzanine 24 LLC (dba United Risk)(7)First lien senior secured loanS+5.00%10/2030124,164 123,550 124,164 
Disco Parent, Inc. (dba Duck Creek Technologies, Inc.)(6)First lien senior secured loanS+7.00%3/20291,064 1,045 1,064 
Evolution BuyerCo, Inc. (dba SIAA)(7)First lien senior secured loanS+4.75%4/2030209,276 208,657 209,276 
Evolution BuyerCo, Inc. (dba SIAA)(6)(18)First lien senior secured delayed draw term loanS+4.75%4/20304,627 4,464 4,627 
Galway Borrower LLC(7)(18)First lien senior secured delayed draw term loanS+4.50%9/202810,032 9,955 10,032 





15
Blue Owl Credit Income Corp.
Consolidated Schedules of Investments - Continued
As of June 30, 2025
(Amounts in thousands, except share amounts)
(Unaudited)

Company(1)(2)(3)(19)(28)InvestmentInterestMaturity DatePar / UnitsAmortized Cost(4)(24)Fair Value% of Net Assets
Ref. RateCashPIK
Hyperion Refinance S.à r.l (dba Howden Group)(6)(21)(22)First lien senior secured loanS+3.50%4/203016,957 16,873 17,036 
Hyperion Refinance S.à r.l (dba Howden Group)(6)(21)(22)First lien senior secured loanS+3.00%2/203155,925 55,925 56,070 
IMA Financial Group, Inc.(6)(21)First lien senior secured loanS+3.00%11/202843,833 43,808 43,798 
Integrated Specialty Coverages, LLC(6)First lien senior secured loanS+4.75%7/2030100,935 100,523 100,935 
Integrity Marketing Acquisition, LLC(7)First lien senior secured loanS+5.00%8/2028374,975 373,318 374,975 
KUSRP Intermediate, Inc. (dba U.S. Retirement and Benefits Partners)(6)First lien senior secured loanS+10.60%7/203017,842 17,729 17,842 
KWOR Acquisition, Inc. (dba Alacrity Solutions)(7)First lien senior secured loanS+1.00%5.25%2/203017,815 17,733 17,726 
KWOR Intermediate I, Inc. (dba Alacrity Solutions)(7)First lien senior secured loanS+8.00%2/20305,959 5,904 5,900 
Mitchell International, Inc.(6)(21)First lien senior secured loanS+3.25%6/203166,695 66,408 66,589 
Mitchell International, Inc.(6)(21)Second lien senior secured loanS+5.25%6/203232,700 32,552 32,039 
Simplicity Financial Marketing Group Holdings, Inc.(6)First lien senior secured loanS+5.00%12/2031150,516 149,089 149,010 
Simplicity Financial Marketing Group Holdings, Inc.(8)(18)First lien senior secured delayed draw term loanS+5.00%12/20318,931 8,701 8,685 
Summit Acquisition Inc. (dba K2 Insurance Services)(6)(21)First lien senior secured loanS+3.75%10/203119,950 19,858 19,926 
THG Acquisition, LLC (dba Hilb)(6)(18)First lien senior secured loanS+4.50%10/203193,355 92,433 92,321 
THG Acquisition, LLC (dba Hilb)(6)(18)First lien senior secured revolving loanS+4.75%10/2031769 680 666 
Trucordia Insurance Holdings, LLC(6)First lien senior secured loanS+3.25%6/2032104,000 103,741 103,740 
Trucordia Insurance Holdings, LLC(6)Second lien senior secured loanS+5.75%6/2033275,750 273,001 272,993 
Truist Insurance Holdings, LLC(7)(21)First lien senior secured loanS+2.75%5/20313,500 3,491 3,499 
USRP Holdings, Inc. (dba U.S. Retirement and Benefits Partners)(6)(18)First lien senior secured loanS+5.00%12/202937,304 37,082 37,304 
2,831,973 2,837,329 16.2 %
Internet software and services
Activate Holdings (US) Corp. (dba Absolute Software)(7)(22)First lien senior secured loanS+5.50%7/20305,682 5,662 5,682 
AI Titan Parent, Inc. (dba Prometheus Group)(6)First lien senior secured loanS+4.50%8/203133,962 33,654 33,623 
AlphaSense, Inc.(7)First lien senior secured loanS+6.25%6/20293,533 3,504 3,507 
Anaplan, Inc.(7)First lien senior secured loanS+4.50%6/2029230,240 230,240 230,240 
Appfire Technologies, LLC(7)First lien senior secured loanS+5.00%3/202813,919 13,859 13,919 
Aptean Acquiror, Inc. (dba Aptean)(7)(18)First lien senior secured loanS+4.75%1/2031120,646 119,601 120,646 
Armstrong Bidco Limited(15)(22)First lien senior secured GBP term loanSA+5.00%6/2029£40,433 48,964 55,131 
Artifact Bidco, Inc. (dba Avetta)(7)First lien senior secured loanS+4.25%7/203115,498 15,429 15,498 
Avalara, Inc.(7)(21)First lien senior secured loanS+3.25%3/203266,250 65,882 66,489 
Azurite Intermediate Holdings, Inc. (dba Alteryx, Inc.)(6)First lien senior secured loanS+6.00%3/203117,955 17,726 17,955 
Barracuda Parent, LLC(7)(21)First lien senior secured loanS+4.50%8/202914,082 13,803 11,650 
Barracuda Parent, LLC(7)Second lien senior secured loanS+7.00%8/203093,250 91,176 69,005 
Barracuda Parent, LLC(7)First lien senior secured loanS+6.50%8/202934,116 33,192 30,875 
Bayshore Intermediate #2, L.P. (dba Boomi)(6)First lien senior secured loanS+2.88%3.38%10/2028216,379 216,347 216,379 
Bayshore Intermediate #2, L.P. (dba Boomi)(7)(18)First lien senior secured revolving loanS+5.75%10/20272,200 2,142 2,200 
BCTO BSI Buyer, Inc. (dba Buildertrend)(7)First lien senior secured loanS+6.50%12/20261,196 1,192 1,196 
Catalis Intermediate, Inc. (fka GovBrands Intermediate, Inc.)(7)(18)First lien senior secured loanS+5.50%8/202710,168 10,066 9,900 
CivicPlus, LLC(7)First lien senior secured loanS+5.50%8/203039,078 38,886 38,980 





16
Blue Owl Credit Income Corp.
Consolidated Schedules of Investments - Continued
As of June 30, 2025
(Amounts in thousands, except share amounts)
(Unaudited)

Company(1)(2)(3)(19)(28)InvestmentInterestMaturity DatePar / UnitsAmortized Cost(4)(24)Fair Value% of Net Assets
Ref. RateCashPIK
Cloud Software Group, Inc.(7)(21)First lien senior secured loanS+3.75%3/203179,612 79,612 79,731 
Cloud Software Group, Inc.(6)(21)First lien senior secured loanS+3.50%3/202955,018 55,018 55,057 
Clover Holdings 2, LLC (dba Cohesity)(7)(21)First lien senior secured loanS+4.00%12/203176,196 75,409 76,219 
Coupa Holdings, LLC(7)First lien senior secured loanS+5.25%2/203024,101 24,101 24,101 
CP PIK DEBT ISSUER, LLC (dba CivicPlus, LLC)(8)Unsecured notesS+11.75%6/203411,486 11,375 11,486 
Crewline Buyer, Inc. (dba New Relic)(6)First lien senior secured loanS+6.75%11/2030171,701 169,558 169,984 
Databricks, Inc.(6)First lien senior secured loanS+4.50%1/203173,469 73,127 73,286 
Delta TopCo, Inc. (dba Infoblox, Inc.)(7)(21)Second lien senior secured loanS+5.25%11/203033,000 32,851 33,053 
Diamond Insure Bidco (dba Acturis)(13)(22)First lien senior secured EUR term loanE+4.25%7/2031€3,123 3,293 3,648 
Diamond Insure Bidco (dba Acturis)(15)(22)First lien senior secured GBP term loanSA+4.50%7/2031£10,210 12,679 13,921 
EET Buyer, Inc. (dba e-Emphasys)(7)First lien senior secured loanS+4.75%11/202739,966 39,659 39,966 
Einstein Parent, Inc. (dba Smartsheet)(7)First lien senior secured loanS+6.50%1/203176,841 76,058 76,073 
Entrata, Inc.(6)First lien senior secured loanS+5.75%7/20304,420 4,368 4,420 
Forescout Technologies, Inc.(7)First lien senior secured loanS+5.00%5/20319,190 9,149 9,190 
Granicus, Inc.(7)First lien senior secured loanS+3.50%2.25%1/203133,340 33,069 33,340 
Granicus, Inc.(7)First lien senior secured delayed draw term loanS+3.00%2.25%1/20314,939 4,898 4,914 
Granicus, Inc.(16)(18)First lien senior secured revolving loanP+4.25%1/2031649 612 649 
GS Acquisitionco, Inc. (dba insightsoftware)(7)(18)First lien senior secured loanS+5.25%5/20289,558 9,544 9,509 
Hyland Software, Inc.(6)First lien senior secured loanS+5.00%9/2030145,027 145,027 145,027 
Icefall Parent, Inc. (dba EngageSmart)(7)First lien senior secured loanS+5.75%1/203028,869 28,400 28,869 
JS Parent, Inc. (dba Jama Software)(7)First lien senior secured loanS+4.75%4/2031905 901 905 
Litera Bidco LLC(6)(18)First lien senior secured loanS+5.00%5/202842,738 42,576 42,632 
Magnet Forensics, LLC (f/k/a Grayshift, LLC)(6)(22)First lien senior secured loanS+4.50%7/2028167,248 167,087 167,248 
Ministry Brands Holdings, LLC(6)First lien senior secured loanS+5.50%12/202852,665 52,071 52,270 
Ministry Brands Holdings, LLC(16)(18)First lien senior secured revolving loanP+4.50%12/2027395 356 360 
Mitnick Corporate Purchaser, Inc.(7)(18)(20)First lien senior secured revolving loanS+3.00%5/2027438 442 (2,563)
Oranje Holdco, Inc. (dba KnowBe4)(7)First lien senior secured loanS+7.75%2/202981,182 80,353 81,182 
Oranje Holdco, Inc. (dba KnowBe4)(7)First lien senior secured loanS+7.25%2/202934,017 33,745 33,932 
PDI TA Holdings, Inc.(7)(18)First lien senior secured loanS+5.50%2/203181,384 80,308 80,530 
Perforce Software, Inc.(6)(21)First lien senior secured loanS+4.75%3/20314,950 4,929 4,734 
Perforce Software, Inc.(6)(21)First lien senior secured loanS+4.75%6/202914,589 14,391 14,025 
Project Alpha Intermediate Holding, Inc. (dba Qlik)(7)(21)First lien senior secured loanS+3.25%10/203024,564 24,508 24,670 
Proofpoint, Inc.(6)(21)First lien senior secured term loanS+3.00%8/202858,911 58,625 58,917 
QAD, Inc.(6)First lien senior secured loanS+4.75%11/202746,049 46,049 46,049 
Starlight Parent, LLC (dba SolarWinds)(7)(21)First lien senior secured loanS+4.00%3/203211,500 11,157 11,227 
Sophos Holdings, LLC(6)(21)(22)First lien senior secured loanS+3.50%3/202738,305 38,140 38,431 
Securonix, Inc.(7)First lien senior secured loanS+4.00%3.75%4/202930,226 30,067 27,128 
Securonix, Inc.(7)(18)First lien senior secured revolving loanS+7.00%4/2029120 96 (427)
Sedgwick Claims Management Services, Inc.(7)(21)First lien senior secured loanS+3.00%7/203144,638 44,498 44,777 
Sitecore Holding III A/S(12)First lien senior secured EUR term loanE+3.25%4.00%3/2029€25,715 27,009 30,186 
Sitecore Holding III A/S(7)First lien senior secured loanS+3.25%4.00%3/20294,432 4,409 4,432 





17
Blue Owl Credit Income Corp.
Consolidated Schedules of Investments - Continued
As of June 30, 2025
(Amounts in thousands, except share amounts)
(Unaudited)

Company(1)(2)(3)(19)(28)InvestmentInterestMaturity DatePar / UnitsAmortized Cost(4)(24)Fair Value% of Net Assets
Ref. RateCashPIK
Sitecore USA, Inc.(7)First lien senior secured loanS+3.25%4.00%3/202926,722 26,585 26,722 
Storable, Inc.(6)(21)First lien senior secured loanS+3.25%4/203169,501 69,383 69,369 
Storable Intermediate Holdings, LLC(6)First lien senior secured loanS+6.00%4/203228,614 28,473 28,471 
Spaceship Purchaser, Inc. (dba Squarespace)(7)First lien senior secured loanS+5.00%10/2031125,388 124,808 125,388 
Tricentis Operations Holdings, Inc.(6)First lien senior secured loanS+1.38%4.88%2/203250,887 50,407 50,378 
Thunder Purchaser, Inc. (dba Vector Solutions)(7)(18)First lien senior secured loanS+5.25%6/202831,935 31,794 31,935 
Thunder Purchaser, Inc. (dba Vector Solutions)(7)First lien senior secured loanS+5.50%6/202812,616 12,553 12,616 
VIRTUSA CORPORATION(6)(21)First lien senior secured loanS+3.25%2/202929,527 29,547 29,513 
When I Work, Inc.(7)First lien senior secured loanS+5.50%11/202726,835 26,735 26,165 
Zendesk, Inc.(7)(18)First lien senior secured loanS+5.00%11/2028155,417 153,055 155,417 
3,164,189 3,151,937 18.0 %
Leisure and entertainment
Aerosmith Bidco 1 Limited (dba Audiotonix)(8)(22)First lien senior secured loanS+5.25%7/2031341,349 337,400 341,349 
Cirque du Soleil Canada, Inc.(7)(20)(21)(22)First lien senior secured loanS+3.75%3/203033,381 33,346 32,407 
Eternal Buyer, LLC (dba Wedgewood Weddings)(7)First lien senior secured loanS+4.75%6/203277,054 76,670 76,668 
Pretzel Parent, Inc.(6)(21)First lien senior secured loanS+4.50%8/203114,774 14,570 14,601 
Troon Golf, L.L.C.(7)(18)First lien senior secured loanS+4.75%8/2028380,734 380,511 380,734 
842,497 845,759 4.8 %
Manufacturing
ACR Group Borrower, LLC(7)First lien senior secured loanS+4.75%3/20281,886 1,872 1,886 
ACR Group Borrower, LLC(7)First lien senior secured loanS+4.25%3/20283,960 3,934 3,960 
ACR Group Borrower, LLC(7)First lien senior secured loanS+5.75%3/2028851 844 851 
Chariot Buyer LLC (dba Chamberlain Group)(6)(21)First lien senior secured loanS+3.25%11/202828,766 28,790 28,795 
CPM Holdings, Inc.(6)(20)(21)First lien senior secured loanS+4.50%9/202813,785 13,449 13,448 
EMRLD Borrower LP (dba Emerson)(7)(21)First lien senior secured loanS+2.50%5/20305,985 5,844 5,976 
Engineered Machinery Holdings, Inc. (dba Duravant)(7)(20)Second lien senior secured loanS+6.50%5/202937,181 37,074 37,181 
Engineered Machinery Holdings, Inc. (dba Duravant)(7)(20)Second lien senior secured loanS+6.00%5/202919,160 19,129 19,112 
Engineered Machinery Holdings, Inc. (dba Duravant)(7)(21)First lien senior secured loanS+3.50%5/20289,042 8,900 9,091 
Faraday Buyer, LLC (dba MacLean Power Systems)(6)First lien senior secured loanS+6.00%10/2028134,245 132,308 133,238 
Filtration Group Corporation(6)(21)First lien senior secured loanS+3.00%10/202817,589 17,589 17,649 
FR Flow Control CB LLC (dba Trillium Flow Technologies)(7)(22)First lien senior secured loanS+5.00%12/2029140,826 139,862 139,769 
FR Flow Control CB LLC (dba Trillium Flow Technologies)(6)(18)(22)First lien senior secured revolving loanS+5.00%12/20292,573 2,418 2,400 
Gloves Buyer, Inc. (dba Protective Industrial Products)(6)(21)First lien senior secured loanS+4.00%5/2032148,000 147,268 144,862 
Helix Acquisition Holdings, Inc. (dba MW Industries)(6)First lien senior secured loanS+7.00%3/203061,484 60,078 61,023 
Madison IAQ LLC(7)(21)First lien senior secured loanS+3.25%4/203240,000 39,607 40,084 
MHE Intermediate Holdings, LLC (dba OnPoint Group)(7)(18)First lien senior secured loanS+6.00%7/202761,199 60,942 59,772 
MHE Intermediate Holdings, LLC (dba OnPoint Group)(7)First lien senior secured loanS+6.25%7/20274,620 4,575 4,539 
Pro Mach Group, Inc.(6)(21)First lien senior secured loanS+2.75%8/202853,643 53,643 53,734 
Sonny's Enterprises, LLC(7)(18)First lien senior secured loanS+5.50%8/2028165,629 163,991 164,387 
Sonny's Enterprises, LLC(7)(18)First lien senior secured delayed draw term loanS+6.50%8/20286,238 6,100 6,238 





18
Blue Owl Credit Income Corp.
Consolidated Schedules of Investments - Continued
As of June 30, 2025
(Amounts in thousands, except share amounts)
(Unaudited)

Company(1)(2)(3)(19)(28)InvestmentInterestMaturity DatePar / UnitsAmortized Cost(4)(24)Fair Value% of Net Assets
Ref. RateCashPIK
Sonny's Enterprises, LLC(7)(18)First lien senior secured revolving loanS+5.50%8/202713,134 12,948 12,940 
961,165 960,935 5.5 %
Pharmaceuticals
Opal US LLC(8)(21)(22)First lien senior secured loanS+3.25%4/203222,500 22,385 22,577 
Puma Buyer, LLC (dba PANTHERx)(7)First lien senior secured loanS+4.25%3/2032130,344 129,394 130,344 
151,779 152,921 0.9 %
Professional services
AmSpec Parent, LLC(6)First lien senior secured loanS+3.50%12/203134,667 34,667 34,753 
Apex Group Treasury LLC(6)(21)(22)First lien senior secured loanS+3.50%2/2032132,942 132,597 132,357 
Certinia Inc.(7)First lien senior secured loanS+5.25%8/203044,118 43,559 44,118 
DCCM, LLC(7)First lien senior secured loanS+4.75%6/203253,775 53,239 53,238 
Element Materials Technology(7)(21)(22)First lien senior secured loanS+3.75%6/202927,249 27,249 27,270 
EP Purchaser, LLC (dba Entertainment Partners)(7)(21)First lien senior secured loanS+4.50%11/202829,399 28,728 28,885 
Essential Services Holding Corporation (dba Turnpoint)(7)(18)First lien senior secured revolving loanS+5.00%6/2030523 487 468 
Essential Services Holding Corporation (dba Turnpoint)(7)First lien senior secured loanS+5.00%6/203135,548 35,232 35,104 
Gerson Lehrman Group, Inc.(7)First lien senior secured loanS+5.00%12/2027165,599 164,613 165,599 
Guidehouse Inc.(6)First lien senior secured loanS+3.00%2.00%12/2030107,955 107,955 107,415 
Paris US Holdco, Inc. (dba Precinmac)(6)(18)First lien senior secured loanS+4.75%12/203170,181 69,446 69,787 
Relativity ODA LLC(6)First lien senior secured loanS+4.50%5/202932,738 32,626 32,738 
Sensor Technology Topco, Inc. (dba Humanetics)(7)(18)First lien senior secured loanS+7.00%5/2028254,023 253,352 254,023 
Sensor Technology Topco, Inc. (dba Humanetics)(12)(18)First lien senior secured EUR term loanE+7.25%5/2028€43,474 47,105 51,033 
Sovos Compliance, LLC(6)(21)First lien senior secured loanS+4.00%8/202948,504 48,533 48,717 
Thevelia (US) LLC (dba Tricor)(7)(21)(22)First lien senior secured loanS+3.00%6/202910,991 10,991 10,993 
Vensure Employer Services, Inc.(6)First lien senior secured loanS+4.76%9/2031180,959 179,303 179,149 
Vistage International, Inc.(7)First lien senior secured loanS+3.75%7/202929,688 29,688 29,614 
1,299,370 1,305,261 7.5 %
Specialty retail
Galls, LLC(7)(18)First lien senior secured loanS+5.00%1.50%3/2030130,275 128,494 130,275 
Galls, LLC(7)(18)First lien senior secured revolving loanS+6.00%3/20304,317 4,132 4,317 
Ideal Image Development, LLC(7)(18)(25)(31)First lien senior secured loanS+6.50%2/20293,371 3,259 2,553 
Ideal Image Development, LLC(7)(18)(25)(31)First lien senior secured revolving loanS+6.00%2/2029796 796 760 
Milan Laser Holdings LLC(7)First lien senior secured loanS+5.00%4/202719,906 19,836 19,607 
Notorious Topco, LLC (dba Beauty Industry Group)(7)First lien senior secured loanS+4.75%2.50%11/2027232,327 230,669 163,791 
Notorious Topco, LLC (dba Beauty Industry Group)(7)First lien senior secured revolving loanS+6.75%5/20275,282 5,254 3,724 
The Shade Store, LLC(7)First lien senior secured loanS+6.00%10/2029104,630 102,725 99,137 
The Shade Store, LLC(7)First lien senior secured loanS+7.00%10/202913,827 13,662 13,377 
The Shade Store, LLC(7)(18)First lien senior secured revolving loanS+6.00%10/20282,808 2,683 2,241 
511,510 439,782 2.5 %
Telecommunications
CCI BUYER, INC. (dba Consumer Cellular)(7)First lien senior secured loanS+5.00%5/2032497,022 492,121 492,052 
EOS Finco S.A.R.L(7)(21)(22)(25)(31)First lien senior secured loanS+6.00%10/202983,675 68,015 21,747 
Infobip Inc.(7)(22)First lien senior secured loanS+5.75%6/202912,968 12,775 12,773 
Level 3 Financing, Inc.(6)(21)(22)First lien senior secured loanS+4.25%3/2032130,000 128,097 131,326 





19
Blue Owl Credit Income Corp.
Consolidated Schedules of Investments - Continued
As of June 30, 2025
(Amounts in thousands, except share amounts)
(Unaudited)

Company(1)(2)(3)(19)(28)InvestmentInterestMaturity DatePar / UnitsAmortized Cost(4)(24)Fair Value% of Net Assets
Ref. RateCashPIK
Park Place Technologies, LLC(7)(18)First lien senior secured loanS+5.25%3/203192,529 91,702 92,297 
Park Place Technologies, LLC(7)(18)First lien senior secured revolving loanS+5.25%3/20302,968 2,888 2,942 
PPT Holdings III, LLC (dba Park Place Technologies)(17)First lien senior secured loanN/A12.75%3/203432,304 31,663 32,304 
827,261 785,441 4.5 %
Transportation
Lightbeam Bidco, Inc. (dba Lazer Spot)(6)First lien senior secured loanS+5.00%5/2030119,043 119,051 119,043 
Lightbeam Bidco, Inc. (dba Lazer Spot)(7)First lien senior secured delayed draw term loanS+5.00%5/203019,509 19,509 19,509 
Lightbeam Bidco, Inc. (dba Lazer Spot)(6)(18)First lien senior secured revolving loanS+5.00%5/20295,258 5,183 5,258 
Motus Group, LLC(7)(21)First lien senior secured loanS+3.75%12/202832,280 32,280 32,219 
176,023 176,029 1.0 %
Total non-controlled/non-affiliated debt investments$30,350,456 $30,218,836 172.7 %
Total non-controlled/non-affiliated misc. debt commitments(18)(33)(Note 7)$(15,430)$(10,298)(0.1)%
Total non-controlled/non-affiliated portfolio company debt investments$30,335,026 $30,208,538 172.7 %
Equity Investments
Asset based lending and fund finance
Amergin Asset Management, LLC(23)(25)Class A UnitsN/AN/A50,000,000 $1 $2,165 
1 2,165 — %
Automotive
CD&R Value Building Partners I, L.P. (dba Belron)(22)(23)(25)(32)LP InterestN/AN/A37,081 35,998 44,424 
Metis HoldCo, Inc. (dba Mavis Tire Express Services)(17)(23)Series A Convertible Preferred StockN/A7.00%N/A10,769 14,168 14,373 
50,166 58,797 0.3 %
Buildings and real estate
Dodge Construction Network Holdings, L.P.(23)(25)Class A-2 Common UnitsN/AN/A— 123 20 
Dodge Construction Network Holdings, L.P.(7)(23)Series A Preferred UnitsS+8.25%N/A143,963 3 2 
126 22 — %
Business services
Denali Holding, LP (dba Summit Companies)(23)(25)Class A UnitsN/AN/A686,513 7,077 14,490 
Hercules Buyer, LLC (dba The Vincit Group)(23)(25)(27)Common UnitsN/AN/A10,000 12 12 
Knockout Intermediate Holdings I Inc. (dba Kaseya Inc.)(8)(23)Perpetual Preferred StockS+11.00%N/A33,768 49,865 50,349 
56,954 64,851 0.4 %
Consumer products
ASP Conair Holdings LP(23)(25)Class A UnitsN/AN/A9,286 929 697 
929 697 — %
Containers and packaging
TCB Holdings I LLC (dba TricorBraun)(17)(23)Class A Preferred UnitsN/A14.00%N/A87,500 89,997 90,289 
89,997 90,289 0.5 %
Financial services
Vestwell Holdings, Inc.(23)(25)Series D Preferred StockN/AN/A50,726 1,007 1,075 
1,007 1,075 — %
Food and beverage
Hissho Sushi Holdings, LLC(23)(25)Class A UnitsN/AN/A941,780 7,536 13,359 
7,536 13,359 0.1 %
Healthcare equipment and services
KPCI Holdings, L.P.(23)(25)Class A UnitsN/AN/A1,781 2,313 5,096 





20
Blue Owl Credit Income Corp.
Consolidated Schedules of Investments - Continued
As of June 30, 2025
(Amounts in thousands, except share amounts)
(Unaudited)

Company(1)(2)(3)(19)(28)InvestmentInterestMaturity DatePar / UnitsAmortized Cost(4)(24)Fair Value% of Net Assets
Ref. RateCashPIK
Maia Aggregator, LP(23)(25)Class A-2 UnitsN/AN/A12,921,348 12,921 12,069 
Patriot Holdings SCSp (dba Corza Health, Inc.)(22)(23)(25)Class B UnitsN/AN/A17,221 180 40 
Patriot Holdings SCSp (dba Corza Health, Inc.)(17)(22)(23)Class A UnitsN/A8.00%N/A1,251 1,609 1,593 
Rhea Acquisition Holdings, LP(23)(25)Series A-2 UnitsN/AN/A11,964,286 11,964 14,493 
28,987 33,291 0.2 %
Healthcare providers and services
Baypine Commander Co-Invest, LP(22)(23)(25)LP InterestN/AN/A6,753 6,753 6,753 
KOBHG Holdings, L.P. (dba OB Hospitalist)(23)(25)Class A InterestsN/AN/A3,520 3,520 3,423 
KWOL Acquisition, Inc. (dba Worldwide Clinical Trials)(23)(25)Class A InterestN/AN/A1,205 12,048 16,276 
Lakefield Acquisition Corp. (dba Lakefield Veterinary Group)(23)(25)Common EquityN/AN/A1,329 3,563 3,500 
Romulus Intermediate Holdings 1 Inc. (dba PetVet Care Centers)(17)(23)Series A Preferred StockN/A15.00%N/A27,355 33,705 31,302 
XOMA Corporation(23)(25)WarrantsN/AN/A54,000 369 530 
59,958 61,784 0.4 %
Healthcare technology
BEHP Co-Investor II, L.P.(22)(23)(25)LP InterestN/AN/A1,269,969 822 1,670 
Minerva Holdco, Inc.(17)(23)Senior A Preferred StockN/A10.75%N/A100,000 142,419 142,333 
ModMed Software Midco Holdings, Inc. (dba ModMed)(17)(23)Series A Preferred UnitsN/A13.00%N/A25,474 24,837 24,837 
Orange Blossom Parent, Inc.(23)(25)Common UnitsN/AN/A16,667 1,667 1,720 
WP Irving Co-Invest, L.P.(22)(23)(25)Partnership UnitsN/AN/A1,250,000 737 1,644 
170,482 172,204 1.0 %
Household products
Walker Edison Holdco LLC(23)(25)Common UnitsN/AN/A29,167 2,821 — 
2,821 — — %
Human resource support services
Sunshine Software Holdings, Inc. (dba Cornerstone OnDemand, Inc.)(17)(23)Series A Preferred StockN/A10.50%N/A12,750 18,439 16,173 
18,439 16,173 0.1 %
Insurance
Accelerate Topco Holdings, LLC(23)(25)Common UnitsN/AN/A91,806 2,535 4,379 
Evolution Parent, LP (dba SIAA)(23)(25)LP InterestN/AN/A2,703 270 333 
GrowthCurve Capital Sunrise Co-Invest LP (dba Brightway)(23)(25)LP InterestN/AN/A42,053 427 420 
Hockey Parent Holdings, L.P.(23)(25)Class A Common UnitsN/AN/A25,000 25,000 30,000 
KWOR Intermediate I, Inc. (dba Alacrity Solutions)(23)(25)Class A-1 Common StockN/AN/A3,605 1,726 1,726 
KWOR Intermediate I, Inc. (dba Alacrity Solutions)(7)(23)Preferred StockS+8.00%N/A3,856 3,977 3,975 
PCF Holdco, LLC (dba Trucordia)(23)(25)WarrantsN/AN/A1,503,286 5,129 3,953 
PCF Holdco, LLC (dba Trucordia)(17)(23)Preferred equityN/A14.00%N/A26,824 19,860 26,824 
58,924 71,610 0.4 %
Internet software and services
AlphaSense, LLC(23)(25)Series E Preferred SharesN/AN/A16,929 765 827 
BCTO WIW Holdings, Inc. (dba When I Work)(23)(25)Class A Common StockN/AN/A57,000 5,700 3,072 
Brooklyn Lender Co-Invest 2, L.P. (dba Boomi)(23)(25)Common UnitsN/AN/A1,729,439 1,729 2,805 
Chrome Investors LP(17)(18)(22)(23)(25)LP InterestN/AN/A7,339 7,341 7,339 





21
Blue Owl Credit Income Corp.
Consolidated Schedules of Investments - Continued
As of June 30, 2025
(Amounts in thousands, except share amounts)
(Unaudited)

Company(1)(2)(3)(19)(28)InvestmentInterestMaturity DatePar / UnitsAmortized Cost(4)(24)Fair Value% of Net Assets
Ref. RateCashPIK
Elliott Alto Co-Investor Aggregator L.P.(22)(23)(25)LP InterestN/AN/A6,530 6,572 11,842 
Insight CP (Blocker) Holdings, L.P. (dba CivicPlus, LLC)(22)(23)(25)LP InterestN/AN/A989 989 1,239 
Bird Holding B.V. (fka MessageBird Holding B.V.)(22)(23)(25)Extended Series C WarrantsN/AN/A7,980 49 12 
Project Alpine Co-Invest Fund, LP(22)(23)(25)LP InterestN/AN/A17,000 17,012 22,325 
Project Hotel California Co-Invest Fund, L.P.(21)(22)(23)(25)LP InterestN/AN/A3,522 3,507 6,479 
Thunder Topco L.P. (dba Vector Solutions)(23)(25)Common UnitsN/AN/A712,884 713 848 
WMC Bidco, Inc. (dba West Monroe)(17)(23)Senior Preferred StockN/A11.25%N/A33,385 49,770 49,523 
Zoro TopCo, Inc.(7)(23)Series A Preferred EquityS+9.50%N/A16,562 16,079 16,388 
Zoro TopCo, L.P.(23)(25)Class A Common UnitsN/AN/A1,380,129 13,801 15,491 
124,027 138,190 0.8 %
Manufacturing
Gloves Holdings, LP (dba Protective Industrial Products)(23)(25)LP InterestN/AN/A1,218 134 189 
134 189 — %
Specialty retail
Ideal Topco, L.P.(23)(25)Class A-2 Common UnitsN/AN/A3,109,756 — — 
Ideal Topco, L.P.(23)(25)Class A-1 Preferred UnitsN/AN/A6,128,049 6,128 2,114 
6,128 2,114 — %
Total non-controlled/non-affiliated portfolio company equity investments$676,616 $726,810 4.2 %
Total non-controlled/non-affiliated portfolio company investments$31,011,642 $30,935,348 176.8 %
Non-controlled/affiliated portfolio company investments
Debt Investments(5)
Education
Pluralsight, LLC(7)(29)First lien senior secured loanS+7.50%8/20291,306,000 $1,306 $1,306 
Pluralsight, LLC(7)(29)First lien senior secured loanS+3.00%1.50%8/20291,204,000 1,204 1,204 
2,510 2,510 — %
Total non-controlled/affiliated portfolio company debt investments$2,510 $2,510 — %
Equity Investments
Education
Paradigmatic Holdco LLC (dba Pluralsight)(23)(25)(29)Common stockN/AN/A396,827 $1,053 $1,009 
1,053 1,009 — %
Pharmaceuticals
LSI Financing 1 DAC(22)(23)(29)Preferred equityN/AN/A4,161 4,211 3,827 
4,211 3,827 — %
Total non-controlled/affiliated portfolio company equity investments$5,264 $4,836 — %
Total non-controlled/affiliated portfolio company investments$7,774 $7,346 — %
Controlled/affiliated portfolio company investments
Debt Investments(5)
Asset based lending and fund finance
AAM Series 1.1 Rail and Domestic Intermodal Feeder, LLC(17)(22)(30)First lien senior secured loanN/A12.00%7/203054,916 $54,916 $54,916 
AAM Series 2.1 Aviation Feeder, LLC(17)(22)(30)First lien senior secured loanN/A12.00%11/203058,374 58,374 58,374 
113,290 113,290 0.6 %
Total controlled/affiliated portfolio company debt investments$113,290 $113,290 0.6 %





22
Blue Owl Credit Income Corp.
Consolidated Schedules of Investments - Continued
As of June 30, 2025
(Amounts in thousands, except share amounts)
(Unaudited)

Company(1)(2)(3)(19)(28)InvestmentInterestMaturity DatePar / UnitsAmortized Cost(4)(24)Fair Value% of Net Assets
Ref. RateCashPIK
Equity Investments
Asset based lending and fund finance
AAM Series 1.1 Rail and Domestic Intermodal Feeder, LLC(18)(22)(23)(25)(30)LLC InterestN/AN/A26,517 $26,557 $35,768 
AAM Series 2.1 Aviation Feeder, LLC(18)(22)(23)(25)(30)LLC InterestN/AN/A23,469 23,509 40,519 
50,066 76,287 0.4 %
Insurance
Fifth Season Investments LLC(23)(26)(30)Class A UnitsN/AN/A28 265,459 292,566 
265,459 292,566 1.7 %
Joint ventures
OCIC SLF LLC (fka Blue Owl Credit Income Senior Loan Fund LLC)(22)(23)(30)(32)LLC InterestN/AN/A314,800 314,808 291,803 
Blue Owl Credit SLF LLC(22)(23)(30)(32)LLC InterestN/AN/A25,900 25,920 25,733 
340,728 317,536 1.8 %
Pharmaceuticals
LSI Financing LLC(18)(22)(23)(30)(32)Common EquityN/AN/A250,248 250,248 261,781 
250,248 261,781 1.5 %
Total controlled/affiliated portfolio company equity investments$906,501 $948,170 5.4 %
Total controlled/affiliated portfolio company investments$1,019,791 $1,061,460 6.1 %
Total Investments$32,039,207 $32,004,154 182.9 %

Interest Rate and Cross-currency Swaps as of June 30, 2025
Company ReceivesCompany PaysMaturity DateNotional AmountFair ValueUpfront Payments/Receipts
Change in Unrealized Appreciation / (Depreciation)
Hedged InstrumentFootnote Reference
Interest rate swap(a)(b)(c)
7.75%S + 3.84%9/16/2027$600,000 $7,272 $— $7,975 September 2027 NotesNote 5
Cross-currency swap(a)(b)(c)(f)
6.50%S + 2.67%10/23/2027253,779 (1,172)— 19,463 AUD 2027 NotesNote 5
Interest rate swap(b)(c)(e)
6.50%B + 2.72%10/23/202746,562 579 — 626 AUD 2027 NotesNote 5
Interest rate swap(a)(b)(d)
5.90%S + 2.18%5/23/2028500,000 3,574 — 3,574 May 2028 NotesNote 5
Interest rate swap(a)(b)(c)
7.95%S + 3.79%5/13/2028650,000 11,536 — 11,034 June 2028 NotesNote 5
Interest rate swap(a)(b)(c)
7.75%S + 3.65%1/15/2029550,000 10,568 — 10,967 January 2029 NotesNote 5
Interest rate swap(a)(b)(c)
6.60%S + 2.39%8/15/2029900,000 25,988 — 22,243 September 2029 NotesNote 5
Interest rate swap(a)(b)(c)
5.80%S + 2.62%2/15/20301,000,000 (13,668)— 30,851 March 2030 NotesNote 5
Interest rate swap(a)(b)(c)
6.65%S + 2.90%1/15/2031750,000 8,386 — 22,625 March 2031 NotesNote 5
Total$5,250,341 $53,063 $— $129,358 
________
(a) Contains a variable rate structure. Bears interest at a rate determined by SOFR.
(b) Instrument is used in a hedge accounting relationship. The associated change in fair value is recorded along with the change in fair value of the hedging item within interest expense.
(c) The Company has an International Swaps and Derivatives Association (“ISDA”) agreement with Goldman Sachs Bank USA.
(d) The Company has an International Swaps and Derivatives Association (“ISDA”) agreement with Deutsche Bank AG.
(e) Contains a variable rate structure. Bears interest at a rate determined by BBSY.
(f) The associated change in foreign exchange rate of derivative is recorded along with the change in foreign exchange rate of the note within translation of assets and liabilities in foreign currencies.
(1)Certain portfolio company investments are subject to contractual restrictions on sales.
(2)Unless otherwise indicated, all investments are non-controlled, non-affiliated investments. Non-controlled, non-affiliated investments are defined as investments in which the Company owns less than 5% of the portfolio company’s outstanding voting securities and does not have the power to exercise control over the management or policies of such portfolio company.
(3)Unless otherwise indicated, all investments are considered Level 3 investments.





23
Blue Owl Credit Income Corp.
Consolidated Schedules of Investments - Continued
As of June 30, 2025
(Amounts in thousands, except share amounts)
(Unaudited)

(4)The amortized cost represents the original cost adjusted for the amortization and accretion of premiums and discounts, as applicable, on debt investments using the effective interest method.
(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 Secured Overnight Financing Rate (“SOFR” or “S”) (which can include one-, three-, six- or twelve-month SOFR), Euro Interbank Offered Rate (“EURIBOR”or “E”) (which can include one-, three- or six-month EURIBOR), Canadian Overnight Repo Rate Average (“CORRA” or “C”) (which can include one- or three-month CORRA), Australian Bank Bill Swap Bid Rate (“BBSY” or “B”) (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.
(6)The interest rate on these investments is subject to 1 month SOFR, which as of June 30, 2025 was 4.32%.
(7)The interest rate on these investments is subject to 3 month SOFR, which as of June 30, 2025 was 4.29%.
(8)The interest rate on these investments is subject to 6 month SOFR, which as of June 30, 2025 was 4.15%.
(9)The interest rate on these investments is subject to 12 month SOFR, which as of June 30, 2025 was 3.88%.
(10)The interest rate on these investments is subject to 3 month CORRA, which as of June 30, 2025 was 2.68%.
(11)The interest rate on these investments is subject to 1 month EURIBOR, which as of June 30, 2025 was 1.93%.
(12)The interest rate on these investments is subject to 3 month EURIBOR, which as of June 30, 2025 was 1.94%.
(13)The interest rate on these investments is subject to 6 month EURIBOR, which as of June 30, 2025 was 2.05%.
(14)The interest rate on these investments is subject to 3 month BBSY, which as of June 30, 2025 was 3.60%.
(15)The interest rate on these investments is subject to SONIA, which as of June 30, 2025 was 4.22%.
(16)The interest rate on these investments is subject to Prime, which as of June 30, 2025 was 7.50%.
(17)Investment does not contain a variable rate structure.
(18)Position or portion thereof is a partially unfunded debt or equity commitment. See Note 7 “Commitments and Contingencies”.
Portfolio CompanyCommitment TypeCommitment Expiration DateFunded CommitmentUnfunded
Commitment
Fair Value(33)
Non-controlled/non-affiliated - debt commitments
Aerosmith Bidco 1 Limited (dba Audiotonix)First lien senior secured delayed draw term loan7/2027$— $108,341 $— 
AI Titan Parent, Inc. (dba Prometheus Group)First lien senior secured delayed draw term loan9/2026— 6,792 (34)
AlphaSense, Inc.First lien senior secured delayed draw term loan6/2029— 716 (5)
AlphaSense, Inc.First lien senior secured delayed draw term loan12/2025— 707 (5)
AmeriLife Holdings LLCFirst lien senior secured delayed draw term loan2/2027— 34,240 (86)
AmeriLife Holdings LLCFirst lien senior secured delayed draw term loan6/202627,219 5,127 — 
AmSpec Parent, LLCFirst lien senior secured delayed draw term loan12/2026— 5,333 — 
Appfire Technologies, LLCFirst lien senior secured delayed draw term loan12/2025— 4,215 — 
Appfire Technologies, LLCFirst lien senior secured delayed draw term loan6/2026— 2,688 — 
Aptean Acquiror, Inc. (dba Aptean)First lien senior secured delayed draw term loan2/2027114 11,504 — 
Arctic Holdco, LLC (dba Novvia Group)First lien senior secured delayed draw term loan1/202710,980 6,747 — 
Artifact Bidco, Inc. (dba Avetta)First lien senior secured delayed draw term loan7/2027— 3,793 — 
Associations, Inc.First lien senior secured delayed draw term loan7/202810,397 21,230 — 
Baker Tilly Advisory Group, LPFirst lien senior secured delayed draw term loan6/2027— 68,151 (170)
Bamboo US BidCo LLCFirst lien senior secured delayed draw term loan11/20261,259 25,652 — 
BCPE Osprey Buyer, Inc. (dba PartsSource)First lien senior secured delayed draw term loan10/202516,399 10,042 — 
Belmont Buyer, Inc. (dba Valenz)First lien senior secured delayed draw term loan1/2026— 11,083 — 
BradyPLUS Holdings, LLC (f/k/a BradyIFS Holdings, LLC)First lien senior secured delayed draw term loan10/20251,693 3,458 — 
Cambrex CorporationFirst lien senior secured delayed draw term loan3/2027— 33,294 — 
Capstone Acquisition Holdings, Inc.First lien senior secured delayed draw term loan8/2026— 1,789 (2)
CHA Vision Holdings, Inc. (fka FR Vision Holdings, Inc.)First lien senior secured delayed draw term loan1/20268,892 5,812 — 
Citrin Cooperman Advisors LLCFirst lien senior secured delayed draw term loan4/2027— 1,061 — 
CivicPlus, LLCFirst lien senior secured delayed draw term loan5/2027— 9,178 — 
Cohnreznick Advisory LLCFirst lien senior secured delayed draw term loan3/2027— 9,305 — 





24
Blue Owl Credit Income Corp.
Consolidated Schedules of Investments - Continued
As of June 30, 2025
(Amounts in thousands, except share amounts)
(Unaudited)

Portfolio CompanyCommitment TypeCommitment Expiration DateFunded CommitmentUnfunded
Commitment
Fair Value(33)
Commander Buyer, Inc. (dba CenExel)First lien senior secured delayed draw term loan6/2027— 33,764 (84)
Clydesdale Acquisition Holdings, Inc. (dba Novolex)First lien senior secured delayed draw term loan12/202559 1,917 — 
CMG HoldCo, LLC (dba Crete United)First lien senior secured delayed draw term loan10/2026— 10,141 (101)
CMG HoldCo, LLC (dba Crete United)First lien senior secured delayed draw term loan11/202518,765 6,498 — 
Computer Services, Inc. (dba CSI)First lien senior secured delayed draw term loan2/2026— 25,566 — 
CoreTrust Purchasing Group LLCFirst lien senior secured delayed draw term loan5/2026— 23,639 — 
Coupa Holdings, LLCFirst lien senior secured delayed draw term loan6/2027— 2,174 — 
CCM Midco, LLC (f/k/a Cresset Capital Management, LLC)First lien senior secured delayed draw term loan6/20262,015 2,463 — 
CT Technologies Intermediate Holdings, Inc. (& Smart Holdings Corp.) (dba Datavant)First lien senior secured delayed draw term loan8/2026— 12,046 — 
Databricks, Inc.First lien senior secured delayed draw term loan7/2026— 16,531 — 
DCCM, LLCFirst lien senior secured delayed draw term loan6/2027— 26,232 (131)
DCG ACQUISITION CORP. (dba DuBois Chemical)First lien senior secured delayed draw term loan6/20269,539 6,360 — 
Diamond Mezzanine 24 LLC (dba United Risk)First lien senior secured delayed draw term loan10/2026— 4,101 — 
Denali BuyerCo, LLC (dba Summit Companies)First lien senior secured delayed draw term loan1/202733,670 36,736 — 
DuraServ LLCFirst lien senior secured delayed draw term loan3/20272,835 69,582 — 
EET Buyer, Inc. (dba e-Emphasys)First lien senior secured delayed draw term loan4/2026— 8,523 — 
EresearchTechnology, Inc. (dba Clario)First lien senior secured delayed draw term loan1/20274,666 28,660 — 
Essential Services Holding Corporation (dba Turnpoint)First lien senior secured delayed draw term loan6/2026— 6,970 (52)
Eternal Buyer, LLC (dba Wedgewood Weddings)First lien senior secured delayed draw term loan6/2027— 15,411 (39)
Evolution BuyerCo, Inc. (dba SIAA)First lien senior secured delayed draw term loan12/20254,627 21,421 — 
Faraday Buyer, LLC (dba MacLean Power Systems)First lien senior secured delayed draw term loan11/2025— 14,307 — 
First Eagle Holdings, Inc.First lien senior secured delayed draw term loan6/2027— 7,292 (136)
FR Flow Control CB LLC (dba Trillium Flow Technologies)First lien senior secured delayed draw term loan6/2026— 28,307 — 
Fullsteam Operations, LLCFirst lien senior secured delayed draw term loan8/20253,089 1,911 — 
Galls, LLCFirst lien senior secured delayed draw term loan3/202611,985 27,229 — 
Galway Borrower LLCFirst lien senior secured delayed draw term loan7/20268,066 41,658 — 
Gehl Foods, LLCFirst lien senior secured delayed draw term loan12/2026— 9,097 — 
GS Acquisitionco, Inc. (dba insightsoftware)First lien senior secured delayed draw term loan3/2026121 204 — 
GS Acquisitionco, Inc. (dba insightsoftware)First lien senior secured delayed draw term loan5/2027— 888 (2)
Indigo Buyer, Inc. (dba Inovar Packaging Group)First lien senior secured delayed draw term loan7/20261,072 12,359 — 
Indikami Bidco, LLC (dba IntegriChain)First lien senior secured delayed draw term loan12/2025751 5,819 — 
Integrity Marketing Acquisition, LLCFirst lien senior secured delayed draw term loan8/2026— 29,968 — 
Interoperability Bidco, Inc. (dba Lyniate)First lien senior secured delayed draw term loan6/2026— 5,079 (89)
Integrated Specialty Coverages, LLCFirst lien senior secured delayed draw term loan2/2027— 6,577 — 
KENE Acquisition, Inc. (dba Entrust Solutions Group)First lien senior secured delayed draw term loan2/2026773 6,695 — 
KPSKY Acquisition, Inc. (dba BluSky)First lien senior secured delayed draw term loan11/202572 6,054 — 
KWOR Acquisition, Inc. (dba Alacrity Solutions)First lien senior secured delayed draw term loan2/2027— 3,857 (19)
Lakefield Acquisition Corp. (dba Lakefield Veterinary Group)First lien senior secured delayed draw term loan9/20267,084 44,505 — 
Litera Bidco LLCFirst lien senior secured delayed draw term loan11/20268,741 767 — 





25
Blue Owl Credit Income Corp.
Consolidated Schedules of Investments - Continued
As of June 30, 2025
(Amounts in thousands, except share amounts)
(Unaudited)

Portfolio CompanyCommitment TypeCommitment Expiration DateFunded CommitmentUnfunded
Commitment
Fair Value(33)
Litera Bidco LLCFirst lien senior secured delayed draw term loan5/2027— 3,981 (10)
ManTech International CorporationFirst lien senior secured delayed draw term loan12/2025— 672 — 
Maple Acquisition, LLC (dba Medicus)First lien senior secured delayed draw term loan5/2026— 20,448 — 
Minotaur Acquisition, Inc. (dba Inspira Financial)First lien senior secured delayed draw term loan5/2026— 41,960 — 
Monotype Imaging Holdings Inc.First lien senior secured delayed draw term loan2/20263,608 10,394 — 
NELIPAK EUROPEAN HOLDINGS COÖPERATIEF U.A.First lien senior secured EUR delayed draw term loan3/2027— 25,338 (317)
Nelipak Holding CompanyFirst lien senior secured delayed draw term loan3/2027— 11,787 (147)
OneOncology, LLCFirst lien senior secured delayed draw term loan3/202729,125 92,229 — 
Packaging Coordinators Midco, Inc.First lien senior secured delayed draw term loan4/2026— 236,996 (1,185)
Paris US Holdco, Inc. (dba Precinmac)First lien senior secured delayed draw term loan12/2026— 18,063 — 
Park Place Technologies, LLCFirst lien senior secured delayed draw term loan9/20257,000 6,455 — 
Patriot Acquisition TopCo S.A.R.L (dba Corza Health, Inc.)First lien senior secured delayed draw term loan1/20266,555 6,941 — 
PetVet Care Centers, LLCFirst lien senior secured delayed draw term loan11/2025— 31,691 (1,426)
Pye-Barker Fire & Safety, LLCFirst lien senior secured delayed draw term loan5/202670,485 89,115 — 
Raven Acquisition Holdings, LLC (dba R1 RCM)First lien senior secured delayed draw term loan10/2026— 4,200 — 
RL Datix Holdings (USA), Inc.First lien senior secured delayed draw term loan4/2027— 14,908 — 
Savor Acquisition, Inc. (dba Sauer Brands)First lien senior secured delayed draw term loan3/2027— 6,034 — 
Salinger Bidco Inc. (dba Surgical Information Systems)First lien senior secured delayed draw term loan8/2026— 5,742 — 
Sensor Technology Topco, Inc. (dba Humanetics)First lien senior secured EUR delayed draw term loan9/2025760 380 — 
Sensor Technology Topco, Inc. (dba Humanetics)First lien senior secured delayed draw term loan9/20253,217 1,561 — 
Severin Acquisition, LLC (dba PowerSchool)First lien senior secured delayed draw term loan10/20273,587 23,629 — 
SimonMed, Inc.First lien senior secured delayed draw term loan2/202713,689 32,344 — 
Simplicity Financial Marketing Group Holdings, Inc.First lien senior secured delayed draw term loan12/20268,931 31,285 — 
Smarsh Inc.First lien senior secured delayed draw term loan1/2027— 20,347 — 
Soleo Holdings, Inc.First lien senior secured delayed draw term loan2/2027— 15,932 — 
Sonny's Enterprises, LLCFirst lien senior secured delayed draw term loan6/20263,574 41,416 — 
Sonny's Enterprises, LLCFirst lien senior secured delayed draw term loan6/20276,238 12,476 — 
Southern Air & Heat Holdings, LLCFirst lien senior secured delayed draw term loan7/202510,473 20,889 — 
Spaceship Purchaser, Inc. (dba Squarespace)First lien senior secured delayed draw term loan10/2026— 7,482 — 
Spaceship Purchaser, Inc. (dba Squarespace)First lien senior secured delayed draw term loan10/2027— 17,957 — 
STS PARENT, LLC (dba STS Aviation Group)First lien senior secured delayed draw term loan10/2026— 37,550 — 
TBRS, Inc. (dba TEAM Technologies)First lien senior secured delayed draw term loan11/2026— 23,009 (45)
THG Acquisition, LLC (dba Hilb)First lien senior secured delayed draw term loan10/2026661 20,053 — 
Thunder Purchaser, Inc. (dba Vector Solutions)First lien senior secured delayed draw term loan10/202620,471 6,858 — 
Troon Golf, L.L.C.First lien senior secured delayed draw term loan9/202627,312 27,449 — 
Tricentis Operations Holdings, Inc.First lien senior secured delayed draw term loan2/2027— 10,055 (50)
Unified Women's Healthcare, LPFirst lien senior secured delayed draw term loan10/202636,392 16,917 — 
USIC Holdings, Inc.First lien senior secured delayed draw term loan9/2026756 1,478 — 
USRP Holdings, Inc. (dba U.S. Retirement and Benefits Partners)First lien senior secured delayed draw term loan8/2026258 13,712 — 
Vensure Employer Services, Inc.First lien senior secured delayed draw term loan9/2026— 18,231 (91)
Vessco Midco Holdings, LLCFirst lien senior secured delayed draw term loan7/20269,315 14,570 — 





26
Blue Owl Credit Income Corp.
Consolidated Schedules of Investments - Continued
As of June 30, 2025
(Amounts in thousands, except share amounts)
(Unaudited)

Portfolio CompanyCommitment TypeCommitment Expiration DateFunded CommitmentUnfunded
Commitment
Fair Value(33)
Walker Edison Furniture Company LLCFirst lien senior secured delayed draw term loan3/2027292 131 — 
W.A. Kendall and Company, LLCFirst lien senior secured delayed draw term loan6/2026— 2,414 (24)
W.A. Kendall and Company, LLCFirst lien senior secured delayed draw term loan12/2026— 59,282 (593)
WU Holdco, Inc. (dba PurposeBuilt Brands)First lien senior secured delayed draw term loan4/2027— 46,130 (58)
Zendesk, Inc.First lien senior secured delayed draw term loan11/202511,089 24,308 — 
ACR Group Borrower, LLCFirst lien senior secured revolving loan3/2026— 875 — 
Accommodations Plus Technologies LLCFirst lien senior secured revolving loan5/2032— 1,250 (13)
Activate Holdings (US) Corp. (dba Absolute Software)First lien senior secured revolving loan7/2029— 352 — 
Aerosmith Bidco 1 Limited (dba Audiotonix)First lien senior secured revolving loan7/2030— 44,919 — 
AI Titan Parent, Inc. (dba Prometheus Group)First lien senior secured revolving loan8/2031— 4,245 (42)
Alera Group, Inc.First lien senior secured revolving loan5/2030— 12,500 — 
AmeriLife Holdings LLCFirst lien senior secured revolving loan8/20282,783 30,610 — 
Anaplan, Inc.First lien senior secured revolving loan6/2028— 16,528 — 
Anesthesia Consulting & Management, LPFirst lien senior secured revolving loan12/2027492 2,459 — 
Appfire Technologies, LLCFirst lien senior secured revolving loan3/2028— 1,633 — 
Aptean Acquiror, Inc. (dba Aptean)First lien senior secured revolving loan1/2031— 8,497 — 
Arctic Holdco, LLC (dba Novvia Group)First lien senior secured revolving loan1/20314,261 7,575 — 
Artifact Bidco, Inc. (dba Avetta)First lien senior secured revolving loan7/2030— 2,710 — 
Ascend Buyer, LLC (dba PPC Flexible Packaging)First lien senior secured revolving loan9/2028— 8,187 — 
Associations, Inc.First lien senior secured revolving loan7/202822,282 3,108 — 
Atlas US Finco, Inc. (dba Nearmap)First lien senior secured revolving loan12/2028— 7,697 (38)
AWP Group Holdings, Inc.First lien senior secured revolving loan12/20302,177 3,628 — 
Azurite Intermediate Holdings, Inc. (dba Alteryx, Inc.)First lien senior secured revolving loan3/2031— 1,995 — 
Baker Tilly Advisory Group, LPFirst lien senior secured revolving loan6/2030— 43,084 — 
Bamboo US BidCo LLCFirst lien senior secured revolving loan10/2029— 20,128 — 
Bayshore Intermediate #2, L.P. (dba Boomi)First lien senior secured revolving loan10/20272,200 16,136 — 
BCPE Pequod Buyer, Inc. (dba Envestnet)First lien senior secured revolving loan11/2029— 16,634 (166)
BCPE Osprey Buyer, Inc. (dba PartsSource)First lien senior secured revolving loan8/20262,328 2,328 — 
BCTO BSI Buyer, Inc. (dba Buildertrend)First lien senior secured revolving loan12/2026— 161 — 
Belmont Buyer, Inc. (dba Valenz)First lien senior secured revolving loan6/20293,547 3,103 — 
Blast Bidco Inc. (dba Bazooka Candy Brands)First lien senior secured revolving loan10/2029— 4,179 — 
Brightway Holdings, LLCFirst lien senior secured revolving loan12/20271,011 1,094 — 
BTRS Holdings Inc. (dba Billtrust)First lien senior secured revolving loan12/20282,531 2,531 — 
Cambrex CorporationFirst lien senior secured revolving loan3/2032— 29,133 (73)
Canadian Hospital Specialties LimitedFirst lien senior secured revolving loan4/2027268 167 — 
Catalis Intermediate, Inc. (fka GovBrands Intermediate, Inc.)First lien senior secured revolving loan8/2027303 577 — 
CCI BUYER, INC. (dba Consumer Cellular)First lien senior secured revolving loan5/2032— 29,023 (290)
Certinia Inc.First lien senior secured revolving loan8/2030— 4,412 — 
CHA Vision Holdings, Inc. (fka FR Vision Holdings, Inc.)First lien senior secured revolving loan1/2030— 3,692 — 
CivicPlus, LLCFirst lien senior secured revolving loan8/2030— 2,894 (7)





27
Blue Owl Credit Income Corp.
Consolidated Schedules of Investments - Continued
As of June 30, 2025
(Amounts in thousands, except share amounts)
(Unaudited)

Portfolio CompanyCommitment TypeCommitment Expiration DateFunded CommitmentUnfunded
Commitment
Fair Value(33)
CMG HoldCo, LLC (dba Crete United)First lien senior secured revolving loan5/20282,668 5,985 — 
Commander Buyer, Inc. (dba CenExel)First lien senior secured revolving loan6/2032— 22,509 (113)
CoreTrust Purchasing Group LLCFirst lien senior secured revolving loan10/2029— 14,183 — 
Coupa Holdings, LLCFirst lien senior secured revolving loan2/2029— 1,664 — 
CPM Holdings, Inc.First lien senior secured revolving loan6/2028— 5,000 (123)
Creek Parent, Inc. (dba Catalent)First lien senior secured revolving loan12/2031— 42,297 — 
CCM Midco, LLC (f/k/a Cresset Capital Management, LLC)First lien senior secured revolving loan6/2029— 2,239 — 
Crewline Buyer, Inc. (dba New Relic)First lien senior secured revolving loan11/2030— 17,226 (172)
CT Technologies Intermediate Holdings, Inc. (& Smart Holdings Corp.) (dba Datavant)First lien senior secured revolving loan8/2031— 30,115 — 
D4C Dental Brands, Inc.First lien senior secured revolving loan11/20291,310 11,791 — 
DCG ACQUISITION CORP. (dba DuBois Chemical)First lien senior secured revolving loan6/2031— 15,899 (79)
DCCM, LLCFirst lien senior secured revolving loan6/2032— 10,493 (105)
Denali BuyerCo, LLC (dba Summit Companies)First lien senior secured revolving loan9/2027— 9,963 — 
Diamond Mezzanine 24 LLC (dba United Risk)First lien senior secured revolving loan10/2030— 6,175 — 
Disco Parent, Inc. (dba Duck Creek Technologies, Inc.)First lien senior secured revolving loan3/2029— 91 — 
Dresser Utility Solutions, LLCFirst lien senior secured revolving loan3/2029— 10,552 — 
DuraServ LLCFirst lien senior secured revolving loan6/2030— 24,256 (121)
Eagle Family Foods Group LLCFirst lien senior secured revolving loan8/2030— 20,344 — 
EET Buyer, Inc. (dba e-Emphasys)First lien senior secured revolving loan11/2027— 3,387 — 
Einstein Parent, Inc. (dba Smartsheet)First lien senior secured revolving loan1/2031— 7,949 (79)
Entrata, Inc.First lien senior secured revolving loan7/2028— 513 — 
Essential Services Holding Corporation (dba Turnpoint)First lien senior secured revolving loan6/2030523 3,834 — 
EresearchTechnology, Inc. (dba Clario)First lien senior secured revolving loan10/2031— 16,663 (167)
Eternal Buyer, LLC (dba Wedgewood Weddings)First lien senior secured revolving loan6/2032— 15,411 (77)
Evolution BuyerCo, Inc. (dba SIAA)First lien senior secured revolving loan4/2030— 12,968 — 
Fiesta Purchaser, Inc. (dba Shearer's Foods)First lien senior secured revolving loan2/2029— 16,615 — 
Finastra USA, Inc.First lien senior secured revolving loan9/20293,393 13,699 — 
Forescout Technologies, Inc.First lien senior secured revolving loan5/2030— 1,320 — 
Formerra, LLCFirst lien senior secured revolving loan11/2028— 526 (3)
Fortis Solutions Group, LLCFirst lien senior secured revolving loan10/20271,687 5,060 — 
Foundation Consumer Brands, LLCFirst lien senior secured revolving loan2/2029— 3,411 (17)
FR Flow Control CB LLC (dba Trillium Flow Technologies)First lien senior secured revolving loan12/20292,573 20,587 — 
Fullsteam Operations, LLCFirst lien senior secured revolving loan11/2029250 250 — 
Galls, LLCFirst lien senior secured revolving loan3/20304,317 11,380 — 
Galway Borrower LLCFirst lien senior secured revolving loan9/20281,966 4,301 — 
Gaylord Chemical Company, L.L.C.First lien senior secured revolving loan12/20271,112 2,860 — 
Gerson Lehrman Group, Inc.First lien senior secured revolving loan12/2027— 8,404 — 
GI Apple Midco LLC (dba Atlas Technical Consultants)First lien senior secured revolving loan4/2029237 10,844 — 
GI Ranger Intermediate, LLC (dba Rectangle Health)First lien senior secured revolving loan10/2027— 1,673 (33)
Granicus, Inc.First lien senior secured revolving loan1/2031649 3,984 — 
GS Acquisitionco, Inc. (dba insightsoftware)First lien senior secured revolving loan5/202818 229 — 





28
Blue Owl Credit Income Corp.
Consolidated Schedules of Investments - Continued
As of June 30, 2025
(Amounts in thousands, except share amounts)
(Unaudited)

Portfolio CompanyCommitment TypeCommitment Expiration DateFunded CommitmentUnfunded
Commitment
Fair Value(33)
Hercules Borrower, LLC (dba The Vincit Group)First lien senior secured revolving loan12/2026— 96 — 
Hissho Parent, LLCFirst lien senior secured revolving loan5/2029— 11,009 — 
Home Service TopCo IV, Inc.First lien senior secured revolving loan12/2027— 3,359 — 
Hyland Software, Inc.First lien senior secured revolving loan9/2029— 6,978 — 
Icefall Parent, Inc. (dba EngageSmart)First lien senior secured revolving loan1/2030— 2,749 — 
Ideal Image Development, LLCFirst lien senior secured revolving loan2/20291,528 484 — 
Ideal Image Development, LLC*First lien senior secured revolving loan2/2029103 — — 
IG Investments Holdings, LLC (dba Insight Global)First lien senior secured revolving loan9/2028— 4,866 — 
Indigo Buyer, Inc. (dba Inovar Packaging Group)First lien senior secured revolving loan5/2028— 12,700 — 
Indikami Bidco, LLC (dba IntegriChain)First lien senior secured revolving loan6/20303,566 1,126 — 
Integrated Specialty Coverages, LLCFirst lien senior secured revolving loan7/2029— 5,934 — 
Integrity Marketing Acquisition, LLCFirst lien senior secured revolving loan8/2028— 17,886 — 
Intelerad Medical Systems Incorporated (fka 11849573 Canada Inc.)*First lien senior secured revolving loan8/20262,049 — — 
Interoperability Bidco, Inc. (dba Lyniate)First lien senior secured revolving loan3/2028481 5,537 — 
IRI Group Holdings, Inc. (f/k/a Circana Group, L.P. (f/k/a The NPD Group, L.P.))First lien senior secured revolving loan12/2028— 23,738 — 
JS Parent, Inc. (dba Jama Software)First lien senior secured revolving loan4/2031— 88 — 
KABAFUSION Parent, LLCFirst lien senior secured revolving loan11/2031— 8,903 (45)
KENE Acquisition, Inc. (dba Entrust Solutions Group)First lien senior secured revolving loan2/2031— 2,242 (6)
KRIV Acquisition Inc. (dba Riveron)First lien senior secured revolving loan7/20292,736 8,208 — 
KWOL Acquisition, Inc. (dba Worldwide Clinical Trials)First lien senior secured revolving loan12/2029— 23,755 — 
KWOR Acquisition, Inc. (dba Alacrity Solutions)First lien senior secured revolving loan2/2030— 2,877 (14)
Lakefield Acquisition Corp. (dba Lakefield Veterinary Group)First lien senior secured revolving loan9/2029— 8,600 (43)
Lightbeam Bidco, Inc. (dba Lazer Spot)First lien senior secured revolving loan5/20295,258 6,426 — 
Lignetics Investment Corp.First lien senior secured revolving loan10/202610,324 1,147 — 
Litera Bidco LLCFirst lien senior secured revolving loan5/2028— 2,266 (6)
Magnet Forensics, LLC (f/k/a Grayshift, LLC)First lien senior secured revolving loan7/2028— 2,419 — 
ManTech International CorporationFirst lien senior secured revolving loan9/2028— 1,806 — 
Maple Acquisition, LLC (dba Medicus)First lien senior secured revolving loan5/2030— 15,336 — 
Mario Purchaser, LLC (dba Len the Plumber)First lien senior secured revolving loan4/20281,340 6,698 — 
MHE Intermediate Holdings, LLC (dba OnPoint Group)First lien senior secured revolving loan7/20271,429 2,143 — 
Milan Laser Holdings LLCFirst lien senior secured revolving loan4/2026— 2,553 (38)
Ministry Brands Holdings, LLCFirst lien senior secured revolving loan12/2027395 4,350 — 
Minotaur Acquisition, Inc. (dba Inspira Financial)First lien senior secured revolving loan6/2030— 25,814 — 
Mitnick Corporate Purchaser, Inc.First lien senior secured revolving loan5/2027438 8,938 — 
Modernizing Medicine, Inc. (dba ModMed)First lien senior secured revolving loan4/2032— 10,683 (107)
Monotype Imaging Holdings Inc.First lien senior secured revolving loan2/2030— 21,041 — 
Natural Partners, LLCFirst lien senior secured revolving loan11/2030— 11,814 (59)
NELIPAK EUROPEAN HOLDINGS COÖPERATIEF U.A.First lien senior secured EUR revolving loan3/2031310 4,417 — 
Nelipak Holding CompanyFirst lien senior secured revolving loan3/20315,190 3,607 — 





29
Blue Owl Credit Income Corp.
Consolidated Schedules of Investments - Continued
As of June 30, 2025
(Amounts in thousands, except share amounts)
(Unaudited)

Portfolio CompanyCommitment TypeCommitment Expiration DateFunded CommitmentUnfunded
Commitment
Fair Value(33)
Neptune Holdings, Inc. (dba NexTech)First lien senior secured revolving loan8/2029— 4,118 — 
NMI Acquisitionco, Inc. (dba Network Merchants)First lien senior secured revolving loan9/2028— 558 — 
Notorious Topco, LLC (dba Beauty Industry Group)*First lien senior secured revolving loan5/20275,282 — — 
OAC Holdings I Corp. (dba Omega Holdings)First lien senior secured revolving loan3/20281,360 1,213 — 
OB Hospitalist Group, Inc.First lien senior secured revolving loan9/2027— 7,993 — 
Ole Smoky Distillery, LLCFirst lien senior secured revolving loan3/2028— 3,302 (25)
OneOncology, LLCFirst lien senior secured revolving loan6/2029— 41,243 (206)
Oranje Holdco, Inc. (dba KnowBe4)First lien senior secured revolving loan2/2029— 10,148 — 
Packaging Coordinators Midco, Inc.First lien senior secured revolving loan1/2032— 44,948 (562)
Paris US Holdco, Inc. (dba Precinmac)First lien senior secured revolving loan12/2031361 8,670 — 
Park Place Technologies, LLCFirst lien senior secured revolving loan3/20302,968 7,150 — 
Patriot Acquisition TopCo S.A.R.L (dba Corza Health, Inc.)First lien senior secured revolving loan1/2028554 7,206 — 
PDI TA Holdings, Inc.First lien senior secured revolving loan2/20312,624 3,936 — 
PetVet Care Centers, LLCFirst lien senior secured revolving loan11/2029— 33,258 (1,829)
Valeris, Inc. (fka Phantom Purchaser, Inc.)First lien senior secured revolving loan9/2031— 33,898 (85)
Ping Identity Holding Corp.First lien senior secured revolving loan10/2028— 6,597 — 
Plasma Buyer LLC (dba PathGroup)*First lien senior secured revolving loan5/202812,182 — — 
PPV Intermediate Holdings, LLCFirst lien senior secured revolving loan8/2029— 11,854 — 
Premise Health Holding Corp.First lien senior secured revolving loan2/2030546 7,645 — 
Pye-Barker Fire & Safety, LLCFirst lien senior secured revolving loan5/20304,213 29,489 — 
Puma Buyer, LLC (dba PANTHERx)First lien senior secured revolving loan3/2032— 21,023 — 
QAD, Inc.First lien senior secured revolving loan11/2027— 6,000 — 
Quva Pharma, Inc.*First lien senior secured revolving loan4/2026455 — — 
Relativity ODA LLCFirst lien senior secured revolving loan5/2029— 2,797 — 
Rhea Parent, Inc.First lien senior secured revolving loan12/2030— 21,596 (54)
RL Datix Holdings (USA), Inc.First lien senior secured revolving loan10/20302,869 10,184 — 
Salinger Bidco Inc. (dba Surgical Information Systems)First lien senior secured revolving loan5/20311,148 4,594 — 
Soleo Holdings, Inc.First lien senior secured revolving loan2/2032— 15,932 — 
Securonix, Inc.First lien senior secured revolving loan4/2029120 5,219 — 
Sensor Technology Topco, Inc. (dba Humanetics)First lien senior secured revolving loan5/2028— 20,562 — 
Severin Acquisition, LLC (dba PowerSchool)First lien senior secured revolving loan10/20317,074 9,251 — 
SimonMed, Inc.First lien senior secured revolving loan2/20317,672 23,017 — 
Simplicity Financial Marketing Group Holdings, Inc.First lien senior secured revolving loan12/2031— 20,119 (201)
Smarsh Inc.First lien senior secured revolving loan2/20294,606 6,190 — 
Soliant Lower Intermediate, LLC (dba Soliant)First lien senior secured revolving loan6/2031— 15,556 (156)
Sonny's Enterprises, LLCFirst lien senior secured revolving loan8/202713,134 12,768 — 
Southern Air & Heat Holdings, LLCFirst lien senior secured revolving loan10/202790 192 — 
Spaceship Purchaser, Inc. (dba Squarespace)First lien senior secured revolving loan10/2031— 14,965 — 
Spotless Brands, LLCFirst lien senior secured revolving loan7/20281,347 898 — 
STS PARENT, LLC (dba STS Aviation Group)First lien senior secured revolving loan10/20309,951 5,069 — 
SWK BUYER, Inc. (dba Stonewall Kitchen)First lien senior secured revolving loan3/20291,674 3,905 — 
Tamarack Intermediate, L.L.C. (dba Verisk 3E)First lien senior secured revolving loan3/2028678 4,659 — 





30
Blue Owl Credit Income Corp.
Consolidated Schedules of Investments - Continued
As of June 30, 2025
(Amounts in thousands, except share amounts)
(Unaudited)

Portfolio CompanyCommitment TypeCommitment Expiration DateFunded CommitmentUnfunded
Commitment
Fair Value(33)
TBRS, Inc. (dba TEAM Technologies)First lien senior secured revolving loan11/20301,295 19,623 — 
The Shade Store, LLCFirst lien senior secured revolving loan10/20282,808 7,993 — 
THG Acquisition, LLC (dba Hilb)First lien senior secured revolving loan10/2031769 9,589 — 
Thunder Purchaser, Inc. (dba Vector Solutions)First lien senior secured revolving loan6/2027— 1,021 — 
Tricentis Operations Holdings, Inc.First lien senior secured revolving loan2/2032— 6,284 (63)
Troon Golf, L.L.C.First lien senior secured revolving loan8/2028— 27,449 — 
Truist Insurance Holdings, LLCFirst lien senior secured revolving loan5/2029— 7,019 — 
Unified Women's Healthcare, LPFirst lien senior secured revolving loan6/2029— 8,120 — 
USIC Holdings, Inc.First lien senior secured revolving loan9/20312,207 2,621 — 
USRP Holdings, Inc. (dba U.S. Retirement and Benefits Partners)First lien senior secured revolving loan12/2029— 4,975 — 
Velocity HoldCo III Inc. (dba VelocityEHS)First lien senior secured revolving loan4/2027— 142 — 
Vessco Midco Holdings, LLCFirst lien senior secured revolving loan7/2031— 7,962 (40)
Vital Bidco AB (dba Vitamin Well)First lien senior secured revolving loan10/2030— 52,912 — 
Walker Edison Furniture Company LLC*First lien senior secured revolving loan3/20271,333 — — 
W.A. Kendall and Company, LLCFirst lien senior secured revolving loan4/20302,529 5,611 — 
When I Work, Inc.First lien senior secured revolving loan11/2027— 4,164 (104)
WU Holdco, Inc. (dba PurposeBuilt Brands)First lien senior secured revolving loan4/2032— 14,351 (36)
Zendesk, Inc.First lien senior secured revolving loan11/2028— 14,587 — 
Proofpoint, Inc.Second lien senior secured term loan5/2033— 35,963 — 
Proofpoint, Inc.Second lien senior secured term loan5/2033— 35,748 — 
Total non-controlled/non-affiliated - debt commitments$660,553 $3,967,508 $(10,298)
Non-controlled/affiliated - debt commitments
Pluralsight, LLCFirst lien senior secured delayed draw term loan8/2029$— $496 $— 
Pluralsight, LLCFirst lien senior secured revolving loan8/2029— 198 — 
Total non-controlled/affiliated - debt commitments$— $694 $— 
Non-controlled/affiliated - equity commitments
Chrome Investors LPLP InterestN/A$7,339 $1,835 $— 
Total non-controlled/affiliated - equity commitments
$7,339 $1,835 $— 
Controlled/affiliated - equity commitments
AAM Series 1.1 Rail and Domestic Intermodal Feeder, LLCLLC InterestN/A$26,517 $49,659 $— 
AAM Series 2.1 Aviation Feeder, LLCLLC InterestN/A23,469 14,700 — 
LSI Financing LLCCommon EquityN/A250,248 122,625 — 
Total controlled/affiliated - equity commitments$300,234 $186,984 $— 
Total Portfolio Company Commitments$968,126 $4,157,021 $(10,298)
*Fully funded
(19)Unless otherwise indicated, represents a co-investment made with the Company’s affiliates in accordance with the terms of exemptive relief that the Company received from the U.S. Securities and Exchange Commission. See Note 3 “Agreements and Related Party Transactions”.
(20)This portfolio company was not a co-investment made with the Company’s affiliates in accordance with the terms of exemptive relief that the Company received from the U.S. Securities and Exchange Commission.
(21)Level 2 Investment.
(22)This portfolio company is not a qualifying asset under Section 55(a) of the 1940 Act. Under the 1940 Act, the Company may not acquire any non-qualifying asset unless, at the time such acquisition is made, qualifying assets represent at least 70% of total assets. As of June 30, 2025, non-qualifying assets represented 12.7% of total assets as calculated in accordance with the regulatory requirements.
(23)Security acquired in transaction exempt from registration under the Securities Act of 1933, and may be deemed to be “restricted security” under the Securities Act. As of June 30, 2025, the aggregate fair value of these securities is $1.68 billion, or 9.6% of the Company’s net assets. The acquisition dates of the restricted securities are as follows:





31
Blue Owl Credit Income Corp.
Consolidated Schedules of Investments - Continued
As of June 30, 2025
(Amounts in thousands, except share amounts)
(Unaudited)


Portfolio CompanyInvestmentAcquisition Date
AAM Series 1.1 Rail and Domestic Intermodal Feeder, LLC**LLC InterestJuly 1, 2022
AAM Series 2.1 Aviation Feeder, LLC**LLC InterestJuly 1, 2022
Accelerate Topco Holdings, LLCCommon UnitsSeptember 1, 2022
Amergin Asset Management, LLCClass A UnitsJuly 1, 2022
AlphaSense, LLCSeries E Preferred SharesJune 27, 2024
ASP Conair Holdings LPClass A UnitsMay 17, 2021
Baypine Commander Co-Invest, LPLP InterestJune 6, 2025
BCTO WIW Holdings, Inc. (dba When I Work)Class A Common StockNovember 2, 2021
BEHP Co-Investor II, L.P.LP InterestMay 6, 2022
Blue Owl Credit SLF LLC*LLC InterestAugust 1, 2024
Brooklyn Lender Co-Invest 2, L.P. (dba Boomi)Common UnitsOctober 1, 2021
CD&R Value Building Partners I, L.P. (dba Belron)LP InterestDecember 2, 2021
Chrome Investors LPLP InterestJanuary 25, 2025
Denali Holding, LP (dba Summit Companies)Class A UnitsSeptember 14, 2021
Dodge Construction Network Holdings, L.P.Class A-2 Common UnitsMarch 16, 2022
Dodge Construction Network Holdings, L.P.Series A Preferred UnitsMarch 16, 2022
Elliott Alto Co-Investor Aggregator L.P.LP InterestSeptember 28, 2022
Evolution Parent, LP (dba SIAA)LP InterestApril 30, 2021
Fifth Season Investments LLC**Class A UnitsOctober 17, 2022
Gloves Holdings, LP (dba Protective Industrial Products)LP InterestDecember 28, 2020
GrowthCurve Capital Sunrise Co-Invest LP (dba Brightway)LP InterestDecember 16, 2021
Hercules Buyer, LLC (dba The Vincit Group)Common UnitsDecember 15, 2020
Hissho Sushi Holdings, LLCClass A UnitsMay 17, 2022
Hockey Parent Holdings, L.P.Class A Common UnitsSeptember 14, 2023
Ideal Topco, L.P.Class A-1 Preferred UnitsFebruary 20, 2024
Ideal Topco, L.P.Class A-2 Common UnitsFebruary 20, 2024
Insight CP (Blocker) Holdings, L.P. (dba CivicPlus, LLC)LP InterestJune 8, 2022
Knockout Intermediate Holdings I Inc. (dba Kaseya Inc.)Perpetual Preferred StockJune 22, 2022
KWOR Intermediate I, Inc. (dba Alacrity Solutions)Preferred StockFebruary 28, 2025
KWOR Intermediate I, Inc. (dba Alacrity Solutions)Class A-1 Common StockFebruary 28, 2025
KOBHG Holdings, L.P. (dba OB Hospitalist)Class A InterestsSeptember 27, 2021
KPCI Holdings, L.P.Class A UnitsNovember 25, 2020
KWOL Acquisition, Inc. (dba Worldwide Clinical Trials)Class A InterestDecember 12, 2023
Lakefield Acquisition Corp. (dba Lakefield Veterinary Group)Common EquityJanuary 8, 2025
LSI Financing 1 DAC**Preferred equityDecember 14, 2022
LSI Financing LLC**Common EquityNovember 25, 2024
Maia Aggregator, LPClass A-2 UnitsFebruary 1, 2022
ModMed Software Midco Holdings, Inc. (dba ModMed)Series A Preferred UnitsApril 30, 2025
Bird Holding B.V. (fka MessageBird Holding B.V.)Extended Series C WarrantsMay 5, 2021
Metis HoldCo, Inc. (dba Mavis Tire Express Services)Series A Convertible Preferred StockMay 3, 2021
Minerva Holdco, Inc.Senior A Preferred StockFebruary 14, 2022
Orange Blossom Parent, Inc.Common UnitsJuly 29, 2022
OCIC SLF LLC (fka Blue Owl Credit Income Senior Loan Fund LLC)*LLC InterestNovember 2, 2022
Patriot Holdings SCSp (dba Corza Health, Inc.)Class A UnitsJanuary 29, 2021
Patriot Holdings SCSp (dba Corza Health, Inc.)Class B UnitsJanuary 29, 2021
PCF Holdco, LLC (dba Trucordia)Preferred equityFebruary 16, 2023





32
Blue Owl Credit Income Corp.
Consolidated Schedules of Investments - Continued
As of June 30, 2025
(Amounts in thousands, except share amounts)
(Unaudited)

Portfolio CompanyInvestmentAcquisition Date
PCF Holdco, LLC (dba Trucordia)WarrantsFebruary 16, 2023
Paradigmatic Holdco LLC (dba Pluralsight)Common stockAugust 22, 2024
Project Alpine Co-Invest Fund, LPLP InterestJune 13, 2022
Project Hotel California Co-Invest Fund, L.P.LP InterestAugust 9, 2022
Rhea Acquisition Holdings, LPSeries A-2 UnitsFebruary 18, 2022
Romulus Intermediate Holdings 1 Inc. (dba PetVet Care Centers)Series A Preferred StockNovember 15, 2023
Sunshine Software Holdings, Inc. (dba Cornerstone OnDemand, Inc.)Series A Preferred StockOctober 14, 2021
TCB Holdings I LLC (dba TricorBraun)Class A Preferred UnitsJanuary 31, 2025
Thunder Topco L.P. (dba Vector Solutions)Common UnitsJune 30, 2021
Vestwell Holdings, Inc.Series D Preferred StockDecember 20, 2023
Walker Edison Holdco LLCCommon UnitsMarch 1, 2023
WMC Bidco, Inc. (dba West Monroe)Senior Preferred StockNovember 9, 2021
WP Irving Co-Invest, L.P.Partnership UnitsMay 18, 2022
XOMA CorporationWarrantsDecember 15, 2023
Zoro TopCo, L.P.Class A Common UnitsNovember 22, 2022
Zoro TopCo, Inc.Series A Preferred EquityNovember 22, 2022
*Refer to Note 4 “Investments - OCIC SLF LLC” and “Investments - Blue Owl Credit SLF LLC”, for further information.
** Refer to Note 3 “Agreements and Related Party Transactions - Controlled/Affiliated Portfolio Companies”.

(24)As of June 30, 2025, the net estimated unrealized gain on investments for U.S. federal income tax purposes was $0.2 million based on a tax cost basis of $32.0 billion. As of June 30, 2025, the estimated aggregate gross unrealized loss for U.S. federal income tax purposes was $317.4 million. As of June 30, 2025, the estimated aggregate gross unrealized gain for U.S. federal income tax purposes was $317.6 million.
(25)Investment is non-income producing.
(26)Investment is not pledged as collateral under the Company’s Amended and Restated Senior Secured Revolving Credit Agreement (the “Revolving Credit Facility”, credit facilities to which certain of our subsidiaries are parties (the “SPV Asset Facilities”) and collateral loan obligation transactions (“CLOs”).
(27)We invest in this portfolio company through underlying blocker entities Hercules Blocker 1 LLC, Hercules Blocker 2 LLC, Hercules Blocker 3 LLC, Hercules Blocker 4 LLC, and Hercules Blocker 5 LLC.
(28)Unless otherwise indicated, the Company’s portfolio companies are pledged as collateral supporting the amounts outstanding under the Revolving Credit Facility, SPV Asset Facilities and CLOs. See Note 5 “Debt”.
(29)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 (“non-controlled affiliate”). Transactions related to investments in non-controlled affiliates for the period ended June 30, 2025 were as follows:
CompanyFair value as of December 31, 2024
Gross Additions(a)
Gross Reductions(b)
Net Change in Unrealized Gain/(Loss)Realized Gain/(Loss)Fair value as of June 30, 2025Dividend IncomeInterest and PIK IncomeOther Income
LSI Financing 1 DAC$4,771 $1 $(618)$(327)$— $3,827 $343 $— $— 
Pluralsight, LLC3,477 86 — (44)— 3,519 — 129 2 
Total$8,248 $87 $(618)$(371)$— $7,346 $343 $129 $2 
        
________
(a) Gross additions may include increases in the cost basis of investments resulting from new investments, amounts related to payment-in-kind (“PIK”) interest capitalized and added to the principal balance of the respective loans, the accretion of discounts, the exchange of one or more existing investments for one or more new investments and the movement at fair value of an existing portfolio company into this controlled affiliated category from a different category.
(b) Gross reductions may include decreases in the cost basis of investments resulting from principal collections related to investment repayments and sales, return of capital, the amortization of premiums and the exchange of one or more existing securities for one or more new securities.

(30)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





33
Blue Owl Credit Income Corp.
Consolidated Schedules of Investments - Continued
As of June 30, 2025
(Amounts in thousands, except share amounts)
(Unaudited)

has the power to exercise control over management or policies of such portfolio company, including through a management agreement (“controlled affiliate”). The Company’s investments in controlled affiliates for the period ended June 30, 2025 were as follows:
CompanyFair value as of December 31, 2024
Gross Additions(a)
Gross Reductions(b)
Net Change in Unrealized Gain/(Loss)Realized Gain/(Loss)Fair value as of June 30, 2025Dividend IncomeInterest and PIK IncomeOther Income
AAM Series 2.1 Aviation Feeder, LLC(c)
$77,680 $12,745 $(2,132)$10,600 $— $98,893 $— $3,152 $— 
AAM Series 1.1 Rail and Domestic Intermodal Feeder, LLC(c)
75,112 9,991 (86)5,667 — 90,684 — 2,902 — 
Blue Owl Credit SLF LLC4,294 21,649 — (210)— 25,733 496 — — 
Fifth Season Investments LLC223,274 63,084 — 6,208 — 292,566 15,421 — — 
LSI Financing LLC293,775 49,860 (88,315)6,461 — 261,781 9,835 — — 
OCIC SLF LLC (fka Blue Owl Credit Income Senior Loan Fund LLC)311,609 — — (19,806)— 291,803 18,989 — — 
Total$985,744 $157,329 $(90,533)$8,920 $— $1,061,460 $44,741 $6,054 $— 
________
(a) Gross additions may include increases in the cost basis of investments resulting from new investments, amounts related to payment-in-kind (“PIK”) interest capitalized and added to the principal balance of the respective loans, the accretion of discounts, the exchange of one or more existing investments for one or more new investments and the movement at fair value of an existing portfolio company into this controlled affiliated category from a different category.
(b) Gross reductions may include decreases in the cost basis of investments resulting from principal collections related to investment repayments and sales, return of capital, the amortization of premiums and the exchange of one or more existing securities for one or more new securities.
(c) In connection with its investment in AAM Series 1.1 Rail and Domestic Intermodal Feeder, LLC and AAM Series 2.1 Aviation Feeder, LLC (collectively, “Amergin AssetCo”) the Company made a minority investment in Amergin Asset Management, LLC which has entered into a Servicing Agreement with Amergin AssetCo.

(31)Investment was on non-accrual status as of June 30, 2025.
(32)Investment measured at net asset value (“NAV”).
(33)The negative cost and fair value results from unamortized fees, which are capitalized to the investment cost of unfunded commitments.

The accompanying notes are an integral part of these consolidated financial statements.






34
Blue Owl Credit Income Corp.
Consolidated Schedules of Investments
As of December 31, 2024
(Amounts in thousands, except share amounts)
Company(1)(2)(3)(20)(29)
InvestmentInterestMaturity DatePar/UnitsAmortized Cost(4)(25)Fair ValuePercentage of Net Assets
Non-controlled/non-affiliated portfolio company investments
Debt Investments(5)
Advertising and media
Broadcast Music, Inc. (fka Otis Merger Sub, Inc.)(6)First lien senior secured loanS+5.75%02/203034,318 $33,558 $34,060 0.2 %
IRI Group Holdings, Inc. (f/k/a Circana Group, L.P. (f/k/a The NPD Group, L.P.))(6)First lien senior secured loanS+5.00%12/2028229,533 229,533 229,533 1.6 %
IRI Group Holdings, Inc. (f/k/a Circana Group, L.P. (f/k/a The NPD Group, L.P.))(7)(18)First lien senior secured revolving loanS+5.00%12/20272,517 2,517 2,517 — %
Monotype Imaging Holdings Inc.(7)(18)First lien senior secured loanS+5.50%02/2031170,754 169,537 170,327 1.2 %
Project Boost Purchaser, LLC (dba J.D. Power)(6)(22)First lien senior secured loanS+3.50%07/203123,750 23,750 23,890 0.2 %
Project Boost Purchaser, LLC (dba J.D. Power)(7)(22)Second lien senior secured loanS+5.25%07/203211,250 11,196 11,462 0.1 %
470,091 471,789 3.3 %
Aerospace and defense
ManTech International Corporation(7)First lien senior secured loanS+5.00%09/202914,674 $14,674 $14,674 0.1 %
Novaria Holdings, LLC(6)(22)First lien senior secured loanS+4.00%06/203116,958 16,887 17,042 0.1 %
Peraton Corp.(6)(22)First lien senior secured loanS+3.75%02/202851,272 51,303 47,606 0.3 %
Peraton Corp.(7)(22)Second lien senior secured loanS+7.75%02/20294,831 4,787 3,894 — %
STS PARENT, LLC (dba STS Aviation Group)(6)First lien senior secured loanS+5.00%10/2031135,180 134,526 134,504 0.9 %
STS PARENT, LLC (dba STS Aviation Group)(6)(18)First lien senior secured revolving loanS+5.00%10/20306,947 6,872 6,872 — %
229,049 224,592 1.4 %
Automotive aftermarket
OAC Holdings I Corp. (dba Omega Holdings)(6)First lien senior secured loanS+5.00%03/20298,958 $8,836 $8,891 0.1 %
Power Stop, LLC(7)First lien senior secured loanS+4.75%01/202929,170 28,980 27,639 0.2 %
37,816 36,530 0.3 %
Automotive services
Mavis Tire Express Services Topco Corp.(6)(22)First lien senior secured loanS+3.50%05/202829,044 $29,044 $29,207 0.2 %
Spotless Brands, LLC(8)(18)First lien senior secured loanS+5.75%07/202881,719 81,017 81,515 0.6 %
Wand Newco 3, Inc. (dba Caliber )(6)(22)First lien senior secured loanS+3.25%01/203112,257 12,257 12,295 0.1 %
122,318 123,017 0.9 %
Asset based lending and fund finance
Hg Genesis 9 SumoCo Limited(12)(23)Unsecured facilityE+
6.25% PIK
03/2029€143,280 $156,905 $148,366 1.0 %
Hg Saturn Luchaco Limited(15)(23)Unsecured facilitySA+
7.50% PIK
03/2026£640 811 801 — %
157,716 149,167 1.0 %
Buildings and real estate
Associations Finance, Inc.(17)Unsecured notes
14.25% PIK
05/2030164,538 $163,452 $164,538 1.1 %
Associations, Inc.(7)(18)First lien senior secured loanS+6.50%07/2028425,811 425,388 425,811 2.9 %
CoreLogic Inc.(6)(21)(22)First lien senior secured loanS+3.50%06/202823,840 23,388 23,508 0.2 %
Dodge Construction Network LLC(7)First lien senior secured loanS+4.75%02/202910,485 8,435 8,388 0.1 %
Dodge Construction Network LLC(7)First lien senior secured loanS+6.25%01/20297,560 7,413 7,409 0.1 %
RealPage, Inc.(7)(22)First lien senior secured loanS+3.00%04/202813,915 13,905 13,875 0.1 %





35
Blue Owl Credit Income Corp.
Consolidated Schedules of Investments - Continued
As of December 31, 2024
(Amounts in thousands, except share amounts)
Company(1)(2)(3)(20)(29)
InvestmentInterestMaturity DatePar/UnitsAmortized Cost(4)(25)Fair ValuePercentage of Net Assets
RealPage, Inc.(7)(22)First lien senior secured loanS+3.75%04/202818,250 18,159 18,296 0.1 %
Wrench Group LLC(7)(22)First lien senior secured loanS+4.00%10/202827,146 27,103 25,992 0.2 %
687,243 687,817 4.8 %
Business services
Access CIG, LLC(7)(22)First lien senior secured loanS+5.00%08/202879,000 $77,472 $79,695 0.5 %
Aurelia Netherlands B.V.(12)(23)First lien senior secured EUR term loanE+5.75%05/2031€55,027 57,700 56,695 0.4 %
Boxer Parent Company Inc. (f/k/a BMC)(7)(22)First lien senior secured loanS+3.75%07/203163,250 63,094 63,718 0.4 %
Capstone Acquisition Holdings, Inc.(6)First lien senior secured loanS+4.50%11/202985,324 84,736 85,110 0.6 %
ConnectWise, LLC(7)(22)First lien senior secured loanS+3.50%09/202829,397 29,440 29,550 0.2 %
CoolSys, Inc.(7)First lien senior secured loanS+4.75%08/202813,737 12,976 13,359 0.1 %
CoreTrust Purchasing Group LLC(6)First lien senior secured loanS+5.25%10/2029112,617 111,675 112,617 0.8 %
Denali BuyerCo, LLC (dba Summit Companies)(7)(18)First lien senior secured loanS+5.75%09/2028195,728 193,780 195,728 1.3 %
Diamondback Acquisition, Inc. (dba Sphera)(6)First lien senior secured loanS+5.50%09/202846,389 45,829 46,157 0.3 %
Fullsteam Operations, LLC(7)(18)First lien senior secured loanS+8.25%11/202913,001 12,658 13,001 0.1 %
Fullsteam Operations, LLC(7)(18)(19)First lien senior secured delayed draw term loanS+7.00%11/2029818 771 811 — %
Hercules Borrower, LLC (dba The Vincit Group)(7)(18)First lien senior secured loanS+5.50%12/202615,774 15,707 15,774 0.1 %
Hercules Buyer, LLC (dba The Vincit Group)(17)(28)Unsecured notes
0.48% PIK
12/202924 24 28 — %
Kaseya Inc.(6)First lien senior secured loanS+5.50%06/202972,874 71,860 72,874 0.5 %
Kaseya Inc.(7)(18)(19)First lien senior secured delayed draw term loanS+5.50%06/20292,213 2,120 2,213 — %
KPSKY Acquisition, Inc. (dba BluSky)(7)(18)First lien senior secured loanS+5.50%10/2028101,182 99,963 92,834 0.6 %
KPSKY Acquisition, Inc. (dba BluSky)(7)(18)(19)First lien senior secured delayed draw term loanS+5.75%10/202873 25 (342)— %
DuraServ LLC(6)(18)First lien senior secured loanS+4.50%06/2031154,689 153,846 153,915 1.1 %
Ping Identity Holding Corp.(7)First lien senior secured loanS+4.75%10/202965,809 65,695 65,809 0.5 %
Plano HoldCo, Inc. (dba Perficient)(7)First lien senior secured loanS+3.50%10/203125,000 24,881 25,188 0.2 %
POLARIS PURCHASER, INC. (dba Plusgrade)(7)(23)First lien senior secured loanS+4.00%03/203125,863 25,863 25,992 0.2 %
Pye-Barker Fire & Safety, LLC(7)(18)First lien senior secured loanS+4.50%05/2031231,569 230,305 230,990 1.6 %
Pye-Barker Fire & Safety, LLC(7)(18)First lien senior secured revolving loanS+4.50%05/20304,213 4,061 4,128 — %
XPLOR T1, LLC(7)First lien senior secured loanS+3.50%06/203149,963 49,963 50,337 0.3 %
CMG HoldCo, LLC (dba Crete United)(7)(18)First lien senior secured loanS+4.75%05/202853,738 52,990 53,021 0.4 %
1,487,434 1,489,202 10.2 %





36
Blue Owl Credit Income Corp.
Consolidated Schedules of Investments - Continued
As of December 31, 2024
(Amounts in thousands, except share amounts)
Company(1)(2)(3)(20)(29)
InvestmentInterestMaturity DatePar/UnitsAmortized Cost(4)(25)Fair ValuePercentage of Net Assets
Chemicals
Advancion Holdings, LLC (fka Aruba Investments Holdings, LLC)(6)(22)First lien senior secured loanS+4.00%11/202719,064 $18,849 $19,064 0.1 %
Advancion Holdings, LLC (fka Aruba Investments Holdings, LLC)(6)(22)Second lien senior secured loanS+7.75%11/202840,137 40,129 39,118 0.3 %
DCG ACQUISITION CORP. (dba DuBois Chemical)(6)First lien senior secured loanS+4.50%06/203195,076 94,180 94,600 0.7 %
Gaylord Chemical Company, L.L.C.(7)(18)First lien senior secured loanS+5.25%12/202798,138 97,921 98,138 0.7 %
Rocket BidCo, Inc. (dba Recochem)(7)(23)First lien senior secured loanS+5.75%11/2030352,375 345,760 348,851 2.4 %
Velocity HoldCo III Inc. (dba VelocityEHS)(7)First lien senior secured loanS+5.50%04/20272,276 2,253 2,276 — %
Nouryon Finance B.V.(7)(22)(23)First lien senior secured loanS+3.25%04/202812,605 12,605 12,679 0.1 %
Derby Buyer LLC (dba Delrin)(6)(22)First lien senior secured loanS+3.00%11/203057,548 57,548 57,691 0.4 %
Gaylord Chemical Company, L.L.C.(7)First lien senior secured loanS+5.50%12/202791,000 90,099 91,000 0.6 %
759,344 763,417 5.3 %
Consumer products
BEP Intermediate Holdco, LLC (dba Buyers Edge Platform)(6)(22)First lien senior secured loanS+3.25%04/203131,833 $31,833 $32,011 0.2 %
Conair Holdings LLC(6)(22)First lien senior secured loanS+3.75%05/202844,917 44,587 40,223 0.3 %
Conair Holdings LLC(6)Second lien senior secured loanS+7.50%05/202922,591 22,354 20,728 0.1 %
Foundation Consumer Brands, LLC(6)(18)First lien senior secured loanS+6.25%02/202796,846 95,839 96,846 0.7 %
Lignetics Investment Corp.(7)(18)First lien senior secured loanS+5.50%11/202796,223 95,996 95,743 0.7 %
Lignetics Investment Corp.(7)(18)First lien senior secured revolving loanS+5.50%10/20268,412 8,386 8,354 0.1 %
Olaplex, Inc.(6)(22)(23)First lien senior secured loanS+3.50%02/202937,853 37,426 35,749 0.2 %
SWK BUYER, Inc. (dba Stonewall Kitchen)(7)First lien senior secured loanS+5.25%03/202958,474 57,702 56,720 0.4 %
394,123 386,374 2.7 %
Containers and packaging
Anchor Packaging, LLC(6)(22)First lien senior secured loanS+3.25%07/202949,750 $49,750 $49,959 0.3 %
Arctic Holdco, LLC (dba Novvia Group)(6)(18)First lien senior secured loanS+6.00%12/202620,610 20,335 20,610 0.1 %
Ascend Buyer, LLC (dba PPC Flexible Packaging)(7)(18)First lien senior secured loanS+5.75%09/202878,779 78,057 78,779 0.5 %
Ascend Buyer, LLC (dba PPC Flexible Packaging)(7)First lien senior secured loanS+6.00%09/20288,820 8,692 8,820 0.1 %
Ascend Buyer, LLC (dba PPC Flexible Packaging)(7)(18)First lien senior secured revolving loanS+5.75%09/20271,702 1,679 1,702 — %
Berlin Packaging(7)(22)First lien senior secured loanS+3.50%06/2031100,887 100,887 101,391 0.7 %
BW Holding, Inc.(7)(22)First lien senior secured loanS+4.00%12/202821,506 20,835 19,104 0.1 %
Charter NEX US, Inc.(6)(22)First lien senior secured loanS+3.00%11/203025,693 25,693 25,806 0.2 %
Fortis Solutions Group, LLC(7)(18)First lien senior secured loanS+5.50%10/202866,278 65,449 65,284 0.4 %
Fortis Solutions Group, LLC(7)(18)First lien senior secured revolving loanS+5.50%10/20272,361 2,299 2,260 — %
Indigo Buyer, Inc. (dba Inovar Packaging Group)(7)(18)First lien senior secured loanS+6.25%05/2028111,601 110,891 111,601 0.8 %
Indigo Buyer, Inc. (dba Inovar Packaging Group)(6)First lien senior secured loanS+5.25%05/202813,366 13,276 13,300 0.1 %





37
Blue Owl Credit Income Corp.
Consolidated Schedules of Investments - Continued
As of December 31, 2024
(Amounts in thousands, except share amounts)
Company(1)(2)(3)(20)(29)
InvestmentInterestMaturity DatePar/UnitsAmortized Cost(4)(25)Fair ValuePercentage of Net Assets
Pregis Topco LLC(6)Second lien senior secured loanS+7.75%08/20292,500 2,500 2,500 — %
Pregis Topco LLC(6)(22)First lien senior secured loanS+4.00%07/202616,739 16,620 16,823 0.1 %
Pregis Topco LLC(6)Second lien senior secured loanS+6.75%08/202930,000 30,000 30,000 0.2 %
ProAmpac PG Borrower LLC(7)(22)First lien senior secured loanS+4.00%09/202839,117 39,117 39,195 0.3 %
Tricorbraun Holdings, Inc.(6)(22)First lien senior secured loanS+3.25%03/202850,892 50,288 50,811 0.3 %
636,368 637,945 4.2 %
Distribution
ABB/Con-cise Optical Group LLC(7)First lien senior secured loanS+7.50%02/202833,306 $33,004 $32,640 0.2 %
AI Aqua Merger Sub, Inc. (dba Culligan)(6)(21)(22)First lien senior secured loanS+3.00%07/202846,266 46,266 46,266 0.3 %
Aramsco, Inc.(7)First lien senior secured loanS+4.75%10/203045,405 44,587 41,999 0.3 %
BCPE Empire Holdings, Inc. (dba Imperial-Dade)(6)(22)First lien senior secured loanS+3.50%12/202863,564 63,564 63,831 0.4 %
BradyPLUS Holdings, LLC (f/k/a BradyIFS Holdings, LLC)(7)(18)First lien senior secured loanS+5.00%10/2029176,385 174,813 176,385 1.2 %
Dealer Tire Financial, LLC(17)(21)(22)Unsecured notes8.00%02/202856,120 55,332 55,014 0.4 %
Dealer Tire Financial, LLC(6)(22)First lien senior secured loanS+3.00%07/203130,339 30,339 30,339 0.2 %
Endries Acquisition, Inc.(6)(18)First lien senior secured loanS+5.25%12/2028100,770 100,149 100,014 0.7 %
Formerra, LLC(6)(18)First lien senior secured loanS+7.25%11/20285,366 5,240 5,298 — %
Foundation Building Materials, Inc.(7)(22)First lien senior secured loanS+4.00%01/203119,887 19,792 19,547 0.1 %
White Cap Supply Holdings, LLC(6)(22)First lien senior secured loanS+3.25%10/202938,321 38,116 38,352 0.3 %
611,202 609,685 4.1 %
Education
Ellucian Holdings Inc. (f/k/a Sophia, L.P.)(6)(22)First lien senior secured loanS+4.75%11/203210,000 $9,975 $10,167 0.1 %
Ellucian Holdings Inc. (f/k/a Sophia, L.P.)(6)(22)First lien senior secured loanS+3.00%10/202914,729 14,729 14,813 0.1 %
Learning Care Group (US) No. 2 Inc.(7)(22)First lien senior secured loanS+4.00%08/202822,220 22,220 22,406 0.2 %
Renaissance Learning, Inc.(6)(22)First lien senior secured loanS+4.00%04/203031,126 31,126 31,026 0.2 %
Severin Acquisition, LLC (dba PowerSchool)(6)First lien senior secured loanS+
5.00% (2.25% PIK)
10/2031129,981 128,724 128,681 0.9 %
Spring Education Group, Inc. (fka SSH Group Holdings, Inc.)(7)(22)First lien senior secured loanS+4.00%10/203015,184 15,184 15,260 0.1 %
221,958 222,353 1.6 %
Energy equipment and services
Dresser Utility Solutions, LLC(6)First lien senior secured loanS+5.25%03/202982,289 $81,576 $82,083 0.6 %
81,576 82,083 0.6 %
Financial services
Ascensus Holdings, Inc.(6)First lien senior secured loanS+3.00%08/202811,874 $11,874 $11,963 0.1 %
Baker Tilly Advisory Group, L.P.(6)First lien senior secured loanS+4.75%06/203199,002 97,612 98,507 0.7 %
BCPE Pequod Buyer, Inc. (dba Envestnet)(6)(22)First lien senior secured loanS+3.50%11/2031113,336 111,064 114,164 0.8 %
Blackhawk Network Holdings, Inc.(6)(22)First lien senior secured loanS+5.00%03/202974,625 73,256 75,453 0.5 %
BTRS HOLDINGS INC. (dba Billtrust)(7)(18)(19)First lien senior secured loanS+7.25%12/202812,197 11,933 12,165 0.1 %





38
Blue Owl Credit Income Corp.
Consolidated Schedules of Investments - Continued
As of December 31, 2024
(Amounts in thousands, except share amounts)
Company(1)(2)(3)(20)(29)
InvestmentInterestMaturity DatePar/UnitsAmortized Cost(4)(25)Fair ValuePercentage of Net Assets
Chrysaor Bidco s.à r.l. (dba AlterDomus)(6)(22)(23)First lien senior secured loanS+3.50%05/20319,311 9,311 9,375 0.1 %
Computer Services, Inc. (dba CSI)(7)(18)First lien senior secured loanS+5.25%11/202952,518 51,935 52,518 0.4 %
Computer Services, Inc. (dba CSI)(7)First lien senior secured loanS+4.75%11/202918,464 18,374 18,371 0.1 %
Cresset Capital Management, LLC(6)First lien senior secured loanS+5.00%06/203015,593 15,449 15,593 0.1 %
Deerfield Dakota Holdings(7)(22)First lien senior secured loanS+3.75%04/202797,214 96,606 94,900 0.7 %
Deerfield Dakota Holdings(7)(22)Second lien senior secured loanS+6.75%04/202821,476 21,499 20,430 0.1 %
Finastra USA, Inc.(7)(18)(23)First lien senior secured loanS+7.25%09/2029174,158 172,484 174,158 1.2 %
Klarna Holding AB(7)(23)Subordinated Floating Rate NotesS+7.00%04/20341,000 1,000 1,000 — %
KRIV Acquisition Inc. (dba Riveron)(7)(18)First lien senior secured loanS+5.75%07/202979,678 77,731 79,678 0.5 %
Minotaur Acquisition, Inc. (dba Inspira Financial)(6)(18)First lien senior secured loanS+5.00%06/2030293,093 290,183 291,628 2.0 %
NMI Acquisitionco, Inc. (dba Network Merchants)(6)(18)First lien senior secured loanS+5.00%09/202812,178 12,137 12,178 0.1 %
OneDigital Borrower LLC(6)(22)First lien senior secured loanS+3.25%07/203174,307 74,068 74,403 0.5 %
OneDigital Borrower LLC(6)(22)Second lien senior secured loanS+5.25%07/203233,800 33,639 33,611 0.2 %
PPI Holding US Inc. (dba Nuvei)(6)(22)(23)First lien senior secured loanS+3.00%07/203120,000 19,950 20,018 0.1 %
PUSHPAY USA INC(7)First lien senior secured loanS+4.50%08/203115,000 14,856 15,075 0.1 %
Saphilux S.a.r.L. (dba IQ-EQ)(8)(22)(23)First lien senior secured loanS+3.50%07/202832,378 32,378 32,581 0.2 %
Smarsh Inc.(7)(18)First lien senior secured loanS+5.75%02/202993,429 92,742 93,429 0.6 %
Smarsh Inc.(6)(18)First lien senior secured revolving loanS+5.75%02/2029332 327 332 — %
1,340,408 1,351,530 9.2 %
Food and beverage
Balrog Acquisition, Inc. (dba Bakemark)(7)(22)First lien senior secured loanS+4.00%09/202813,580 $13,497 $13,600 0.1 %
Balrog Acquisition, Inc. (dba Bakemark)(7)Second lien senior secured loanS+7.00%09/20296,000 5,966 6,000 — %
Blast Bidco Inc. (dba Bazooka Candy Brands)(7)First lien senior secured loanS+6.00%10/203035,552 34,776 35,552 0.2 %
Dessert Holdings(6)(21)(22)First lien senior secured loanS+4.00%06/202819,399 19,341 18,613 0.1 %
EAGLE FAMILY FOODS GROUP LLC(6)First lien senior secured loanS+5.00%08/2030175,862 174,190 174,982 1.2 %
Fiesta Purchaser, Inc. (dba Shearer's Foods)(6)(22)First lien senior secured loanS+3.25%02/203174,625 74,625 74,611 0.5 %
Gehl Foods, LLC(6)First lien senior secured loanS+6.25%06/2030118,258 117,151 117,667 0.8 %
Gehl Foods, LLC(7)(18)(19)First lien senior secured delayed draw term loanS+6.25%06/20303,639 3,562 3,621 — %
Hissho Parent, LLC(7)(18)First lien senior secured loanS+4.75%05/2029123,263 122,506 123,263 0.8 %
Innovation Ventures HoldCo, LLC (dba 5 Hour Energy)(6)(18)First lien senior secured loanS+6.25%03/2027198,087 196,311 195,117 1.3 %
KBP Brands, LLC(7)(18)First lien senior secured loanS+5.50%05/202756,020 55,601 54,900 0.4 %
Ole Smoky Distillery, LLC(6)(18)First lien senior secured loanS+5.50%03/202830,167 29,786 29,941 0.2 %
Par Technology Corporation(6)(23)First lien senior secured loanS+5.00%07/20291,286 1,267 1,273 — %





39
Blue Owl Credit Income Corp.
Consolidated Schedules of Investments - Continued
As of December 31, 2024
(Amounts in thousands, except share amounts)
Company(1)(2)(3)(20)(29)
InvestmentInterestMaturity DatePar/UnitsAmortized Cost(4)(25)Fair ValuePercentage of Net Assets
Pegasus BidCo B.V.(7)(22)(23)First lien senior secured loanS+3.25%07/202913,486 13,486 13,596 0.1 %
Rushmore Investment III LLC (dba Winland Foods)(7)(18)First lien senior secured loanS+5.00%10/2030512,036 507,281 512,037 3.5 %
Tacala, LLC(6)(22)First lien senior secured loanS+3.50%01/203140,466 40,466 40,700 0.3 %
Vital Bidco AB (dba Vitamin Well)(7)(23)First lien senior secured loanS+4.50%10/2031226,609 222,966 223,437 1.5 %
Vital Bidco AB (dba Vitamin Well)(6)(18)(23)First lien senior secured revolving loanS+4.50%10/203012,908 12,241 12,222 0.1 %
1,645,019 1,651,132 11.1 %
Healthcare equipment and services
Azalea TopCo, Inc. (dba Press Ganey)(6)(22)First lien senior secured loanS+3.25%04/203161,122 $61,122 $61,238 0.4 %
Bamboo US BidCo LLC(7)(18)First lien senior secured loanS+5.25%09/2030107,931 107,931 107,931 0.7 %
Bamboo US BidCo LLC(12)First lien senior secured EUR term loanE+5.25%09/2030€61,594 64,801 63,781 0.4 %
Canadian Hospital Specialties Limited(10)(18)(23)First lien senior secured loanC+4.50%04/2028C$4,834 3,826 3,261 — %
Canadian Hospital Specialties Limited(10)(18)(23)First lien senior secured revolving loanC+4.50%04/2027C$367 290 242 — %
Confluent Medical Technologies, Inc.(7)(22)First lien senior secured loanS+3.25%02/202978,803 78,803 79,095 0.5 %
Creek Parent, Inc. (dba Catalent)(6)First lien senior secured loanS+5.25%12/2031294,578 289,444 289,423 2.0 %
CSC MKG Topco LLC (dba Medical Knowledge Group)(6)(18)First lien senior secured loanS+5.75%02/202998,770 97,435 97,782 0.7 %
Natus Medical Incorporated(6)First lien senior secured loanS+5.50%07/2029490 465 478 — %
NELIPAK EUROPEAN HOLDINGS COÖPERATIEF U.A.(11)(18)First lien senior secured EUR revolving loanE+5.50%03/2031€56,931 60,760 57,717 0.4 %
Nelipak Holding Company(6)(18)First lien senior secured loanS+5.50%03/203134,077 33,539 33,294 0.2 %
Packaging Coordinators Midco, Inc.(7)(22)First lien senior secured loanS+3.25%11/202761,905 61,905 62,121 0.4 %
Patriot Acquisition TopCo S.A.R.L (dba Corza Health, Inc.)(7)(18)(23)First lien senior secured loanS+5.25%01/202854,203 53,658 54,203 0.4 %
PerkinElmer U.S. LLC(6)(18)First lien senior secured loanS+5.00%03/2029161,204 160,898 160,801 1.1 %
Resonetics, LLC(7)(22)First lien senior secured loanS+3.25%06/203174,813 74,813 75,209 0.5 %
Rhea Parent, Inc.(7)First lien senior secured loanS+4.75%12/2030251,638 250,910250,858 1.7 %
TBRS, Inc. (dba TEAM Technologies)(7)First lien senior secured loanS+4.75%11/2031138,056 137,366 137,366 0.9 %
TBRS, Inc. (dba TEAM Technologies)(7)(18)First lien senior secured revolving loanS+4.75%11/20301,255 1,150 1,150 — %
Zest Acquisition Corp.(7)First lien senior secured loanS+5.25%02/202819,535 19,535 19,730 0.1 %
1,558,651 1,555,680 10.4 %
Healthcare providers and services
Allied Benefit Systems Intermediate LLC(6)First lien senior secured loanS+5.25%10/203020,850 $20,577 $20,850 0.1 %
Belmont Buyer, Inc. (dba Valenz)(7)(18)First lien senior secured loanS+6.50%06/202968,619 67,489 68,619 0.5 %
Belmont Buyer, Inc. (dba Valenz)(7)First lien senior secured loanS+5.25%06/202943,051 42,751 42,728 0.3 %
Belmont Buyer, Inc. (dba Valenz)(8)(18)First lien senior secured revolving loanS+6.50%06/20292,217 2,118 2,217 — %
Confluent Health, LLC(6)First lien senior secured loanS+5.00%11/202819,850 19,344 19,652 0.1 %





40
Blue Owl Credit Income Corp.
Consolidated Schedules of Investments - Continued
As of December 31, 2024
(Amounts in thousands, except share amounts)
Company(1)(2)(3)(20)(29)
InvestmentInterestMaturity DatePar/UnitsAmortized Cost(4)(25)Fair ValuePercentage of Net Assets
Covetrus, Inc.(7)(22)First lien senior secured loanS+5.00%10/202910,306 9,879 9,888 0.1 %
Covetrus, Inc.(7)Second lien senior secured loanS+9.25%10/2030160,000 157,317 155,600 1.1 %
D4C Dental Brands, Inc.(7)(21)First lien senior secured loanS+4.50%11/2029118,000 116,839 116,820 0.8 %
Engage Debtco Limited(7)(21)(23)First lien senior secured loanS+
7.25% (4.00% PIK)
07/202931,996 31,291 31,836 0.2 %
Engage Debtco Limited(7)(18)(23)First lien senior secured loanS+
5.93% (2.75% PIK)
07/202983,305 81,884 81,223 0.6 %
Ex Vivo Parent Inc. (dba OB Hospitalist)(7)First lien senior secured loanS+
9.75% PIK
09/202841,612 41,220 41,508 0.3 %
KABAFUSION Parent, LLC(7)(18)First lien senior secured revolving loanS+5.00%11/203171,222 70,518 70,510 0.5 %
KWOL Acquisition Inc. (dba Worldwide Clinical Trials)(7)First lien senior secured loanS+4.75%12/2029172,278 169,481 172,278 1.2 %
Lakefield Acquisition Corp. (dba Lakefield Veterinary Group)(6)(18)First lien senior secured loanS+4.00%09/203073,261 72,907 72,895 0.5 %
Maple Acquisition, LLC (dba Medicus)(8)First lien senior secured loanS+5.25%05/2031107,353 106,598 107,353 0.7 %
MED ParentCo, LP(6)(22)First lien senior secured loanS+3.50%04/203124,938 24,938 25,110 0.2 %
MJH Healthcare Holdings, LLC(6)(22)First lien senior secured loanS+3.25%01/202914,465 14,465 14,528 0.1 %
Natural Partners, LLC(7)(18)(23)First lien senior secured loanS+4.50%11/202791,538 90,429 91,081 0.6 %
Neptune Holdings, Inc. (dba NexTech)(7)First lien senior secured loanS+4.75%08/203030,574 30,422 30,574 0.2 %
OB Hospitalist Group, Inc.(6)(18)First lien senior secured loanS+5.25%09/202768,429 67,616 68,257 0.5 %
OneOncology, LLC(7)(18)First lien senior secured loanS+6.25%06/203097,074 95,768 97,074 0.7 %
OneOncology, LLC(7)(18)First lien senior secured delayed draw term loanS+5.00%06/203089,226 88,508 88,468 0.6 %
Pacific BidCo Inc.(8)(18)(23)First lien senior secured loanS+
6.00% (2.05% PIK)
08/2029187,673 184,357 182,982 1.3 %
Pediatric Associates Holding Company, LLC(7)(22)First lien senior secured loanS+3.25%12/202832,227 31,275 31,277 0.2 %
Pediatric Associates Holding Company, LLC(7)First lien senior secured loanS+4.50%12/202827,417 26,498 27,417 0.2 %
PetVet Care Centers, LLC(6)First lien senior secured loanS+6.00%11/2030240,536 238,412 230,313 1.6 %
Phantom Purchaser, Inc.(7)First lien senior secured loanS+5.00%09/203189,419 88,552 88,749 0.6 %
Phoenix Newco, Inc. (dba Parexel)(6)(22)First lien senior secured loanS+3.00%11/202841,338 41,338 41,577 0.3 %
Physician Partners, LLC(7)First lien senior secured loanS+5.50%12/2028123,750 118,360 86,625 0.6 %
Physician Partners, LLC(7)First lien senior secured loanS+4.00%12/202827,034 26,329 17,978 0.1 %
Plasma Buyer LLC (dba PathGroup)(7)First lien senior secured loanS+5.75%05/2029107,654 106,146 106,308 0.7 %
Plasma Buyer LLC (dba PathGroup)(7)(18)(19)First lien senior secured delayed draw term loanS+6.25%05/20293,247 3,191 3,204 — %
Plasma Buyer LLC (dba PathGroup)(7)(18)First lien senior secured revolving loanS+5.75%05/20286,853 6,716 6,700 — %
PPV Intermediate Holdings, LLC(7)First lien senior secured loanS+5.75%08/2029162,580 160,174 162,580 1.1 %
PPV Intermediate Holdings, LLC(7)First lien senior secured delayed draw term loanS+6.00%08/202910,047 9,962 10,047 0.1 %
Premise Health Holding Corp.(7)First lien senior secured loanS+5.50%03/203170,129 69,168 69,954 0.5 %





41
Blue Owl Credit Income Corp.
Consolidated Schedules of Investments - Continued
As of December 31, 2024
(Amounts in thousands, except share amounts)
Company(1)(2)(3)(20)(29)
InvestmentInterestMaturity DatePar/UnitsAmortized Cost(4)(25)Fair ValuePercentage of Net Assets
Quva Pharma, Inc.(8)(18)First lien senior secured loanS+5.50%04/20285,906 5,806 5,846 — %
Quva Pharma, Inc.(8)(18)First lien senior secured revolving loanS+5.50%04/2026382 378 377 — %
Soliant Lower Intermediate, LLC (dba Soliant)(6)(22)First lien senior secured loanS+3.75%07/203167,000 64,321 66,330 0.5 %
TC Holdings, LLC (dba TrialCard)(7)(18)First lien senior secured loanS+5.00%04/2027209,684 208,881 209,684 1.4 %
Tivity Health, Inc.(6)First lien senior secured loanS+5.00%06/202975,017 75,018 75,017 0.5 %
Unified Women's Healthcare, LP(7)First lien senior secured loanS+5.25%06/202982,035 81,600 82,035 0.6 %
Unified Women's Healthcare, LP(6)(18)(19)First lien senior secured delayed draw term loanS+5.25%06/202962,572 62,118 62,572 0.4 %
Unified Women's Healthcare, LP(7)First lien senior secured loanS+5.50%06/202968,372 67,922 68,372 0.5 %
Vermont Aus Pty Ltd(14)(23)First lien senior secured AUD term loanB+5.75%03/2028A$70,715 47,947 43,564 0.3 %
WCG Intermediate Corp. (f/k/a Da Vinci Purchaser Corp.) (dba WCG)(6)(21)(22)First lien senior secured loanS+3.50%01/20272,232 2,232 2,240 — %
3,149,060 3,110,817 21.4 %
Healthcare technology
Athenahealth Group Inc.(6)(22)First lien senior secured loanS+3.25%02/202926,059 $25,911 $26,088 0.2 %
BCPE Osprey Buyer, Inc. (dba PartsSource)(7)First lien senior secured loanS+5.75%08/202852,681 52,180 52,023 0.4 %
BCPE Osprey Buyer, Inc. (dba PartsSource)(6)(18)(19)First lien senior secured delayed draw term loanS+5.75%08/202810,943 10,634 10,752 0.1 %
BCPE Osprey Buyer, Inc. (dba PartsSource)(6)(18)First lien senior secured revolving loanS+5.75%08/20263,103 3,079 3,045 — %
Bracket Intermediate Holding Corp.(7)(22)First lien senior secured loanS+4.25%05/202849,252 49,252 49,621 0.3 %
Color Intermediate, LLC (dba ClaimsXten)(7)First lien senior secured loanS+4.75%10/20299,073 9,073 9,073 0.1 %
CT Technologies Intermediate Holdings, Inc. (& Smart Holdings Corp.) (dba Datavant)(6)First lien senior secured loanS+5.00%08/2031350,839 348,894 349,962 2.4 %
Ensemble RCM, LLC(7)(22)First lien senior secured loanS+3.00%08/202912,419 12,339 12,498 0.1 %
GI Ranger Intermediate, LLC (dba Rectangle Health)(7)(18)First lien senior secured loanS+6.00%10/202824,580 24,278 24,150 0.2 %
GI Ranger Intermediate, LLC (dba Rectangle Health)(7)(18)First lien senior secured revolving loanS+6.00%10/2027195 179 166 — %
Imprivata, Inc.(7)(22)First lien senior secured loanS+3.50%12/202710,345 10,345 10,396 0.1 %
Indikami Bidco, LLC (dba IntegriChain)(6)First lien senior secured loanS+
6.50% (2.50% PIK)
12/203047,874 46,920 47,635 0.3 %
Indikami Bidco, LLC (dba IntegriChain)(6)(18)(19)First lien senior secured delayed draw term loanS+6.00%12/2030375 324 373 — %
Indikami Bidco, LLC (dba IntegriChain)(6)(18)First lien senior secured revolving loanS+6.00%06/20301,689 1,601 1,666 — %
Inovalon Holdings, Inc.(7)(18)First lien senior secured loanS+5.75%11/202892,539 91,163 91,382 0.6 %
Inovalon Holdings, Inc.(7)Second lien senior secured loanS+
10.50% PIK
11/203357,826 57,165 57,248 0.4 %
Intelerad Medical Systems Incorporated (fka 11849573 Canada Inc.)(7)(18)(23)First lien senior secured loanS+6.50%08/202631,522 31,369 30,735 0.2 %
Interoperability Bidco, Inc. (dba Lyniate)(7)(18)First lien senior secured loanS+6.25%03/202877,348 77,128 75,415 0.5 %





42
Blue Owl Credit Income Corp.
Consolidated Schedules of Investments - Continued
As of December 31, 2024
(Amounts in thousands, except share amounts)
Company(1)(2)(3)(20)(29)
InvestmentInterestMaturity DatePar/UnitsAmortized Cost(4)(25)Fair ValuePercentage of Net Assets
Interoperability Bidco, Inc. (dba Lyniate)(6)(18)First lien senior secured revolving loanS+6.25%03/2028313 277 162 — %
PointClickCare Technologies, Inc.(7)(22)(23)First lien senior secured loanS+3.25%11/203152,000 51,870 52,260 0.4 %
Project Ruby Ultimate Parent Corp. (dba Wellsky)(6)(22)First lien senior secured loanS+3.00%03/202891,938 91,938 92,260 0.6 %
Raven Acquisition Holdings, LLC (dba R1 RCM)(6)(22)First lien senior secured loanS+3.25%11/203179,333 78,945 79,460 0.5 %
RL Datix Holdings (USA), Inc.(8)First lien senior secured loanS+5.50%04/203166,094 65,481 65,763 0.5 %
RL Datix Holdings (USA), Inc.(7)(18)First lien senior secured revolving loanS+5.50%10/20301,650 1,533 1,584 — %
RL Datix Holdings (USA), Inc.(15)First lien senior secured GBP term loanSA+5.50%04/2031£30,608 37,875 38,141 0.3 %
Salinger Bidco Inc. (dba Surgical Information Systems)(6)First lien senior secured loanS+5.75%08/203159,336 58,479 59,188 0.4 %
Southern Veterinary Partners, LLC(7)(22)First lien senior secured loanS+3.25%12/203130,000 29,848 30,180 0.2 %
Zelis Cost Management Buyer, Inc.(6)(22)First lien senior secured loanS+2.75%09/20294,963 4,941 4,965 — %
Zelis Cost Management Buyer, Inc.(6)(22)First lien senior secured loanS+3.25%11/2031100,000 99,510 100,250 0.7 %
1,372,531 1,376,441 9.5 %
Household products
Home Service TopCo IV, Inc.(7)First lien senior secured loanS+6.00%12/202735,923 $35,668 $35,923 0.2 %
Mario Midco Holdings, Inc. (dba Len the Plumber)(6)Unsecured facilityS+
10.75% PIK
04/203232,775 32,218 31,628 0.2 %
Mario Purchaser, LLC (dba Len the Plumber)(6)(18)First lien senior secured loanS+5.75%04/2029116,644 114,810 113,014 0.8 %
Mario Purchaser, LLC (dba Len the Plumber)(6)(18)First lien senior secured revolving loanS+5.75%04/20282,411 2,323 2,190 — %
SimpliSafe Holding Corporation(6)(18)First lien senior secured loanS+6.25%05/2028141,111 139,328 141,111 1.0 %
Southern Air & Heat Holdings, LLC(7)(18)(19)First lien senior secured delayed draw term loanS+5.45%10/202710,526 9,702 10,526 0.1 %
Southern Air & Heat Holdings, LLC(7)(18)First lien senior secured loanS+4.75%10/20272,223 2,205 2,223 — %
Walker Edison Furniture Company LLC(7)(18)(26)(32)First lien senior secured loanS+
6.75% PIK
03/20274,674 3,705 615 — %
Walker Edison Furniture Company LLC(7)(26)(32)First lien senior secured revolving loanS+6.25%03/20271,333 1,333 857 — %
341,292 338,087 2.3 %
Human resource support services
AQ Carver Buyer, Inc. (dba CoAdvantage)(7)(22)First lien senior secured loanS+5.50%08/202922,219 $21,839 $22,163 0.2 %
Cast & Crew Payroll, LLC(6)(22)First lien senior secured loanS+3.75%12/202829,795 29,611 28,833 0.2 %
Cornerstone OnDemand, Inc.(6)(21)(22)First lien senior secured loanS+3.75%10/202819,450 19,391 17,028 0.1 %
Cornerstone OnDemand, Inc.(6)Second lien senior secured loanS+6.50%10/202944,583 44,125 38,007 0.3 %
IG Investments Holdings, LLC (dba Insight Global)(7)First lien senior secured loanS+5.00%09/202847,716 47,718 47,716 0.3 %
iSolved, Inc.(6)(22)First lien senior secured loanS+3.25%10/203019,807 19,807 20,031 0.1 %
UKG Inc. (dba Ultimate Software)(6)(22)First lien senior secured loanS+3.00%02/203118,680 18,680 18,797 0.1 %
201,171 192,575 1.3 %
Infrastructure and environmental services
AWP Group Holdings, Inc.(6)(18)First lien senior secured loanS+4.75%12/203042,302 $42,303 $41,824 0.3 %





43
Blue Owl Credit Income Corp.
Consolidated Schedules of Investments - Continued
As of December 31, 2024
(Amounts in thousands, except share amounts)
Company(1)(2)(3)(20)(29)
InvestmentInterestMaturity DatePar/UnitsAmortized Cost(4)(25)Fair ValuePercentage of Net Assets
Azuria Water Solutions, Inc. (f/k/a Aegion Corporation)(6)(21)(22)First lien senior secured loanS+3.75%05/202836,848 36,848 37,069 0.3 %
CHA Vision Holdings, Inc. (fka FR Vision Holdings, Inc.)(7)(18)First lien senior secured loanS+5.50%01/203151,648 51,119 51,648 0.4 %
Geosyntec Consultants, Inc.(6)(22)First lien senior secured loanS+3.75%07/20315,000 4,974 5,032 — %
GI Apple Midco LLC (dba Atlas Technical Consultants)(6)(18)First lien senior secured loanS+6.75%04/203082,859 81,566 82,031 0.6 %
GI Apple Midco LLC (dba Atlas Technical Consultants)(6)(18)First lien senior secured revolving loanS+6.75%04/20294,274 4,116 4,164 — %
KENE Acquisition, Inc. (dba Entrust Solutions Group)(7)First lien senior secured loanS+5.25%02/203116,802 16,499 16,592 0.1 %
KENE Acquisition, Inc. (dba Entrust Solutions Group)(6)(18)(19)First lien senior secured delayed draw term loanS+5.25%02/2031777 704 751 — %
Osmose Utilities Services, Inc.(6)(22)First lien senior secured loanS+3.25%06/20284,803 4,761 4,806 — %
Tamarack Intermediate, L.L.C. (dba Verisk 3E)(7)(18)First lien senior secured loanS+5.75%03/202838,446 37,961 38,253 0.3 %
USIC Holdings, Inc.(7)(18)First lien senior secured loanS+5.50%09/203138,083 37,716 37,279 0.3 %
USIC Holdings, Inc.(7)(18)First lien senior secured revolving loanS+5.25%09/20311,104 1,057 1,007 — %
Vessco Midco Holdings, LLC(6)First lien senior secured loanS+4.75%07/203171,654 70,970 71,296 0.5 %
Vessco Midco Holdings, LLC(8)(18)(19)First lien senior secured delayed draw term loanS+4.75%07/20316,290 6,147 6,258 — %
396,741 398,010 2.8 %
Insurance
Acrisure, LLC(17)(22)(23)Unsecured notes8.50%06/202918,375 $18,375 $19,123 0.1 %
Acrisure, LLC(6)(22)First lien senior secured loanS+3.00%11/203092,186 92,186 92,158 0.6 %
Alera Group, Inc.(6)(18)First lien senior secured loanS+5.25%10/2028146,960 146,960 146,960 1.0 %
Alera Group, Inc.(6)(18)(19)First lien senior secured delayed draw term loanS+5.75%10/202843,250 42,913 43,250 0.3 %
AmeriLife Holdings LLC(7)(18)First lien senior secured loanS+5.00%08/2029202,085 199,167 201,032 1.4 %
Ardonagh Midco 3 PLC(7)(23)First lien senior secured loanS+3.75%02/203155,000 54,741 55,275 0.4 %
AssuredPartners, Inc.(6)(22)First lien senior secured loanS+3.50%02/203159,853 59,755 59,931 0.4 %
Asurion, LLC(6)(22)Second lien senior secured loanS+5.25%01/2029104,017 99,785 100,148 0.7 %
Asurion, LLC(6)(22)Second lien senior secured loanS+5.25%01/202842,700 40,511 41,602 0.3 %
Brightway Holdings, LLC(7)(18)First lien senior secured loanS+6.50%12/202719,487 19,347 19,390 0.1 %
Brightway Holdings, LLC(6)(18)First lien senior secured revolving loanS+6.50%12/2027842 829 832 — %
Broadstreet Partners, Inc.(6)(22)First lien senior secured loanS+3.00%06/203113,600 13,600 13,634 0.1 %
Diamond Mezzanine 24 LLC (dba United Risk)(7)First lien senior secured loanS+5.00%10/203092,625 92,162 92,162 0.6 %
Diamond Mezzanine 24 LLC (dba United Risk)(16)First lien senior secured revolving loanP+4.00%10/20306,175 6,144 6,144 — %
Disco Parent, Inc. (dba Duck Creek Technologies, Inc.)(7)First lien senior secured loanS+7.50%03/20291,064 1,043 1,056 — %
Evolution BuyerCo, Inc. (dba SIAA)(7)(18)First lien senior secured loanS+6.25%04/202825,805 25,630 25,805 0.2 %
Evolution BuyerCo, Inc. (dba SIAA)(7)First lien senior secured delayed draw term loanS+6.75%04/20281,570 1,570 1,570 — %





44
Blue Owl Credit Income Corp.
Consolidated Schedules of Investments - Continued
As of December 31, 2024
(Amounts in thousands, except share amounts)
Company(1)(2)(3)(20)(29)
InvestmentInterestMaturity DatePar/UnitsAmortized Cost(4)(25)Fair ValuePercentage of Net Assets
Evolution BuyerCo, Inc. (dba SIAA)(7)(18)(19)First lien senior secured delayed draw term loanS+6.00%04/2028727 702 727 — %
Galway Borrower LLC(7)(18)(19)First lien senior secured delayed draw term loanS+4.50%09/20281,419 1,368 1,419 — %
Hub International(6)(22)First lien senior secured loanS+2.75%06/203012,382 12,382 12,444 0.1 %
Hyperion Refinance S.à r.l (dba Howden Group)(6)(22)(23)First lien senior secured loanS+3.00%02/203130,133 30,133 30,305 0.2 %
IMA Financial Group, Inc.(6)(22)First lien senior secured loanS+3.00%11/202859,092 59,092 59,092 0.4 %
Integrated Specialty Coverages, LLC(6)First lien senior secured loanS+4.75%07/203065,430 65,271 65,430 0.5 %
Integrity Marketing Acquisition, LLC(7)First lien senior secured loanS+5.00%08/2028353,327 351,624 353,327 2.4 %
KUSRP Intermediate, Inc. (dba U.S. Retirement and Benefits Partners)(6)First lien senior secured loanS+
10.50% PIK
07/203016,559 16,432 16,559 0.1 %
KWOR Acquisition, Inc. (dba Alacrity Solutions)(16)(18)(26)(32)First lien senior secured loanP+4.25%12/202834,615 34,215 27,345 0.2 %
KWOR Acquisition, Inc. (dba Alacrity Solutions)(16)(26)(32)First lien senior secured revolving loanP+4.25%12/20273,415 3,363 2,698 — %
Mitchell International, Inc.(6)(22)First lien senior secured loanS+3.25%06/203182,094 81,709 82,029 0.6 %
Mitchell International, Inc.(6)(22)Second lien senior secured loanS+5.25%06/203232,700 32,544 32,272 0.2 %
PCF Midco II, LLC (dba PCF Insurance Services)(17)First lien senior secured loan
9.00% PIK
10/203159,009 55,702 56,206 0.4 %
Peter C. Foy & Associates Insurance Services, LLC (dba PCF Insurance Services)(7)(18)First lien senior secured loanS+5.50%11/2028155,045 155,045 155,045 1.1 %
Peter C. Foy & Associates Insurance Services, LLC (dba PCF Insurance Services)(6)First lien senior secured loanS+5.50%11/202827,965 27,965 27,965 0.2 %
Simplicity Financial Marketing Group Holdings, Inc.(7)First lien senior secured loanS+5.00%12/2031150,893 149,385 149,384 1.0 %
Summit Acquisition Inc. (dba K2 Insurance Services)(7)First lien senior secured loanS+3.75%10/203120,000 19,902 19,900 0.1 %
Tempo Buyer Corp. (dba Global Claims Services)(7)First lien senior secured loanS+4.75%08/202835,428 35,004 35,428 0.2 %
THG Acquisition, LLC (dba Hilb)(6)(18)First lien senior secured loanS+4.75%10/203193,695 92,691 92,663 0.6 %
USRP Holdings, Inc. (dba U.S. Retirement and Benefits Partners)(6)First lien senior secured loanS+5.00%12/202937,238 37,061 37,238 0.3 %
2,176,308 2,177,548 14.8 %
Internet software and services
Activate Holdings (US) Corp. (dba Absolute Software)(7)(18)(23)First lien senior secured loanS+5.25%07/20305,711 $5,689 $5,711 — %
AI Titan Parent, Inc. (dba Prometheus Group)(6)First lien senior secured loanS+4.75%08/203133,962 33,635 33,623 0.2 %
AlphaSense, Inc.(7)First lien senior secured loanS+6.25%06/20293,533 3,501 3,498 — %
Anaplan, Inc.(7)(18)First lien senior secured loanS+5.25%06/2029231,397 231,337 231,397 1.6 %
Appfire Technologies, LLC(7)(18)First lien senior secured loanS+5.00%03/202812,761 12,710 12,761 0.1 %
Aptean Acquiror, Inc. (dba Aptean)(7)(18)First lien senior secured loanS+5.00%01/203188,349 87,533 88,128 0.6 %
Armstrong Bidco Limited(15)(18)(23)First lien senior secured GBP delayed draw term loanSA+5.25%06/2029£40,434 48,874 50,385 0.3 %
Artifact Bidco, Inc. (dba Avetta)(7)First lien senior secured loanS+4.50%07/203115,498 15,425 15,420 0.1 %





45
Blue Owl Credit Income Corp.
Consolidated Schedules of Investments - Continued
As of December 31, 2024
(Amounts in thousands, except share amounts)
Company(1)(2)(3)(20)(29)
InvestmentInterestMaturity DatePar/UnitsAmortized Cost(4)(25)Fair ValuePercentage of Net Assets
Avalara, Inc.(7)First lien senior secured loanS+6.25%10/202870,455 69,706 70,455 0.5 %
Azurite Intermediate Holdings, Inc. (dba Alteryx, Inc.)(6)(18)First lien senior secured loanS+6.50%03/203117,955 17,658 17,820 0.1 %
Barracuda Networks, Inc.(7)(22)First lien senior secured loanS+4.50%08/202914,154 13,839 13,058 0.1 %
Barracuda Networks, Inc.(7)Second lien senior secured loanS+7.00%08/203093,250 91,030 74,600 0.5 %
Bayshore Intermediate #2, L.P. (dba Boomi)(7)First lien senior secured loanS+
6.25% (3.38% PIK)
10/2028212,779 212,742 212,779 1.5 %
BCTO BSI Buyer, Inc. (dba Buildertrend)(7)First lien senior secured loanS+6.50%12/20261,201 1,196 1,201 — %
Catalis Intermediate, Inc. (fka GovBrands Intermediate, Inc.)(7)(18)First lien senior secured loanS+5.50%08/202710,219 10,094 9,922 0.1 %
Central Parent Inc. (dba CDK Global Inc.)(7)(22)First lien senior secured loanS+3.25%07/20299,306 9,306 9,168 0.1 %
CivicPlus, LLC(7)(18)First lien senior secured loanS+5.75%08/202728,605 28,458 28,605 0.2 %
Cloud Software Group, Inc.(7)(22)First lien senior secured loanS+3.75%03/203180,012 80,012 80,180 0.6 %
Cloud Software Group, Inc.(7)(22)First lien senior secured loanS+3.50%03/202955,295 55,295 55,416 0.4 %
Clover Holdings 2, LLC (dba Cohesity)(7)First lien senior secured loanS+4.00%12/203169,821 69,136 69,123 0.5 %
Coupa Holdings, LLC(7)First lien senior secured loanS+5.25%02/203024,222 24,222 24,222 0.2 %
CP PIK DEBT ISSUER, LLC (dba CivicPlus, LLC)(8)Unsecured notesS+
11.75% PIK
06/203420,135 19,813 20,135 0.1 %
Crewline Buyer, Inc. (dba New Relic)(6)First lien senior secured loanS+6.75%11/2030171,701 169,413 169,555 1.2 %
Databricks, Inc.(6)First lien senior secured loanS+4.50%01/203173,469 73,102 73,102 0.5 %
Delta TopCo, Inc. (dba Infoblox, Inc.)(7)(22)First lien senior secured loanS+3.50%11/202928,824 28,755 29,035 0.2 %
Delta TopCo, Inc. (dba Infoblox, Inc.)(8)(22)Second lien senior secured loanS+5.25%11/203033,000 32,840 33,429 0.2 %
Diamond Insure Bidco (dba Acturis)(13)(23)First lien senior secured EUR term loanE+4.25%07/2031€3,123 3,289 3,178 — %
Diamond Insure Bidco (dba Acturis)(15)(23)First lien senior secured GBP term loanSA+4.50%07/2031£10,209 12,665 12,563 0.1 %
E2open, LLC(6)(22)First lien senior secured loanS+3.50%02/20285,134 5,128 5,153 — %
EET Buyer, Inc. (dba e-Emphasys)(7)(18)First lien senior secured loanS+4.75%11/202740,171 39,806 40,171 0.3 %
Entrata, Inc.(6)First lien senior secured loanS+5.75%07/20304,442 4,386 4,442 — %
Forescout Technologies, Inc.(7)First lien senior secured loanS+5.00%05/20319,236 9,193 9,190 0.1 %
Granicus, Inc.(7)First lien senior secured loanS+
5.75% (2.25% PIK)
01/203133,127 32,836 33,127 0.2 %
Granicus, Inc.(7)First lien senior secured delayed draw term loanS+
5.25% (2.25% PIK)
01/20314,908 4,863 4,859 — %
GS Acquisitionco, Inc. (dba insightsoftware)(7)(18)First lien senior secured loanS+5.25%05/20289,540 9,523 9,468 0.1 %
Hyland Software, Inc.(6)First lien senior secured loanS+6.00%09/2030145,743 143,848 145,743 1.0 %
Icefall Parent, Inc. (dba EngageSmart)(6)First lien senior secured loanS+6.50%01/203028,869 28,360 28,869 0.2 %
Ivanti Software, Inc.(7)Second lien senior secured loanS+7.25%12/202819,000 18,943 10,450 0.1 %
Ivanti Software, Inc.(6)(22)First lien senior secured loanS+4.25%12/202712,835 12,100 8,792 0.1 %





46
Blue Owl Credit Income Corp.
Consolidated Schedules of Investments - Continued
As of December 31, 2024
(Amounts in thousands, except share amounts)
Company(1)(2)(3)(20)(29)
InvestmentInterestMaturity DatePar/UnitsAmortized Cost(4)(25)Fair ValuePercentage of Net Assets
Javelin Buyer, Inc. (dba JAGGAER)(7)(22)First lien senior secured loanS+3.25%10/203115,000 14,963 15,104 0.1 %
JS Parent, Inc. (dba Jama Software)(7)First lien senior secured loanS+5.00%04/2031909 905 909 — %
Litera Bidco LLC(6)(18)First lien senior secured loanS+5.00%05/202838,654 38,477 38,558 0.3 %
Magnet Forensics, LLC (f/k/a Grayshift, LLC)(6)(23)First lien senior secured loanS+5.00%07/2028168,082 167,898 168,082 1.2 %
Ministry Brands Holdings, LLC(6)(18)First lien senior secured loanS+5.50%12/202852,937 52,269 52,540 0.4 %
Mitnick Corporate Purchaser, Inc.(8)(18)First lien senior secured revolving loanS+3.00%05/20271,700 1,705 1,044 — %
Oranje Holdco, Inc. (dba KnowBe4)(7)First lien senior secured loanS+7.75%02/202981,182 80,262 81,182 0.6 %
Oranje Holdco, Inc. (dba KnowBe4)(7)First lien senior secured loanS+7.25%02/202934,017 33,715 33,762 0.2 %
PDI TA Holdings, Inc.(7)First lien senior secured loanS+5.00%02/203164,206 63,371 63,564 0.4 %
PDI TA Holdings, Inc.(7)(18)(19)First lien senior secured delayed draw term loanS+5.50%02/20318,328 8,125 8,211 0.1 %
Perforce Software, Inc.(6)(22)First lien senior secured loanS+4.75%03/20314,975 4,952 4,903 — %
Perforce Software, Inc.(6)First lien senior secured loanS+4.75%06/202914,663 14,443 14,443 0.1 %
Project Alpha Intermediate Holding, Inc. (dba Qlik)(7)(22)First lien senior secured loanS+3.25%10/203024,626 24,562 24,768 0.2 %
Proofpoint, Inc.(6)(22)First lien senior secured loanS+3.00%08/202864,197 64,197 64,460 0.4 %
QAD, Inc.(6)First lien senior secured loanS+4.75%11/202746,287 46,287 46,172 0.3 %
SailPoint Technologies Holdings, Inc.(7)First lien senior secured loanS+6.00%08/202939,167 38,556 39,167 0.3 %
Securonix, Inc.(7)First lien senior secured loanS+
7.75% (3.75% PIK)
04/202829,661 29,478 25,731 0.2 %
Securonix, Inc.(7)(18)First lien senior secured revolving loanS+7.00%04/2028120 91 (587)— %
Sedgwick Claims Management Services, Inc.(7)(22)First lien senior secured loanS+3.00%07/203124,813 24,758 24,937 0.2 %
Sitecore Holding III A/S(12)First lien senior secured EUR term loanE+
7.75% (4.25% PIK)
03/2029€25,001 26,219 25,889 0.2 %
Sitecore Holding III A/S(7)First lien senior secured loanS+
7.75% (4.25% PIK)
03/20294,290 4,265 4,290 — %
Sitecore USA, Inc.(7)First lien senior secured loanS+
7.75% (4.25% PIK)
03/202925,865 25,713 25,865 0.2 %
Sophos Holdings, LLC(6)(22)(23)First lien senior secured loanS+3.50%03/202719,722 19,691 19,830 0.1 %
Spaceship Purchaser, Inc. (dba Squarespace)(7)First lien senior secured loanS+5.00%10/2031125,702 125,087 125,074 0.9 %
Storable, Inc.(6)(22)First lien senior secured loanS+3.50%04/202864,476 64,077 64,856 0.4 %
Thunder Purchaser, Inc. (dba Vector Solutions)(7)First lien senior secured loanS+5.25%06/202811,522 11,466 11,464 0.1 %
Thunder Purchaser, Inc. (dba Vector Solutions)(7)First lien senior secured loanS+5.50%06/202812,680 12,607 12,680 0.1 %
VIRTUSA CORPORATION(6)(22)First lien senior secured loanS+3.25%02/20299,677 9,677 9,734 0.1 %
When I Work, Inc.(7)First lien senior secured loanS+5.50%11/202726,946 26,827 26,003 0.2 %
Zendesk, Inc.(7)First lien senior secured loanS+5.00%11/2028145,037 143,231 145,037 1.0 %
2,948,135 2,926,405 20.4 %
Leisure and entertainment





47
Blue Owl Credit Income Corp.
Consolidated Schedules of Investments - Continued
As of December 31, 2024
(Amounts in thousands, except share amounts)
Company(1)(2)(3)(20)(29)
InvestmentInterestMaturity DatePar/UnitsAmortized Cost(4)(25)Fair ValuePercentage of Net Assets
Aerosmith Bidco 1 Limited (dba Audiotonix)(6)(23)First lien senior secured loanS+5.25%07/2031341,349 $337,162 $340,496 2.3 %
Cirque du Soleil Canada, Inc.(7)(21)(22)(23)First lien senior secured loanS+3.75%03/203037,072 36,989 36,423 0.3 %
Pretzel Parent, Inc.(6)(22)First lien senior secured loanS+4.50%08/203137,500 36,959 37,736 0.3 %
Troon Golf, L.L.C.(7)(18)First lien senior secured loanS+4.50%08/2028382,656 382,396 382,656 2.6 %
793,506 797,311 5.5 %
Manufacturing
ACR Group Borrower, LLC(7)(18)First lien senior secured loanS+4.75%03/20281,896 $1,879 $1,886 — %
ACR Group Borrower, LLC(7)First lien senior secured loanS+4.25%03/20283,981 3,950 3,911 — %
ACR Group Borrower, LLC(7)First lien senior secured loanS+5.75%03/2028855 847 855 — %
Chariot Buyer LLC (dba Chamberlain Group)(6)(22)First lien senior secured loanS+3.25%11/20283,915 3,915 3,934 — %
CPM Holdings, Inc.(6)(21)(22)First lien senior secured loanS+4.50%09/202849,500 48,402 47,906 0.3 %
Engineered Machinery Holdings, Inc. (dba Duravant)(7)(21)Second lien senior secured loanS+6.50%05/202937,181 37,063 37,181 0.3 %
Engineered Machinery Holdings, Inc. (dba Duravant)(7)(21)Second lien senior secured loanS+6.00%05/202919,160 19,126 19,112 0.1 %
Engineered Machinery Holdings, Inc. (dba Duravant)(7)(22)First lien senior secured loanS+3.75%05/202813,179 12,937 13,253 0.1 %
Faraday Buyer, LLC (dba MacLean Power Systems)(7)First lien senior secured loanS+6.00%10/2028134,913 132,723 133,564 0.9 %
Filtration Group Corporation(6)(22)First lien senior secured loanS+3.50%10/202825,385 25,357 25,558 0.2 %
FR Flow Control CB LLC (dba Trillium Flow Technologies)(7)(23)First lien senior secured loanS+5.25%12/2029141,533 140,478 140,472 1.0 %
Gloves Buyer, Inc. (dba Protective Industrial Products)(6)(18)First lien senior secured loanS+4.00%12/202738,296 38,036 38,296 0.3 %
Helix Acquisition Holdings, Inc. (dba MW Industries)(6)First lien senior secured loanS+7.00%03/203061,484 59,969 61,023 0.4 %
Ideal Tridon Holdings, Inc.(7)First lien senior secured loanS+6.75%04/202889,866 87,937 89,866 0.6 %
MHE Intermediate Holdings, LLC (dba OnPoint Group)(7)(18)First lien senior secured loanS+6.00%07/202760,717 60,400 60,717 0.4 %
MHE Intermediate Holdings, LLC (dba OnPoint Group)(7)First lien senior secured loanS+6.25%07/20274,620 4,566 4,620 — %
Pro Mach Group, Inc.(6)(22)First lien senior secured loanS+3.50%08/202868,777 68,777 69,279 0.5 %
Sonny's Enterprises, LLC(7)(18)First lien senior secured loanS+5.50%08/2028162,893 161,184 162,078 1.1 %
Sonny's Enterprises, LLC(7)(18)(19)First lien senior secured delayed draw term loanS+5.50%08/20283,592 3,423 3,574 — %
Sonny's Enterprises, LLC(7)(18)First lien senior secured revolving loanS+5.50%08/20276,475 6,245 6,346 — %
917,214 923,431 6.2 %
Professional services
AmSpec Parent, LLC(6)First lien senior secured loanS+4.25%12/203134,667 $34,493 $34,493 0.2 %
Apex Group Treasury LLC(7)(22)(23)First lien senior secured loanS+4.00%07/2028123,250 123,081 124,224 0.9 %
Certinia Inc.(7)First lien senior secured loanS+5.25%08/203044,118 43,517 44,118 0.3 %
Element Materials Technology(7)(21)(22)(23)First lien senior secured loanS+3.75%06/202927,388 27,388 27,509 0.2 %
EP Purchaser, LLC (dba Entertainment Partners)(7)(22)First lien senior secured loanS+4.50%11/202829,596 28,834 29,670 0.2 %
Essential Services Holding Corporation (dba Turnpoint)(6)First lien senior secured loanS+5.00%06/203135,548 35,213 35,193 0.2 %





48
Blue Owl Credit Income Corp.
Consolidated Schedules of Investments - Continued
As of December 31, 2024
(Amounts in thousands, except share amounts)
Company(1)(2)(3)(20)(29)
InvestmentInterestMaturity DatePar/UnitsAmortized Cost(4)(25)Fair ValuePercentage of Net Assets
Gerson Lehrman Group, Inc.(7)First lien senior secured loanS+5.25%12/2027166,014 164,851 165,599 1.1 %
Guidehouse Inc.(6)First lien senior secured loanS+
5.75% (2.00% PIK)
12/2030107,401 107,401 106,864 0.7 %
Paris US Holdco, Inc. (dba Precinmac)(6)First lien senior secured loanS+5.00%12/203169,995 69,301 69,295 0.5 %
Relativity ODA LLC(6)First lien senior secured loanS+4.50%05/202932,738 32,614 32,656 0.2 %
Sensor Technology Topco, Inc. (dba Humanetics)(7)(18)First lien senior secured loanS+7.00%05/2028237,888 237,032 239,078 1.6 %
Sensor Technology Topco, Inc. (dba Humanetics)(12)(18)First lien senior secured EUR term loanE+7.25%05/2028€42,993 46,532 44,736 0.3 %
Sensor Technology Topco, Inc. (dba Humanetics)(6)(18)First lien senior secured revolving loanS+6.50%05/202813,312 13,242 13,368 0.1 %
Sovos Compliance, LLC(6)(22)First lien senior secured loanS+4.50%08/202828,748 28,379 28,920 0.2 %
Thevelia (US) LLC (dba Tricor)(7)(22)(23)First lien senior secured loanS+3.25%06/202922,820 22,820 22,934 0.2 %
Vensure Employer Services, Inc.(7)First lien senior secured loanS+5.00%09/2031165,612 164,019 163,956 1.1 %
Vistage International, Inc.(7)(22)First lien senior secured loanS+4.75%07/202929,841 29,632 29,823 0.2 %
1,208,349 1,212,436 8.2 %
Specialty retail
Galls, LLC(7)(18)First lien senior secured loanS+
6.50% (1.50% PIK)
03/2030122,212 $120,371 $122,212 0.8 %
Ideal Image Development, LLC(7)First lien senior secured loanS+
6.50% PIK
02/20292,397 2,378 2,337 — %
Ideal Image Development, LLC(6)First lien senior secured loanS+6.00%05/2026637 637 637 — %
Ideal Image Development, LLC(9)(18)First lien senior secured revolving loanS+
6.50% PIK
02/2029765 765 741 — %
Milan Laser Holdings LLC(7)First lien senior secured loanS+5.00%04/202720,010 19,921 20,010 0.1 %
Notorious Topco, LLC (dba Beauty Industry Group)(7)(18)First lien senior secured loanS+
7.25% (2.50% PIK)
11/2027229,991 228,021 204,692 1.4 %
The Shade Store, LLC(7)First lien senior secured loanS+6.00%10/2029104,777 102,639 102,158 0.7 %
The Shade Store, LLC(6)First lien senior secured delayed draw term loanS+7.00%10/202910,580 10,395 10,580 0.1 %
The Shade Store, LLC(7)(18)First lien senior secured revolving loanS+6.00%10/20282,592 2,419 2,322 — %
487,546 465,689 3.1 %
Telecommunications
CCI BUYER, INC. (dba Consumer Cellular)(7)(21)(22)First lien senior secured loanS+4.00%12/202739,589 $39,331 $39,573 0.3 %
EOS Finco S.A.R.L(8)(23)First lien senior secured loanS+6.00%10/202966,435 63,444 44,512 0.3 %
Level 3 Financing, Inc.(6)(22)(23)First lien senior secured loanS+6.56%04/202939,096 38,475 39,811 0.3 %
Level 3 Financing, Inc.(6)(22)(23)First lien senior secured loanS+6.56%04/203039,096 38,382 39,800 0.3 %
Park Place Technologies, LLC(6)First lien senior secured loanS+5.25%03/203185,961 85,170 85,531 0.6 %
Park Place Technologies, LLC(6)(18)First lien senior secured revolving loanS+5.25%03/20302,900 2,812 2,850 — %
PPT Holdings III, LLC (dba Park Place Technologies)(17)First lien senior secured loan
12.75% PIK
03/203430,329 29,669 29,950 0.2 %
297,283 282,027 2.0 %
Transportation
Lightbeam Bidco, Inc. (dba Lazer Spot)(7)(18)First lien senior secured loanS+5.00%05/2030139,256 $139,264 $139,256 1.0 %





49
Blue Owl Credit Income Corp.
Consolidated Schedules of Investments - Continued
As of December 31, 2024
(Amounts in thousands, except share amounts)
Company(1)(2)(3)(20)(29)
InvestmentInterestMaturity DatePar/UnitsAmortized Cost(4)(25)Fair ValuePercentage of Net Assets
Motus Group, LLC(7)(22)First lien senior secured loanS+4.00%12/20287,443 7,443 7,498 0.1 %
146,707 146,754 1.1 %
Total non-controlled/non-affiliated portfolio company debt investments$24,876,159 $24,789,844 169.7 %
Equity Investments
Asset based lending and fund finance
Amergin Asset Management, LLC(24)(26)Class A UnitsN/AN/A50,000,000 $1 $1,555 — %
1 1,555 — %
Automotive services
CD&R Value Building Partners I, L.P. (dba Belron)(23)(24)(26)(33)LP InterestN/AN/A33,000 $31,934 $38,072 0.3 %
Metis HoldCo, Inc. (dba Mavis Tire Express Services)(17)(24)Series A Convertible Preferred Stock
7.00% PIK
N/A12,951 13,662 13,887 0.1 %
45,596 51,959 0.4 %
Buildings and real estate
Dodge Construction Network Holdings, L.P.(24)(26)Class A-2 Common UnitsN/AN/A143,963 $123 $20 — %
Dodge Construction Network Holdings, L.P.(7)(24)Series A Preferred UnitsS+8.25%N/A— 3 2 — %
126 22 — %
Business services
Denali Holding, LP (dba Summit Companies)(24)(26)Class A UnitsN/AN/A686,513 $7,076 $12,122 0.1 %
Hercules Buyer, LLC (dba The Vincit Group)(24)(26)(28)Common UnitsN/AN/A10,000 12 12 — %
Knockout Intermediate Holdings I Inc. (dba Kaseya Inc.)(8)(24)Perpetual Preferred StockS+
10.75% PIK
N/A53,600 73,370 74,361 0.5 %
80,458 86,495 0.6 %
Consumer products
ASP Conair Holdings LP(24)(26)Class A UnitsN/AN/A9,286 $929 $1,009 — %
929 1,009 — %
Financial services
Vestwell Holdings, Inc.(24)(26)Series D Preferred StockN/AN/A50,726 $1,007 $1,000 — %
1,007 1,000 — %
Food and beverage
Hissho Sushi Holdings, LLC(24)(26)Class A UnitsN/AN/A941,780 $7,536 $12,153 0.1 %
7,536 12,153 0.1 %
Healthcare equipment and services
KPCI Holdings, L.P.(24)(26)Class A UnitsN/AN/A1,781 $2,313 $4,977 — %
Maia Aggregator, LP(24)(26)Class A-2 UnitsN/AN/A12,921,348 12,921 11,687 0.1 %
Patriot Holdings SCSp (dba Corza Health, Inc.)(23)(24)(26)Class B UnitsN/AN/A17,221 180 71 — %
Patriot Holdings SCSp (dba Corza Health, Inc.)(17)(23)(24)Class A Units
8.00% PIK
N/A1,251 1,547 1,539 — %
Rhea Acquisition Holdings, LP(24)(26)Series A-2 UnitsN/AN/A11,964,286 11,964 14,493 0.1 %
28,925 32,767 0.2 %
Healthcare providers and services
KOBHG Holdings, L.P. (dba OB Hospitalist)(24)(26)Class A InterestsN/AN/A3,520 $3,520 $3,220 — %
KWOL Acquisition Inc. (dba Worldwide Clinical Trials)(24)(26)Class A InterestN/AN/A1,205 12,048 13,657 0.1 %
Romulus Intermediate Holdings 1 Inc. (dba PetVet Care Centers)(17)(24)Series A Preferred Stock
15.00% PIK
N/A27,355 31,238 29,397 0.2 %
XOMA Corporation(24)(26)WarrantsN/AN/A54,000 369 629 — %
47,175 46,903 0.3 %
Healthcare technology





50
Blue Owl Credit Income Corp.
Consolidated Schedules of Investments - Continued
As of December 31, 2024
(Amounts in thousands, except share amounts)
Company(1)(2)(3)(20)(29)
InvestmentInterestMaturity DatePar/UnitsAmortized Cost(4)(25)Fair ValuePercentage of Net Assets
BEHP Co-Investor II, L.P.(23)(24)(26)LP InterestN/AN/A1,269,969 $1,042 $1,297 — %
Minerva Holdco, Inc.(17)(24)Senior A Preferred Stock
10.75% PIK
N/A100,000 134,843 131,874 0.9 %
Orange Blossom Parent, Inc.(24)(26)Common UnitsN/AN/A16,667 1,667 1,664 — %
WP Irving Co-Invest, L.P.(23)(24)(26)Partnership UnitsN/AN/A1,250,000 960 1,276 — %
138,512 136,111 0.9 %
Household products
Walker Edison Holdco LLC(24)(26)Common UnitsN/AN/A29,167 $2,818 $— — %
2,818 — — %
Human resource support services
Sunshine Software Holdings, Inc. (dba Cornerstone OnDemand, Inc.)(17)(24)Series A Preferred Stock
10.50% PIK
N/A12,750 $17,499 $13,999 0.1 %
17,499 13,999 0.1 %
Insurance
Accelerate Topco Holdings, LLC(24)(26)Common UnitsN/AN/A91,805 $2,535 $4,379 — %
Evolution Parent, LP (dba SIAA)(24)(26)LP InterestN/AN/A2,703 270 307 — %
GrowthCurve Capital Sunrise Co-Invest LP (dba Brightway)(24)(26)LP InterestN/AN/A42,053 427 420 — %
Hockey Parent Holdings, L.P.(24)(26)Class A Common UnitsN/AN/A25,000 25,000 27,932 0.2 %
PCF Holdco, LLC (dba PCF Insurance Services)(24)(26)Class A UnitsN/AN/A6,047,390 15,336 28,252 0.2 %
PCF Holdco, LLC (dba PCF Insurance Services)(24)(26)WarrantsN/AN/A1,503,286 5,129 4,744 — %
PCF Holdco, LLC (dba PCF Insurance Services)(17)(24)Preferred equity
15.00% PIK
N/A24,943 17,979 22,262 0.2 %
66,676 88,296 0.6 %
Internet software and services
AlphaSense, LLC(24)(26)Series E Preferred SharesN/AN/A16,929 $765 $760 — %
BCTO WIW Holdings, Inc. (dba When I Work)(24)(26)Class A Common StockN/AN/A57,000 5,700 3,116 — %
Brooklyn Lender Co-Invest 2, L.P. (dba Boomi)(24)(26)Common UnitsN/AN/A1,729,439 1,729 2,596 — %
Elliott Alto Co-Investor Aggregator L.P.(23)(24)(26)LP InterestN/AN/A6,530 6,572 10,170 0.1 %
Insight CP (Blocker) Holdings, L.P. (dba CivicPlus, LLC)(23)(24)(26)LP InterestN/AN/A989 989 1,239 — %
Bird Holding B.V. (fka MessageBird Holding B.V.)(23)(24)(26)Extended Series C WarrantsN/AN/A7,980 49 12 — %
Project Alpine Co-Invest Fund, LP(23)(24)(26)LP InterestN/AN/A17,000 17,012 22,325 0.2 %
Project Hotel California Co-Invest Fund, L.P.(23)(24)(26)LP InterestN/AN/A3,522 3,525 4,056 — %
Thunder Topco L.P. (dba Vector Solutions)(24)(26)Common UnitsN/AN/A712,884 713 848 — %
WMC Bidco, Inc. (dba West Monroe)(17)(24)Senior Preferred Stock
11.25% PIK
N/A33,385 46,982 46,480 0.3 %
Zoro TopCo, Inc.(7)(24)Series A Preferred EquityS+
9.50% PIK
N/A16,562 20,992 21,503 0.1 %
Zoro TopCo, L.P.(24)(26)Class A Common UnitsN/AN/A1,380,129 13,801 15,027 0.1 %
118,829 128,132 0.8 %
Manufacturing
Gloves Holdings, LP (dba Protective Industrial Products)(24)(26)LP InterestN/AN/A1,000 $100 $118 — %
100 118 — %
Specialty retail
Ideal Topco, L.P.(24)(26)Class A-1 Preferred UnitsN/AN/A4,756,098 4,756 4,376 — %





51
Blue Owl Credit Income Corp.
Consolidated Schedules of Investments - Continued
As of December 31, 2024
(Amounts in thousands, except share amounts)
Company(1)(2)(3)(20)(29)
InvestmentInterestMaturity DatePar/UnitsAmortized Cost(4)(25)Fair ValuePercentage of Net Assets
Ideal Topco, L.P.(24)(26)Class A-2 Common UnitsN/AN/A3,109,754 — — — %
4,756 4,376 — %
Total non-controlled/non-affiliated portfolio company equity investments$560,943 $604,895 4.0 %
Total non-controlled/non-affiliated portfolio company investments$25,437,102 $25,394,739 173.7 %
Non-controlled/affiliated portfolio company investments
Debt Investments(5)
Education
Pluralsight, LLC(7)(30)First lien senior secured loanS+
7.50% PIK
08/20291,229 $1,229 $1,229 — %
Pluralsight, LLC(7)(18)(30)First lien senior secured loanS+
4.50% (1.50% PIK)
08/20291,195 1,195 1,195 — %
2,424 2,424 — %
Total non-controlled/affiliated portfolio company debt investments$2,424 $2,424 — %
Equity Investments
Education
Paradigmatic Holdco LLC (dba Pluralsight)(24)(26)(30)Common stockN/AN/A396,827 $1,053 $1,053 — %
1,053 1,053 — %
Pharmaceuticals
LSI Financing 1 DAC(23)(24)(30)Preferred equityN/AN/A4,778 $4,828 $4,771 — %
4,828 4,771 — %
Total non-controlled/affiliated portfolio company equity investments$5,881 $5,824 — %
Total non-controlled/affiliated portfolio company investments$8,305 $8,248 — %
Controlled/affiliated portfolio company investments
Debt Investments(5)
Asset based lending and fund finance
AAM Series 1.1 Rail and Domestic Intermodal Feeder, LLC(17)(18)(23)(31)First lien senior secured loan
12.00% PIK
07/203045,106 $44,801 $45,106 0.3 %
AAM Series 2.1 Aviation Feeder, LLC(17)(18)(23)(31)First lien senior secured loan
12.00% PIK
11/203045,630 45,630 45,630 0.3 %
90,431 90,736 0.6 %
Total controlled/affiliated portfolio company debt investments$90,431 $90,736 0.6 %
Equity Investments
Asset based lending and fund finance
AAM Series 1.1 Rail and Domestic Intermodal Feeder, LLC(18)(19)(23)(24)(26)(31)LLC InterestN/AN/A26,763 $26,766 $30,006 0.2 %
AAM Series 2.1 Aviation Feeder, LLC(18)(19)(23)(24)(26)(31)LLC InterestN/AN/A25,601 25,641 32,050 0.2 %
52,407 62,056 0.4 %
Insurance
Fifth Season Investments LLC(24)(27)(31)Class A UnitsN/AN/A28 $202,375 $223,274 1.5 %
202,375 223,274 1.5 %
Joint ventures
OCIC SLF LLC (fka Blue Owl Credit Income Senior Loan Fund LLC)(23)(24)(31)(33)LLC InterestN/AN/A314,808 $314,808 $311,609 2.1 %





52
Blue Owl Credit Income Corp.
Consolidated Schedules of Investments - Continued
As of December 31, 2024
(Amounts in thousands, except share amounts)
Company(1)(2)(3)(20)(29)
InvestmentInterestMaturity DatePar/UnitsAmortized Cost(4)(25)Fair ValuePercentage of Net Assets
Blue Owl Credit SLF LLC(23)(24)(31)(33)LLC InterestN/AN/A4,270 4,270 4,294 — %
319,078 315,903 2.1 %
Pharmaceuticals
LSI Financing LLC(18)(19)(23)(24)(31)(33)Common EquityN/AN/A288,704 $288,704 $293,775 2.0 %
288,704 293,775 2.0 %
Total controlled/affiliated portfolio company equity investments$862,564 $895,008 6.0 %
Total controlled/affiliated portfolio company investments$952,995 $985,744 6.6 %
Total non-controlled/non-affiliated misc. debt commitments(18)(34)(Note 7)$(14,737)$(9,837)(0.1)%
Total Investments$26,383,665 $26,378,894 180.2 %

Interest Rate Swaps as of December 31, 2024
Company Receives
Company Pays(c)
Maturity DateNotional Amount
Fair Value
Upfront Payments/Receipts
Change in Unrealized Appreciation/(Depreciation)
Hedged InstrumentFootnote Reference
Interest rate swap(a)(b)
7.75%
S + 3.84%
9/16/2027$600,000 $(703)$— $(7,206)September 2027 NotesNote 5
Cross-currency swap(a)(b)(e)
6.50%
S + 2.67%
10/23/2027251,508 (20,635)— (20,635)AUD 2027 NotesNote 5
Interest rate swap(b)(d)
6.50%
B + 2.72%
10/23/202743,960 (47)— (47)AUD 2027 NotesNote 5
Interest rate swap(a)(b)
7.95%
S + 3.79%
5/13/2028650,000 502 — 502 June 2028 NotesNote 5
Interest rate swap(a)(b)
7.75%
S + 3.65%
1/15/2029550,000 (399)— (12,546)January 2029 NotesNote 5
Interest rate swap(a)(b)
6.60%
S + 2.34%
8/15/2029500,000 3,745 — 3,745 September 2029 NotesNote 5
Interest rate swap(a)(b)
5.80%
S + 2.62%
2/15/20301,000,000 (44,519)— (44,519)March 2030 NotesNote 5
Interest rate swap(a)(b)
6.65%
S + 2.90%
1/15/2031750,000 (14,239)— (14,239)March 2031 NotesNote 5
Total$4,345,468 $(76,295)$— $(94,945)
________
(a) Contains a variable rate structure. Bears interest at a rate determined by SOFR.
(b) Instrument is used in a hedge accounting relationship. The associated change in fair value is recorded along with the change in fair value of the hedging item within interest expense.
(c) The Company has an International Swaps and Derivatives Association (“ISDA”) agreement with Goldman Sachs Bank USA.
(d) Contains a variable rate structure. Bears interest at a rate determined by BBSY.
(e) The associated change in foreign exchange rate of derivative is recorded along with the change in foreign exchange rate of the note within translation of assets and liabilities in foreign currencies.
(1)Certain portfolio company investments are subject to contractual restrictions on sales.
(2)Unless otherwise indicated, all investments are non-controlled, non-affiliated investments. Non-controlled, non-affiliated investments are defined as investments in which the Company owns less than 5% of the portfolio company’s outstanding voting securities and does not have the power to exercise control over the management or policies of such portfolio company.
(3)Unless otherwise indicated, all investments are considered Level 3 investments.
(4)The amortized cost represents the original cost adjusted for the amortization and accretion of premiums and discounts, as applicable, on debt investments using the effective interest method.
(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 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 “B”) (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.
(6)The interest rate on these investments is subject to 1 month SOFR, which as of December 31, 2024 was 4.33%.
(7)The interest rate on these investments is subject to 3 month SOFR, which as of December 31, 2024 was 4.31%.
(8)The interest rate on these investments is subject to 6 month SOFR, which as of December 31, 2024 was 4.25%.
(9)The interest rate on these investments is subject to 12 month SOFR, which as of December 31, 2024 was 4.18%.





53
Blue Owl Credit Income Corp.
Consolidated Schedules of Investments - Continued
As of December 31, 2024
(Amounts in thousands, except share amounts)
(10)The interest rate on these investments is subject to 3 month CORRA, which as of December 31, 2024 was 3.15%.
(11)The interest rate on these investments is subject to 1 month EURIBOR, which as of December 31, 2024 was 2.85%.
(12)The interest rate on these investments is subject to 3 month EURIBOR, which as of December 31, 2024 was 2.71%.
(13)The interest rate on these investments is subject to 6 month EURIBOR, which as of December 31, 2024 was 2.57%.
(14)The interest rate on these investments is subject to 3 month BBSY, which as of December 31, 2024 was 4.42%.
(15)The interest rate on these investments is subject to SONIA, which as of December 31, 2024 was 4.70%.
(16)The interest rate on these investments is subject to Prime, which as of December 31, 2024 was 7.50%.
(17)Investment does not contain a variable rate structure.
(18)Position or portion thereof is a partially unfunded debt or equity commitment. See Note 7 “Commitments and Contingencies”.
Portfolio CompanyCommitment TypeCommitment Expiration Date
Funded Commitment
Unfunded
Commitment
Fair Value(34)
Non-controlled/non-affiliated - delayed draw debt commitments
ACR Group Borrower, LLCFirst lien senior secured delayed draw term loan5/2025$733 $100 $— 
Aerosmith Bidco 1 Limited (dba Audiotonix)First lien senior secured delayed draw term loan7/2027— 108,341 (85)
AI Titan Parent, Inc. (dba Prometheus Group)First lien senior secured delayed draw term loan9/2026— 6,792 (34)
Alera Group, Inc.First lien senior secured delayed draw term loan11/202543,250 2,446 — 
AlphaSense, Inc.First lien senior secured delayed draw term loan6/2029— 716 (7)
AlphaSense, Inc.First lien senior secured delayed draw term loan12/2025— 707 (7)
AmeriLife Holdings LLCFirst lien senior secured delayed draw term loan6/202615,740 16,715 — 
AmSpec Parent, LLCFirst lien senior secured delayed draw term loan12/2027— 5,333 (13)
Appfire Technologies, LLCFirst lien senior secured delayed draw term loan3/2025— 5,562 — 
Appfire Technologies, LLCFirst lien senior secured delayed draw term loan6/2026— 2,688 — 
Aptean Acquiror, Inc. (dba Aptean)First lien senior secured delayed draw term loan1/20261,419 3,974 — 
Artifact Bidco, Inc. (dba Avetta)First lien senior secured delayed draw term loan7/2027— 3,793 — 
Associations, Inc.First lien senior secured delayed draw term loan7/20285,288 26,398 — 
Baker Tilly Advisory Group, L.P.First lien senior secured delayed draw term loan6/2026— 14,940 — 
Bamboo US BidCo LLCFirst lien senior secured delayed draw term loan11/2026— 26,912 — 
Bamboo US BidCo LLCFirst lien senior secured delayed draw term loan3/20258,941 6,173 — 
BCPE Osprey Buyer, Inc. (dba PartsSource)First lien senior secured delayed draw term loan10/20254,568 21,926 — 
Belmont Buyer, Inc. (dba Valenz)First lien senior secured delayed draw term loan1/2026— 11,083 — 
BradyPLUS Holdings, LLC (f/k/a BradyIFS Holdings, LLC)First lien senior secured delayed draw term loan10/20251,109 4,049 — 
BTRS HOLDINGS INC. (dba Billtrust)First lien senior secured delayed draw term loan12/2028913 4 — 
Capstone Acquisition Holdings, Inc.First lien senior secured delayed draw term loan8/2026— 1,789 — 
CHA Vision Holdings, Inc. (fka FR Vision Holdings, Inc.)First lien senior secured delayed draw term loan1/20266,205 8,530 — 
Chrysaor Bidco s.à r.l. (dba AlterDomus)First lien senior secured delayed draw term loan5/2026— 689 — 
CMG HoldCo, LLC (dba Crete United)First lien senior secured delayed draw term loan10/2026— 10,141 (101)





54
Blue Owl Credit Income Corp.
Consolidated Schedules of Investments - Continued
As of December 31, 2024
(Amounts in thousands, except share amounts)
Portfolio CompanyCommitment TypeCommitment Expiration Date
Funded Commitment
Unfunded
Commitment
Fair Value(34)
CMG HoldCo, LLC (dba Crete United)First lien senior secured delayed draw term loan11/202514,420 10,916 — 
Computer Services, Inc. (dba CSI)First lien senior secured delayed draw term loan2/2026— 25,566 — 
CoreTrust Purchasing Group LLCFirst lien senior secured delayed draw term loan5/2026— 23,639 — 
Coupa Holdings, LLCFirst lien senior secured delayed draw term loan8/2025— 2,174 — 
Cresset Capital Management, LLCFirst lien senior secured delayed draw term loan9/2025— 7,612 — 
Cresset Capital Management, LLCFirst lien senior secured delayed draw term loan6/2026— 4,478 — 
CT Technologies Intermediate Holdings, Inc. (& Smart Holdings Corp.) (dba Datavant)First lien senior secured delayed draw term loan8/2026— 12,046 (30)
Databricks, Inc.First lien senior secured delayed draw term loan7/2026— 16,531 (83)
DCG ACQUISITION CORP. (dba DuBois Chemical)First lien senior secured delayed draw term loan6/2026— 15,899 — 
Diamond Mezzanine 24 LLC (dba United Risk)First lien senior secured delayed draw term loan10/2026— 24,700 — 
Dresser Utility Solutions, LLCFirst lien senior secured delayed draw term loan9/2025— 7,537 — 
DuraServ LLCFirst lien senior secured delayed draw term loan6/202624,034 24,418 — 
EET Buyer, Inc. (dba e-Emphasys)First lien senior secured delayed draw term loan4/2026— 8,523 — 
Endries Acquisition, Inc.First lien senior secured delayed draw term loan12/2025— 8,048 (60)
Essential Services Holding Corporation (dba Turnpoint)First lien senior secured delayed draw term loan6/2026— 6,970 (35)
Evolution BuyerCo, Inc. (dba SIAA)First lien senior secured delayed draw term loan12/2025727 3,671 — 
Faraday Buyer, LLC (dba MacLean Power Systems)First lien senior secured delayed draw term loan11/2025— 14,307 — 
FR Flow Control CB LLC (dba Trillium Flow Technologies)First lien senior secured delayed draw term loan6/2026— 28,307 — 
Fullsteam Operations, LLCFirst lien senior secured delayed draw term loan8/2025464 4,536 — 
Fullsteam Operations, LLCFirst lien senior secured delayed draw term loan2/2026354 896 — 
Galls, LLCFirst lien senior secured delayed draw term loan3/20264,312 34,926 — 
Galway Borrower LLCFirst lien senior secured delayed draw term loan7/2026895 48,838 — 
Gehl Foods, LLCFirst lien senior secured delayed draw term loan12/20253,639 5,458 — 
GI Apple Midco LLC (dba Atlas Technical Consultants)First lien senior secured delayed draw term loan4/20251,724 14,090 — 
GS Acquisitionco, Inc. (dba insightsoftware)First lien senior secured delayed draw term loan3/202672 254 — 
Indigo Buyer, Inc. (dba Inovar Packaging Group)First lien senior secured delayed draw term loan7/2026— 13,434 — 
Indikami Bidco, LLC (dba IntegriChain)First lien senior secured delayed draw term loan12/2025375 6,194 — 
Integrated Specialty Coverages, LLCFirst lien senior secured delayed draw term loan1/2025— 1,780 — 
Integrated Specialty Coverages, LLCFirst lien senior secured delayed draw term loan4/2026— 22,020 — 
Integrity Marketing Acquisition, LLCFirst lien senior secured delayed draw term loan8/2026— 53,446 — 





55
Blue Owl Credit Income Corp.
Consolidated Schedules of Investments - Continued
As of December 31, 2024
(Amounts in thousands, except share amounts)
Portfolio CompanyCommitment TypeCommitment Expiration Date
Funded Commitment
Unfunded
Commitment
Fair Value(34)
Interoperability Bidco, Inc. (dba Lyniate)First lien senior secured delayed draw term loan6/2026— 5,079 (127)
Kaseya Inc.First lien senior secured delayed draw term loan6/2025847 3,230 — 
KENE Acquisition, Inc. (dba Entrust Solutions Group)First lien senior secured delayed draw term loan2/2026777 6,695 — 
KPSKY Acquisition, Inc. (dba BluSky)First lien senior secured delayed draw term loan11/202573 6,054 — 
Lakefield Acquisition Corp. (dba Lakefield Veterinary Group)First lien senior secured delayed draw term loan9/2026344 51,256 — 
Lightbeam Bidco, Inc. (dba Lazer Spot)First lien senior secured delayed draw term loan5/202519,608 27,285 — 
Litera Bidco LLCFirst lien senior secured delayed draw term loan11/20264,485 5,067 — 
Litera Bidco LLCFirst lien senior secured delayed draw term loan5/2027— 3,981 (10)
ManTech International CorporationFirst lien senior secured delayed draw term loan6/2025— 2,164 — 
Maple Acquisition, LLC (dba Medicus)First lien senior secured delayed draw term loan5/2026— 20,448 — 
Mario Purchaser, LLC (dba Len the Plumber)First lien senior secured delayed draw term loan10/20252,659 24,114 — 
Minotaur Acquisition, Inc. (dba Inspira Financial)First lien senior secured delayed draw term loan5/2026— 41,960 — 
Monotype Imaging Holdings Inc.First lien senior secured delayed draw term loan2/20263,268 10,759 — 
NELIPAK EUROPEAN HOLDINGS COÖPERATIEF U.A.First lien senior secured EUR delayed draw term loan3/2027— 22,358 (279)
Nelipak Holding CompanyFirst lien senior secured delayed draw term loan3/2027— 11,787 (147)
OneOncology, LLCFirst lien senior secured delayed draw term loan10/202635,851 35,494 — 
Paris US Holdco, Inc. (dba Precinmac)First lien senior secured delayed draw term loan12/2026— 18,063 (90)
Park Place Technologies, LLCFirst lien senior secured delayed draw term loan9/2025— 13,490 — 
Patriot Acquisition TopCo S.A.R.L (dba Corza Health, Inc.)First lien senior secured delayed draw term loan8/202513,680 3,429 — 
PDI TA Holdings, Inc.First lien senior secured delayed draw term loan2/20268,328 6,584 — 
PerkinElmer U.S. LLCFirst lien senior secured delayed draw term loan5/202621,371 7,141 — 
PetVet Care Centers, LLCFirst lien senior secured delayed draw term loan11/2025— 31,691 (1,030)
Plasma Buyer LLC (dba PathGroup)First lien senior secured delayed draw term loan9/20253,247 816 — 
Pye-Barker Fire & Safety, LLCFirst lien senior secured delayed draw term loan5/202656,865 102,734 — 
Raven Acquisition Holdings, LLC (dba R1 RCM)First lien senior secured delayed draw term loan10/2026— 5,667 — 
RL Datix Holdings (USA), Inc.First lien senior secured delayed draw term loan4/2027— 14,908 — 
Salinger Bidco Inc. (dba Surgical Information Systems)First lien senior secured delayed draw term loan8/2026— 5,742 — 
Sensor Technology Topco, Inc. (dba Humanetics)First lien senior secured EUR delayed draw term loan9/2025172 834 — 
Sensor Technology Topco, Inc. (dba Humanetics)First lien senior secured delayed draw term loan9/2025790 3,987 — 
Severin Acquisition, LLC (dba PowerSchool)First lien senior secured delayed draw term loan10/2027— 27,209 (136)





56
Blue Owl Credit Income Corp.
Consolidated Schedules of Investments - Continued
As of December 31, 2024
(Amounts in thousands, except share amounts)
Portfolio CompanyCommitment TypeCommitment Expiration Date
Funded Commitment
Unfunded
Commitment
Fair Value(34)
Simplicity Financial Marketing Group Holdings, Inc.First lien senior secured delayed draw term loan12/2026— 40,238 (201)
Smarsh Inc.First lien senior secured delayed draw term loan2/202510,381 10,381 — 
Sonny's Enterprises, LLCFirst lien senior secured delayed draw term loan6/20263,592 41,416 — 
Southern Air & Heat Holdings, LLCFirst lien senior secured delayed draw term loan7/202510,526 20,889 — 
Spaceship Purchaser, Inc. (dba Squarespace)First lien senior secured delayed draw term loan10/2026— 7,482 — 
Spaceship Purchaser, Inc. (dba Squarespace)First lien senior secured delayed draw term loan10/2027— 17,957 (45)
STS PARENT, LLC (dba STS Aviation Group)First lien senior secured delayed draw term loan10/2026— 37,550 (94)
TBRS, Inc. (dba TEAM Technologies)First lien senior secured delayed draw term loan11/2026— 37,652 (94)
THG Acquisition, LLC (dba Hilb)First lien senior secured delayed draw term loan10/2026— 20,716 (104)
Thunder Purchaser, Inc. (dba Vector Solutions)First lien senior secured delayed draw term loan10/2026— 27,432 — 
Troon Golf, L.L.C.First lien senior secured delayed draw term loan9/202627,449 27,449 — 
Unified Women's Healthcare, LPFirst lien senior secured delayed draw term loan3/202662,572 9,208 — 
Unified Women's Healthcare, LPFirst lien senior secured delayed draw term loan10/2026— 53,400 (200)
USIC Holdings, Inc.First lien senior secured delayed draw term loan9/2026148 2,089 — 
USRP Holdings, Inc. (dba U.S. Retirement and Benefits Partners)First lien senior secured delayed draw term loan8/2026— 13,971 — 
Vensure Employer Services, Inc.First lien senior secured delayed draw term loan9/2031— 34,388 (189)
Vessco Midco Holdings, LLCFirst lien senior secured delayed draw term loan7/20266,290 17,595 — 
Walker Edison Furniture Company LLCFirst lien senior secured delayed draw term loan3/2027966 216 — 
Zendesk, Inc.First lien senior secured delayed draw term loan11/2025— 35,425 — 
Non-controlled/affiliated - delayed draw debt commitments
Pluralsight, LLCFirst lien senior secured delayed draw term loan8/2029— 496 — 
Non-controlled/non-affiliated - revolving debt commitments
ACR Group Borrower, LLCFirst lien senior secured revolving loan3/2026— 875 (15)
Activate Holdings (US) Corp. (dba Absolute Software)First lien senior secured revolving loan7/2029— 352 — 
Aerosmith Bidco 1 Limited (dba Audiotonix)First lien senior secured revolving loan7/2030— 44,919 (112)
AI Titan Parent, Inc. (dba Prometheus Group)First lien senior secured revolving loan8/2031— 4,245 (42)
AmeriLife Holdings LLCFirst lien senior secured revolving loan8/2028— 16,273 (81)
Anaplan, Inc.First lien senior secured revolving loan6/2028— 16,528 — 
Appfire Technologies, LLCFirst lien senior secured revolving loan3/2028117 1,516 — 
Aptean Acquiror, Inc. (dba Aptean)First lien senior secured revolving loan1/2031— 7,282 (18)
Artifact Bidco, Inc. (dba Avetta)First lien senior secured revolving loan7/2030— 2,710 (14)
Ascend Buyer, LLC (dba PPC Flexible Packaging)First lien senior secured revolving loan9/20271,702 3,404 — 
Associations, Inc.First lien senior secured revolving loan7/202812,695 12,695 — 
Avalara, Inc.First lien senior secured revolving loan10/2028— 7,045 — 
AWP Group Holdings, Inc.First lien senior secured revolving loan12/2030290 5,515 — 
Azurite Intermediate Holdings, Inc. (dba Alteryx, Inc.)First lien senior secured revolving loan3/2031— 1,995 (15)





57
Blue Owl Credit Income Corp.
Consolidated Schedules of Investments - Continued
As of December 31, 2024
(Amounts in thousands, except share amounts)
Portfolio CompanyCommitment TypeCommitment Expiration Date
Funded Commitment
Unfunded
Commitment
Fair Value(34)
Baker Tilly Advisory Group, L.P.First lien senior secured revolving loan6/2030— 20,935 (105)
Bamboo US BidCo LLCFirst lien senior secured revolving loan10/2029— 20,128 — 
Bayshore Intermediate #2, L.P. (dba Boomi)First lien senior secured revolving loan10/2027— 18,336 — 
BCPE Osprey Buyer, Inc. (dba PartsSource)First lien senior secured revolving loan8/20263,103 1,552 — 
BCPE Pequod Buyer, Inc. (dba Envestnet)First lien senior secured revolving loan11/2029— 16,634 (83)
BCTO BSI Buyer, Inc. (dba Buildertrend)First lien senior secured revolving loan12/2026— 161 — 
Belmont Buyer, Inc. (dba Valenz)First lien senior secured revolving loan6/20292,217 4,433 — 
Blast Bidco Inc. (dba Bazooka Candy Brands)First lien senior secured revolving loan10/2029— 4,179 — 
Brightway Holdings, LLCFirst lien senior secured revolving loan12/2027842 1,263 — 
Broadcast Music, Inc. (fka Otis Merger Sub, Inc.)First lien senior secured revolving loan2/2030— 6,271 (47)
BTRS HOLDINGS INC. (dba Billtrust)First lien senior secured revolving loan12/2028434 723 — 
Canadian Hospital Specialties LimitedFirst lien senior secured revolving loan4/2027255 158 — 
Catalis Intermediate, Inc. (fka GovBrands Intermediate, Inc.)First lien senior secured revolving loan8/2027303 577 — 
Certinia Inc.First lien senior secured revolving loan8/2029— 4,412 — 
CHA Vision Holdings, Inc. (fka FR Vision Holdings, Inc.)First lien senior secured revolving loan1/2030— 3,692 — 
CivicPlus, LLCFirst lien senior secured revolving loan8/2027— 2,244 — 
CMG HoldCo, LLC (dba Crete United)First lien senior secured revolving loan5/20281,442 7,211 — 
CoreTrust Purchasing Group LLCFirst lien senior secured revolving loan10/2029— 14,183 — 
Coupa Holdings, LLCFirst lien senior secured revolving loan2/2029— 1,664 — 
CPM Holdings, Inc.First lien senior secured revolving loan6/2028— 5,000 (161)
Creek Parent, Inc. (dba Catalent)First lien senior secured revolving loan12/2031— 42,297 (740)
Cresset Capital Management, LLCFirst lien senior secured revolving loan6/2029— 2,239 — 
Crewline Buyer, Inc. (dba New Relic)First lien senior secured revolving loan11/2030— 17,226 (215)
CT Technologies Intermediate Holdings, Inc. (& Smart Holdings Corp.) (dba Datavant)First lien senior secured revolving loan8/2031— 30,115 (75)
D4C Dental Brands, Inc.First lien senior secured revolving loan11/2029— 11,346 (113)
DCG ACQUISITION CORP. (dba DuBois Chemical)First lien senior secured revolving loan6/2031— 15,899 (79)
Denali BuyerCo, LLC (dba Summit Companies)First lien senior secured revolving loan9/2027— 9,963 — 
Diamond Mezzanine 24 LLC (dba United Risk)*First lien senior secured revolving loan10/20306,175 — — 
Disco Parent, Inc. (dba Duck Creek Technologies, Inc.)First lien senior secured revolving loan3/2029— 91 (1)
Dresser Utility Solutions, LLCFirst lien senior secured revolving loan3/2029— 10,552 (26)
DuraServ LLCFirst lien senior secured revolving loan6/2030— 24,256 (121)
Eagle Family Foods Group LLCFirst lien senior secured revolving loan8/2030— 20,344 (102)
EET Buyer, Inc. (dba e-Emphasys)First lien senior secured revolving loan11/2027— 3,387 — 
Entrata, Inc.First lien senior secured revolving loan7/2028— 513 — 
Essential Services Holding Corporation (dba Turnpoint)First lien senior secured revolving loan6/2030— 4,357 (44)
Evolution BuyerCo, Inc. (dba SIAA)First lien senior secured revolving loan4/2027— 676 — 
Fiesta Purchaser, Inc. (dba Shearer's Foods)First lien senior secured revolving loan2/2029— 16,615 (3)
Finastra USA, Inc.First lien senior secured revolving loan9/202910,631 6,461 — 
Forescout Technologies, Inc.First lien senior secured revolving loan5/2030— 1,320 (7)
Formerra, LLCFirst lien senior secured revolving loan11/2028— 526 (7)
Fortis Solutions Group, LLCFirst lien senior secured revolving loan10/20272,361 4,385 — 
FR Flow Control CB LLC (dba Trillium Flow Technologies)First lien senior secured revolving loan12/2029— 23,160 (174)
Fullsteam Operations, LLCFirst lien senior secured revolving loan11/2029— 500 — 
Galls, LLCFirst lien senior secured revolving loan3/2030— 15,697 — 
Galway Borrower LLCFirst lien senior secured revolving loan9/2028524 5,742 — 
Gaylord Chemical Company, L.L.C.First lien senior secured revolving loan12/20272,066 1,907 — 
Gerson Lehrman Group, Inc.First lien senior secured revolving loan12/2027— 8,404 (21)





58
Blue Owl Credit Income Corp.
Consolidated Schedules of Investments - Continued
As of December 31, 2024
(Amounts in thousands, except share amounts)
Portfolio CompanyCommitment TypeCommitment Expiration Date
Funded Commitment
Unfunded
Commitment
Fair Value(34)
GI Apple Midco LLC (dba Atlas Technical Consultants)First lien senior secured revolving loan4/20294,274 6,807 — 
GI Ranger Intermediate, LLC (dba Rectangle Health)First lien senior secured revolving loan10/2027195 1,478 — 
Granicus, Inc.First lien senior secured revolving loan1/2031— 4,633 — 
GS Acquisitionco, Inc. (dba insightsoftware)First lien senior secured revolving loan5/2028— 247 (2)
Hercules Borrower, LLC (dba The Vincit Group)First lien senior secured revolving loan12/2026— 96 — 
Hissho Parent, LLCFirst lien senior secured revolving loan5/2029— 11,009 — 
Home Service TopCo IV, Inc.First lien senior secured revolving loan12/2027— 3,359 — 
Hyland Software, Inc.First lien senior secured revolving loan9/2029— 6,978 — 
Icefall Parent, Inc. (dba EngageSmart)First lien senior secured revolving loan1/2030— 2,749 — 
Ideal Image Development, LLCFirst lien senior secured revolving loan2/2029732 183 — 
Ideal Image Development, LLC*First lien senior secured revolving loan2/202933 — — 
Ideal Tridon Holdings, Inc.First lien senior secured revolving loan4/2028— 8,630 — 
IG Investments Holdings, LLC (dba Insight Global)First lien senior secured revolving loan9/2028— 4,866 — 
Indigo Buyer, Inc. (dba Inovar Packaging Group)First lien senior secured revolving loan5/2028— 12,700 — 
Indikami Bidco, LLC (dba IntegriChain)First lien senior secured revolving loan6/20301,689 3,003 — 
Integrated Specialty Coverages, LLCFirst lien senior secured revolving loan7/2029— 5,934 — 
Integrity Marketing Acquisition, LLCFirst lien senior secured revolving loan8/2028— 17,886 — 
Intelerad Medical Systems Incorporated (fka 11849573 Canada Inc.)*First lien senior secured revolving loan8/20262,049 — — 
Interoperability Bidco, Inc. (dba Lyniate)First lien senior secured revolving loan3/2028313 5,705 — 
IRI Group Holdings, Inc. (f/k/a Circana Group, L.P. (f/k/a The NPD Group, L.P.))First lien senior secured revolving loan12/20272,517 11,750 — 
JS Parent, Inc. (dba Jama Software)First lien senior secured revolving loan4/2031— 88 — 
KABAFUSION Parent, LLCFirst lien senior secured revolving loan11/2031— 8,903 (89)
Kaseya Inc.First lien senior secured revolving loan6/20291,097 3,256 — 
KENE Acquisition, Inc. (dba Entrust Solutions Group)First lien senior secured revolving loan2/2031— 2,242 (28)
KRIV Acquisition Inc. (dba Riveron)First lien senior secured revolving loan7/2029— 10,944 — 
KWOL Acquisition Inc. (dba Worldwide Clinical Trials)First lien senior secured revolving loan12/2029— 23,568 — 
KWOR Acquisition, Inc. (dba Alacrity Solutions)*First lien senior secured revolving loan12/20273,415 — — 
Lakefield Acquisition Corp. (dba Lakefield Veterinary Group)First lien senior secured revolving loan9/2029— 8,600 (43)
Lightbeam Bidco, Inc. (dba Lazer Spot)First lien senior secured revolving loan5/2029— 11,685 — 
Lignetics Investment Corp.First lien senior secured revolving loan11/20268,412 3,059 — 
Litera Bidco LLCFirst lien senior secured revolving loan5/2028— 2,266 (6)
Magnet Forensics, LLC (f/k/a Grayshift, LLC)First lien senior secured revolving loan7/2028— 2,419 — 
ManTech International CorporationFirst lien senior secured revolving loan9/2028— 1,806 — 
Maple Acquisition, LLC (dba Medicus)First lien senior secured revolving loan5/2030— 15,336 — 
Mario Purchaser, LLC (dba Len the Plumber)First lien senior secured revolving loan4/20282,411 5,627 — 
MHE Intermediate Holdings, LLC (dba OnPoint Group)First lien senior secured revolving loan7/2027714 2,857 — 
Milan Laser Holdings LLCFirst lien senior secured revolving loan4/2026— 2,553 — 
Ministry Brands Holdings, LLCFirst lien senior secured revolving loan12/2027— 4,746 (36)
Minotaur Acquisition, Inc. (dba Inspira Financial)First lien senior secured revolving loan6/2030— 25,814 (129)
Mitnick Corporate Purchaser, Inc.First lien senior secured revolving loan5/20271,700 7,675 — 
Monotype Imaging Holdings Inc.First lien senior secured revolving loan2/2030— 21,041 (53)
Natural Partners, LLCFirst lien senior secured revolving loan11/2027— 11,814 (59)
NELIPAK EUROPEAN HOLDINGS COÖPERATIEF U.A.First lien senior secured EUR revolving loan3/20311,367 2,803 — 
Nelipak Holding CompanyFirst lien senior secured revolving loan3/20313,695 5,102 — 





59
Blue Owl Credit Income Corp.
Consolidated Schedules of Investments - Continued
As of December 31, 2024
(Amounts in thousands, except share amounts)
Portfolio CompanyCommitment TypeCommitment Expiration Date
Funded Commitment
Unfunded
Commitment
Fair Value(34)
Neptune Holdings, Inc. (dba NexTech)First lien senior secured revolving loan8/2029— 4,118 — 
NMI Acquisitionco, Inc. (dba Network Merchants)First lien senior secured revolving loan9/2028— 558 — 
Notorious Topco, LLC (dba Beauty Industry Group)First lien senior secured revolving loan5/2027— 5,282 (581)
OAC Holdings I Corp. (dba Omega Holdings)First lien senior secured revolving loan3/2028— 2,572 (19)
OB Hospitalist Group, Inc.First lien senior secured revolving loan9/2027— 7,993 (20)
Ole Smoky Distillery, LLCFirst lien senior secured revolving loan3/2028— 3,302 (25)
OneOncology, LLCFirst lien senior secured revolving loan6/2029— 14,269 — 
Oranje Holdco, Inc. (dba KnowBe4)First lien senior secured revolving loan2/2029— 10,148 — 
Paris US Holdco, Inc. (dba Precinmac)First lien senior secured revolving loan12/2031— 9,032 (90)
Park Place Technologies, LLCFirst lien senior secured revolving loan3/20302,900 7,217 — 
Patriot Acquisition TopCo S.A.R.L (dba Corza Health, Inc.)First lien senior secured revolving loan1/2028— 88 — 
PDI TA Holdings, Inc.First lien senior secured revolving loan2/2031— 6,560 (66)
Peter C. Foy & Associates Insurance Services, LLC (dba PCF Insurance Services)First lien senior secured revolving loan11/2027— 2,570 — 
PetVet Care Centers, LLCFirst lien senior secured revolving loan11/2029— 33,258 (1,413)
Phantom Purchaser, Inc.First lien senior secured revolving loan9/2031— 11,437 (86)
Ping Identity Holding Corp.First lien senior secured revolving loan10/2028— 6,597 — 
Plasma Buyer LLC (dba PathGroup)First lien senior secured revolving loan5/20286,853 5,384 — 
PPV Intermediate Holdings, LLCFirst lien senior secured revolving loan8/2029— 11,854 — 
Premise Health Holding Corp.First lien senior secured revolving loan2/2030— 8,191 (20)
Pye-Barker Fire & Safety, LLCFirst lien senior secured revolving loan5/20304,213 29,489 — 
QAD, Inc.First lien senior secured revolving loan11/2027— 6,000 (15)
Quva Pharma, Inc.First lien senior secured revolving loan4/2026382 73 — 
Relativity ODA LLCFirst lien senior secured revolving loan5/2029— 2,797 (7)
Rhea Parent, Inc.First lien senior secured revolving loan12/2030— 43,315 (433)
RL Datix Holdings (USA), Inc.First lien senior secured revolving loan10/20301,650 11,403 — 
SailPoint Technologies Holdings, Inc.First lien senior secured revolving loan8/2028— 5,718 — 
Salinger Bidco Inc. (dba Surgical Information Systems)First lien senior secured revolving loan5/2031— 5,742 (14)
Securonix, Inc.First lien senior secured revolving loan4/2028120 5,219 — 
Sensor Technology Topco, Inc. (dba Humanetics)First lien senior secured revolving loan5/202813,312 7,249 — 
Severin Acquisition, LLC (dba PowerSchool)First lien senior secured revolving loan10/2031— 16,326 (163)
Simplicity Financial Marketing Group Holdings, Inc.First lien senior secured revolving loan12/2031— 20,119 (201)
Smarsh Inc.First lien senior secured revolving loan2/2029332 498 — 
Soliant Lower Intermediate, LLC (dba Soliant)First lien senior secured revolving loan6/2031— 15,556 (156)
Sonny's Enterprises, LLCFirst lien senior secured revolving loan8/20276,475 19,426 — 
Southern Air & Heat Holdings, LLCFirst lien senior secured revolving loan10/202762 220 — 
Spaceship Purchaser, Inc. (dba Squarespace)First lien senior secured revolving loan10/2031— 14,965 (75)
Spotless Brands, LLCFirst lien senior secured revolving loan7/2028— 2,244 (6)
STS PARENT, LLC (dba STS Aviation Group)First lien senior secured revolving loan10/20306,947 8,073 — 
SWK BUYER, Inc. (dba Stonewall Kitchen)First lien senior secured revolving loan3/2029— 5,579 (167)
Tamarack Intermediate, L.L.C. (dba Verisk 3E)First lien senior secured revolving loan3/2028— 5,336 (27)
TBRS, Inc. (dba TEAM Technologies)First lien senior secured revolving loan11/20301,255 19,662 — 
TC Holdings, LLC (dba TrialCard)First lien senior secured revolving loan4/2027— 16,473 — 
Tempo Buyer Corp. (dba Global Claims Services)First lien senior secured revolving loan8/2027— 5,159 — 
The Shade Store, LLCFirst lien senior secured revolving loan10/20282,592 8,209 — 
THG Acquisition, LLC (dba Hilb)First lien senior secured revolving loan10/2031769 9,589 — 
Thunder Purchaser, Inc. (dba Vector Solutions)First lien senior secured revolving loan6/2027— 1,021 — 
Troon Golf, L.L.C.First lien senior secured revolving loan8/2028— 27,449 — 
Truist Insurance Holdings, LLCFirst lien senior secured revolving loan5/2029— 7,019 — 





60
Blue Owl Credit Income Corp.
Consolidated Schedules of Investments - Continued
As of December 31, 2024
(Amounts in thousands, except share amounts)
Portfolio CompanyCommitment TypeCommitment Expiration Date
Funded Commitment
Unfunded
Commitment
Fair Value(34)
Unified Women's Healthcare, LPFirst lien senior secured revolving loan6/2029— 8,120 — 
USIC Holdings, Inc.First lien senior secured revolving loan9/20311,104 3,725 — 
USRP Holdings, Inc. (dba U.S. Retirement and Benefits Partners)First lien senior secured revolving loan12/2029— 4,975 — 
Velocity HoldCo III Inc. (dba VelocityEHS)First lien senior secured revolving loan4/2026— 142 — 
Vessco Midco Holdings, LLCFirst lien senior secured revolving loan7/2031— 7,962 (40)
Vital Bidco AB (dba Vitamin Well)First lien senior secured revolving loan10/203012,908 40,004 — 
Walker Edison Furniture Company LLC*First lien senior secured revolving loan3/20271,333 — — 
When I Work, Inc.First lien senior secured revolving loan11/2027— 4,164 (146)
Zendesk, Inc.First lien senior secured revolving loan11/2028— 14,587 — 
Non-controlled/affiliated - revolving debt commitments
Pluralsight, LLCFirst lien senior secured revolving loan8/2029— 198 — 
Controlled/affiliated - equity commitments
AAM Series 1.1 Rail and Domestic Intermodal Feeder, LLCLLC InterestN/A26,763 59,032 — 
AAM Series 2.1 Aviation Feeder, LLCLLC InterestN/A25,601 27,444 — 
LSI Financing LLCCommon EquityN/A288,704 5,738 — 
Total Portfolio Company Commitments$917,516 $3,192,745 $(9,837)
*Fully Funded
(19)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.
(20)Unless otherwise indicated, represents a co-investment made with the Company’s affiliates in accordance with the terms of exemptive relief that the Company received from the U.S. Securities and Exchange Commission. See Note 3 “Agreements and Related Party Transactions”.
(21)This portfolio company was not a co-investment made with the Company’s affiliates in accordance with the terms of exemptive relief that the Company received from the U.S. Securities and Exchange Commission.
(22)Level 2 Investment.
(23)This portfolio company is not a qualifying asset under Section 55(a) of the 1940 Act. Under the 1940 Act, the Company may not acquire any non-qualifying asset unless, at the time such acquisition is made, qualifying assets represent at least 70% of total assets. As of December 31, 2024, non-qualifying assets represented 13.2% of total assets as calculated in accordance with the regulatory requirements.
(24)Security acquired in transaction exempt from registration under the Securities Act of 1933, and may be deemed to be “restricted security” under the Securities Act. As of December 31, 2024, the aggregate fair value of these securities is $1.51 billion, or 10.4% of the Company’s net assets. The acquisition dates of the restricted securities are as follows:

Portfolio CompanyInvestmentAcquisition Date
AAM Series 1.1 Rail and Domestic Intermodal Feeder, LLC**LLC InterestJuly 1, 2022
AAM Series 2.1 Aviation Feeder, LLC**LLC InterestJuly 1, 2022
Accelerate Topco Holdings, LLCCommon UnitsSeptember 1, 2022
Amergin Asset Management, LLCClass A UnitsJuly 1, 2022
ASP Conair Holdings LPClass A UnitsMay 17, 2021
AlphaSense, LLCSeries E Preferred SharesJune 27, 2024
BCTO WIW Holdings, Inc. (dba When I Work)Class A Common StockNovember 2, 2021
BEHP Co-Investor II, L.P.LP InterestMay 6, 2022
Blue Owl Credit SLF LLC*LLC InterestMay 6, 2024
Brooklyn Lender Co-Invest 2, L.P. (dba Boomi)Common UnitsOctober 1, 2021
CD&R Value Building Partners I, L.P. (dba Belron)LP InterestDecember 2, 2021
Denali Holding, LP (dba Summit Companies)Class A UnitsSeptember 14, 2021
Dodge Construction Network Holdings, L.P.Class A-2 Common UnitsFebruary 23, 2022
Dodge Construction Network Holdings, L.P.Series A Preferred UnitsFebruary 23, 2022
Elliott Alto Co-Investor Aggregator L.P.LP InterestSeptember 28, 2022





61
Blue Owl Credit Income Corp.
Consolidated Schedules of Investments - Continued
As of December 31, 2024
(Amounts in thousands, except share amounts)
Portfolio CompanyInvestmentAcquisition Date
Evolution Parent, LP (dba SIAA)LP InterestApril 30, 2021
Fifth Season Investments LLC**Class A UnitsOctober 17, 2022
Gloves Holdings, LP (dba Protective Industrial Products)LP InterestDecember 28, 2020
GrowthCurve Capital Sunrise Co-Invest LP (dba Brightway)LP InterestDecember 16, 2021
Hercules Buyer, LLC (dba The Vincit Group)Common UnitsDecember 15, 2020
Hissho Sushi Holdings, LLCClass A UnitsMay 17, 2022
Hockey Parent Holdings, L.P.Class A UnitsSeptember 14, 2023
Ideal Topco, L.P.Class A-1 Preferred UnitsFebruary 20, 2024
Ideal Topco, L.P.Class A-2 Common UnitsFebruary 20, 2024
Insight CP (Blocker) Holdings, L.P. (dba CivicPlus, LLC)LP InterestJune 8, 2022
Knockout Intermediate Holdings I Inc. (dba Kaseya Inc.)Perpetual Preferred StockJune 22, 2022
KOBHG Holdings, L.P. (dba OB Hospitalist)Class A InterestsSeptember 27, 2021
KPCI Holdings, L.P.Class A UnitsNovember 25, 2020
KWOL Acquisition Inc. (dba Worldwide Clinical Trials)Class A InterestDecember 12, 2023
LSI Financing 1 DAC**Preferred equityDecember 14, 2022
LSI Financing LLC**Common EquityNovember 25, 2024
Maia Aggregator, LPClass A-2 UnitsFebruary 1, 2022
Bird Holding B.V. (fka MessageBird Holding B.V.)Extended Series C WarrantsMay 5, 2021
Metis HoldCo, Inc. (dba Mavis Tire Express Services)Series A Convertible Preferred StockMay 3, 2021
Minerva Holdco, Inc.Series A Preferred StockFebruary 14, 2022
Orange Blossom Parent, Inc.Common EquityJuly 29, 2022
OCIC SLF LLC (fka Blue Owl Credit Income Senior Loan Fund LLC)*LLC InterestNovember 2, 2022
Patriot Holdings SCSp (dba Corza Health, Inc.)Class A UnitsJanuary 29, 2021
Patriot Holdings SCSp (dba Corza Health, Inc.)Class B UnitsJanuary 29, 2021
PCF Holdco, LLC (dba PCF Insurance Services)Series A Preferred UnitsFebruary 16, 2023
PCF Holdco, LLC (dba PCF Insurance Services)Class A UnitsNovember 1, 2021
PCF Holdco, LLC (dba PCF Insurance Services)Class A Unit WarrantsFebruary 16, 2023
Paradigmatic Holdco LLC (dba Pluralsight)Common stockAugust 22, 2024
Project Alpine Co-Invest Fund, LPLP InterestJune 13, 2022
Project Hotel California Co-Invest Fund, L.P.LP InterestAugust 9, 2022
Rhea Acquisition Holdings, LPSeries A-2 UnitsFebruary 18, 2022
Romulus Intermediate Holdings 1 Inc. (dba PetVet Care Centers)Series A Preferred StockNovember 15, 2023
Sunshine Software Holdings, Inc. (dba Cornerstone OnDemand, Inc.)Series A Preferred StockOctober 14, 2021
Thunder Topco L.P. (dba Vector Solutions)Common UnitsJune 30, 2021
Vestwell Holdings, Inc.Series D Preferred StockDecember 20, 2023
Walker Edison Holdco LLCCommon EquityMarch 1, 2023
WMC Bidco, Inc. (dba West Monroe)Senior Preferred StockNovember 9, 2021
WP Irving Co-Invest, L.P.Partnership UnitsMay 18, 2022
XOMA CorporationWarrantsDecember 15, 2023
Zoro TopCo, L.P.Class A Common UnitsNovember 22, 2022
Zoro TopCo, Inc.Series A Preferred StockNovember 22, 2022
* Refer to Note 4 “Investments - OCIC SLF LLC” and “Investments - Blue Owl Credit SLF LLC”, for further information.
** Refer to Note 3 “Agreements and Related Party Transactions - Controlled/Affiliated Portfolio Companies”.

(25)As of December 31, 2024, the net estimated unrealized gain on investments for U.S. federal income tax purposes was $52.6 million based on a tax cost basis of $26.3 billion. As of December 31, 2024, the estimated aggregate gross unrealized loss for U.S. federal income tax purposes was $182.9 million. As of December 31, 2024, the estimated aggregate gross unrealized gain for U.S. federal income tax purposes was $235.5 million.





62
Blue Owl Credit Income Corp.
Consolidated Schedules of Investments - Continued
As of December 31, 2024
(Amounts in thousands, except share amounts)
(26)Investment is non-income producing.
(27)Investment is not pledged as collateral under the Company’s Amended and Restated Senior Secured Revolving Credit Agreement (the “Revolving Credit Facility”, credit facilities to which certain of our subsidiaries are parties (the “SPV Asset Facilities”) and collateral loan obligation transactions (“CLOs”).
(28)We invest in this portfolio company through underlying blocker entities Hercules Blocker 1 LLC, Hercules Blocker 2 LLC, Hercules Blocker 3 LLC, Hercules Blocker 4 LLC, and Hercules Blocker 5 LLC.
(29)Unless otherwise indicated, the Company’s portfolio companies are pledged as collateral supporting the amounts outstanding under the Revolving Credit Facility, SPV Asset Facilities and CLOs. See Note 5 “Debt”.
(30)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 (“non-controlled affiliate”). Transactions related to investments in non-controlled affiliates for the period ended December 31, 2024 were as follows:

CompanyFair value as of December 31, 2023
Gross Additions(a)
Gross Reductions(b)
Net Change in Unrealized Gain/(Loss)Realized Gain/(Loss)Fair value as of December 31, 2024Dividend IncomeInterest and PIK IncomeOther Income
LSI Financing 1 DAC$78,406 $22,288 $(100,694)$(6,093)$10,864 $4,771 $486 $74 $— 
Pluralsight, LLC— 3,477 — — — 3,477 — 96 — 
Total$78,406 $25,765 $(100,694)$(6,093)$10,864 $8,248 $486 $170 $— 
________
(a) Gross additions may include increases in the cost basis of investments resulting from new investments, amounts related to payment-in-kind (“PIK”) interest capitalized and added to the principal balance of the respective loans, the accretion of discounts, the exchange of one or more existing investments for one or more new investments and the movement at fair value of an existing portfolio company into this controlled affiliated category from a different category.
(b) Gross reductions may include decreases in the cost basis of investments resulting from principal collections related to investment repayments and sales, return of capital, the amortization of premiums and the exchange of one or more existing securities for one or more new securities.

(31)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 (“controlled affiliate”). The Company’s investments in controlled affiliates for the period ended December 31, 2024 were as follows:






63
Blue Owl Credit Income Corp.
Consolidated Schedules of Investments - Continued
As of December 31, 2024
(Amounts in thousands, except share amounts)
CompanyFair value as of December 31, 2023
Gross Additions(a)
Gross Reductions(b)
Net Change in Unrealized Gain/(Loss)Realized Gain/(Loss)Fair value as of December 31, 2024Dividend IncomeInterest and PIK IncomeOther Income
AAM Series 2.1 Aviation Feeder, LLC(c)$78,476 $50,774 $(57,983)$6,413 $— $77,680 $— $4,970 $— 
AAM Series 1.1 Rail and Domestic Intermodal Feeder, LLC(c)64,839 10,236 (3,475)3,512 — 75,112 — 5,035 — 
Blue Owl Credit SLF LLC— 11,781 (7,510)23 — 4,294 80 — — 
Fifth Season Investments LLC156,794 115,658 (70,093)20,915 — 223,274 23,832 — — 
LSI Financing LLC— 397,270 (108,567)5,072 — 293,775 1,511 — — 
OCIC SLF LLC (fka Blue Owl Credit Income Senior Loan Fund LLC)273,441 53,375 — (15,207)— 311,609 53,039 — — 
Total$573,550 $639,094 $(247,628)$20,728 $— $985,744 $78,462 $10,005 $— 
________
(a) Gross additions may include increases in the cost basis of investments resulting from new investments, amounts related to PIK interest capitalized and added to the principal balance of the respective loans, the accretion of discounts, the exchange of one or more existing investments for one or more new investments and the movement at fair value of an existing portfolio company into this controlled affiliated category from a different category.
(b) Gross reductions may include decreases in the cost basis of investments resulting from principal collections related to investment repayments and sales, return of capital, the amortization of premiums and the exchange of one or more existing securities for one or more new securities.
(c) In connection with its investment in AAM Series 1.1 Rail and Domestic Intermodal Feeder, LLC and AAM Series 2.1 Aviation Feeder, LLC (collectively, “Amergin AssetCo”) the Company made a minority investment in Amergin Asset Management, LLC which has entered into a Servicing Agreement with Amergin AssetCo.

(32)Investment was on non-accrual status as of December 31, 2024.
(33)Investment measured at net asset value (“NAV”).
(34)The negative cost and fair value results from unamortized fees, which are capitalized to the investment cost of unfunded commitments.

The accompanying notes are an integral part of these consolidated financial statements.





64
Blue Owl Credit Income Corp.
Consolidated Statements of Changes in Net Assets
(Amounts in thousands)
(Unaudited)

For the Three Months Ended June 30,For the Six Months Ended June 30,
2025202420252024
Increase (Decrease) in Net Assets Resulting from Operations
Net investment income (loss)$397,772 $343,817 $766,498 $617,943 
Net change in unrealized gain (loss)(43,148)(24,310)(96,261)(22,695)
Net realized gain (loss) on investments13,560 (1,117)(50,320)(4,488)
Net Increase (Decrease) in Net Assets Resulting from Operations368,184 318,390 619,917 590,760 
Distributions
Class S(135,392)(92,450)(259,259)(172,273)
Class D(13,703)(10,619)(26,763)(20,576)
Class I(283,191)(179,661)(537,725)(333,398)
Net Decrease in Net Assets Resulting from Shareholders’ Distributions(432,286)(282,730)(823,747)(526,247)
Capital Share Transactions
Class S:
Issuance of shares of common stock487,762 562,850 1,028,900 1,000,446 
Share transfers between classes(1)
(11,105)(1,670)(33,695)(2,357)
Repurchase of common shares(107,562)(50,529)(161,060)(84,355)
Reinvestment of shareholders’ distributions62,172 38,316 117,752 71,026 
Net Increase (Decrease) in Net Assets Resulting from Capital Share Transactions - Class S431,267 548,967 951,897 984,760 
Class D:
Issuance of shares of common stock14,349 47,198 71,026 81,889 
Share transfers between classes(1)
(1,329)— (1,305)(338,702)
Repurchase of common shares(19,164)(3,558)(21,076)(29,912)
Reinvestment of shareholders’ distributions4,463 3,181 8,532 8,419 
Net Increase (Decrease) in Net Assets Resulting from Capital Share Transactions - Class D(1,681)46,821 57,177 (278,306)
Class I:
Issuance of shares of common stock1,068,761 1,059,009 2,397,188 1,886,024 
Share transfers between classes(1)
12,434 1,670 35,000 341,059 
Repurchase of common shares(337,475)(97,737)(486,014)(179,731)
Reinvestment of shareholders’ distributions116,250 74,924 222,026 136,213 
Net Increase (Decrease) in Net Assets Resulting from Capital Share Transactions - Class I859,970 1,037,866 2,168,200 2,183,565 
Total Increase (Decrease) in Net Assets1,225,454 1,669,314 2,973,444 2,954,532 
Net Assets, at beginning of period16,269,592 10,177,764 14,521,602 8,892,546 
Net Assets, at end of period$17,495,046 $11,847,078 $17,495,046 $11,847,078 
(1)In certain cases, and subject to Blue Owl Securities LLC’s (d/b/a Blue Owl Securities) (the “Dealer Manager”) approval, including in situations where a holder of Class S or Class D shares exits a relationship with a participating broker-dealer for this offering and does not enter into a new relationship with a participating broker-dealer for this offering, such holder’s shares may be exchanged into an equivalent net asset value amount of Class I shares.

The accompanying notes are an integral part of these consolidated financial statements.





65
Blue Owl Credit Income Corp.
Consolidated Statements of Cash Flows
(Amounts in thousands)
(Unaudited)
For the Six Months Ended June 30,
20252024
Cash Flows from Operating Activities
Net Increase (Decrease) in Net Assets Resulting from Operations$619,917 $590,760 
Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash used in operating activities:
Purchases of investments, net(8,418,782)(7,563,881)
Proceeds from investments and investment repayments, net2,851,462 2,171,746 
Net change in unrealized (gain) loss on investments100,145 22,994 
Net change in unrealized gain (loss) on interest rate swap attributed to unsecured notes122,724 (37,560)
Net change in unrealized (gain) loss on translation of assets and liabilities in foreign currencies(4,950)(291)
Net change in unrealized (gain) loss on income tax (provision) benefit1,066 (8)
Net realized (gain) loss on investments49,546 3,434 
Net realized (gain) loss on foreign currency transactions relating to investments858 163 
Net realized (gain) loss on foreign currency transactions relating to debt129 — 
Paid-in-kind interest and dividends(86,066)(94,422)
Net amortization/accretion of premium/discount on investments(52,560)(73,508)
Amortization of debt issuance costs24,965 13,333 
Amortization of offering costs3,542 2,694 
Changes in operating assets and liabilities:
(Increase) decrease in interest receivable(11,924)(23,201)
(Increase) decrease in receivable from controlled affiliates(7,340)(7,340)
(Increase) decrease in receivable for investments sold46,794 21,131 
(Increase) decrease in prepaid expenses and other assets(140,096)(56,801)
Increase (decrease) in payable for investments purchased104,167 310,702 
Increase (decrease) in payables to affiliates5,146 15,668 
Increase (decrease) in accrued expenses and other liabilities(108,656)109,303 
Net cash used in operating activities(4,899,913)(4,595,084)
Cash Flows from Financing Activities
Borrowings on debt8,710,000 7,588,042 
Repayments of debt(6,895,000)(5,258,000)
Deferred offering costs paid(5,210)(740)
Debt issuance costs paid(37,052)(42,217)
Repurchase of common stock(397,119)(256,057)
Proceeds from issuance of common shares3,497,114 2,968,359 
Distributions paid to shareholders(441,672)(279,999)
Net cash provided by financing activities4,431,0614,719,388
Net increase (decrease) in cash and restricted cash, including foreign cash (restricted cash of $(136,170) and $69,588, respectively)
(468,852)124,304 
Cash and restricted cash, including foreign cash, beginning of period (restricted cash of $182,030 and $40,872, respectively)
1,006,483 415,384 
Cash and restricted cash, including foreign cash, end of period (restricted cash of $45,860 and $110,460, respectively)
$537,631 $539,688 
Supplemental and Non-Cash Information
Interest paid during the period$490,584 $274,136 
Distributions declared during the period$823,747 $526,247 
Reinvestment of distributions during the period$348,310 $215,658 
Taxes, including excise tax, paid during the period$10,028 $11 
Distributions payable$186,242 $124,520 
The accompanying notes are an integral part of these consolidated financial statements.





66

Blue Owl Credit Income Corp.
Notes to Consolidated Financial Statements
(Unaudited)
Note 1. Organization and Principal Business

Blue Owl Credit Income Corp. (the “Company”) is a Maryland corporation formed on April 22, 2020. The Company was formed primarily to originate and make loans to, and make debt and equity investments in, U.S. middle-market companies. The Company’s investment objective is to generate current income and, to a lesser extent, capital appreciation by targeting investment opportunities with favorable risk-adjusted returns. The Company invests in senior secured or unsecured loans, subordinated loans or mezzanine loans and, to a lesser extent, equity and equity-related securities which include common and preferred stock, securities convertible into common stock, and warrants. The Company may make investments with shorter or longer maturities from time to time. The Company intends, under normal circumstances, to invest directly, or indirectly through its investment in OCIC SLF LLC (f/k/a Blue Owl Credit Income Senior Loan Fund LLC) (“OCIC SLF”) or any similarly situated companies, at least 80% of the value of its total assets in credit investments. The Company defines “credit” to mean debt investments made in exchange for regular interest payments. The target credit investments will typically have maturities between three and ten years and generally range in size between $20 million and $500 million, although the investment size will vary with the size of the Company’s capital base. The Company may on occasion invest in smaller or larger companies if an attractive opportunity presents itself, especially when there are dislocations in the capital markets, including the high yield and large syndicated loan markets, which are often referred to as “junk” investments.

The Company is an externally managed closed-end management investment company that has elected to be regulated as a business development company, or BDC, under the Investment Company Act of 1940, as amended (the “1940 Act”). The Company has elected to be treated for federal income tax purposes, and intends to qualify annually, as a regulated investment company (a “RIC”) under the Internal Revenue Code of 1986, as amended (the “Code”). Because the Company has elected to be regulated as a BDC and as a RIC under the Code, the Company’s portfolio is subject to diversification and other requirements.

In November 2020, the Company commenced operations and made its first portfolio company investment. On October 23, 2020, the Company formed a wholly-owned subsidiary, OR Lending IC LLC, a Delaware limited liability company, which holds a California finance lenders license. OR Lending IC LLC makes loans to borrowers headquartered in California. From time to time the Company may form wholly-owned subsidiaries to facilitate the normal course of business.

Blue Owl Credit Advisors LLC (the “Adviser”) serves as the Company’s investment adviser. The Adviser is an indirect affiliate of Blue Owl Capital Inc. (“Blue Owl”) (NYSE: OWL) and part of Blue Owl’s Credit platform which includes several strategies, including direct lending, alternative credit, investment grade credit, liquid credit and other adjacent investment strategies. The Adviser is registered with the Securities and Exchange Commission (“SEC”) as an investment adviser under the Investment Advisers Act of 1940 (the “Advisers Act”). Blue Owl consists of three product platforms: (1) Credit, (2) GP Strategic Capital, which primarily focuses on acquiring equity stakes in, or providing debt financing to, large, multi-product private equity and private credit firms and (3) Real Assets, which primarily focuses on the strategies of net lease real estate, real estate credit and digital infrastructure, which focuses on acquiring, financing, developing and operating data centers and related digital infrastructure assets. Subject to the overall supervision of the Company’s board of directors (the “Board”), the Adviser manages the day-to-day operations of, and provides investment advisory and management services to, the Company.

The Company received an exemptive order that permits it to offer multiple classes of shares of common stock and to impose varying sales loads, asset-based servicing and/or distribution fees and early withdrawal fees. On November 12, 2020, the Company commenced its initial public offering pursuant to which it offered, on a continuous basis, up to $2,500,000,000 in any combination of amount of shares of Class S, Class D and Class I common stock. On February 14, 2022, the Company commenced its follow-on offering, pursuant to which it offered on a continuous basis, up to $13,500,000,000 in any combination of amount of shares of Class S, Class D and Class I common stock. On December 6, 2024, the Company commenced its current offering, pursuant to which it is offering on a continuous basis, up to $14,000,000,000 in any combination of amount of shares of Class S, Class D and Class I common stock. The share classes have different upfront selling commissions and ongoing servicing fees. Each class of common stock will be offered through Blue Owl Securities LLC (d/b/a Blue Owl Securities) (the “Dealer Manager” or “Blue Owl Securities”). The Dealer Manager is entitled to receive upfront selling commissions of up to 3.50% of the offering price of each Class S share sold in the offering and 1.50% of the offering price of each Class D share sold. Class I shares are not subject to upfront selling commissions. Any upfront selling commissions for the Class S shares and Class D shares sold in the offering will be deducted from the purchase price. Class S, Class D and Class I shares were offered at initial purchase prices per shares of $10.35, $10.15 and $10.00, respectively. Currently, the purchase price per share for each class of common stock varies, but will not be sold at a price below the Company’s net asset value per share of such class, as determined in accordance with the Company’s share pricing policy, plus applicable upfront selling commissions. The Company also engages in private placement offerings of its common stock.

Since meeting the minimum offering requirement and commencing its continuous public offering through June 30, 2025, the Company has issued 628,638,106 shares of Class S common stock, 97,439,821 shares of Class D common stock and 1,200,361,593 shares of Class I common stock, exclusive of any tender offers and shares issued pursuant to our distribution reinvestment plan, for gross proceeds of $5.94 billion, $0.91 billion and $11.29 billion, respectively, including $1,000 of seed capital contributed by its





67

Blue Owl Credit Income Corp.
Notes to Consolidated Financial Statements - Continued
(Unaudited)
Adviser in September of 2020, $25.0 million in gross proceeds raised from an entity affiliated with the Adviser and 109,500,186 shares of Class I common stock issued in a private placement to feeder vehicles primarily created to hold the Company’s Class I shares for gross proceeds of approximately $1.04 billion.
Note 2. Significant Accounting Policies
Basis of Presentation
The accompanying consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). The Company is an investment company and, therefore, applies the specialized accounting and reporting guidance in Accounting Standards Codification (“ASC”) Topic 946, Financial Services – Investment Companies. In the opinion of management, all adjustments considered necessary for the fair presentation of the consolidated financial statements have been included.

Reclassifications
As a result of changes in presentations, certain prior year amounts have been reclassified to conform to the current presentation. These reclassifications had no effect on the reported results of operations.
Use of Estimates 
The preparation of the consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements. Actual amounts could differ from those estimates and such differences could be material.
Cash and Restricted Cash
Cash consists of deposits held at a custodian bank and restricted cash pledged as collateral. Cash is carried at cost, which approximates fair value. The Company deposits its cash with highly-rated banking corporations and, at times, may exceed the insured limits under applicable law. Restricted cash primarily relates to cash held as collateral for interest rate swaps.
Consolidation
As provided under Regulation S-X and ASC Topic 946—Financial Services—Investment Companies, the Company will generally not consolidate its investment in a company other than a wholly-owned investment company or controlled operating company whose business consists of providing services to the Company.
The Company does not consolidate its equity interests in AAM Series 1.1 Rail and Domestic Intermodal Feeder, LLC and AAM Series 2.1 Aviation Feeder, LLC (collectively, “Amergin AssetCo”), LSI Financing LLC (“LSI Financing LLC”), Fifth Season Investments LLC (“Fifth Season”), Blue Owl Credit SLF LLC (“Credit SLF”), and since November 2, 2022 has not consolidated its equity position in OCIC SLF. OCIC SLF was formed as a wholly-owned subsidiary of the Company and commenced operations on February 14, 2022. On November 2, 2022, the Company and State Teachers Retirement System of Ohio (“OSTRS” and together with the Company, the “Members” and each, a “Member”) entered into an Amended and Restated Limited Liability Company Agreement to co-manage OCIC SLF as a joint venture. See Note 3 “Agreements and Related Party Transactions - Controlled/Affiliated Portfolio Companies”.
Investments at Fair Value
Investment transactions are recorded on the trade date. Realized gains or losses are measured by the difference between the net proceeds received and the amortized cost basis of the investment using the specific identification method without regard to unrealized gains or losses previously recognized, and include investments charged off during the period, net of recoveries. The net change in unrealized gains or losses primarily reflects the change in investment values, including the reversal of previously recorded unrealized gains or losses with respect to investments realized during the period. Rule 2a-5 under the 1940 Act establishes requirements for determining fair value in good faith for purposes of the 1940 Act. Pursuant to Rule 2a-5, the Board designated the Adviser as the Company’s valuation designee to perform fair value determinations relating to the value of assets held by the Company for which market quotations are not readily available.
Investments for which market quotations are readily available are typically valued at the average bid price of those market quotations. To validate market quotations, the Company utilizes a number of factors to determine if the quotations are representative of fair value, including the source and number of the quotations. Debt and equity securities that are not publicly traded or whose





68

Blue Owl Credit Income Corp.
Notes to Consolidated Financial Statements - Continued
(Unaudited)
market prices are not readily available are valued at fair value as determined in good faith by the Adviser, as the valuation designee, based on, among other things, the input of the independent third-party valuation firm(s) engaged at the direction of the Adviser.
As part of the valuation process, the Adviser, as the valuation designee, takes into account relevant factors in determining the fair value of the Company’s investments, including: the estimated enterprise value of a portfolio company (i.e., the total fair value of the portfolio company’s debt and equity), the nature and realizable value of any collateral, the portfolio company’s ability to make payments based on its earnings and cash flow, the markets in which the portfolio company does business, a comparison of the portfolio company’s securities to any similar publicly traded securities, and overall changes in the interest rate environment and the credit markets that may affect the price at which similar investments may be made in the future. When an external event such as a purchase or sale transaction, public offering or subsequent equity sale occurs, the Adviser, as the valuation designee, considers whether the pricing indicated by the external event corroborates its valuation.
The Adviser, as the valuation designee, undertakes a multi-step valuation process, which includes, among other procedures, the following:
•With respect to investments for which market quotations are readily available, those investments will typically be valued at the average bid price of those market quotations;
•With respect to investments for which market quotations are not readily available, the valuation process begins with the independent valuation firm(s) providing a preliminary valuation of each investment to the Adviser’s valuation committee;
•Preliminary valuation conclusions are documented and discussed with the Adviser’s valuation committee;
•The Adviser, as the valuation designee, reviews the recommended valuations and determines the fair value of each investment;
•Each quarter, the Adviser, as the valuation designee, will provide the Audit Committee a summary or description of material fair value matters that occurred in the prior quarter and on an annual basis, the Adviser, as the valuation designee, will provide the Audit Committee with a written assessment of the adequacy and effectiveness of its fair value process; and
•The Audit Committee oversees the valuation designee and will report to the Board on any valuation matters requiring the Board’s attention.

The Company conducts this valuation process on a quarterly basis.
The Company applies Financial Accounting Standards Board Accounting Standards Codification 820, Fair Value Measurements (“ASC 820”), as amended, which establishes a framework for measuring fair value in accordance with U.S. GAAP and required disclosures of fair value measurements. ASC 820 determines fair value to be the price that would be received for an investment in a current sale, which assumes an orderly transaction between market participants on the measurement date. Market participants are defined as buyers and sellers in the principal or most advantageous market (which may be a hypothetical market) that are independent, knowledgeable, and willing and able to transact. In accordance with ASC 820, the Company considers its principal market to be the market that has the greatest volume and level of activity. ASC 820 specifies a fair value hierarchy that prioritizes and ranks the level of observability of inputs used in determination of fair value. In accordance with ASC 820, these levels are summarized below:
•Level 1 – Valuations based on quoted prices in active markets for identical assets or liabilities that the Company has the ability to access.
•Level 2 – Valuations based on quoted prices in markets that are not active or for which all significant inputs are observable, either directly or indirectly.
•Level 3 – Valuations based on inputs that are unobservable and significant to the overall fair value measurement.
Transfers between levels, if any, are recognized at the beginning of the period in which the transfer occurs. In addition to using the above inputs in investment valuations, the Company applies the valuation policy approved by its Board that is consistent with ASC 820. Consistent with the valuation policy, the Adviser, as the valuation designee, evaluates the source of the inputs, including any markets in which its investments are trading (or any markets in which securities with similar attributes are trading), in determining fair value. When an investment is valued based on prices provided by reputable dealers or pricing services (such as broker quotes), the Adviser, as the valuation designee, subjects those prices to various criteria in making the determination as to whether a particular investment would qualify for treatment as a Level 2 or Level 3 investment. For example, the Adviser, as the valuation designee, or the independent valuation firm(s), reviews pricing support provided by dealers or pricing services in order to determine if observable market information is being used, versus unobservable inputs.
The Company applies the practical expedient provided by the ASC Topic 820 relating to investments in certain entities that calculate net asset value per share (or its equivalent). ASC Topic 820 permits an entity holding investments in certain entities that either are investment companies, or have attributes similar to an investment company, and calculate NAV per share or its equivalent for which the fair value is not readily determinable, to measure the fair value of such investments on the basis of that NAV per share,





69

Blue Owl Credit Income Corp.
Notes to Consolidated Financial Statements - Continued
(Unaudited)
or its equivalent, without adjustment. Investments which are valued using NAV per share as a practical expedient are not categorized within the fair value hierarchy as per ASC Topic 820.
Due to the inherent uncertainty of determining the fair value of investments that do not have a readily available market value, the fair value of the Company’s investments may fluctuate from period to period. Additionally, the fair value of such investments may differ significantly from the values that would have been used had a ready market existed for such investments and may differ materially from the values that may ultimately be realized. Further, such investments are generally less liquid than publicly traded securities and may be subject to contractual and other restrictions on resale. If the Company were required to liquidate a portfolio investment in a forced or liquidation sale, it could realize amounts that are different from the amounts presented and such differences could be material.
In addition, changes in the market environment and other events that may occur over the life of the investments may cause the gains or losses ultimately realized on these investments to be different than the unrealized gains or losses reflected herein.
Financial and Derivative Instruments
The Company follows the guidance in ASC 815 Derivatives and Hedging, when accounting for all derivative instruments. The Company designated certain interest rate swaps as hedging instruments, and as a result, the entire change in the fair value of the hedging instrument shall be recorded in the same line item of the Consolidated Statements of Operations as the hedged item. The Company’s interest rate swaps are used to hedge the Company’s fixed rate debt, and therefore both the periodic payment and the change in fair value for the effective hedge, if applicable, will be recognized as components of interest expense in the Consolidated Statements of Operations. Fair value is estimated by discounting remaining payments using applicable current market rates, or market quotes, if available. For all other derivatives, the Company does not utilize hedge accounting and values such derivatives at fair value with the unrealized gains or losses recorded in “net change in unrealized gains (losses) from foreign currency and other transactions” in the Company’s consolidated statement of operations.
Foreign Currency
Foreign currency amounts are translated into U.S. dollars on the following basis:
•cash, fair value of investments, outstanding debt, other assets and liabilities: at the spot exchange rate on the last business day of the period; and
•purchases and sales of investments, borrowings and repayments of such borrowings, income and expenses: at the rates of exchange prevailing on the respective dates of such transactions.
The Company includes net changes in fair values on investments held resulting from foreign exchange rate fluctuations with the change in unrealized gains (losses) on translation of assets and liabilities in foreign currencies on the Consolidated Statements of Operations. The Company’s current approach to hedging the foreign currency exposure in its non-U.S. dollar denominated investments is primarily to borrow the par amount in local currency under the Company’s credit facilities to fund these investments. Fluctuations arising from the translation of foreign currency borrowings are included with the net change in unrealized gains (losses) on translation of assets and liabilities in foreign currencies on the Consolidated Statements of Operations. The Company’s current approach to hedging the foreign currency exposure in its non-U.S. dollar denominated borrowings is to invest the par amount in local currency or enter into a cross-currency swap arrangement.
Investments denominated in foreign currencies and foreign currency transactions may involve certain considerations and risks not typically associated with those of domestic origin, including unanticipated movements in the value of the foreign currency relative to the U.S. dollar.
Interest and Dividend Income Recognition
Interest income is recorded on the accrual basis and includes accretion and amortization of discounts or premiums. Certain investments may have contractual payment-in-kind (“PIK”) interest or dividends, the majority of which is structured at initial underwriting. PIK interest and dividends represent accrued interest or dividends that are added to the principal amount or liquidation amount of the investment on the respective interest or dividend payment dates rather than being paid in cash and generally becomes due at maturity or at the occurrence of a liquidation event.






70

Blue Owl Credit Income Corp.
Notes to Consolidated Financial Statements - Continued
(Unaudited)
PIK interest and PIK dividend income consisted of the following for the periods:

For the Three Months Ended June 30,For the Six Months Ended June 30,
($ in thousands)2025202420252024
PIK Interest Income$32,237 $31,284 $60,999 $58,846 
PIK Interest Income as a % of Investment Income4.1 %5.0 %4.1 %5.1 %
PIK Dividend Income$14,341 $14,767 $27,685 $32,018 
PIK Dividend Income as a % of Investment Income1.8 %2.4 %1.9 %2.8 %
Total PIK Income$46,578 $46,051 $88,684 $90,864 
Total PIK Income as a % of Investment Income6.0 %7.4 %6.0 %7.9 %
Discounts and premiums to par value on securities purchased are amortized into interest income over the contractual life of the respective security using the effective yield method. The amortized cost of investments represents the original cost adjusted for the amortization and accretion of discounts or premiums, if any. Upon prepayment of a loan or debt security, any prepayment premiums, unamortized upfront loan origination fees and unamortized discounts are recorded as interest income in the current period.
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. If at any point the Company believes PIK interest is not expected to be realized, the investment generating PIK interest will be placed on non-accrual status. When a PIK investment is placed on non-accrual status, the accrued, uncapitalized interest or dividends are generally reversed through interest income. 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.
Dividend income on preferred equity securities is recorded on the accrual basis to the extent that such amounts are payable by the portfolio company and are expected to be collected. Dividend income on common equity securities is recorded on the record date for private portfolio companies or on the ex-dividend date for publicly-traded portfolio companies.
Other Income 
From time to time, the Company may receive fees for services provided to portfolio companies. These fees are generally only available to the Company as a result of closing investments, are generally paid at the closing of the investments, are generally non-recurring and are recognized as revenue when earned upon closing of the investment. The services that the Adviser provides vary by investment, but can include closing, work, diligence or other similar fees and fees for providing managerial assistance to the Company’s portfolio companies.
Organization Expenses
Costs associated with the organization of the Company are expensed as incurred. These expenses consist primarily of legal fees and other costs of organizing the Company.
Offering Expenses
Costs associated with the offering of common shares of the Company are capitalized as deferred offering expenses and are included in prepaid expenses and other assets in the Consolidated Statements of Assets and Liabilities and are amortized over a twelve-month period from incurrence. Expenses for any additional offerings are deferred and amortized as incurred. These expenses consist primarily of legal fees and other costs incurred in connection with the Company’s share offerings, the preparation of the Company’s registration statement, and registration fees.
Debt Issuance Costs
The Company records origination and other expenses related to its debt obligations as debt issuance costs. These expenses are deferred and amortized utilizing the effective yield method, over the life of the related debt instrument. Debt issuance costs are presented on the Consolidated Statements of Assets and Liabilities as a direct deduction from the debt liability. In circumstances in which there is not an associated debt liability amount recorded in the consolidated financial statements when the debt issuance costs are incurred, such debt issuance costs will be reported on the Consolidated Statements of Assets and Liabilities as an asset until the debt liability is recorded.





71

Blue Owl Credit Income Corp.
Notes to Consolidated Financial Statements - Continued
(Unaudited)
Reimbursement of Transaction-Related Expenses
The Company may receive reimbursement for certain transaction-related expenses in pursuing investments. Transaction-related expenses, which are generally expected to be reimbursed by the Company’s portfolio companies, are typically deferred until the transaction is consummated and are recorded in prepaid expenses and other assets on the date incurred. The costs of successfully completed investments not otherwise reimbursed are borne by the Company and are included as a component of the investment’s cost basis.
Cash advances received in respect of transaction-related expenses are recorded as cash with an offset to accrued expenses and other liabilities. Accrued expenses and other liabilities are relieved as reimbursable expenses are incurred.
Income Taxes

The Company has elected to be treated as a RIC under the Code beginning with the taxable year ended December 31, 2020 and intends to qualify as a RIC annually. So long as the Company obtains and maintains its tax treatment as a RIC, it generally will not pay U.S. federal income taxes at corporate rates on any ordinary income or capital gains that it distributes at least annually to its shareholders as dividends. Instead, any tax liability related to income earned and distributed by the Company represents obligations of the Company’s investors and will not be reflected in the consolidated financial statements of the Company.

To qualify as a RIC, the Company must, among other things, meet certain source-of-income and asset diversification requirements. In addition, to qualify for RIC tax treatment, the Company must generally distribute to its shareholders, for each taxable year, at least 90% of its “investment company taxable income” for that year, which is generally its ordinary income plus the excess of its realized net short-term capital gains over its realized net long-term capital losses. In order for the Company not to be subject to U.S. federal excise taxes, it must distribute annually an amount at least equal to the sum of (i) 98% of its net ordinary income (taking into account certain deferrals and elections) for the calendar year, (ii) 98.2% of its capital gains in excess of capital losses for the one-year period ending on October 31 of the calendar year and (iii) any net ordinary income and capital gains in excess of capital losses for preceding years that were not distributed during such years. The Company, at its discretion, may carry forward taxable income in excess of calendar year dividends and pay a 4% nondeductible U.S. federal excise tax on this income.

Certain of the Company’s consolidated subsidiaries are subject to U.S. federal and state corporate-level income taxes.

The Company evaluates tax positions taken or expected to be taken in the course of preparing its consolidated financial statements to determine whether the tax positions are “more-likely-than-not” to be sustained by the applicable tax authority. Tax positions not deemed to meet the “more-likely-than-not” threshold are reserved and recorded as a tax benefit or expense in the current year. All penalties and interest associated with income taxes are included in income tax expense. Conclusions regarding tax positions are subject to review and may be adjusted at a later date based on factors including, but not limited to, on-going analyses of tax laws, regulations and interpretations thereof. There were no material uncertain income tax positions through December 31, 2024. As applicable, the Company’s prior three tax years remain subject to examination by U.S. federal, state and local tax authorities.

Income and Expense Allocations

Income and realized and unrealized capital gains and losses are allocated to each class of shares of the Company on the basis of the aggregate net asset value of that class in relation to the aggregate net asset value of the Company.

Expenses that are common to all share classes are borne by each class of shares based on the net assets of the Company attributable to each class. Expenses that are specific to a class of shares are allocated to such class either directly or through the servicing fees paid pursuant to the Company’s distribution plan. See Note 3. “Agreements and Related Party Transactions – Shareholder Servicing Plan.”

Distributions to Common Shareholders

Distributions to common shareholders are recorded on the record date. The amount to be distributed is determined by the Board and is generally based upon the earnings estimated by the Adviser. In addition, the Board may consider the level of undistributed taxable income carried forward from the prior year for distribution in the current year. Net realized long-term capital gains, if any, would be generally distributed at least annually although the Company may decide to retain such capital gains for investment.
Subject to the Company’s board of directors’ discretion and applicable legal restrictions, the Company intends to authorize and declare cash distributions to the Company’s shareholders on a monthly or quarterly basis and pay such distributions on a monthly basis. The per share amount of distributions for Class S, Class D, and Class I shares will differ because of different allocations of





72

Blue Owl Credit Income Corp.
Notes to Consolidated Financial Statements - Continued
(Unaudited)
class-specific expenses. Specifically, because the ongoing servicing fees are calculated based on the Company’s net asset value for the Company’s Class S and Class D shares, the ongoing service fees will reduce the net asset value or, alternatively, the distributions payable, with respect to the shares of each such class, including shares issued under the Company’s distribution reinvestment plan. As a result, the distributions on Class S shares and Class D shares may be lower than the distributions on Class I shares.
The Company has adopted a distribution reinvestment plan which was amended and restated on May 6, 2024. The amended and restated distribution reinvestment plan provides for reinvestment of any cash distributions on behalf of shareholders who have enrolled in the distribution reinvestment plan. As a result, if the Board authorizes and declares a cash distribution, then the shareholders who have enrolled in the distribution reinvestment plan will have their cash distribution automatically reinvested in additional shares of the Company’s common stock, rather than receiving the cash distribution. The Company expects to use newly issued shares to implement the distribution reinvestment plan.
Segment Reporting
In accordance with ASC Topic 280 – “Segment Reporting (ASC 280),” the Company has determined that it has a single operating and reporting segment. As a result, the Company’s segment accounting policies are the same as described herein and the Company does not have any intra-segment sales and transfers of assets.
The Company operates through a single operating and reporting segment with an investment objective to generate both current income, and to a lesser extent, capital appreciation through debt and equity investments. The chief operating decision maker (“CODM”) is comprised of the Company’s chief executive officer, president, and chief financial officer and chief operating officer and assesses the performance and makes operating decisions of the Company on a consolidated basis primarily based on the Company’s net increase in shareholder’s equity resulting from operations (“net income”). In addition to numerous other factors and metrics, the CODM utilizes net income as a key metric in determining the amount of dividends to be distributed to the Company’s stockholders. As the Company’s operations comprise of a single reporting segment, the segment assets are reflected on the accompanying consolidated balance sheet as “total assets” and the significant segment expenses are listed on the accompanying consolidated statement of operations.
New Accounting Pronouncements
In December 2023, the FASB issued ASU No. 2023-09, “Income Taxes (Topic 740),” which updates annual income tax disclosure requirements related to rate reconciliation, income taxes paid and other disclosures. ASU 2023-09 is effective for public business entities for fiscal years beginning after December 15, 2024. Early adoption is permitted for annual financial statements that have not yet been issued or made available for issuance. The Company is currently evaluating the impact of adopting ASU No. 2023-09 on the consolidated annual financial statements.
In November 2024, the FASB issued ASU 2024-03, “Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 2200-40),” which requires disaggregated disclosure of certain costs and expenses, including purchases of inventory, employee compensation, depreciation, amortization and depletion, in each relevant expense caption. ASU 2024-03 is effective for fiscal years beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027. Early adoption and retrospective application is permitted. The Company is currently assessing the impact of this guidance, however, the Company does not expect a material impact on its consolidated financial statements.
Other than the aforementioned guidance, the Company’s management does not believe that any recently issued, but not yet effective, accounting standards, if currently adopted, would have a material effect on the accompanying consolidated financial statements.

Note 3. Agreements and Related Party Transactions

As of June 30, 2025, the Company had payables to affiliates of $78.6 million, comprised of $56.8 million of accrued performance based incentive fees, $17.6 million of management fees, and $4.2 million of costs and expenses reimbursable to the Adviser pursuant to the Administration Agreement. As of December 31, 2024, the Company had payables to affiliates of $73.4 million, comprised of $54.0 million of accrued performance based incentive fees, $14.6 million of management fees, and $4.8 million of costs and expenses reimbursable to the Adviser pursuant to the Administration Agreement.

Administration Agreement

The Company has entered into an amended and restated Administration Agreement (the “Administration Agreement”) with the Adviser. The Administration Agreement became effective on May 18, 2021. Under the terms of the Administration Agreement, the Adviser performs, or oversees the performance of, required administrative services, which include providing office space, equipment





73

Blue Owl Credit Income Corp.
Notes to Consolidated Financial Statements - Continued
(Unaudited)
and office services, maintaining financial records, preparing reports to shareholders and reports filed with the SEC, and managing the payment of expenses, and the performance of administrative and professional services rendered by others.

The Administration Agreement also provides that the Company reimburses the Adviser for certain organization costs incurred prior to the commencement of the Company’s operations, and for certain offering costs.

The Company reimburses the Adviser for services performed for it pursuant to the terms of the Administration Agreement. 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 the Company will reimburse the Adviser for any services performed for it by such affiliate or third party.

Unless earlier terminated as described below, the Administration Agreement will remain in effect for two years from the date it first became effective, and will remain in effect and from year to year thereafter if approved annually by a majority of the Board or by the holders of a majority of the Company’s outstanding voting securities and, in each case, a majority of the independent directors. On May 5, 2025, the Board approved the continuation of the Administration Agreement.

The Administration Agreement may be terminated at any time, without the payment of any penalty, upon 60 days’ written notice, by the vote of a majority of the outstanding voting securities of the Company (as defined in the 1940 Act), or by the vote of a majority of the Board or by the Adviser.

No person who is an officer, director, or employee of the Adviser or its affiliates and who serves as a director of the Company receives any compensation from the Company for his or her services as a director. However, the Company reimburses the Adviser (or its affiliates) for an allocable portion of the compensation paid by the Adviser or its affiliates to the Company’s Chief Compliance Officer, Chief Financial Officer and their respective staffs (based on the percentage of time those individuals devote, on an estimated basis, to the business and affairs of the Company). Directors who are not affiliated with the Adviser receive compensation for their services and reimbursement of expenses incurred to attend meetings.

For the three and six months ended June 30, 2025 the Company incurred expenses of approximately $2.3 million and $4.3 million, respectively, for costs and expenses reimbursable to the Adviser under the terms of the Administration Agreement. For the three and six months ended June 30, 2024 the Company incurred expenses of approximately $1.4 million and $2.8 million, respectively, for costs and expenses reimbursable to the Adviser under the terms of the Administration Agreement.

Investment Advisory Agreement

The Company has entered into an amended and restated Investment Advisory Agreement (the “Investment Advisory Agreement”) with the Adviser. The Investment Advisory Agreement became effective on May 18, 2021. Under the terms of the Investment Advisory Agreement, the Adviser is responsible for managing the Company’s business and activities, including sourcing investment opportunities, conducting research, performing diligence on potential investments, structuring its investments, and monitoring its portfolio companies on an ongoing basis through a team of investment professionals.

The Adviser’s services under the Investment Advisory Agreement are not exclusive, and accordingly, the Adviser may provide similar services to others.

Under the terms of the Investment Advisory Agreement, the Company pays the Adviser a base management fee and may also pay a performance based incentive fee. The cost of both the management fee and the incentive fee will ultimately be borne by the Company’s shareholders.

Unless earlier terminated as described below, the Investment Advisory Agreement will remain in effect for two years from the date it first became effective, and will remain in effect and from year-to-year thereafter if approved annually by a majority of the Board or by the holders of a majority of the Company’s outstanding voting securities and, in each case, by a majority of independent directors. On May 5, 2025, the Board approved the continuation of the Investment Advisory Agreement.

The Investment Advisory Agreement will automatically terminate within the meaning of the 1940 Act and related SEC guidance and interpretations in the event of its assignment. In accordance with the 1940 Act, without payment of penalty, the Company may terminate the Investment Advisory Agreement with the Adviser upon 60 days’ written notice. The decision to terminate the agreement may be made by a majority of the Board of Directors or the shareholders holding a majority (as defined under the 1940 Act) of the outstanding shares of the Company’s common stock or the Adviser. In addition, without payment of any penalty, the Adviser may generally terminate the Investment Advisory Agreement upon 120 days’ written notice.






74

Blue Owl Credit Income Corp.
Notes to Consolidated Financial Statements - Continued
(Unaudited)
From time to time, the Adviser may pay amounts owed by the Company to third-party providers of goods or services, including the Board, and the Company will subsequently reimburse the Adviser for such amounts paid on its behalf. Amounts payable to the Adviser are settled in the normal course of business without formal payment terms.

The base management fee is payable monthly in arrears. The base management fee is calculated at an annual rate of 1.25% based on the average value of the Company’s net assets at the end of the two most recently completed calendar months. All or part of the base management fee not taken as to any month will be deferred without interest and may be taken in any such month prior to the occurrence of a liquidity event. Base management fees for any partial month are prorated based on the number of days in the month. On September 30, 2020 and February 23, 2021, the Adviser agreed to waive 100% of the base management fee for the quarters ended December 31, 2020 and March 31, 2021, respectively. Any portion of management fees waived shall not be subject to recoupment.

For the three and six months ended June 30, 2025 management fees were $51.5 million, net of $0.2 million in management fee waivers and $97.9 million, net of $0.3 million in management fee waivers, respectively. For the three and six months ended June 30, 2024 management fees were $33.0 million and $61.5 million, respectively.

Pursuant to the Investment Advisory Agreement, the Adviser is entitled to an incentive fee. The incentive fee consists of two parts: (i) an incentive fee on income and (ii) an incentive fee on capital gains. Each part of the incentive fee is outlined below.

The incentive fee on income will be calculated and payable quarterly in arrears and will be based upon the Company’s pre- incentive fee net investment income for the immediately preceding calendar quarter. In the case of a liquidation of the Company or if the Investment Advisory Agreement is terminated, the fee will also become payable as of the effective date of the event.

The incentive fee on income for each calendar quarter will be calculated as follows:

•No incentive fee on income will be payable in any calendar quarter in which the pre-incentive fee net investment income does not exceed a quarterly return to investors of 1.25% of the Company’s net asset value for that immediately preceding calendar quarter. The Company refers to this as the quarterly preferred return.

•All of the Company’s pre-incentive fee net investment income, if any, that exceeds the quarterly preferred return, but is less than or equal to 1.43%, which the Company refers to as the upper level breakpoint, of the Company’s net asset value for that immediately preceding calendar quarter, will be payable to the Company’s Adviser. The Company refers to this portion of the incentive fee on income as the “catch-up.” It is intended to provide an incentive fee of 12.50% on all of the Company’s pre-incentive fee net investment income when the pre-incentive fee net investment income reaches 1.43% of the Company’s net asset value for that calendar quarter, measured as of the end of the immediately preceding calendar quarter. The quarterly preferred return of 1.25% and upper level breakpoint of 1.43% are also adjusted for the actual number of days each calendar quarter.

•For any quarter in which the Company’s pre-incentive fee net investment income exceeds the upper level break point of 1.43% of the Company’s net asset value for that immediately preceding calendar quarter, the incentive fee on income will equal 12.50% of the amount of the Company’s pre-incentive fee net investment income, because the quarterly preferred return and catch up will have been achieved.

•Pre-incentive fee net investment income is defined as investment income and any other income, accrued during the calendar quarter, minus operating expenses for the quarter, including the base management fee, expenses payable under the Investment Advisory Agreement and the Administration Agreement, any interest expense and dividends paid on any issued and outstanding preferred stock, but excluding the incentive fee. Pre-incentive fee net investment income does not include any expense support payments or any reimbursement by the Company of expense support payments, or any realized capital gains, realized capital losses or unrealized capital appreciation or depreciation.

The second component of the incentive fee, the “Capital Gains Incentive Fee”, will be determined and payable in arrears as of the end of each calendar year during which the Investment Advisory Agreement is in effect. In the case of a liquidation, or if the Investment Advisory Agreement is terminated, the fee will also become payable as of the effective date of such event. The annual fee will equal (i) 12.50% of the Company’s realized capital gains on a cumulative basis from inception through the end of such calendar year, computed net of all realized capital losses and unrealized capital depreciation on a cumulative basis, less (ii) the aggregate amount of any previously paid incentive fees on capital gains as calculated in accordance with U.S. GAAP. The Company will accrue but will not pay a Capital Gains Incentive Fee with respect to unrealized appreciation because a Capital Gains Incentive Fee would be owed to the Adviser if the Company was to sell the relevant investment and realize a capital gain. In no event will the incentive fee on capital gains payable pursuant hereto be in excess of the amount permitted by the Advisers Act, including Section 205 thereof.






75

Blue Owl Credit Income Corp.
Notes to Consolidated Financial Statements - Continued
(Unaudited)
For the three and six months ended June 30, 2025, the Company incurred performance based incentive fees on net investment income of $56.8 million and $109.5 million, respectively. For the three and six months ended June 30, 2024, the Company incurred performance based incentive fees on net investment income of $48.7 million and $87.8 million, respectively.

For the three and six months ended June 30, 2025, the Company did not incur performance based incentive fees based on capital gains. For the three and six months ended June 30, 2024, the Company recorded a reversal of previously recorded performance based incentive fees based on capital gains of $3.2 million and $3.4 million, respectively, which was primarily related to a net change in unrealized depreciation on investments.

Under the terms of the Investment Advisory Agreement, the Adviser is entitled to receive up to 1.5% of gross offering proceeds raised in the continuous public offering until all organization and offering costs paid by the Adviser or its affiliates have been recovered. The Adviser is responsible for the payment of the Company’s organization and offering expenses to the extent that these expenses exceed 1.5% of the aggregate gross offering proceeds, without recourse against or reimbursement by the Company. The Company bears all other expenses of its operations and transactions including, without limitation, those relating to: expenses deemed to be “organization and offering expenses” for purposes of Financial Industry Regulatory Authority (“FINRA”) Conduct Rule 2310(a)(12) (exclusive of commissions, the dealer manager fee, any discounts and other similar expenses paid by investors at the time of sale of the Company’s stock); the cost of corporate and organizational expenses relating to offerings of shares of common stock, subject to limitations included in the Investment Advisory Agreement; the cost of calculating the Company’s net asset value, including the cost of any third-party valuation services; the cost of effecting any sales and repurchases of the 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 the Company’s rights; escrow agent, transfer agent and custodial fees and expenses; 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 the SEC (or other regulatory bodies) and other reporting and compliance costs, including registration fees, listing fees and licenses, and the compensation of professionals responsible for the preparation of the foregoing; the costs of any reports, proxy statements or other notices to shareholders (including printing and mailing costs); the costs of any shareholder or director meetings and the compensation of 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; costs incurred in connection with the formation or maintenance of entities or vehicles to hold the Company’s assets for tax or other purposes; extraordinary expenses (such as litigation or indemnification); and costs associated with reporting and compliance obligations under the Advisers Act and applicable federal and state securities laws. Notwithstanding anything to the contrary contained herein, the Company shall reimburse the Adviser (or its affiliates) for an allocable portion of the compensation paid by the Adviser (or its affiliates) to the Company’s 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 the business affairs of the Company). Any such reimbursements will not exceed actual expenses incurred by the Adviser and its affiliates.

For the three and six months ended June 30, 2025, subject to the 1.5% organization and offering cost cap, the Company accrued approximately $0.1 million and $0.2 million, respectively, of offering expenses that are reimbursable to the Adviser.

For the three and six months ended June 30, 2024, subject to the 1.5% organization and offering cost cap, the Company accrued less than $0.1 million and $0.1 million, respectively, of initial organization and offering expenses that are reimbursable to the Adviser.

From time to time, the Adviser may pay amounts owed by the Company to third-party providers of goods or services, including the Board, and the Company will subsequently reimburse the Adviser for such amounts paid on its behalf. Amounts payable to the Adviser are settled in the normal course of business without formal payment terms.

Affiliated Transactions

The Company may be prohibited under the 1940 Act from participating in certain transactions with its affiliates without prior approval of the directors who are not interested persons, and in some cases, the prior approval of the SEC. The Company, the Adviser and certain of their affiliates were granted an order for exemptive relief that permitted co-investing with affiliates of the Company subject to various approvals of the Board and other conditions. On May 6, 2025, the Company, the Adviser and certain of their affiliates were granted a new order for exemptive relief that superseded the prior order for exemptive relief (the “Order”) by the SEC for the Company to co-invest with other funds managed by the Adviser or certain affiliates, in a manner consistent with the Company’s investment objective, positions, policies, strategies and restrictions as well as regulatory requirements and other pertinent





76

Blue Owl Credit Income Corp.
Notes to Consolidated Financial Statements - Continued
(Unaudited)
factors. Pursuant to such Order, the Company generally is permitted to co-invest with certain of its affiliates if such co-investments are done on the same terms and at the same time, as further detailed in the Order. The Order requires that a “required majority” (as defined in Section 57(o) of the 1940 Act) of the Board make certain findings (1) in most instances when the Company co-invests with its affiliates in an issuer where an affiliate of the Company has an existing investment in the issuer, and (2) if the Company disposes of an asset acquired in a transaction under the Order unless the disposition is done on a pro rata basis. Pursuant to the Order, the Board will oversee the Company’s participation in the co-investment program. As required by the Order, the Company has adopted, and the Board has approved, policies and procedures reasonably designed to ensure compliance with the terms of the Order, and the Adviser and the Company’s Chief Compliance Officer will provide reporting to the Board.

The Adviser is affiliated with Blue Owl Technology Credit Advisors LLC (“OTCA”), Blue Owl Technology Credit Advisors II LLC (“OTCA II”), Blue Owl Credit Private Fund Advisors LLC (“OPFA”) and Blue Owl Diversified Credit Advisors LLC (“ODCA” together with OTCA, OTCA II, OPFA and the Adviser, the “Blue Owl Credit Advisers”), which are also registered investment advisers. The Blue Owl Credit Advisers are indirect affiliates of Blue Owl and comprise part of Blue Owl’s Credit platform, which includes several strategies, including direct lending, alternative credit, investment grade credit, liquid credit and other adjacent investment strategies. The Blue Owl Credit Advisers’ allocation policy seeks to ensure equitable allocation of investment opportunities over time between the Company and other funds managed by the Adviser or its affiliates. As a result of the Order, there could be significant overlap in the Company’s investment portfolio and the investment portfolio of the BDCs, funds and separately managed accounts managed by the Blue Owl Credit Advisers (collectively the “Blue Owl Credit Clients”) and/or other funds managed by the Adviser or its affiliates that could avail themselves of the Order.

Dealer Manager Agreement

The Company has entered into a dealer manager agreement (the “Dealer Manager Agreement”) with Blue Owl Securities, an affiliate of the Adviser, and participating broker-dealer agreements with certain broker-dealers. Under the terms of the Dealer Manager Agreement and the participating broker-dealer agreements, Blue Owl Securities serves as the dealer manager, and certain participating broker-dealers solicit capital, for the Company’s public offering of shares of Class S, Class D, and Class I common stock. Blue Owl Securities will be entitled to receive upfront selling commissions of up to 3.50% of the offering price of each Class S share sold in this offering. Blue Owl Securities will be entitled to receive upfront selling commissions of up to 1.50% of the offering price of each Class D share sold in this offering. Blue Owl Securities anticipates that all or a portion of the upfront selling commissions will be retained by, or reallowed (paid) to, participating broker-dealers. Blue Owl Securities will not receive upfront selling commissions with respect to any class of shares issued pursuant to the Company’s distribution reinvestment plan or with respect to purchases of Class I shares.

Upfront selling commissions for sales of Class S and Class D shares may be reduced or waived in connection with volume or other discounts, other fee arrangements or for sales to certain categories of purchasers.

Blue Owl Securities, an affiliate of Blue Owl, is registered as a broker-dealer with the SEC and is a member of the Financial Industry Regulatory Authority.

Shareholder Servicing Plan

Subject to FINRA limitations on underwriting compensation and pursuant to a distribution plan adopted by the Company in compliance with Rules 12b-1 and 17d-3 under the 1940 Act, as if those rules applied to the Company, the Company will pay Blue Owl Securities servicing fees for ongoing services as follows:

•with respect to the Company’s outstanding Class S shares equal to 0.85% per annum of the aggregate net asset value of the Company’s outstanding Class S shares; and

•with respect to the Company’s outstanding Class D shares equal to 0.25% per annum of the aggregate net asset value of the Company’s outstanding Class D shares.

The Company will not pay an ongoing servicing fee with respect to the Company’s outstanding Class I shares.

For the three and six months ended June 30, 2025, the Company accrued servicing fees with respect to Class D shares of $0.3 million and $0.7 million, respectively. For the three and six months ended June 30, 2025, the Company accrued servicing fees with respect to Class S shares of $12.2 million and $23.3 million, respectively.

For the three and six months ended June 30, 2024, the Company accrued servicing fees with respect to Class D shares of $0.3 million and $0.5 million, respectively. For the three and six months ended June 30, 2024, the Company accrued servicing fees with respect to Class S shares of $8.3 million and $15.5 million, respectively.





77

Blue Owl Credit Income Corp.
Notes to Consolidated Financial Statements - Continued
(Unaudited)
The servicing fees are paid monthly in arrears. Blue Owl Securities will reallow (pay) all or a portion of the ongoing servicing fees to participating broker-dealers and servicing broker-dealers for ongoing services performed by such broker-dealers, and will waive ongoing servicing fees to the extent a broker-dealer is not eligible to receive it for failure to provide such services. Because the ongoing servicing fees are calculated based on the Company’s net asset values for the Company’s Class S and Class D shares, they will reduce the net asset values or, alternatively, the distributions payable, with respect to the shares of each such class, including shares issued under its distribution reinvestment plan. The Company will cease paying ongoing servicing fees at the date at which total underwriting compensation from any source in connection with this offering equals 10% of the gross proceeds from its offering (excluding proceeds from issuances pursuant to its distribution reinvestment plan). This limitation is intended to ensure that the Company satisfies the requirements of FINRA Rule 2310, which provides that the maximum aggregate underwriting compensation from any source, including compensation paid from offering proceeds and in the form of “trail commissions,” payable to underwriters, broker-dealers, or affiliates thereof participating in an offering may not exceed 10% of gross offering proceeds, excluding proceeds received in connection with the issuance of shares through a distribution reinvestment plan.

Expense Support and Conditional Reimbursement Agreement

On September 30, 2020, the Company entered into the Expense Support and Conditional Reimbursement Agreement (the “Expense Support Agreement”) with the Adviser, the purpose of which was to ensure that no portion of the Company’s distributions to shareholders represented a return of capital for U.S. federal income tax purposes. The Expense Support Agreement became effective as of the date that the Company met the minimum offering requirement and was terminated by the Adviser on March 7, 2023.

Pursuant to the Expense Support Agreement, prior to its termination on March 7, 2023, on a quarterly basis, the Adviser reimbursed the Company for “Operating Expenses” (as defined below) in an amount equal to the excess of the Company’s cumulative distributions paid to the Company’s shareholders in each quarter over “Available Operating Funds” (as defined below) received by the Company on account of its investment portfolio during such quarter. Any payments that the Adviser was required to make pursuant to the preceding sentence are referred to herein as an “Expense Payment”.

Under the Expense Support Agreement, “Operating Expenses” was defined as all of the Company’s operating costs and expenses incurred, as determined in accordance with generally accepted accounting principles for investment companies. “Available Operating Funds” was defined as the sum of (i) the Company’s estimated investment company taxable income (including realized net short-term capital gains reduced by realized net long-term capital losses), (ii) the Company’s realized net capital gains (including the excess of realized net long-term capital gains over realized net short-term capital losses) and (iii) dividends and other distributions paid to the Company on account of preferred and common equity investments in portfolio companies, if any (to the extent such amounts listed in clause (iii) are not included under clauses (i) and (ii) above).

The Adviser’s obligation to make Expense Payments under the Expense Support Agreement automatically became a liability of the Adviser and the right to such Expense Payment was an asset of the Company’s on the last business day of the applicable quarter. The Expense Payment for any quarter was paid by the Adviser to the Company in any combination of cash or other immediately available funds, and/or offset against amounts due from the Company to the Adviser no later than the earlier of (i) the date on which the Company closes its books for such quarter, or (ii) forty-five days after the end of such quarter.

Following any quarter in which Available Operating Funds exceed the cumulative distributions paid by the Company in respect of such quarter (the amount of such excess being hereinafter referred to as “Excess Operating Funds”), the Company is required to pay such Excess Operating Funds, or a portion thereof, in accordance with the stipulations below, as applicable, to the Adviser, until such time as all Expense Payments made by the Adviser to the Company within three years prior to the last business day of such quarter have been reimbursed. Any payments required to be made by the Company are referred to as a “Reimbursement Payment”.

The amount of the Reimbursement Payment for any quarter shall equal the lesser of (i) the Excess Operating Funds in respect of such quarter and (ii) the aggregate amount of all Expense Payments made by the Adviser to the Company within three years prior to the last business day of such quarter that have not been previously reimbursed by the Company to the Adviser. The payment will be reduced to the extent that such Reimbursement Payments, together with all other Reimbursement Payments paid during the fiscal year, would cause Other Operating Expenses defined as the Company’s total Operating Expenses, excluding base management fees, incentive fees, organization and offering expenses, distribution and shareholder servicing fees, financing fees and costs, interest expense, brokerage commissions and extraordinary expenses on an annualized basis and net of any Expense Payments received by the Company during the fiscal year to exceed the lesser of: (i) 1.75% of the Company’s average net assets attributable to the shares of the Company’s common stock for the fiscal year-to-date period after taking such Expense Payments into account; and (ii) the percentage of the Company’s average net assets attributable to shares of the Company’s common stock represented by Other Operating Expenses during the fiscal year in which such Expense Payment was made (provided, however, that this clause (ii) shall not apply to any Reimbursement Payment which relates to an Expense Payment made during the same fiscal year).





78

Blue Owl Credit Income Corp.
Notes to Consolidated Financial Statements - Continued
(Unaudited)
No Reimbursement Payment for any quarter will be made if: (1) the “Effective Rate of Distributions Per Share” (as defined below) declared by the Company at the time of such Reimbursement Payment is less than the Effective Rate of Distributions Per Share at the time the Expense Payment was made to which such Reimbursement Payment relates, or (2) the Company’s “Operating Expense Ratio” (as defined below) at the time of such Reimbursement Payment is greater than the Operating Expense Ratio at the time the Expense Payment was made to which such Reimbursement Payment relates. Pursuant to the Expense Support Agreement, “Effective Rate of Distributions Per Share” means the annualized rate (based on a 365 day year) of regular cash distributions per share exclusive of returns of capital, distribution rate reductions due to distribution and shareholder fees, and declared special dividends or special distributions, if any. The “Operating Expense Ratio” is calculated by dividing Operating Expenses, less organizational and offering expenses, base management and incentive fees owed to Adviser, and interest expense, by the Company’s net assets.

The specific amount of expenses reimbursed by the Adviser, if any, will be determined at the end of each quarter. The Company’s obligation to make Reimbursement Payments, subject to the conditions above, survives the termination of the Expense Support Agreement. There are no Reimbursement Payments conditionally due from the Company to the Adviser.

Prior to termination of the Expense Support Agreement, Expense Support Payments provided by the Adviser since inception was $9.4 million. All Expense Support Payments were repaid prior to termination.

License Agreement

On July 6, 2023, the Company entered into a license agreement (the “License Agreement”), with an affiliate of Blue Owl, pursuant to which the Company was granted a non-exclusive license to use the name “Blue Owl.” Under the License Agreement, the Company has a right to use the Blue Owl name for so long as the Adviser or one of its affiliates remains the Company’s investment adviser. Other than with respect to this limited license, the Company will have no legal right to the “Blue Owl” name or logo.

Controlled/Affiliated Portfolio Companies

Under the 1940 Act, the Company is required to separately identify non-controlled investments where it owns 5% or more of a portfolio company’s outstanding voting securities as investments in “affiliated” companies. In addition, under the 1940 Act, the Company is required to separately identify investments where it owns more than 25% of a portfolio company’s outstanding voting securities and/or has the power to exercise control over the management or policies of such portfolio company as investments in “controlled” companies. Under the 1940 Act, “non-affiliated investments” are defined as investments that are neither controlled investments nor affiliated investments. Detailed information with respect to the Company’s non-controlled, non-affiliated; non-controlled, affiliated; and controlled affiliated investments is contained in the accompanying consolidated financial statements, including the consolidated schedule of investments.

The Company has made investments in controlled, affiliated companies, including OCIC SLF, Amergin AssetCo, Fifth Season Investments LLC (“Fifth Season”), LSI Financing LLC (“LSI Financing LLC”), and Blue Owl Credit SLF LLC (“Credit SLF”). For further description of OCIC SLF and Credit SLF see “Note 4 Investments”.

The Company has also made investments in non-controlled, affiliated companies, including LSI Financing 1 DAC (“LSI Financing DAC”).

Amergin was created to invest in a leasing platform focused on railcar and aviation assets. Amergin consists of Amergin AssetCo and Amergin Asset Management, LLC, which has entered into a Servicing Agreement with Amergin AssetCo. The Company made an initial equity commitment to Amergin AssetCo on July 1, 2022. As of June 30, 2025, the Company’s commitment to Amergin AssetCo is $227.6 million, of which $114.3 million is equity and $113.3 million is debt. As of June 30, 2025, the fair value of the Company’s investment in Amergin AssetCo was $189.6 million. The Company does not consolidate its equity interest in Amergin AssetCo.

Fifth Season is a portfolio company created to invest in life settlement assets. On July 18, 2022, the Company made an initial equity commitment to Fifth Season. As of June 30, 2025, the fair value of the Company’s investment in Fifth Season is $292.6 million. The Company does not consolidate its equity interest in Fifth Season.

LSI Financing DAC is a portfolio company formed to acquire contractual rights to revenue pursuant to earnout agreements generally in the life sciences space. On December 14, 2022, the Company made an initial equity commitment to LSI Financing DAC. As of June 30, 2025, the fair value of the Company’s investment in LSI Financing DAC is $3.8 million. The Company does not consolidate its equity interest in LSI Financing DAC.

LSI Financing LLC is a separately managed portfolio company formed to indirectly own royalty purchase agreements and loans in the life sciences space. The Adviser provides consulting services to a subsidiary of LSI Financing LLC in exchange for a fee. The





79

Blue Owl Credit Income Corp.
Notes to Consolidated Financial Statements - Continued
(Unaudited)
Adviser has agreed to waive a portion of the management fee payable by the Company pursuant to the Investment Advisory Agreement equal to the Company’s pro rata amount of such consulting fee. On November 25, 2024, the Company made an initial equity commitment to LSI Financing LLC. As of June 30, 2025, the fair value of the Company’s investment in LSI Financing LLC is $261.8 million and the Company’s total commitment is $372.9 million. The Company does not consolidate its equity interest in LSI Financing LLC.
Note 4. Investments

Investments at fair value and amortized cost consisted of the below as of the following periods:
June 30, 2025December 31, 2024
($ in thousands)Amortized CostFair ValueAmortized CostFair Value
First-lien senior secured debt investments(1)
$28,459,905 $28,361,820 $23,703,828 $23,665,142 
Second-lien senior secured debt investments1,553,566 1,510,504 802,519 767,392 
Unsecured debt investments437,355 452,014 447,930 440,633 
Preferred equity investments(2)
475,230 474,211 367,924 364,672 
Common equity investments(3)
772,423 888,069 742,386 825,152 
Joint ventures(4)
340,728 317,536 319,078 315,903 
Total Investments$32,039,207 $32,004,154 $26,383,665 $26,378,894 
(1)Includes debt investment in Amergin AssetCo.
(2)Includes equity investment in LSI Financing DAC.
(3)Includes equity investments in Amergin AssetCo, Fifth Season and LSI Financing LLC.
(4)Includes equity investments in OCIC SLF and Credit SLF. See below, within Note 4, for more information regarding OCIC SLF and Credit SLF.






80

Blue Owl Credit Income Corp.
Notes to Consolidated Financial Statements - Continued
(Unaudited)
The industry composition of investments based on fair value consisted of the below as of the following periods:

June 30, 2025December 31, 2024
Advertising and media1.5 %1.8 %
Aerospace and defense0.7 0.8 
Asset based lending and fund finance(1)
1.1 1.1 
Automotive services0.6 0.7 
Automotive aftermarket0.1 0.1 
Buildings and real estate2.3 2.6 
Business services5.4 6.0 
Chemicals2.4 2.9 
Consumer products1.9 1.5 
Containers and packaging3.0 2.4 
Distribution3.0 2.3 
Education0.9 0.9 
Energy equipment and services0.3 0.3 
Financial services5.4 5.1 
Food and beverage5.2 6.3 
Healthcare equipment and services7.1 6.0 
Healthcare providers and services13.3 12.0 
Healthcare technology6.0 5.7 
Household products1.1 1.3 
Human resource support services0.6 0.8 
Infrastructure and environmental services1.4 1.5 
Insurance(2)
10.0 9.4 
Internet software and services10.3 11.6 
Joint ventures(3)
1.0 1.2 
Leisure and entertainment2.6 3.0 
Manufacturing3.0 3.5 
Pharmaceuticals(4)
1.3 1.1 
Professional services4.1 4.6 
Specialty retail1.4 1.8 
Telecommunications2.4 1.1 
Transportation0.6 0.6 
Total100.0 %100.0 %
(1)Includes investment in Amergin AssetCo.
(2)Includes equity investment in Fifth Season Investments LLC.
(3)Includes equity investments in OCIC SLF and Credit SLF. See below, within Note 4, for more information regarding OCIC SLF and Credit SLF.
(4)Includes equity investments in LSI Financing DAC and LSI Financing LLC.






81

Blue Owl Credit Income Corp.
Notes to Consolidated Financial Statements - Continued
(Unaudited)
The geographic composition of investments based on fair value consisted of the below as of the following periods:

June 30, 2025December 31, 2024
United States:
Midwest19.8 %20.6 %
Northeast21.7 20.1 
South31.7 32.7 
West17.4 16.2 
International9.4 10.4 
Total100.0 %100.0 %

OCIC SLF LLC

OCIC SLF LLC (f/k/a Blue Owl Credit Income Senior Loan Fund LLC) (“OCIC SLF”), a Delaware limited liability company, was formed as a wholly-owned subsidiary of the Company and commenced operations on February 14, 2022. On November 2, 2022, the Company and State Teachers Retirement System of Ohio (“OSTRS” and together with the Company, the “Members” and each, a “Member”) entered into an Amended and Restated Limited Liability Company Agreement to co-manage OCIC SLF as a joint-venture. OCIC SLF’s principal purpose is to make investments, primarily in senior secured loans that are made to middle-market companies, broadly syndicated loans and in senior and subordinated notes issued by collateralized loan obligations. The Company and OSTRS have agreed to contribute $437.5 million and $62.5 million, respectively, to OCIC SLF. The Company and OSTRS have a 87.5% and 12.5% economic ownership, respectively, in OCIC SLF. Except under certain circumstances, contributions to OCIC SLF cannot be redeemed. OCIC SLF is managed by a board consisting of an equal number of representatives appointed by each Member and which acts unanimously. Investment decisions must be approved unanimously by an investment committee consisting of an equal number of representative appointed by each Member.

Prior to the Effective Date, OCIC SLF’s wholly owned subsidiaries, ORCIC JV WH LLC and ORCIC JV WH II entered into revolving loan facilities (the “OCIC SLF Debt Facilities”) and in connection therewith entered into master sale and participation agreements pursuant to which we contributed certain collateral assets to the Subsidiaries and such collateral assets became collateral under the OCIC SLF Debt Facilities (the “OCIC SLF Debt Facility Assets”).

On the Effective Date, the Company was deemed to have made a capital contribution of approximately $108.9 million and OSTRS acquired a 12.5% interest in OCIC SLF from the Company for approximately $15.6 million. The amount of the Company’s deemed contribution, and OSTRS’ purchase from the Company, were based on the fair value of the OCIC SLF SPV Debt Facility Assets less certain amounts that had been distributed to the Company and subject to certain adjustments. In connection therewith, the Company and OSTRS agreed and acknowledged that OCIC SPV Debt Facility Assets were assets of OCIC SLF as if they had been acquired pursuant to the terms of the LLC Agreement.

The Company has determined that OCIC SLF is an investment company under Accounting Standards Codification 946, however, in accordance with such guidance, the Company will generally not consolidate its investment in a company other than a wholly owned investment company subsidiary or a controlled operating company whose business consists of providing services to the Company. Accordingly, the Company does not consolidate its non-controlling interest in OCIC SLF.







82

Blue Owl Credit Income Corp.
Notes to Consolidated Financial Statements - Continued
(Unaudited)
The table below sets forth OCIC SLF’s consolidated financial data as of and for the following periods:
As of
($ in thousands)
June 30, 2025
December 31, 2024
Consolidated Balance Sheet Data
Cash$91,397 $85,850 
Investments at fair value$1,616,774 $1,647,003 
Total Assets$1,737,642 $1,761,468 
Total Debt (net of unamortized debt issuance costs)$1,311,767 $1,311,414 
Total Liabilities$1,404,153 $1,405,344 
Total OCIC SLF Members' Equity$333,489 $356,124 
For the Three Months Ended June 30,
For the Six Months Ended June 30,
($ in thousands)
2025
2024
2025
2024
Consolidated Statement of Operations Data
Investment income$31,826 $41,775 $65,975 $73,543 
Net operating expenses21,970 25,128 43,929 44,866 
Net investment income (loss)$9,856 $16,647 $22,046 $28,677 
Total net realized and unrealized gain (loss)370 (7,205)(22,980)(10,050)
Net increase (decrease) in OCIC SLF Members' Equity resulting from operations$10,226 $9,442 $(934)$18,627 
The Company’s proportional share of OCIC SLF’s generated distributions for the following period:
For the Three Months Ended June 30,For the Six Months Ended June 30,
($ in thousands)2025
2024
2025
2024
Dividend Income
$9,399 $15,453 $18,989 $25,896 

Blue Owl Credit SLF LLC
Blue Owl Credit SLF LLC (“Credit SLF”), a Delaware limited liability company, is a joint venture among the Company, Blue Owl Capital Corporation, Blue Owl Capital Corporation II, Blue Owl Technology Finance Corp., Blue Owl Technology Income Corp. and State Teachers Retirement System of Ohio (“OSTRS”) (each, a “Credit Member” and collectively, the “Credit Members”). Credit SLF’s principal purpose is to make investments primarily in senior secured loans to middle market companies, broadly syndicated loans and in senior and subordinated notes issued by collateralized loan obligations. Credit SLF is managed by a board of directors comprised of an equal number of directors appointed by each Credit Member and which acts unanimously. Investment decisions must be approved by Credit SLF’s board. The Credit SLF Members coinvest through Credit SLF, or its wholly owned subsidiaries. Credit SLF’s date of inception was May 6, 2024 and Credit SLF made its first portfolio company investment on July 23, 2024.
Credit SLF’s investments at fair value are determined in accordance with FASB ASC 820, as amended; however, such fair value is not included in the Company's valuation process.
Other than for purposes of the 1940 Act, the Company does not believe it has control over this portfolio company. Accordingly, the Company does not consolidate its non-controlling interest in Credit SLF.
On May 15, 2025 the Credit SLF Members modified their capital commitments to Credit SLF and the Company’s capital commitment was increased to $46.3 million of which $40.8 million was unfunded.





83

Blue Owl Credit Income Corp.
Notes to Consolidated Financial Statements - Continued
(Unaudited)
As of June 30, 2025, the capital commitment and economic ownership of each Credit SLF Member is as follows:
MembersCapital Commitment
Economic Ownership Interest(1)
($ in thousands)
Blue Owl Capital Corporation$404,139 79.1 %
Blue Owl Capital Corporation II244 0.1 %
Blue Owl Credit Income Corp.46,332 5.2 %
Blue Owl Technology Finance Corp.18,690 2.1 %
Blue Owl Technology Income Corp.8,691 1.0 %
State Teachers Retirement System of Ohio68,299 12.5 %
Total$546,395 100.0 %
(1)Economic Ownership Interest based on funded capital to date.
The table below sets forth Credit SLF's consolidated financial data as of and for the following periods:
As of
($ in thousands)June 30, 2025December 31, 2024
Consolidated Balance Sheet Data
Cash$118,041 $17,354 
Investments at fair value$1,790,366 $1,164,473 
Total Assets$1,939,737 $1,196,367 
Total Debt (net of unamortized debt issuance costs)$1,285,621 $750,610 
Total Liabilities$1,446,788 $847,556 
Total Credit SLF Members' Equity$492,949 $348,811 
For the Three Months Ended June 30,For the Six Months Ended June 30,
($ in thousands)
2025
2025
Consolidated Statement of Operations Data
Investment income$31,420 $55,117 
Net operating expenses18,482 32,139 
Net investment income (loss)$12,938 $22,978 
Total net realized and unrealized gain (loss)9,319 (6,785)
Net increase (decrease) in Credit SLF Members' Equity resulting from operations$22,257 $16,193 

The Company's proportional share of Credit SLF's generated distributions for the following period:
For the Three Months Ended June 30,For the Six Months Ended June 30,
($ in thousands)
2025
2025
Dividend Income
$330 $453 






84

Blue Owl Credit Income Corp.
Notes to Consolidated Financial Statements - Continued
(Unaudited)
Note 5. Debt

In accordance with the 1940 Act, with certain limitations, the Company is allowed to borrow amounts such that its asset coverage, as defined in the 1940 Act, is at least 150% after such borrowing. The Company’s asset coverage was 215% and 209% as of June 30, 2025 and December 31, 2024, respectively.

Debt obligations consisted of the following as of the following periods:

June 30, 2025
($ in thousands)Aggregate Principal CommittedOutstanding Principal
Amount Available(1)
Unamortized Debt Issuance Costs (Premium)
Net Carrying Value
Revolving Credit Facility(2)(4)
$3,575,000 $1,915,307 $1,602,524 $(21,867)$1,893,440 
SPV Asset Facility I450,000 274,000 37,720 (6,345)267,655 
SPV Asset Facility II2,000,000 927,000 157,575 (20,180)906,820 
SPV Asset Facility III(2)
1,650,000 1,093,388 53,221 (16,080)1,077,308 
SPV Asset Facility IV500,000 430,000 29,627 (5,604)424,396 
SPV Asset Facility V750,000 450,000 28,326 (6,053)443,947 
SPV Asset Facility VI750,000 380,000 13,799 (7,805)372,195 
SPV Asset Facility VII(2)
500,000 367,479 14,928 (3,043)364,436 
SPV Asset Facility VIII1,000,000 400,000 16,791 (5,248)394,752 
CLO VIII375,000 375,000 — (2,140)372,860 
CLO XI260,000 260,000 — (1,545)258,455 
CLO XII260,000 260,000 — (1,656)258,344 
CLO XV312,000 312,000 — (2,630)309,370 
CLO XVI420,000 420,000 — (2,551)417,449 
CLO XVII325,000 325,000 — (2,698)322,302 
CLO XVIII260,000 260,000 — (1,780)258,220 
CLO XIX260,000 260,000 — (1,852)258,148 
September 2026 Notes350,000 350,000 — (2,055)347,945 
February 2027 Notes500,000 500,000 — (2,571)497,429 
September 2027 Notes(3)
600,000 600,000 — (4,284)601,564 
AUD 2027 Notes(2)(3)
300,341 300,341 — (2,263)298,196 
May 2028 Notes(3)
500,000 500,000 — (7,793)495,718 
June 2028 Notes(3)
650,000 650,000 — (6,949)654,964 
January 2029 Notes(3)
550,000 550,000 — (10,143)550,520 
September 2029 Notes(3)
900,000 900,000 — (7,727)918,025 
March 2030 Notes(3)
1,000,000 1,000,000 — (19,731)966,719 
March 2031 Notes(3)
750,000 750,000 — (18,226)740,541 
Total Debt$19,747,341 $14,809,515 $1,954,511 $(190,819)$14,671,718 
(1)The amount available reflects any limitations related to each credit facility’s borrowing base.
(2)Includes unrealized gain (loss) on translation of borrowings denominated in foreign currencies and cross-currency swap.
(3)Net Carrying Value is inclusive of change in fair market value of effective hedge.
(4)The amount available is reduced by $57.2 million of outstanding letters of credit.





85

Blue Owl Credit Income Corp.
Notes to Consolidated Financial Statements - Continued
(Unaudited)
December 31, 2024
($ in thousands)Aggregate Principal CommittedOutstanding Principal
Amount Available(1)
Unamortized Debt Issuance Costs (Premium)
Net Carrying Value
Revolving Credit Facility(2)(4)
$3,100,000 $1,335,012 $1,726,832 $(22,497)$1,312,515 
SPV Asset Facility I525,000 300,000 8,771 (5,464)294,536 
SPV Asset Facility II1,500,000 920,000 115,020 (12,119)907,881 
SPV Asset Facility III(2)
1,500,000 971,917 55,727 (13,370)958,547 
SPV Asset Facility IV500,000 355,000 26,504 (3,302)351,698 
SPV Asset Facility V500,000 250,000 18,217 (4,991)245,009 
SPV Asset Facility VI750,000 350,000 62,964 (8,248)341,752 
SPV Asset Facility VII(2)
500,000 165,859 168,563 (3,461)162,398 
SPV Asset Facility VIII500,000 200,000 1,500 (3,077)196,923 
CLO VIII290,000 290,000 — (1,900)288,100 
CLO XI260,000 260,000 — (1,692)258,308 
CLO XII260,000 260,000 — (1,808)258,192 
CLO XV312,000 312,000 — (2,802)309,198 
CLO XVI420,000 420,000 — (2,697)417,303 
CLO XVII325,000 325,000 — (2,879)322,121 
CLO XVIII260,000 260,000 — (1,891)258,109 
CLO XIX260,000 260,000 — (1,794)258,206 
March 2025 Notes500,000 500,000 — (484)499,516 
September 2026 Notes350,000 350,000 — (2,916)347,084 
February 2027 Notes500,000 500,000 — (3,350)496,650 
September 2027 Notes(3)
600,000 600,000 — (5,182)593,270 
AUD 2027 Notes(2)(3)
295,468 295,468 — (2,397)271,957 
June 2028 Notes(3)
650,000 650,000 — (8,067)642,519 
January 2029 Notes(3)
550,000 550,000 — (11,458)538,086 
September 2029 Notes(3)
500,000 500,000 — (10,769)492,523 
March 2030 Notes(3)
1,000,000 1,000,000 — (20,518)941,037 
March 2031 Notes(3)
750,000 750,000 — (19,599)718,384 
Total Debt$17,457,468 $12,930,256 $2,184,098 $(178,732)$12,681,822 
(1)The amount available reflects any limitations related to each credit facility’s borrowing base.
(2)Includes unrealized gain (loss) on translation of borrowings denominated in foreign currencies.
(3)Net Carrying Value is inclusive of change in fair market value of effective hedge.
(4)The amount available is reduced by $38.2 million of outstanding letters of credit.

The below table represents the components of interest expense for the following periods:

For the Three Months Ended June 30,For the Six Months Ended June 30,
($ in thousands)2025202420252024
Interest expense$235,797 $175,699 $449,373 $334,208 
Amortization of debt issuance costs13,927 7,052 24,965 13,333 
Net change in unrealized (gain) loss on effective interest rate swaps and hedged items included in interest expense(1)
239 199 (7,815)4,825 
Total Interest Expense$249,963 $182,950 $466,523 $352,366 
Average interest rate6.6 %7.7 %6.7 %7.6 %
Average daily borrowings$14,036,753 $9,055,379 $13,272,417 $8,655,316 
(1)Refer to the September 2027, AUD 2027, May 2028, June 2028, January 2029, September 2029, March 2030, and March 2031 Notes for details on the facilities’ interest rate swaps.





86

Blue Owl Credit Income Corp.
Notes to Consolidated Financial Statements - Continued
(Unaudited)
Credit Facilities
Revolving Credit Facility
On August 11, 2022, the Company entered into an Amended and Restated Senior Secured Revolving Credit Agreement (as amended from time to time, the “Revolving Credit Facility”). The parties to the Revolving Credit Facility include the Company, as Borrower, the lenders from time to time parties thereto (each a “Revolving Credit Lender” and collectively, the “Revolving Credit Lenders”) and Sumitomo Mitsui Banking Corporation, as Administrative Agent. On October 18, 2024 (the “Revolving Credit Facility Third Amendment Date”), the Revolving Credit Facility was amended to extend the availability period and maturity date, increase the total facility amount and make various other changes. The following describes the terms of the Revolving Credit Facility as modified through June 27, 2025.
The Revolving Credit Facility is guaranteed by certain subsidiaries of ours in existence as of the Revolving Credit Facility Third Amendment Date, and will be guaranteed by certain subsidiaries of ours that are formed or acquired by us thereafter (each a “Guarantor” and collectively, the “Guarantors”). Proceeds of the Revolving Credit Facility may be used for general corporate purposes, including the funding of portfolio investments.
The Revolving Credit Facility provides for, on an aggregated basis, a total of outstanding term loans and revolving credit facility commitments in the principal amount of $3.58 billion, which is comprised of (a) a term loan in a principal amount of $150.0 million and (b) subject to availability under the borrowing base, which is based on the Company’s portfolio investments and other outstanding indebtedness, a revolving credit facility in a principal amount of up to $3.43 billion (the revolving credit facility increased from $3.15 billion to $3.30 billion on May 27, 2025 and increased from $3.30 billion to $3.43 billion on June 27, 2025). The amount available for borrowing under the Revolving Credit Facility is reduced by any standby letters of credit issued through the Revolving Credit Facility. Maximum capacity under the Revolving Credit Facility may be increased to $4.60 billion through the Company’s exercise of an uncommitted accordion feature through which existing and new lenders may, at their option, agree to provide additional financing. The Revolving Credit Facility includes a $200.0 million limit for swingline loans and is secured by a perfected first-priority interest in substantially all of the portfolio investments held by the Company and each Guarantor, subject to certain exceptions.
The availability period under the Revolving Credit Facility will terminate on October 18, 2028 (the “Revolving Credit Facility Commitment Termination Date”). The Revolving Credit Facility will mature on October 18, 2029 (the “Revolving Credit Facility Maturity Date”). During the period from the Revolving Credit Facility Commitment Termination Date to the Revolving Credit Facility Maturity Date, the Company will be obligated to make mandatory prepayments under the Revolving Credit Facility out of the proceeds of certain asset sales and other recovery events and equity and debt issuances.
The Company may borrow amounts in U.S. dollars or certain other permitted currencies. Amounts drawn under the Revolving Credit Facility in U.S. dollars bear interest at term SOFR plus any applicable credit adjustment spread plus margin of 1.875% per annum, or the alternative base rate plus margin of 0.875% per annum. With respect to loans denominated in U.S. dollars, the Company may elect either term SOFR or the alternative base rate at the time of drawdown, and such loans may be converted from one rate to another at any time at the Company’s option, subject to certain conditions. Amounts drawn under the Revolving Credit Facility in other permitted currencies bear interest at the relevant rate specified therein (including any applicable credit adjustment spread) plus margin of 1.875% per annum. Beginning on and after the Revolving Credit Facility Third Amendment Date, the Company also pays a fee of 0.350% on undrawn amounts under the Revolving Credit Facility.
The Revolving Credit Facility includes customary covenants, including certain limitations on the incurrence by the Company of additional indebtedness and on the Company’s ability to make distributions to the Company’s shareholders, or redeem, repurchase or retire shares of stock, upon the occurrence of certain events and certain financial covenants related to asset coverage and other maintenance covenants, as well as customary events of default. The Revolving Credit Facility requires a minimum asset coverage ratio with respect to the consolidated assets of the Company and its subsidiaries to senior securities that constitute indebtedness of no less than 1.50 to 1.00 at any time.
SPV Asset Facilities
Certain of the Company’s wholly owned subsidiaries are parties to credit facilities (the “SPV Asset Facilities”). Pursuant to the SPV Asset Facilities, from time to time the Company sells and contributes certain investments to these wholly owned subsidiaries pursuant to sale and contribution agreements by and between the Company and the wholly owned subsidiaries. No gain or loss is recognized as a result of these contributions. Proceeds from the SPV Asset Facilities are used to finance the origination and acquisition of eligible assets by the wholly owned subsidiary, including the purchase of such assets from the Company. The Company retains a residual interest in assets contributed to or acquired to the wholly owned subsidiary through the Company’s ownership of the wholly owned subsidiary. The SPV Asset Facilities are secured by a perfected first priority security interest in the assets of these wholly owned subsidiaries and on any payments received by such wholly owned subsidiaries in respect of those assets. Assets pledged to lenders under the SPV Asset Facilities will not be available to pay the Company’s debts. The SPV Asset Facilities contain customary





87

Blue Owl Credit Income Corp.
Notes to Consolidated Financial Statements - Continued
(Unaudited)
covenants, including certain limitations on the incurrence by the Company of additional indebtedness and on the Company’s ability to make distributions to its shareholders, or redeem, repurchase or retire shares of stock, upon the occurrence of certain events, and customary events of default (with customary cure and notice provisions). Borrowings of the wholly owned subsidiaries under the SPV Asset Facilities are considered the Company’s borrowings for purposes of complying with the asset coverage requirements under the 1940 Act.

SPV Asset Facility I

On September 16, 2021 (the “SPV Asset Facility I Closing Date”), Core Income Funding I LLC (“Core Income Funding I”), a Delaware limited liability company and newly formed wholly-owned subsidiary of the Company entered into a Credit Agreement (the “SPV Asset Facility I”), with Core Income Funding I, as borrower, the lenders from time to time parties thereto (the “SPV Asset Facility I Lenders”), Natixis, New York Branch, as Administrative Agent, State Street Bank and Trust Company as Collateral Agent, Collateral Administrator, Custodian and Document Custodian. The parties to the SPV Asset Facility I have entered into various amendments, including to decrease the amount available under the facility, replace the Collateral Custodian, extend the termination date and maturity date, and make various other changes. The following describes the terms of the SPV Asset Facility I as amended through May 15, 2025 (the “SPV Asset Facility I Third Amendment Date”).
The maximum principal amount of the Credit Facility is $450.0 million (decreased from $525.0 million on the SPV Asset Facility I Third Amendment Date); the availability of this amount is subject to an overcollateralization ratio test, which is based on the value of Core Income Funding I’s assets from time to time, and satisfaction of certain conditions, including an interest coverage ratio test, certain concentration limits and collateral quality tests.
The SPV Asset Facility I provides for the ability to (1) draw term loans and (2) draw and redraw revolving loans under the SPV Asset Facility I through May 15, 2028 unless the revolving commitments are terminated or converted to term loans sooner as provided in the SPV Asset Facility I (the “ SPV Asset Facility I Commitment Termination Date”). Unless otherwise terminated, the SPV Asset Facility I will mature on May 15, 2036 (the “SPV Asset Facility I Stated Maturity”). Prior to the SPV Asset Facility I Stated Maturity, proceeds received by Core Income Funding I 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, subject to certain conditions. On the SPV Asset I Facility Stated Maturity, Core Income Funding I 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 Term SOFR (or, in the case of certain lenders that are commercial paper conduits, the lower of their cost of funds and Term SOFR plus 0.10%) plus an applicable margin that ranges from 1.50% to 2.00% depending on a ratio of broadly syndicated loans to middle-market loans in the collateral. From the SPV Asset I Facility Closing Date to the SPV Asset I Facility Commitment Termination Date, there is a commitment fee that steps up during the year after the SPV Asset I Facility Closing Date from 0.00% to 0.625% per annum on the undrawn amount, if any, of the revolving commitments in the SPV Asset Facility I.
SPV Asset Facility II
On October 5, 2021 (the “SPV Asset Facility II Closing Date”), Core Income Funding II LLC (“Core Income Funding II”), a Delaware limited liability company entered into a loan and financing and servicing agreement (as amended through the date hereof, the “SPV Asset Facility II”), with Core Income Funding II, as borrower, us, as equityholder and service provider, the lenders from time to time parties thereto (the “SPV Asset Facility II Lenders”), Deutsche Bank AG, New York Branch, as Facility Agent, State Street Bank and Trust Company, as collateral agent and collateral custodian. The parties to the SPV Asset Facility II have entered into various amendments, including to increase the amount available under the facility, extend the revolving period and termination date, change the interest rate and make various other changes. The following describes the terms of the SPV Asset Facility II as amended through April 18, 2025 (the “SPV Asset Facility II Ninth Amendment Date”).
The maximum principal amount of the SPV Asset Facility II is $2.00 billion (increased from $1.50 billion to $2.00 billion on the SPV Asset Facility II Ninth Amendment Date); the availability of this amount is subject to the borrowing base, which is determined on the basis of the value and types of Core Income Funding II’s assets from time to time, and satisfaction of certain conditions, including interest spread and weighted average coupon tests, certain concentration limits and collateral quality tests.
The SPV Asset Facility II provides for the ability to borrow, reborrow, repay and prepay advances under the SPV Asset Facility II until April 18, 2028 unless such period is extended or accelerated under the terms of the SPV Asset Facility II (the “SPV Asset Facility II Revolving Period”). Unless otherwise extended, accelerated or terminated under the terms of the SPV Asset Facility II, the SPV Asset Facility II will mature on the date that is two years after the last day of the SPV Asset Facility II Revolving Period, on April 18, 2030 (the “SPV Asset Facility II Termination Date”). Prior to the Facility Termination Date, proceeds received by Core Income Funding II from principal and interest, dividends, or fees on assets must be used to pay fees, expenses and interest on outstanding advances, and the excess may be returned to the Company, subject to certain conditions. On the SPV Asset Facility II





88

Blue Owl Credit Income Corp.
Notes to Consolidated Financial Statements - Continued
(Unaudited)
Termination Date, Core Income Funding II must pay in full all outstanding fees and expenses and all principal and interest on outstanding advances, and the excess may be returned to the Company.
Amounts drawn under the SPV Asset Facility II bear interest at Term SOFR (or, in the case of certain SPV Asset Facility II Lenders that are commercial paper conduits, the lower of (a) their cost of funds and (b) Term SOFR, such Term SOFR not to be lower than zero) plus a spread equal to 1.70% per annum, which spread will increase (a) on and after the end of the SPV Asset Facility II Revolving Period by 0.15% per annum if no event of default has occurred and (b) by 2.00% per annum upon the occurrence of an event of default (such spread, the “SPV Asset Facility II Applicable Margin”). Term SOFR may be replaced as a base rate under certain circumstances. During the SPV Asset Facility II Revolving Period, Core Income Funding II will pay an undrawn fee ranging from 0.00% to 0.25% per annum on the undrawn amount, if any, of the revolving commitments in the SPV Asset Facility II. During the SPV Asset Facility II Revolving Period, if the undrawn commitments are in excess of a certain portion (initially 30.0% and increasing in stages to 35%, 40%, 45% and 50%) of the total commitments under the SPV Asset Facility II, Core Income Funding II will also pay a make-whole fee equal to the SPV Asset Facility II Applicable Margin multiplied by such excess undrawn commitment amount, reduced by the undrawn fee payable on such excess. Core Income Funding II will also pay Deutsche Bank AG, New York Branch, certain fees (and reimburse certain expenses) in connection with its role as facility agent.
SPV Asset Facility III
On March 24, 2022 (the “SPV Asset Facility III Closing Date”), Core Income Funding III LLC (“Core Income Funding III”), a Delaware limited liability company and newly formed subsidiary of the Company entered into a Credit Agreement (the “SPV Asset Facility III”), with Core Income Funding III, as borrower, the Adviser, as servicer, the lenders from time to time parties thereto (the “SPV Asset Facility III Lenders”), Bank of America, N.A., as administrative agent, State Street Bank and Trust Company, as collateral agent, Alter Domus (US) LLC as collateral custodian and Bank of America, N.A., as sole lead arranger and sole book manager. The parties to the SPV Asset Facility III have entered into various amendments, including to increase the maximum principal amount available under the facility, extend the availability period and maturity date, change the interest rate, replace the collateral custodian and make various other changes. The following describes the terms of SPV Asset Facility III amended through May 22, 2025 (the “SPV Asset Facility III Third Amendment Date”).
The maximum principal amount of the SPV Asset Facility III is $1.65 billion (increased from $1.50 billion to $1.65 billion on the SPV Asset Facility III Third Amendment Date), which maximum principal amount will automatically increase to $1.80 billion on the three-month anniversary of the SPV Asset Facility III Third Amendment Date and subsequently will automatically increase to $2.0 billion on the six-month anniversary of the SPV Asset Facility III Third Amendment Date, which can be drawn in multiple currencies subject to certain conditions; the availability of this amount is subject to the borrowing base, which is determined on the basis of the value and types of Core Income Funding III’s assets from time to time, and satisfaction of certain conditions, including certain portfolio criteria.
The SPV Asset Facility III provides for the ability to draw and redraw revolving loans under the SPV Asset Facility III for a period of up to three years after the SPV Asset Facility III Third Amendment Date unless the commitments are terminated sooner as provided in the SPV Asset Facility III (the “SPV Asset Facility III Commitment Termination Date”). Unless otherwise terminated, the SPV Asset Facility III will mature on May 22, 2030 (the “SPV Asset Facility III Stated Maturity”). To the extent the commitments are terminated or permanently reduced during the first year following the SPV Asset Facility III Third Amendment Date, Core Income Funding III may owe a prepayment penalty. Prior to the SPV Asset Facility III Stated Maturity, proceeds received by Core Income Funding III 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, subject to certain conditions. On the SPV Asset Facility III Stated Maturity, Core Income Funding III 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 in U.S. dollars are benchmarked to Daily SOFR, amounts drawn in British pounds are benchmarked to SONIA plus an adjustment of 0.12%, amounts drawn in Canadian dollars are benchmarked to CORRA plus an adjustment of 0.30%, and amounts drawn in Euros are benchmarked to EURIBOR, and in each case plus a spread equal to the Applicable Margin. As of the SPV Asset Facility III Third Amendment Date, the “SPV Asset Facility III Applicable Margin” ranges from 1.525% to 1.95% depending on the composition of the collateral. The SPV Asset Facility III also allows for amounts drawn in U.S. dollars to bear interest at an alternate base rate without a spread.
From the SPV Asset Facility III Closing Date to the SPV Asset Facility III Commitment Termination Date, there is a commitment fee, calculated on a daily basis, on the undrawn amount under the SPV Asset Facility III.





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(Unaudited)
SPV Asset Facility IV
On March 16, 2022 (the “SPV Asset Facility IV Closing Date”), Core Income Funding IV LLC (“Core Income Funding IV”), a Delaware limited liability company and newly formed subsidiary of the Company, entered into a Credit Agreement (the “SPV Asset Facility IV”), with Core Income Funding IV, as Borrower, the lenders from time to time parties thereto (the “SPV Asset Facility IV Lenders”), Sumitomo Mitsui Banking Corporation, as Administrative Agent, State Street Bank and Trust Company, as Collateral Agent, Collateral Administrator and Custodian and Alter Domus (US) LLC as Document Custodian. On February 28, 2025, the parties to the SPV Asset Facility IV entered into Amendment No. 1 in order to replace Alter Domus (US) as collateral custodian with State Street Bank and Trust Company and make various other changes. The following describes the terms of SPV Asset Facility IV amended through February 28, 2025 (the “SPV Asset Facility IV First Amendment Date”).
The maximum principal amount of the SPV Asset Facility IV is $500.0 million; the availability of this amount is subject to an overcollateralization ratio test, which is based on the value of Core Income Funding IV’s assets from time to time, and satisfaction of certain conditions, including an interest coverage ratio test, certain concentration limits and collateral quality tests.
The SPV Asset Facility IV provides for the ability to (1) draw term loans and (2) draw and redraw revolving loans under the SPV Asset Facility IV until March 16, 2027, unless the revolving commitments are terminated or converted to term loans sooner as provided in the SPV Asset Facility IV (the “SPV Asset Facility IV Commitment Termination Date”). Unless otherwise terminated, the SPV Asset Facility IV will mature on March 16, 2035 (the “SPV Asset Facility IV Stated Maturity”). Prior to the SPV Asset Facility IV Stated Maturity, proceeds received by Core Income Funding IV 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, subject to certain conditions. On the SPV Asset Facility IV Stated Maturity, Core Income Funding IV 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 Term SOFR (or, in the case of certain SPV Asset Facility IV Lenders that are commercial paper conduits, the lower of their cost of funds and Term SOFR plus 0.15%) plus an applicable margin that ranges from 1.40% to 2.05% depending on a ratio of broadly syndicated loans to middle-market loans in the collateral. From the SPV Asset Facility IV Closing Date to the SPV Asset Facility IV Commitment Termination Date, there is a commitment fee payable at a rate of 0.50% per annum on the undrawn amount, if any, of the revolving commitments in the SPV Asset Facility IV during the commitment period.
SPV Asset Facility V
On March 9, 2023 (the “SPV Asset Facility V Closing Date”), Core Income Funding V LLC (“Core Income Funding V”), a Delaware limited liability company and newly formed subsidiary of the Company, entered into a loan and security agreement (the “SPV Asset Facility V”), with Core Income Funding V, as Borrower, the Company, as Servicer and Equityholder, the lenders from time to time parties thereto (the “SPV Asset Facility V Lenders”), Wells Fargo Bank, National Association, as Administrative Agent, State Street Bank and Trust Company, as Collateral Agent, and Alter Domus (US) LLC as Collateral Custodian. The parties to the SPV Asset Facility V have entered into various amendments, including to increase the amount available under the facility, replace the Collateral Custodian and make various other changes. On April 29, 2025, the parties to the SPV Asset Facility V entered into the Third Amendment to Loan and Security Agreement. The following describes the terms of SPV Asset Facility V as amended through April 29 2025 (the “SPV Asset Facility V Third Amendment Date”).
The maximum principal amount of the SPV Asset Facility V is $750.0 million; the availability of this amount is subject to a borrowing base test, which is based on the value of Core Income Funding V’s assets from time to time, and satisfaction of certain conditions, including certain concentration limits and other portfolio tests.
The SPV Asset Facility V provides for the ability to borrow, reborrow, repay and prepay advances under the SPV Asset Facility V until October 15, 2027 unless such period is extended or accelerated under the terms of the SPV Asset Facility V (the “SPV Asset Facility V Reinvestment Period”). Unless otherwise extended, accelerated or terminated under the terms of the SPV Asset Facility V, the SPV Asset Facility V will mature on October 16, 2029 (the “SPV Asset Facility V Maturity Date”). Prior to the SPV Asset Facility V Maturity Date, proceeds received by Core Income Funding V from principal and interest, dividends, or fees on assets must be used to pay fees, expenses and interest on outstanding advances, and the excess may be returned to the Company, subject to certain conditions. On the SPV Asset Facility V Maturity Date, Core Income Funding V must pay in full all outstanding fees and expenses and all principal and interest on outstanding advances, and the excess may be returned to the Company.
Amounts drawn bear interest at Daily Simple SOFR plus a weighted average spread equal to 1.60% per annum for the portion of the assets constituting broadly syndicated loans and 2.05% for the portion of the assets not constituting broadly syndicated loans, which spread will increase by 2.00% per annum upon the occurrence and during the existence of an event of default or following the SPV Asset Facility V Termination Date (such spread, the “SPV Asset Facility V Applicable Spread”). Daily Simple SOFR may be replaced as a base rate under certain circumstances. During the SPV Asset Facility V Reinvestment Period, Core Income Funding V





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will pay an undrawn fee of 0.50% per annum on the undrawn amount, if any, of the revolving commitments in the SPV Asset Facility V that are not subject to the separate, higher fee described below. On and after the SPV Asset Facility V Third Amendment Date and during the SPV Asset Facility V Reinvestment Period, if the undrawn commitments are in excess of a certain portion (initially 40% and decreasing to 32.5%) of the total commitments under the SPV Asset Facility V, such portion will not be subject to the undrawn fee described above, but Core Income Funding V will pay a separate fee on this portion of the undrawn commitments equal to 1.25% multiplied by such excess undrawn commitment amount over 40% or 32.5% of the total commitments, as applicable.
SPV Asset Facility VI
On August 29, 2023 (the “SPV Asset Facility VI Closing Date”), Core Income Funding VI LLC (“Core Income Funding VI”), a Delaware limited liability company and newly formed subsidiary of the Company, entered into a Credit Agreement (the “SPV Asset Facility VI”), with Core Income Funding VI LLC, as Borrower, the lenders from time to time parties thereto (the “SPV Asset Facility VI Lenders”), The Bank of Nova Scotia, as Administrative Agent, State Street Bank and Trust Company as Collateral Agent, Collateral Custodian and Document Custodian. The parties to the SPV Asset Facility VI have entered into various amendments, including to assign the term commitment under the SPV Asset Facility VI and all of the outstanding term loans, replace the collateral custodian and make various other changes. On April 22, 2025, the parties to SPV Asset Facility VI entered into Amendment No. 3 to SPV Asset Facility VI. The following describes the terms of SPV Asset Facility VI as amended through April 22, 2025 (the “SPV Asset Facility VI Third Amendment Date”).
The maximum principal amount of the SPV Asset Facility VI is $750.0 million; the availability of this amount is subject to an overcollateralization ratio test, which is based on the value of Core Income Funding VI’s assets from time to time, and satisfaction of certain conditions, including an interest coverage ratio test, certain concentration limits and collateral quality tests.
The SPV Asset Facility VI provides for the ability to (1) draw term loans and (2) draw and redraw revolving loans under the SPV Asset Facility VI for a period of up to two years after the SPV Asset Facility VI Closing Date until August 29, 2026 unless the revolving commitments are terminated or converted to term loans sooner as provided in the SPV Asset Facility VI (the “SPV Asset Facility VI Commitment Termination Date”). Unless otherwise terminated, the SPV Asset Facility VI will mature on August 29, 2033 (the “SPV Asset Facility VI Stated Maturity”). Prior to the SPV Asset Facility VI Stated Maturity, proceeds received by Core Income Funding VI 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, subject to certain conditions. On the SPV Asset Facility VI Stated Maturity, Core Income Funding VI 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 Term SOFR plus an applicable margin that ranges from 1.50% to 2.15% depending on a ratio of broadly syndicated loans to middle-market loans in the collateral during the SPV Asset Facility VI Reinvestment Period. From the SPV Asset Facility VI Closing Date to the SPV Asset Facility VI Commitment Termination Date, there is a commitment fee that steps up during the year after the SPV Asset Facility VI Closing Date from 0.00% to 0.55% per annum on the undrawn amount, if any, of the revolving commitments in the SPV Asset Facility VI.
SPV Asset Facility VII
On May 21, 2024 (the “SPV Asset Facility VII Closing Date”), Core Income Funding VII LLC (“Core Income Funding VII”), a Delaware limited liability company and newly formed subsidiary of the Company, entered into a Credit Agreement (the “SPV Asset Facility VII”), with Core Income Funding VII LLC, as Borrower, the lenders from time to time parties thereto (the “SPV Asset Facility VII Lenders”), Citibank, N.A., as Administrative Agent, State Street Bank and Trust Company as Custodian, Collateral Agent and Collateral Administrator. The following describes the terms of SPV Asset Facility VII as amended through October 18, 2024 (the “SPV Asset Facility VII First Amendment Date”).
The maximum principal amount of the SPV Asset Facility VII is $500.0 million (increased from $300.0 million to $500.0 million on the SPV Asset Facility VII First Amendment Date”), which can be drawn in multiple currencies subject to certain conditions; the availability of this amount is subject to a borrowing base test (which is based on the value of Core Income Funding VII’s assets from time to time, an advance rate and concentration limitations) and satisfaction of certain conditions, including collateral quality tests.
The SPV Asset Facility VII provides for the ability to draw and redraw revolving loans under the SPV Asset Facility VII for a period of until May 21, 2027 (the “SPV Asset Facility VII Reinvestment Period”) unless the SPV Asset Facility VII Reinvestment Period is terminated sooner as provided in the SPV Asset Facility VII. Unless otherwise terminated, the SPV Asset Facility VII will mature two years after the last day of the SPV Asset Facility VII Reinvestment Period on May 21, 2029 (the “SPV Asset Facility VII Stated Maturity”). To the extent the commitments are terminated or permanently reduced during the first two years following the SPV Asset Facility Closing Date, Core Income Funding VII may owe a prepayment penalty. Prior to the SPV Asset Facility VII Stated Maturity, proceeds received by Core Income Funding VII from principal and interest, dividends, or fees on assets must be used to pay





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fees, expenses and interest on outstanding borrowings, and the excess may be returned to the Company, subject to certain conditions. On the SPV Asset Facility VII Stated Maturity, Core Income Funding VII 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 in U.S. dollars are benchmarked to Term SOFR, amounts drawn in British pounds are benchmarked to SONIA, amounts drawn amounts drawn in Canadian dollars are benchmarked to Daily Compounded CORRA, and amounts drawn in Euros are benchmarked to EURIBOR, and in each case plus a spread equal to the Applicable Margin. The “Applicable Margin” ranges from 1.60% to 2.10%, depending on the type of asset being funded by such draw and the utilization level of the SPV Asset Facility VII. Core Income Funding VII also paid Citibank an upfront fee and will reimburse certain expenses in connection with Citibank’s role as Administrative Agent. From the SPV Asset Facility VII Closing Date until the end of SPV Asset Facility VII Reinvestment Period, there is a commitment fee that steps up from the date that is nine months after the SPV Asset Facility VII Closing Date from 0.25% to up to 1.50% per annum, depending on the undrawn amount, if any, of the commitments in the SPV Asset Facility VII.
SPV Asset Facility VIII
On December 17, 2024 (the “SPV Asset Facility VIII Closing Date”), Core Income Funding VIII LLC (“Core Income Funding VIII”), a Delaware limited liability company and newly formed subsidiary of the Company, entered into a Credit Agreement (the “SPV Asset Facility VIII”), with Core Income Funding VIII LLC, as Borrower, the lenders from time to time parties thereto (the “SPV Asset Facility VIII Lenders”), Natixis, New York Branch, as Facility Agent, and State Street Bank and Trust Company as Collateral Agent, Collateral Administrator, Custodian and Document Custodian. On May 15, 2025, the parties to the SPV Asset Facility VIII entered into an amendment in order to, among other things, increase the size of the facility and add additional classes of loans. The following describes the terms of SPV Asset Facility VIII as most recently amended on May 15, 2025.
The maximum principal amount of the SPV Asset Facility VIII is $1.00 billion; the availability of this amount is subject to an overcollateralization ratio test, which is based on the value of Core Income Funding VIII’s assets from time to time, and satisfaction of certain conditions, including an interest coverage ratio test, certain concentration limits and collateral quality tests.
The SPV Asset Facility VIII provides for the ability to (1) draw term loans and (2) draw and redraw revolving loans under the SPV Asset Facility VIII for a period of up to three years after the SPV Asset Facility VIII Closing Date unless the revolving commitments are terminated or converted to term loans sooner as provided in the SPV Asset Facility VIII (the “SPV Asset Facility VIII Commitment Termination Date”). Unless otherwise terminated, the SPV Asset Facility VIII will mature on December 17, 2035 (the “SPV Asset Facility VIII Stated Maturity”). Prior to the SPV Asset Facility VIII Stated Maturity, proceeds received by Core Income Funding VIII 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, subject to certain conditions. On the SPV Asset Facility VIII Stated Maturity, Core Income Funding VIII 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 Term SOFR (or, in the case of certain lenders that are commercial paper conduits, their cost of funds) plus an applicable margin of (i) with respect to the Class A-R Loans and the Class A-T Loans, 1.75%, (ii) with respect to the Class A-D1 Loans, 1.65%, (iii) with respect to the Class A-D2 Loans, 1.93%, (iv) with respect to the Class A-D3 Loans, 1.78% and (v) with respect to the Class A-D4 Loans, 2.06%. From the SPV Asset Facility VIII Closing Date to the SPV Asset Facility VIII Commitment Termination Date, there is a commitment fee that steps up the date that is three months after the SPV Asset Facility VIII Closing Date from 0.25% to 0.50% per annum on the undrawn amount, if any, of the revolving commitments in the SPV Asset Facility VIII.
Debt Securitization Transactions
The Company incurs secured financing through debt securitization transactions (also known as collateralized loan obligation transactions) (the “CLO Transactions”) issued by the Company’s consolidated subsidiaries (the “CLO Issuers”), which are backed by a portfolio of collateral obligations consisting of middle-market loans and participation interests in middle-market loans as well as by other assets of the CLO Issuers. The CLO Issuers issue preferred shares which are not secured by the collateral securing the CLO Transactions which the Company purchases. The Company acts as retention holder in connection with the CLO Transactions for the purposes of satisfying certain U.S. and European Union regulations requiring sponsors of securitization transactions to retain exposure to the performance of the securitized assets and as such is required to retain a portion of a CLO Issuer’s preferred shares. Notes issued by CLO Issuers have not been registered under the Securities Act of 1933, as amended (the “Securities Act”), or any state securities (e.g., “blue sky”) laws, and may not be offered or sold in the United States absent registration with the Securities and Exchange Commission or pursuant to an applicable exemption from such registration. The Adviser serves as collateral manager for the CLO Issuers under a collateral management agreement. The Adviser is entitled to receive fees for providing these services. The Adviser routinely waives its right to receive such fees but may rescind such waiver at any time; provided, however, that if the Adviser rescinds such waiver, the management fee payable to Adviser pursuant to the Investment Advisory Agreement will be offset by the amount of





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(Unaudited)
the collateral management fee attributable to a CLO Issuer’s equity or notes owned by the Company. Assets pledged to debt holders of the CLO Transactions and the other secured parties under each CLO Transaction’s documentation will not be available to pay the debts of the Company. The Company consolidates the financial statements of the CLO Issuers in its consolidated financing statements.
CLO VIII
On October 21, 2022 (the “CLO VIII Closing Date”), the Company completed a $391.7 million term debt securitization transaction (the “CLO VIII Transaction”). The secured notes and preferred shares issued in the CLO VIII Transaction and the secured loan borrowed in the CLO VIII Transaction were issued and incurred, as applicable, by the Company’s consolidated subsidiary Owl Rock CLO VIII, LLC, a limited liability company organized under the laws of the State of Delaware (the “CLO VIII Issuer”).
The CLO VIII Transaction was executed by (A) the issuance of the following classes of notes and preferred shares pursuant to an indenture and security agreement dated as of the CLO VIII Closing Date (the “CLO VIII Indenture”), by and among the CLO VIII Issuer and State Street Bank and Trust Company: (i) $152.0 million of AAA(sf) Class A-T Notes, which bear interest at three-month term SOFR plus 2.50%, (ii) $46.0 million of AAA(sf) Class A-F Notes, which bear interest at 6.02%, (iii) $32.0 million of AA(sf) Class B Notes, which bear interest at three-month term SOFR plus 3.50% and (iv) $30.0 million of A(sf) Class C Notes, which bear interest at 4.90% (together, the “CLO VIII Secured Notes”) and (B) the borrowing by the CLO VIII Issuer of $30.0 million under floating rate Class A-L loans (the “Class A-L Loans” and together with the CLO VIII Secured Notes, the “CLO VIII Debt”). The Class A-L Loans bear interest at three-month term SOFR plus 2.50%. The Class A-L Loans were borrowed under a loan agreement (the “A-L Loan Agreement”), dated as of the CLO VIII Closing Date, by and among the CLO VIII Issuer, as borrower, various financial institutions, as lenders, and State Street Bank and Trust Company, as collateral trustee and loan agent. The CLO VIII Debt is secured by middle-market loans, participation interests in middle-market loans and other assets of the CLO VIII Issuer. The CLO VIII Debt is scheduled to mature on the Payment Date (as defined in the CLO VIII Indenture) in November, 2034. The CLO VIII Secured Notes were privately placed by Natixis Securities Americas LLC as placement agent.
Concurrently with the issuance of the CLO VIII Secured Notes and the borrowing under the Class A-L Loans, the CLO VIII Issuer issued approximately $101.7 million of subordinated securities in the form of 101,675 preferred shares at an issue price of U.S.$1,000 per share (the “CLO VIII Preferred Shares”).
As part of the CLO VIII Transaction, the Company entered into a loan sale agreement with the CLO VIII Issuer dated as of the CLO VIII Closing Date, which provided for the sale and contribution of approximately $143.1 million funded par amount of middle-market loans from the Company to the CLO VIII Issuer on the CLO VIII Closing Date and for future sales from the Company to the CLO VIII Issuer on an ongoing basis. Such loans constituted part of the initial portfolio of assets securing the CLO VIII Debt. The remainder of the initial portfolio assets securing the CLO VIII Debt consisted of approximately $113.0 million funded par amount of middle-market loans purchased by the CLO VIII Issuer from Core Income Funding I LLC, a wholly-owned subsidiary of the Company, under an additional loan sale agreement executed on the CLO VIII Closing Date between the CLO VIII Issuer and Core Income Funding I LLC. No gain or loss was recognized as a result of these sales and contributions. The Company and Core Income Funding I LLC each made customary representations, warranties, and covenants to the CLO VIII Issuer under the applicable loan sale agreement.
Through November 20, 2026, a portion of the proceeds received by the CLO VIII Issuer from the loans securing the CLO VIII Debt may be used by the CLO VIII Issuer to purchase additional middle-market loans under the direction of the Adviser in its capacity as collateral manager for the CLO VIII Issuer and in accordance with the Company’s investing strategy and ability to originate eligible middle-market loans.
The CLO VIII Debt is the secured obligation of the CLO VIII Issuer, and the CLO VIII Indenture, the A-L Loan Agreement each include customary covenants and events of default.
CLO VIII Refinancing
On April 24, 2025 (the “CLO VIII Refinancing Date”), the Company completed a $500.7 million term debt securitization refinancing (the “CLO VIII Refinancing”). The secured notes and preferred shares issued in the CLO VIII Refinancing were issued by the CLO VIII Issuer, as issuer (the “CLO VIII Refinancing Issuer”).
The CLO VIII Refinancing was executed by (A) the issuance of the following classes of notes pursuant to an indenture and security agreement dated as of October 21, 2022 (the “Original CLO VIII Closing Date”), by and between the CLO VIII Refinancing Issuer and State Street Bank and Trust Company, as amended and supplemented by the first supplemental indenture dated as of the CLO VIII Refinancing Date (the “CLO VIII Refinancing Indenture”), by and between the CLO VIII Refinancing Issuer and State Street Bank and Trust Company: (i) $275.0 million of AAA(sf) Class A-1R Notes, which bear interest at the Benchmark plus 1.49%, (ii) $30.0 million of AAA(sf) Class A-2R Notes, which bear interest at the Benchmark plus 1.80%, (iii) $35.0 million of AA(sf) Class





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(Unaudited)
B-R Notes, which bear interest at the Benchmark plus 1.90% and (iv) $35.0 million of A(sf) Class C-R Notes, which bear interest at the Benchmark plus 2.40% (together, the “CLO VIII Refinancing Secured Notes”). The CLO VIII Refinancing Secured Notes are secured by middle market loans, participation interests in middle market loans and other assets of the CLO VIII Refinancing Issuer. The CLO VIII Refinancing Secured Notes are scheduled to mature on the Payment Date in April 2037. The CLO VIII Refinancing Secured Notes were privately placed by Natixis Securities Americas LLC, as Placement Agent. The proceeds from the CLO VIII Refinancing were used to redeem in full the classes of notes issued on the Original CLO VIII Closing Date, to repay the loans incurred on the Original CLO VIII Closing Date, to pay expenses incurred in connection with the CLO VIII Refinancing and to purchase additional assets from the Company.
Concurrently with the issuance of the CLO VIII Refinancing Secured Notes, the CLO VIII Refinancing Issuer issued $24.0 million of additional subordinated securities in the form of 24,000 of its preferred shares (the “CLO VIII Refinancing Additional Preferred Shares”). The CLO VIII Refinancing Additional Preferred Shares were issued by the CLO VIII Refinancing Issuer as part of its issued share capital and are not secured by the collateral securing the CLO VIII Refinancing Secured Notes. The Company purchased all of the CLO VIII Refinancing Additional Preferred Shares issued on the CLO VIII Refinancing Date. On the Original CLO VIII Closing Date, the CLO VIII Refinancing Issuer issued $101.7 million of subordinated interests in the form of 101,675 of its preferred shares which the Company purchased and continues to hold. The total amount of outstanding preferred shares as of the Refinancing Date is 125,675.
On the Original CLO VIII Closing Date, the CLO VIII Refinancing Issuer entered into a loan sale agreement with the Company, which provided for the sale and contribution of approximately $143.0 million par amount of middle market loans from the Company to the CLO VIII Refinancing Issuer on the Original CLO VIII Closing Date and for future sales from the Company to the CLO VIII Refinancing Issuer on an ongoing basis. Such loans constituted part of the initial portfolio of assets securing the CLO VIII Secured Notes. As part of the CLO VIII Refinancing, the CLO VIII Refinancing Issuer and the Company entered into an amended and restated loan sale agreement dated as of the CLO VIII Refinancing Date (the “BOCIC CLO VIII Loan Sale Agreement”), which provides for the sale and contribution of approximately $192.3 million par amount of middle market loans from the Company to the CLO VIII Refinancing Issuer on the CLO VIII Refinancing Date and for future sales from the Company to the CLO VIII Refinancing Issuer on an ongoing basis. Such loans constituted part of the portfolio of assets securing the CLO VIII Refinancing Secured Notes. The Company made customary representations, warranties, and covenants to the CLO VIII Refinancing Issuer under the applicable loan sale agreement.
Through April 24, 2029, a portion of the proceeds received by the CLO VIII Refinancing Issuer from the loans securing the CLO VIII Refinancing Secured Notes may be used by the CLO VIII Refinancing Issuer to purchase additional middle market loans under the direction of the Adviser, in its capacity as collateral manager for the CLO VIII Refinancing Issuer and in accordance with the Company’s investing strategy and ability to originate eligible middle market loans.
The CLO VIII Refinancing Secured Notes are the secured obligation of the CLO VIII Refinancing Issuer, and the CLO VIII Refinancing Indenture includes customary covenants and events of default.
CLO XI
On May 24, 2023 (the “CLO XI Closing Date”), the Company completed a $395.8 million term debt securitization transaction (the “CLO XI Transaction”). The secured notes and preferred shares issued in the CLO XI Transaction and the secured loan borrowed in the CLO XI Transaction were issued and incurred, as applicable, by the Company’s consolidated subsidiary Owl Rock CLO XI, LLC, a limited liability company organized under the laws of the State of Delaware (the “CLO XI Issuer”).
The CLO XI Transaction was executed by (A) the issuance of the following classes of notes and preferred shares pursuant to an indenture and security agreement dated as of the CLO XI Closing Date (the “CLO XI Indenture”), by and among the CLO XI Issuer and State Street Bank and Trust Company: (i) $152.5 million of AAA(sf) Class A-1T Notes, which bear interest at three-month term SOFR plus 2.50%, (ii) $25.5 million of AAA(sf) Class A-1F Notes, which bear interest at 6.10% and (iii) $32.0 million of AA(sf) Class B Notes, which bear interest at three-month term SOFR plus 3.60% (together, the “CLO XI Secured Notes”) and (B) the borrowing by the Issuer of $50.0 million under floating rate Class A-1L loans (the “CLO XI Class A-1L Loans” and together with the CLO XI Secured Notes, the “CLO XI Debt”). The CLO XI Class A-1L Loans bear interest at three-month term SOFR plus 2.50%. The CLO XI Class A-1L Loans were borrowed under a loan agreement (the “CLO XI A-1L Loan Agreement”), dated as of the CLO XI Closing Date, by and among the CLO XI Issuer, as borrower, various financial institutions, as lenders, and State Street Bank and Trust Company, as collateral trustee and loan agent. The CLO XI Debt is secured by middle-market loans, participation interests in middle-market loans and other assets of the Issuer. The CLO XI Debt is scheduled to mature on the Payment Date (as defined in the CLO XI Indenture) in May, 2035. The CLO XI Secured Notes were privately placed by SMBC Nikko Securities America, Inc. as Initial Purchaser.





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(Unaudited)
Concurrently with the issuance of the CLO XI Secured Notes and the borrowing under the CLO XI Class A-1L Loans, the CLO XI Issuer issued approximately $135.8 million of subordinated securities in the form of 135,820 preferred shares at an issue price of U.S. $1,000 per share (the “CLO XI Preferred Shares”).
As part of the CLO XI Transaction, the Company entered into a loan sale agreement with the CLO XI Issuer dated as of the CLO XI Closing Date, which provided for the contribution of approximately $96.4 million funded par amount of middle-market loans from the Company to the CLO XI Issuer on the CLO XI Closing Date and for future sales from the Company to the CLO XI Issuer on an ongoing basis. Such loans constituted part of the initial portfolio of assets securing the CLO XI Debt. The remainder of the initial portfolio assets securing the CLO XI Debt consisted of approximately $260.6 million funded par amount of middle-market loans purchased by the CLO XI Issuer from Core Income Funding IV LLC, a wholly-owned subsidiary of the Company, under an additional loan sale agreement executed on the CLO XI Closing Date between the CLO XI Issuer and Core Income Funding IV LLC (the “Core Income Funding IV Loan Sale Agreement”). No gain or loss was recognized as a result of these sales and contributions. The Company and Core Income Funding IV LLC each made customary representations, warranties, and covenants to the CLO XI Issuer under the applicable loan sale agreement.
Through May 15, 2027, a portion of the proceeds received by the CLO XI Issuer from the loans securing the CLO XI Debt may be used by the CLO XI Issuer to purchase additional middle-market loans under the direction of Blue Owl Credit Advisors LLC (“OCA”), the Company’s investment advisor, in its capacity as collateral manager for the CLO XI Issuer and in accordance with the Company’s investing strategy and ability to originate eligible middle-market loans.
The CLO XI Debt is the secured obligation of the CLO XI Issuer, and the CLO XI Indenture and CLO XI A-1L Loan Agreement each include customary covenants and events of default.
CLO XII
On July 18, 2023 (the “CLO XII Closing Date”), the Company completed a $396.5 million term debt securitization transaction (the “CLO XII Transaction”). The secured notes and preferred shares issued in the CLO XII Transaction and the secured loan borrowed in the CLO XII Transaction were issued and incurred, as applicable, by the Company’s consolidated subsidiary Owl Rock CLO XII, LLC, a limited liability company organized under the laws of the State of Delaware (the “CLO XII Issuer”).
The CLO XII Transaction was executed by (A) the issuance of the following classes of notes and preferred shares pursuant to an indenture and security agreement dated as of the CLO XII Closing Date (the “CLO XII Indenture”), by and among the CLO XII Issuer and State Street Bank and Trust Company: (i) $90.0 million of AAA(sf) Class A-1A Notes, which bear interest at three-month term SOFR plus 2.55%, (ii) $22.0 million of AAA(sf) Class A-1B Notes, which bear interest at 6.37%, (iii) $8.0 million of AAA(sf) Class A-2 Notes, which bear interest at three-month term SOFR plus 3.10% and (iv) $24.0 million of AA(sf) Class B Notes, which bear interest at three-month term SOFR plus 3.55% (together, the “CLO XII Secured Notes”) and (B) the borrowing by the CLO XII Issuer of $116.0 million under floating rate Class A-1L loans (the “CLO XII Class A-1L Loans” and together with the CLO XII Secured Notes, the “CLO XII Debt”). The CLO XII Class A-1L Loans bear interest at three-month term SOFR plus 2.55%. The CLO XII Class A-1L Loans were borrowed under a credit agreement (the “CLO XII Class A-1L Credit Agreement”), dated as of the CLO XII Closing Date, by and among the CLO XII Issuer, as borrower, various financial institutions, as lenders, and State Street Bank and Trust Company, as collateral trustee and loan agent. The CLO XII Debt is secured by middle-market loans, participation interests in middle-market loans and other assets of the CLO XII Issuer. The CLO XII Debt is scheduled to mature on the Payment Date (as defined in the CLO XII Indenture) in July, 2034. The CLO XII Secured Notes were privately placed by BofA Securities, Inc. as Initial Purchaser.
Concurrently with the issuance of the CLO XII Secured Notes and the borrowing under the CLO XII Class A-1L Loans, the CLO XII Issuer issued approximately $136.5 million of subordinated securities in the form of 136,500 preferred shares at an issue price of U.S. $1,000 per share (the “CLO XII Preferred Shares”).
As part of the CLO XII Transaction, the Company entered into a loan sale agreement with the CLO XII Issuer dated as of the CLO XII Closing Date (the “CLO XII OCIC Loan Sale Agreement”), which provided for the contribution of approximately $78.0 million funded par amount of middle-market loans from the Company to the CLO XII Issuer on the CLO XII Closing Date and for future sales from the Company to the CLO XII Issuer on an ongoing basis. Such loans constituted part of the initial portfolio of assets securing the CLO XII Debt. The remainder of the initial portfolio assets securing the CLO XII Debt consisted of approximately $295.7 million funded par amount of middle-market loans purchased by the CLO XII Issuer from Core Income Funding III LLC, a wholly-owned subsidiary of the Company, under an additional loan sale agreement executed on the CLO XII Closing Date between the CLO XII Issuer and Core Income Funding III LLC (the “CLO XII Core Income Funding III Loan Sale Agreement”). No gain or loss was recognized as a result of these sales and contributions. The Company and Core Income Funding III LLC each made customary representations, warranties, and covenants to the CLO XII Issuer under the applicable loan sale agreement.





95

Blue Owl Credit Income Corp.
Notes to Consolidated Financial Statements - Continued
(Unaudited)
Through July 20, 2026, a portion of the proceeds received by the CLO XII Issuer from the loans securing the CLO XII Debt may be used by the CLO XII Issuer to purchase additional middle-market loans under the direction of the Adviser in its capacity as collateral manager for the CLO XII Issuer and in accordance with the Company’s investing strategy and ability to originate eligible middle-market loans.
The CLO XII Debt is the secured obligation of the CLO XII Issuer, and the CLO XII Indenture and CLO XII Class A-1L Credit Agreement each include customary covenants and events of default.
CLO XV
On January 30, 2024 (the “CLO XV Closing Date”), the Company completed a $478.0 million term debt securitization transaction (the “CLO XV Transaction”). The secured notes and preferred shares issued in the CLO XV Transaction and the secured loan borrowed in the CLO XV Transaction were issued and incurred, as applicable, by the Company’s consolidated subsidiary Owl Rock CLO XV, LLC, a limited liability company organized under the laws of the State of Delaware (the “CLO XV Issuer”).
The CLO XV Transaction was executed by (A) the issuance of the following classes of notes and preferred shares pursuant to an indenture and security agreement dated as of the CLO XV Closing Date (the “CLO XV Indenture”), by and among the CLO XV Issuer and State Street Bank and Trust Company: (i) $273.6 million of AAA(sf) Class A Notes, which bear interest at three-month term SOFR plus 2.30%, (ii) $38.4 million of AA(sf) Class B Notes, which bear interest at three-month term SOFR plus 3.20% (together, the “CLO XV Secured Notes”). The CLO XV Secured Notes are secured by middle-market loans, participation interests in middle-market loans and other assets of the CLO XV Issuer. The CLO XV Secured Notes are scheduled to mature on the Payment Date (as defined in the CLO XV Indenture) in January, 2036. The CLO XV Secured Notes were privately placed by Natixis Securities Americas LLC as placement agent.
Concurrently with the issuance of the CLO XV Secured Notes, the CLO XV Issuer issued approximately $166.0 million of subordinated securities in the form of 165,980 preferred shares at an issue price of U.S. $1,000 per share (the “CLO XV Preferred Shares”).
As part of the CLO XV Transaction, the Company entered into a loan sale agreement with the CLO XV Issuer dated as of the CLO XV Closing Date (the “CLO XV OCIC Loan Sale Agreement”), which provided for the contribution of approximately $115.4 million funded par amount of middle-market loans from the Company to the CLO XV Issuer on the CLO XV Closing Date and for future sales from the Company to the CLO XV Issuer on an ongoing basis. Such loans constituted part of the initial portfolio of assets securing the CLO XV Secured Notes. The remainder of the initial portfolio assets securing the CLO XV Secured Notes consisted of approximately $329.7 million funded par amount of middle-market loans purchased by the CLO XV Issuer from Core Income Funding I LLC, a wholly-owned subsidiary of the Company, under an additional loan sale agreement executed on the CLO XV Closing Date between the CLO XV Issuer and Core Income Funding I LLC (the “CLO XV Core Income Funding I Loan Sale Agreement”). No gain or loss was recognized as a result of these sales and contributions. The Company and Core Income Funding I LLC each made customary representations, warranties, and covenants to the CLO XV Issuer under the applicable loan sale agreement.
Through January 20, 2028, a portion of the proceeds received by the CLO XV Issuer from the loans securing the CLO XV Secured Notes may be used by the CLO XV Issuer to purchase additional middle-market loans under the direction of the Adviser in its capacity as collateral manager for the CLO XV Issuer and in accordance with the Company’s investing strategy and ability to originate eligible middle-market loans.
The CLO XV Secured Notes secured obligation of the CLO XV Issuer, and the CLO XV Indenture each include customary covenants and events of default.
CLO XVI
On March 7, 2024 (the “CLO XVI Closing Date”), the Company completed a $597.0 million term debt securitization transaction (the “CLO XVI Transaction”). The secured notes and preferred shares issued in the CLO XVI Transaction and the secured loan borrowed in the CLO XVI Transaction were issued and incurred, as applicable, by the Company’s consolidated subsidiary Owl Rock CLO XVI, LLC, a limited liability company organized under the laws of the State of Delaware (the “CLO XVI Issuer”).
The CLO XVI Transaction was executed by the issuance of the following classes of notes and preferred shares pursuant to an indenture dated as of the CLO XVI Closing Date (the “CLO XVI Indenture”), by and among the CLO XVI Issuer and State Street Bank and Trust Company: (i) $342.0 million of AAA(sf) Class A Notes, which bear interest at three-month term SOFR plus 2.00%, (ii) $48.0 million of AA(sf) Class B Notes, which bear interest at three-month term SOFR plus 2.50% and (iii) $30.0 million of A(sf) Class C Notes, which bear interest at three-month term SOFR plus 3.30% (together, the “CLO XVI Secured Notes”). The CLO XVI Secured Notes are secured by middle-market loans, participation interests in middle-market loans and other assets of the CLO XVI





96

Blue Owl Credit Income Corp.
Notes to Consolidated Financial Statements - Continued
(Unaudited)
Issuer. The CLO XVI Secured Notes are scheduled to mature on the Payment Date (as defined in the CLO XVI Indenture) in April, 2036. The CLO XVI Secured Notes were privately placed by Deutsche Bank Securities Inc. as Initial Purchaser.
Concurrently with the issuance of the CLO XVI Secured Notes, the CLO XVI Issuer issued approximately $177.0 million of subordinated securities in the form of 177,000 preferred shares at an issue price of U.S. $1,000 per share (the “CLO XVI Preferred Shares”).
As part of the CLO XVI Transaction, the Company entered into a loan sale agreement with the CLO XVI Issuer dated as of the CLO XVI Closing Date (the “OCIC CLO XVI Loan Sale Agreement”), which provided for the contribution of approximately $206.6 million funded par amount of middle-market loans from the Company to the CLO XVI Issuer on the CLO XVI Closing Date and for future sales from the Company to the CLO XVI Issuer on an ongoing basis. Such loans constituted part of the initial portfolio of assets securing the CLO XVI Secured Notes. The remainder of the initial portfolio assets secured the CLO XVI Secured Notes consisted of approximately $356.5 million funded par amount of middle-market loans purchased by the CLO XVI Issuer from Core Income Funding II LLC, a wholly-owned subsidiary of the Company, under an additional loan sale agreement executed on the CLO XVI Closing Date between the CLO XVI Issuer and Core Income Funding II LLC (the “CLO XVI Core Income Funding II Loan Sale Agreement”). The Company and Core Income Funding II LLC each made customary representations, warranties, and covenants to the CLO XVI Issuer under the applicable loan sale agreement. No gain or loss was recognized as a result of these sales and contributions.
Through April 20, 2028, a portion of the proceeds received by the CLO XVI Issuer from the loans securing the CLO XVI Secured Notes may be used by the CLO XVI Issuer to purchase additional middle-market loans under the direction of the Adviser, in its capacity as collateral manager for the CLO XVI Issuer and in accordance with the Company’s investing strategy and ability to originate eligible middle-market loans.
The CLO XVI Secured Notes is the secured obligation of the CLO XVI Issuer, and the CLO XVI Indenture includes customary covenants and events of default.
CLO XVII
On July 18, 2024 (the “CLO XVII Closing Date”), the Company completed a $500.6 million term debt securitization transaction (the “CLO XVII Transaction”). The secured notes and preferred shares issued in the CLO XVII Transaction and the secured loan borrowed in the CLO XVII Transaction were issued and incurred, as applicable, by the Company’s consolidated subsidiary Owl Rock CLO XVII, LLC, a limited liability company organized under the laws of the State of Delaware (the “CLO XVII Issuer”).
The CLO XVII Transaction was executed by the issuance of the following classes of notes and preferred shares pursuant to an indenture dated as of the CLO XVII Closing Date (the “CLO XVII Indenture”), by and among the CLO XVII Issuer and State Street Bank and Trust Company: (i) $275.0 million of AAA(sf) Class A-1 Notes, which bear interest at three-month term SOFR plus 1.68%, (ii) $25.0 million of AAA(sf) Class A-2 Notes, which bear interest at three-month term SOFR plus 1.85% and (iii) $25.0 million of AA(sf) Class B Notes, which bear interest at three-month term SOFR plus 1.95% (together, the “CLO XVII Secured Notes”). The CLO XVII Secured Notes are secured by middle-market loans, participation interests in middle-market loans and other assets of the CLO XVII Issuer. The CLO XVII Secured Notes are scheduled to mature on the Payment Date (as defined in the CLO XVII Indenture) in July 2036. The CLO XVII Secured Notes were privately placed by Natixis Securities Americas LLC, as Placement Agent.
Concurrently with the issuance of the CLO XVII Secured Notes, the CLO XVII Issuer issued approximately $175.6 million of subordinated securities in the form of $177,590 preferred shares at an issue price of U.S. $1,000 per share (the “CLO XVII Preferred Shares”).
As part of the CLO XVII Transaction, the Company entered into a loan sale agreement with the CLO XVII Issuer dated as of the CLO XVII Closing Date (the “CLO XVII OCIC Loan Sale Agreement”), which provided for the contribution of approximately $463.2 million funded par amount of middle-market loans from the Company to the CLO XVII Issuer on the CLO XVII Closing Date and for future sales from the Company to the CLO XVII Issuer on an ongoing basis. Such loans constituted part of the initial portfolio of assets securing the CLO XVII Secured Notes. The remainder of the initial portfolio assets secured the CLO XVII Secured Notes consisted of approximately $12.0 million funded par amount of middle-market loans purchased by the CLO XVII Issuer from Core Income Funding I LLC, a wholly-owned subsidiary of the Company, under an additional loan sale agreement executed on the CLO XVII Closing Date between the CLO XVII Issuer and Core Income Funding I LLC (the “CLO XVII Core Income Funding I Loan Sale Agreement”). The Company and Core Income Funding I LLC each made customary representations, warranties, and covenants to the CLO XVII Issuer under the applicable loan sale agreement. No gain or loss was recognized as a result of these sales and contributions.





97

Blue Owl Credit Income Corp.
Notes to Consolidated Financial Statements - Continued
(Unaudited)
Through the Payment Date in July 2028, a portion of the proceeds received by the CLO XVII Issuer from the loans securing the CLO XVII Secured Notes may be used by the CLO XVII Issuer to purchase additional middle-market loans under the direction of the Adviser, in its capacity as collateral manager for the CLO XVII Issuer and in accordance with the Company’s investing strategy and ability to originate eligible middle-market loans.
The CLO XVII Secured Notes are the secured obligation of the CLO XVII Issuer, and the CLO XVII Indenture includes customary covenants and events of default.
CLO XVIII
On July 12, 2024 (the “CLO XVIII Closing Date”), the Company completed a $399.8 million term debt securitization transaction (the “CLO XVIII Transaction”). The secured notes and preferred shares issued in the CLO XVIII Transaction and the secured loan borrowed in the CLO XVIII Transaction were issued and incurred, as applicable, by the Company’s consolidated subsidiary Owl Rock CLO XVIII, LLC, a limited liability company organized under the laws of the State of Delaware (the “CLO XVIII Issuer”).
The CLO XVIII Transaction was executed by (A) the issuance of the following classes of notes and preferred shares pursuant to an indenture dated as of the CLO XVIII Closing Date (the “CLO XVIII Indenture”), by and among the CLO XVIII Issuer and State Street Bank and Trust Company: (i) $178.0 million of AAA(sf) Class A Notes, which bear interest at three-month term SOFR plus 1.70%, (ii) $32.0 million of AA(sf) Class B Notes, which bear interest at three-month term SOFR plus 1.95% (together, the “CLO XVIII Secured Notes”) and (B) the borrowing by the CLO XVIII Issuer of $50.0 million under floating rate Class A-1L Loans (the “CLO XVIII Class A-1L Loans” and together with the CLO XVIII Secured Notes, the “CLO XVIII Debt”). The CLO XVIII Class A-1L Loans bear interest at three-month term SOFR plus 1.70%. The CLO XVIII Class A-1L Loans were borrowed under a loan agreement (the “CLO XVIII A-1L Loan Agreement”), dated as of the CLO XVIII Closing Date, by and among the CLO XVIII Issuer, as borrower, various financial institutions, as lenders, and State Street Bank and Trust Company, as collateral trustee and loan agent. The CLO XVIII Debt is secured by middle-market loans, participation interests in middle-market loans and other assets of the CLO XVIII Issuer. The CLO XVIII Debt is scheduled to mature on the Payment Date (as defined in the CLO XVIII Indenture) in July 2036. The CLO XVIII Secured Notes were privately placed by Deutsche Bank Securities Inc. as Initial Purchaser.
Concurrently with the issuance of the CLO XVIII Secured Notes, the CLO XVIII Issuer issued approximately $139.8 million of subordinated securities in the form of $139,800 preferred shares at an issue price of U.S. $1,000 per share (the “CLO XVIII Preferred Shares”).
As part of the CLO XVIII Transaction, the Company entered into a loan sale agreement with the CLO XVIII Issuer dated as of the CLO XVIII Closing Date (the “CLO XVIII OCIC Loan Sale Agreement”), which provided for the contribution of approximately $246.2 million funded par amount of middle-market loans from the Company to the CLO XVIII Issuer on the CLO XVIII Closing Date and for future sales from the Company to the CLO XVIII Issuer on an ongoing basis. Such loans constituted part of the initial portfolio of assets securing the CLO XVIII Secured Notes. The remainder of the initial portfolio assets secured the CLO XVIII Secured Notes consisted of approximately $146.4 million funded par amount of middle-market loans purchased by the CLO XVIII Issuer from Core Income Funding IV LLC, a wholly-owned subsidiary of the Company, under an additional loan sale agreement executed on the CLO XVIII Closing Date between the CLO XVIII Issuer and Core Income Funding IV LLC (the “CLO XVIII Core Income Funding IV Loan Sale Agreement”). The Company and Core Income Funding IV LLC each made customary representations, warranties, and covenants to the CLO XVIII Issuer under the applicable loan sale agreement. No gain or loss was recognized as a result of these sales and contributions.
Through the Payment Date in July 2029, a portion of the proceeds received by the CLO XVIII Issuer from the loans securing the CLO XVIII Debt may be used by the CLO XVIII Issuer to purchase additional middle-market loans under the direction of the Adviser, in its capacity as collateral manager for the CLO XVIII Issuer and in accordance with the Company’s investing strategy and ability to originate eligible middle-market loans.
The CLO XVIII Debt is the secured obligation of the CLO XVIII Issuer, and the CLO XVIII Indenture and CLO XVIII A-1L Loan Agreement each include customary covenants and events of default.
CLO XIX
On October 29, 2024 (the “CLO XIX Closing Date”), the Company completed a $401.3 million term debt securitization transaction (the “CLO XIX Transaction”). The secured notes and preferred shares issued in the CLO XIX Transaction and the secured loan borrowed in the CLO XIX Transaction were issued and incurred, as applicable, by the Company’s consolidated subsidiary Owl Rock CLO XIX, LLC, a limited liability company organized under the laws of the State of Delaware (the “CLO XIX Issuer”).
The CLO XIX Transaction was executed by (A) the issuance of the following classes of notes and preferred shares pursuant to an indenture and security agreement dated as of the Closing Date (the “CLO XIX Indenture”), by and among the CLO XIX Issuer and





98

Blue Owl Credit Income Corp.
Notes to Consolidated Financial Statements - Continued
(Unaudited)
State Street Bank and Trust Company: (i) $153 million of AAA(sf) Class A Notes, which bear interest at three-month term SOFR plus 1.65% and (ii) $32 million of AA(sf) Class B Notes, which bear interest at three-month term SOFR plus 1.90% (together, the “Secured Notes”) and (B) the borrowing by the CLO XIX Issuer of (i) $50 million under floating rate Class A-1L-1 loans (the “CLO XIX Class A-1L-1 Loans”) and (ii) $25 million under floating rate Class A-1L-2 loans (the “CLO XIX Class A-1L-2 Loans” and together with the CLO XIX Class A-1L-1 Loans and the Secured Notes, the “CLO XIX Debt”). The CLO XIX Class A-1L-1 Loans bear interest at three-month term SOFR plus 1.65%. The CLO XIX Class A-1L-2 Loans bear interest at three-month term SOFR plus 1.65%. The CLO XIX Class A-1L-1 Loans were borrowed under a loan agreement (the “CLO XIX A-1L-1 Loan Agreement”), dated as of the CLO XIX Closing Date, by and among the CLO XIX Issuer, as borrower, the lenders party thereto, and State Street Bank and Trust Company, as collateral trustee and loan agent. The CLO XIX Class A-1L-2 Loans were borrowed under a loan agreement (the “CLO XIX A-1L-2 Loan Agreement”), dated as of the CLO XIX Closing Date, by and among the CLO XIX Issuer, as borrower, the lenders party thereto, and State Street Bank and Trust Company, as collateral trustee and loan agent. The CLO XIX Debt is secured by middle market loans, participation interests in middle market loans and other assets of the CLO XIX Issuer. The CLO XIX Debt is scheduled to mature on the Payment Date (as defined in the Indenture) in October 2037. The CLO XIX Secured Notes were privately placed by BofA Securities, Inc., as Initial Purchaser.
Concurrently with the issuance of the CLO XIX Secured Notes, the CLO XIX Issuer issued approximately $141.3 million of subordinated securities in the form of 141,300 preferred shares at an issue price of $1,000 per share (the “CLO XIX Preferred Shares”).
As part of the CLO XIX Transaction, the Company entered into a loan sale agreement with the CLO XIX Issuer dated as of the CLO XIX Closing Date (the “CLO XIX OCIC Loan Sale Agreement”), which provided for the contribution and sale of approximately $301.2 million funded par amount of middle market loans from the Company to the CLO XIX Issuer on the CLO XIX Closing Date and for future sales from the CLO XIX Company to the CLO XIX Issuer on an ongoing basis. Such loans constituted part of the initial portfolio of assets securing the CLO XIX Debt. The remainder of the initial portfolio assets securing the CLO XIX Debt consisted of approximately $56.2 million funded par amount of middle market loans purchased by the CLO XIX Issuer from Core Income Funding III LLC, a wholly-owned subsidiary of the Company, under an additional loan sale agreement executed on the Closing Date between the CLO XIX Issuer and Core Income Funding III LLC (the “CLO XIX Core Income Funding III Loan Sale Agreement”). The Company and Core Income Funding III LLC each made customary representations, warranties, and covenants to the CLO XIX Issuer under the applicable loan sale agreement. No gain or loss was recognized as a result of these sales or contributions.
Through October 2029, a portion of the proceeds received by the CLO XIX Issuer from the loans securing the Debt may be used by the CLO XIX Issuer to purchase additional middle market loans under the direction of the Adviser, in its capacity as collateral manager for the CLO XIX Issuer and in accordance with the Company’s investing strategy and ability to originate eligible middle market loans.
The CLO XIX Debt is the secured obligation of the CLO XIX Issuer, and the CLO XIX Indenture, the CLO XIX A-1L-1 Loan Agreement and the CLO XIX A-1L-2 Loan Agreement each include customary covenants and events of default.
Unsecured Notes
On November 30, 2022, the Company entered into an agreement of removal, appointment and acceptance (the “Tripartite Agreement”), with Computershare Trust Company, N.A., as successor to Wells Fargo Bank, National Association (the “Retiring Trustee”) and Truist Bank (the “Successor Trustee”), with respect to the Indenture, dated September 23, 2021 between the Company and the Retiring Trustee (the “Base Indenture”), the first supplemental indenture, dated September 23, 2021 (the “First Supplemental Indenture”) between the Company and the Retiring Trustee, the second supplemental indenture, dated February 8, 2022 (the “Second Supplemental Indenture”) between the Company and the Retiring Trustee, the third supplemental indenture, dated March 29, 2022 (the “Third Supplemental Indenture”) between the Company and the Retiring Trustee, and the Fourth Supplemental Indenture, dated September 16, 2022 (the “Fourth Supplemental Indenture” and together with the Base Indenture, the First Supplemental Indenture, the Second Supplemental Indenture and the Third Supplemental Indenture, the “Indenture”) between the Company and the Retiring Trustee.
The Tripartite Agreement provided that, effective as of the date thereof, (1) the Retiring Trustee assigns, transfers, delivers and confirms to the Successor Trustee all of its rights, title and interest under the Indenture and all of the rights, power, trusts and duties as trustee, security registrar, paying agent, authenticating agent and depositary custodian under the Indenture; and (2) the Successor Trustee accepts its appointment successor trustee, security registrar, paying agent, authenticating agent and depositary custodian under the Indenture, and accepts the rights, indemnities, protections, powers, trust and duties of or afforded to Retiring Trustee as trustee, security registrar, paying agent, authenticating agent and depositary custodian under the Indenture. The Successor Trustee’s appointment in its capacities as paying agent and security registrar became effective on December 14, 2022.





99

Blue Owl Credit Income Corp.
Notes to Consolidated Financial Statements - Continued
(Unaudited)
March 2025 Notes
On March 29, 2022, the Company issued $500.0 million aggregate principal amount of 5.500% notes due 2025 (the notes initially issued on March 29, 2022, together with the registered notes issued in the exchange offer described below, the “March 2025 Notes”) in a private placement in reliance on Section 4(a)(2) of the Securities Act, and for initial resale by the Initial Purchasers to persons they reasonably believe to be qualified institutional buyers pursuant to the exemption from registration provided by Rule 144A promulgated under the Securities Act. When initially issued, the March 2025 Notes were not registered under the Securities Act and could not be offered or sold in the United States absent registration or an applicable exemption from registration. On March 21, 2025, the maturity date for the March 2025 Notes, the Company repaid in full all $500.0 million in aggregate principal amount of the March 2025 Notes, plus the accrued and unpaid interest thereon through, but excluding, March 21, 2025.
The March 2025 Notes were issued pursuant to the Base Indenture and the Third Supplemental Indenture (together, the “March 2025 Indenture”). The March 2025 Notes bore interest at a rate of 5.500% per year payable semi-annually on March 21 and September 21 of each year, commencing on September 21, 2022. Concurrent with the issuance of the March 2025 Notes, in connection with the offering, the Company entered into a Registration Rights Agreement, dated as of March 29, 2022 (the “March 2025 Registration Rights Agreement”), for the benefit of the purchasers of the March 2025 Notes. Pursuant to the terms of the March 2025 Registration Rights Agreement, the Company filed a registration statement with the SEC and, on July 25, 2022, commenced an offer to exchange the notes initially issued on March 29, 2022 for newly issued registered notes with substantially similar terms, which expired on August 23, 2022 and was completed promptly thereafter.
The March 2025 Notes were the Company’s direct, general unsecured obligations and ranked senior in right of payment to all of the Company’s future indebtedness or other obligations that were expressly subordinated, or junior, in right of payment to the March 2025 Notes. The March 2025 Notes ranked pari passu, or equal, in right of payment with all of the Company’s existing and future indebtedness or other obligations that was not so subordinated, or junior to the March 2025 Notes. The March 2025 Notes ranked effectively subordinated, or junior, to any of the Company’s future secured indebtedness or other obligations (including unsecured indebtedness that the Company later secures) to the extent of the value of the assets securing such indebtedness. The March 2025 Notes ranked structurally subordinated, or junior, to all existing and future indebtedness and other obligations (including trade payables) incurred by the Company’s subsidiaries, financing vehicles or similar facilities.

September 2026 Notes
On September 23, 2021, the Company issued $350.0 million aggregate principal amount of 3.125% notes due 2026 (the notes initially issued on September 23, 2021, together with the registered notes issued in the exchange offer described below, the “September 2026 Notes”) in a private placement in reliance on Section 4(a)(2) of the Securities Act, and for initial resale to qualified institutional buyers pursuant to the exemption from registration provided by Rule 144A promulgated under the Securities Act. When initially issued, the September 2026 Notes were not registered under the Securities Act and could not be offered or sold in the United States absent registration or an applicable exemption from registration.
The September 2026 Notes were issued pursuant to the Base Indenture and the First Supplemental Indenture (together, the “September 2026 Indenture”). The September 2026 Notes will mature on September 23, 2026 and may be redeemed in whole or in part at our option at any time or from time to time at the redemption prices set forth in the September 2026 Indenture. The September 2026 Notes initially bear interest at a rate of 3.125% per year payable semi-annually on March 23 and September 23 of each year, commencing on March 23, 2022. Concurrent with the issuance of the September 2026 Notes, the Company entered into a Registration Rights Agreement (the “September 2026 Registration Rights Agreement”) for the benefit of the purchasers of the September 2026 Notes. Pursuant to the terms of the September 2026 Registration Rights Agreement, the Company filed a registration statement with the SEC and, on July 25, 2022, commenced an offer to exchange the notes initially issued on September 23, 2021 for newly issued registered notes with substantially similar terms, which expired on August 23, 2022 and was completed promptly thereafter.
The September 2026 Notes are the direct, general unsecured obligations and will rank senior in right of payment to all of the future indebtedness or other obligations that are expressly subordinated, or junior, in right of payment to the September 2026 Notes. The September 2026 Notes rank pari passu, or equal, in right of payment with all of the Company’s existing and future indebtedness or other obligations that are not so subordinated, or junior. The September 2026 Notes rank effectively subordinated, or junior, to any of the Company’s future secured indebtedness or other obligations (including unsecured indebtedness that the Company later secures) to the extent of the value of the assets securing such indebtedness. The September 2026 Notes rank structurally subordinated, or junior, to all existing and future indebtedness and other obligations (including trade payables) incurred by the Company’s subsidiaries, financing vehicles or similar facilities.
The September 2026 Indenture contains certain covenants, including covenants requiring the Company to (i) comply with the asset coverage requirements of the 1940 Act, whether or not it is subject to those requirements, and (ii) provide financial information to the holders of the September 2026 Notes and the Successor Trustee if the Company is no longer subject to the reporting





100

Blue Owl Credit Income Corp.
Notes to Consolidated Financial Statements - Continued
(Unaudited)
requirements under the Exchange Act. These covenants are subject to important limitations and exceptions that are described in the September 2026 Indenture.
In addition, if a change of control repurchase event, as defined in the September 2026 Indenture, occurs prior to maturity, holders of the September 2026 Notes will have the right, at their option, to require the Company to repurchase for cash some or all of the September 2026 Notes at a repurchase price equal to 100% of the aggregate principal amount of the September 2026 Notes being repurchased, plus accrued and unpaid interest to, but excluding, the repurchase date.
February 2027 Notes
On February 8, 2022, the Company issued $500.0 million aggregate principal amount of 4.70% notes due 2027 (the notes initially issued on February 8, 2022, together with the registered notes issued in the exchange offer described below, the “February 2027 Notes”) in a private placement in reliance on Section 4(a)(2) of the Securities Act, and for initial resale to qualified institutional buyers pursuant to the exemption from registration provided by Rule 144A promulgated under the Securities Act. When initially issued, the February 2027 Notes were not registered under the Securities Act and could not be offered or sold in the United States absent registration or an applicable exemption from registration.
The February 2027 Notes were issued pursuant to the Base Indenture and the Second Supplemental Indenture (together, the “February 2027 Indenture”). The February 2027 Notes will mature on February 8, 2027 and may be redeemed in whole or in part at the Company’s option at any time or from time to time at the redemption prices set forth in the February 2027 Indenture. The February 2027 Notes initially bear interest at a rate of 4.70% per year payable semi-annually on February 8 and August 8 of each year, commencing on August 8, 2022. Concurrent with the issuance of the February 2027 Notes the Company entered into a Registration Rights Agreement (the “February 2027 Registration Rights Agreement”) for the benefit of the purchasers of the February 2027 Notes. Pursuant to the terms of the February 2027 Registration Rights Agreement the Company filed a registration statement with the SEC and, on July 25, 2022, commenced an offer to exchange the notes initially issued on February 8, 2022 for newly issued registered notes with substantially similar terms, which expired on August 23, 2022 and was completed promptly thereafter.
The February 2027 Notes are the Company’s direct, general unsecured obligations and rank senior in right of payment to all of its future indebtedness or other obligations that are expressly subordinated, or junior, in right of payment to the February 2027 Notes. The February 2027 Notes rank pari passu, or equal, in right of payment with all of the Company’s existing and future indebtedness or other obligations that are not so subordinated, or junior to the February 2027 Notes. The February 2027 Notes rank effectively subordinated, or junior, to any of the Company’s future secured indebtedness or other obligations (including unsecured indebtedness that we later secure) to the extent of the value of the assets securing such indebtedness. The February 2027 Notes rank structurally subordinated, or junior, to all existing and future indebtedness and other obligations (including trade payables) incurred by the Company’s subsidiaries, financing vehicles or similar facilities.
The February 2027 Indenture contains certain covenants, including covenants requiring the Company to (i) comply with asset coverage requirements of the 1940 Act, whether or not it is subject to those requirements, and (ii) provide financial information to the holders of the February 2027 Notes and the Successor Trustee if the Company is no longer subject to the reporting requirements under the Exchange Act. These covenants are subject to important limitations and exceptions that are described in the Indenture. In addition, if a change of control repurchase event, as defined in the February 2027 Indenture, occurs prior to maturity, holders of the February 2027 Notes have the right, at their option, to require us to repurchase for cash some or all of the February 2027 Notes at a repurchase price equal to 100% of the aggregate principal amount of the February 2027 Notes being repurchased, plus accrued and unpaid interest to, but excluding, the repurchase date.
September 2027 Notes
On September 16, 2022, the Company issued $600.0 million aggregate principal amount of 7.750% notes due 2027 (the notes initially issued on September 16, 2022, together with the registered notes issued in the exchange offer described below, the “September 2027 Notes”) in a private placement in reliance on Section 4(a)(2) of the Securities Act, and for initial resale to qualified institutional buyers pursuant to the exemption from registration provided by Rule 144A promulgated under the Securities Act. When initially issued, the September 2027 Notes were not registered under the Securities Act and could not be offered or sold in the United States absent registration or an applicable exemption from registration.
The September 2027 Notes were issued pursuant to the Base Indenture and the Fourth Supplemental Indenture (together, the “September 2027 Indenture”). The September 2027 Notes will mature on September 16, 2027 and may be redeemed in whole or in part at the Company’s option at any time or from time to time at the redemption prices set forth in the September 2027 Indenture. The September 2027 Notes bear interest at a rate of 7.750% per year payable semi-annually on March 16 and September 16 of each year, commencing on March 16, 2023. Concurrent with the issuance of the September 2027 Notes, the Company entered into a Registration Rights Agreement (the “September 2027 Registration Rights Agreement”) for the benefit of the purchasers of the September 2027





101

Blue Owl Credit Income Corp.
Notes to Consolidated Financial Statements - Continued
(Unaudited)
Notes. Pursuant to the terms of the September 2027 Registration Rights Agreement, the Company filed a registration statement with the SEC and, on July 21, 2023, commenced an offer to exchange the notes initially issued on September 16, 2022 for newly issued registered notes with substantially similar terms, which expired on August 23, 2023 and was completed promptly thereafter.
The September 2027 Notes are the Company’s direct, general unsecured obligations and rank senior in right of payment to all of the Company’s future indebtedness or other obligations that are expressly subordinated, or junior, in right of payment to the September 2027 Notes. The September 2027 Notes rank pari passu, or equal, in right of payment with all of the Company’s existing and future indebtedness or other obligations that are not so subordinated, or junior to the September 2027 Notes. The September 2027 Notes rank effectively subordinated, or junior, to any of the Company’s future secured indebtedness or other obligations (including unsecured indebtedness that the Company later secures) to the extent of the value of the assets securing such indebtedness. The September 2027 Notes rank structurally subordinated, or junior, to all existing and future indebtedness and other obligations (including trade payables) incurred by the Company’s subsidiaries, financing vehicles or similar facilities.
The September 2027 Indenture contains certain covenants, including covenants requiring the Company to (i) comply with Section 18(a)(1)(A) of the 1940 Act whether or not it is subject to those requirements, and (ii) provide financial information to the holders of the September 2027 Notes and the Successor Trustee if the Company is no longer subject to the reporting requirements under the Exchange Act. These covenants are subject to important limitations and exceptions that are described in the September 2027 Indenture.
In addition, if a change of control repurchase event, as defined in the Indenture, occurs prior to maturity, holders of the September 2027 Notes will have the right, at their option, to require the Company to repurchase for cash some or all of the September 2027 Notes at a repurchase price equal to 100% of the aggregate principal amount of the September 2027 Notes being repurchased, plus accrued and unpaid interest to, but not including, the repurchase date.
In connection with the issuance of the September 2027 Notes, on October 18, 2022 the Company entered into centrally cleared interest rate swaps. The notional amount of the interest rate swaps is $600.0 million. The Company will receive fixed rate interest at 7.750% and pay variable rate interest based on SOFR plus 3.84%. The interest rate swaps mature on September 16, 2027. For the three months ended June 30, 2025 and 2024, the Company did not make a periodic payment. For the six months ended June 30, 2025 and 2024, the Company made periodic payments of $2.4 million and $4.7 million, respectively. The interest expense related to the September 2027 Notes is equally offset by the proceeds received from the interest rate swaps. The swap adjusted interest expense is included as a component of interest expense on the Company’s Consolidated Statements of Operations. As of June 30, 2025, the interest rate swap had a fair value of $7.3 million ($1.4 million net of the present value of the cash flows of the September 2027 Notes). As of December 31, 2024, the interest rate swap had a fair value of $(0.7) million ($0.8 million net of the present value of the cash flows of the September 2027 Notes). Depending on the nature of the balance at period end, the fair value of the interest rate swap is either included as a component of accrued expenses and other liabilities or prepaid expenses and other assets on the Company’s Consolidated Statements of Assets and Liabilities. The change in fair value of the interest rate swap is offset by the change in fair value of the September 2027 Notes, with the remaining difference included as a component of interest expense on the Consolidated Statements of Operations.
AUD 2027 Notes
On October 23, 2024, the Company issued A$450.0 million 6.500% Fixed Rate Notes due October 23, 2027 (the “AUD 2027 Notes”) under its A$2,500,000,000 Australian debt issuance program (the “Australian Debt Issuance Program”). The Australian Debt Issuance Program provides for the Company to issue debt securities from time to time. Debt securities issued pursuant to the Australian Debt Issuance Program (i) are issued pursuant to Regulation S under the U.S. Securities Act of 1933, as amended (the “Securities Act”), (ii) are not registered under the Securities Act, (iii) may not be offered or sold in the United States or to a U.S. person without registration under, or an applicable exemption from the registration requirements of the Securities Act, and (iv) are to be issued in amount not exceeding an aggregate of A$2.5 billion.
The terms of the AUD 2027 Notes are set out in a Pricing Supplement, dated October 21, 2024 (the “AUD 2027 Notes Pricing Supplement”) and the Note Deed Poll, dated October 6, 2024 (the “AUD 2027 Notes Note Deed Poll”) and the AUD 2027 Notes were issued pursuant to the Dealer Common Terms Deed Poll, dated October 6, 2024 (the “AUD 2027 Notes Dealer Common Terms Deed Poll”) and a Subscription Agreement (the “ AUD 2027 Notes Subscription Agreement”), dated October 21, 2024, by and among the Company and Deutsche Bank AG, Sydney Branch and Mizuho Securities Asia Limited, named as the joint lead managers and dealers therein (the “AUD 2027 Notes Dealers”).
The net proceeds from the sale of the AUD 2027 Notes offering were approximately A$446.643 million, after deducting the fees paid to the AUD 2027 Notes Dealers.





102

Blue Owl Credit Income Corp.
Notes to Consolidated Financial Statements - Continued
(Unaudited)
The AUD 2027 Notes will mature on October 23, 2027, and may be redeemed in whole at the Company’s option as set forth in the AUD 2027 Notes Pricing Supplement. The AUD 2027 Notes bear interest at 6.500% per year payable semi-annually on April 23 and October 23 of each year, commencing on April 23, 2025. The AUD 2027 Notes will be the Company’s direct, general unsecured obligations and will rank senior in right of payment to all of the Company’s future indebtedness or other obligations that are expressly subordinated, or junior, in right of payment to the AUD 2027 Notes. The AUD 2027 Notes will rank pari passu, or equal, in right of payment with all of the Company’s existing and future indebtedness or other obligations that are not so subordinated, or junior to the AUD 2027 Notes. The AUD 2027 Notes will rank effectively subordinated, or junior, to any of the Company’s future secured indebtedness or other obligations (including unsecured indebtedness that the Company later secures) to the extent of the value of the assets securing such indebtedness. The AUD 2027 Notes will rank structurally subordinated, or junior, to all existing and future indebtedness and other obligations (including trade payables) incurred by the Company’s subsidiaries, financing vehicles or similar facilities.
In addition, if a change of control repurchase event, as defined in the AUD 2027 Notes Pricing Supplement, occurs prior to maturity, holders of the AUD 2027 Notes will have the right, at their option, to require the Company to repurchase for cash some or all of the AUD 2027 Notes at a repurchase price equal to 100% of the aggregate principal amount of the AUD 2027 Notes being repurchased, plus accrued and unpaid interest to, but not including, the redemption date.
In connection with the issuance of the AUD 2027 Notes, the Company entered into both a bilateral cross-currency swap and interest rate swap, for notional amounts of A$379.0 million and A$71.0 million, respectively. The Company will receive fixed rate interest of 6.500% and will pay variable rate interest based on, one-month SOFR plus 2.67% and three-month BBSY plus 2.72%, for the bilateral cross-currency swap and interest rate swap, respectively. The swaps mature on October 23, 2027. For the three and six months ended June 30, 2025, the Company made periodic payments of $1.3 million and A$0.2 million for the cross-currency swap and interest rate swap, respectively. The interest expense related to the AUD 2027 Notes is equally offset by the proceeds received from the interest rate swaps. The swap adjusted interest expense is included as a component of interest expense on the Company’s Consolidated Statements of Operations. As of June 30, 2025, the swaps had an aggregate fair value of $(0.6) million ($(0.7) million net of the present value of the cash flows of the AUD 2027 Notes). As of December 31, 2024, the interest rate swaps had a fair value of $(20.7) million ($0.4 million net of the present value of the cash flows of the AUD 2027 Notes). Depending on the nature of the balance at period end, the fair value of the interest rate swap is either included as a component of accrued expenses and other liabilities or prepaid expenses and other assets on the Company’s Consolidated Statements of Assets and Liabilities. The change in fair value of the interest rate swap is offset by the change in fair value of the AUD 2027 Notes, with the remaining difference included as a component of interest expense on the Company’s Consolidated Statements of Operations. The change in foreign exchange rate of the cross-currency swap is offset by the change in foreign exchange rate of the AUD 2027 Notes, with the remaining difference included as a component translation of assets and liabilities in foreign currencies on the Company’s Consolidated Statements of Operations.
May 2028 Notes
On May 23, 2025, the Company issued $500.0 million aggregate principal amount of its 5.900% notes due 2028 (the “May 2028 Notes”) in a private placement in reliance on Section 4(a)(2) of the Securities Act, and for initial resale to qualified institutional buyers pursuant to the exemption from registration provided by Rule 144A promulgated under the Securities Act and non-U.S. persons outside the United States in compliance with Regulation S under the Securities Act. The May 2028 Notes have not been registered under the Securities Act and may not be offered or sold in the United States absent registration or an applicable exemption from registration.

The May 2028 Notes were issued pursuant to the Base Indenture and a Tenth Supplemental Indenture, dated as of May 23, 2025 (the “Tenth Supplemental Indenture” and together with the Base Indenture, the “May 2028 Indenture”), between the Company and the Trustee. The May 2028 Notes will mature on May 23, 2028 and may be redeemed in whole or in part at the Company’s option at any time or from time to time at the redemption prices set forth in the May 2028 Indenture. The May 2028 Notes bear interest at a rate of 5.900% per year payable semi-annually on May 23 and November 23 of each year, commencing on November 23, 2025. Concurrent with the issuance of the May 2028 Notes, the Company entered into a Registration Rights Agreement (the “May 2028 Registration Rights Agreement”) for the benefit of the purchasers of the May 2028 Notes. Pursuant to the May 2028 Registration Rights Agreement, the Company is obligated to file a registration statement with the SEC with respect to an offer to exchange the May 2028 Notes for a new issue of debt securities registered under the Securities Act with terms substantially identical to those of the May 2028 Notes (except for provisions relating to transfer restrictions and payment of additional interest) and to use its commercially reasonable efforts to consummate such exchange offer on the earliest practicable date after the registration statement has been declared effective but in no event later than 365 days after the initial issuance of the May 2028 Notes. If the Company fails to satisfy its registration obligations under the May 2028 Registration Rights Agreement, it will be required to pay additional interest to the holders of the May 2028 Notes.






103

Blue Owl Credit Income Corp.
Notes to Consolidated Financial Statements - Continued
(Unaudited)
The May 2028 Notes are the Company’s direct, general unsecured obligations and rank senior in right of payment to all of the Company’s future indebtedness or other obligations that are expressly subordinated, or junior, in right of payment to the May 2028 Notes. The May 2028 Notes rank pari passu, or equal, in right of payment with all of the Company’s existing and future indebtedness or other obligations that are not so subordinated, or junior, to the May 2028 Notes. The May 2028 Notes rank effectively subordinated, or junior, to any of the Company’s future secured indebtedness or other obligations (including unsecured indebtedness that the Company later secures) to the extent of the value of the assets securing such indebtedness. The May 2028 Notes rank structurally subordinated, or junior, to all existing and future indebtedness and other obligations (including trade payables) incurred by the Company’s subsidiaries, financing vehicles or similar facilities.

The May 2028 Indenture contains certain covenants, including covenants requiring the Company to (i) comply with Section 18(a)(1)(A) of the 1940 Act, as modified by Section 61(a) of the 1940 Act, for the period of time during which the May 2028 Notes are outstanding, whether or not it is subject to those requirements, and (ii) provide financial information to the holders of the May 2028 Notes and the Trustee if the Company is no longer subject to the reporting requirements under the Exchange Act. These covenants are subject to important limitations and exceptions that are described in the May 2028 Indenture.

In addition, if a change of control repurchase event, as defined in the May 2028 Indenture, occurs prior to maturity, holders of the May 2028 Notes will have the right, at their option, to require the Company to repurchase for cash some or all of the May 2028 Notes at a repurchase price equal to 100% of the aggregate principal amount of the May 2028 Notes being repurchased, plus accrued and unpaid interest to, but not including, the repurchase date.

In connection with the issuance of the May 2028 Notes, on May 23, 2025 the Company entered into a bilateral interest rate swap. The notional amount of the interest rate swaps is $500.0 million. The Company will receive fixed rate interest at 5.900% and pay variable rate interest based on SOFR plus 2.1761%. The interest rate swaps mature on May 23, 2028. For the three months ended June 30, 2025, the Company did not make any periodic payments. The interest expense related to the May 2028 Notes is equally offset by the proceeds received from the interest rate swaps. The swap adjusted interest expense is included as a component of interest expense on the Company’s Consolidated Statements of Operations. As of June 30, 2025, the interest rate swap had a fair value of $3.6 million ($0.1 million net of the present value of the cash flows of the May 2028 Notes). Depending on the nature of the balance at period end, the fair value of the interest rate swap is either included as a component of accrued expenses and other liabilities or prepaid expenses and other assets on the Company’s Consolidated Statements of Assets and Liabilities. The change in fair value of the interest rate swap is offset by the change in fair value of the May 2028 Notes, with the remaining difference included as a component of interest expense on the Company’s Consolidated Statements of Operations.
June 2028 Notes
On June 13, 2023, the Company issued $500.0 million aggregate principal amount of its 7.950% notes due 2028 and on July 14, 2023, the Company issued an additional $150.0 million aggregate principal amount of its 7.950% notes due 2028 (together, the “June 2028 Notes”) in a private placement in reliance on Section 4(a)(2) of the Securities Act, and for initial resale to qualified institutional buyers pursuant to the exemption from registration provided by Rule 144A promulgated under the Securities Act. The June 2028 Notes have not been registered under the Securities Act and may not be offered or sold in the United States absent registration or an applicable exemption from registration.
The June 2028 Notes were issued pursuant to the Base Indenture and the Fifth Supplemental Indenture (together with the Base Indenture, the “June 2028 Indenture”), between the Company and the Trustee. The June 2028 Notes will mature on June 13, 2028 and may be redeemed in whole or in part at the Company’s option at any time or from time to time at the redemption prices set forth in the June 2028 Indenture. The June 2028 Notes bear interest at a rate of 7.950% per year payable semi-annually on June 13 and December 13 of each year, commencing on December 13, 2023. Concurrent with the issuance of the June 2028 Notes, the Company entered into a Registration Rights Agreement (the “June 2028 Registration Rights Agreement”) for the benefit of the purchasers of the June 2028 Notes. Pursuant to the June 2028 Registration Rights Agreement, the Company is obligated to file a registration statement with the SEC with respect to an offer to exchange the June 2028 Notes for a new issue of debt securities registered under the Securities Act with terms substantially identical to those of the June 2028 Notes (except for provisions relating to transfer restrictions and payment of additional interest) and to use its commercially reasonable efforts to consummate such exchange offer on the earliest practicable date after the registration statement has been declared effective but in no event later than 365 days after the initial issuance of the June 2028 Notes. If the Company fails to satisfy its registration obligations under the June 2028 Registration Rights Agreement, it will be required to pay additional interest to the holders of the June 2028 Notes.
The June 2028 Notes are the Company’s direct, general unsecured obligations and rank senior in right of payment to all of the Company’s future indebtedness or other obligations that are expressly subordinated, or junior, in right of payment to the June 2028 Notes. The June 2028 Notes rank pari passu, or equal, in right of payment with all of the Company’s existing and future indebtedness or other obligations that are not so subordinated, or junior to the June 2028 Notes. The June 2028 Notes rank effectively subordinated,





104

Blue Owl Credit Income Corp.
Notes to Consolidated Financial Statements - Continued
(Unaudited)
or junior, to any of the Company’s future secured indebtedness or other obligations (including unsecured indebtedness that the Company later secures) to the extent of the value of the assets securing such indebtedness. The June 2028 Notes will rank structurally subordinated, or junior, to all existing and future indebtedness and other obligations (including trade payables) incurred by the Company’s subsidiaries, financing vehicles or similar facilities.
The June 2028 Indenture contains certain covenants, including covenants requiring the Company to (i) comply with Section 18(a)(1)(A) of the 1940 Act whether or not it is subject to those requirements, and (ii) provide financial information to the holders of the June 2028 Notes and the Trustee if the Company is no longer subject to the reporting requirements under the Exchange Act. These covenants are subject to important limitations and exceptions that are described in the June 2028 Indenture.
In addition, if a change of control repurchase event, as defined in the Indenture, occurs prior to maturity, holders of the June 2028 Notes will have the right, at their option, to require the Company to repurchase for cash some or all of the June 2028 Notes at a repurchase price equal to 100% of the aggregate principal amount of the June 2028 Notes being repurchased, plus accrued and unpaid interest to, but not including, the repurchase date.
In connection with the issuance of the June 2028 Notes, on February 16, 2024 the Company entered into centrally cleared interest rate swaps. The notional amount of the interest rate swaps is $650.0 million. The Company will receive fixed rate interest at 7.950% and pay variable rate interest based on SOFR plus 3.79%. The interest rate swaps mature on May 13, 2028. For the three and six months ended June 30, 2025 and 2024, the Company made periodic payments of $1.0 million and $2.6 million, respectively. The interest expense related to the June 2028 Notes is equally offset by the proceeds received from the interest rate swaps. The swap adjusted interest expense is included as a component of interest expense on the Company’s Consolidated Statements of Operations. As of June 30, 2025, the interest rate swap had a fair value of $11.5 million ($(0.4) million net of the present value of the cash flows of the June 2028 Notes). As of December 31, 2024, the interest rate swap had a fair value of $0.5 million ($(0.1) million net of the present value of the cash flows of the June 2028 Notes). Depending on the nature of the balance at period end, the fair value of the interest rate swap is either included as a component of accrued expenses and other liabilities or prepaid expenses and other assets on the Company’s Consolidated Statements of Assets and Liabilities. The change in fair value of the interest rate swap is offset by the change in fair value of the June 2028 Notes, with the remaining difference included as a component of interest expense on the Company’s Consolidated Statements of Operations.
January 2029 Notes
On December 4, 2023, the Company issued $550.0 million aggregate principal amount of its 7.750% notes due 2029 (the “January 2029 Notes”) in a private placement in reliance on Section 4(a)(2) of the Securities Act, and for initial resale to qualified institutional buyers pursuant to the exemption from registration provided by Rule 144A promulgated under the Securities Act. The January 2029 Notes have not been registered under the Securities Act and may not be offered or sold in the United States absent registration or an applicable exemption from registration.
The January 2029 Notes were issued pursuant to the Base Indenture and a Sixth Supplemental Indenture, dated as of December 4, 2023 (the “Sixth Supplemental Indenture” and together with the Base Indenture, the “January 2029 Indenture”), between the Company and the Trustee. The January 2029 Notes will mature on January 15, 2029 and may be redeemed in whole or in part at the Company’s option at any time or from time to time at the redemption prices set forth in the January 2029 Indenture. The January 2029 Notes bear interest at a rate of 7.750% per year payable semi-annually on January 15 and July 15 of each year, commencing on July 15, 2024. Concurrent with the issuance of the January 2029 Notes, the Company entered into a Registration Rights Agreement (the “January 2029 Registration Rights Agreement”) for the benefit of the purchasers of the January 2029 Notes. Pursuant to the January 2029 Registration Rights Agreement, the Company is obligated to file a registration statement with the SEC with respect to an offer to exchange the January 2029 Notes for a new issue of debt securities registered under the Securities Act with terms substantially identical to those of the January 2029 Notes (except for provisions relating to transfer restrictions and payment of additional interest) and to use its commercially reasonable efforts to consummate such exchange offer on the earliest practicable date after the registration statement has been declared effective but in no event later than 365 days after the initial issuance of the January 2029 Notes. If the Company fails to satisfy its registration obligations under the January 2029 Registration Rights Agreement, it will be required to pay additional interest to the holders of the January 2029 Notes.
The January 2029 Notes are the Company’s direct, general unsecured obligations and rank senior in right of payment to all of the Company’s future indebtedness or other obligations that are expressly subordinated, or junior, in right of payment to the January 2029 Notes. The January 2029 Notes rank pari passu, or equal, in right of payment with all of the Company’s existing and future indebtedness or other obligations that are not so subordinated, or junior, to the January 2029 Notes. The January 2029 Notes rank effectively subordinated, or junior, to any of the Company’s future secured indebtedness or other obligations (including unsecured indebtedness that the Company later secures) to the extent of the value of the assets securing such indebtedness. The January 2029 Notes rank structurally subordinated, or junior, to all existing and future indebtedness and other obligations (including trade payables) incurred by the Company’s subsidiaries, financing vehicles or similar facilities.





105

Blue Owl Credit Income Corp.
Notes to Consolidated Financial Statements - Continued
(Unaudited)
The January 2029 Indenture contains certain covenants, including covenants requiring the Company to (i) comply with Section 18(a)(1)(A) of the 1940 Act, as modified by Section 61(a) of the 1940 Act, for the period of time during which the January 2029 Notes are outstanding, whether or not it is subject to those requirements, and (ii) provide financial information to the holders of the January 2029 Notes and the Trustee if the Company is no longer subject to the reporting requirements under the Exchange Act. These covenants are subject to important limitations and exceptions that are described in the January 2029 Indenture.
In addition, if a change of control repurchase event, as defined in the January 2029 Indenture, occurs prior to maturity, holders of the January 2029 Notes will have the right, at their option, to require the Company to repurchase for cash some or all of the January 2029 Notes at a repurchase price equal to 100% of the aggregate principal amount of the January 2029 Notes being repurchased, plus accrued and unpaid interest to, but not including, the repurchase date.
In connection with the issuance of the January 2029 Notes, on November 28, 2023 the Company entered into centrally cleared interest rate swaps. The notional amount of the interest rate swaps is $550.0 million. The Company will receive fixed rate interest at 7.750% and pay variable rate interest based on SOFR plus 3.647%. The interest rate swaps mature on January 15, 2029. For the three months ended June 30, 2025, the Company did not make a periodic payment. For the six months ended June 30, 2025, the Company made periodic payments of $2.9 million. For the three and six months ended June 30, 2024, the Company did not make any periodic payments. The interest expense related to the January 2029 Notes is equally offset by the proceeds received from the interest rate swaps. The swap adjusted interest expense is included as a component of interest expense on the Company’s Consolidated Statements of Operations. As of June 30, 2025, the interest rate swap had a fair value of $10.6 million ($(0.1) million net of the present value of the cash flows of the January 2029 Notes). As of December 31, 2024, the interest rate swap had a fair value of $(0.4) million ($0.1 million net of the present value of the cash flows of the January 2029 Notes). Depending on the nature of the balance at period end, the fair value of the interest rate swap is either included as a component of accrued expenses and other liabilities or prepaid expenses and other assets on the Company’s Consolidated Statements of Assets and Liabilities. The change in fair value of the interest rate swap is offset by the change in fair value of the January 2029 Notes, with the remaining difference included as a component of interest expense on the Company’s Consolidated Statements of Operations.
September 2029 Notes
On May 14, 2024, the Company issued $500.0 million aggregate principal amount of its 6.600% notes due 2029 and on January 22, 2025, the Company issued an additional $400.0 million aggregate principal amount of our 6.600% notes due 2029 (together, the “September 2029 Notes”) in a private placement in reliance on Section 4(a)(2) of the Securities Act, and for initial resale to qualified institutional buyers pursuant to the exemption from registration provided by Rule 144A under the Securities Act and non-U.S. persons outside the United States in compliance with Regulation S under the Securities Act. The September 2029 Notes have not been registered under the Securities Act and may not be offered or sold in the United States absent registration or an applicable exemption from registration.
The September 2029 Notes were issued pursuant to the Base Indenture and an Eighth Supplemental Indenture, dated as of May 14, 2024 (the “Eighth Supplemental Indenture” and together with the Base Indenture, the “September 2029 Indenture”), between the Company and the Trustee. The September 2029 Notes will mature on September 15, 2029 and may be redeemed in whole or in part at the Company’s option at any time or from time to time at the redemption prices set forth in the September 2029 Indenture. The September 2029 Notes bear interest at a rate of 6.600% per year payable semi-annually on March 15 and September 15 of each year, commencing on September 15, 2024. Concurrent with the issuance of the September 2029 Notes, the Company entered into a Registration Rights Agreement (the “September 2029 Registration Rights Agreement”) for the benefit of the purchasers of the September 2029 Notes. Pursuant to the September 2029 Registration Rights Agreement, the Company is obligated to file a registration statement with the SEC with respect to an offer to exchange the September 2029 Notes for a new issue of debt securities registered under the Securities Act with terms substantially identical to those of the September 2029 Notes (except for provisions relating to transfer restrictions and payment of additional interest) and to use its commercially reasonable efforts to consummate such exchange offer on the earliest practicable date after the registration statement has been declared effective but in no event later than 365 days after the initial issuance of the September 2029 Notes. If the Company fails to satisfy its registration obligations under the September 2029 Registration Rights Agreement, it will be required to pay additional interest to the holders of the September 2029 Notes.
The September 2029 Notes are the Company’s direct, general unsecured obligations and rank senior in right of payment to all of the Company’s future indebtedness or other obligations that are expressly subordinated, or junior, in right of payment to the September 2029 Notes. The September 2029 Notes rank pari passu, or equal, in right of payment with all of the Company’s existing and future indebtedness or other obligations that are not so subordinated, or junior, to the September 2029 Notes. The September 2029 Notes rank effectively subordinated, or junior, to any of the Company’s future secured indebtedness or other obligations (including unsecured indebtedness that the Company later secures) to the extent of the value of the assets securing such indebtedness. The September 2029 Notes rank structurally subordinated, or junior, to all existing and future indebtedness and other obligations (including trade payables) incurred by the Company’s subsidiaries, financing vehicles or similar facilities.





106

Blue Owl Credit Income Corp.
Notes to Consolidated Financial Statements - Continued
(Unaudited)
The September 2029 Indenture contains certain covenants, including covenants requiring the Company to (i) comply with Section 18(a)(1)(A) of the 1940 Act, as modified by Section 61(a) of the 1940 Act, for the period of time during which the September 2029 Notes are outstanding, whether or not it is subject to those requirements, and (ii) provide financial information to the holders of the September 2029 Notes and the Trustee if the Company is no longer subject to the reporting requirements under the Exchange Act. These covenants are subject to important limitations and exceptions that are described in the September 2029 Indenture.
In addition, if a change of control repurchase event, as defined in the September 2029 Indenture, occurs prior to maturity, holders of the September 2029 Notes will have the right, at their option, to require the Company to repurchase for cash some or all of the September 2029 Notes at a repurchase price equal to 100% of the aggregate principal amount of the September 2029 Notes being repurchased, plus accrued and unpaid interest to, but not including, the repurchase date.
In connection with the May 14, 2024 issuance of the September 2029 Notes, on May 14, 2024, the Company entered into a bilateral interest rate swap. The notional amount of the interest rate swap is $500.0 million. The Company will receive fixed rate interest at 6.600% and pay variable rate interest based on SOFR plus 2.337%. In connection with the January 22, 2025 issuance of the September 2029 Notes, on January 22, 2025, the Company entered into a bilateral interest rate swap. The notional amount of the interest rate swap is $400.0 million. The Company will receive fixed rate interest at 6.600% and pay variable rate interest based on SOFR plus 2.457%.The interest rate swaps mature on August 15, 2029. For the three months ended June 30, 2025, the Company did not make a periodic payment. For the six months ended June 30, 2025, the Company made periodic payments of $1.3 million. For the three and six months ended June 30, 2024, the Company did not make any periodic payments. The interest expense related to the September 2029 Notes is equally offset by the proceeds received from the interest rate swaps. The swap’s adjusted interest expense is included as a component of interest expense on the Company’s Consolidated Statements of Operations. As of June 30, 2025, the interest rate swaps had a fair value of $26.0 million ($0.2 million net of the present value of the cash flows of the September 2029 Notes). As of December 31, 2024, the interest rate swaps had a fair value of $3.7 million ($0.5 million net of the present value of the cash flows of the September 2029 Notes). Depending on the nature of the balance at period end, the fair value of the interest rate swaps is either included as a component of accrued expenses and other liabilities or prepaid expenses and other assets on the Company’s Consolidated Statements of Assets and Liabilities. The change in fair value of the interest rate swaps is offset by the change in fair value of the September 2029 Notes, with the remaining difference included as a component of interest expense on the Company’s Consolidated Statements of Operations.
March 2030 Notes
On September 13, 2024, the Company issued $1.00 billion aggregate principal amount of its 5.800% notes due 2030 (the “March 2030 Notes”) in a private placement in reliance on Section 4(a)(2) of the Securities Act, and for initial resale to qualified institutional buyers pursuant Rule 144A under the Securities Act and non-U.S. persons outside the United States in compliance with Regulation S under the Securities Act. The March 2030 Notes have not been registered under the Securities Act and may not be offered or sold in the United States absent registration or an applicable exemption from registration.
The March 2030 Notes were issued pursuant to the Base Indenture and a Ninth Supplemental Indenture, dated as of September 13, 2024 (the “Ninth Supplemental Indenture” and together with the Base Indenture, the “March 2030 Indenture”), between the Company and the Trustee. The March 2030 Notes will mature on March 15, 2030 and may be redeemed in whole or in part at the Company’s option at any time or from time to time at the redemption prices set forth in the March 2030 Indenture. The March 2030 Notes bear interest at a rate of 5.800% per year payable semi-annually on March 15 and September 15 of each year, commencing on March 15, 2025. Concurrent with the issuance of the March 2030 Notes, the Company entered into a Registration Rights Agreement (the “March 2030 Registration Rights Agreement”) for the benefit of the purchasers of the March 2030 Notes. Pursuant to the March 2030 Registration Rights Agreement, the Company is obligated to file a registration statement with the SEC with respect to an offer to exchange the March 2030 Notes for a new issue of debt securities registered under the Securities Act with terms substantially identical to those of the March 2030 Notes (except for provisions relating to transfer restrictions and payment of additional interest) and to use its commercially reasonable efforts to consummate such exchange offer on the earliest practicable date after the registration statement has been declared effective but in no event later than 365 days after the initial issuance of the March 2030 Notes. If the Company fails to satisfy its registration obligations under the March 2030 Registration Rights Agreement, it will be required to pay additional interest to the holders of the March 2030 Notes.
The March 2030 Notes are the Company’s direct, general unsecured obligations and rank senior in right of payment to all of the Company’s future indebtedness or other obligations that are expressly subordinated, or junior, in right of payment to the March 2030 Notes. The March 2030 Notes rank pari passu, or equal, in right of payment with all of the Company’s existing and future indebtedness or other obligations that are not so subordinated, or junior, to the March 2030 Notes. The March 2030 Notes rank effectively subordinated, or junior, to any of the Company’s future secured indebtedness or other obligations (including unsecured indebtedness that the Company later secures) to the extent of the value of the assets securing such indebtedness. The March 2030 Notes rank structurally subordinated, or junior, to all existing and future indebtedness and other obligations (including trade payables) incurred by the Company’s subsidiaries, financing vehicles or similar facilities.





107

Blue Owl Credit Income Corp.
Notes to Consolidated Financial Statements - Continued
(Unaudited)
The March 2030 Indenture contains certain covenants, including covenants requiring the Company to (i) comply with Section 18(a)(1)(A) of the 1940 Act, as modified by Section 61(a) of the 1940 Act, for the period of time during which the March 2030 Notes are outstanding, whether or not it is subject to those requirements, and (ii) provide financial information to the holders of the March 2030 Notes and the Trustee if the Company is no longer subject to the reporting requirements under the Exchange Act. These covenants are subject to important limitations and exceptions that are described in the March 2030 Indenture.
In addition, if a change of control repurchase event, as defined in the March 2030 Indenture, occurs prior to maturity, holders of the March 2030 Notes will have the right, at their option, to require the Company to repurchase for cash some or all of the March 2030 Notes at a repurchase price equal to 100% of the aggregate principal amount of the March 2030 Notes being repurchased, plus accrued and unpaid interest to, but not including, the repurchase date.
In connection with the issuance of the March 2030 Notes, on September 10, 2024 the Company entered into a bilateral interest rate swaps. The notional amount of the interest rate swaps is $1.00 billion. The Company will receive fixed rate interest at 5.800% and pay variable rate interest based on SOFR plus 2.619%. The interest rate swaps mature on February 15, 2030. For the three months ended June 30, 2025, the Company did not make a periodic payment. For the six months ended June 30, 2025, the Company made periodic payments of $8.1 million. The interest expense related to the March 2030 Notes is equally offset by the proceeds received from the interest rate swaps. The swap adjusted interest expense is included as a component of interest expense on the Company’s Consolidated Statements of Operations. As of June 30, 2025, the interest rate swap had a fair value of $(13.7) million ($(0.1) million net of the present value of the cash flows of the March 2030 Notes). As of December 31, 2024, the interest rate swap had a fair value of $(44.5) million ($(6.1) million net of the present value of the cash flows of the March 2030 Notes). Depending on the nature of the balance at period end, the fair value of the interest rate swap is either included as a component of accrued expenses and other liabilities or prepaid expenses and other assets on the Company’s Consolidated Statements of Assets and Liabilities. The change in fair value of the interest rate swap is offset by the change in fair value of the March 2030 Notes, with the remaining difference included as a component of interest expense on the Company’s Consolidated Statements of Operations.
March 2031 Notes
On February 1, 2024, the Company issued $750.0 million aggregate principal amount of its 6.650% notes due 2031 (the “March 2031 Notes”) in a private placement in reliance on Section 4(a)(2) of the Securities Act, and for initial resale to qualified institutional buyers pursuant to the exemption from registration provided by Rule 144A promulgated under the Securities Act. The March 2031 Notes have not been registered under the Securities Act and may not be offered or sold in the United States absent registration or an applicable exemption from registration.
The March 2031 Notes were issued pursuant to the Base Indenture and a Seventh Supplemental Indenture, dated as of February 1, 2024 (the “Seventh Supplemental Indenture” and together with the Base Indenture, the “March 2031 Indenture”), between the Company and the Trustee. The March 2031 Notes will mature on March 15, 2031 and may be redeemed in whole or in part at the Company’s option at any time or from time to time at the redemption prices set forth in the March 2031 Indenture. The March 2031 Notes bear interest at a rate of 6.650% per year payable semi-annually on March 15 and September 15 of each year, commencing on September 15, 2024. Concurrent with the issuance of the March 2031 Notes, the Company entered into a Registration Rights Agreement (the “March 2031 Registration Rights Agreement”) for the benefit of the purchasers of the March 2031 Notes. Pursuant to the March 2031 Registration Rights Agreement, the Company is obligated to file a registration statement with the SEC with respect to an offer to exchange the March 2031 Notes for a new issue of debt securities registered under the Securities Act with terms substantially identical to those of the March 2031 Notes (except for provisions relating to transfer restrictions and payment of additional interest) and to use its commercially reasonable efforts to consummate such exchange offer on the earliest practicable date after the registration statement has been declared effective but in no event later than 365 days after the initial issuance of the March 2031 Notes. If the Company fails to satisfy its registration obligations under the March 2031 Registration Rights Agreement, it will be required to pay additional interest to the holders of the March 2031 Notes.
The March 2031 Notes are the Company’s direct, general unsecured obligations and rank senior in right of payment to all of the Company’s future indebtedness or other obligations that are expressly subordinated, or junior, in right of payment to the March 2031 Notes. The March 2031 Notes rank pari passu, or equal, in right of payment with all of the Company’s existing and future indebtedness or other obligations that are not so subordinated, or junior, to the March 2031 Notes. The March 2031 Notes rank effectively subordinated, or junior, to any of the Company’s future secured indebtedness or other obligations (including unsecured indebtedness that the Company later secures) to the extent of the value of the assets securing such indebtedness. The March 2031 Notes rank structurally subordinated, or junior, to all existing and future indebtedness and other obligations (including trade payables) incurred by the Company’s subsidiaries, financing vehicles or similar facilities.
The March 2031 Indenture contains certain covenants, including covenants requiring the Company to (i) comply with Section 18(a)(1)(A) of the 1940 Act, as modified by Section 61(a) of the 1940 Act, for the period of time during which the March 2031 Notes are outstanding, whether or not it is subject to those requirements, and (ii) provide financial information to the holders of the March





108

Blue Owl Credit Income Corp.
Notes to Consolidated Financial Statements - Continued
(Unaudited)
2031 Notes and the Trustee if the Company is no longer subject to the reporting requirements under the Exchange Act. These covenants are subject to important limitations and exceptions that are described in the March 2031 Indenture.
In addition, if a change of control repurchase event, as defined in the March 2031 Indenture, occurs prior to maturity, holders of the March 2031 Notes will have the right, at their option, to require the Company to repurchase for cash some or all of the March 2031 Notes at a repurchase price equal to 100% of the aggregate principal amount of the March 2031 Notes being repurchased, plus accrued and unpaid interest to, but not including, the repurchase date.
In connection with the issuance of the March 2031 Notes, on January 29, 2024 the Company entered into centrally cleared interest rate swaps. The notional amount of the interest rate swaps is $750.0 million. The Company will receive fixed rate interest at 6.650% and pay variable rate interest based on SOFR plus 2.902%. The interest rate swaps mature on January 15, 2031. For the three months ended June 30, 2025, the Company did not make a periodic payment. For the six months ended June 30, 2025, the Company made periodic payments of $3.5 million. For the three and six months ended June 30, 2024, the Company did not make any periodic payments. The interest expense related to the March 2031 Notes is equally offset by the proceeds received from the interest rate swaps. The swap adjusted interest expense is included as a component of interest expense on the Company’s Consolidated Statements of Operations. As of June 30, 2025, the interest rate swap had a fair value of $8.4 million ($(0.4) million net of the present value of the cash flows of the March 2031 Notes). As of December 31, 2024, the interest rate swap had a fair value of $(14.2) million ($(2.2) million net of the present value of the cash flows of the March 2031 Notes). Depending on the nature of the balance at period end, the fair value of the interest rate swap is either included as a component of accrued expenses and other liabilities or prepaid expenses and other assets on the Company’s Consolidated Statements of Assets and Liabilities. The change in fair value of the interest rate swap is offset by the change in fair value of the March 2031 Notes, with the remaining difference included as a component of interest expense on the Company’s Consolidated Statements of Operations.
Global Medium Term Notes Program
On April 4, 2025, the Company established a €5.00 billion (or its equivalent in any other currency) global medium term note program (the “GMTN Program”). Under the GMTN Program, the Company may issue unsecured notes (“GMTN Notes”) to one or more managers from time to time with such terms, including currency, interest rate and maturity, as agreed by the Company and such manager(s).
GMTN Notes issued under the GMTN Program are subject to and with the benefit of the Agency Agreement, dated April 4, 2025, by and among the Company, Deutsche Bank AG, London Branch as issuing and principal paying agent, a transfer agent and as exchange agent and Deutsche Bank Trust Company Americas as registrar, a paying agent and a transfer agent (the “GMTN Agency Agreement”). Holders of GMTN Notes issued under the GMTN Program shall have the benefit of a deed of covenant, dated April 4, 2025 and made by the Company (the “GMTN Deed of Covenant”) and, where applicable, a deed poll, dated April 4, 2025 and made by the Company (the “GMTN Deed Poll”).
GMTN Notes issued under the GMTN Program will be in registered form and (i) may be issued to non-“U.S. Persons” (as defined in Regulation S under the Securities Act outside the United States in compliance with Regulation S under the Securities Act, or to persons reasonably believed to be qualified institutional buyers pursuant to Rule 144A under the Securities Act, (ii) are not and will not be registered under the Securities Act, (iii) may not be offered or sold in the United States or to, or for the account or benefit of, U.S. Persons without registration under, or pursuant to an applicable exemption from, the registration requirements of the Securities Act, and (iv) are to be issued in amount not exceeding an aggregate of €5.00 billion (or its equivalent in other currencies) outstanding at any time.





109

Blue Owl Credit Income Corp.
Notes to Consolidated Financial Statements - Continued
(Unaudited)
Note 6. Fair Value of Financial Instruments

Investments

The following table presents the fair value hierarchy of cash, investments, and derivatives as of the following periods:

Fair Value Hierarchy as of June 30, 2025
($ in thousands)Level 1Level 2Level 3Total
Cash (including restricted and foreign cash)$537,631 $— $— $537,631 
Investments:
First-lien senior secured debt investments(1)
— 5,164,871 23,196,949 28,361,820 
Second-lien senior secured debt investments— 420,453 1,090,051 1,510,504 
Unsecured debt investments— 72,751 379,263 452,014 
Preferred equity investments(2)
— — 474,211 474,211 
Common equity investments(3)
— 6,479 575,385 581,864 
Subtotal$— $5,664,554 $25,715,859 $31,380,413 
Investments measured at Net Asset Value (“NAV”)(4)
— — — 623,741 
Total investments at fair value$— $5,664,554 $25,715,859 $32,004,154 
Derivatives:
Interest rate swaps$— $54,235 $— $54,235 
Cross-currency swap— (1,172)— (1,172)
Total Derivatives$— $53,063 $— $53,063 
(1)Includes debt investment in Amergin AssetCo.
(2)Includes equity investment in LSI Financing DAC.
(3)Includes equity investments in Amergin AssetCo and Fifth Season.
(4)Includes equity investments in OCIC SLF, Credit SLF and LSI Financing LLC, which are measured at fair value using the net asset value per share (or its equivalent) practical expedient and have not been categorized in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Consolidated Statements of Assets and Liabilities.

Fair Value Hierarchy as of December 31, 2024
($ in thousands)Level 1Level 2Level 3Total
Cash (including restricted and foreign cash)$1,006,483 $— $— $1,006,483 
Investments:
First-lien senior secured debt investments(1)
— 4,242,228 19,422,914 23,665,142 
Second-lien senior secured debt investments— 315,966 451,426 767,392 
Unsecured debt investments— 74,137 366,496 440,633 
Preferred equity investments(2)
— — 364,672 364,672 
Common equity investments(3)
— — 493,305 493,305 
Subtotal$— $4,632,331 $21,098,813 $25,731,144 
Investments measured at Net Asset Value (“NAV”)(4)
— — — 647,750 
Total investments at fair value$— $4,632,331 $21,098,813 $26,378,894 
Derivatives:
Interest rate swaps$— $(55,660)$— $(55,660)
Cross-currency swap— (20,635)— (20,635)
Total Derivatives$— $(76,295)$— $(76,295)
(1)Includes debt investment in Amergin AssetCo.
(2)Includes equity investment in LSI Financing DAC.
(3)Includes equity investments in Amergin AssetCo and Fifth Season.
(4)Includes equity investments in OCIC SLF, Credit SLF and LSI Financing LLC, which are measured at fair value using the net asset value per share (or its equivalent) practical expedient and have not been categorized in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Consolidated Statements of Assets and Liabilities.





110

Blue Owl Credit Income Corp.
Notes to Consolidated Financial Statements - Continued
(Unaudited)
The following tables present changes in the fair value of investments for which Level 3 inputs were used to determine the fair value as of and for the following periods:
As of and for the Three Months Ended June 30, 2025
($ in thousands)First-lien senior secured debt investmentsSecond-lien senior secured debt investmentsUnsecured debt investmentsPreferred equity investmentsCommon equity investmentsTotal
Fair value, beginning of period$21,732,819 $516,554 $383,588 $436,093 $531,866 $23,600,920 
Purchases of investments, net2,826,183 624,587 — 25,660 48,911 3,525,341 
Payment-in-kind16,921 3,767 12,126 17,857 31 50,702 
Proceeds from investments, net(973,825)(18,907)(29,854)(7,075)(26,722)(1,056,383)
Net change in unrealized gain (loss)(50,058)(6,643)11,412 1,254 11,539 (32,496)
Net realized gains (losses)3,357 — 1,659 64 9,760 14,840 
Net amortization/accretion of premium/discount on investments19,918 915 332 358 — 21,523 
Transfers between investment types— — — — — — 
Transfers into (out of) Level 3(1)
(378,366)(30,222)— — — (408,588)
Fair value, end of period$23,196,949 $1,090,051 $379,263 $474,211 $575,385 $25,715,859 
(1)Transfers between levels, if any, are recognized at the beginning of the period in which the transfers occur. For the three months ended June 30, 2025, transfers out of Level 3 into Level 2 were as a result of changes in the observability of significant inputs for certain portfolio companies.
As of and for the Six Months Ended June 30, 2025
($ in thousands)First-lien senior secured debt investmentsSecond-lien senior secured debt investmentsUnsecured debt investmentsPreferred equity investmentsCommon equity investmentsTotal
Fair value, beginning of period$19,422,914 $451,426 $366,496 $364,672 $493,305 $21,098,813 
Purchases of investments, net5,387,789 624,587 (369)111,079 80,962 6,204,048 
Payment-in-kind30,975 6,035 22,853 25,937 62 85,862 
Proceeds from investments, net(1,453,791)(26,507)(29,854)(34,852)(28,061)(1,573,065)
Net change in unrealized gain (loss)(5,625)(4,545)23,456 2,233 21,687 37,206 
Net realized gains (losses)(38,805)(11,345)(4,206)339 9,760 (44,257)
Net amortization/accretion of premium/discount on investments38,564 1,115 887 986 — 41,552 
Transfers between investment types(16,148)— — 3,817 1,726 (10,605)
Transfers into (out of) Level 3(1)
(168,924)49,285 — — (4,056)(123,695)
Fair value, end of period$23,196,949 $1,090,051 $379,263 $474,211 $575,385 $25,715,859 
(1)Transfers between levels, if any, are recognized at the beginning of the period in which the transfers occur. For the six months ended June 30, 2025, transfers into (out of) Level 3 were as a result of changes in the observability of significant inputs for certain portfolio companies.





111

Blue Owl Credit Income Corp.
Notes to Consolidated Financial Statements - Continued
(Unaudited)
As of and for the Three Months Ended June 30, 2024
($ in thousands)First-lien senior secured debt investmentsSecond-lien senior secured debt investments
Unsecured debt investments
Preferred equity investments
Common equity investments		Total
Fair value, beginning of period$12,778,425 $675,291 $190,767 $743,606 $486,142 $14,874,231 
Purchases of investments, net3,016,138 33,631 167,944 1,129 26,486 3,245,328 
Payment-in-kind20,525 2,061 9,997 21,044 26 53,653 
Proceeds from investments, net(624,452)(29,655)(1,254)(318,070)(20,912)(994,343)
Net change in unrealized gain (loss)(14,449)(8,895)(944)(2,423)10,492 (16,219)
Net realized gains (losses)— — (136)— — (136)
Net amortization/accretion of premium/discount on investments27,117 582 79 5,934 — 33,712 
Transfers between investment types— — — — — — 
Transfers into (out of) Level 3(1)
(157,252)(65,637)— — — (222,889)
Fair value, end of period$15,046,052 $607,378 $366,453 $451,220 $502,234 $16,973,337 
(1)Transfers between levels, if any, are recognized at the beginning of the period in which the transfers occur. For the three months ended June 30, 2024, transfers out of Level 3 into Level 2 were as a result of changes in the observability of significant inputs for certain portfolio companies.
As of and for the Six Months Ended June 30, 2024
($ in thousands)First-lien senior secured debt investmentsSecond-lien senior secured debt investments
Unsecured debt investments
Preferred equity investments
Common equity investments		Total
Fair value, beginning of period$11,540,505 $935,338 $189,018 $721,545 $448,974 $13,835,380 
Purchases of investments, net4,820,908 33,631 167,944 4,787 97,236 5,124,506 
Payment-in-kind34,153 2,802 15,179 42,237 49 94,420 
Proceeds from investments, net(927,591)(133,940)(1,553)(320,264)(21,330)(1,404,678)
Net change in unrealized gain (loss)(16,209)(7,453)(4,111)(3,370)18,099 (13,044)
Net realized gains (losses)(2,595)— (164)— — (2,759)
Net amortization/accretion of premium/discount on investments36,831 2,936 140 6,285 — 46,192 
Transfers between investment types— — — — — — 
Transfers into (out of) Level 3(1)
(439,950)(225,936)— — (40,794)(706,680)
Fair value, end of period$15,046,052 $607,378 $366,453 $451,220 $502,234 $16,973,337 
(1)Transfers between levels, if any, are recognized at the beginning of the period in which the transfers occur. For the six months ended June 30, 2024, transfers into (out of) Level 3 were as a result of changes in the observability of significant inputs for certain portfolio companies and an investment measured at net asset value which is no longer categorized within the fair value hierarchy.
The below tables present information with respect to the net change in unrealized gains (losses) on investments for which Level 3 inputs were used in determining the fair value that are still held by the Company for the following periods:





112

Blue Owl Credit Income Corp.
Notes to Consolidated Financial Statements - Continued
(Unaudited)
($ in thousands)Net change in unrealized gain (loss) for the Three Months Ended June 30, 2025 on investments held at June 30, 2025Net change in unrealized gain (loss) for the Three Months Ended June 30, 2024 on investments held at June 30, 2024
First-lien senior secured debt investments$(40,500)$1,074 
Second-lien senior secured debt investments(5,990)(8,715)
Unsecured debt investments11,412 (946)
Preferred equity investments1,254 1,089 
Common equity investments22,191 10,493 
Total Investments$(11,633)$2,995 
($ in thousands)Net change in unrealized gain (loss) for the Six Months Ended June 30, 2025 on investments held at June 30, 2025Net change in unrealized gain (loss) for the Six Months Ended June 30, 2024 on investments held at June 30, 2024
First-lien senior secured debt investments$(43,548)$(4,149)
Second-lien senior secured debt investments(12,954)(5,690)
Unsecured debt investments23,456 (4,114)
Preferred equity investments2,233 384 
Common equity investments34,604 18,098 
Total Investments$3,791 $4,529 
The following tables present quantitative information about the significant unobservable inputs of the Company’s Level 3 investments as of June 30, 2025 and December 31, 2024. The weighted average range of unobservable inputs is based on fair value of investments. The tables are not intended to be all-inclusive, but instead capture the significant unobservable inputs relevant to the Company’s determination of fair value.
As of June 30, 2025
($ in thousands)Fair ValueValuation TechniqueUnobservable InputRange (Weighted Average)Impact to Valuation from an Increase in Input
First-lien senior secured debt investments$21,223,605 Yield AnalysisMarket Yield
6.6% - 30.4% (9.5%)
Decrease
1,804,875 Recent TransactionTransaction Price
98.5% - 100.0% (99.4%)
Increase
168,469 Collateral AnalysisRecovery Rate
0.0% - 100.0% (70.5%)
Increase
Second-lien senior secured debt investments
$534,195 Yield AnalysisMarket Yield
7.6% - 27.3% (15.6%)
Decrease
555,856 Recent TransactionTransaction Price
99.0% - 99.3% (99.1%)
Increase
Unsecured debt investments
$379,235 Yield AnalysisMarket Yield
8.4% - 17.8% (12.2%)
Decrease
28 Market ApproachEBITDA Multiple
12.0x
Increase
Preferred equity investments$445,358 Yield AnalysisMarket Yield
11.7% - 37.9% (14.2%)
Decrease
24,837 Recent TransactionTransaction Price
97.5% - 97.5% (97.5%)
Increase
2,114 Market ApproachEBITDA Multiple
7.5x
Increase
1,902 Market ApproachRevenue Multiple
10.5x - 16.5x (13.9x)
Increase
Common equity investments$6,753 Recent TransactionTransaction Price
100.0%
Increase
143,208 Market ApproachEBITDA Multiple
7.5x - 27.0x (14.0x)
Increase
292,566 Market ApproachAUM Multiple
1.1x
Increase
52,271 Market ApproachRevenue Multiple
5.5x - 13.5x (10.4x)
Increase
530 Option Pricing ModelVolatility
70.0%
Increase
1,593 Yield AnalysisMarket Yield
8.8%
Decrease
76,287 Market Approach
N/A(1)
N/A
N/A
2,165 Discounted Cash Flow AnalysisDiscount Rate
16.7%
Decrease
12 Market ApproachGross Profit Multiple
10.0x
Increase
(1)Fair value based on a weighting of the appraised value of the portfolio company’s underlying assets and their cost.





113

Blue Owl Credit Income Corp.
Notes to Consolidated Financial Statements - Continued
(Unaudited)
As of December 31, 2024
($ in thousands)Fair ValueValuation TechniqueUnobservable InputRange (Weighted Average)Impact to Valuation from an Increase in Input
First-lien senior secured debt investments$16,846,669 Yield AnalysisMarket Yield
6.8% - 35.2% (10.6%)
Decrease
2,575,658 Recent TransactionTransaction Price
94.7% - 100.0% (99.1%)
Increase
587 Collateral AnalysisRecovery Rate
11.1% - 13.5% (13.0%)
Increase
Second-lien senior secured debt investments$451,426 Yield AnalysisMarket Yield
11.1% - 43.6% (16.8%)
Decrease
Unsecured debt investments$366,468 Yield AnalysisMarket Yield
8.6% - 18.1% (12.6%)
Decrease
28 Market ApproachEBITDA Multiple
11.8x
Increase
Preferred equity investments$358,536 Yield AnalysisMarket Yield
12.3% - 37.1% (15.2%)
Decrease
4,376 Market ApproachEBITDA Multiple
7.1x
Increase
1,760 Market ApproachRevenue Multiple
8.5x - 18.0x (13.9x)
Increase
Common equity investments$155,881 Market ApproachEBITDA Multiple
3.3x - 28.5x (15.0x)
Increase
223,274 Market ApproachAUM Multiple
1.1x
Increase
48,359 Market ApproachRevenue Multiple
5.3x - 14.5x (10.9x)
Increase
629 Option Pricing ModelVolatility
70.0%
Increase
1,539 Yield AnalysisMarket Yield
8.5%
Decrease
62,056 Market ApproachN/AN/AN/A
1,555 Discounted Cash Flow AnalysisDiscount Rate
12.5%
Decrease
12 Market ApproachGross Profit Multiple
10.0x
Increase
The fair value of the Company’s performing Level 3 debt investments is typically determined utilizing a yield analysis. In a yield analysis, a price is ascribed for each investment based upon an assessment of current and expected market yields for similar investments and risk profiles. Additional consideration is given to the expected life, portfolio company performance since close, and other terms and risks associated with an investment. Among other factors, a determinant of risk is the amount of leverage used by the portfolio company relative to its total enterprise value, and the rights and remedies of the Company’s investment within the portfolio company’s capital structure.

When the debtor is not performing or when there is insufficient value to cover the investment, the Company may utilize a net recovery approach to determine the fair value of debt investments in subject companies. A net recovery analysis typically consists of two steps. First, the total enterprise value for the subject company is estimated using standard valuation approaches, most commonly the market approach. Second, the fair value for each investment in the subject company is then estimated by allocating the subject company’s total enterprise value to the outstanding securities in the capital structure based upon various factors, including seniority, preferences, and other features if deemed relevant to each security in the capital structure.

Significant unobservable quantitative inputs typically used in the fair value measurement of the Company’s Level 3 debt investments primarily include current market yields, including relevant market indices, but may also include quotes from brokers, dealers, and pricing services as indicated by comparable investments. For the Company’s Level 3 equity investments, a market approach, based on comparable financial performance multiples such as publicly-traded company and comparable market transaction multiples of revenues, earnings before income taxes, depreciation and amortization (“EBITDA”), or some combination thereof and comparable market transactions typically would be used.

Debt Not Carried at Fair Value

Fair value is estimated by discounting remaining payments using applicable current market rates, which take into account changes in the Company’s marketplace credit ratings, or market quotes, if available. The following table presents the carrying and fair values of the Company’s debt obligations as of the following periods:






114

Blue Owl Credit Income Corp.
Notes to Consolidated Financial Statements - Continued
(Unaudited)
June 30, 2025December 31, 2024
($ in thousands)
Net Carrying Value(1)
Debt Issuance CostsFair Value
Net Carrying Value(1)
Debt Issuance CostsFair Value
Revolving Credit Facility(2)
$1,893,440$(21,867)$1,893,440$1,312,515$(22,497)$1,312,515
SPV Asset Facility I267,655(6,345)267,655294,536(5,464)294,536
SPV Asset Facility II906,820(20,180)906,820907,881(12,119)907,881
SPV Asset Facility III(2)
1,077,308(16,080)1,077,308958,547(13,370)958,547
SPV Asset Facility IV424,396(5,604)424,396351,698(3,302)351,698
SPV Asset Facility V443,947(6,053)443,947245,009(4,991)245,009
SPV Asset Facility VI372,195(7,805)372,195341,752(8,248)341,752
SPV Asset Facility VII(2)
364,436(3,043)364,436162,398(3,461)162,398
SPV Asset Facility VIII394,752(5,248)394,752196,923(3,077)196,923
CLO VIII372,860(2,140)372,860288,100(1,900)288,100
CLO XI258,455(1,545)258,455258,308(1,692)258,308
CLO XII258,344(1,656)258,344258,192(1,808)258,192
CLO XV309,370(2,630)309,370309,198(2,802)309,198
CLO XVI417,449(2,551)417,449417,303(2,697)417,303
CLO XVII322,302(2,698)322,302322,121(2,879)322,121
CLO XVIII258,220(1,780)258,220258,109(1,891)258,109
CLO XIX258,148(1,852)258,148258,206(1,794)258,206
March 2025 Notes———499,516(484)498,750
September 2026 Notes347,945(2,055)340,375347,084(2,916)336,000
February 2027 Notes497,429(2,571)497,500496,650(3,350)493,750
September 2027 Notes601,564(4,284)628,500593,270(5,182)630,000
AUD 2027 Notes(2)
298,196(2,263)304,846271,957(2,397)296,207
May 2028 Notes495,718(7,793)505,000———
June 2028 Notes654,964(6,949)695,500642,519(8,067)690,625
January 2029 Notes550,520(10,143)585,750538,086(11,458)587,125
September 2029 Notes918,025(7,727)927,000492,523(10,769)510,000
March 2030 Notes966,719(19,731)1,002,500941,037(20,518)985,000
March 2031 Notes740,541(18,226)772,500718,384(19,599)763,125
Total Debt$14,671,718$(190,819)$14,859,568$12,681,822$(178,732)$12,931,378
(1)Inclusive of change in fair market value of effective hedge.
(2)Includes unrealized gain (loss) on translation of borrowings denominated in foreign currencies.

The below table presents fair value measurements of the Company’s debt obligations as of the following periods if debt was measured at fair value:

($ in thousands)June 30, 2025December 31, 2024
Level 1$—$—
Level 26,259,4715,790,582
Level 38,600,0977,140,796
Total Debt$14,859,568$12,931,378

Financial Instruments Not Carried at Fair Value

As of June 30, 2025 and December 31, 2024, the carrying amounts of the Company’s other assets and liabilities approximate fair value due to their short maturities. These financial instruments would be categorized as Level 3 within the hierarchy.





115

Blue Owl Credit Income Corp.
Notes to Consolidated Financial Statements - Continued
(Unaudited)
Note 7. Commitments and Contingencies
Portfolio Company Commitments
From time to time, the Company may enter into commitments to fund investments in the form of revolving credit, delayed draw, or equity commitments, which require the Company to provide funding when requested by portfolio companies in accordance with underlying loan agreements. The Company had the following outstanding commitments as of the following periods:
As of
($ in thousands)
June 30, 2025
December 31, 2024
Total unfunded revolving loan commitments
$1,719,630 $1,383,540 
Total unfunded delayed draw loan commitments
2,248,572 1,716,991 
Total unfunded revolving and delayed draw loan commitments
$3,968,202 $3,100,531 
Total unfunded equity commitments
$188,819 $92,214 
Total unfunded commitments
$4,157,021 $3,192,745 
As of June 30, 2025, the Company believed it had adequate financial resources to satisfy the unfunded portfolio company commitments.
Organizational and Offering Costs
The Adviser has incurred organization and offering costs on behalf of the Company in the amount of $3.5 million for the period from April 22, 2020 (Inception) to June 30, 2025, of which $3.5 million has been charged to the Company pursuant to the Investment Advisory Agreement. Under the Investment Advisory Agreement and Administration Agreement, the Adviser is entitled to receive up to 1.5% of gross offering proceeds raised in the Company’s continuous public offering until all organization and offering costs paid by the Adviser have been recovered. The Adviser is responsible for the payment of the Company’s organization and offering expenses to the extent that these expenses exceed 1.5% of the aggregate gross offering proceeds, without recourse against or reimbursement by the Company.
Other Commitments and Contingencies
From time to time, the Company may become a party to certain legal proceedings incidental to the normal course of its business. As of June 30, 2025, management was not aware of any pending or threatened litigation.

Note 8. Net Assets

Authorized Capital and Share Class Description

In connection with its formation, the Company has the authority to issue the following shares:

ClassificationNumber of Shares (in thousands)Par Value
Class S Shares1,500,000$0.01 
Class D Shares1,000,000$0.01 
Class I Shares2,000,000$0.01 
Total4,500,000

The Company’s Class S shares are subject to upfront selling commissions of up to 3.50% of the offering price. Pursuant to a distribution plan adopted by the Company in compliance with Rules 12b-1 and 17d-3 under the 1940 Act, as if those rules applied to the Company, the Company’s Class S shares are subject to annual ongoing services fees of 0.85% of the current net asset value of such shares, as determined in accordance with FINRA rules.

The Company’s Class D shares are subject to upfront selling commissions of up to 1.50% of the offering price. Pursuant to a distribution plan adopted by the Company in compliance with Rules 12b-1 and 17d-3 under the 1940 act, as if those rules applied to





116

Blue Owl Credit Income Corp.
Notes to Consolidated Financial Statements - Continued
(Unaudited)
the Company, the Company’s Class D shares are subject to annual ongoing services fees of 0.25% of the current net asset value of such shares, as determined in accordance with FINRA rules.

The Company’s Class I shares are not subject to upfront selling commissions. The Company’s Class I shares are not subject to annual ongoing servicing fees.

Share Issuances

On September 30, 2020, the Company issued 100 Class I common shares for $1,000 to the Adviser.

On November 12, 2020, the Company issued 700,000 Class I common shares for $7.0 million to an entity affiliated with the Adviser, and met the minimum offering requirement for the Company’s continuous public offering of $2.5 million.

On June 25, 2024, the Company filed Articles of Amendment with the State Department of Assessments and Taxation of Maryland for the purpose of amending the Company’s Second Articles of Amendment and Restatement to increase the number of authorized shares of the Company’s common stock, $0.01 par value per share, and preferred stock, $0.01 par value per share, to 4,500,000,000 Shares, consisting of 1,500,000,000 Class S Shares, 1,000,000,000 Class D Shares, 2,000,000,000 Class I Shares, and no shares of preferred stock. The Articles of Amendment became immediately effective upon filing.

The following table summarizes transactions with respect to shares of the Company’s common stock during the following periods:
For the Three Months Ended June 30, 2025
Class SClass DClass ITotal
($ in thousands, except share amounts)SharesAmountSharesAmountSharesAmountSharesAmount
Shares/gross proceeds from the continuous public offering51,688,712$492,582 1,517,635$14,350 101,484,029$960,146 154,690,376$1,467,078 
Shares/gross proceeds from the private placements—— —— 11,478,190108,615 11,478,190108,615 
Share Transfers between classes(1)
(1,175,154)(11,105)(140,367)(1,329)1,311,84812,434 (3,673)— 
Reinvestment of distributions6,588,25362,172 472,4364,463 12,283,947116,250 19,344,636182,885 
Repurchased shares(11,418,472)(107,562)(2,032,236)(19,164)(35,711,561)(337,475)(49,162,269)(464,201)
Total shares/gross proceeds45,683,339436,087(182,532)(1,680)90,846,453859,970136,347,2601,294,377
Sales load— (4,820)— (1)— — — (4,821)
Total shares/net proceeds45,683,339$431,267 (182,532)$(1,681)90,846,453$859,970 136,347,260$1,289,556 
(1)In certain cases, and subject to Blue Owl Securities LLC’s (d/b/a Blue Owl Securities) (the “Dealer Manager”) approval, including in situations where a holder of Class S or Class D shares exits a relationship with a participating broker-dealer for this offering and does not enter into a new relationship with a participating broker-dealer for this offering, such holder’s shares may be exchanged into an equivalent net asset value amount of Class I shares.





117

Blue Owl Credit Income Corp.
Notes to Consolidated Financial Statements - Continued
(Unaudited)
For the Three Months Ended June 30, 2024
Class SClass DClass ITotal
($ in thousands, except share amounts)SharesAmountSharesAmountSharesAmountSharesAmount
Shares/gross proceeds from the continuous public offering59,085,011$567,568 4,953,799$47,269 103,393,332$987,116 167,432,142$1,601,953 
Shares/gross proceeds from the private placements—— —— 7,531,98571,893 7,531,98571,893 
Share Transfers between classes(1)
(174,521)(1,670)—— 174,1571,670 (364)— 
Reinvestment of distributions4,023,06838,316 333,6833,181 7,846,67274,924 12,203,423116,421 
Repurchased shares(5,302,035)(50,529)(372,544)(3,558)(10,223,527)(97,737)(15,898,106)(151,824)
Total shares/gross proceeds57,631,523553,6854,914,93846,892108,722,6191,037,866171,269,0801,638,443
Sales load— (4,718)— (71)— — — (4,789)
Total shares/net proceeds57,631,523$548,967 4,914,938$46,821 108,722,619$1,037,866 171,269,080$1,633,654 
(1)In certain cases, and subject to Blue Owl Securities LLC’s (d/b/a Blue Owl Securities) (the “Dealer Manager”) approval, including in situations where a holder of Class S or Class D shares exits a relationship with a participating broker-dealer for this offering and does not enter into a new relationship with a participating broker-dealer for this offering, such holder’s shares may be exchanged into an equivalent net asset value amount of Class I shares.
For the Six Months Ended June 30, 2025
Class SClass DClass ITotal
($ in thousands, except share amounts)SharesAmountSharesAmountSharesAmountSharesAmount
Shares/gross proceeds from the continuous public offering108,481,998$1,038,294 7,457,584$71,457 206,382,830$1,962,936 322,322,412$3,072,687 
Shares/gross proceeds from the private placements—— —— 45,593,805434,252 45,593,805434,252 
Share Transfers between classes(1)
(3,545,454)(33,695)(137,634)(1,305)3,671,99735,000 (11,091)— 
Reinvestment of distributions12,419,785117,752 898,9238,532 23,347,287222,026 36,665,995348,310 
Repurchased shares(17,073,676)(161,060)(2,234,098)(21,076)(51,363,763)(486,014)(70,671,537)(668,150)
Total shares/gross proceeds100,282,653961,2915,984,77557,608227,632,1562,168,200333,899,5843,187,099
Sales load— (9,394)— (431)— — — (9,825)
Total shares/net proceeds100,282,653$951,897 5,984,775$57,177 227,632,156$2,168,200 333,899,584$3,177,274 
(1)In certain cases, and subject to Blue Owl Securities LLC’s (d/b/a Blue Owl Securities) (the “Dealer Manager”) approval, including in situations where a holder of Class S or Class D shares exits a relationship with a participating broker-dealer for this offering and does not enter into a new relationship with a participating broker-dealer for this offering, such holder’s shares may be exchanged into an equivalent net asset value amount of Class I shares.





118

Blue Owl Credit Income Corp.
Notes to Consolidated Financial Statements - Continued
(Unaudited)
For the Six Months Ended June 30, 2024
Class SClass DClass ITotal
($ in thousands, except share amounts)SharesAmountSharesAmountSharesAmountSharesAmount
Shares/gross proceeds from the continuous public offering105,209,807$1,009,171 8,607,025$81,990 181,875,291$1,733,519 295,692,123$2,824,680 
Shares/gross proceeds from the private placements—— —— 16,006,501152,505 16,006,501152,505 
Share Transfers between classes(1)
(246,918)(2,357)(35,690,399)(338,702)35,899,156341,059 (38,161)— 
Reinvestment of distributions7,471,34371,026 885,4008,419 14,291,775136,213 22,648,518215,658 
Repurchased shares(8,862,695)(84,355)(3,143,708)(29,912)(18,827,293)(179,731)(30,833,696)(293,998)
Total shares/gross proceeds103,571,537993,485(29,341,682)(278,205)229,245,4302,183,565303,475,2852,898,845
Sales load— (8,725)— (101)— — — (8,826)
Total shares/net proceeds103,571,537$984,760 (29,341,682)$(278,306)229,245,430$2,183,565 303,475,285$2,890,019 
(1)In certain cases, and subject to Blue Owl Securities LLC’s (d/b/a Blue Owl Securities) (the “Dealer Manager”) approval, including in situations where a holder of Class S or Class D shares exits a relationship with a participating broker-dealer for this offering and does not enter into a new relationship with a participating broker-dealer for this offering, such holder’s shares may be exchanged into an equivalent net asset value amount of Class I shares.

In accordance with the Company’s share pricing policy, the Company will modify its public offering prices to the extent necessary to comply with the requirements of the 1940 Act, including the requirement that it not sell shares at a net offering price below the net asset value per share unless the Company obtains the requisite approval from its shareholders.

The changes to the Company’s offering price per share for the six months ended June 30, 2025 and 2024 were as follows:
Class S
Effective DateNet Offering Price
(per share)		Maximum Upfront Sales Load
(per share)		Maximum Offering Price
(per share)
January 1, 2024$9.48 $0.33 $9.81 
February 1, 2024$9.49 $0.33 $9.82 
March 1, 2024$9.49 $0.33 $9.82 
April 1, 2024$9.50 $0.33 $9.83 
May 1, 2024$9.51 $0.33 $9.84 
June 1, 2024$9.57 $0.33 $9.90 
January 1, 2025$9.54 $0.33 $9.87 
February 1, 2025$9.54 $0.33 $9.87 
March 1, 2025$9.51 $0.33 $9.84 
April 1, 2025$9.46 $0.33 $9.79 
May 1, 2025$9.40 $0.33 $9.73 
June 1, 2025$9.44 $0.33 $9.77 





119

Blue Owl Credit Income Corp.
Notes to Consolidated Financial Statements - Continued
(Unaudited)
Class D
Effective DateNet Offering Price
(per share)		Maximum Upfront Sales Load
(per share)		Maximum Offering Price
(per share)
January 1, 2024$9.49 $0.14 $9.63 
February 1, 2024$9.50 $0.14 $9.64 
March 1, 2024$9.50 $0.14 $9.64 
April 1, 2024$9.51 $0.14 $9.65 
May 1, 2024$9.52 $0.14 $9.66 
June 1, 2024$9.58 $0.14 $9.72 
January 1, 2025$9.55 $0.14 $9.69 
February 1, 2025$9.55 $0.14 $9.69 
March 1, 2025$9.52 $0.14 $9.66 
April 1, 2025$9.47 $0.14 $9.61 
May 1, 2025$9.41 $0.14 $9.55 
June 1, 2025$9.45 $0.14 $9.59 
Class I
Effective DateNet Offering Price
(per share)		Maximum Upfront Sales Load
(per share)		Maximum Offering Price
(per share)
January 1, 2024$9.50 $— $9.50 
February 1, 2024$9.51 $— $9.51 
March 1, 2024$9.52 $— $9.52 
April 1, 2024$9.53 $— $9.53 
May 1, 2024$9.53 $— $9.53 
June 1, 2024$9.59 $— $9.59 
January 1, 2025$9.57 $— $9.57 
February 1, 2025$9.57 $— $9.57 
March 1, 2025$9.54 $— $9.54 
April 1, 2025$9.49 $— $9.49 
May 1, 2025$9.42 $— $9.42 
June 1, 2025$9.47 $— $9.47 
Distributions

The Board authorizes and declares monthly distribution amounts per share of common stock, payable monthly in arrears. The following table presents cash distributions per share that were recorded during the following periods:

For the Six Months Ended June 30, 2025
Declaration DateRecord DatePayment Date
 Distribution Per Share(1)
Distribution Amount(2)
($ in thousands, except per share amounts)Class SClass DClass I
November 5, 2024January 31, 2025February 25, 2025$0.07010 $33,890 $3,499 $69,929 
February 18, 2025February 28, 2025March 25, 20250.07010 35,308 3,794 72,626 
February 18, 2025March 31, 2025April 24, 20250.10280 54,669 5,767 111,979 
February 18, 2025April 30, 2025May 23, 20250.07010 37,635 3,966 79,647 
May 6, 2025May 30, 2025June 25, 20250.07010 38,551 3,988 82,474 
May 6, 2025June 30, 2025July 24, 20250.10280 59,206 5,749 121,070 
Total$0.48600 $259,259 $26,763 $537,725 
(1)Distributions per share are gross of shareholder servicing fees.
(2)Distribution amounts are net of shareholder servicing fees.





120

Blue Owl Credit Income Corp.
Notes to Consolidated Financial Statements - Continued
(Unaudited)
For the Six Months Ended June 30, 2024
Declaration DateRecord DatePayment Date
Distribution Per Share(1)
Distribution Amount(2)
($ in thousands, except per share amounts)Class SClass DClass I
November 20, 2023January 31, 2024February 23, 2024$0.07010 $21,517 $2,829 $42,089 
February 21, 2024February 29, 2024March 22, 20240.07010 22,651 2,984 44,196 
February 21, 2024March 29, 2024April 23, 20240.10280 35,655 4,144 67,452 
February 21, 2024April 30, 2024May 22, 20240.07010 24,985 2,868 49,096 
May 7, 2024May 31, 2024June 26, 20240.07010 26,216 3,105 51,937 
May 7, 2024June 28, 2024July 24, 20240.10280 41,249 4,646 78,628 
Total$0.48600 $172,273 $20,576 $333,398 
(1)Distributions per share are gross of shareholder servicing fees.
(2)Distribution amounts are net of shareholder servicing fees.

The Company has adopted a distribution reinvestment plan which was amended and restated on May 6, 2024. The amended and restated distribution reinvestment plan provides for the reinvestment of cash distributions on behalf of shareholders who have enrolled in the distribution reinvestment plan. As a result, if the Board authorizes and declares a cash distribution, then the shareholders who have enrolled in the distribution reinvestment plan will have their cash distributions automatically reinvested in additional shares of our common stock, rather than receiving the cash distribution. The Company expects to use newly issued shares to implement the distribution reinvestment plan. The Company may fund its cash distributions to shareholders from any source of funds available to the Company, including but not limited to offering proceeds, net investment income from operations, capital gains proceeds from the sale of assets, dividends or other distributions paid to it on account of preferred and common equity investments in portfolio companies and expense support from the Adviser, which is subject to recoupment. In no event, however, will funds be advanced or borrowed for the purpose of distributions, if the amount of such distributions would exceed the Company’s accrued and received revenues for the previous four quarters, less paid and accrued operating expenses with respect to such revenues and costs. Prior to the termination of the Expense Support Agreement on March 7, 2023, a portion of the Company’s distributions resulted from expense support from the Adviser. The purpose of this arrangement was to avoid distributions being characterized as a return of capital for U.S. federal income tax purposes. Sources of distributions, other than net investment income and realized gains on a U.S. GAAP basis, include required adjustments to U.S. GAAP net investment income in the current period to determine taxable income available for distributions. The following tables reflect the sources of cash distributions on a U.S. GAAP basis that the Company has declared on its shares of common stock during the following periods:
For the Six Months Ended June 30, 2025
Source of Distribution(2)
Per Share(1)
AmountPercentage
($ in thousands, except per share amounts)
Net investment income$0.45200 $766,498 93.1%
Distributions in excess of net investment income(3)
0.03400 57,249 6.9%
Total$0.48600 $823,747 100.0%
(1)Distributions per share are gross of shareholder servicing fees.
(2)Data in this table is presented on a consolidated basis. Refer to Note 11 “Financial Highlights” for amounts by share class.
(3)Represents the distributions in excess of net investment income for the current period. The Company has accumulated undistributed earnings as of June 30, 2025.
For the Six Months Ended June 30, 2024
Source of Distribution(2)
Per Share(1)
AmountPercentage
($ in thousands, except per share amounts)
Net investment income$0.48600 $526,247 100.0%
Total$0.48600 $526,247 100.0%
(1)Distributions per share are gross of shareholder servicing fees.
(2)Data in this table is presented on a consolidated basis. Refer to Note 11 “Financial Highlights” for amounts by share class.





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Blue Owl Credit Income Corp.
Notes to Consolidated Financial Statements - Continued
(Unaudited)
Share Repurchases

The Board has complete discretion to determine whether the Company will engage in any share repurchase, and if so, the terms of such repurchase. At the discretion of the Board, the Company may use cash on hand, cash available from borrowings, and cash from the sale of its investments as of the end of the applicable period to repurchase shares. The Company has commenced a share repurchase program pursuant to which the Company intends to conduct quarterly repurchase offers to allow its shareholders to tender their shares at a price equal to the net offering price per share for the applicable class of shares on each date of repurchase. All shares purchased by the Company pursuant to the terms of each offer to repurchase will be retired and thereafter will be authorized and unissued shares. The Company intends to limit the number of shares to be repurchased in each quarter to no more than 5.00% of its’ outstanding shares of common stock. Any periodic repurchase offers are subject in part to the Company’s available cash and compliance with the BDC and RIC qualification and diversification rules promulgated under the 1940 Act and the Code, respectively. While the Company intends to continue to conduct quarterly tender offers as described above, the Company is not required to do so and may suspend or terminate the share repurchase program at any time.

Offer Date
Class		Tender Offer
Expiration		Tender Offer
(in thousands)		Purchase Price
per Share		Shares
Repurchased
February 27, 2024SMarch 31, 2024$33,826 $9.50 3,560,660 
February 27, 2024DMarch 31, 2024$26,354 $9.51 2,771,164 
February 27, 2024IMarch 31, 2024$81,994 $9.53 8,603,765 
May 24, 2024SJune 28, 2024$50,529 $9.53 5,302,035 
May 24, 2024DJune 28, 2024$3,558 $9.55 372,544 
May 24, 2024IJune 28, 2024$97,737 $9.56 10,223,527 
February 26, 2025SMarch 31, 2025$53,498 $9.46 5,655,204 
February 26, 2025DMarch 31, 2025$1,912 $9.47 201,862 
February 26, 2025IMarch 31, 2025$148,539 $9.49 15,652,202 
May 23, 2025SJune 30, 2025$107,562 $9.42 11,418,472 
May 23, 2025DJune 30, 2025$19,164 $9.43 2,032,236 
May 23, 2025IJune 30, 2025$337,475 $9.45 35,711,561 
Note 9. Earnings Per Share

The following tables set forth the computation of basic and diluted earnings per common share for the following periods:
For the Three Months Ended June 30,
20252024

($ in thousands, except per share amounts)		Class S common stockClass D common stockClass I common
stock		Class S common
stock		Class D common
stock		Class I common stock
Increase (decrease) in net assets resulting from operations$114,113 $11,606 $242,465 $104,763 $11,958 $201,669 
Weighted average shares of common stock outstanding—basic and diluted607,882,907 58,468,742 1,172,654,549 413,208,224 44,636,862 736,786,949 
Earnings (loss) per common share—basic and diluted$0.19 $0.20 $0.21 $0.25 $0.27 $0.27 





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Blue Owl Credit Income Corp.
Notes to Consolidated Financial Statements - Continued
(Unaudited)
For the Six Months Ended June 30,
20252024

($ in thousands, except per share amounts)		Class S common stockClass D common stockClass I common
stock		Class S common
stock		Class D common
stock		Class I common stock
Increase (decrease) in net assets resulting from operations$191,514 $19,942 $408,461 $194,413 $23,365 $372,982 
Weighted average shares of common stock outstanding—basic and diluted580,809,758 56,573,122 1,108,266,084 384,667,787 43,768,118 683,495,105 
Earnings (loss) per common share—basic and diluted$0.33 $0.35 $0.37 $0.51 $0.53 $0.55 

Note 10. Income Taxes

The Company has elected to be treated as a RIC under Subchapter M of the Code, and intends to operate in a manner so as to qualify for the tax treatment applicable to RICs. To qualify for tax treatment as a RIC thereafter, the Company must, among other things, distribute to its shareholders in each taxable year generally at least 90% of the Company’s investment company taxable income, as defined by the Code, and net tax-exempt income for that taxable year. To maintain tax treatment as a RIC, the Company, among other things, intends to make the requisite distributions to its shareholders, which generally relieves the Company from corporate-level U.S. federal income taxes.

Depending on the level of taxable income earned in a tax year, the Company can be expected to carry forward taxable income (including net capital gains, if any) in excess of current year dividend distributions from the current tax year into the next tax year and pay a nondeductible 4% U.S. federal excise tax on such taxable income, as required. To the extent that the Company determines that its estimated current year annual taxable income will be in excess of estimated current year dividend distributions from such income, the Company will accrue excise tax on estimated excess taxable income.

For the three and six months ended June 30, 2025, the Company recorded an expense for U.S. federal excise tax of $0.6 million and $0.8 million, respectively. For the three and six months ended June 30, 2024, the Company recorded an expense for U.S. federal excise tax of $2.5 million and $3.3 million, respectively.

Taxable Subsidiaries

Certain of the Company’s consolidated subsidiaries are subject to U.S. federal and state corporate-level income taxes. For the three and six months ended June 30, 2025, the Company recorded a net tax expense/(benefit) of approximately $(216) thousand and $(207) thousand, respectively, for taxable subsidiaries. For the three and six months ended June 30, 2024, the Company recorded a net tax expense/(benefit) of approximately $(1) thousand and $(10) thousand, respectively, for taxable subsidiaries.

The Company recorded a net deferred tax liability of $1.7 million and liability of $915 thousand as of June 30, 2025 and December 31, 2024, respectively, for taxable subsidiaries, which is primarily related to GAAP to tax outside basis differences in the taxable subsidiaries’ investment in certain partnership interests.





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Blue Owl Credit Income Corp.
Notes to Consolidated Financial Statements - Continued
(Unaudited)
Note 11. Financial Highlights

The following are the financial highlights for a common share outstanding during the following periods:

For the Six Months Ended June 30,
20252024
($ in thousands, except share and per share amounts)Class S common stockClass D common stockClass I common stockClass S common stockClass D common stockClass I common stock
Per share data:
Net asset value, at beginning of period$9.54 $9.55 $9.57 $9.48 $9.49 $9.50 
Results of operations:
Net investment income (loss)(1)
0.41 0.44 0.45 0.53 0.56 0.57 
Net realized and unrealized gain (loss)(2)
(0.08)(0.09)(0.08)(0.03)(0.03)(0.02)
Net increase (decrease) in net assets resulting from operations$0.33 $0.35 $0.37 $0.50 $0.53 $0.55 
Shareholder distributions:
Distributions from net investment income(3)
(0.41)(0.44)(0.45)(0.45)(0.47)(0.49)
Distributions in excess of net investment income(3)
(0.04)(0.03)(0.04)— — — 
Net decrease in net assets from shareholders’ distributions
$(0.45)$(0.47)$(0.49)$(0.45)$(0.47)$(0.49)
Total increase (decrease) in net assets(0.12)(0.12)(0.12)0.05 0.06 0.06 
Net asset value, at end of period$9.42 $9.43 $9.45 $9.53 $9.55 $9.56 
Total return(4)
3.5 %3.8 %3.9 %5.3 %5.7 %5.9 %
Ratios
Ratio of net expenses to average net assets(5)(6)
9.6 %9.0 %8.7 %10.9 %10.4 %10.1 %
Ratio of net investment income to average net assets(6)
9.0 %9.6 %9.9 %11.5 %12.3 %12.4 %
Portfolio turnover rate16.4 %16.4 %16.4 %22.5 %22.5 %22.5 %
Supplemental Data
Weighted-average shares outstanding580,809,75856,573,1221,108,266,084384,667,78743,768,118683,495,105
Shares outstanding, end of period615,947,39057,044,5991,180,086,396429,417,12446,085,512764,871,253
Net assets, end of period$5,804,679$538,161$11,152,206$4,094,350$439,938$7,312,790
(1)The per share data was derived using the weighted average shares outstanding during the period.
(2)The amount shown at this caption is the balancing amount derived from the other figures in the schedule. The amount shown at this caption for a share outstanding throughout the period may not agree with the change in the aggregate gains and losses in portfolio securities for the period because of the timing of sales of the Company’s shares in relation to fluctuating market values for the portfolio.
(3)The per share data was derived using actual shares outstanding at the date of the relevant transaction.





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Blue Owl Credit Income Corp.
Notes to Consolidated Financial Statements - Continued
(Unaudited)
(4)Total return is not annualized. An investment in the Company is subject to maximum upfront sales load of 3.5% and 1.5% for Class S and Class D common stock, respectively, of the offering price, which will reduce the amount of capital available for investment. Class I common stock is not subject to upfront sales load. Total return displayed is net of all fees, including all operating expenses such as management fees, incentive fees, general and administrative expenses, organization and amortized offering expenses, and interest expenses. Total return is calculated as the change in net asset value (“NAV”) per share (assuming dividends and distributions, if any, are reinvested in accordance with the Company’s dividend reinvestment plan), if any, divided by the beginning NAV per share (which for the purposes of this calculation is equal to the net offering price in effect at that time).
(5)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. For the six months ended June 30, 2025, the total operating expenses to average net assets were 9.6%, 9.0% and 8.8%, for Class S, Class D, and Class I common stock, respectively, prior to management fee waivers, expense support provided by the Adviser, and expense recoupment paid to the Adviser, if any. For the six months ended June 30, 2024, the total operating expenses to average net assets were 10.9%, 10.4% and 10.1%, for Class S, Class D, and Class I common stock, respectively, prior to management fee waivers, expense support provided by the Adviser, and expense recoupment paid to the Adviser, if any. Past performance is not a guarantee of future results.
(6)The ratio reflects an annualized amount, except in the case of non-recurring expenses and offering expenses.







125

Blue Owl Credit Income Corp.
Notes to Consolidated Financial Statements - Continued
(Unaudited)
Note 12. Subsequent Events
In preparing these financial statements, the Company has evaluated events and transactions for potential recognition or disclosure through the date of issuance. There are no subsequent events to disclose except for the following:
Equity Raise
As of August 7, 2025, the Company issued 644,000,377 shares of Class S common stock, 97,886,560 shares of Class D common stock, and 1,241,752,439 shares of Class I common stock and have raised total gross proceeds of $6.09 billion, $0.91 billion, and $11.68 billion, respectively, including seed capital of $1,000 contributed by our Adviser in September 2020 and approximately $25.0 million in gross proceeds raised from an entity affiliated with the Adviser. In addition, the Company expects to receive $0.96 billion in gross subscription payments which the Company accepted on August 1, 2025 and which is pending the Company’s determination of the net asset value per share applicable to such purchase.
Dividend
On August 5, 2025, the Company’s Board declared a distribution of (i) $0.070100 per share, payable on or before September 30, 2025 to shareholders of record as of August 29, 2025, (ii) $0.070100 per share, payable on or before October 31, 2025 to shareholders of record as of September 30, 2025, and (iii) $0.070100 per share, payable on or before November 30, 2025 to shareholders of record as of October 31, 2025 and (iv) a special distribution of $0.032700 per share, payable on or before October 31, 2025 to shareholders of record as of September 30, 2025.
Core Income Funding I Amendments
On July 10, 2025, Core Income Funding I entered into Amendment No. 4 to SPV Asset Facility I in order to join a new lender and increase the maximum principal amount of SPV Asset Facility I from $450.0 million to $550.0 million. Subsequently, on July 24, Core Income Funding I entered into Amendment No. 5 to SPV Asset Facility I in order to increase the maximum principal amount of SPV Asset Facility I from $550.0 million to $650.0 million.





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Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations.
The information contained in this section should be read in conjunction with “Item 1. Financial Statements”. This discussion contains forward-looking statements, which relate to future events or the future performance or financial condition of Blue Owl Credit Income Corp. and involves numerous risks and uncertainties, including, but not limited to, those described in our Form 10-K for the year ended December 31, 2024 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 Quarterly Report on Form 10-Q. Actual results could differ materially from those implied or expressed in any forward-looking statements.
Overview
Blue Owl Credit Income Corp. (the “Company”, “we”, “us”, or “our”) is an externally managed, non-diversified closed-end management investment company that has elected to be treated as a business development company (“BDC”) under the 1940 Act. Formed as a Maryland corporation on April 22, 2020, we are externally managed by Blue Owl Credit Advisors LLC (the “Adviser”) which is responsible for sourcing potential investments, conducting due diligence on prospective investments, analyzing investment opportunities, structuring investments and monitoring our portfolio on an ongoing basis. The Adviser is registered as an investment adviser with the Securities and Exchange Commission (“SEC”). We have elected to be treated as a RIC under Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”), and we intend to operate in a manner so as to qualify for the tax treatment applicable to RICs. On October 23, 2020, we formed a wholly-owned subsidiary, OR Lending IC LLC, a Delaware limited liability company, which holds a California finance lenders license. OR Lending IC LLC makes loans to borrowers headquartered in California. From time to time we may form wholly-owned subsidiaries to facilitate the normal course of business.

We are managed by our Adviser. Our Adviser is an indirect affiliate of Blue Owl Capital Inc. (“Blue Owl”) (NYSE: OWL) and part of Blue Owl’s Credit platform (“Credit”), which includes several strategies, including direct lending, alternative credit, investment grade credit, liquid credit and other adjacent investment strategies. Our Adviser is registered with the U.S. Securities and Exchange Commission (the “SEC”) as an investment adviser under the Investment Advisers Act of 1940, as amended (the “Advisers Act”). Subject to the overall supervision of our Board, our 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. Our 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.
We have received an exemptive order that permits us to offer multiple classes of shares of common stock and to impose varying sales loads, asset-based servicing and/or distribution fees and early withdrawal fees. On November 12, 2020, we commenced our initial public offering pursuant to which we offered, on a continuous basis, $2,500,000,000 in any combination of amount of shares of Class S, Class D and Class I common stock, and we sold 700,000 shares pursuant to the subscription agreement with an entity affiliated with the Adviser and met the minimum offering requirement for our continuous public offering. The purchase price of these shares sold in the private placement was $10.00 per share. On February 14, 2022, we commenced our follow-on offering, on a continuous basis, pursuant to which we offered of up to $13,500,000,000 in any combination of amount of shares of Class S, Class D and Class I common stock. On December 6, 2024, we commenced our current offering pursuant to which we are offering up to $14,000,000,000 in any combination of amount of shares of Class S, Class D and Class I common stock. The share classes have different upfront selling commissions and ongoing servicing fees. Each class of common stock will be offered through Blue Owl Securities LLC (d/b/a Blue Owl Securities) (the “Dealer Manager”). The Dealer Manager is entitled to receive upfront selling commissions of up to 3.50% of the offering price of each Class S share sold in the offering and 1.50% of the offering price of each Class D share sold. Class I shares are not subject to upfront selling commissions. Any upfront selling commissions for the Class S shares and Class D shares sold in the offering will be deducted from the purchase price. Class S, Class D and Class I shares were offered at initial purchase prices per shares of $10.35, $10.15 and $10.00, respectively. Currently, the purchase price per share for each class of common stock varies, but will not be sold at a price below our net asset value per share of such class, as determined in accordance with our share pricing policy, plus applicable upfront selling commissions. We also engage in private placements of our common stock.
Since meeting the minimum offering requirement and commencing our continuous public offering through June 30, 2025, we have issued 628,638,106 shares of Class S common stock, 97,439,821 shares of Class D common stock, and 1,200,361,593 shares of Class I common stock for gross proceeds, exclusive of any tender offers and shares issued pursuant to our distribution reinvestment plan, of $5.94 billion, $0.91 billion, and $11.29 billion, respectively, including $1,000 of seed capital contributed by our Adviser in September 2020, approximately $25.0 million in gross proceeds raised from an entity affiliated with the Adviser, and 109,500,186 shares of our Class I common stock issued in a private placement issued to feeder vehicles primarily created to hold our Class I shares for gross proceeds of approximately $1.04 billion. The Adviser, the entity affiliated with the Adviser, and their permitted assignees may not engage in any transaction that would result in the effective economic disposition of the Class I shares.
Our Adviser also serves as investment adviser to Blue Owl Capital Corporation and Blue Owl Capital Corporation II.





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Blue Owl consists of three product platforms: (1) Credit, (2) GP Strategic Capital, which primarily focuses on acquiring equity stakes in, or providing debt financing to, large, multi-product private equity and private credit firms and (3) Real Assets, which primarily focuses on the strategies of net lease real estate, real estate credit and digital infrastructure, which focuses on acquiring, financing, developing and operating data centers and related digital infrastructure assets. The direct lending strategy of Blue Owl’s Credit platform is comprised of the Adviser, Blue Owl Technology Credit Advisors LLC (“OTCA”), Blue Owl Technology Credit Advisors II LLC (“OTCA II”), Blue Owl Credit Private Fund Advisors LLC (“OPFA”) and Blue Owl Diversified Credit Advisors LLC (“ODCA” and together with the Adviser, OTCA, OTCA II, and OPFA, the “Blue Owl Credit Advisers”), which also are registered investment advisers. As of June 30, 2025, the Adviser and its affiliates had $145.47 billion of assets under management across Blue Owl’s Credit platform.
The management of our investment portfolio is the responsibility of the Adviser and the Diversified Lending Investment Committee. The Investment Team is led by Douglas I. Ostrover, Marc S. Lipschultz and Craig W. Packer and is supported by certain members of the Adviser’s senior executive team and Blue Owl’s Credit platform’s direct lending investment committees. Blue Owl’s four direct lending investment committees focus on a specific investment strategy (Diversified Lending, Technology Lending, First Lien Lending and Opportunistic Lending). Douglas I. Ostrover, Marc S. Lipschultz, Craig W. Packer and Alexis Maged sit on each of Blue Owl’s direct lending investment committees. In addition to Messrs. Ostrover, Lipschultz, Packer and Maged, the Diversified Lending Investment Committee is comprised of Patrick Linnemann, Meenal Mehta and Logan Nicholson. We consider the individuals on the Diversified Lending Investment Committee to be our portfolio managers. The Investment Team, under the Diversified Lending 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 Diversified Lending 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 Diversified Lending 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 Diversified Lending Investment Committee. Follow-on investments in existing portfolio companies may require the Diversified Lending 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 Diversified Lending Investment Committee. The compensation packages of Diversified Lending 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.
In addition, we and the Adviser have entered into a dealer manager agreement with Blue Owl Securities and certain participating broker dealers to solicit capital.
We may be prohibited under the Investment Company Act of 1940, as amended (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 the SEC. We, the Adviser and certain of our affiliates were granted an order for exemptive relief that permitted co-investing with our affiliates subject to various approvals of the Board and other conditions. On May 6, 2025, we, the Adviser and certain of our affiliates were granted a new order for exemptive relief that superseded the prior order for exemptive relief (the “Order”) by the SEC for us to co-invest with other funds managed by the Adviser or certain 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 such co-investments are done on the same terms and at the same time, as further detailed in the Order. The Order requires that a “required majority” (as defined in Section 57(o) of the 1940 Act) of the Board make certain findings (1) in most instances when we co-invest with our affiliates in an issuer where our affiliate has an existing investment in the issuer, and (2) if we dispose of an asset acquired in a transaction under the Order unless the disposition is done on a pro rata basis. Pursuant to the Order, the Board will oversee our participation in the co-investment program. As required by the Order, we have adopted, and the Board has approved, policies and procedures reasonably designed to ensure compliance with the terms of the Order, and the Adviser and our Chief Compliance Officer will provide reporting to the Board.
We have elected to be regulated as a BDC under the 1940 Act and intend to elect to be taxed as a regulated investment company (“RIC”) for tax purposes under 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 the sum of 90% of our investment company taxable income and tax-exempt interest for that taxable year.






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Our Investment Framework

Our investment objective is to generate current income, and to a lesser extent, capital appreciation by targeting investment opportunities with favorable risk-adjusted returns. Our investment strategy focuses primarily on originating and making loans to, and make debt and equity investments in, U.S. middle-market companies and is intended to generate favorable returns across credit cycles with an emphasis on preserving capital. Since our Adviser and its affiliates began investment activities in April 2016 through June 30, 2025, our Adviser and its affiliates have originated $164.01 billion aggregate principal amount of investments, of which $160.03 billion 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 in U.S. middle-market companies, both sponsored and non-sponsored, 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. Except for our specialty financing portfolio investments, 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 intend, under normal circumstances, to invest directly, or indirectly through our investments in OCIC SLF LLC (f/k/a Blue Owl Credit Income Senior Loan Fund) (“OCIC SLF”) and Blue Owl Credit SLF LLC (“Credit SLF”) or any similarly situated companies, at least 80% of the value of our total assets in credit investments. We define “credit” to mean debt investments made in exchange for regular interest payments.

We define “middle-market companies” generally to mean companies with earnings before interest expense, income tax expense, depreciation and amortization (“EBITDA”) between $10 million and $250 million annually and/or annual revenue of $50 million to $2.50 billion at the time of investment, although we may on occasion invest in smaller or larger companies if an opportunity presents itself. We may on occasion invest in smaller or larger companies if an attractive opportunity presents itself, especially when there are dislocations in the capital markets, including the high yield and large syndicated loan markets.We generally seek to invest in upper middle-market companies with a loan-to-value ratio (the amount of outstanding debt as a percentage of the value of the company) 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, including publicly traded debt instruments, which we may hold directly or through special purposes vehicles. These investments may include high-yield bonds, which are often referred to as “junk bonds”, and broadly syndicated loans. 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, 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. Our portfolio composition may fluctuate from time to time based on market conditions and interest rates.

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 that comprise 1-2% of our portfolio (with no individual portfolio company generally expected to comprise greater than 5% of our portfolio). As of June 30, 2025, our average investment size in each of our portfolio companies was approximately $89.6 million based on fair value. As of June 30, 2025, excluding the investment in OCIC SLF, Credit SLF and certain investments that fall outside our typical borrower profile, our portfolio companies representing 93.5% of our total debt portfolio based on fair value, had weighted average annual revenue of $1.20 billion, weighted average annual EBITDA of $291.7 million, an average interest coverage of 2.0x and an average net loan-to-value of 39.6%.

The companies in which we invest use our capital primarily 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





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were rated, they would likely receive a rating of below investment grade (that is, below BBB- or Baa3), which is often referred to as “junk”.

Key Components of Our Results of Operations

Investments

We focus primarily on the direct origination of loans to middle-market companies domiciled in the United States.

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 may 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 of June 30, 2025, 98.7% 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 SOFR and any other 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. Generally, because our portfolio consists primarily of floating rate loans, we expect our earnings to benefit from a prolonged higher rate environment.

Loan origination fees, original issue discount and market discount or premium are capitalized, and we accrete or amortize such amounts under U.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.

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 Statements of Operations.

Expenses

Our primary operating expenses include the payment of the management fee, performance based 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 performance based 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, and 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





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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 expenses of our operations and transactions including, without limitation, those relating to:

•expenses deemed to be “organization and offering expenses” for purposes of FINRA Conduct Rule 2310(a)(12) (exclusive of commissions, the dealer manager fee, any discounts and other similar expenses paid by investors at the time of sale of our stock);
•the cost of corporate and organizational expenses relating to offerings of shares of our common stock;
•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;
•escrow agent, transfer agent and custodial fees and expenses;
•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 the SEC (or other regulatory bodies) and other reporting and compliance costs, including registration fees, listing fees and licenses, 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 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;
•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.

The Adviser is responsible for the payment of our organization and offering expenses to the extent that these expenses exceed 1.5% of the aggregate gross offering proceeds, without recourse against or reimbursement by us. 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.

Expense Support and Conditional Reimbursement Agreement

On September 30, 2020, we entered into an Expense Support and Conditional Reimbursement Agreement (the “Expense Support Agreement”) with the Adviser, the purpose of which was to ensure that no portion of our distributions to shareholders represented a return of capital for tax purposes. The Expense Support Agreement became effective as of November 12, 2020, the date that the Company met the minimum offering requirement and was terminated by the Adviser on March 7, 2023.

On a quarterly basis, the Adviser reimbursed us for “Operating Expenses” (as defined below) in an amount equal to the excess of our cumulative distributions paid to our shareholders in each quarter over “Available Operating Funds” (as defined below) received by us on account of our investment portfolio during such quarter. Any payments that the Adviser was required to make pursuant to the preceding sentence are referred to herein as an “Expense Payment”.

Under the Expense Support Agreement, “Operating Expenses” was defined as all of our operating costs and expenses incurred, as determined in accordance with generally accepted accounting principles for investment companies. “Available Operating Funds” was defined as the sum of (i) our estimated investment company taxable income (including realized net short-term capital gains reduced by





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realized net long-term capital losses), (ii) our realized net capital gains (including the excess of realized net long-term capital gains over realized net short-term capital losses) and (iii) dividends and other distributions paid to us on account of preferred and common equity investments in portfolio companies, if any (to the extent such amounts listed in clause (iii) are not included under clauses (i) and (ii) above).

The Adviser’s obligation to make Expense Payments under the Expense Support Agreement automatically became a liability of the Adviser and the right to such Expense Payment was an asset of ours on the last business day of the applicable quarter. The Expense Payment for any quarter was be paid by the Adviser to us in any combination of cash or other immediately available funds, and/or offset against amounts due from us to the Adviser no later than the earlier of (i) the date on which we close our books for such quarter, or (ii) forty-five days after the end of such quarter.

Following any quarter in which Available Operating Funds exceeded the cumulative distributions paid by us in respect of such quarter (the amount of such excess being hereinafter referred to as “Excess Operating Funds”), we were required to pay such Excess Operating Funds, or a portion thereof, in accordance with the stipulations below, as applicable, to the Adviser, until such time as all Expense Payments made by the Adviser to us within three years prior to the last business day of such quarter had been reimbursed. Any payments required to be made by us are referred to as a “Reimbursement Payment”.

The amount of the Reimbursement Payment for any quarter shall equal the lesser of (i) the Excess Operating Funds in respect of such quarter and (ii) the aggregate amount of all Expense Payments made by the Adviser to us within three years prior to the last business day of such quarter that have not been previously reimbursed by us to the Adviser. The payment will be reduced to the extent that such Reimbursement Payments, together with all other Reimbursement Payments paid during the fiscal year, would cause Other Operating Expenses defined as our total Operating Expenses, excluding base management fees, incentive fees, organization and offering expenses, distribution and shareholder servicing fees, financing fees and costs, interest expense, brokerage commissions and extraordinary expenses on an annualized basis and net of any Expense Payments received by us during the fiscal year to exceed the lesser of: (i) 1.75% of our average net assets attributable to the shares of our common stock for the fiscal year-to-date period after taking such Expense Payments into account; and (ii) the percentage of our average net assets attributable to shares of our common stock represented by Other Operating Expenses during the fiscal year in which such Expense Payment was made (provided, however, that this clause (ii) shall not apply to any Reimbursement Payment which relates to an Expense Payment made during the same fiscal year).

No Reimbursement Payment for any quarter will be made if: (1) the “Effective Rate of Distributions Per Share” (as defined below) declared by us at the time of such Reimbursement Payment is less than the Effective Rate of Distributions Per Share at the time the Expense Payment was made to which such Reimbursement Payment relates, or (2) our “Operating Expense Ratio” (as defined below) at the time of such Reimbursement Payment is greater than the Operating Expense Ratio at the time the Expense Payment was made to which such Reimbursement Payment relates. Pursuant to the Expense Support Agreement, “Effective Rate of Distributions Per Share” means the annualized rate (based on a 365 day year) of regular cash distributions per share exclusive of returns of capital, distribution rate reductions due to distribution and shareholder fees, and declared special dividends or special distributions, if any. The “Operating Expense Ratio” is calculated by dividing Operating Expenses, less organizational and offering expenses, base management and incentive fees owed to Adviser, and interest expense, by our net assets.

The specific amount of expenses reimbursed by the Adviser, if any, will be determined at the end of each quarter. We or the Adviser will be able to terminate the Expense Support Agreement at any time, with or without notice. The Expense Support Agreement will automatically terminate in the event of (a) the termination of the Investment Advisory Agreement, or (b) a determination by our Board to dissolve or liquidate the Company. Upon termination of the Expense Support Agreement, we will be required to fund any Expense Payments that have not been reimbursed by us to the Adviser.

Prior to termination of the Expense Support Agreement, Expense Support Payments provided by the Adviser since inception was $9.4 million. All Expense Support Payments were repaid prior to termination.

Reimbursement of Administrative Services

We will reimburse our Adviser for the administrative expenses necessary for its performance of services to us. However, such reimbursement will be made at an amount equal to the lower of our Adviser’s actual costs or the amount that we would be required to pay for comparable administrative services in the same geographic location. Also, such costs will be reasonably allocated to us on the basis of assets, revenues, time records or other reasonable methods. We will not reimburse our Adviser for any services for which it receives a separate fee, for example rent, depreciation, utilities, capital equipment or other administrative items allocated to a controlling person of our Adviser.






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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. On September 30, 2020, we received shareholder approval that allowed us to reduce our asset coverage ratio to 150% effective October 1, 2020. and in connection with their subscription agreements, our investors are required to acknowledge our ability to operate with an asset coverage ratio that may be as low as 150%. As a result, we generally will be permitted, under specified conditions, to issue multiple classes of indebtedness and one class of stock senior to the common stock if our asset coverage, as defined in the 1940 Act, would at least be equal to 150% immediately after each such issuance. This reduced asset coverage ratio permits us to double the amount of leverage we can incur. For example, under a 150% asset coverage ratio we may borrow $2 for investment purposes of every $1 of investor equity whereas under a 200% asset coverage ratio we may only borrow $1 for investment purposes 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 leverage over time subject to the limits of the 1940 Act. In addition, we may dedicate assets to financing facilities.

Potential 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 based on a combination of the following factors.

Limited Availability of Capital for Middle Market Companies. The middle-market is a large addressable market. According to GE Capital’s National Center for the Middle Market Year-End 2024 Middle Market Indicator, there are approximately 200,000 U.S. middle-market companies, which have approximately 48 million aggregate employees. Moreover, the U.S. middle-market accounts for one-third of private sector gross domestic product (“GDP”). GE defines U.S. middle-market companies as those between $10 million and $1.00 billion in annual revenue, which we believe has significant overlap with our definition of U.S. middle-market companies. We believe U.S. middle-market companies will continue to require access to debt capital to refinance existing debt, support growth and finance acquisitions. We believe that regulatory and structural factors, industry consolidation and general risk aversion, limit the amount of traditional financing available to U.S. 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 are 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 in U.S. Middle Market Finance Left by Banks. Access to underwritten bond and syndicated loan markets is challenging for middle-market companies due to loan size and liquidity. For example, high yield bonds are generally purchased by institutional investors, such as mutual funds and exchange traded funds (“ETFs”), who among other things, are focused on the liquidity characteristics of the bond being issued 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.

Syndicated 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 have a more stable capital base and have the ability to invest in illiquid assets, and 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. In addition, our Adviser has teams focused on both liquid credit and private credit and these teams are able to collaborate with respect to syndicated loans.

Secular Trends Supporting Growth for Private Credit. We believe that periods of market volatility, such as the current period of market volatility caused, in part, by uncertainty regarding inflation and interest rates, and current geopolitical conditions, have accentuated the advantages of private credit. The availability of capital in the liquid credit market is highly sensitive to market conditions whereas we believe private lending has proven to be a stable and reliable source of capital through periods of volatility. We believe the opportunity set for private credit will continue to expand even as the public loan markets remain open. Financial sponsors and companies today are familiar with direct lending and have seen firsthand the strong value proposition that a private solution can





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offer. Scale, certainty of execution and flexibility all provide borrowers with a compelling alternative to the syndicated and high yield markets. Based on our experience, there is an emerging trend where higher quality credits that have traditionally been issuers in the syndicated and high yield markets are increasingly seeking private solutions independent of credit market conditions. In our view, this is supported by financial sponsors wanting to work with collaborative financing partners that have scale and breadth of capabilities. We believe the large amount of uninvested capital held by funds of private equity firms broadly, estimated by Preqin Ltd., an alternative assets industry data and research company, to be $2.60 trillion as of December 31, 2024, 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.

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 than U.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.

Conservative Capital Structures. 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 of June 30, 2025, based on fair value, our portfolio consisted of 88.6% first lien senior secured debt investments (of which 38.4% we consider to be unitranche debt investments (including “last-out” portions of such loans)), 4.7% second-lien senior secured debt investments, 1.4% unsecured debt investments, 1.0% joint ventures, 1.5% preferred equity investments, and 2.8% common equity investments.

As of June 30, 2025, our weighted average total yield of the portfolio at fair value and amortized cost was 9.7% and 9.6%, respectively, and our weighted average yield of accruing debt and income producing securities at fair value and amortized cost was 9.8% and 9.7%, respectively. Refer to our weighted average yields and interest rates table for more information on our calculation of weighted average yields. As of June 30, 2025, the weighted average spread of total debt investments was 5.0%.

As of June 30, 2025 we had investments in 357 portfolio companies with an aggregate fair value of $32.00 billion. As of June 30, 2025, we had net leverage of 0.82x debt-to-equity and we target net leverage of 0.90x-1.25x debt-to-equity.

The current lending environment is challenging as the potential impact from recent trade and economic policies, including those related to tariffs, impacted investor expectations regarding economic growth which resulted in increased uncertainty. Merger and acquisition activity remains below historical averages and refinancing activity has slowed. However, our platform continues to find attractive investment opportunities for deployment, predominantly in first lien originations. In addition, deal activity remains subdued and a large portion of our originations across the platform this quarter were deployed into existing borrowers.

Currently, the economic outlook is uncertain and stocks and public fixed income markets have been volatile; however, the credit quality of our portfolio has been consistent. We continue to focus on investing in upper middle-market businesses in non-cyclical industries we view as recession resistant and that we are familiar with, including defensive service-oriented sectors that provide intangible products such as healthcare, business services, financial services or software. These companies have reduced reliance on manufactured goods or commodities which minimizes direct tariff impacts.






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Blue Owl serves as the lead, co-lead or administrative agent on many of our investments and the majority of our investments are supported by sophisticated financial sponsors who provide operational and financial resources. Our borrowers have a weighted average EBITDA of $291.7 million and we believe this scale contributes to the durability of our borrowers and their ability to adapt to different economic environments. In addition, Blue Owl’s direct lending strategy continues to invest in, and is often the lead lender or administrative agent on, transactions in excess of $1.00 billion in size, which gives us the ability to structure the terms of such deals to maximize deal economics and credit protection and provide customized flexible solutions. The average hold size of Blue Owl’s direct lending strategy’s new investments is approximately $350.0 million (up from approximately $200.0 million in 2021) and average total new deal size is $1.00 billion (up from approximately $600.0 million in 2021).

We believe that the construction of our current portfolio coupled with our experienced investment team and strong underwriting standards leave us well-positioned for the current economic environment. Many of the companies in which we invest are continuing to see modest growth in both revenues and EBITDA. However, in the event of further geopolitical, economic and financial market instability in the U.S. and elsewhere, it is possible that the results of some of the middle-market companies similar to those in which we invest could be challenged.

While we are not seeing a meaningful increase in amendment activity, requests for increased revolver borrowings, missed payments, downward movement in our watch list or other 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 OCIC SLF, Credit SLF and in specialty financing portfolio companies, including Fifth Season Investments LLC (“Fifth Season”), LSI Financing DAC 1 (“LSI Financing DAC”), LSI Financing LLC (“LSI Financing LLC”), and AAM Series 1.1 Rail and Domestic Intermodal Feeder, LLC and AAM Series 2.1 Aviation Feeder, LLC (collectively, “Amergin AssetCo”). In the future we may invest through additional specialty finance portfolio companies, joint ventures, partnerships or other special purpose vehicles. See “Specialty Financing Portfolio Companies” and “Joint Ventures.” These companies may use our capital to support acquisitions which could continue to lead to increased dividend income supported by well-diversified underlying portfolios.
We intend to leverage the expanding role that private lenders are being asked to play in the broader credit markets to evaluate cross-platform opportunities including strategic equity and accretive joint venture investments that have cash flow and credit profiled that provide consistent income. We formed Blue Owl Leasing LLC, a cross-platform joint venture intended to invest in equipment leases and in the future we may invest through other cross-platform investment vehicles. See “Joint Ventures.”
Our investment activity for the following periods is presented below (information presented herein is at par value unless otherwise indicated):

For the Three Months Ended June 30,
($ in thousands)20252024
New investment commitments
Gross originations$5,035,305 $7,624,476 
Less: Sell downs— (6,303)
Total new investment commitments$5,035,305 $7,618,173 
Principal amount of new investments funded:
First-lien senior secured debt investments$3,378,564 $5,736,939 
Second-lien senior secured debt investments799,564 120,976 
Unsecured debt investments— 169,117 
Joint ventures20,419 8,750 
Preferred equity investments26,297 1,126 
Common equity investments93,843 26,470 
Total principal amount of new investments funded$4,318,687 $6,063,378 
Drawdowns (Repayments) on revolvers and delayed draw term loans, net$406,206 
Principal amount of investments sold or repaid:
First-lien senior secured debt investments(1)
$(2,138,465)$(2,455,822)
Second-lien senior secured debt investments(61,836)(78,877)
Unsecured debt investments(29,854)— 
Joint ventures— — 





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For the Three Months Ended June 30,
($ in thousands)20252024
Preferred equity investments(6,393)(151,063)
Common equity investments(18,414)— 
Total principal amount of investments sold or repaid$(2,254,962)$(2,685,762)
Number of new investment commitments in new portfolio companies(2)
27 36 
Average new investment commitment amount in new portfolio companies102,292 91,635 
Weighted average term for new investment commitments (in years)6.1 6.4 
Percentage of new debt investment commitments at floating rates100.0 %100.0 %
Percentage of new debt investment commitments at fixed rates— %— %
Weighted average interest rate of new debt investment commitments(3)
9.3 %10.1 %
Weighted average spread over applicable base rate of new floating rate debt investment commitments5.0 %4.8 %
(1)Includes scheduled paydowns.
(2)Number of new investment commitments represents commitments to a particular portfolio company.
(3)For the three months ended June 30, 2025 and 2024, assumes each floating rate commitment is subject to the greater of the interest rate floor (if applicable) or 3-month SOFR, which was 4.29% and 5.32%, respectively.

Investments at fair value and amortized cost consisted of the below as of the following periods:

June 30, 2025December 31, 2024
($ in thousands)Amortized CostFair ValueAmortized CostFair Value
First-lien senior secured debt investments(1)
$28,459,905 $28,361,820 
(5)
$23,703,828 $23,665,142 
(6)
Second-lien senior secured debt investments1,553,566 1,510,504 802,519 767,392 
Unsecured debt investments437,355 452,014 447,930 440,633 
Preferred equity investments(2)
475,230 474,211 367,924 364,672 
Common equity investments(3)
772,423 888,069 742,386 825,152 
Joint ventures(4)
340,728 317,536 319,078 315,903 
Total Investments$32,039,207 $32,004,154 $26,383,665 $26,378,894 
(1)Includes debt investment in Amergin AssetCo.
(2)Includes equity investment in LSI Financing DAC.
(3)Includes equity investments in Amergin AssetCo, Fifth Season and LSI Financing LLC.
(4)Includes equity investments in OCIC SLF and Credit SLF.
(5)38.4% of which we consider unitranche loans.
(6)38.5% of which we consider unitranche loans.

The table below describes investments by industry composition based on fair value as of the following periods:

June 30, 2025December 31, 2024
Advertising and media1.5 %1.8 %
Aerospace and defense0.7 0.8 
Asset based lending and fund finance(1)
1.1 1.1 
Automotive services0.6 0.7 
Automotive aftermarket0.1 0.1 
Buildings and real estate2.3 2.6 
Business services5.4 6.0 
Chemicals2.4 2.9 
Consumer products1.9 1.5 
Containers and packaging3.0 2.4 
Distribution3.0 2.3 
Education0.9 0.9 





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June 30, 2025December 31, 2024
Energy equipment and services0.3 0.3 
Financial services5.4 5.1 
Food and beverage5.2 6.3 
Healthcare equipment and services7.1 6.0 
Healthcare providers and services13.3 12.0 
Healthcare technology6.0 5.7 
Household products1.1 1.3 
Human resource support services0.6 0.8 
Infrastructure and environmental services1.4 1.5 
Insurance(2)
10.0 9.4 
Internet software and services10.3 11.6 
Joint ventures(3)
1.0 1.2 
Leisure and entertainment2.6 3.0 
Manufacturing3.0 3.5 
Pharmaceuticals(4)
1.3 1.1 
Professional services4.1 4.6 
Specialty retail1.4 1.8 
Telecommunications2.4 1.1 
Transportation0.6 0.6 
Total100.0 %100.0 %
(1)Includes investment in Amergin AssetCo.
(2)Includes equity investment in Fifth Season.
(3)Includes equity investments in OCIC SLF and Credit SLF.
(4)Includes equity investments in LSI Financing DAC and LSI Financing LLC.

The table below describes investments by geographic composition based on fair value as of the following periods:

June 30, 2025December 31, 2024
United States:
Midwest19.8 %20.6 %
Northeast21.7 20.1 
South31.7 32.7 
West17.4 16.2 
International9.4 10.4 
Total100.0 %100.0 %

The table below describes the weighted average yields and interest rates of our investments based on fair value as of the following periods:

June 30, 2025December 31, 2024
Weighted average total yield of portfolio(1)
9.7 %9.9 %
Weighted average total yield of debt and income producing securities(1)
9.8 %10.0 %
Weighted average interest rate of debt securities9.3 %9.7 %
Weighted average spread over base rate of all floating rate investments5.0 %5.2 %
(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.






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The weighted average yield of our debt and income producing securities is not the same as a return on investment for our shareholders but, rather, relates to a portion of 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.

An investment will be placed on the Adviser’s credit watch list when select events occur and will only be removed from the watch list with oversight of the Diversified Lending Investment Committee and/or other agents of Blue Owl’s Credit platform. Once an investment is on the credit watch list, the Adviser works with the borrower to resolve any financial stress through amendments, waivers or other alternatives. If a borrower defaults on its payment obligations, the Adviser’s focus shifts to capital recovery. If an investment needs 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 Diversified Lending Investment Committee.

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.

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





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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.

The Adviser focuses on downside protection by leveraging existing rights available under our credit documents; however, 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 Diversified Lending Investment Committee. Since inception, two of our investments have been placed on non-accrual status.
The following table shows the composition of our portfolio on the 1 to 5 rating scale as of the following periods:

June 30, 2025December 31, 2024
Investment RatingFair Value Percentage Fair Value Percentage
($ in thousands)
1$2,206,304 6.9 %$1,507,477 5.7 %
228,331,770 88.5 23,692,115 89.8 
31,437,952 4.5 1,147,787 4.4 
45,427 — — — 
522,701 0.1 31,515 0.1 
Total$32,004,154 100.0 %$26,378,894 100.0 %

The following table shows the amortized cost of our performing and non-accrual debt investments as of the following periods:

June 30, 2025December 31, 2024
($ in thousands)Amortized CostPercentage Amortized CostPercentage
Performing$30,373,214 99.7 %$24,911,661 99.8 %
Non-accrual77,612 0.3 42,616 0.2 
Total$30,450,826 100.0 %$24,954,277 100.0 %

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.

Specialty Financing Portfolio Companies

Amergin

Amergin was created to invest in a leasing platform focused on railcar, aviation and other long-lived transportation assets. Amergin acquires existing on-lease portfolios of new and end-of-life railcars and related equipment and selectively purchases off-lease assets and is building a commercial aircraft portfolio through aircraft financing and engine acquisition on a sale and lease back basis. Amergin consists of Amergin AssetCo and Amergin Asset Management, LLC, which has entered into a Servicing Agreement with Amergin AssetCo. We made an initial equity commitment to Amergin AssetCo on July 1, 2022. As of June 30, 2025, our commitment to Amergin AssetCo is $227.6 million, of which $114.3 million is equity and $113.3 million is debt. As of June 30, 2025, the fair value of our investment in Amergin AssetCo was $189.6 million. As of June 30, 2025, the fair value of our investment in Amergin Asset Management, LLC was $2.2 million. We do not consolidate our equity interest in Amergin AssetCo or Amergin Asset Management, LLC.

Fifth Season Investments LLC

Fifth Season is a portfolio company created to invest in life insurance based assets, including secondary and tertiary life settlement and other life insurance exposures using detailed analytics, internal life expectancy review and sophisticated portfolio management techniques. On July 18, 2022, we made an initial equity commitment to Fifth Season. As of June 30, 2025, the fair value of our investment in Fifth Season was $292.6 million. We do not consolidate our equity interest in Fifth Season.






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LSI Financing 1 DAC

LSI Financing DAC is a portfolio company formed to acquire contractual rights to revenue pursuant to earnout agreements generally in the life sciences space. On December 14, 2022, we made an initial equity commitment to LSI Financing DAC. As of June 30, 2025, fair value of our investment in LSI Financing DAC is $3.8 million. We do not consolidate our equity interest in LSI Financing DAC.

LSI Financing LLC

LSI Financing LLC is a separately managed portfolio company formed to indirectly own royalty purchase agreements and loans in the life sciences space. The Adviser provides consulting services to a subsidiary of LSI Financing LLC in exchange for a fee. The Adviser has agreed to waive a portion of the management fee payable by us pursuant to the Investment Advisory Agreement equal to our pro rata amount of such consulting fee. On November 25, 2024, we made an initial equity commitment to LSI Financing LLC. As of June 30, 2025, the fair value of our investment in LSI Financing LLC is $261.8 million and our total commitment is $372.9 million. We do not consolidate our equity interest in LSI Financing LLC.
Joint Ventures
OCIC SLF LLC

OCIC SLF LLC (f/k/a Blue Owl Credit Income Senior Loan Fund LLC) (“OCIC SLF”), a Delaware limited liability company, was formed as a wholly-owned subsidiary of the Company and commenced operations on February 14, 2022. On November 2, 2022, the Company and State Teachers Retirement System of Ohio (“OSTRS” and together with the Company, the “Members” and each, a “Member”) entered into an Amended and Restated Limited Liability Company Agreement to co-manage OCIC SLF as a joint-venture. OCIC SLF’s principal purpose is to make investments, primarily in senior secured loans that are made to middle-market companies, broadly syndicated loans and in senior and subordinated notes issued by collateralized loan obligations. The Company and OSTRS have agreed to contribute $437.5 million and $62.5 million, respectively, to OCIC SLF. The Company and OSTRS have 87.5% and 12.5% economic ownership, respectively, in OCIC SLF. Except under certain circumstances, contributions to OCIC SLF cannot be redeemed. OCIC SLF is managed by a board consisting of an equal number of representatives appointed by each Member and which acts unanimously. Investment decisions must be approved unanimously by an investment committee consisting of an equal number of representative appointed by each Member. We do not consolidate our non-controlling interest in OCIC SLF.
Refer to Exhibit 99.1 for the OCIC SLF’s Supplemental Financial Information.
Blue Owl Credit SLF LLC
On May 6, 2024, Blue Owl Credit SLF LLC (“Credit SLF”), a Delaware limited liability company, was formed as a joint venture. We, along with, Blue Owl Capital Corporation, Blue Owl Capital Corporation II, Blue Owl Technology Finance Corp., Blue Owl Technology Income Corp., and State Teachers Retirement System of Ohio (“OSTRS”) (each, a “Credit SLF Member” and collectively, the “Credit SLF Members”) co-manage Credit SLF. Credit SLF’s principal purpose is to make investments in senior secured loans to middle-market companies, broadly syndicated loans and senior and subordinated notes issued by collateralized loan obligations. Credit SLF is managed by a board consisting of an equal number of representatives appointed by each Credit SLF Member and which acts unanimously. Investment decisions must be approved by Credit SLF’s board. Our investment in Credit SLF is a co-investment made with our affiliates in accordance with the terms of the exemptive relief that we received from the SEC. We do not consolidate our non-controlling interest in Credit SLF.

Refer to Exhibit 99.2 for the Credit SLF's Supplemental Financial Information.
Blue Owl Leasing LLC
On June 30, 2025, Blue Owl Leasing LLC (“Blue Owl Leasing”) was formed as a joint venture between us, Blue Owl Capital Corporation, Blue Owl Capital Corporation II, Blue Owl Technology Finance Corp., Blue Owl Technology Income Corp., two Blue Owl managed alternative credit funds, (Blue Owl Alternative Credit Fund and Blue Owl Asset Leasing Fund) and California State Teachers Retirement System (each a “Blue Owl Leasing Member” and collectively, the “Blue Owl Leasing Members”). The Blue Owl Leasing Members co-manage Blue Owl Leasing. Blue Owl Leasing’s principal purpose is to make investments in financing leases. Blue Owl Leasing is managed by the Blue Owl Leasing Members and investment decisions must be unanimous. Our investment in Blue Owl Leasing is a co-investment made with our affiliates in accordance with the terms of the exemptive relief that we received from the SEC. We do not consolidate our non-controlling interest in Blue Owl Leasing. As of June 30, 2025, Blue Owl Leasing had not made any investments.





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Results of Operations

The following table represents the operating results for the following periods:

For the Three Months Ended June 30,For the Six Months Ended June 30,
($ in thousands)2025202420252024
Total Investment Income$782,098 $626,043 $1,489,348 $1,154,200 
Less: Operating Expenses383,985 279,762 722,289 532,994 
Net Investment Income (Loss) Before Taxes398,113 346,281 767,059 621,206 
Less: Income taxes, including excise taxes341 2,464 561 3,263 
Net Investment Income (Loss) After Taxes397,772 343,817 766,498 617,943 
Net change in unrealized gain (loss)(43,148)(24,310)(96,261)(22,695)
Net realized gain (loss)13,560 (1,117)(50,320)(4,488)
Net Increase (Decrease) in Net Assets Resulting from Operations$368,184 $318,390 $619,917 $590,760 
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 three and six months ended June 30, 2025, our net asset value per share decreased, primarily driven by a net change in unrealized depreciation of the fair value of our investments, net realized losses and dividends paid in excess of earnings. For the three and six months ended June 30, 2024, our net asset value per share increased, primarily driven by earnings in excess of dividends paid.
Investment Income

The following table represents investment income for the following periods:

For the Three Months Ended June 30,For the Six Months Ended June 30,
($ in thousands)2025202420252024
Investment income
Interest income$701,560 $547,886 $1,332,379 $1,009,938 
PIK interest income32,237 31,284 60,999 58,846 
Dividend income20,935 24,635 47,431 40,476 
PIK dividend income14,341 14,767 27,685 32,018 
Other income13,025 7,471 20,854 12,922 
Total Investment Income$782,098 $626,043 $1,489,348 $1,154,200 

For the Three Months ended June 30, 2025 and 2024

Investment income increased to $782.1 million for the three months ended June 30, 2025 from $626.0 million for the same period in prior year primarily due to an increase in interest income as a result of an increase in our debt investment portfolio which, at par, increased from $21.14 billion as of June 30, 2024 to $30.80 billion as of June 30, 2025. Included in interest income are other fees such as prepayment fees and accelerated amortization of upfront fees from unscheduled paydowns which are non-recurring in nature. Income generated from these fees decreased to $15.5 million for the three months ended June 30, 2025 from $44.4 million million for the three months ended June 30, 2024 due to slower refinancing activity. For the three months ended June 30, 2025, PIK interest and PIK dividend income earned was $32.2 million and $14.4 million, respectively. PIK interest and PIK dividend income represented approximately 4.1% and 1.8% of total investment income for the three months ended June 30, 2025, respectively. For the three months ended June 30, 2024, PIK interest and PIK dividend income earned was $31.3 million and $14.8 million, respectively. PIK interest and PIK dividend income represented approximately 5.0% and 2.4% of total investment income for the three months ended June 30, 2024, respectively. Other income increased period-over-period due to an increase in unfunded investment commitment fees and incremental fee income, which are fees that are generally available to us as a result of closing investments and generally paid at the time of closing or as a result of episodic amendments made to the terms of our existing debt investments. Included in investment income is dividend income which includes income earned from our controlled, affiliated and non-controlled, affiliated equity investments. 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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For the Six Months ended June 30, 2025 and 2024

Investment income increased to $1.49 billion for the six months ended June 30, 2025 from $1.15 billion for the same period in prior year primarily due to an increase in interest income as a result of an increase in our debt investment portfolio which, at par, increased from $21.14 billion as of June 30, 2024 to $30.80 billion as of June 30, 2025. Included in interest income are other fees such as prepayment fees and accelerated amortization of upfront fees from unscheduled paydowns which are non-recurring in nature. Income generated from these fees decreased to $31.2 million for the six months ended June 30, 2025 from $57.6 million for the six months ended June 30, 2024 due to slower refinancing activity. For the six months ended June 30, 2025, PIK interest and PIK dividend income earned was $60.9 million and $27.8 million, respectively. PIK interest and PIK dividend income represented approximately 4.1% and 1.9% of total investment income for the six months ended June 30, 2025, respectively. For the six months ended June 30, 2024, PIK interest and PIK dividend income earned was $58.8 million and $32.1 million, respectively. PIK interest and PIK dividend income represented approximately 5.1% and 2.8% of total investment income for the six months ended June 30, 2024, 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 generally paid at the time of closing or as a result of episodic amendments made to the terms of our existing debt investments. We expect that investment income will vary based on a variety of factors including the pace of our originations and repayments.
Expenses

The following table represents expenses for the following periods:

For the Three Months Ended June 30,For the Six Months Ended June 30,
($ in thousands)2025202420252024
Offering costs$1,580 $1,443 $3,542 $2,694 
Interest expense249,963 182,950 466,523 352,366 
Management fees51,511 32,969 97,908 61,488 
Performance based incentive fees56,824 45,485 109,499 84,395 
Professional fees7,258 5,085 12,854 10,701 
Directors’ fees320 320 640 646 
Shareholder servicing fees12,532 8,607 23,940 16,019 
Other general and administrative3,997 2,903 7,383 4,685 
Total operating expenses$383,985 $279,762 $722,289 $532,994 

For the Three Months Ended June 30, 2025 and 2024

Total operating expenses increased to $384.0 million for the three months ended June 30, 2025 from $279.8 million for the same period prior year primarily due to increases in management fees, incentive fees and interest expense. The increase in management fees was driven by growth in the net asset value of the fund. The increase in incentive fees was due to higher pre-incentive fee net investment income earned during the three months ended June 30, 2025 compared to the three months ended June 30, 2024. The increase in interest expense was driven by an increase in average daily borrowings to $14.04 billion from $9.06 billion period over period, partially offset by a decrease in the average interest rate to 6.6% from 7.7% period over period. As a percentage of total assets, offering costs, professional fees, directors’ fees and other general and administrative expenses remained relatively consistent period over period.

For the Six Months Ended June 30, 2025 and 2024

Total operating expenses increased to $722.3 million for the six months ended June 30, 2025 from $533.0 million for the same period prior year primarily due to increases in management fees, incentive fees and interest expense. The increase in management fees was driven by growth in the net asset value of the fund. The increase in incentive fees was due to higher pre-incentive fee net investment income earned during the six months ended June 30, 2025 compared to the six months ended June 30, 2024. The increase in interest expense was driven by an increase in average daily borrowings to $13.27 billion from $8.66 billion period over period, partially offset by a decrease in the average interest rate to 6.7% from 7.6% period over period. As a percentage of total assets, professional fees, directors’ fees and other general and administrative expenses remained relatively consistent period over period.






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Income Taxes, Including Excise Taxes

We have elected to be treated as a RIC under Subchapter M of the Code, and we intend to operate in a manner so as to continue to qualify for the tax treatment applicable to RICs. To qualify for tax treatment as a RIC, we must, among other things, distribute to our shareholders in each taxable year generally at least 90% of our investment company taxable income, as defined by the Code, and net tax-exempt income for that taxable year. To maintain our tax treatment as a RIC, we, among other things, intend to make the requisite distributions to our shareholders, which generally relieves us from U.S. federal income taxes as corporate tax rates.

Depending on the level of taxable income earned in a tax year, we can be expected to carry forward taxable income (including net capital gains, if any) in excess of current year dividend distributions from the current tax year into the next tax year and pay a nondeductible 4% U.S. federal excise tax on such taxable income, as required. To the extent that we determine that our estimated current year annual taxable income will be in excess of estimated current year dividend distributions from such income, we will accrue excise tax on estimated excess taxable income.

For the three and six months ended June 30, 2025, we recorded U.S. federal excise tax of $0.6 million and $0.8 million, respectively. For the three and six months ended June 30, 2024, we recorded U.S. federal excise tax of $2.5 million and $3.3 million, respectively.

Certain of our consolidated subsidiaries are subject to U.S. federal and state corporate-level income taxes. For the three and six months ended June 30, 2025, we recorded a net tax expense/(benefit) of approximately $(216) thousand and $(207) thousand, respectively, for taxable subsidiaries. For the three and six months ended June 30, 2024, we recorded a net tax expense/(benefit) of approximately $(1) thousand and $(10) thousand, respectively, for taxable subsidiaries.

We recorded a net deferred tax liability of $1.7 million and liability of $915 thousand as of June 30, 2025 and December 31, 2024, respectively, for taxable subsidiaries, which is primarily related to GAAP to tax outside basis differences in the taxable subsidiaries’ investment in certain partnership interests.

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.

Net Unrealized Gains (Losses)

We fair value our portfolio investments quarterly and any changes in fair value are recorded as unrealized gains or losses. The below table represents the net unrealized gains (losses) on our investment portfolio for the following periods:

For the Three Months Ended June 30,For the Six Months Ended June 30,
($ in thousands)2025202420252024
Net change in unrealized gain (loss):
Non-controlled, non-affiliated investments$(54,241)$(28,617)$(108,694)$(32,688)
Non-controlled, affiliated investments(289)1,391 (371)2,734 
Controlled, affiliated investments15,195 2,334 8,920 6,960 
Translation of assets and liabilities in foreign currencies(2,578)582 4,950 291 
Income tax (provision) benefit(1,235)— (1,066)8 
Net change in unrealized gain (loss)$(43,148)$(24,310)$(96,261)$(22,695)
For the Three Months ended June 30, 2025 and 2024

For the three months ended June 30, 2025, the net unrealized loss was primarily driven by decreases in the fair value of certain debt investments, partially offset by increases in the fair value of certain equity investments and credit spreads tightening across the broader markets. As of June 30, 2025, the fair value of our debt investments as a percentage of principal was 98.5%, as compared to 98.6% as of March 31, 2025.






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The ten largest contributors to the change in net unrealized gain (loss) on investments during the three months ended June 30, 2025 consisted of the following:
Portfolio Company
($ in millions)		Net Change in Unrealized Gain (Loss)
Notorious Topco, LLC (dba Beauty Industry Group)$(30.1)
Physician Partners, LLC(20.2)
PCF Holdco, LLC (dba PCF Insurance Services)(11.3)
EOS Finco S.A.R.L(10.3)
AAM Series 2.1 Aviation Feeder, LLC(1)
7.9 
Aramsco, Inc.(6.4)
Conair Holdings LLC(5.9)
Fifth Season Investments LLC(1)
5.2 
Power Stop, LLC(5.1)
Covetrus, Inc.(4.5)
Remaining portfolio companies 41.4 
Total$(39.3)
(1)Portfolio company is a controlled, affiliated investment.

For the three months ended June 30, 2024, the net unrealized loss was primarily driven by market conditions compared to March 31, 2024. As of June 30, 2024, the fair value of our debt investments as a percentage of principal was 98.8%, as compared to 98.7% as of March 31, 2024.

The ten largest contributors to the change in net unrealized gain (loss) on investments during the three months ended June 30, 2024 consisted of the following:

Portfolio Company
($ in millions)		Net Change in Unrealized Gain (Loss)
Physician Partners, LLC$(33.3)
Fifth Season Investments LLC(1)
16.6 
OCIC SLF LLC (fka Blue Owl Credit Income Senior Loan Fund LLC)(1)
(9.5)
EOS Finco S.A.R.L(8.1)
Rushmore Investment III LLC (dba Winland Foods)7.1 
Asurion, LLC(5.9)
Ivanti Software, Inc.(5.2)
Fortra, LLC (f/k/a Help/Systems Holdings, Inc.)(4.5)
Associations, Inc.(4.3)
Fiesta Purchaser, Inc. (dba Shearer's Foods)4.1 
Remaining portfolio companies18.1 
Total$(24.9)
(1)Portfolio company is a controlled, affiliated investment.
For the six months ended June 30, 2025, the net unrealized loss was primarily driven by decreases in the fair value of certain debt investments, partially offset by reversals of prior period unrealized losses that were realized during the period in connection with restructurings. As of June 30, 2025, the fair value of our debt investments as a percentage of principal was 98.5%, as compared to 98.9% as of December 31, 2024.






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The ten largest contributors to the change in net unrealized gain (loss) on investments during the six months ended June 30, 2025 consisted of the following:
Portfolio Company
($ in millions)		Net Change in Unrealized Gain (Loss)
Notorious Topco, LLC (dba Beauty Industry Group)$(44.5)
EOS Finco S.A.R.L(27.3)
OCIC SLF LLC (fka Blue Owl Credit Income Senior Loan Fund LLC)(1)
(19.8)
Physician Partners, LLC19.3 
AAM Series 2.1 Aviation Feeder, LLC(1)
16.9 
PCF Holdco, LLC (dba PCF Insurance Services)(13.7)
Ivanti Software, Inc.11.8 
Conair Holdings LLC(7.6)
KWOR Acquisition, Inc. (dba Alacrity Solutions)7.5 
LSI Financing LLC(1)
6.5 
Remaining portfolio companies(49.2)
Total$(100.1)
(1)Portfolio company is a controlled, affiliated investment.
For the six months ended June 30, 2024, the net unrealized loss was primarily driven by market conditions as compared to December 31, 2023. As of June 30, 2024, the fair value of our debt investments as a percentage of principal was 98.8%, as compared to 98.6% as of December 31, 2023.

The ten largest contributors to the change in net unrealized gain (loss) on investments during the six months ended June 30, 2024 consisted of the following:
Portfolio Company
($ in millions)		Net Change in Unrealized Gain (Loss)
Fifth Season Investments LLC(1)
$9.2 
OCIC SLF LLC (fka Blue Owl Credit Income Senior Loan Fund LLC)(1)
(6.8)
Fortra, LLC (f/k/a Help/Systems Holdings, Inc.)(6.4)
Asurion, LLC6.3 
Ivanti Software, Inc.(6.1)
Rushmore Investment III LLC (dba Winland Foods)5.3 
Associations, Inc.(5.0)
Pediatric Associates Holding Company, LLC4.8 
Physician Partners, LLC(4.6)
Covetrus, Inc.(4.1)
Remaining portfolio companies(15.6)
Total$(23.0)
(1)Portfolio company is a controlled, affiliated investment.





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Net Realized Gains (Losses)

The table below represents the realized gains and losses on fully exited and partially exited portfolio companies during the following periods:
For the Three Months Ended June 30,For the Six Months Ended June 30,
($ in thousands)2025202420252024
Net realized gain (loss):
Non-controlled, non-affiliated investments$8,319 $(14)$(49,546)$(3,434)
Translation of assets and liabilities in foreign currencies5,241 (1,103)(774)(1,054)
Net realized gain (loss)$13,560 $(1,117)$(50,320)$(4,488)
Financial Condition, Liquidity and Capital Resources
Our liquidity and capital resources are generated primarily from the net proceeds of any offering of our common stock and from cash flows from interest, dividends and fees earned from our investments and principal repayments and proceeds from sales of our investments. The primary uses of our cash are for (i) investments in portfolio companies and other investments and to comply with certain portfolio diversification requirements, (ii) the cost of operations (including paying or reimbursing our Adviser), (iii) debt service, repayment and other financing costs of any borrowings and (iv) cash distributions to the holders of our shares.
We may from time to time enter into additional credit facilities, increase the size of our existing credit facilities or issue debt securities. Any such incurrence or issuance would be subject to prevailing market conditions, our liquidity requirements, contractual and regulatory restrictions and other factors. In accordance with the 1940 Act, with certain limited exceptions, we are only allowed to incur borrowings, issue debt securities or issue preferred stock, if immediately after the borrowing or issuance, the ratio of total assets (less total liabilities other than indebtedness) to total indebtedness plus preferred stock, is at least 150%. Our current target leverage ratio is 0.90x-1.25x.
In addition, from time to time, we may seek to retire, repurchase, or exchange debt securities in open market purchases or by other means, including privately negotiated transactions, in each case dependent on market conditions, liquidity, contractual obligations, and other matters. The amounts involved in any such transactions, individually or in the aggregate, may be material.
As of June 30, 2025 and December 31, 2024, our asset coverage ratios were 215% and 209%, respectively. We seek to carefully consider our unfunded commitments for the purpose of planning our ongoing financial leverage. Further, we maintain sufficient borrowing capacity within the 150% asset coverage limitation to cover any outstanding unfunded commitments we are required to fund.
Cash as of June 30, 2025, taken together with our available debt, is expected to be sufficient for our investing activities and to conduct our operations in the near term. As of June 30, 2025 we had $1.95 billion available under our credit facilities.
Our long-term cash needs will include principal payments on outstanding indebtedness and funding of additional portfolio investments. Funding for long-term cash needs will come from unused net proceeds from financing activities. We believe that our liquidity and sources of capital are adequate to satisfy our short and long-term cash requirements. We cannot, however, be certain that these sources of funds will be available at a time and upon terms acceptable to us in sufficient amounts in the future.
As of June 30, 2025, we had $0.54 billion in cash. During the six months ended June 30, 2025, we used $4.90 billion in cash for operating activities, primarily as a result of funding portfolio investments of $8.42 billion, partially offset by sales and repayments of portfolio investments of $2.85 billion and other operating activities of $0.67 billion. Lastly, cash provided by financing activities was $4.43 billion during the period, which was the result of proceeds from the issuance of shares of $3.50 billion, partially offset by $0.44 billion of distributions paid, share repurchases of $0.40 billion and net borrowings on our credit facilities, net of debt issuance and deferred offering costs, of $1.77 billion.

Net Assets

Share Issuances

We have the authority to issue 4,500,000,000 common shares at $0.01 per share par value, 1,500,000,000 of which are classified as Class S common shares, 1,000,000,000 of which are classified as Class D common shares, and 2,000,000,000 of which are classified as Class I common shares. Pursuant to our initial public offering we offered $2,500,000,000 in any combination of shares of Class S, Class D, and Class I common stock. On February 14, 2022, we commenced our follow-on offering, pursuant to which we





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offered, on a continuous basis, up to $13,500,000,000 in any combination of amount of shares of Class S, Class D and Class I common stock. Pursuant to our current offering we are offering $14,000,000,000 in any combination of shares of Class S, Class D and Class I common stock.

On June 25, 2024, we filed Articles of Amendment with the State Department of Assessments and Taxation of Maryland for the purpose of amending the Company’s Second Articles of Amendment and Restatement to increase the number of authorized shares of the Company’s common stock, $0.01 par value per share, and preferred stock, $0.01 par value per share, to 4,500,000,000 Shares, consisting of 1,500,000,000 Class S Shares, 1,000,000,000 Class D Shares, 2,000,000,000 Class I Shares, and no shares of preferred stock. The Articles of Amendment became immediately effective upon filing.

We also sell shares of our Class I common stock to feeder vehicles primarily created to hold our Class I shares. The offer and sale of these shares is exempt from the registration provisions of the Securities Act of 1933 pursuant to Section 4(a)(2) and/or Regulation S.
Shares of our common stock are not listed for trading on a stock exchange or other securities market and there is no established public trading market for our common stock. Currently, the purchase price per share for each class of common stock varies, but will not be sold at a price below our net asset value per share of such class, as determined in accordance with our share pricing policy, plus applicable upfront selling commissions.
The below tables summarize transactions with respect to shares of our common stock during the following periods:
For the Three Months Ended June 30, 2025
Class SClass DClass ITotal
($ in thousands, except share amounts)SharesAmountSharesAmountSharesAmountSharesAmount
Shares/gross proceeds from the continuous public offering51,688,712$492,582 1,517,635$14,350 101,484,029$960,146 154,690,376$1,467,078 
Shares/gross proceeds from the private placements—— —— 11,478,190108,615 11,478,190108,615 
Share Transfers between classes(1)
(1,175,154)(11,105)(140,367)(1,329)1,311,84812,434 (3,673)— 
Reinvestment of distributions6,588,25362,172 472,4364,463 12,283,947116,250 19,344,636182,885 
Repurchased shares(11,418,472)(107,562)(2,032,236)(19,164)(35,711,561)(337,475)(49,162,269)(464,201)
Total shares/gross proceeds45,683,339436,087(182,532)(1,680)90,846,453859,970136,347,2601,294,377
Sales load— (4,820)— (1)— — — (4,821)
Total shares/net proceeds45,683,339$431,267 (182,532)$(1,681)90,846,453$859,970 136,347,260$1,289,556 
(1)In certain cases, and subject to Blue Owl Securities LLC’s (d/b/a Blue Owl Securities) (the “Dealer Manager”) approval, including in situations where a holder of Class S or Class D shares exits a relationship with a participating broker-dealer for this offering and does not enter into a new relationship with a participating broker-dealer for this offering, such holder’s shares may be exchanged into an equivalent net asset value amount of Class I shares.





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For the Three Months Ended June 30, 2024
Class SClass DClass ITotal
($ in thousands, except share amounts)SharesAmountSharesAmountSharesAmountSharesAmount
Shares/gross proceeds from the continuous public offering59,085,011$567,568 4,953,799$47,269 103,393,332$987,116 167,432,142$1,601,953 
Shares/gross proceeds from the private placements—— —— 7,531,98571,893 7,531,98571,893 
Share Transfers between classes(1)
(174,521)(1,670)—— 174,1571,670 (364)— 
Reinvestment of distributions4,023,06838,316 333,6833,181 7,846,67274,924 12,203,423116,421 
Repurchased shares(5,302,035)(50,529)(372,544)(3,558)(10,223,527)(97,737)(15,898,106)(151,824)
Total shares/gross proceeds57,631,523553,6854,914,93846,892108,722,6191,037,866171,269,0801,638,443
Sales load— (4,718)— (71)— — — (4,789)
Total shares/net proceeds57,631,523$548,967 4,914,938$46,821 108,722,619$1,037,866 171,269,080$1,633,654 
(1)In certain cases, and subject to Blue Owl Securities LLC’s (d/b/a Blue Owl Securities) (the “Dealer Manager”) approval, including in situations where a holder of Class S or Class D shares exits a relationship with a participating broker-dealer for this offering and does not enter into a new relationship with a participating broker-dealer for this offering, such holder’s shares may be exchanged into an equivalent net asset value amount of Class I shares.
For the Six Months Ended June 30, 2025
Class SClass DClass ITotal
($ in thousands, except share amounts)SharesAmountSharesAmountSharesAmountSharesAmount
Shares/gross proceeds from the continuous public offering108,481,998$1,038,294 7,457,584$71,457 206,382,830$1,962,936 322,322,412$3,072,687 
Shares/gross proceeds from the private placements—— —— 45,593,805434,252 45,593,805434,252 
Share Transfers between classes(1)
(3,545,454)(33,695)(137,634)(1,305)3,671,99735,000 (11,091)— 
Reinvestment of distributions12,419,785117,752 898,9238,532 23,347,287222,026 36,665,995348,310 
Repurchased shares(17,073,676)(161,060)(2,234,098)(21,076)(51,363,763)(486,014)(70,671,537)(668,150)
Total shares/gross proceeds100,282,653961,2915,984,77557,608227,632,1562,168,200333,899,5843,187,099
Sales load— (9,394)— (431)— — — (9,825)
Total shares/net proceeds100,282,653$951,897 5,984,775$57,177 227,632,156$2,168,200 333,899,584$3,177,274 
(1)In certain cases, and subject to Blue Owl Securities LLC’s (d/b/a Blue Owl Securities) (the “Dealer Manager”) approval, including in situations where a holder of Class S or Class D shares exits a relationship with a participating broker-dealer for this offering and does not enter into a new relationship with a participating broker-dealer for this offering, such holder’s shares may be exchanged into an equivalent net asset value amount of Class I shares.





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For the Six Months Ended June 30, 2024
Class SClass DClass ITotal
($ in thousands, except share amounts)SharesAmountSharesAmountSharesAmountSharesAmount
Shares/gross proceeds from the continuous public offering105,209,807$1,009,171 8,607,025$81,990 181,875,291$1,733,519 295,692,123$2,824,680 
Shares/gross proceeds from the private placements—— —— 16,006,501152,505 16,006,501152,505 
Share Transfers between classes(1)
(246,918)(2,357)(35,690,399)(338,702)35,899,156341,059 (38,161)— 
Reinvestment of distributions7,471,34371,026 885,4008,419 14,291,775136,213 22,648,518215,658 
Repurchased shares(8,862,695)(84,355)(3,143,708)(29,912)(18,827,293)(179,731)(30,833,696)(293,998)
Total shares/gross proceeds103,571,537993,485(29,341,682)(278,205)229,245,4302,183,565303,475,2852,898,845
Sales load— (8,725)— (101)— — — (8,826)
Total shares/net proceeds103,571,537$984,760 (29,341,682)$(278,306)229,245,430$2,183,565 303,475,285$2,890,019 
(1)In certain cases, and subject to Blue Owl Securities LLC’s (d/b/a Blue Owl Securities) (the “Dealer Manager”) approval, including in situations where a holder of Class S or Class D shares exits a relationship with a participating broker-dealer for this offering and does not enter into a new relationship with a participating broker-dealer for this offering, such holder’s shares may be exchanged into an equivalent net asset value amount of Class I shares.
In accordance with our share pricing policy, we will modify our public offering prices to the extent necessary to comply with the requirements of the 1940 Act, including the requirement that we will not sell shares at a net offering price below the net asset value per share unless we obtain the requisite approval from our shareholders.

The changes to our offering price per share since the commencement of our initial continuous public offering and associated effective dates of such changes were as follows:

Class S
Effective DateNet Offering Price
(per share)		Maximum Upfront Sales Load
(per share)		Maximum Offering Price
(per share)
March 1, 2021$9.26 $0.32 $9.58 
April 1, 2021$9.26 $0.32 $9.58 
May 1, 2021$9.26 $0.32 $9.58 
June 1, 2021$9.28 $0.32 $9.60 
July 1, 2021$9.30 $0.33 $9.63 
August 1, 2021$9.30 $0.33 $9.63 
September 1, 2021$9.30 $0.33 $9.63 
October 1, 2021$9.31 $0.33 $9.64 
November 1, 2021$9.32 $0.33 $9.65 
December 1, 2021$9.31 $0.33 $9.64 
January 1, 2022$9.33 $0.33 $9.66 
February 1, 2022$9.33 $0.33 $9.66 
March 1, 2022$9.27 $0.32 $9.59 
April 1, 2022$9.24 $0.32 $9.56 
May 1, 2022$9.23 $0.32 $9.55 
June 1, 2022$9.02 $0.32 $9.34 
July 1, 2022$8.84 $0.31 $9.15 
August 1, 2022$9.02 $0.32 $9.34 
September 1, 2022$9.09 $0.32 $9.41 





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Class S
Effective DateNet Offering Price
(per share)		Maximum Upfront Sales Load
(per share)		Maximum Offering Price
(per share)
October 1, 2022$8.99 $0.31 $9.30 
November 1, 2022$9.00 $0.32 $9.32 
December 1, 2022$9.05 $0.32 $9.37 
January 1, 2023$9.06 $0.32 $9.38 
February 1, 2023$9.24 $0.32 $9.56 
March 1, 2023$9.23 $0.32 $9.55 
April 1, 2023$9.21 $0.32 $9.53 
May 1, 2023$9.21 $0.32 $9.53 
June 1, 2023$9.18 $0.32 $9.50 
July 1, 2023$9.28 $0.32 $9.60 
August 1, 2023$9.33 $0.33 $9.66 
September 1, 2023$9.37 $0.33 $9.70 
October 1, 2023$9.40 $0.33 $9.73 
November 1, 2023$9.36 $0.33 $9.69 
December 1, 2023$9.42 $0.33 $9.75 
January 1, 2024$9.48 $0.33 $9.81 
February 1, 2024$9.49 $0.33 $9.82 
March 1, 2024$9.49 $0.33 $9.82 
April 1, 2024$9.50 $0.33 $9.83 
May 1, 2024$9.51 $0.33 $9.84 
June 1, 2024$9.57 $0.33 $9.90 
July 1, 2024$9.53 $0.33 $9.86 
August 1, 2024$9.55 $0.33 $9.88 
September 1, 2024$9.56 $0.33 $9.89 
October 1, 2024$9.55 $0.33 $9.88 
November 1, 2024$9.55 $0.33 $9.88 
December 1, 2024$9.55 $0.33 $9.88 
January 1, 2025$9.54 $0.33 $9.87 
February 1, 2025$9.54 $0.33 $9.87 
March 1, 2025$9.51 $0.33 $9.84 
April 1, 2025$9.46 $0.33 $9.79 
May 1, 2025$9.40 $0.33 $9.73 
June 1, 2025$9.44 $0.33 $9.77 
Class D
Effective DateNet Offering Price
(per share)		Maximum Upfront Sales Load
(per share)		Maximum Offering Price
(per share)
March 1, 2021$9.26 $0.14 $9.40 
April 1, 2021$9.26 $0.14 $9.40 
May 1, 2021$9.25 $0.14 $9.39 
June 1, 2021$9.27 $0.14 $9.41 
July 1, 2021$9.29 $0.14 $9.43 
August 1, 2021$9.29 $0.14 $9.43 
September 1, 2021$9.29 $0.14 $9.43 
October 1, 2021$9.31 $0.14 $9.45 
November 1, 2021$9.32 $0.14 $9.46 
December 1, 2021$9.31 $0.14 $9.45 
January 1, 2022$9.34 $0.14 $9.48 
February 1, 2022$9.33 $0.14 $9.47 
March 1, 2022$9.27 $0.14 $9.41 
April 1, 2022$9.25 $0.14 $9.39 





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Class D
Effective DateNet Offering Price
(per share)		Maximum Upfront Sales Load
(per share)		Maximum Offering Price
(per share)
May 1, 2022$9.24 $0.14 $9.38 
June 1, 2022$9.04 $0.14 $9.18 
July 1, 2022$8.86 $0.13 $8.99 
August 1, 2022$9.04 $0.14 $9.18 
September 1, 2022$9.09 $0.14 $9.23 
October 1, 2022$9.00 $0.14 $9.14 
November 1, 2022$9.01 $0.14 $9.15 
December 1, 2022$9.05 $0.14 $9.19 
January 1, 2023$9.07 $0.14 $9.21 
February 1, 2023$9.25 $0.14 $9.39 
March 1, 2023$9.24 $0.14 $9.38 
April 1, 2023$9.22 $0.14 $9.36 
May 1, 2023$9.22 $0.14 $9.36 
June 1, 2023$9.19 $0.14 $9.33 
July 1, 2023$9.29 $0.14 $9.43 
August 1, 2023$9.34 $0.14 $9.48 
September 1, 2023$9.38 $0.14 $9.52 
October 1, 2023$9.41 $0.14 $9.55 
November 1, 2023$9.37 $0.14 $9.51 
December 1, 2023$9.43 $0.14 $9.57 
January 1, 2024$9.49 $0.14 $9.63 
February 1, 2024$9.50 $0.14 $9.64 
March 1, 2024$9.50 $0.14 $9.64 
April 1, 2024$9.51 $0.14 $9.65 
May 1, 2024$9.52 $0.14 $9.66 
June 1, 2024$9.58 $0.14 $9.72 
July 1, 2024$9.55 $0.14 $9.69 
August 1, 2024$9.56 $0.14 $9.70 
September 1, 2024$9.57 $0.14 $9.71 
October 1, 2024$9.56 $0.14 $9.70 
November 1, 2024$9.56 $0.14 $9.70 
December 1, 2024$9.56 $0.14 $9.70 
January 1, 2025$9.55 $0.14 $9.69 
February 1, 2025$9.55 $0.14 $9.69 
March 1, 2025$9.52 $0.14 $9.66 
April 1, 2025$9.47 $0.14 $9.61 
May 1, 2025$9.41 $0.14 $9.55 
June 1, 2025$9.45 $0.14 $9.59 
Class I
Effective DateNet Offering Price
(per share)		Maximum Upfront Sales Load
(per share)		Maximum Offering Price
(per share)
Initial Offering Price$10.00 $— $10.00 
March 1, 2021$9.26 $— $9.26 
April 1, 2021$9.26 $— $9.26 
May 1, 2021$9.26 $— $9.26 
June 1, 2021$9.28 $— $9.28 
July 1, 2021$9.30 $— $9.30 
August 1, 2021$9.30 $— $9.30 
September 1, 2021$9.30 $— $9.30 
October 1, 2021$9.32 $— $9.32 





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Class I
Effective DateNet Offering Price
(per share)		Maximum Upfront Sales Load
(per share)		Maximum Offering Price
(per share)
November 1, 2021$9.32 $— $9.32 
December 1, 2021$9.31 $— $9.31 
January 1, 2022$9.34 $— $9.34 
February 1, 2022$9.34 $— $9.34 
March 1, 2022$9.28 $— $9.28 
April 1, 2022$9.26 $— $9.26 
May 1, 2022$9.25 $— $9.25 
June 1, 2022$9.05 $— $9.05 
July 1, 2022$8.88 $— $8.88 
August 1, 2022$9.06 $— $9.06 
September 1, 2022$9.11 $— $9.11 
October 1, 2022$9.01 $— $9.01 
November 1, 2022$9.02 $— $9.02 
December 1, 2022$9.07 $— $9.07 
January 1, 2023$9.08 $— $9.08 
February 1, 2023$9.26 $— $9.26 
March 1, 2023$9.26 $— $9.26 
April 1, 2023$9.24 $— $9.24 
May 1, 2023$9.24 $— $9.24 
June 1, 2023$9.21 $— $9.21 
July 1, 2023$9.31 $— $9.31 
August 1, 2023$9.36 $— $9.36 
September 1, 2023$9.39 $— $9.39 
October 1, 2023$9.43 $— $9.43 
November 1, 2023$9.38 $— $9.38 
December 1, 2023$9.45 $— $9.45 
January 1, 2024$9.50 $— $9.50 
February 1, 2024$9.51 $— $9.51 
March 1, 2024$9.52 $— $9.52 
April 1, 2024$9.53 $— $9.53 
May 1, 2024$9.53 $— $9.53 
June 1, 2024$9.59 $— $9.59 
July 1, 2024$9.56 $— $9.56 
August 1, 2024$9.58 $— $9.58 
September 1, 2024$9.58 $— $9.58 
October 1, 2024$9.57 $— $9.57 
November 1, 2024$9.58 $— $9.58 
December 1, 2024$9.57 $— $9.57 
January 1, 2025$9.57 $— $9.57 
February 1, 2025$9.57 $— $9.57 
March 1, 2025$9.54 $— $9.54 
April 1, 2025$9.49 $— $9.49 
May 1, 2025$9.42 $— $9.42 
June 1, 2025$9.47 $— $9.47 





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Distributions
The Board authorizes and declares monthly distribution amounts per share of common stock, payable monthly in arrears. The following table presents cash distributions per share that were recorded during the following periods:
For the Six Months Ended June 30, 2025
Declaration DateRecord DatePayment Date
 Distribution Per Share(1)
Distribution Amount(2)
($ in thousands, except per share amounts)Class SClass DClass I
November 5, 2024January 31, 2025February 25, 2025$0.07010 $33,890 $3,499 $69,929 
February 18, 2025February 28, 2025March 25, 20250.07010 35,308 3,794 72,626 
February 18, 2025March 31, 2025April 24, 20250.10280 54,669 5,767 111,979 
February 18, 2025April 30, 2025May 23, 20250.07010 37,635 3,966 79,647 
May 6, 2025May 30, 2025June 25, 20250.07010 38,551 3,988 82,474 
May 6, 2025June 30, 2025July 24, 20250.10280 59,206 5,749 121,070 
Total$0.48600 $259,259 $26,763 $537,725 
(1)Distributions per share are gross of shareholder servicing fees.
(2)Distribution amounts are net of shareholder servicing fees.
For the Six Months Ended June 30, 2024
Declaration DateRecord DatePayment Date
Distribution Per Share(1)
Distribution Amount(2)
($ in thousands, except per share amounts)Class SClass DClass I
November 20, 2023January 31, 2024February 23, 2024$0.07010 $21,517 $2,829 $42,089 
February 21, 2024February 29, 2024March 22, 20240.07010 22,651 2,984 44,196 
February 21, 2024March 29, 2024April 23, 20240.10280 35,655 4,144 67,452 
February 21, 2024April 30, 2024May 22, 20240.07010 24,985 2,868 49,096 
May 7, 2024May 31, 2024June 26, 20240.07010 26,216 3,105 51,937 
May 7, 2024June 28, 2024July 24, 20240.10280 41,249 4,646 78,628 
Total$0.48600 $172,273 $20,576 $333,398 
(1)Distributions per share are gross of shareholder servicing fees.
(2)Distribution amounts are net of shareholder servicing fees.
We have adopted a distribution reinvestment plan which was amended and restated on May 6, 2024. The amended and restated distribution reinvestment plan is an “opt-in” plan and provides for the reinvestment of cash distributions on behalf of shareholders who have enrolled in the distribution reinvestment plan. As a result, if the Board authorizes and declares a cash distribution, then the shareholders who have enrolled in the distribution reinvestment plan will have their cash distributions reinvested in additional shares of our common stock, rather than receiving the cash distribution. We expect to use newly issued shares to implement the distribution reinvestment plan.

We may fund our cash distributions to shareholders from any source of funds available to us, including but not limited to offering proceeds, net investment income from operations, capital gains proceeds from the sale of assets, dividends or other distributions paid to us on account of preferred and common equity investments in portfolio companies and expense support from the Adviser, which is subject to recoupment. In no event, however, will funds be advanced or borrowed for the purpose of distributions, if the amount of such distributions would exceed our accrued and received revenues for the previous four quarters, less paid and accrued operating expenses with respect to such revenues and costs.

Prior to the termination of the Expense Support Agreement on March 7, 2023, a portion of our distributions resulted from expense support from the Adviser. The purpose of this arrangement was to avoid distributions being characterized as a return of capital for U.S. federal income tax purposes.

Sources of distributions, other than net investment income and realized gains on a U.S. GAAP basis, include required adjustments to U.S. GAAP net investment income in the current period to determine taxable income available for distributions. The below tables reflect the sources of cash distributions on a U.S. GAAP basis that we have declared on our shares of common stock during the following periods:





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For the Six Months Ended June 30, 2025
Source of Distribution(2)
Per Share(1)
AmountPercentage
($ in thousands, except per share amounts)
Net investment income$0.45200 $766,498 93.1%
Distributions in excess of net investment income(3)
0.03400 57,249 6.9%
Total$0.48600 $823,747 100.0%
(1)Distributions per share are gross of shareholder servicing fees.
(2)Data in this table is presented on a consolidated basis. Refer to “ITEM 1. - Notes to Consolidated Financial Statements - Note 11. Financial Highlights” for amounts by share class.
(3)Represents the distributions in excess of net investment income for the current period. The Company has accumulated undistributed earnings as of June 30, 2025.
For the Six Months Ended June 30, 2024
Source of Distribution(2)
Per Share(1)
AmountPercentage
($ in thousands, except per share amounts)
Net investment income$0.48600 $526,247 100.0%
Total$0.48600 $526,247 100.0%
(1)Distributions per share are gross of shareholder servicing fees.
(2)Data in this table is presented on a consolidated basis. Refer to “ITEM 1. - Notes to Consolidated Financial Statements - Note 11. Financial Highlights” for amounts by share class.

Share Repurchases

Our Board has complete discretion to determine whether we will engage in any share repurchase, and if so, the terms of such repurchase. At the discretion of our Board, we may use cash on hand, cash available from borrowings, and cash from the sale of our investments as of the end of the applicable period to repurchase shares.

We have commenced a share repurchase program pursuant to which we intend to conduct quarterly repurchase offers to allow our shareholders to tender their shares at a price equal to the net offering price per share for the applicable class of shares on each date of repurchase.

All shares purchased by us pursuant to the terms of each offer to repurchase will be retired and thereafter will be authorized and unissued shares.

We intend to limit the number of shares to be repurchased in each quarter to no more than 5.00% of our outstanding shares of our common stock.

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 tender offers as described above, we are not required to do so and may suspend or terminate the share repurchase program at any time.






154

Offer Date
Class		Tender Offer
Expiration		Tender Offer
(in thousands)		Purchase Price
per Share		Shares
Repurchased
February 27, 2024SMarch 31, 2024$33,826 $9.50 3,560,660 
February 27, 2024DMarch 31, 2024$26,354 $9.51 2,771,164 
February 27, 2024IMarch 31, 2024$81,994 $9.53 8,603,765 
May 24, 2024SJune 28, 2024$50,529 $9.53 5,302,035 
May 24, 2024DJune 28, 2024$3,558 $9.55 372,544 
May 24, 2024IJune 28, 2024$97,737 $9.56 10,223,527 
August 30, 2024SSeptember 30, 2024$46,534 $9.55 4,872,698 
August 30, 2024DSeptember 30, 2024$2,153 $9.56 225,274 
August 30, 2024ISeptember 30, 2024$102,943 $9.57 10,756,911 
November 26, 2024SDecember 31, 2024$54,850 $9.54 5,749,465 
November 26, 2024DDecember 31, 2024$8,863 $9.55 928,082 
November 26, 2024IDecember 31, 2024$129,643 $9.57 13,546,800 
February 26, 2025SMarch 31, 2025$53,498 $9.46 5,655,204 
February 26, 2025DMarch 31, 2025$1,912 $9.47 201,862 
February 26, 2025IMarch 31, 2025$148,539 $9.49 15,652,202 
May 23, 2025SJune 30, 2025$107,562 $9.42 11,418,472 
May 23, 2025DJune 30, 2025$19,164 $9.43 2,032,236 
May 23, 2025IJune 30, 2025$337,475 $9.45 35,711,561 








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Debt

Aggregate Borrowings

Our debt obligations consisted of the following as of the following periods:

June 30, 2025
($ in thousands)Aggregate Principal CommittedOutstanding Principal
Amount Available(1)
Unamortized Debt Issuance Costs (Premium)
Net Carrying Value
Revolving Credit Facility(2)(4)
$3,575,000 $1,915,307 $1,602,524 $(21,867)$1,893,440 
SPV Asset Facility I450,000 274,000 37,720 (6,345)267,655 
SPV Asset Facility II2,000,000 927,000 157,575 (20,180)906,820 
SPV Asset Facility III(2)
1,650,000 1,093,388 53,221 (16,080)1,077,308 
SPV Asset Facility IV500,000 430,000 29,627 (5,604)424,396 
SPV Asset Facility V750,000 450,000 28,326 (6,053)443,947 
SPV Asset Facility VI750,000 380,000 13,799 (7,805)372,195 
SPV Asset Facility VII(2)
500,000 367,479 14,928 (3,043)364,436 
SPV Asset Facility VIII1,000,000 400,000 16,791 (5,248)394,752 
CLO VIII375,000 375,000 — (2,140)372,860 
CLO XI260,000 260,000 — (1,545)258,455 
CLO XII260,000 260,000 — (1,656)258,344 
CLO XV312,000 312,000 — (2,630)309,370 
CLO XVI420,000 420,000 — (2,551)417,449 
CLO XVII325,000 325,000 — (2,698)322,302 
CLO XVIII260,000 260,000 — (1,780)258,220 
CLO XIX260,000 260,000 — (1,852)258,148 
September 2026 Notes350,000 350,000 — (2,055)347,945 
February 2027 Notes500,000 500,000 — (2,571)497,429 
September 2027 Notes(3)
600,000 600,000 — (4,284)601,564 
AUD 2027 Notes(2)(3)
300,341 300,341 — (2,263)298,196 
May 2028 Notes(3)
500,000 500,000 — (7,793)495,718 
June 2028 Notes(3)
650,000 650,000 — (6,949)654,964 
January 2029 Notes(3)
550,000 550,000 — (10,143)550,520 
September 2029 Notes(3)
900,000 900,000 — (7,727)918,025 
March 2030 Notes(3)
1,000,000 1,000,000 — (19,731)966,719 
March 2031 Notes(3)
750,000 750,000 — (18,226)740,541 
Total Debt$19,747,341 $14,809,515 $1,954,511 $(190,819)$14,671,718 
(1)The amount available reflects any limitations related to each credit facility’s borrowing base.
(2)Includes unrealized gain (loss) on translation of borrowings denominated in foreign currencies.
(3)Net Carrying Value is inclusive of change in fair market value of effective hedge.
(4)The amount available is reduced by $57.2 million of outstanding letters of credit.





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December 31, 2024
($ in thousands)Aggregate Principal CommittedOutstanding Principal
Amount Available(1)
Unamortized Debt Issuance Costs (Premium)
Net Carrying Value
Revolving Credit Facility(2)(4)
$3,100,000 $1,335,012 $1,726,832 $(22,497)$1,312,515 
SPV Asset Facility I525,000 300,000 8,771 (5,464)294,536 
SPV Asset Facility II1,500,000 920,000 115,020 (12,119)907,881 
SPV Asset Facility III(2)
1,500,000 971,917 55,727 (13,370)958,547 
SPV Asset Facility IV500,000 355,000 26,504 (3,302)351,698 
SPV Asset Facility V500,000 250,000 18,217 (4,991)245,009 
SPV Asset Facility VI750,000 350,000 62,964 (8,248)341,752 
SPV Asset Facility VII(2)
500,000 165,859 168,563 (3,461)162,398 
SPV Asset Facility VIII500,000 200,000 1,500 (3,077)196,923 
CLO VIII290,000 290,000 — (1,900)288,100 
CLO XI260,000 260,000 — (1,692)258,308 
CLO XII260,000 260,000 — (1,808)258,192 
CLO XV312,000 312,000 — (2,802)309,198 
CLO XVI420,000 420,000 — (2,697)417,303 
CLO XVII325,000 325,000 — (2,879)322,121 
CLO XVIII260,000 260,000 — (1,891)258,109 
CLO XIX260,000 260,000 — (1,794)258,206 
March 2025 Notes500,000 500,000 — (484)499,516 
September 2026 Notes350,000 350,000 — (2,916)347,084 
February 2027 Notes500,000 500,000 — (3,350)496,650 
September 2027 Notes(3)
600,000 600,000 — (5,182)593,270 
AUD 2027 Notes(2)(3)
295,468 295,468 — (2,397)271,957 
June 2028 Notes(3)
650,000 650,000 — (8,067)642,519 
January 2029 Notes(3)
550,000 550,000 — (11,458)538,086 
September 2029 Notes(3)
500,000 500,000 — (10,769)492,523 
March 2030 Notes(3)
1,000,000 1,000,000 — (20,518)941,037 
March 2031 Notes(3)
750,000 750,000 — (19,599)718,384 
Total Debt$17,457,468 $12,930,256 $2,184,098 $(178,732)$12,681,822 
(1)The amount available reflects any limitations related to each credit facility’s borrowing base.
(2)Includes unrealized gain (loss) on translation of borrowings denominated in foreign currencies.
(3)Net Carrying Value is inclusive of change in fair market value of effective hedge.
(4)The amount available is reduced by $38.2 million of outstanding letters of credit.

The below table represents the components of interest expense for the following periods:

For the Three Months Ended June 30,For the Six Months Ended June 30,
($ in thousands)2025202420252024
Interest expense$235,797 $175,699 $449,373 $334,208 
Amortization of debt issuance costs13,927 7,052 24,965 13,333 
Net change in unrealized (gain) loss on effective interest rate swaps and hedged items included in interest expense(1)
239 199 (7,815)4,825 
Total Interest Expense$249,963 $182,950 $466,523 $352,366 
Average interest rate6.6 %7.7 %6.7 %7.6 %
Average daily borrowings$14,036,753 $9,055,379 $13,272,417 $8,655,316 
(1)Refer to “ITEM 1. – FINANCIAL STATEMENTS – Notes to Consolidated Financial Statements – Note 5. Debt – September 2027, AUD 2027, May 2028, June 2028, January 2029, September 2029, March 2030, and March 2031 Notes” for details on the facilities’ interest rate swaps.





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The table below presents information about our senior securities as of the following periods:
Class and Period
Total Amount Outstanding Exclusive of Treasury Securities(1)
($ in millions)
Asset Coverage per Unit(2)
Involuntary Liquidating Preference per Unit(3)
Average Market Value per Unit(4)
Promissory Note(5)
June 30, 2025 (unaudited)$— $— — N/A
December 31, 2024$— $— — N/A
December 31, 2023$— $— — N/A
December 31, 2022$— $— — N/A
December 31, 2021$— $— — N/A
December 31, 2020$10.0 $2,226.8 — N/A
SPV Asset Facility I
June 30, 2025 (unaudited)$274.0 $2,145.4 — N/A
December 31, 2024$300.0 $2,094.8 — N/A
December 31, 2023$475.0 $2,085.2 — N/A
December 31, 2022$440.4 $1,927.2 — N/A
December 31, 2021$301.3 $1,998.5 — N/A
SPV Asset Facility II
June 30, 2025 (unaudited)$927.0 $2,145.4 — N/A
December 31, 2024$920.0 $2,094.8 — N/A
December 31, 2023$1,718.0 $2,085.2 — N/A
December 31, 2022$1,538.0 $1,927.2 — N/A
December 31, 2021$446.0 $1,998.5 — N/A
SPV Asset Facility III
June 30, 2025 (unaudited)$1,093.4 $2,145.4 — N/A
December 31, 2024$971.9 $2,094.8 — N/A
December 31, 2023$522.0 $2,085.2 — N/A
December 31, 2022$555.0 $1,927.2 — N/A
SPV Asset Facility IV
June 30, 2025 (unaudited)$430.0 $2,145.4 — N/A
December 31, 2024$355.0 $2,094.8 — N/A
December 31, 2023$250.0 $2,085.2 — N/A
December 31, 2022$465.0 $1,927.2 — N/A
SPV Asset Facility V
June 30, 2025 (unaudited)$450.0 $2,145.4 — N/A
December 31, 2024$250.0 $2,094.8 — N/A
December 31, 2023$200.0 $2,085.2 — N/A
SPV Asset Facility VI
June 30, 2025 (unaudited)$380.0 $2,145.4 — N/A
December 31, 2024$350.0 $2,094.8 — N/A
December 31, 2023$160.0 $2,085.2 — N/A
SPV Asset Facility VII
June 30, 2025 (unaudited)$367.5 $2,145.4 — N/A
December 31, 2024$165.9 $2,094.8 — N/A
SPV Asset Facility VIII
June 30, 2025 (unaudited)$400.0 $2,145.4 — N/A
December 31, 2024$200.0 $2,094.8 — N/A
CLO VIII
June 30, 2025 (unaudited)$375.0 $2,145.4 — N/A





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Class and Period
Total Amount Outstanding Exclusive of Treasury Securities(1)
($ in millions)
Asset Coverage per Unit(2)
Involuntary Liquidating Preference per Unit(3)
Average Market Value per Unit(4)
December 31, 2024$290.0 $2,094.8 — N/A
December 31, 2023$290.0 $2,085.2 — N/A
December 31, 2022$290.0 $1,927.2 — N/A
CLO XI
June 30, 2025 (unaudited)$260.0 $2,145.4 — N/A
December 31, 2024$260.0 $2,094.8 — N/A
December 31, 2023$260.0 $2,085.2 — N/A
CLO XII
June 30, 2025 (unaudited)$260.0 $2,145.4 — N/A
December 31, 2024$260.0 $2,094.8 — N/A
December 31, 2023$260.0 $2,085.2 — N/A
CLO XV
June 30, 2025 (unaudited)$312.0 $2,145.4 — N/A
December 31, 2024$312.0 $2,094.8 — N/A
CLO XVI
June 30, 2025 (unaudited)$420.0 $2,145.4 — N/A
December 31, 2024$420.0 $2,094.8 — N/A
CLO XVII
June 30, 2025 (unaudited)$325.0 $2,145.4 — N/A
December 31, 2024$325.0 $2,094.8 — N/A
CLO XVIII
June 30, 2025 (unaudited)$260.0 $2,145.4 — N/A
December 31, 2024$260.0 $2,094.8 — N/A
CLO XIX
June 30, 2025 (unaudited)$260.0 $2,145.4 — N/A
December 31, 2024$260.0 $2,094.8 — N/A
Revolving Credit Facility
June 30, 2025 (unaudited)$1,915.3 $2,145.4 — N/A
December 31, 2024$1,335.0 $2,094.8 — N/A
December 31, 2023$628.1 $2,085.2 — N/A
December 31, 2022$302.3 $1,927.2 — N/A
December 31, 2021$451.2 $1,998.5 — N/A
September 2026 Notes
June 30, 2025 (unaudited)$350.0 $2,145.4 — N/A
December 31, 2024$350.0 $2,094.8 — N/A
December 31, 2023$350.0 $2,085.2 — N/A
December 31, 2022$350.0 $1,927.2 — N/A
December 31, 2021$350.0 $1,998.5 — N/A
February 2027 Notes
June 30, 2025 (unaudited)$500.0 $2,145.4 — N/A
December 31, 2024$500.0 $2,094.8 — N/A
December 31, 2023$500.0 $2,085.2 — N/A
December 31, 2022$500.0 $1,927.2 — N/A
September 2027 Notes
June 30, 2025 (unaudited)$600.0 $2,145.4 — N/A
December 31, 2024$600.0 $2,094.8 — N/A
December 31, 2023$600.0 $2,085.2 — N/A





159

Class and Period
Total Amount Outstanding Exclusive of Treasury Securities(1)
($ in millions)
Asset Coverage per Unit(2)
Involuntary Liquidating Preference per Unit(3)
Average Market Value per Unit(4)
December 31, 2022$600.0 $1,927.2 — N/A
AUD 2027 Notes
June 30, 2025 (unaudited)$300.3 $2,145.4 — N/A
December 31, 2024$295.5 $2,094.8 — N/A
May 2028 Notes
June 30, 2025 (unaudited)$500.0 $2,145.4 — N/A
June 2028 Notes
June 30, 2025 (unaudited)$650.0 $2,145.4 — N/A
December 31, 2024$650.0 $2,094.8 — N/A
December 31, 2023$650.0 $2,085.2 — N/A
March 2025 Notes
June 30, 2025 (unaudited)$— $— — N/A
December 31, 2024$500.0 $2,094.8 — N/A
December 31, 2023$500.0 $2,085.2 — N/A
December 31, 2022$500.0 $1,927.2 — N/A
January 2029 Notes
June 30, 2025 (unaudited)$550.0 $2,145.4 — N/A
December 31, 2024$550.0 $2,094.8 — N/A
December 31, 2023$550.0 $2,085.2 — N/A
September 2029 Notes
June 30, 2025 (unaudited)$900.0 $2,145.4 — N/A
December 31, 2024$500.0 $2,094.8 — N/A
March 2030 Notes
June 30, 2025 (unaudited)$1,000.0 $2,145.4 — N/A
December 31, 2024$1,000.0 $2,094.8 — N/A
March 2031 Notes
June 30, 2025 (unaudited)$750.0 $2,145.4 — N/A
December 31, 2024$750.0 $2,094.8 — N/A
(1)Total amount of each class of senior securities outstanding at the end of the period presented.
(2)Asset coverage per unit is the ratio of the carrying value of our total assets, less all liabilities excluding indebtedness represented by senior securities in this table, to the aggregate amount of senior securities representing indebtedness. Asset coverage per unit is expressed in terms of dollar amounts per $1,000 of indebtedness and is calculated on a consolidated basis.
(3)The amount to which such class of senior security would be entitled upon our involuntary liquidation in preference to any security junior to it. The “—” in this column indicates information that the SEC expressly does not require to be disclosed for certain types of senior securities.
(4)Average market value per unit not applicable because the senior securities are not registered for public trading.
(5)Facility was terminated in June 2022.
Credit Facilities
Revolving Credit Facility
On August 11, 2022, we entered into an Amended and Restated Senior Secured Revolving Credit Agreement, as amended from time to time, (as amended from time to time, the “Revolving Credit Facility”). The parties to the Revolving Credit Facility include us, as Borrower, the lenders from time to time parties thereto (each a “Revolving Credit Lender” and collectively, the “Revolving Credit Lenders”) and Sumitomo Mitsui Banking Corporation, as Administrative Agent. On October 18, 2024 (the “Revolving Credit Facility Third Amendment Date”), the Revolving Credit Facility was amended to extend the availability period and maturity date, increase the total facility amount and make various other changes. The following describes the terms of the Revolving Credit Facility as modified through June 27, 2025.





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The Revolving Credit Facility is guaranteed by certain subsidiaries of ours in existence as of the Revolving Credit Facility Third Amendment Date, and will be guaranteed by certain subsidiaries of ours that are formed or acquired by us thereafter (each a “Guarantor” and collectively, the “Guarantors”). Proceeds of the Revolving Credit Facility may be used for general corporate purposes, including the funding of portfolio investments.
The Revolving Credit Facility provides for, on an aggregated basis, a total of outstanding term loans and revolving credit facility commitments in the principal amount of $3.58 billion, which is comprised of (a) a term loan in a principal amount of $150.0 million and (b) subject to availability under the borrowing base, which is based on our portfolio investments and other outstanding indebtedness, a revolving credit facility in a principal amount of up to $3.43 billion (the revolving credit facility increased from $3.15 billion to $3.30 billion on May 27, 2025 and increased from $3.30 billion to $3.43 billion on June 27, 2025). The amount available for borrowing under the Revolving Credit Facility is reduced by any standby letters of credit issued through the Revolving Credit Facility. Maximum capacity under the Revolving Credit Facility may be increased to $4.60 billion through our exercise of an uncommitted accordion feature through which existing and new lenders may, at their option, agree to provide additional financing. The Revolving Credit Facility includes a $200.0 million limit for swingline loans and is secured by a perfected first-priority interest in substantially all of the portfolio investments held by us and each Guarantor, subject to certain exceptions.
The availability period under the Revolving Credit Facility will terminate on October 18, 2028 (the “Revolving Credit Facility Commitment Termination Date”). The Revolving Credit Facility will mature on October 18, 2029 (the “Revolving Credit Facility Maturity Date”). During the period from the Revolving Credit Facility Commitment Termination Date to the Revolving Credit Facility Maturity Date, we will be obligated to make mandatory prepayments under the Revolving Credit Facility out of the proceeds of certain asset sales and other recovery events and equity and debt issuances.
We may borrow amounts in U.S. dollars or certain other permitted currencies. Amounts drawn under the Revolving Credit Facility in U.S. dollars bear interest at term SOFR plus any applicable credit adjustment spread plus margin of 1.875% per annum, or the alternative base rate plus margin of 0.875% per annum. With respect to loans denominated in U.S. dollars, we may elect either term SOFR or the alternative base rate at the time of drawdown, and such loans may be converted from one rate to another at any time at our option, subject to certain conditions. Amounts drawn under the Revolving Credit Facility in other permitted currencies will bear interest at the relevant rate specified therein (including any applicable credit adjustment spread) plus margin of 1.875% per annum. Beginning on and after the Revolving Credit Facility Third Amendment Date, we also pay a fee of 0.350% on undrawn amounts under the Revolving Credit Facility.
The Revolving Credit Facility includes customary covenants, including certain limitations on the incurrence by us of additional indebtedness and on our ability to make distributions to our shareholders, or redeem, repurchase or retire shares of stock, upon the occurrence of certain events and certain financial covenants related to asset coverage and other maintenance covenants, as well as customary events of default. The Revolving Credit Facility requires a minimum asset coverage ratio with respect to our consolidated assets and subsidiaries to senior securities that constitute indebtedness of no less than 1.50 to 1.00 at any time.
SPV Asset Facilities
Certain of our wholly owned subsidiaries are parties to credit facilities (the “SPV Asset Facilities”). Pursuant to the SPV Asset Facilities, from time to time we sell and contribute certain investments to these wholly owned subsidiaries pursuant to sale and contribution agreements by and between us and the wholly owned subsidiaries. No gain or loss is recognized as a result of these contributions. Proceeds from the SPV Asset Facilities are used to finance the origination and acquisition of eligible assets by the wholly owned subsidiary, including the purchase of such assets from us. We retain a residual interest in assets contributed to or acquired to the wholly owned subsidiary through our ownership of the wholly owned subsidiary. The SPV Asset Facilities are secured by a perfected first priority security interest in the assets of these wholly owned subsidiaries and on any payments received by such wholly owned subsidiaries in respect of those assets. Assets pledged to lenders under the SPV Asset Facilities will not be available to pay our debts. The SPV Asset Facilities contain customary covenants, including certain limitations on the incurrence by us of additional indebtedness and on our ability to make distributions to our shareholders, or redeem, repurchase or retire shares of stock, upon the occurrence of certain events, and customary events of default (with customary cure and notice provisions). Borrowings of the wholly owned subsidiaries under the SPV Asset Facilities are considered our borrowings for purposes of complying with the asset coverage requirements under the 1940 Act.
SPV Asset Facility I
On September 16, 2021 (the “SPV Asset Facility I Closing Date”), Core Income Funding I LLC (“Core Income Funding I”), a Delaware limited liability company and newly formed wholly-owned subsidiary of ours entered into a Credit Agreement (the “SPV Asset Facility I”), with Core Income Funding I, as borrower, the lenders from time to time parties thereto (the “SPV Asset Facility I Lenders”), Natixis, New York Branch, as Administrative Agent, State Street Bank and Trust Company as Collateral Agent, Collateral Administrator, Custodian and Document Custodian. The parties to the SPV Asset Facility I have entered into various amendments, including to decrease the amount available under the facility, replace the Collateral Custodian, extend the termination date and





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maturity date, and make various other changes. The following describes the terms of the SPV Asset Facility I as amended through May 15, 2025 (the “SPV Asset Facility I Third Amendment Date”).
The maximum principal amount of the Credit Facility is $450.0 million (decreased from $525.0 million on the SPV Asset Facility I Third Amendment date); the availability of this amount is subject to an overcollateralization ratio test, which is based on the value of Core Income Funding I’s assets from time to time, and satisfaction of certain conditions, including an interest coverage ratio test, certain concentration limits and collateral quality tests.
The SPV Asset Facility I provides for the ability to (1) draw term loans and (2) draw and redraw revolving loans under the SPV Asset Facility I through May 15, 2028 unless the revolving commitments are terminated or converted to term loans sooner as provided in the SPV Asset Facility I (the “SPV Asset Facility I Commitment Termination Date”). Unless otherwise terminated, the SPV Asset Facility I will mature on May 15, 2036 (the “SPV Asset Facility I Stated Maturity”). Prior to the SPV Asset Facility I Stated Maturity, proceeds received by Core Income Funding I 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 us, subject to certain conditions. On the SPV Asset Facility I Stated Maturity, Core Income Funding I must pay in full all outstanding fees and expenses and all principal and interest on outstanding borrowings, and the excess may be returned to us.
Amounts drawn bear interest at Term SOFR (or, in the case of certain lenders that are commercial paper conduits, the lower of their cost of funds and Term SOFR plus 0.10%) plus an applicable margin that ranges from 1.50% to 2.00% depending on a ratio of broadly syndicated loans to middle-market loans in the collateral. From the SPV Asset Facility I Closing Date to the SPV Asset Facility I Commitment Termination Date, there is a commitment fee that steps up during the year after the SPV Asset Facility I Closing Date from 0.00% to 0.625% per annum on the undrawn amount, if any, of the revolving commitments in the SPV Asset Facility I.
SPV Asset Facility II
On October 5, 2021 (the “SPV Asset Facility II Closing Date”), Core Income Funding II LLC (“Core Income Funding II”), a Delaware limited liability company entered into a loan and financing and servicing agreement (as amended through the date here of, the “SPV Asset Facility II”), with Core Income Funding II, as borrower, us, as equityholder and service provider, the lenders from time to time parties thereto (the “SPV Asset Facility II Lenders”), Deutsche Bank AG, New York Branch, as Facility Agent, State Street Bank and Trust Company, as collateral agent and collateral custodian. The parties to the SPV Asset Facility II have entered into various amendments, including to increase the amount available under the facility, extend the revolving period and termination date, change the interest rate and make various other changes. The following describes the terms of the SPV Asset Facility II as amended through April 18, 2025 (the “SPV Asset Facility II Ninth Amendment Date”).
The maximum principal amount of the SPV Asset Facility II is $2.00 billion (increased from $1.50 billion to $2.00 billion on the SPV Asset Facility II Ninth Amendment Date); the availability of this amount is subject to the borrowing base, which is determined on the basis of the value and types of Core Income Funding II’s assets from time to time, and satisfaction of certain conditions, including interest spread and weighted average coupon tests, certain concentration limits and collateral quality tests.
The SPV Asset Facility II provides for the ability to borrow, reborrow, repay and prepay advances under the SPV Asset Facility II until April 18, 2028 unless such period is extended or accelerated under the terms of the SPV Asset Facility II (the “SPV Asset Facility II Revolving Period”). Unless otherwise extended, accelerated or terminated under the terms of the SPV Asset Facility II, the SPV Asset Facility II will mature on the date that is two years after the last day of the SPV Asset Facility II Revolving Period, on April 18, 2030 (the “SPV Asset Facility II Termination Date”). Prior to the SPV Asset Facility II Termination Date, proceeds received by Core Income Funding II from principal and interest, dividends, or fees on assets must be used to pay fees, expenses and interest on outstanding advances, and the excess may be returned to us, subject to certain conditions. On the SPV Asset Facility II Termination Date, Core Income Funding II must pay in full all outstanding fees and expenses and all principal and interest on outstanding advances, and the excess may be returned to us.
Amounts drawn under the SPV Asset Facility II bear interest at Term SOFR (or, in the case of certain SPV Asset Facility II Lenders that are commercial paper conduits, the lower of (a) their cost of funds and (b) Term SOFR, such Term SOFR not to be lower than zero) plus a spread equal to 1.70% per annum, which spread will increase (a) on and after the end of the SPV Asset Facility II Revolving Period by 0.15% per annum if no event of default has occurred and (b) by 2.00% per annum upon the occurrence of an event of default (such spread, the “SPV Asset Facility II Applicable Margin”). Term SOFR may be replaced as a base rate under certain circumstances. During the SPV Asset Facility II Revolving Period, Core Income Funding II will pay an undrawn fee ranging from 0.00% to 0.25% per annum on the undrawn amount, if any, of the revolving commitments in the SPV Asset Facility II. During the SPV Asset Facility II Revolving Period, if the undrawn commitments are in excess of a certain portion (initially 30% and increasing in stages to 35%, 40%, 45% and 50%) of the total commitments under the SPV Asset Facility II, Core Income Funding II will also pay a make-whole fee equal to the SPV Asset Facility II Applicable Margin multiplied by such excess undrawn commitment





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amount, reduced by the undrawn fee payable on such excess. Core Income Funding II will also pay Deutsche Bank AG, New York Branch, certain fees (and reimburse certain expenses) in connection with its role as facility agent.
SPV Asset Facility III
On March 24, 2022 (the “SPV Asset Facility III Closing Date”), Core Income Funding III LLC (“Core Income Funding III”), a Delaware limited liability company entered into a Credit Agreement (the “SPV Asset Facility III”), with Core Income Funding III, as borrower, the Adviser, as servicer, the lenders from time to time parties thereto (the “SPV Asset Facility III Lenders”), Bank of America, N.A., as administrative agent, State Street Bank and Trust Company, as collateral agent, Alter Domus (US) LLC as collateral custodian and Bank of America, N.A., as sole lead arranger and sole book manager. The parties to the SPV Asset Facility III have entered into various amendments, including to increase the maximum principal amount available under the facility, extend the availability period and maturity date, change the interest rate, replace the collateral custodian and make various other changes. The following describes the terms of SPV Asset Facility III amended through May 22, 2025 (the “SPV Asset Facility III Third Amendment Date”).
The maximum principal amount of the SPV Asset Facility III is $1.65 billion (increased from $1.50 billion to $1.65 billion on the SPV Asset Facility III Third Amendment Date), which maximum principal amount will automatically increase to $1.80 billion on the three-month anniversary of the SPV Asset Facility III Third Amendment Date and subsequently will automatically increase to $2.0 billion on the six-month anniversary of the SPV Asset Facility III Third Amendment Date, which can be drawn in multiple currencies subject to certain conditions; the availability of this amount is subject to the borrowing base, which is determined on the basis of the value and types of Core Income Funding III’s assets from time to time, and satisfaction of certain conditions, including certain portfolio criteria.
The SPV Asset Facility III provides for the ability to draw and redraw revolving loans under the SPV Asset Facility III for a period of up to three years after the SPV Asset Facility III Third Amendment Date unless the commitments are terminated sooner as provided in the SPV Asset Facility III (the “SPV Asset Facility III Commitment Termination Date”). Unless otherwise terminated, the SPV Asset Facility III will mature on May 22, 2030 (the “SPV Asset Facility III Stated Maturity”). To the extent the commitments are terminated or permanently reduced during the first year following the SPV Asset Facility III Third Amendment Date, Core Income Funding III may owe a prepayment penalty. Prior to the SPV Asset Facility III Stated Maturity, proceeds received by Core Income Funding III 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 us, subject to certain conditions. On the SPV Asset Facility III Stated Maturity, Core Income Funding III must pay in full all outstanding fees and expenses and all principal and interest on outstanding borrowings, and the excess may be returned to us.
Amounts drawn in U.S. dollars are benchmarked to Daily SOFR, amounts drawn in British pounds are benchmarked to SONIA plus an adjustment of 0.11930%, amounts drawn in Canadian dollars are benchmarked to CORRA plus an adjustment of 0.29547%, and amounts drawn in Euros are benchmarked to EURIBOR, and in each case plus a spread equal to the Applicable Margin. As of the SPV Asset Facility III Third Amendment Date, the “Applicable Margin” ranges from 1.525% to 1.95% depending on the composition of the collateral. The SPV Asset Facility III also allows for amounts drawn in U.S. dollars to bear interest at an alternate base rate without a spread. From the SPV Asset Facility III Closing Date to the SPV Asset Facility III Commitment Termination Date, there is a commitment fee, calculated on a daily basis, on the undrawn amount under the SPV Asset Facility III.
SPV Asset Facility IV
On March 16, 2022 (the “SPV Asset Facility IV Closing Date”), Core Income Funding IV LLC (“Core Income Funding IV”), a Delaware limited liability company entered into a Credit Agreement (the “SPV Asset Facility IV”), with Core Income Funding IV, as Borrower, the lenders from time to time parties thereto (the “SPV Asset Facility IV Lenders”), Sumitomo Mitsui Banking Corporation, as Administrative Agent, State Street Bank and Trust Company, as Collateral Agent, Collateral Administrator and Custodian and Alter Domus (US) LLC as Document Custodian. On February 28, 2025, the parties to the SPV Asset Facility IV entered into Amendment No. 1 in order to replace Alter Domus (US) as collateral custodian with State Street Bank and Trust Company and make various other changes. The following describes the terms of SPV Asset Facility IV amended through February 28, 2025 (the “SPV Asset Facility IV First Amendment Date”).
The maximum principal amount of the SPV Asset Facility IV is $500.0 million; the availability of this amount is subject to an overcollateralization ratio test, which is based on the value of Core Income Funding IV’s assets from time to time, and satisfaction of certain conditions, including an interest coverage ratio test, certain concentration limits and collateral quality tests.
The SPV Asset Facility IV provides for the ability to (1) draw term loans and (2) draw and redraw revolving loans under the SPV Asset Facility IV until March 16, 2027, unless the revolving commitments are terminated or converted to term loans sooner as provided in the SPV Asset Facility IV (the “SPV Facility IV Commitment Termination Date”). Unless otherwise terminated, the SPV Asset Facility IV will mature on March 16, 2035 (the “SPV Asset Facility IV Stated Maturity”). Prior to the SPV Asset Facility IV





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Stated Maturity, proceeds received by Core Income Funding IV 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 us, subject to certain conditions. On the SPV Asset Facility IV Stated Maturity, Core Income Funding IV must pay in full all outstanding fees and expenses and all principal and interest on outstanding borrowings, and the excess may be returned to us.
Amounts drawn bear interest at Term SOFR (or, in the case of certain SPV Asset Facility IV Lenders that are commercial paper conduits, the lower of their cost of funds and Term SOFR plus 0.15%) plus an applicable margin that ranges from 1.40% to 2.05% depending on a ratio of broadly syndicated loans to middle-market loans in the collateral. From the SPV Asset Facility IV Closing Date to the SPV Asset Facility IV Commitment Termination Date, there is a commitment fee payable at a rate of 0.50% per annum on the undrawn amount, if any, of the revolving commitments in the SPV Asset Facility IV during the commitment period.
SPV Asset Facility V
On March 9, 2023 (the “SPV Asset Facility V Closing Date”), Core Income Funding V LLC (“Core Income Funding V”), a Delaware limited liability company entered into a loan and security agreement (the “SPV Asset Facility V”), with Core Income Funding V, as Borrower, us, as Servicer and Equityholder, the lenders from time to time parties thereto (the “SPV Asset Facility V Lenders”), Wells Fargo Bank, National Association, as Administrative Agent, State Street Bank and Trust Company, as Collateral Agent, and Alter Domus (US) LLC as Collateral Custodian. The parties to the SPV Asset Facility V have entered into various amendments, including to increase the amount available under the facility, replace the Collateral Custodian and make various other changes. On April 29, 2025, the parties to the SPV Asset Facility V entered into the Third Amendment to Loan and Security Agreement. The following describes the terms of SPV Asset Facility V as amended through April 29, 2025 (the “SPV Asset Facility V Third Amendment Date”).
The maximum principal amount of the SPV Asset Facility V is $750.0 million; the availability of this amount is subject to a borrowing base test, which is based on the value of Core Income Funding V’s assets from time to time, and satisfaction of certain conditions, including certain concentration limits and other portfolio tests.
The SPV Asset Facility V provides for the ability to borrow, reborrow, repay and prepay advances under the SPV Asset Facility V until October 15, 2027 unless such period is extended or accelerated under the terms of the SPV Asset Facility V (the “SPV Asset Facility V Reinvestment Period”). Unless otherwise extended, accelerated or terminated under the terms of the SPV Asset Facility V, the SPV Asset Facility V will mature on October 16, 2029 (the “SPV Asset Facility V Maturity Date”). Prior to the SPV Asset Facility V Maturity Date, proceeds received by Core Income Funding V from principal and interest, dividends, or fees on assets must be used to pay fees, expenses and interest on outstanding advances, and the excess may be returned to us, subject to certain conditions. On the SPV Asset Facility V Maturity Date, Core Income Funding V must pay in full all outstanding fees and expenses and all principal and interest on outstanding advances, and the excess may be returned to us.
Amounts drawn bear interest at Daily Simple SOFR plus a weighted average spread equal to 1.60% per annum for the portion of the assets constituting broadly syndicated loans and 2.05% for the portion of the assets not constituting broadly syndicated loans, which spread will increase by 2.00% per annum upon the occurrence and during the existence of an event of default or following the SPV Asset Facility V Termination Date (such spread, the “SPV Asset Facility V Applicable Spread”). Daily Simple SOFR may be replaced as a base rate under certain circumstances. During the SPV Asset Facility V Reinvestment Period, Core Income Funding V will pay an undrawn fee of 0.50% per annum on the undrawn amount, if any, of the revolving commitments in the SPV Asset Facility V that are not subject to the separate, higher fee described below. On and after the SPV Asset Facility V Third Amendment Date and during the SPV Asset Facility V Reinvestment Period, if the undrawn commitments are in excess of a certain portion (initially 40% and decreasing to 32.5%) of the total commitments under the SPV Asset Facility V, such portion will not be subject to the undrawn fee described above, but Core Income Funding V will pay a separate fee on this portion of the undrawn commitments equal to 1.25% multiplied by such excess undrawn commitment amount over 40% or 32.5% of the total commitments, as applicable.
SPV Asset Facility VI
On August 29, 2023 (the “SPV Asset Facility VI Closing Date”), Core Income Funding VI LLC (“Core Income Funding VI”), a Delaware limited liability company and newly formed subsidiary of ours, entered into a Credit Agreement (the “SPV Asset Facility VI”), with Core Income Funding VI LLC, as Borrower, the lenders from time to time parties thereto (the “SPV Asset Facility VI Lenders”), The Bank of Nova Scotia, as Agent, State Street Bank and Trust Company as Collateral Agent, Collateral Custodian and Document Custodian. The parties to the SPV Asset Facility VI have entered into various amendments, including to assign the term commitment under the SPV Asset Facility VI and all of the outstanding term loans, replace the collateral custodian and make various other changes. On April 22, 2025, the parties to SPV Asset Facility VI entered into Amendment No. 3 to SPV Asset Facility VI. The following describes the terms of SPV Asset Facility VI as amended through April 22, 2025 (the “SPV Asset Facility VI Third Amendment Date”).





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The maximum principal amount of the SPV Asset Facility VI is $750.0 million; the availability of this amount is subject to an overcollateralization ratio test, which is based on the value of Core Income Funding VI’s assets from time to time, and satisfaction of certain conditions, including an interest coverage ratio test, certain concentration limits and collateral quality tests.
The SPV Asset Facility VI provides for the ability to (1) draw term loans and (2) draw and redraw revolving loans under the SPV Asset Facility VI until August 29, 2026 unless the revolving commitments are terminated or converted to term loans sooner as provided in the SPV Asset Facility VI (the “SPV Asset Facility VI Commitment Termination Date”). Unless otherwise terminated, the SPV Asset Facility VI will mature on August 29, 2033 (the “SPV Asset Facility VI Stated Maturity”). Prior to the SPV Asset Facility VI Stated Maturity, proceeds received by Core Income Funding VI 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 us, subject to certain conditions. On the SPV Asset Facility VI Stated Maturity, Core Income Funding VI must pay in full all outstanding fees and expenses and all principal and interest on outstanding borrowings, and the excess may be returned to us.
Amounts drawn bear interest at Term SOFR plus an applicable margin that ranges from 1.50% to 2.15% depending on a ratio of broadly syndicated loans to middle-market loans in the collateral during the SPV Asset Facility VI Reinvestment Period. From the SPV Asset Facility VI Closing Date to the SPV Asset Facility VI Commitment Termination Date, there is a commitment fee that steps up during the year after the SPV Asset Facility VI Closing Date from 0.00% to 0.55% per annum on the undrawn amount, if any, of the revolving commitments in the SPV Asset Facility VI.
SPV Asset Facility VII
On May 21, 2024 (the “SPV Asset Facility VII Closing Date”), Core Income Funding VII LLC (“Core Income Funding VII”), a Delaware limited liability company and newly formed subsidiary of ours, entered into a Credit Agreement (the “SPV Asset Facility VII”), with Core Income Funding VII LLC, as Borrower, the lenders from time to time parties thereto (the “SPV Asset Facility VII Lenders”), Citibank, N.A., as Administrative Agent, State Street Bank and Trust Company as Custodian, Collateral Agent and Collateral Administrator. The following describes the terms of SPV Asset Facility VII as amended through October 18, 2024 (the“SPV Asset Facility VII First Amendment Date”).
We retain a residual interest in assets contributed to or acquired by Core Income Funding VII through our ownership of Core Income Funding VII. The maximum principal amount of the SPV Asset Facility VII is $500.0 million (increased from $300.0 million to $500.0 million on the SPV asset Facility VII First Amendment Date), which can be drawn in multiple currencies subject to certain conditions; the availability of this amount is subject to a borrowing base test (which is based on the value of Core Income Funding VII’s assets from time to time, an advance rate and concentration limitations) and satisfaction of certain conditions, including collateral quality tests.
The SPV Asset Facility VII provides for the ability to draw and redraw revolving loans under the SPV Asset Facility VII for a period until May 21, 2027 (the “SPV Asset Facility VII Reinvestment Period”) unless the SPV Asset Facility VII Reinvestment Period is terminated sooner as provided in the SPV Asset Facility VII. Unless otherwise terminated, the SPV Asset Facility VII will mature two years after the last day of the SPV Asset Facility VII Reinvestment Period on May 21, 2029 (the “SPV Asset Facility VII Stated Maturity”). To the extent the commitments are terminated or permanently reduced during the first two years following the SPV Asset Facility Closing Date, Core Income Funding VII may owe a prepayment penalty. Prior to the SPV Asset Facility VII Stated Maturity, proceeds received by Core Income Funding VII 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 us, subject to certain conditions. On the SPV Asset Facility VII Stated Maturity, Core Income Funding VII must pay in full all outstanding fees and expenses and all principal and interest on outstanding borrowings, and the excess may be returned to us.
Amounts drawn in U.S. dollars are benchmarked to Term SOFR, amounts drawn in British pounds are benchmarked to SONIA, amounts drawn amounts drawn in Canadian dollars are benchmarked to Daily Compounded CORRA, and amounts drawn in Euros are benchmarked to EURIBOR, and in each case plus a spread equal to the Applicable Margin. The “Applicable Margin” ranges from 1.60% to 2.10%, depending on the type of asset being funded by such draw and the utilization level of the SPV Asset Facility VII. Core Income Funding VII also paid Citibank an upfront fee and will reimburse certain expenses in connection with Citibank’s role as Administrative Agent. From the SPV Asset Facility VII Closing Date until the end of SPV Asset Facility VII Reinvestment Period, there is a commitment fee that steps up from the date that is nine months after the SPV Asset Facility VII Closing Date from 0.25% to up to 1.50% per annum, depending on the undrawn amount, if any, of the commitments in the SPV Asset Facility VII.
SPV Asset Facility VIII
On December 17, 2024 (the “SPV Asset Facility VIII Closing Date”), Core Income Funding VIII LLC (“Core Income Funding VIII”), a Delaware limited liability company and newly formed subsidiary of ours, entered into a Credit Agreement (the “SPV Asset Facility VIII”), with Core Income Funding VIII LLC, as Borrower, the lenders from time to time parties thereto (the “SPV Asset Facility VIII Lenders”), Natixis, New York Branch, as Facility Agent, and State Street Bank and Trust Company as Collateral Agent,





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Collateral Administrator, Custodian and Document Custodian. On May 15, 2025, the parties to the SPV Asset Facility VIII entered into an amendment in order to, among other things, increase the size of the facility and add additional classes of loans. The following describes the terms of SPV Asset Facility VIII as most recently amended on May 15, 2025.
The maximum principal amount of the SPV Asset Facility VIII is $1.00 billion; the availability of this amount is subject to an overcollateralization ratio test, which is based on the value of Core Income Funding VIII’s assets from time to time, and satisfaction of certain conditions, including an interest coverage ratio test, certain concentration limits and collateral quality tests.
The SPV Asset Facility VIII provides for the ability to (1) draw term loans and (2) draw and redraw revolving loans under the SPV Asset Facility VIII for a period of up to three years after the SPV Asset Facility VIII Closing Date unless the revolving commitments are terminated or converted to term loans sooner as provided in the SPV Asset Facility VIII (the “SPV Asset Facility VIII Commitment Termination Date”). Unless otherwise terminated, the SPV Asset Facility VIII will mature on December 17, 2035 (the “SPV Asset Facility VIII Stated Maturity”). Prior to the SPV Asset Facility VIII Stated Maturity, proceeds received by Core Income Funding VIII 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 us, subject to certain conditions. On the SPV Asset Facility VIII Stated Maturity, Core Income Funding VIII must pay in full all outstanding fees and expenses and all principal and interest on outstanding borrowings, and the excess may be returned to us.
Amounts drawn bear interest at Term SOFR (or, in the case of certain lenders that are commercial paper conduits, their cost of funds) plus an applicable margin of (i) with respect to the Class A-R Loans and the Class A-T Loans, 1.75%, (ii) with respect to the Class A-D1 Loans, 1.65%, (iii) with respect to the Class A-D2 Loans, 1.93%, (iv) with respect to the Class A-D3 Loans, 1.78% and (v) with respect tot he Class A-D4 Loans, 2.06%. From the SPV Asset Facility VIII Closing Date to the SPV Asset Facility VIII Commitment Termination Date, there is a commitment fee that steps up the date that is three months after the SPV Asset Facility VIII Closing Date from 0.25% to 0.50% per annum on the undrawn amount, if any, of the revolving commitments in the SPV Asset Facility VIII.
Debt Securitization Transactions
We incur secured financing through debt securitization transactions (also known as collateralized loan obligation transactions) (the “CLO Transactions”) issued by our consolidated subsidiaries (the “CLO Issuers”), which are backed by a portfolio of collateral obligations consisting of middle-market loans and participation interests in middle-market loans as well as by other assets of the CLO Issuers. The CLO Issuers issue preferred shares which are not secured by the collateral securing the CLO Transactions which we purchase. We act as retention holder in connection with the CLO Transactions for the purposes of satisfying certain U.S. and European Union regulations requiring sponsors of securitization transactions to retain exposure to the performance of the securitized assets and as such is required to retain a portion of a CLO Issuer’s preferred shares. Notes issued by CLO Issuers have not been registered under the Securities Act of 1933, as amended (the “Securities Act”), or any state securities (e.g., “blue sky”) laws, and may not be offered or sold in the United States absent registration with the Securities and Exchange Commission or pursuant to an applicable exemption from such registration. The Adviser serves as collateral manager for the CLO Issuers under a collateral management agreement. The Adviser is entitled to receive fees for providing these services. The Adviser routinely waives its right to receive such fees but may rescind such waiver at any time; provided, however, that if the Adviser rescinds such waiver, the management fee payable to Adviser pursuant to the Investment Advisory Agreement will be offset by the amount of the collateral management fee attributable to a CLO Issuer’s equity or notes owned by us. Assets pledged to debt holders of the CLO Transactions and the other secured parties under each CLO Transaction’s documentation will not be available to pay our debts. We consolidate the financial statements of the CLO Issuers in our consolidated financing statements.
CLO VIII
On October 21, 2022 (the “CLO VIII Closing Date”), we completed a $391.7 million term debt securitization transaction (the “CLO VIII Transaction”). The secured notes and preferred shares issued in the CLO VIII Transaction and the secured loan borrowed in the CLO VIII Transaction were issued and incurred, as applicable, by our consolidated subsidiary Owl Rock CLO VIII, LLC, a limited liability company organized under the laws of the State of Delaware (the “CLO VIII Issuer”).
The CLO VIII Transaction was executed by (A) the issuance of the following classes of notes and preferred shares pursuant to an indenture and security agreement dated as of the CLO VIII Closing Date (the “CLO VIII Indenture”), by and among the CLO VIII Issuer and State Street Bank and Trust Company: (i) $152.0 million of AAA(sf) Class A-T Notes, which bear interest at three-month term SOFR plus 2.50%, (ii) $46.0 million of AAA(sf) Class A-F Notes, which bear interest at 6.02%, (iii) $32.0 million of AA(sf) Class B Notes, which bear interest at three-month term SOFR plus 3.50% and (iv) $30.0 million of A(sf) Class C Notes, which bear interest at 4.90% (together, the “CLO VIII Secured Notes”) and (B) the borrowing by the CLO VIII Issuer of $30.0 million under floating rate Class A-L loans (the “Class A-L Loans” and together with the CLO VIII Secured Notes, the “CLO VIII Debt”). The Class A-L Loans bear interest at three-month term SOFR plus 2.50%. The Class A-L Loans were borrowed under a loan agreement (the “A-L Loan Agreement”), dated as of the CLO VIII Closing Date, by and among the CLO VIII Issuer, as borrower, various





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financial institutions, as lenders, and State Street Bank and Trust Company, as collateral trustee and loan agent. The CLO VIII Debt is secured by middle-market loans, participation interests in middle-market loans and other assets of the CLO VIII Issuer. The CLO VIII Debt is scheduled to mature on the Payment Date (as defined in the CLO VIII Indenture) in November, 2034. The CLO VIII Secured Notes were privately placed by Natixis Securities Americas LLC as placement agent.
Concurrently with the issuance of the CLO VIII Secured Notes and the borrowing under the Class A-L Loans, the CLO VIII Issuer issued approximately $101.7 million of subordinated securities in the form of 101,675 preferred shares at an issue price of U.S.$1,000 per share (the “CLO VIII Preferred Shares”).
As part of the CLO VIII Transaction, we entered into a loan sale agreement with the CLO VIII Issuer dated as of the CLO VIII Closing Date, which provided for the sale and contribution of approximately $143.1 million funded par amount of middle-market loans from us to the CLO VIII Issuer on the CLO VIII Closing Date and for future sales from us to the CLO VIII Issuer on an ongoing basis. Such loans constituted part of the initial portfolio of assets securing the CLO VIII Debt. The remainder of the initial portfolio assets securing the CLO VIII Debt consisted of approximately $113.0 million funded par amount of middle-market loans purchased by the CLO VIII Issuer from Core Income Funding I LLC, our wholly-owned subsidiary, under an additional loan sale agreement executed on the CLO VIII Closing Date between the CLO VIII Issuer and Core Income Funding I LLC. No gain or loss was recognized as a result of these sales and contributions. We and Core Income Funding I LLC each made customary representations, warranties, and covenants to the CLO VIII Issuer under the applicable loan sale agreement.
Through November 20, 2026, a portion of the proceeds received by the CLO VIII Issuer from the loans securing the CLO VIII Debt may be used by the CLO VIII Issuer to purchase additional middle-market loans under the direction of the Adviser in its capacity as collateral manager for the CLO VIII Issuer and in accordance with our investing strategy and ability to originate eligible middle-market loans.
The CLO VIII Debt is the secured obligation of the CLO VIII Issuer, and the CLO VIII Indenture, the A-L Loan Agreement each include customary covenants and events of default.
CLO VIII Refinancing
On April 24, 2025 (the “CLO VIII Refinancing Date”), we completed a $500.7 million term debt securitization refinancing (the “CLO VIII Refinancing”). The secured notes and preferred shares issued in the CLO VIII Refinancing were issued by the CLO VIII Refinancing Issuer, as issuer (the “CLO VIII Refinancing Issuer”).
The CLO VIII Refinancing was executed by (A) the issuance of the following classes of notes pursuant to an indenture and security agreement dated as of October 21, 2022 (the “Original CLO VIII Closing Date”), by and between the CLO VIII Refinancing Issuer and State Street Bank and Trust Company, as amended and supplemented by the first supplemental indenture dated as of the CLO VIII Refinancing Date (the “CLO VIII Refinancing Indenture”), by and between the CLO VIII Refinancing Issuer and State Street Bank and Trust Company: (i) $275.0 million of AAA(sf) Class A-1R Notes, which bear interest at the Benchmark plus 1.49%, (ii) $30.0 million of AAA(sf) Class A-2R Notes, which bear interest at the Benchmark plus 1.80%, (iii) $35.0 million of AA(sf) Class B-R Notes, which bear interest at the Benchmark plus 1.90% and (iv) $35.0 million of A(sf) Class C-R Notes, which bear interest at the Benchmark plus 2.40% (together, the “CLO VIII Refinancing Secured Notes”). The CLO VIII Refinancing Secured Notes are secured by middle market loans, participation interests in middle market loans and other assets of the CLO VIII Refinancing Issuer. The CLO VIII Refinancing Secured Notes are scheduled to mature on the Payment Date in April 2037. The CLO VIII Refinancing Secured Notes were privately placed by Natixis Securities Americas LLC, as Placement Agent. The proceeds from the CLO VIII Refinancing were used to redeem in full the classes of notes issued on the Original CLO VIII Closing Date, to repay the loans incurred on the Original CLO VIII Closing Date, to pay expenses incurred in connection with the CLO VIII Refinancing and to purchase additional assets from us.
Concurrently with the issuance of the CLO VIII Refinancing Secured Notes, the CLO VIII Refinancing Issuer issued $24.0 million of additional subordinated securities in the form of 24,000 of its preferred shares (the “CLO VIII Refinancing Additional Preferred Shares”). The CLO VIII Refinancing Additional Preferred Shares were issued by the CLO VIII Refinancing Issuer as part of its issued share capital and are not secured by the collateral securing the CLO VIII Refinancing Secured Notes. We purchased all of the CLO VIII Refinancing Additional Preferred Shares issued on the CLO VIII Refinancing Date. On the Original CLO VIII Closing Date, the CLO VIII Refinancing Issuer issued $101.7 million of subordinated interests in the form of 101,675 of its preferred shares which we purchased and continue to hold. The total amount of outstanding preferred shares as of the Refinancing Date is 125,675.
On the Original CLO VIII Closing Date, the CLO VIII Refinancing Issuer entered into a loan sale agreement with us, which provided for the sale and contribution of approximately $143.0 million par amount of middle market loans from tus to the CLO VIII Refinancing Issuer on the Original CLO VIII Closing Date and for future sales from us to the CLO VIII Refinancing Issuer on an ongoing basis. Such loans constituted part of the initial portfolio of assets securing the CLO VIII Secured Notes. As part of the CLO VIII Refinancing, the CLO VIII Refinancing Issuer and us entered into an amended and restated loan sale agreement dated as of the





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CLO VIII Refinancing Date (the “BOCIC CLO VIII Loan Sale Agreement”), which provides for the sale and contribution of approximately $192.3 million par amount of middle market loans from us to the CLO VIII Refinancing Issuer on the CLO VIII Refinancing Date and for future sales from us to the CLO VIII Refinancing Issuer on an ongoing basis. Such loans constituted part of the portfolio of assets securing the CLO VIII Refinancing Secured Notes. We made customary representations, warranties, and covenants to the CLO VIII Refinancing Issuer under the applicable loan sale agreement.
Through April 24, 2029, a portion of the proceeds received by the CLO VIII Refinancing Issuer from the loans securing the CLO VIII Refinancing Secured Notes may be used by the CLO VIII Refinancing Issuer to purchase additional middle market loans under the direction of the Adviser, in its capacity as collateral manager for the CLO VIII Refinancing Issuer and in accordance with our investing strategy and ability to originate eligible middle market loans.
The CLO VIII Refinancing Secured Notes are the secured obligation of the CLO VIII Refinancing Issuer, and the CLO VIII Refinancing Indenture includes customary covenants and events of default.
CLO XI
On May 24, 2023 (the “CLO XI Closing Date”), we completed a $395.8 million term debt securitization transaction (the “CLO XI Transaction”). The secured notes and preferred shares issued in the CLO XI Transaction and the secured loan borrowed in the CLO XI Transaction were issued and incurred, as applicable, by our consolidated subsidiary Owl Rock CLO XI, LLC, a limited liability company organized under the laws of the State of Delaware (the “CLO XI Issuer”).
The CLO XI Transaction was executed by (A) the issuance of the following classes of notes and preferred shares pursuant to an indenture and security agreement dated as of the CLO XI Closing Date (the “CLO XI Indenture”), by and among the CLO XI Issuer and State Street Bank and Trust Company: (i) $152.5 million of AAA(sf) Class A-1T Notes, which bear interest at three-month term SOFR plus 2.50%, (ii) $25.5 million of AAA(sf) Class A-1F Notes, which bear interest at 6.10% and (iii) $32.0 million of AA(sf) Class B Notes, which bear interest at three-month term SOFR plus 3.60% (together, the “CLO XI Secured Notes”) and (B) the borrowing by the Issuer of $50.0 million under floating rate Class A-1L loans (the “CLO XI Class A-1L Loans” and together with the CLO XI Secured Notes, the “CLO XI Debt”). The CLO XI Class A-1L Loans bear interest at three-month term SOFR plus 2.50%. The CLO XI Class A-1L Loans were borrowed under a loan agreement (the “CLO XI A-1L Loan Agreement”), dated as of the CLO XI Closing Date, by and among the CLO XI Issuer, as borrower, various financial institutions, as lenders, and State Street Bank and Trust Company, as collateral trustee and loan agent. The CLO XI Debt is secured by middle-market loans, participation interests in middle-market loans and other assets of the Issuer. The CLO XI Debt is scheduled to mature on the Payment Date (as defined in the CLO XI Indenture) in May, 2035. The CLO XI Secured Notes were privately placed by SMBC Nikko Securities America, Inc. as Initial Purchaser.
Concurrently with the issuance of the CLO XI Secured Notes and the borrowing under the CLO XI Class A-1L Loans, the CLO XI Issuer issued approximately $135.8 million of subordinated securities in the form of 135,820 preferred shares at an issue price of U.S. $1,000 per share (the “CLO XI Preferred Shares”).
As part of the CLO XI Transaction, we entered into a loan sale agreement with the CLO XI Issuer dated as of the CLO XI Closing Date, which provided for the contribution of approximately $96.4 million funded par amount of middle-market loans from us to the CLO XI Issuer on the CLO XI Closing Date and for future sales from us to the CLO XI Issuer on an ongoing basis. Such loans constituted part of the initial portfolio of assets securing the CLO XI Debt. No gain or loss was recognized as a result of these sales and contributions. The remainder of the initial portfolio assets securing the CLO XI Debt consisted of approximately $260.6 million funded par amount of middle-market loans purchased by the CLO XI Issuer from Core Income Funding IV LLC, our wholly-owned subsidiary, under an additional loan sale agreement executed on the CLO XI Closing Date between the CLO XI Issuer and Core Income Funding IV LLC (the “Core Income Funding IV Loan Sale Agreement”). We and Core Income Funding IV LLC each made customary representations, warranties, and covenants to the CLO XI Issuer under the applicable loan sale agreement.
Through May 15, 2027, a portion of the proceeds received by the CLO XI Issuer from the loans securing the CLO XI Debt may be used by the CLO XI Issuer to purchase additional middle-market loans under the direction of Blue Owl Credit Advisors LLC (“OCA”), our investment advisor, in its capacity as collateral manager for the CLO XI Issuer and in accordance with our investing strategy and ability to originate eligible middle-market loans.
The CLO XI Debt is the secured obligation of the CLO XI Issuer, and the CLO XI Indenture and CLO XI A-1L Loan Agreement each include customary covenants and events of default.
CLO XII
On July 18, 2023 (the “CLO XII Closing Date”), we completed a $396.5 million term debt securitization transaction (the “CLO XII Transaction”). The secured notes and preferred shares issued in the CLO XII Transaction and the secured loan borrowed in the





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CLO XII Transaction were issued and incurred, as applicable, by our consolidated subsidiary Owl Rock CLO XII, LLC, a limited liability company organized under the laws of the State of Delaware (the “CLO XII Issuer”).
The CLO XII Transaction was executed by (A) the issuance of the following classes of notes and preferred shares pursuant to an indenture and security agreement dated as of the CLO XII Closing Date (the “CLO XII Indenture”), by and among the CLO XII Issuer and State Street Bank and Trust Company: (i) $90.0 million of AAA(sf) Class A-1A Notes, which bear interest at three-month term SOFR plus 2.55%, (ii) $22.0 million of AAA(sf) Class A-1B Notes, which bear interest at 6.37%, (iii) $8.0 million of AAA(sf) Class A-2 Notes, which bear interest at three-month term SOFR plus 3.10% and (iv) $24.0 million of AA(sf) Class B Notes, which bear interest at three-month term SOFR plus 3.55% (together, the “CLO XII Secured Notes”) and (B) the borrowing by the CLO XII Issuer of $116.0 million under floating rate Class A-1L loans (the “CLO XII Class A-1L Loans” and together with the CLO XII Secured Notes, the “CLO XII Debt”). The CLO XII Class A-1L Loans bear interest at three-month term SOFR plus 2.55%. The CLO XII Class A-1L Loans were borrowed under a credit agreement (the “CLO XII Class A-1L Credit Agreement”), dated as of the CLO XII Closing Date, by and among the CLO XII Issuer, as borrower, various financial institutions, as lenders, and State Street Bank and Trust Company, as collateral trustee and loan agent. The CLO XII Debt is secured by middle-market loans, participation interests in middle-market loans and other assets of the CLO XII Issuer. The CLO XII Debt is scheduled to mature on the Payment Date (as defined in the CLO XII Indenture) in July, 2034. The CLO XII Secured Notes were privately placed by BofA Securities, Inc. as Initial Purchaser.
Concurrently with the issuance of the CLO XII Secured Notes and the borrowing under the CLO XII Class A-1L Loans, the CLO XII Issuer issued approximately $136.5 million of subordinated securities in the form of 136,500 preferred shares at an issue price of U.S. $1,000 per share (the “CLO XII Preferred Shares”).
As part of the CLO XII Transaction, we entered into a loan sale agreement with the CLO XII Issuer dated as of the CLO XII Closing Date (the “CLO XII OCIC Loan Sale Agreement”), which provided for the contribution of approximately $78.0 million funded par amount of middle-market loans from us to the CLO XII Issuer on the CLO XII Closing Date and for future sales from us to the CLO XII Issuer on an ongoing basis. Such loans constituted part of the initial portfolio of assets securing the CLO XII Debt. The remainder of the initial portfolio assets securing the CLO XII Debt consisted of approximately $295.7 million funded par amount of middle-market loans purchased by the CLO XII Issuer from Core Income Funding III LLC, a wholly-owned subsidiary of ours, under an additional loan sale agreement executed on the CLO XII Closing Date between the CLO XII Issuer and Core Income Funding III LLC (the “CLO XII Core Income Funding III Loan Sale Agreement”). No gain or loss was recognized as a result of these sales and contributions. We and Core Income Funding III LLC each made customary representations, warranties, and covenants to the CLO XII Issuer under the applicable loan sale agreement.
Through July 20, 2026, a portion of the proceeds received by the CLO XII Issuer from the loans securing the CLO XII Debt may be used by the CLO XII Issuer to purchase additional middle-market loans under the direction of the Adviser in its capacity as collateral manager for the CLO XII Issuer and in accordance with our investing strategy and ability to originate eligible middle-market loans.
The CLO XII Debt is the secured obligation of the CLO XII Issuer, and the CLO XII Indenture and CLO XII Class A-1L Credit Agreement each include customary covenants and events of default.
CLO XV
On January 30, 2024 (the “CLO XV Closing Date”), we completed a $478.0 million term debt securitization transaction (the “CLO XV Transaction”). The secured notes and preferred shares issued in the CLO XV Transaction and the secured loan borrowed in the CLO XV Transaction were issued and incurred, as applicable, by our consolidated subsidiary Owl Rock CLO XV, LLC, a limited liability company organized under the laws of the State of Delaware (the “CLO XV Issuer”).
The CLO XII Transaction was executed by (A) the issuance of the following classes of notes and preferred shares pursuant to an indenture and security agreement dated as of the CLO XV Closing Date (the “CLO XV Indenture”), by and among the CLO XV Issuer and State Street Bank and Trust Company: (i) $273.6 million of AAA(sf) Class A Notes, which bear interest at three-month term SOFR plus 2.30%, (ii) $38.4 million of AA(sf) Class B Notes, which bear interest at three-month term SOFR plus 3.20% (together, the “CLO XV Secured Notes”). The CLO XV Secured Notes are secured by middle-market loans, participation interests in middle-market loans and other assets of the CLO XV Issuer. The CLO XV Secured Notes are scheduled to mature on the Payment Date (as defined in the CLO XV Indenture) in January, 2036. The CLO XV Secured Notes were privately placed by Natixis Securities Americas LLC as placement agent.
Concurrently with the issuance of the CLO XV Secured Notes, the CLO XV Issuer issued approximately $166.0 million of subordinated securities in the form of 165,980 preferred shares at an issue price of U.S. $1,000 per share (the “CLO XV Preferred Shares”).





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As part of the CLO XV Transaction, we entered into a loan sale agreement with the CLO XV Issuer dated as of the CLO XV Closing Date (the “CLO XV OCIC Loan Sale Agreement”), which provided for the contribution of approximately $115.4 million funded par amount of middle-market loans from us to the CLO XV Issuer on the CLO XV Closing Date and for future sales from us to the CLO XV Issuer on an ongoing basis. Such loans constituted part of the initial portfolio of assets securing the CLO XV Secured Notes. The remainder of the initial portfolio assets securing the CLO XV Secured Notes consisted of approximately $329.7 million funded par amount of middle-market loans purchased by the CLO XV Issuer from Core Income Funding I LLC, our wholly-owned subsidiary, under an additional loan sale agreement executed on the CLO XV Closing Date between the CLO XV Issuer and Core Income Funding I LLC (the “CLO XV Core Income Funding I Loan Sale Agreement”). No gain or loss was recognized as a result of these sales and contributions. We and Core Income Funding I LLC each made customary representations, warranties, and covenants to the CLO XV Issuer under the applicable loan sale agreement.
Through January 20, 2028, a portion of the proceeds received by the CLO XV Issuer from the loans securing the CLO XV Secured Notes may be used by the CLO XV Issuer to purchase additional middle-market loans under the direction of the Adviser in its capacity as collateral manager for the CLO XV Issuer and in accordance with our investing strategy and ability to originate eligible middle-market loans.
The CLO XV Secured Notes is the secured obligation of the CLO XV Issuer, and the CLO XV Indenture each include customary covenants and events of default.
CLO XVI
On March 7, 2024 (the “CLO XVI Closing Date”), we completed a $597.0 million term debt securitization transaction (the “CLO XVI Transaction”). The secured notes and preferred shares issued in the CLO XVI Transaction and the secured loan borrowed in the CLO XVI Transaction were issued and incurred, as applicable, by our consolidated subsidiary Owl Rock CLO XVI, LLC, a limited liability company organized under the laws of the State of Delaware (the “CLO XVI Issuer”).
The CLO XVI Transaction was executed by (A) the issuance of the following classes of notes and preferred shares pursuant to an indenture and security agreement dated as of the CLO XVI Closing Date (the “CLO XVI Indenture”), by and among the CLO XVI Issuer and State Street Bank and Trust Company: (i) $342.0 million of AAA(sf) Class A Notes, which bear interest at three-month term SOFR plus 2.00%, (ii) $48.0 million of AA(sf) Class B Notes, which bear interest at three-month term SOFR plus 2.50% and (iii) $30.0 million of A(sf) Class C Notes, which bear interest at three-month term SOFR plus 3.30% (together, the “CLO XVI Secured Notes”). The CLO XVI Secured Notes are secured by middle-market loans, participation interests in middle-market loans and other assets of the CLO XVI Issuer. The CLO XVI Debt is scheduled to mature on the Payment Date (as defined in the CLO XVI Indenture) in April, 2036. The CLO XVI Secured Notes were privately placed by Deutsche Bank Securities Inc. as Initial Purchaser.
Concurrently with the issuance of the CLO XVI Secured Notes, the CLO XVI Issuer issued approximately $177.0 million of subordinated securities in the form of 177,000 preferred shares at an issue price of U.S. $1,000 per share (the “CLO XVI Preferred Shares”).
As part of the CLO XVI Transaction, we entered into a loan sale agreement with the CLO XVI Issuer dated as of the CLO XVI Closing Date (the “OCIC CLO XVI Loan Sale Agreement”), which provided for the contribution of approximately $206.6 million funded par amount of middle-market loans from us to the CLO XVI Issuer on the CLO XVI Closing Date and for future sales from us to the CLO XVI Issuer on an ongoing basis. Such loans constituted part of the initial portfolio of assets securing the CLO XVI Secured Notes. The remainder of the initial portfolio assets secured the CLO XVI Secured Notes consisted of approximately $356.5 million funded par amount of middle-market loans purchased by the CLO XVI Issuer from Core Income Funding II LLC, our wholly-owned subsidiary, under an additional loan sale agreement executed on the CLO XVI Closing Date between the CLO XVI Issuer and Core Income Funding II LLC (the “CLO XVI Core Income Funding II Loan Sale Agreement”). We and Core Income Funding II LLC each made customary representations, warranties, and covenants to the CLO XVI Issuer under the applicable loan sale agreement. No gain or loss was recognized as a result of these sales and contributions.
Through April 20, 2028, a portion of the proceeds received by the CLO XVI Issuer from the loans securing the CLO XVI Secured Notes may be used by the CLO XVI Issuer to purchase additional middle-market loans under the direction of the Adviser in its capacity as collateral manager for the CLO XVI Issuer and in accordance with our investing strategy and ability to originate eligible middle-market loans.
The CLO XVI Secured Notes is the secured obligation of the CLO XVI Issuer, and the CLO XVI Indenture includes customary covenants and events of default.
CLO XVII
On July 18, 2024 (the “CLO XVII Closing Date”), we completed a $500.59 million term debt securitization transaction (the “CLO XVII Transaction”). The secured notes and preferred shares issued in the CLO XVII Transaction and the secured loan borrowed





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in the CLO XVII Transaction were issued and incurred, as applicable, by our consolidated subsidiary Owl Rock CLO XVII, LLC, a limited liability company organized under the laws of the State of Delaware (the “CLO XVII Issuer”).
The CLO XVII Transaction was executed by the issuance of the following classes of notes and preferred shares pursuant to an indenture dated as of the CLO XVII Closing Date (the “CLO XVII Indenture”), by and among the CLO XVII Issuer and State Street Bank and Trust Company: (i) $275.0 million of AAA(sf) Class A-1 Notes, which bear interest at three-month term SOFR plus 1.68%, (ii) $25.0 million of AAA(sf) Class A-2 Notes, which bear interest at three-month term SOFR plus 1.85% and (iii) $25.0 million of AA(sf) Class B Notes, which bear interest at three-month term SOFR plus 1.95% (together, the “CLO XVII Secured Notes”). The CLO XVII Secured Notes are secured by middle-market loans, participation interests in middle-market loans and other assets of the CLO XVII Issuer. The CLO XVII Secured Notes are scheduled to mature on the Payment Date (as defined in the CLO XVII Indenture) in July 2036. The CLO XVII Secured Notes were privately placed by Natixis Securities Americas LLC, as Placement Agent.
Concurrently with the issuance of the CLO XVII Secured Notes, the CLO XVII Issuer issued approximately $175.59 million of subordinated securities in the form of 177,590 preferred shares at an issue price of U.S. $1,000 per share (the “CLO XVII Preferred Shares”).
As part of the CLO XVII Transaction, we entered into a loan sale agreement with the CLO XVII Issuer dated as of the CLO XVII Closing Date (the “CLO XVII OCIC Loan Sale Agreement”), which provided for the contribution of approximately $463.204 million funded par amount of middle-market loans from us to the CLO XVII Issuer on the CLO XVII Closing Date and for future sales from us to the CLO XVII Issuer on an ongoing basis. Such loans constituted part of the initial portfolio of assets securing the CLO XVII Secured Notes. The remainder of the initial portfolio assets secured the CLO XVII Secured Notes consisted of approximately $11.987 million funded par amount of middle-market loans purchased by the CLO XVII Issuer from Core Income Funding I LLC, a wholly-owned subsidiary of ours, under an additional loan sale agreement executed on the CLO XVII Closing Date between the CLO XVII Issuer and Core Income Funding I LLC (the “CLO XVII Core Income Funding I Loan Sale Agreement”). We and Core Income Funding I LLC each made customary representations, warranties, and covenants to the CLO XVII Issuer under the applicable loan sale agreement. No gain or loss was recognized as a result of these sales and contributions.
Through the Payment Date in July 2028, a portion of the proceeds received by the CLO XVII Issuer from the loans securing the CLO XVII Secured Notes may be used by the CLO XVII Issuer to purchase additional middle-market loans under the direction of the Adviser, in its capacity as collateral manager for the CLO XVII Issuer and in accordance with our investing strategy and ability to originate eligible middle-market loans.
The CLO XVII Secured Notes are the secured obligation of the CLO XVII Issuer, and the CLO XVII Indenture includes customary covenants and events of default.
CLO XVIII
On July 12, 2024 (the “CLO XVIII Closing Date”), we completed a $399.80 million term debt securitization transaction (the “CLO XVIII Transaction”). The secured notes and preferred shares issued in the CLO XVIII Transaction and the secured loan borrowed in the CLO XVIII Transaction were issued and incurred, as applicable, by our consolidated subsidiary Owl Rock CLO XVIII, LLC, a limited liability company organized under the laws of the State of Delaware (the “CLO XVIII Issuer”).
The CLO XVIII Transaction was executed by (A) the issuance of the following classes of notes and preferred shares pursuant to an indenture dated as of the CLO XVIII Closing Date (the “CLO XVIII Indenture”), by and among the CLO XVIII Issuer and State Street Bank and Trust Company: (i) $178.0 million of AAA(sf) Class A Notes, which bear interest at three-month term SOFR plus 1.70%, (ii) $32.0 million of AA(sf) Class B Notes, which bear interest at three-month term SOFR plus 1.95% (together, the “CLO XVIII Secured Notes”) and (B) the borrowing by the CLO XVIII Issuer of $50.0 million under floating rate Class A-1L Loans (the “CLO XVIII Class A-1L Loans” and together with the CLO XVIII Secured Notes, the “CLO XVIII Debt”). The CLO XVIII Class A-1L Loans bear interest at three-month term SOFR plus 1.70%. The CLO XVIII Class A-1L Loans were borrowed under a loan agreement (the “CLO XVIII A-1L Loan Agreement”), dated as of the CLO XVIII Closing Date, by and among the CLO XVIII Issuer, as borrower, various financial institutions, as lenders, and State Street Bank and Trust Company, as collateral trustee and loan agent. The CLO XVIII Debt is secured by middle-market loans, participation interests in middle-market loans and other assets of the CLO XVIII Issuer. The CLO XVIII Debt is scheduled to mature on the Payment Date (as defined in the CLO XVIII Indenture) in July 2036. The CLO XVIII Secured Notes were privately placed by Deutsche Bank Securities Inc. as Initial Purchaser.
Concurrently with the issuance of the CLO XVIII Secured Notes, the CLO XVIII Issuer issued approximately $139.8 million of subordinated securities in the form of 139,800 preferred shares at an issue price of U.S. $1,000 per share (the “CLO XVIII Preferred Shares”).





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As part of the CLO XVIII Transaction, we entered into a loan sale agreement with the CLO XVIII Issuer dated as of the CLO XVIII Closing Date (the “CLO XVIII OCIC Loan Sale Agreement”), which provided for the contribution of approximately $246.228 million funded par amount of middle-market loans from us to the CLO XVIII Issuer on the CLO XVIII Closing Date and for future sales from us to the CLO XVIII Issuer on an ongoing basis. Such loans constituted part of the initial portfolio of assets securing the CLO XVIII Secured Notes. The remainder of the initial portfolio assets secured the CLO XVIII Secured Notes consisted of approximately $146.385 million funded par amount of middle-market loans purchased by the CLO XVIII Issuer from Core Income Funding IV LLC, a wholly-owned subsidiary of ours, under an additional loan sale agreement executed on the CLO XVIII Closing Date between the CLO XVIII Issuer and Core Income Funding IV LLC (the “CLO XVIII Core Income Funding IV Loan Sale Agreement”). We and Core Income Funding IV LLC each made customary representations, warranties, and covenants to the CLO XVIII Issuer under the applicable loan sale agreement. No gain or loss was recognized as a result of these sales and contributions.
Through the Payment Date in July 2029, a portion of the proceeds received by the CLO XVIII Issuer from the loans securing the CLO XVIII Debt may be used by the CLO XVIII Issuer to purchase additional middle-market loans under the direction of the Adviser, in its capacity as collateral manager for the CLO XVIII Issuer and in accordance with our investing strategy and ability to originate eligible middle-market loans.
The CLO XVIII Debt is the secured obligation of the CLO XVIII Issuer, and the CLO XVIII Indenture and CLO XVIII A-1L Loan Agreement each include customary covenants and events of default.
CLO XIX
On October 29, 2024 (the “CLO XIX Closing Date”), we completed a $401.3 million term debt securitization transaction (the “CLO XIX Transaction”). The secured notes and preferred shares issued in the CLO XIX Transaction and the secured loan borrowed in the CLO XIX Transaction were issued and incurred, as applicable, by our consolidated subsidiary Owl Rock CLO XIX, LLC, a limited liability company organized under the laws of the State of Delaware (the “CLO XIX Issuer”).
The CLO XIX Transaction was executed by (A) the issuance of the following classes of notes and preferred shares pursuant to an indenture and security agreement dated as of the Closing Date (the “CLO XIX Indenture”), by and among the CLO XIX Issuer and State Street Bank and Trust Company: (i) $153 million of AAA(sf) Class A Notes, which bear interest at three-month term SOFR plus 1.65% and (ii) $32 million of AA(sf) Class B Notes, which bear interest at three-month term SOFR plus 1.90% (together, the “Secured Notes”) and (B) the borrowing by the CLO XIX Issuer of (i) $50 million under floating rate Class A-1L-1 loans (the “CLO XIX Class A-1L-1 Loans”) and (ii) $25 million under floating rate Class A-1L-2 loans (the “CLO XIX Class A-1L-2 Loans” and together with the CLO XIX Class A-1L-1 Loans and the Secured Notes, the “CLO XIX Debt”). The CLO XIX Class A-1L-1 Loans bear interest at three-month term SOFR plus 1.65%. The CLO XIX Class A-1L-2 Loans bear interest at three-month term SOFR plus 1.65%. The CLO XIX Class A-1L-1 Loans were borrowed under a loan agreement (the “CLO XIXA-1L-1 Loan Agreement”), dated as of the CLO XIX Closing Date, by and among the CLO XIX Issuer, as borrower, the lenders party thereto, and State Street Bank and Trust Company, as collateral trustee and loan agent. The CLO XIX Class A-1L-2 Loans were borrowed under a loan agreement (the “CLO XIXA-1L-2 Loan Agreement”), dated as of the CLO XIX Closing Date, by and among the CLO XIX Issuer, as borrower, the lenders party thereto, and State Street Bank and Trust Company, as collateral trustee and loan agent. The CLO XIX Debt is secured by middle market loans, participation interests in middle market loans and other assets of the CLO XIX Issuer. The CLO XIX Debt is scheduled to mature on the Payment Date (as defined in the Indenture) in October 2037. The CLO XIX Secured Notes were privately placed by BofA Securities, Inc., as Initial Purchaser.
Concurrently with the issuance of the CLO XIX Secured Notes, the CLO XIX Issuer issued approximately $141.3 million of subordinated securities in the form of 141,300 preferred shares at an issue price of U.S.$1,000 per share (the “CLO XIX Preferred Shares”).
As part of the CLO XIX Transaction, we entered into a loan sale agreement with the CLO XIX Issuer, dated as of the CLO XIX Closing Date (the “CLO XIX OCIC Loan Sale Agreement”), which provided for the contribution and sale of approximately $301.236 million funded par amount of middle market loans from us to the CLO XIX Issuer on the CLO XIX Closing Date and for future sales from us to the CLO XIX Issuer on an ongoing basis. Such loans constituted part of the initial portfolio of assets securing the CLO XIX Debt. The remainder of the initial portfolio assets securing the CLO XIX Debt consisted of approximately $56.224 million funded par amount of middle market loans purchased by the CLO XIX Issuer from Core Income Funding III LLC, a wholly-owned subsidiary of ours, under an additional loan sale agreement executed on the Closing Date between the CLO XIX Issuer and Core Income Funding III LLC (the “CLO XIX Core Income Funding III Loan Sale Agreement”). We and Core Income Funding III LLC each made customary representations, warranties, and covenants to the CLO XIX Issuer under the applicable loan sale agreement. No gain or loss was recognized as a result of these sales or contributions.
Through October 2029, a portion of the proceeds received by the CLO XIX Issuer from the loans securing the Debt may be used by the CLO XIX Issuer to purchase additional middle market loans under the direction of the Adviser, in its capacity as collateral manager for the CLO XIX Issuer and in accordance with our investing strategy and ability to originate eligible middle market loans.





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The CLO XIX Debt is the secured obligation of the CLO XIX Issuer, and the CLO XIX Indenture, the CLO XIXA-1L-1 Loan Agreement and the CLO XIXA-1L-2 Loan Agreement each include customary covenants and events of default.
Unsecured Notes
On November 30, 2022, we entered into an agreement of removal, appointment and acceptance (the “Tripartite Agreement”), with Computershare Trust Company, N.A., as successor to Wells Fargo Bank, National Association (the “Retiring Trustee”) and Trust Bank (the “Successor Trustee”), with respect to the Indenture, dated September 23, 2021 between us and the Retiring Trustee (the “Base Indenture”), the first supplemental indenture, dated September 23, 2021 (the “First Supplemental Indenture”) between us and the Retiring Trustee, the second supplemental indenture, dated February 8, 2022 (the “Second Supplemental Indenture”) between us and the Retiring Trustee, the third supplemental indenture, dated March 29, 2022 (the “Third Supplemental Indenture”) between us and the Retiring Trustee, and the fourth Supplemental Indenture, dated September 16, 2022 (the “Fourth Supplemental Indenture” and together with the Base Indenture, the First Supplemental Indenture, the Second Supplemental Indenture and the Third Supplemental Indenture, the “Indenture”) between us and the Retiring Trustee.
The Tripartite Agreement provided that, effective as of the date thereof, (1) the Retiring Trustee assigns, transfers, delivers and confirms to the Successor Trustee all of its rights, title and interest under the Indenture and all of the rights, power, trusts and duties as trustee, security registrar, paying agent, authenticating agent and depositary custodian under the Indenture; and (2) the Successor Trustee accepts its appointment successor trustee, security registrar, paying agent, authenticating agent and depositary custodian under the Indenture, and accepts the rights, indemnities, protections, powers, trust and duties of or afforded to Retiring Trustee as trustee, security registrar, paying agent, authenticating agent and depositary custodian under the Indenture. The Successor Trustee’s appointment in its capacities as paying agent and security registrar became effective on December 14, 2022.
March 2025 Notes
On March 29, 2022, we issued $500.0 million aggregate principal amount of 5.500% notes due 2025 (the notes initially issued on March 29, 2022, together with the registered notes issued in the exchange offer described below, the “March 2025 Notes”) in a private placement in reliance on Section 4(a)(2) of the Securities Act, and for initial resale by the Initial Purchasers to persons they reasonably believe to be qualified institutional buyers pursuant to the exemption from registration provided by Rule 144A promulgated under the Securities Act. When initially issued, the March 2025 Notes were not registered under the Securities Act and could not be offered or sold in the United States absent registration or an applicable exemption from registration. On March 21, 2025, the maturity date for the March 2025 Notes, the Company repaid in full all $500.0 million in aggregate principal amount of the March 2025 Notes at 100.0% of their principal amount, plus the accrued and unpaid interest thereon through, but excluding, March 21, 2025.
The March 2025 Notes were issued pursuant to the Base Indenture and the Third Supplemental Indenture (together, the “March 2025 Indenture”). The March 2025 Notes bore interest at a rate of 5.500% per year payable semi-annually on March 21 and September 21 of each year, commencing on September 21, 2022. Concurrent with the issuance of the March 2025 Notes, in connection with the offering, we entered into a Registration Rights Agreement, dated as of March 29, 2022 (the “March 2025 Registration Rights Agreement”), for the benefit of the purchasers of the March 2025 Notes. Pursuant to the terms of the March 2025 Registration Rights Agreement, we filed a registration statement with the SEC and, on July 25, 2022, commenced an offer to exchange the notes initially issued on March 29, 2022 for newly issued registered notes with substantially similar terms, which expired on August 23, 2022 and was completed promptly thereafter.
The March 2025 Notes were our direct, general unsecured obligations and ranked senior in right of payment to all of our future indebtedness or other obligations that were expressly subordinated, or junior, in right of payment to the March 2025 Notes. The March 2025 Notes ranked pari passu, or equal, in right of payment with all of our existing and future indebtedness or other obligations that were not so subordinated, or junior to the March 2025 Notes. The March 2025 Notes ranked effectively subordinated, or junior, to any of our future secured indebtedness or other obligations (including unsecured indebtedness that we secure) to the extent of the value of the assets securing such indebtedness. The March 2025 Notes ranked structurally subordinated, or junior, to all existing and future indebtedness and other obligations (including trade payables) incurred by our subsidiaries, financing vehicles or similar facilities.
September 2026 Notes
On September 23, 2021, we issued $350.0 million aggregate principal amount of 3.125% notes due 2026 (the notes initially issued on September 23, 2021, together with the registered notes issued in the exchange offer described below, the “September 2026 Notes”) in a private placement in reliance on Section 4(a)(2) of the Securities Act, and for initial resale to qualified institutional buyers pursuant to the exemption from registration provided by Rule 144A promulgated under the Securities Act. When initially issued, the September 2026 Notes were not registered under the Securities Act and could not be offered or sold in the United States absent registration or an applicable exemption from registration.





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The September 2026 Notes were issued pursuant to the Base Indenture, and the First Supplemental Indenture (together, the “September 2026 Indenture”). The September 2026 Notes will mature on September 23, 2026 and may be redeemed in whole or in part at our option at any time or from time to time at the redemption prices set forth in the September 2026 Indenture. The September 2026 Notes initially bear interest at a rate of 3.125% per year payable semi-annually on March 23 and September 23 of each year, commencing on March 23, 2022. Concurrent with the issuance of the September 2026 Notes, we entered into a Registration Rights (the “September 2026 Registration Rights Agreement”) Agreement for the benefit of the purchasers of the September 2026 Notes. Pursuant to the terms of the September 2026 Registration Rights Agreement, we filed a registration statement with the SEC and, on July 25, 2022, commenced an offer to exchange the notes initially issued on September 23, 2021 for newly issuer registered notes with substantially similar terms, which expired on August 23, 2022 and was completed promptly thereafter.
The September 2026 Notes are our direct, general unsecured obligations and rank senior in right of payment to all of our future indebtedness or other obligations that are expressly subordinated, or junior, in right of payment to the September 2026 Notes. The September 2026 Notes rank pari passu, or equal, in right of payment with all of our existing and future indebtedness or other obligations that are not so subordinated, or junior. The September 2026 Notes rank effectively subordinated, or junior, to any of our future secured indebtedness or other obligations (including unsecured indebtedness that we later secure) to the extent of the value of the assets securing such indebtedness. The September 2026 Notes rank structurally subordinated, or junior, to all existing and future indebtedness and other obligations (including trade payables) incurred by our subsidiaries, financing vehicles or similar facilities.
The September 2026 Indenture contains certain covenants, including covenants requiring us to (i) comply with the asset coverage requirements of the 1940 Act, whether or not it is subject to those requirements, and (ii) provide financial information to the holders of the September 2026 Notes and the Successor Trustee if we are no longer subject to the reporting requirements under the Exchange Act. These covenants are subject to important limitations and exceptions that are described in the September 2026 Indenture.
In addition, if a change of control repurchase event, as defined in the September 2026 Indenture, occurs prior to maturity, holders of the September 2026 Notes will have the right, at their option, to require us to repurchase for cash some or all of the September 2026 Notes at a repurchase price equal to 100% of the aggregate principal amount of the September 2026 Notes being repurchased, plus accrued and unpaid interest to, but excluding, the repurchase date.
February 2027 Notes
On February 8, 2022, we issued $500.0 million aggregate principal amount of 4.70% notes due 2027 (the notes initially issued on February 8, 2022, together with the registered notes issued in the exchange offer described below, the “February 2027 Notes”) in a private placement in reliance on Section 4(a)(2) of the Securities Act, and for initial resale to qualified institutional buyers pursuant to the exemption from registration provided by Rule 144A promulgated under the Securities Act. When initially issued, the February 2027 Notes were not been registered under the Securities Act and could not be offered or sold in the United States absent registration or an applicable exemption from registration.
The February 2027 Notes were issued pursuant to the Base Indenture and the Second Supplemental Indenture (together, the “February 2027 Indenture”). The February 2027 Notes will mature on February 8, 2027 and may be redeemed in whole or in part at our option at any time or from time to time at the redemption prices set forth in the February 2027 Indenture. The February 2027 Notes initially bear interest at a rate of 4.70% per year payable semi-annually on February 8 and August 8 of each year, commencing on August 8, 2022. Concurrent with the issuance of the February 2027 Notes we entered into a Registration Rights Agreement (the “February 2027 Registration Rights Agreement”) for the benefit of the purchasers of the February 2027 Notes. Pursuant to the terms of the February 2027 Registration Rights Agreement we filed a registration statement with the SEC and, on July 25, 2022, commenced an offer to exchange the notes initially issued on February 8, 2022 for newly issuer registered notes with substantially similar terms, which expired on August 23, 2022 and was completed promptly thereafter.
The February 2027 Notes are our direct, general unsecured obligations and will rank senior in right of payment to all of its future indebtedness or other obligations that are expressly subordinated, or junior, in right of payment to the February 2027 Notes. The February 2027 Notes rank pari passu, or equal, in right of payment with all of our existing and future indebtedness or other obligations that are not so subordinated, or junior to the 2027 Notes. The February 2027 Notes rank effectively subordinated, or junior, to any of our future secured indebtedness or other obligations (including unsecured indebtedness that we later secure) to the extent of the value of the assets securing such indebtedness. The February 2027 Notes rank structurally subordinated, or junior, to all existing and future indebtedness and other obligations (including trade payables) incurred by our subsidiaries, financing vehicles or similar facilities.
The February 2027 Indenture contains certain covenants, including covenants requiring us to (i) comply with asset coverage requirements of the 1940 Act, whether or not it is subject to those requirements, and (ii) provide financial information to the holders of the February 2027 Notes and the Successor Trustee if we are no longer subject to the reporting requirements under the Exchange Act. These covenants are subject to important limitations and exceptions that are described in the Indenture. In addition, if a change of control repurchase event, as defined in the February 2027 Indenture, occurs prior to maturity, holders of the February 2027 Notes will have the right, at their option, to require us to repurchase for cash some or all of the February 2027 Notes at a repurchase price equal to





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100% of the aggregate principal amount of the Notes being repurchased, plus accrued and unpaid interest to, but excluding, the repurchase date.
September 2027 Notes
On September 16, 2022, we issued $600.0 million aggregate principal amount of 7.750% notes due 2027 (the notes initially issued on September 16, 2022, together with the registered notes issued in the exchange offer described below, the “September 2027 Notes”) in a private placement in reliance on Section 4(a)(2) of the Securities Act, and for initial resale to qualified institutional buyers pursuant to the exemption from registration provided by Rule 144A promulgated under the Securities Act. When initially issued, the September 2027 Notes were not registered under the Securities Act and could not be offered or sold in the United States absent registration or an applicable exemption from registration.
The September 2027 Notes were issued pursuant to the Base Indenture and the Fourth Supplemental Indenture (together, the “September 2027 Indenture”). The September 2027 Notes will mature on September 16, 2027 and may be redeemed in whole or in part at our option at any time or from time to time at the redemption prices set forth in the September 2027 Indenture. The September 2027 Notes bear interest at a rate of 7.750% per year payable semi-annually on March 16 and September 16 of each year, commencing on March 16, 2023. Concurrent with the issuance of the September 2027 Notes, we entered into a Registration Rights Agreement (the “September 2027 Registration Rights Agreement”) for the benefit of the purchasers of the September 2027 Notes. Pursuant to the terms of the September 2027 Registration Rights Agreement, we filed a registration statement with the SEC and, on July 12, 2023, commenced an offer to exchange the notes initially issued on September 16, 2022 for newly issuer registered notes with substantially similar terms, which expired on August 23, 2023 and was completed promptly thereafter.
The September 2027 Notes are our direct, general unsecured obligations and rank senior in right of payment to all of our future indebtedness or other obligations that are expressly subordinated, or junior, in right of payment to the September 2027 Notes. The September 2027 Notes rank pari passu, or equal, in right of payment with all of our existing and future indebtedness or other obligations that are not so subordinated, or junior to the September 2027 Notes. The September 2027 Notes rank effectively subordinated, or junior, to any of our future secured indebtedness or other obligations (including unsecured indebtedness that we later secure) to the extent of the value of the assets securing such indebtedness. The September 2027 Notes rank structurally subordinated, or junior, to all existing and future indebtedness and other obligations (including trade payables) incurred by our subsidiaries, financing vehicles or similar facilities.
The September 2027 Indenture contains certain covenants, including covenants requiring us to (i) comply with Section 18(a)(1)(A) of the 1940 Act whether or not it is subject to those requirements, and (ii) provide financial information to the holders of the September 2027 Notes and the Successor Trustee if we are no longer subject to the reporting requirements under the Exchange Act. These covenants are subject to important limitations and exceptions that are described in the September 2027 Indenture.
In addition, if a change of control repurchase event, as defined in the Indenture, occurs prior to maturity, holders of the September 2027 Notes will have the right, at their option, to require us to repurchase for cash some or all of the September 2027 Notes at a repurchase price equal to 100% of the aggregate principal amount of the September 2027 Notes being repurchased, plus accrued and unpaid interest to, but not including, the repurchase date.
In connection with the issuance of the September 2027 Notes, on October 18, 2022 we entered into centrally cleared interest rate swaps. The notional amount of the interest rate swaps is $600.0 million. We will receive fixed rate interest at 7.750% and pay variable rate interest based on SOFR plus 3.84%. The interest rate swaps mature on September 16, 2027. For the three months ended June 30, 2025 and 2024, we did not make a periodic payment. For the six months ended June 30, 2025 and 2024, we made periodic payments of $2.4 million and $4.7 million, respectively. The interest expense related to the September 2027 Notes is equally offset by the proceeds received from the interest rate swaps. The swap adjusted interest expense is included as a component of interest expense on our Consolidated Statements of Operations. As of June 30, 2025, the interest rate swap had a fair value of $7.3 million ($1.4 million net of the present value of the cash flows of the September 2027 Notes). As of December 31, 2024, the interest rate swap had a fair value of $(0.7) million ($0.8 million net of the present value of the cash flows of the September 2027 Notes). Depending on the nature of the balance at period end, the fair value of the interest rate swap is either included as a component of accrued expenses and other liabilities or prepaid expenses and other assets on our Consolidated Statements of Assets and Liabilities. The change in fair value of the interest rate swap is offset by the change in fair value of the September 2027 Notes, with the remaining difference included as a component of interest expense on the Consolidated Statements of Operations.
AUD 2027 Notes
On October 23, 2024, we issued A$450.0 million 6.500% Fixed Rate Notes due October 23, 2027 (the “AUD 2027 Notes”) under its A$2,500,000,000 Australian debt issuance program (the “Australian Debt Issuance Program”). The Australian Debt Issuance Program provides for us to issue debt securities from time to time. Debt securities issued pursuant to the Australian Debt Issuance Program (i) are issued pursuant to Regulation S under the U.S. Securities Act of 1933, as amended (the “Securities Act”), (ii) are not





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registered under the Securities Act, (iii) may not be offered or sold in the United States or to a U.S. person without registration under, or an applicable exemption from the registration requirements of the Securities Act, and (iv) are to be issued in amount not exceeding an aggregate of A$2.5 billion.
The terms of the AUD 2027 Notes are set out in a Pricing Supplement, dated October 21, 2024 (the “AUD 2027 Notes Pricing Supplement”) and the Note Deed Poll, dated October 6, 2024 (the “AUD 2027 Notes Note Deed Poll”) and the AUD 2027 Notes were issued pursuant to the Dealer Common Terms Deed Poll, dated October 6, 2024 (the “AUD 2027 Notes Dealer Common Terms Deed Poll”) and a Subscription Agreement (the “ AUD 2027 Notes Subscription Agreement”), dated October 21, 2024, by and among us and Deutsche Bank AG, Sydney Branch and Mizuho Securities Asia Limited, named as the joint lead managers and dealers therein (the “AUD 2027 Notes Dealers”).
The net proceeds from the sale of the AUD 2027 Notes offering were approximately A$446.643 million, after deducting the fees paid to the AUD 2027 Notes Dealers.
The AUD 2027 Notes will mature on October 23, 2027, and may be redeemed in whole at our option as set forth in the AUD 2027 Notes Pricing Supplement. The AUD 2027 Notes bear interest at 6.500% per year payable semi-annually on April 23 and October 23 of each year, commencing on April 23, 2025. The AUD 2027 Notes will be our direct, general unsecured obligations and will rank senior in right of payment to all of our future indebtedness or other obligations that are expressly subordinated, or junior, in right of payment to the AUD 2027 Notes. The AUD 2027 Notes will rank pari passu, or equal, in right of payment with all of our existing and future indebtedness or other obligations that are not so subordinated, or junior to the AUD 2027 Notes. The AUD 2027 Notes will rank effectively subordinated, or junior, to any of our future secured indebtedness or other obligations (including unsecured indebtedness that we later secure) to the extent of the value of the assets securing such indebtedness. The AUD 2027 Notes will rank structurally subordinated, or junior, to all existing and future indebtedness and other obligations (including trade payables) incurred by our subsidiaries, financing vehicles or similar facilities.
In addition, if a change of control repurchase event, as defined in the AUD 2027 Notes Pricing Supplement, occurs prior to maturity, holders of the AUD 2027 Notes will have the right, at their option, to require us to repurchase for cash some or all of the AUD 2027 Notes at a repurchase price equal to 100% of the aggregate principal amount of the AUD 2027 Notes being repurchased, plus accrued and unpaid interest to, but not including, the redemption date.
In connection with the issuance of the AUD 2027 Notes, we entered into both a bilateral cross-currency swap and interest rate swap, for notional amounts of A$379.0 million and A$71.0 million, respectively. We received fixed rate interest of 6.50% and paid variable rate interest based on, one-month SOFR plus 2.67% and three-month BBSY plus 2.72%, for the bilateral cross-currency swap and interest rate swap, respectively. The swaps mature on October 23, 2027. For the three and six months ended June 30, 2025, we made periodic payments of $1.3 million and $0.2 million for the cross-currency swap and interest rate swap, respectively. The interest expense related to the AUD 2027 Notes is equally offset by the proceeds received from the interest rate swaps. The swap adjusted interest expense is included as a component of interest expense on our Consolidated Statements of Operations. As of June 30, 2025, the swaps had an aggregate fair value of $(0.6) million ($(0.7) million net of the present value of the cash flows of the AUD 2027 Notes). As of December 31, 2024, the interest rate swap had a fair value of $(20.7) million ($0.4 million net of the present value of the cash flows of the AUD 2027 Notes). Depending on the nature of the balance at period end, the fair value of the interest rate swap is either included as a component of accrued expenses and other liabilities or prepaid expenses and other assets on our Consolidated Statements of Assets and Liabilities. The change in fair value of the interest rate swap is offset by the change in fair value of the AUD 2027 Notes, with the remaining difference included as a component of interest expense on our Consolidated Statements of Operations. The change in foreign exchange rate of the cross-currency swap is offset by the change in foreign exchange rate of the AUD 2027 Notes, with the remaining difference included as a component of translation of assets and liabilities in foreign currencies on our Consolidated Statements of Operations.
May 2028 Notes
On May 23, 2025, we issued $500.0 million aggregate principal amount of its 5.900% notes due 2028 (the “May 2028 Notes”) in a private placement in reliance on Section 4(a)(2) of the Securities Act, and for initial resale to qualified institutional buyers pursuant to the exemption from registration provided by Rule 144A promulgated under the Securities Act and non-U.S. persons outside the United States in compliance with Regulation S under the Securities Act. The May 2028 Notes have not been registered under the Securities Act and may not be offered or sold in the United States absent registration or an applicable exemption from registration.

The May 2028 Notes were issued pursuant to the Base Indenture and a Tenth Supplemental Indenture, dated as of May 23, 2025 (the “Tenth Supplemental Indenture” and together with the Base Indenture, the “May 2028 Indenture”), between us and the Trustee. The May 2028 Notes will mature on May 23, 2028 and may be redeemed in whole or in part at our option at any time or from time to time at the redemption prices set forth in the May 2028 Indenture. The May 2028 Notes bear interest at a rate of 5.900% per year payable semi-annually on May 23 and November 23 of each year, commencing on November 23, 2025. Concurrent with the issuance of the May 2028 Notes, we entered into a Registration Rights Agreement (the “May 2028 Registration Rights Agreement”) for the





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benefit of the purchasers of the May 2028 Notes. Pursuant to the May 2028 Registration Rights Agreement, we are obligated to file a registration statement with the SEC with respect to an offer to exchange the May 2028 Notes for a new issue of debt securities registered under the Securities Act with terms substantially identical to those of the May 2028 Notes (except for provisions relating to transfer restrictions and payment of additional interest) and to use its commercially reasonable efforts to consummate such exchange offer on the earliest practicable date after the registration statement has been declared effective but in no event later than 365 days after the initial issuance of the May 2028 Notes. If we fail to satisfy our registration obligations under the May 2028 Registration Rights Agreement, it will be required to pay additional interest to the holders of the May 2028 Notes.

The May 2028 Notes are our direct, general unsecured obligations and rank senior in right of payment to all of our future indebtedness or other obligations that are expressly subordinated, or junior, in right of payment to the May 2028 Notes. The May 2028 Notes rank pari passu, or equal, in right of payment with all of our existing and future indebtedness or other obligations that are not so subordinated, or junior, to the May 2028 Notes. The May 2028 Notes rank effectively subordinated, or junior, to any of our future secured indebtedness or other obligations (including unsecured indebtedness that we later secure) to the extent of the value of the assets securing such indebtedness. The May 2028 Notes rank structurally subordinated, or junior, to all existing and future indebtedness and other obligations (including trade payables) incurred by our subsidiaries, financing vehicles or similar facilities.

The May 2028 Indenture contains certain covenants, including covenants requiring us to (i) comply with Section 18(a)(1)(A) of the 1940 Act, as modified by Section 61(a) of the 1940 Act, for the period of time during which the May 2028 Notes are outstanding, whether or not it is subject to those requirements, and (ii) provide financial information to the holders of the May 2028 Notes and the Trustee if we are no longer subject to the reporting requirements under the Exchange Act. These covenants are subject to important limitations and exceptions that are described in the May 2028 Indenture.

In addition, if a change of control repurchase event, as defined in the May 2028 Indenture, occurs prior to maturity, holders of the May 2028 Notes will have the right, at their option, to require us to repurchase for cash some or all of the May 2028 Notes at a repurchase price equal to 100% of the aggregate principal amount of the May 2028 Notes being repurchased, plus accrued and unpaid interest to, but not including, the repurchase date.

In connection with the issuance of the May 2028 Notes, on May 23, 2025 we entered into a bilateral interest rate swap. The notional amount of the interest rate swaps is $500.0 million. We will receive fixed rate interest at 5.900% and pay variable rate interest based on SOFR plus 2.1761%. The interest rate swaps mature on May 23, 2028. For the three months ended June 30, 2025, we did not make any periodic payments. The interest expense related to the May 2028 Notes is equally offset by the proceeds received from the interest rate swaps. The swap adjusted interest expense is included as a component of interest expense on our Consolidated Statements of Operations. As of June 30, 2025, the interest rate swap had a fair value of $3.6 million ($0.1 million net of the present value of the cash flows of the May 2028 Notes). Depending on the nature of the balance at period end, the fair value of the interest rate swap is either included as a component of accrued expenses and other liabilities or prepaid expenses and other assets on the our Consolidated Statements of Assets and Liabilities. The change in fair value of the interest rate swap is offset by the change in fair value of the May 2028 Notes, with the remaining difference included as a component of interest expense on our Consolidated Statements of Operations.
June 2028 Notes
On June 13, 2023, we issued $500.0 million aggregate principal amount of our 7.950% notes due 2028 and on July 14, we issued an additional $150.0 million aggregate principal amount of our 7.950% notes due 2028 (together, the “June 2028 Notes”) in a private placement in reliance on Section 4(a)(2) of the Securities Act, and for initial resale to qualified institutional buyers pursuant to the exemption from registration provided by Rule 144A promulgated under the Securities Act. The June 2028 Notes have not been registered under the Securities Act and may not be offered or sold in the United States absent registration or an applicable exemption from registration.
The June 2028 Notes were issued pursuant to the Base Indenture and the Fifth Supplemental Indenture (together with the Base Indenture, the “June 2028 Indenture”), between us and the Trustee. The June 2028 Notes will mature on June 13, 2028 and may be redeemed in whole or in part at our option at any time or from time to time at the redemption prices set forth in the June 2028 Indenture. The June 2028 Notes bear interest at a rate of 7.950% per year payable semi-annually on June 13 and December 13 of each year, commencing on December 13, 2023. Concurrent with the issuance of the June 2028 Notes, we entered into a Registration Rights Agreement (the “June 2028 Registration Rights Agreement”) for the benefit of the purchasers of the June 2028 Notes. Pursuant to the June 2028 Registration Rights Agreement, we are obligated to file a registration statement with the SEC with respect to an offer to exchange the June 2028 Notes for a new issue of debt securities registered under the Securities Act with terms substantially identical to those of the June 2028 Notes (except for provisions relating to transfer restrictions and payment of additional interest) and to use our commercially reasonable efforts to consummate such exchange offer on the earliest practicable date after the registration statement has been declared effective but in no event later than 365 days after the initial issuance of the June 2028 Notes. If we fail to satisfy our registration obligations under the June 2028 Registration Rights Agreement, we will be required to pay additional interest to the





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holders of the June 2028 Notes. We filed a registration statement with the SEC and, on April 18, 2024, commenced an offer to exchange the June 2028 Notes for newly issued registered notes with substantially similar terms. See Note 12. “Subsequent Events.”
The June 2028 Notes are our direct, general unsecured obligations and rank senior in right of payment to all of our future indebtedness or other obligations that are expressly subordinated, or junior, in right of payment to the June 2028 Notes. The June 2028 Notes rank pari passu, or equal, in right of payment with all of our existing and future indebtedness or other obligations that are not so subordinated, or junior to the June 2028 Notes. The June 2028 Notes rank effectively subordinated, or junior, to any of our future secured indebtedness or other obligations (including unsecured indebtedness that we later secure) to the extent of the value of the assets securing such indebtedness. The June 2028 Notes will rank structurally subordinated, or junior, to all existing and future indebtedness and other obligations (including trade payables) incurred by our subsidiaries, financing vehicles or similar facilities.
The June 2028 Indenture contains certain covenants, including covenants requiring us to (i) comply with Section 18(a)(1)(A) of the 1940 Act whether or not we are subject to those requirements, and (ii) provide financial information to the holders of the June 2028 Notes and the Trustee if we are no longer subject to the reporting requirements under the Exchange Act. These covenants are subject to important limitations and exceptions that are described in the June 2028 Indenture.
In addition, if a change of control repurchase event, as defined in the Indenture, occurs prior to maturity, holders of the June 2028 Notes will have the right, at their option, to require us to repurchase for cash some or all of the June 2028 Notes at a repurchase price equal to 100% of the aggregate principal amount of the June 2028 Notes being repurchased, plus accrued and unpaid interest to, but not including, the repurchase date.
In connection with the issuance of the June 2028 Notes, on February 16, 2024 we entered into centrally cleared interest rate swaps. The notional amount of the interest rate swaps is $650.0 million. We will receive fixed rate interest at 7.950% and pay variable rate interest based on SOFR plus 3.79%. The interest rate swaps mature on May 13, 2028. For the three and six months ended June 30, 2025, we made periodic payments of $1.0 million and $2.6 million, respectively. The interest expense related to the June 2028 Notes is equally offset by the proceeds received from the interest rate swaps. The swap adjusted interest expense is included as a component of interest expense on our Consolidated Statements of Operations. As of June 30, 2025, the interest rate swap had a fair value of $11.5 million ($(0.4) million net of the present value of the cash flows of the June 2028 Notes). As of December 31, 2024, the interest rate swap had a fair value of $0.5 million ($(0.1) million net of the present value of the cash flows of the June 2028 Notes). Depending on the nature of the balance at period end, the fair value of the interest rate swap is either included as a component of accrued expenses and other liabilities or prepaid expenses and other assets on our Consolidated Statements of Assets and Liabilities. The change in fair value of the interest rate swap is offset by the change in fair value of the June 2028 Notes, with the remaining difference included as a component of interest expense on our Consolidated Statements of Operations.
January 2029 Notes
On December 4, 2023, we issued $550.0 million aggregate principal amount of our 7.750% notes due 2029 (the “January 2029 Notes”) in a private placement in reliance on Section 4(a)(2) of the Securities Act, and for initial resale to qualified institutional buyers pursuant to the exemption from registration provided by Rule 144A promulgated under the Securities Act. The January 2029 Notes have not been registered under the Securities Act and may not be offered or sold in the United States absent registration or an applicable exemption from registration.
The January 2029 Notes were issued pursuant to the Base Indenture and a Sixth Supplemental Indenture, dated as of December 4, 2023 (the “Sixth Supplemental Indenture” and together with the Base Indenture, the “January 2029 Indenture”), between us and the Trustee. The January 2029 Notes will mature on January 15, 2029 and may be redeemed in whole or in part at our option at any time or from time to time at the redemption prices set forth in the January 2029 Indenture. The January 2029 Notes bear interest at a rate of 7.750% per year payable semi-annually on January 15 and July 15 of each year, commencing on July 15, 2024. Concurrent with the issuance of the January 2029 Notes, we entered into a Registration Rights Agreement (the “January 2029 Registration Rights Agreement”) for the benefit of the purchasers of the January 2029 Notes. Pursuant to the January 2029 Registration Rights Agreement, we are obligated to file a registration statement with the SEC with respect to an offer to exchange the January 2029 Notes for a new issue of debt securities registered under the Securities Act with terms substantially identical to those of the January 2029 Notes (except for provisions relating to transfer restrictions and payment of additional interest) and to use our commercially reasonable efforts to consummate such exchange offer on the earliest practicable date after the registration statement has been declared effective but in no event later than 365 days after the initial issuance of the January 2029 Notes. If we fail to satisfy our registration obligations under the January 2029 Registration Rights Agreement, we will be required to pay additional interest to the holders of the January 2029 Notes. We filed a registration statement with the SEC and, on April 18, 2024, commenced an offer to exchange the January 2029 Notes for newly issued registered notes with substantially similar terms. See Note 12. “Subsequent Events.”
The January 2029 Notes are our direct, general unsecured obligations and rank senior in right of payment to all of our future indebtedness or other obligations that are expressly subordinated, or junior, in right of payment to the January 2029 Notes. The January 2029 Notes rank pari passu, or equal, in right of payment with all of our existing and future indebtedness or other obligations





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that are not so subordinated, or junior, to the January 2029 Notes. The January 2029 Notes rank effectively subordinated, or junior, to any of our future secured indebtedness or other obligations (including unsecured indebtedness that we later secure) to the extent of the value of the assets securing such indebtedness. The January 2029 Notes rank structurally subordinated, or junior, to all existing and future indebtedness and other obligations (including trade payables) incurred by our subsidiaries, financing vehicles or similar facilities.
The January 2029 Indenture contains certain covenants, including covenants requiring us to (i) comply with Section 18(a)(1)(A) of the 1940 Act, as modified by Section 61(a) of the 1940 Act, for the period of time during which the January 2029 Notes are outstanding, whether or not we are subject to those requirements, and (ii) provide financial information to the holders of the January 2029 Notes and the Trustee if we are no longer subject to the reporting requirements under the Exchange Act. These covenants are subject to important limitations and exceptions that are described in the January 2029 Indenture.
In addition, if a change of control repurchase event, as defined in the January 2029 Indenture, occurs prior to maturity, holders of the January 2029 Notes will have the right, at their option, to require us to repurchase for cash some or all of the January 2029 Notes at a repurchase price equal to 100% of the aggregate principal amount of the January 2029 Notes being repurchased, plus accrued and unpaid interest to, but not including, the repurchase date.
In connection with the issuance of the January 2029 Notes, on November 28, 2023 we entered into centrally cleared interest rate swaps. The notional amount of the interest rate swaps is $550.0 million. We will receive fixed rate interest at 7.750% and pay variable rate interest based on SOFR plus 3.647%. The interest rate swaps mature on January 15, 2029. For the three months ended June 30, 2025, we did not make a periodic payment. For the six months ended June 30, 2025, we made periodic payments of $2.9 million. For the three and six months ended June 30, 2024, we did not make any periodic payments. The interest expense related to the January 2029 Notes is equally offset by the proceeds received from the interest rate swaps. The swap adjusted interest expense is included as a component of interest expense on our Consolidated Statements of Operations. As of June 30, 2025, the interest rate swap had a fair value of $10.6 million ($(0.1) million net of the present value of the cash flows of the January 2029 Notes). As of December 31, 2024, the interest rate swap had a fair value of $(0.4) million ($0.1 million net of the present value of the cash flows of the January 2029 Notes). Depending on the nature of the balance at period end, the fair value of the interest rate swap is either included as a component of accrued expenses and other liabilities or prepaid expenses and other assets on our Consolidated Statements of Assets and Liabilities. The change in fair value of the interest rate swap is offset by the change in fair value of the January 2029 Notes, with the remaining difference included as a component of interest expense on our Consolidated Statements of Operations.
September 2029 Notes
On May 14, 2024, we issued $500.0 million aggregate principal amount of its 6.600% notes due 2029 and on January 22, 2025, we issued an additional $400.0 million aggregate principal amount of our 6.600% notes due 2029 (together, the “September 2029 Notes”) in a private placement in reliance on Section 4(a)(2) of the Securities Act, and for initial resale to qualified institutional buyers pursuant to the exemption from registration provided by Rule 144A under the Securities Act and non-U.S. persons outside the United States in compliance with Regulation S under the Securities Act. The September 2029 Notes have not been registered under the Securities Act and may not be offered or sold in the United States absent registration or an applicable exemption from registration.
The September 2029 Notes were issued pursuant to the Base Indenture and an Eighth Supplemental Indenture, dated as of May 14, 2024 (the “Eighth Supplemental Indenture” and together with the Base Indenture, the “September 2029 Indenture”), between us and the Trustee. The September 2029 Notes will mature on September 15, 2029 and may be redeemed in whole or in part at our option at any time or from time to time at the redemption prices set forth in the September 2029 Indenture. The September 2029 Notes bear interest at a rate of 6.600% per year payable semi-annually on March 15 and September 15 of each year, commencing on September 15, 2024. Concurrent with the issuance of the September 2029 Notes, we entered into a Registration Rights Agreement (the “September 2029 Registration Rights Agreement”) for the benefit of the purchasers of the September 2029 Notes. Pursuant to the September 2029 Registration Rights Agreement, we are obligated to file a registration statement with the SEC with respect to an offer to exchange the September 2029 Notes for a new issue of debt securities registered under the Securities Act with terms substantially identical to those of the September 2029 Notes (except for provisions relating to transfer restrictions and payment of additional interest) and to use its commercially reasonable efforts to consummate such exchange offer on the earliest practicable date after the registration statement has been declared effective but in no event later than 365 days after the initial issuance of the September 2029 Notes. If we fail to satisfy its registration obligations under the September 2029 Registration Rights Agreement, it will be required to pay additional interest to the holders of the September 2029 Notes.
The September 2029 Notes are our direct, general unsecured obligations and rank senior in right of payment to all of our future indebtedness or other obligations that are expressly subordinated, or junior, in right of payment to the September 2029 Notes. The September 2029 Notes rank pari passu, or equal, in right of payment with all of our existing and future indebtedness or other obligations that are not so subordinated, or junior, to the September 2029 Notes. The September 2029 Notes rank effectively subordinated, or junior, to any of our future secured indebtedness or other obligations (including unsecured indebtedness that we later secure) to the extent of the value of the assets securing such indebtedness. The September 2029 Notes rank structurally subordinated,





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or junior, to all existing and future indebtedness and other obligations (including trade payables) incurred by our subsidiaries, financing vehicles or similar facilities.
The September 2029 Indenture contains certain covenants, including covenants requiring us to (i) comply with Section 18(a)(1)(A) of the 1940 Act, as modified by Section 61(a) of the 1940 Act, for the period of time during which the September 2029 Notes are outstanding, whether or not it is subject to those requirements, and (ii) provide financial information to the holders of the September 2029 Notes and the Trustee if we are no longer subject to the reporting requirements under the Exchange Act. These covenants are subject to important limitations and exceptions that are described in the September 2029 Indenture.
In addition, if a change of control repurchase event, as defined in the September 2029 Indenture, occurs prior to maturity, holders of the September 2029 Notes will have the right, at their option, to require us to repurchase for cash some or all of the September 2029 Notes at a repurchase price equal to 100% of the aggregate principal amount of the September 2029 Notes being repurchased, plus accrued and unpaid interest to, but not including, the repurchase date.
In connection with the May 14, 2024 issuance of the September 2029 Notes, on May 14, 2024 we entered into a bilateral interest rate swap. The notional amount of the interest rate swap is $500.0 million. We will receive fixed rate interest at 6.600% and pay variable rate interest based on SOFR plus 2.337%. In connection with the January 22, 2025 issuance of the September 2029 Notes, on January 22, 2025 we entered into a bilateral interest rate swap. The notional amount of the interest rate swap is $400.0 million. We will receive fixed rate interest at 6.600% and pay variable rate interest based on SOFR plus 2.457%. The interest rate swaps mature on August 15, 2029. For the three months ended June 30, 2025, we did not make a periodic payment. For the six months ended June 30, 2025, we made periodic payments of $1.3 million. For the three and six months ended June 30, 2024, we did not make any periodic payments. The interest expense related to the September 2029 Notes is equally offset by the proceeds received from the interest rate swaps. The swaps adjusted interest expense is included as a component of interest expense on our Consolidated Statements of Operations. As of June 30, 2025, the interest rate swaps had a fair value of $26.0 million ($0.2 million net of the present value of the cash flows of the September 2029 Notes). As of December 31, 2024, the interest rate swaps had a fair value of $3.7 million ($0.5 million net of the present value of the cash flows of the September 2029 Notes). Depending on the nature of the balance at period end, the fair value of the interest rate swaps is either included as a component of accrued expenses and other liabilities or prepaid expenses and other assets on our Consolidated Statements of Assets and Liabilities. The change in fair value of the interest rate swaps is offset by the change in fair value of the September 2029 Notes, with the remaining difference included as a component of interest expense on our Consolidated Statements of Operations.
March 2030 Notes
On September 13, 2024, we issued $1.00 billion aggregate principal amount of its 5.800% notes due 2030 (the “March 2030 Notes”) in a private placement in reliance on Section 4(a)(2) of the Securities Act, and for initial resale to qualified institutional buyers pursuant Rule 144A under the Securities Act and non-U.S. persons outside the United States in compliance with Regulation S under the Securities Act. The March 2030 Notes have not been registered under the Securities Act and may not be offered or sold in the United States absent registration or an applicable exemption from registration.
The March 2030 Notes were issued pursuant to the Base Indenture and a Ninth Supplemental Indenture, dated as of September 13, 2024 (the “Ninth Supplemental Indenture” and together with the Base Indenture, the “March 2030 Indenture”), between the us and the Trustee. The March 2030 Notes will mature on March 15, 2030 and may be redeemed in whole or in part at our option at any time or from time to time at the redemption prices set forth in the March 2030 Indenture. The March 2030 Notes bear interest at a rate of 5.800% per year payable semi-annually on March 15 and September 15 of each year, commencing on March 15, 2025. Concurrent with the issuance of the March 2030 Notes, we entered into a Registration Rights Agreement (the “March 2030 Registration Rights Agreement”) for the benefit of the purchasers of the March 2030 Notes. Pursuant to the March 2030 Registration Rights Agreement, we are obligated to file a registration statement with the SEC with respect to an offer to exchange the March 2030 Notes for a new issue of debt securities registered under the Securities Act with terms substantially identical to those of the March 2030 Notes (except for provisions relating to transfer restrictions and payment of additional interest) and to use its commercially reasonable efforts to consummate such exchange offer on the earliest practicable date after the registration statement has been declared effective but in no event later than 365 days after the initial issuance of the March 2030 Notes. If we fail to satisfy its registration obligations under the March 2030 Registration Rights Agreement, it will be required to pay additional interest to the holders of the March 2030 Notes.
The March 2030 Notes are our direct, general unsecured obligations and rank senior in right of payment to all of the our future indebtedness or other obligations that are expressly subordinated, or junior, in right of payment to the March 2030 Notes. The March 2030 Notes rank pari passu, or equal, in right of payment with all of our existing and future indebtedness or other obligations that are not so subordinated, or junior, to the March 2030 Notes. The March 2030 Notes rank effectively subordinated, or junior, to any of our future secured indebtedness or other obligations (including unsecured indebtedness that we later secures) to the extent of the value of the assets securing such indebtedness. The March 2030 Notes rank structurally subordinated, or junior, to all existing and future indebtedness and other obligations (including trade payables) incurred by our subsidiaries, financing vehicles or similar facilities.





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The March 2030 Indenture contains certain covenants, including covenants requiring us to (i) comply with Section 18(a)(1)(A) of the 1940 Act, as modified by Section 61(a) of the 1940 Act, for the period of time during which the March 2030 Notes are outstanding, whether or not it is subject to those requirements, and (ii) provide financial information to the holders of the March 2030 Notes and the Trustee if we are no longer subject to the reporting requirements under the Exchange Act. These covenants are subject to important limitations and exceptions that are described in the March 2030 Indenture.
In addition, if a change of control repurchase event, as defined in the March 2030 Indenture, occurs prior to maturity, holders of the March 2030 Notes will have the right, at their option, to require us to repurchase for cash some or all of the March 2030 Notes at a repurchase price equal to 100% of the aggregate principal amount of the March 2030 Notes being repurchased, plus accrued and unpaid interest to, but not including, the repurchase date.
In connection with the issuance of the March 2030 Notes, on September 10, 2024 we entered into a bilateral interest rate swaps. The notional amount of the interest rate swaps is $1.00 billion. We will receive fixed rate interest at 5.800% and pay variable rate interest based on SOFR plus 2.619%. The interest rate swaps mature on February 15, 2030. For the three months ended June 30, 2025, we did not make a periodic payment. For the six months ended June 30, 2025, we made periodic payments of $8.1 million. The interest expense related to the March 2030 Notes is equally offset by the proceeds received from the interest rate swaps. The swap adjusted interest expense is included as a component of interest expense on our Consolidated Statements of Operations. As of June 30, 2025, the interest rate swap had a fair value of $(13.7) million ($(117.6) thousand net of the present value of the cash flows of the March 2030 Notes). As of December 31, 2024, the interest rate swap had a fair value of $(44.5) million ($(6.1) million net of the present value of the cash flows of the March 2030 Notes). Depending on the nature of the balance at period end, the fair value of the interest rate swap is either included as a component of accrued expenses and other liabilities or prepaid expenses and other assets on our Consolidated Statements of Assets and Liabilities. The change in fair value of the interest rate swap is offset by the change in fair value of the March 2030 Notes, with the remaining difference included as a component of interest expense on our Consolidated Statements of Operations.
March 2031 Notes
On February 1, 2024, we issued $750.0 million aggregate principal amount of its 6.650% notes due 2031 (the “March 2031 Notes”) in a private placement in reliance on Section 4(a)(2) of the Securities Act, and for initial resale to qualified institutional buyers pursuant to the exemption from registration provided by Rule 144A promulgated under the Securities Act. The March 2031 Notes have not been registered under the Securities Act and may not be offered or sold in the United States absent registration or an applicable exemption from registration.
The March 2031 Notes were issued pursuant to the Base Indenture and a Seventh Supplemental Indenture, dated as of February 1, 2024 (the “Seventh Supplemental Indenture” and together with the Base Indenture, the “March 2031 Indenture”), between us and the Trustee. The March 2031 Notes will mature on March 15, 2031 and may be redeemed in whole or in part at our option at any time or from time to time at the redemption prices set forth in the March 2031 Indenture. The March 2031 Notes bear interest at a rate of 6.650% per year payable semi-annually on March 15 and September 15 of each year, commencing on September 15, 2024. Concurrent with the issuance of the March 2031 Notes, we entered into a Registration Rights Agreement (the “March 2031 Registration Rights Agreement”) for the benefit of the purchasers of the March 2031 Notes. Pursuant to the March 2031 Registration Rights Agreement, we are obligated to file a registration statement with the SEC with respect to an offer to exchange the March 2031 Notes for a new issue of debt securities registered under the Securities Act with terms substantially identical to those of the March 2031 Notes (except for provisions relating to transfer restrictions and payment of additional interest) and to use its commercially reasonable efforts to consummate such exchange offer on the earliest practicable date after the registration statement has been declared effective but in no event later than 365 days after the initial issuance of the March 2031 Notes. If we fail to satisfy its registration obligations under the March 2031 Registration Rights Agreement, it will be required to pay additional interest to the holders of the March 2031 Notes. The Company filed a registration statement with the SEC and, on April 18, 2024, commenced an offer to exchange the March 2031 Notes for newly issued registered notes with substantially similar terms. See Note 12. “Subsequent Events.”
The March 2031 Notes are our direct, general unsecured obligations and rank senior in right of payment to all of our future indebtedness or other obligations that are expressly subordinated, or junior, in right of payment to the March 2031 Notes. The March 2031 Notes rank pari passu, or equal, in right of payment with all of our existing and future indebtedness or other obligations that are not so subordinated, or junior, to the March 2031 Notes. The March 2031 Notes rank effectively subordinated, or junior, to any of our future secured indebtedness or other obligations (including unsecured indebtedness that we later secures) to the extent of the value of the assets securing such indebtedness. The March 2031 Notes rank structurally subordinated, or junior, to all existing and future indebtedness and other obligations (including trade payables) incurred by our subsidiaries, financing vehicles or similar facilities.
The March 2031 Indenture contains certain covenants, including covenants requiring us to (i) comply with Section 18(a)(1)(A) of the 1940 Act, as modified by Section 61(a) of the 1940 Act, for the period of time during which the March 2031 Notes are outstanding, whether or not it is subject to those requirements, and (ii) provide financial information to the holders of the March 2031





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Notes and the Trustee if we are no longer subject to the reporting requirements under the Exchange Act. These covenants are subject to important limitations and exceptions that are described in the March 2031 Indenture.
In addition, if a change of control repurchase event, as defined in the March 2031 Indenture, occurs prior to maturity, holders of the March 2031 Notes will have the right, at their option, to require us to repurchase for cash some or all of the March 2031 Notes at a repurchase price equal to 100% of the aggregate principal amount of the March 2031 Notes being repurchased, plus accrued and unpaid interest to, but not including, the repurchase date.
In connection with the issuance of the March 2031 Notes, on January 29, 2024 we entered into centrally cleared interest rate swaps. The notional amount of the interest rate swaps is $750.0 million. We will receive fixed rate interest at 6.650% and pay variable rate interest based on SOFR plus 2.902%. The interest rate swaps mature on January 15, 2031. For the three months ended June 30, 2025, we not make a periodic payment. For the six months ended June 30, 2025, we made periodic payments of $3.5 million. For the three and six months ended June 30, 2024, we did not make any periodic payments. The interest expense related to the March 2031 Notes is equally offset by the proceeds received from the interest rate swaps. The swap adjusted interest expense is included as a component of interest expense on our Consolidated Statements of Operations. As of June 30, 2025, the interest rate swap had a fair value of $8.4 million ($(0.4) million net of the present value of the cash flows of the March 2031 Notes). As of December 31, 2024, the interest rate swap had a fair value of $(14.2) million ($(2.2) million net of the present value of the cash flows of the March 2031 Notes). Depending on the nature of the balance at period end, the fair value of the interest rate swap is either included as a component of accrued expenses and other liabilities or prepaid expenses and other assets on our Consolidated Statements of Assets and Liabilities. The change in fair value of the interest rate swap is offset by the change in fair value of the March 2031 Notes, with the remaining difference included as a component of interest expense on our Consolidated Statements of Operations.
Global Medium Term Notes Program
On April 4, 2025, we established a €5.00 billion (or its equivalent in any other currency) global medium term note program (the “GMTN Program”). Under the GMTN Program, we may issue unsecured notes (“GMTN Notes”) to one or more managers from time to time with such terms, including currency, interest rate and maturity, as agreed by us and such manager(s).
GMTN Notes issued under the GMTN Program are subject to and with the benefit of the Agency Agreement, dated April 4, 2025, by and among u, Deutsche Bank AG, London Branch as issuing and principal paying agent, a transfer agent and as exchange agent and Deutsche Bank Trust Company Americas as registrar, a paying agent and a transfer agent (the “GMTN Agency Agreement”). Holders of GMTN Notes issued under the GMTN Program shall have the benefit of a deed of covenant, dated April 4, 2025 and made by us (the “GMTN Deed of Covenant”) and, where applicable, a deed poll, dated April 4, 2025 and made by the Company (the “GMTN Deed Poll”).
GMTN Notes issued under the GMTN Program will be in registered form and (i) may be issued to non-“U.S. Persons” (as defined in Regulation S under the Securities Act of 1933, as amended (the “Securities Act”) outside the United States in compliance with Regulation S under the Securities Act, or to persons reasonably believed to be qualified institutional buyers pursuant to Rule 144A under the Securities Act, (ii) are not and will not be registered under the Securities Act, (iii) may not be offered or sold in the United States or to, or for the account or benefit of, U.S. Persons without registration under, or pursuant to an applicable exemption from, the registration requirements of the Securities Act, and (iv) are to be issued in amount not exceeding an aggregate of €5.00 billion (or its equivalent in other currencies) outstanding at any time.





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Off-Balance Sheet Arrangements
Portfolio Company Commitments
From time to time, we may enter into commitments to fund investments in the form of revolving credit, delayed draw, or equity commitments, which require us to provide funding when requested by portfolio companies in accordance with underlying loan agreements. We had the following outstanding commitments as of the following periods:

As of
($ in thousands)June 30, 2025December 31, 2024
Total unfunded revolving loan commitments
$1,719,630 $1,383,540 
Total unfunded delayed draw loan commitments
2,248,572 1,716,991 
Total unfunded revolving and delayed draw loan commitments
$3,968,202 $3,100,531 
Total unfunded equity commitments
$188,819 $92,214 
Total unfunded commitments
$4,157,021 $3,192,745 
We maintain sufficient liquidity and borrowing capacity to cover outstanding unfunded portfolio company commitments that we may be required to fund. We seek to carefully consider our unfunded portfolio company commitments for the purpose of planning our ongoing financial leverage. Further, we maintain sufficient borrowing capacity within the 150% asset coverage limitation to cover any outstanding portfolio company unfunded commitments we are required to fund.
Organizational and Offering Costs
The Adviser has incurred organization and offering costs on behalf of us in the amount of $3.5 million for the period from April 22, 2020 (Inception) to June 30, 2025, of which $3.5 million has been charged to us pursuant to the Investment Advisory Agreement. Under the Investment Advisory Agreement and Administration Agreement, the Adviser is entitled to receive up to 1.5% of gross offering proceeds raised in our continuous public offering until all organization and offering costs paid by the Adviser have been recovered.
Other Commitments and Contingencies
From time to time, we may become a party to certain legal proceedings incidental to the normal course of our business. As of June 30, 2025, management was not aware of any pending or threatened litigation.





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Contractual Obligations
A summary of our contractual payment obligations under our credit facilities and notes as of June 30, 2025, is as follows:
($ in thousands)TotalLess than 1 year1-3 Years3-5 YearsAfter 5 years
Revolving Credit Facility$1,915,307 $— $— $1,915,307 $— 
SPV Asset Facility I274,000 — — — 274,000 
SPV Asset Facility II927,000 — — 927,000 — 
SPV Asset Facility III1,093,388 — — 1,093,388 — 
SPV Asset Facility IV430,000 — — — 430,000 
SPV Asset Facility V450,000 — — 450,000 — 
SPV Asset Facility VI380,000 — — — 380,000 
SPV Asset Facility VII367,479 — — 367,479 — 
SPV Asset Facility VIII400,000 — — — 400,000 
CLO VIII375,000 — — — 375,000 
CLO XI260,000 — — — 260,000 
CLO XII260,000 — — — 260,000 
CLO XV312,000 — — — 312,000 
CLO XVI420,000 — — — 420,000 
CLO XVII325,000 — — — 325,000 
CLO XVIII260,000 — — — 260,000 
CLO XIX260,000 — — — 260,000 
September 2026 Notes350,000 — 350,000 — — 
February 2027 Notes500,000 — 500,000 — — 
September 2027 Notes600,000 — 600,000 — — 
AUD 2027 Notes300,341 — 300,341 — — 
May 2028 Notes500,000 — 500,000 — — 
June 2028 Notes650,000 — 650,000 — — 
January 2029 Notes550,000 — — 550,000 — 
September 2029 Notes900,000 — — 900,000 — 
March 2030 Notes1,000,000 — — 1,000,000 — 
March 2031 Notes750,000 — — — 750,000 
Total Contractual Obligations$14,809,515 $— $2,900,341 $7,203,174 $4,706,000 
Related Party Transactions

We have entered into a number of business relationships with affiliated or related parties, including the following:

•the Investment Advisory Agreement;
•the Administration Agreement;
•the Expense Support Agreement;
•the Dealer Manager Agreement; and
•the License Agreement.

In addition to the aforementioned agreements, we rely on exemptive relief that has been granted to our Adviser and certain affiliates to co-invest with other funds managed by the Adviser or its Affiliates, in a manner consistent with our investment objective, positions, policies, strategies and restrictions as well as regulatory requirements and other pertinent factors. See “ITEM 1. – Notes to Consolidated Financial Statements – Note 3. Agreements and Related Party Transactions” for further details.

We invest in Amergin AssetCo, Fifth Season, LSI Financing LLC, OCIC SLF and Credit SLF, controlled affiliated investments, and LSI Financing DAC, non-controlled affiliated investment, as defined in the 1940 Act. See “ITEM 1. – Notes to Consolidated Financial Statements – Note 3. Agreements and Related Party Transactions” for further details.






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Critical Accounting Policies

The preparation of the consolidated financial statements requires us to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses. Changes in the economic environment, financial markets, and any other parameters used in determining such estimates could cause actual results to differ. Our critical accounting policies should be read in connection with our risk factors described in our Form 10-K for the fiscal year ended December 31, 2024 in “ITEM 1A. – RISK FACTORS.”

Investments at Fair Value

Investment transactions are recorded on the trade date. Realized gains or losses are measured by the difference between the net proceeds received (excluding prepayment fees, if any) and the amortized cost basis of the investment using the specific identification method without regard to unrealized gains or losses previously recognized, and include investments charged off during the period, net of recoveries. The net change in unrealized gains or losses primarily reflects the change in investment values, including the reversal of previously recorded unrealized gains or losses with respect to investments realized during the period.

Rule 2a-5 under the 1940 Act establishes requirements for determining fair value in good faith for purposes of the 1940 Act. Pursuant to Rule 2a-5, the Board designated the Adviser as our valuation designee to perform fair value determinations relating to the value of assets we held for which market quotations are not readily available.

Investments for which market quotations are readily available are typically valued at the average bid price of those market quotations. To validate market quotations, we utilize a number of factors to determine if the quotations are representative of fair value, including the source and number of the quotations. Debt and equity securities that are not publicly traded or whose market prices are not readily available, as is the case for substantially all of our investments, are valued at fair value as determined in good faith by our Adviser, as the valuation designee, based on, among other things, the input of the independent third-party valuation firm(s) engaged at the direction of our Adviser.

As part of the valuation process, our Adviser, as the valuation designee, takes into account relevant factors in determining the fair value of our investments, including: the estimated enterprise value of a portfolio company (i.e., the total fair value of the portfolio company’s debt and equity), the nature and realizable value of any collateral, the portfolio company’s ability to make payments based on its earnings and cash flow, the markets in which the portfolio company does business, a comparison of the portfolio company’s securities to any similar publicly traded securities, and overall changes in the interest rate environment and the credit markets that may affect the price at which similar investments may be made in the future. When an external event such as a purchase transaction, public offering or subsequent equity sale occurs, the Adviser, as valuation designee, considers whether the pricing indicated by the external event corroborates its valuation.

Our Adviser, as the valuation designee, undertakes a multi-step valuation process, which includes, among other procedures, the following:

•With respect to investments for which market quotations are readily available, those investments will typically be valued at the average bid price of those market quotations;
•With respect to investments for which market quotations are not readily available, the valuation process begins with the independent valuation firm(s) providing a preliminary valuation of each investment to the Adviser’s valuation committee;
•Preliminary valuation conclusions are documented and discussed with the Adviser’s valuation committee;
•Our Adviser, as the valuation designee, reviews the recommended valuations and determines the fair value of each investment;
•Each quarter, our Adviser, as the valuation designee, provides the Audit Committee a summary or description of material fair value matters that occurred in the prior quarter and on an annual basis, our Adviser, as the valuation designee, will provide the Audit Committee with a written assessment of the adequacy and effectiveness of its fair value process; and
•The Audit Committee oversees the valuation designee and will report to the Board on any valuation matters requiring the Board’s attention.

We conduct this valuation process on a quarterly basis.

We apply Financial Accounting Standards Board Accounting Standards Codification 820, Fair Value Measurements (“ASC 820”), as amended, which establishes a framework for measuring fair value in accordance with U.S. GAAP and required disclosures of fair value measurements. ASC 820 determines fair value to be the price that would be received for an investment in a current sale, which assumes an orderly transaction between market participants on the measurement date. Market participants are defined as buyers and sellers in the principal or most advantageous market (which may be a hypothetical market) that are independent, knowledgeable,





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and willing and able to transact. In accordance with ASC 820, we consider its principal market to be the market that has the greatest volume and level of activity. ASC 820 specifies a fair value hierarchy that prioritizes and ranks the level of observability of inputs used in determination of fair value. In accordance with ASC 820, these levels are summarized below:

•Level 1 – Valuations based on quoted prices in active markets for identical assets or liabilities that we have the ability to access.
•Level 2 – Valuations based on quoted prices in markets that are not active or for which all significant inputs are observable, either directly or indirectly.
•Level 3 – Valuations based on inputs that are unobservable and significant to the overall fair value measurement.

Transfers between levels, if any, are recognized at the beginning of the period in which the transfer occurred. In addition to using the above inputs in investment valuations, we apply the valuation policy approved by our Board that is consistent with ASC 820. Consistent with the valuation policy, our Adviser, as the valuation designee, evaluates the source of the inputs, including any markets in which our investments are trading (or any markets in which securities with similar attributes are trading), in determining fair value. When an investment is valued based on prices provided by reputable dealers or pricing services (that is, broker quotes), we subject those prices to various criteria in making the determination as to whether a particular investment would qualify for treatment as a Level 2 or Level 3 investment. For example, our Adviser, as the valuation designee, or the independent valuation firm(s), review pricing support provided by dealers or pricing services in order to determine if observable market information is being used, versus unobservable inputs.

Due to the inherent uncertainty of determining the fair value of investments that do not have a readily available market value, the fair value of our investments may fluctuate from period to period. Additionally, the fair value of such investments may differ significantly from the values that would have been used had a ready market existed for such investments and may differ materially from the values that may ultimately be realized. Further, such investments are generally less liquid than publicly traded securities and may be subject to contractual and other restrictions on resale. If we were required to liquidate a portfolio investment in a forced or liquidation sale, we could realize amounts that are different from the amounts presented and such differences could be material.

In addition, changes in the market environment and other events that may occur over the life of the investments may cause the gains or losses ultimately realized on these investments to be different than the unrealized gains or losses reflected herein.

Financial and Derivative Instruments

Rule 18f-4 requires BDCs that use derivatives to, among other things, comply with a value-at-risk leverage limit, adopt a derivatives risk management program, and implement certain testing and board reporting procedures. Rule 18f-4 exempts BDCs that qualify as “limited derivatives users” from the aforementioned requirements, provided that these BDCs adopt written policies and procedures that are reasonably designed to manage the BDC’s derivatives risks and comply with certain recordkeeping requirements. We currently qualify as a “limited derivatives user” and expects to continue to do so. Rule 18f-4 provides that a BDC may enter into an unfunded commitment agreement that is not a derivatives transaction, such as an agreement to provide financing to a portfolio company, if the BDC has, among other things, a reasonable belief, at the time it enters into such an agreement, that it will have sufficient cash and cash equivalents to meet its obligations with respect to all of its unfunded commitment agreements, in each case as it becomes due. Pursuant to Rule 18f-4, when we trade reverse repurchase agreements or similar financing transactions, including certain tender option bonds, we need to aggregate the amount of any other senior securities representing indebtedness (e.g., bank borrowings, if applicable) when calculating our asset coverage ratio. We have adopted a derivatives policy and complies with the recordkeeping requirements of Rule 18f-4.

Interest and Dividend Income Recognition

Interest income is recorded on the accrual basis and includes amortization and accretion of discounts or premiums. Certain investments may have contractual payment-in-kind (“PIK”) interest or dividends, the majority of which is structured at initial underwriting. PIK interest or dividends represent accrued interest or dividends that are added to the principal amount of the investment on the respective interest or dividend payment dates rather than being paid in cash and generally becomes due at maturity or at the occurrence of a certain liquidation event. Discounts to par value on securities purchased are amortized into interest income over the contractual life of the respective security using the effective yield method. Premiums to par value on securities purchased are amortized to first call date. The amortized cost of investments represents the original cost adjusted for the amortization or accretion of discounts or premiums, if any. Upon prepayment of a loan or debt security, any prepayment premiums, unamortized upfront loan origination fees and unamortized discounts are recorded as interest income in the current period.

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. If at any point





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we believe PIK interest is not expected to be realized, the investment generating PIK interest will be placed on non-accrual status. When a PIK investment is placed on non-accrual status, the accrued, uncapitalized interest or dividends are generally reversed through interest income. 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.

Dividend income on preferred equity securities is recorded on the accrual basis to the extent that such amounts are payable by the portfolio company and are expected to be collected. Dividend income on common equity securities is recorded on the record date for private portfolio companies or on the ex-dividend date for publicly-traded portfolio companies.

Distributions

We have elected to be treated for U.S. federal income tax purposes, and intend to continue to qualify annually as a RIC under Subchapter M of the Code. To obtain and maintain our tax treatment as a RIC, we must distribute (or be deemed to distribute) in each taxable year distributions for tax purposes equal to at least the sum of:

•90% of our investment company taxable income (which is generally our ordinary income plus the excess of realized short-term capital gains over realized net long-term capital losses), determined without regard to the deduction for dividends paid, for such taxable year; and
•90% of our net tax-exempt interest income (which is the excess of our gross tax-exempt interest income over certain disallowed deductions) for such taxable year.

As a RIC, we (but not our shareholders) generally will not be subject to U.S. federal tax on investment company taxable income and net capital gains that we distribute to our shareholders.

We intend to distribute annually all or substantially all of such income. To the extent that we retain our net capital gains or any investment company taxable income, we generally will be subject to U.S. federal income tax at corporate rates. We can be expected to carry forward our net capital gains or any investment company taxable income in excess of current year dividend distributions, and pay the U.S. federal excise tax as described below.

Amounts not distributed on a timely basis in accordance with a calendar year distribution requirement are subject to a nondeductible 4% U.S. federal excise tax payable by us. We may be subject to a nondeductible 4% U.S. federal excise tax if we do not distribute (or are treated as distributing) during each calendar year an amount at least equal to the sum of:

•98% of our net ordinary income excluding certain ordinary gains or losses for that calendar year;
•98.2% of our capital gain net income, adjusted for certain ordinary gains and losses, recognized for the twelve-month period ending on October 31 of that calendar year; and
•100% of any income or gains recognized, but not distributed, in preceding years.

While we intend to distribute any income and capital gains in the manner necessary to minimize imposition of the 4% U.S. federal excise tax, sufficient amounts of our taxable income and capital gains may not be distributed and as a result, in such cases, the excise tax will be imposed. In such an event, we will be liable for this tax only on the amount by which we do not meet the foregoing distribution requirement.

We intend to pay monthly distributions to our shareholders out of assets legally available for distribution. All distributions will be paid at the discretion of our Board and will depend on our earnings, financial condition, maintenance of our tax treatment as a RIC, compliance with applicable BDC regulations and such other factors as our Board may deem relevant from time to time.

To the extent our current taxable earnings for a year fall below the total amount of our distributions for that year, a portion of those distributions may be deemed a return of capital to our shareholders for U.S. federal income tax purposes. Thus, the source of a distribution to our shareholders may be the original capital invested by the shareholder rather than our income or gains. Shareholders should read written disclosure carefully and should not assume that the source of any distribution is our ordinary income or gains.

With respect to distributions we have adopted a distribution reinvestment plan which was amended and restated on May 6, 2024. The amended and restated distribution reinvestment plan provides for the reinvestment of cash distributions on behalf of shareholders who have enrolled in the distribution reinvestment plan. As a result, if the Board authorizes and declares a cash distribution, then the shareholders who have enrolled in the distribution reinvestment plan will have their cash distributions automatically reinvested in additional shares of our common stock, rather than receiving the cash distribution. We expect to use newly issued shares to implement the distribution reinvestment plan. Shareholders who receive distributions in the form of shares of common stock will be subject to the same U.S. federal, state and local tax consequences as if they received cash distributions.





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Income Taxes

We have elected to be treated as a BDC under the 1940 Act. We also have elected to be treated as a RIC under the Code beginning with the taxable period ended December 31, 2020, and intend to qualify for tax treatment as a RIC. As a RIC, we generally will not pay U.S. federal income taxes at corporate rates on any ordinary income or capital gains that we distribute at least annually to our shareholders as distributions. Rather, any tax liability related to income earned and distributed by us represents obligations of our investors and will not be reflected in our consolidated financial statements.

To qualify as a RIC, we must, among other things, meet certain source-of-income and asset diversification requirements. In addition, to qualify for RIC tax treatment, we generally must distribute to our shareholders, for each taxable year, at least 90% of our “investment company taxable income” for that year, which is generally our ordinary income plus the excess of our realized net short- term capital gains over our realized net long-term capital losses. In addition, a RIC may, in certain cases, satisfy this distribution requirement by distributing dividends relating to a taxable year after the close of such taxable year under the “spillover dividend” provisions of Subchapter M. In order for us to not be subject to U.S. federal excise taxes, we must distribute annually an amount at least equal to the sum of (i) 98% of our net ordinary income (taking into account certain deferrals and elections) for the calendar year, (ii) 98.2% of our capital gains in excess of capital losses for the one-year period ending on October 31 of the calendar year and (iii) any net ordinary income and capital gains in excess of capital losses for preceding years that were not distributed during such years. We, at our discretion, may carry forward taxable income in excess of calendar year dividends and pay a 4% nondeductible U.S. excise tax on this income.

We evaluate tax positions taken or expected to be taken in the course of preparing our consolidated financial statements to determine whether the tax positions are “more-likely-than-not” to be sustained by the applicable tax authority. Tax positions not deemed to meet the “more-likely-than-not” threshold are reserved and recorded as a tax benefit or expense in the current year. All penalties and interest associated with income taxes are included in income tax expense. Conclusions regarding tax positions are subject to review and may be adjusted at a later date based on factors including, but not limited to, on-going analyses of tax laws, regulations and interpretations thereof. There were no material uncertain tax positions through December 31, 2024. As applicable, the Company’s prior three tax years remain subject to examination by U.S. federal, state and local tax authorities.
Recent Developments
Equity Raise
As of August 7, 2025, we have issued 644,000,377 shares of Class S common stock, 97,886,560 shares of Class D common stock, and 1,241,752,439 shares of Class I common stock and have raised total gross proceeds of $6.09 billion, $0.91 billion, and $11.68 billion, respectively, including seed capital of $1,000 contributed by our Adviser in September 2020 and approximately $25.0 million in gross proceeds raised from an entity affiliated with the Adviser. In addition, we expect to receive $0.96 billion in gross subscription payments which we accepted on August 1, 2025 and which is pending our determination of the net asset value per share applicable to such purchase.
Dividend
On August 5, 2025, we declared a distribution of (i) $0.070100 per share, payable on or before September 30, 2025 to shareholders of record as of August 29, 2025, (ii) $0.070100 per share, payable on or before October 31, 2025 to shareholders of record as of September 30, 2025, and (iii) $0.070100 per share, payable on or before November 30, 2025 to shareholders of record as of October 31, 2025 and (iv) a special distribution of $0.032700 per share, payable on or before October 31, 2025 to shareholders of record as of September 30, 2025.
Core Income Funding I Amendments
On July 10, 2025, Core Income Funding I entered into Amendment No. 4 to SPV Asset Facility I in order to join a new lender and increase the maximum principal amount of SPV Asset Facility I from $450.0 million to $550.0 million. Subsequently, on July 24, Core Income Funding I entered into Amendment No. 5 to SPV Asset Facility I in order to increase the maximum principal amount of SPV Asset Facility I from $550.0 million to $650.0 million.






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Item 3. Quantitative and Qualitative Disclosures About Market Risk.

We are subject to financial market risks, including valuation risk, interest rate risk, currency risk, credit risk, and inflation risk. Uncertainty with respect to the imposition of tariffs on and trade disputes with certain countries, the fluctuations in global interest rates, the ongoing war between Russia and Ukraine, the conflicts in the Middle East and concerns over future increases in inflation or adverse investor sentiment generally, introduced significant volatility in the financial markets, and the effects of this volatility has materially impacted and could continue to materially impact our market risks, including those listed below.

Valuation Risk

We have invested, and plan to continue to invest, primarily in illiquid debt and equity securities of private companies. Most of our investments will not have a readily available market price, and we value these investments at fair value as determined in good faith by the Adviser, as our valuation designee, based on, among other things, the input of the independent third-party valuation firm(s) engaged at the direction of the Adviser, as our valuation designee, and in accordance with our valuation policy. There is no single standard for determining fair value. As a result, determining fair value requires that judgment be applied to the specific facts and circumstances of each portfolio investment while employing a consistently applied valuation process for the types of investments we make. If we were required to liquidate a portfolio investment in a forced or liquidation sale, we may realize amounts that are different from the amounts presented and such differences could be material.

Interest Rate Risk

Interest rate sensitivity refers to the change in earnings that may result from changes in the level of interest rates. We intend to fund portions of our investments with borrowings, and at such time, our net investment income will be affected by the difference between the rate at which we invest and the rate at which we borrow. Accordingly, we cannot assure you that a significant change in market interest rates will not have a material adverse effect on our net investment income.

In a prolonged low interest rate environment, the difference between the total interest income earned on interest earning assets and the total interest expense incurred on interest bearing liabilities may be compressed, reducing our net income and potentially adversely affecting our operating results. Conversely, in a rising interest rate environment, such difference could potentially increase thereby increasing our net income as indicated per the table below.

As of June 30, 2025, 98.7% of our debt investments based on fair value were at floating rates. Additionally, the weighted average floor, based on fair value, of our debt investments was 0.7%.
Based on our Consolidated Statements of Assets and Liabilities as of June 30, 2025, the following table shows the annualized impact on net income of hypothetical base rate changes in interest rates on our debt investments (considering interest rate floors for floating rate instruments) assuming each floating rate investment is subject to 3-month reference rate election and there are no changes in our investment and borrowing structure.
($ in millions)Interest Income
Interest Expense(1)
Net Income(2)
Up 300 basis points$914.5 $(417.4)$497.1 
Up 200 basis points$609.7 $(278.2)$331.5 
Up 100 basis points$304.8 $(139.1)$165.7 
Down 100 basis points$(304.8)$139.1 $(165.7)
Down 200 basis points$(608.6)$278.2 $(330.4)
Down 300 basis points$(911.9)$417.4 $(494.5)
(1)Includes the impact of our interest rate swaps as a result of interest rate changes.
(2)Excludes the impact of income based fees. See “ITEM 1. — Notes to Consolidated Financial Statements - Note 3. Agreements and Related Party Transactions” of our consolidated financial statements for more information on the income based fees.
We may hedge against interest rate fluctuations by using hedging instruments such as additional interest rate swaps, futures, options, and forward contracts. While hedging activities may mitigate our exposure to adverse fluctuations in interest rates, certain hedging transactions, such as interest rate swap agreements, may also limit our ability to participate in the benefits of lower interest rates.





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Currency Risk
From time to time, we may make investments that are denominated in a foreign currency, borrow in certain foreign currencies under our credit facilities or issue notes in certain foreign currencies. These investments, borrowings and issuances are translated into U.S. dollars at each balance sheet date, exposing us to movements in foreign exchange rates. We may employ hedging techniques to minimize these risks, but we cannot assure you that such strategies will be effective or without risk to us. We may utilize instruments such as, but not limited to, forward contracts or cross-currency swaps to seek to hedge against fluctuations in the relative values of our portfolio positions or borrowings from changes in currency exchange rates. Instead of entering into a foreign currency forward contract in connection with loans or other investments denominated in a foreign currency, we may borrow in that currency to establish a natural hedge against our loan, issuance or investment. To the extent the loan, issuance or investment is based on a floating rate other than a rate under which we can borrow under our credit facilities, we may utilize interest rate derivatives to hedge our exposure to changes in the associated rate.
Credit Risk
We generally endeavor to minimize our risk of exposure by limiting to reputable financial institutions the counterparties with which we enter into financial transactions. As of June 30, 2025 and December 31, 2024, we held the majority of our cash balances with a single highly rated money center bank and such balances are in excess of Federal Deposit Insurance Corporation insured limits. We seek to mitigate this exposure by monitoring the credit standing of these financial institutions.
Inflation Risk
Inflation is likely to continue in the near to medium-term, particularly in the United States, and monetary policy may continue to tighten in response. Persistent inflationary pressures could affect our portfolio companies’ profit margins.
Item 4. Controls and Procedures
(a)Evaluation of Disclosure Controls and Procedures
In accordance with Rules 13a-15(b) and 15d-15(b) of the Exchange Act, as amended, we, under the supervision and with the participation of our Chief Executive Officer and Chief Financial Officer, carried out an evaluation of the effectiveness of our disclosure controls and procedures (as defined in Rule 13a-15(e) and Rule 15d-15(e) of the Exchange Act) as of the end of the period covered by this Quarterly Report on Form 10-Q and determined that our disclosure controls and procedures are effective as of the end of the period covered by the Quarterly Report on Form 10-Q.
(b)Changes in Internal Controls Over Financial Reporting
There have been no changes in our internal controls over financial reporting that occurred during our most recently completed fiscal quarter that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.





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PART II. OTHER INFORMATION
Item 1. Legal Proceedings
Neither we nor the Adviser are currently subject to any material legal proceedings, nor, to our knowledge, are any material legal proceeding threatened against us. From time to time, we may be a party to certain legal proceedings in the ordinary course of business, including proceedings relating to the enforcement of our rights under contracts with our portfolio companies. Our business is also subject to extensive regulation, which may result in regulatory proceedings against us. While the outcome of any such future legal or regulatory proceedings cannot be predicted with certainty, we do not expect that any such future proceedings will have a material effect upon our financial condition or results of operations.
Item 1A. Risk Factors.
In addition to the other information set forth in this report, you should carefully consider the risk factors discussed in Part I, “ITEM 1A. RISK FACTORS” in our Annual Report on Form 10-K for the fiscal year ended December 31, 2024, which could materially affect our business, financial condition and/or operating results. The risks described in our Annual Report on Form 10-K for the fiscal year ended December 31, 2024 are not the only risks facing us. Additional risks and uncertainties not currently known to us or that we currently deem to be immaterial also may materially and adversely affect our business, financial condition and/or operating results.
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.
Other than the shares issued pursuant to our dividend reinvestment plan, we did not sell any unregistered equity securities, except as previously disclosed in certain 8-Ks filed with the SEC. In order to satisfy the reinvestment portion of our dividends for the six months ended June 30, 2025, we issued the following shares of common stock to stockholders of record on the dates noted below who did not opt out of our dividend reinvestment plan. These issuances were not subject to the registration requirements of the Securities Act.
Date of IssuanceRecord DateNumber of SharesPurchase PriceShare Class
February 25, 2025January 31, 20252,406,937 $9.54 Class S
February 25, 2025January 31, 2025175,262 $9.55 Class D
February 25, 2025January 31, 20254,529,251 $9.57 Class I
March 25, 2025February 28, 20251,671,983 $9.51 Class S
March 25, 2025February 28, 2025123,537 $9.52 Class D
March 25, 2025February 28, 20253,195,470 $9.54 Class I
April 24, 2025March 31, 20251,752,611 $9.46 Class S
April 24, 2025March 31, 2025127,688 $9.47 Class D
April 24, 2025March 31, 20253,338,621 $9.49 Class I
May 23, 2025April 30, 20252,746,265 $9.40 Class S
May 23, 2025April 30, 2025195,935 $9.41 Class D
May 23, 2025April 30, 20255,010,925 $9.42 Class I
June 25, 2025May 30, 20251,902,954 $9.44 Class S
June 25, 2025May 30, 2025136,054 $9.45 Class D
June 25, 2025May 30, 20253,579,387 $9.47 Class I
July 24, 2025June 30, 20251,939,034 $9.42 Class S
July 24, 2025June 30, 2025140,447 $9.43 Class D
July 24, 2025June 30, 20253,693,635 $9.45 Class I
We commenced a share repurchase program pursuant to which we intend to conduct quarterly repurchase offers to allow our shareholders to tender their shares at a price equal to the net offering price per share for the applicable class of shares on each date of repurchase.
Our Board has complete discretion to determine whether we will engage in any share repurchase, and if so, the terms of such repurchase. At the discretion of our Board, we may use cash on hand, cash available from borrowings, and cash from the sale of our investments as of the end of the applicable period to repurchase shares. All shares purchased by us pursuant to the terms of each offer to repurchase will be retired and thereafter will be authorized and unissued shares. The purpose of the offers to repurchase is to provide shareholders with the potential for a measure of liquidity since there is otherwise no public market for shares of our common stock.





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We intend to limit the number of shares to be repurchased in each quarter to no more than 5.00% of our outstanding shares of common stock.
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 tender offers as described above, we are not required to do so and may suspend or terminate the share repurchase program at any time.
Offer Date
Class		Tender Offer
Expiration		Tender Offer
(in thousands)		Purchase Price
per Share		Shares
Repurchased
February 26, 2025SMarch 31, 2025$53,498 $9.46 5,655,204 
February 26, 2025DMarch 31, 2025$1,912 $9.47 201,862 
February 26, 2025IMarch 31, 2025$148,539 $9.49 15,652,202 
May 23, 2025SJune 30, 2025$107,562 $9.42 11,418,472 
May 23, 2025DJune 30, 2025$19,164 $9.43 2,032,236 
May 23, 2025IJune 30, 2025$337,475 $9.45 35,711,561 
Item 3. Defaults Upon Senior Securities.

None.
Item 4. Mine Safety Disclosures.
Not applicable.
Item 5. Other Information.

Rule 10b5-1 Trading Plans

During the fiscal quarter ended June 30, 2025, none of the Company’s directors or executive officers adopted or terminated any contract, instruction or written plan for the purchase or sale of Company securities that was intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) or any “non-Rule 10b5-1 trading arrangement.”





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Item 6. Exhibits, Financial Statement Schedules.
Exhibit
Number
Description of Exhibits
3.1
3.2
3.3
4.1
4.2
4.3
4.4
10.1
10.2
10.3
10.4
10.5
10.6
10.7
10.8





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21.1*
31.1*
31.2*
32.1**
32.2**
99.1*
99.2*
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101.SCHInline XBRL Taxonomy Extension Schema Document
101.CALInline XBRL Taxonomy Extension Calculation Linkbase Document
101.DEFInline XBRL Taxonomy Extension Definition Linkbase Document
101.LABInline XBRL Taxonomy Extension Label Linkbase Document
101.PREInline XBRL Taxonomy Extension Presentation Linkbase Document
104Cover Page Interactive Data File (embedded within the Inline XBRL document)
*    Filed herewith.
**    Furnished herewith.





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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the Registrant has duly caused this Report to be signed on its behalf by the undersigned thereunto duly authorized.
Blue Owl Credit Income Corp.
Date: August 7, 2025
By:/s/ Craig W. Packer
Craig W. Packer
Chief Executive Officer
Date: August 7, 2025
By:
/s/ Jonathan Lamm
Jonathan Lamm
Chief Operating Officer and Chief Financial Officer





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