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Blue Owl Credit Income Corp.

Sponsored by Blue Owl. BDC structure focused on private credit.

BDCPrivate Credit

Sponsor
Blue Owl
CIK
0001812554
Liquidity
Periodic tender offers
Inception
2021
Net assets
$19.15B
source

Quarterly report (Form 10-Q) · filed 2026-05-11 · period 2026-03-31

Stockholders equity

“{'end': '2026-03-31', 'val': 19147147000, 'accn': '0001812554-26-000027', 'fy': 2026, 'fp': 'Q1', 'form': '10-Q', 'filed': '2026-05-11', 'frame': 'CY2026Q1I', 'unit': 'USD'}”

Method Direct: structured XBRL tag

Technical locator

us-gaap:StockholdersEquity | accession 0001812554-26-000027 | 10-Q filed 2026-05-11

as of 2026-03-31
NAV / share
$9.32
source

Annual report (Form 10-K) · filed 2026-03-03 · period 2025-12-31

10-Q financial highlights, NAV end of period (fund tags no NAV/share-count concepts)

“Net asset value, at end of period $ 9.32”

Method Matched text template against the filing

Technical locator

https://www.sec.gov/Archives/edgar/data/1812554/000181255426000011/orcic-20251231.htm | 10-Q financial highlights, NAV end of period (fund tags no NAV/share-count concepts)

Canonical (canonical class) · 2025-12-31
Net flows, last qtr
-1.8%
qtr ended 2026-03-31
Distribution coverage (NII)
97%
period ended 2026-03-31
Leverage in use
70%
debt / equity 0.87x
Total return, 12m
+7.9%
computed from NAV + distributions
01 / Signals

What changed in the latest filings.

Current findings ordered by severity. Each observation remains traceable to its filed source.

Notify

Credit facility new or amended: 76 occurrence(s), 2021-02-23 to 2028-11-02

Most recent (2028-11-02): announced offering of $500.0 million aggregate principal amount of its 6.600% notes due 2029 (the “Notes”). The offering was consummated pursuant to the terms of a purchase agreement (the “Purchase Agreement”) dated May 14, 2024 among the Company and Blue Owl Credit Advisors LLC (the “Adviser”), on the one hand, and SMBC Nikko Securities America, Inc., ING Financial Markets LLC, Morgan Stanley & Co. LLC, MUFG Securities Americas Inc. and Wells Fargo Securities, LLC, as representatives of the several initial purchasers listed on Schedule 1 thereto (the “Initial Purchasers”), on the other hand.

Why it matters and what changed

Financing terms set the fund's cost of leverage and its dry powder. Amendments also reveal what lenders currently think of the collateral: improving spreads and rising commitments signal lender confidence; shrinking availability or margin increases signal the opposite. This fund logged 76 of these in the covered window; the cadence itself is part of the signal.

76 occurrence(s) of this event type stored; earlier instances are on the Fired Flags tab.

Source: https://www.sec.gov/Archives/edgar/data/1812554/000119312524143973/d822047d8k.htm | Item 1.01

Notify

Barracuda Parent, LLC marked down -42% (2025-12-31 $108,936,000 -> 2026-03-31 $63,253,000) with par balance unchanged (+-2%) -- a valuation mark, not a trade. (2026-03-31)

Barracuda Parent, LLC marked down -42% (2025-12-31 $108,936,000 -> 2026-03-31 $63,253,000) with par balance unchanged (+-2%) -- a valuation mark, not a trade. Position was 0.30% of portfolio value.

Why it matters and what changed

Occurrence event; see the filing text for terms vs the prior arrangement.

Source: nport-diff:2026-03-31:mark:barracuda parent, llc

Notify

Redemption requests ran at least twice the tender offer's capacity; only 23% of tendered shares were repurchased (offer expired 2026-03-31).

Redemption requests ran at least twice the tender offer's capacity; only 23% of tendered shares were repurchased (offer expired 2026-03-31). (Rule B5: Tender/gate oversubscription, severe: requests >= 2x offer capacity (Notify immediate); Notify.)

Why it matters and what changed

Redemption requests ran at least twice the offer capacity. At this level pro-ration is severe and shareholder liquidity is materially constrained right now, not hypothetically.

100.00 -> 22.82 (down 77.2% vs prior period); trailing 4-period average 80.71; same period prior year 100.00; comparison interval: ~3 months (2025-12-31 -> 2026-03-31; this fund's series is observed at that frequency, so 'month over month' rules compare consecutive observations)

Source: https://www.sec.gov/Archives/edgar/data/1812554/000162828026027580/ocic-scheduletoa.htm | SC TO-I/A final results (pro-rated at ~22.822% (Blue Owl multi-class, direct-stated fill%))

Notify

Net investment income covered only 97% of distributions in the period ended 2026-03-31; the gap was funded from capital or gains.

Net investment income covered only 97% of distributions in the period ended 2026-03-31; the gap was funded from capital or gains. (Rule C21: Distribution coverage: distribution_nii_coverage < 100%; Notify.)

Why it matters and what changed

Distributions exceed net investment income. The gap is funded from capital (the investor's own money back) or gains, and a stated yield propped up this way is fragile.

96.10 -> 97.13 (up 1.1% vs prior period); trailing 4-period average 93.56; same period prior year 94.25; breach persisted 5 consecutive periods (escalated per the two-stage ladder); comparison interval: ~3 months (2025-12-31 -> 2026-03-31; this fund's series is observed at that frequency, so 'month over month' rules compare consecutive observations)

Source: derived: net_investment_income / distributions_declared * 100 (annual grain only, see build_notes.md)

Notify

Net investment income covered only 96% of distributions in the period ended 2025-12-31; the gap was funded from capital or gains.

Net investment income covered only 96% of distributions in the period ended 2025-12-31; the gap was funded from capital or gains. (Rule C21: Distribution coverage: distribution_nii_coverage < 100%; Notify.)

Why it matters and what changed

Distributions exceed net investment income. The gap is funded from capital (the investor's own money back) or gains, and a stated yield propped up this way is fragile.

88.92 -> 96.10 (up 8.1% vs prior period); trailing 4-period average 92.84; same period prior year 109.32; breach persisted 4 consecutive periods (escalated per the two-stage ladder); comparison interval: ~3 months (2025-09-30 -> 2025-12-31; this fund's series is observed at that frequency, so 'month over month' rules compare consecutive observations)

Source: derived: net_investment_income / distributions_declared * 100 (annual grain only, see build_notes.md)

Notify

Net investment income covered only 89% of distributions in the period ended 2025-09-30; the gap was funded from capital or gains.

Net investment income covered only 89% of distributions in the period ended 2025-09-30; the gap was funded from capital or gains. (Rule C21: Distribution coverage: distribution_nii_coverage < 100%; Notify.)

Why it matters and what changed

Distributions exceed net investment income. The gap is funded from capital (the investor's own money back) or gains, and a stated yield propped up this way is fragile.

92.09 -> 88.92 (down 3.4% vs prior period); trailing 4-period average 96.15; same period prior year 113.12; breach persisted 3 consecutive periods (escalated per the two-stage ladder); comparison interval: ~3 months (2025-06-30 -> 2025-09-30; this fund's series is observed at that frequency, so 'month over month' rules compare consecutive observations)

Source: derived: net_investment_income / distributions_declared * 100 (annual grain only, see build_notes.md)

Historical findings (9)

Net investment income covered only 92% of distributions in the period ended 2025-06-30; the gap was funded from capital or gains.
Net investment income covered only 92% of distributions in the period ended 2025-06-30; the gap was funded from capital or gains. (Rule C21: Distribution coverage: distribution_nii_coverage < 100%; Notify.)

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... (2024-06-25)
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 (the “ Shares ”), and preferred stock, $0.01 par value per share, from 3,000,000,000 Shares, consisting of 1,000,000,000 Class S Shares, 1,000,000,000 Class D Shares, 1,000,000,000 Class I Shares and no shares of preferred stock, to 4,500,000,000 Shares, consisting of 1,500,000,000 Class

On June 22, 2023, the board of directors (the “Board”) of the Company adopted Articles of Amendment for the purpose of amending the Company’s current Articles of Amendment and... (2023-06-22)
On June 22, 2023, the board of directors (the “Board”) of the Company adopted Articles of Amendment for the purpose of amending the Company’s current Articles of Amendment and Restatement in order to change its corporate name to “Blue Owl Credit Income Corp.” from “Owl Rock Core Income Corp.” The Company filed the Articles of Amendment with the State Department of Assessments and Taxation of Maryland implementing the change in the Company’s name, to be effective as of July 6, 2023. A copy of the Articles of Amendment is attached hereto as Exhibit 3.1 to this Current Report on Form 8-K. In addi

Redemptions accelerated to $111.7M from $69.4M the prior period (period ended 2022-12-31).
Redemptions accelerated to $111.7M from $69.4M the prior period (period ended 2022-12-31). (Rule C14: Redemption acceleration: repurchase/redemption dollars up >= 25%; Notify.)

Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. (2022-01-24)
Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. On January 24, 2022, Brian Finn notified Owl Rock Core Income Corp. (the “Company”) of his intention to resign as a director of the Company, effective February 23, 2022. Mr. Finn has served on the Company’s Board of Directors (the “Board”) since 2020 and currently serves as a member of the Audit Committee and Nominating and Corporate Governance Committee of the Board. Mr. Finn’s decision to resign was based on a desire to pursue other opportunities

Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. (2021-11-19)
Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. (d) Appointment of Director On November 19, 2021, the board of directors (the “Board”) of Owl Rock Core Income Corp. (the “Company”), upon the recommendation of the Nominating and Corporate Governance Committee of the Board (the “Nominating Committee”), voted to appoint Victor Woolridge as a Class III director of the Board, a member of the Nominating Committee and a member of the Audit Committee. In connection with Mr. Woolridge’s appointment, the B

Agreement. (2021-05-18)
Agreement. On May 18, 2021, Owl Rock Core Income Corp. (the “Company”) entered into an amended and restated investment advisory agreement (the “Restated Advisory Agreement”) with its investment adviser, Owl Rock Capital Advisors LLC (the “Adviser”), in connection with the previously announced transaction (the “Transaction”) pursuant to which Owl Rock Capital Group, LLC, the parent of the Adviser (and a subsidiary of Owl Rock Capital Partners LP), and Dyal Capital Partners (“Dyal”) merged to form Blue Owl Capital, Inc. (“Blue Owl”). The Transaction resulted in a change of control of the Adviser

Amendments to Articles of Incorporation or Bylaws Amendment to Articles of Amendment and Restatement On February 23, 2021, the Board of the Company adopted resolutions approving a... (2021-02-23)
Amendments to Articles of Incorporation or Bylaws Amendment to Articles of Amendment and Restatement On February 23, 2021, the Board of the Company adopted resolutions approving a second amendment and restatement of the Company’s articles of incorporation (as further amended and restated, the “Articles of Amendment and Restatement”) in response to comments from certain state securities regulators and to clarify the application to the Company of the Omnibus Guidelines of the North American Securities Administrators Association. On February 23, 2021, the Company’s shareholders adopted the Articl

Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers is incorporated by reference... (2021-02-23)
Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers is incorporated by reference herein in its entirety. Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. (d) Appointment of Director On February 23, 2021, the board of directors (the “Board”) of the Company, upon the recommendation of the Nominating and Corporate Governance Committee of the Board (the “Nominating Committee”), voted to appoint Meli

03 / Portfolio

What moved inside the book.

Filed portfolio-health facts and position changes. Missing disclosures stay visibly missing.

Non-accruals
0.2%
2026-03-31
PIK income share
6.1%
2026-03-31
Bottom two ratings
0.4%
2025-12-31
DatePosition change
2026-03-31ACP Tara Holdings, Inc. (dba Arcadia) (2.1% of portfolio value in the 2025-12-31 report, $759,876,000) is absent from the 2026-03-31 report -- realized, sold, or restructured under a different name.
2026-03-31Athenahealth Group Inc. (13.7% of portfolio value in the 2025-12-31 report, $4,933,485,000) is absent from the 2026-03-31 report -- realized, sold, or restructured under a different name.
2026-03-31Blue Owl Capital Corporation (1.6% of portfolio value in the 2025-12-31 report, $573,550,000) is absent from the 2026-03-31 report -- realized, sold, or restructured under a different name.
2026-03-31OneOncology, LLC (1.1% of portfolio value in the 2025-12-31 report, $396,928,000) is absent from the 2026-03-31 report -- realized, sold, or restructured under a different name.
2026-03-31Opal US LLC (2.0% of portfolio value in the 2025-12-31 report, $728,826,000) is absent from the 2026-03-31 report -- realized, sold, or restructured under a different name.
2026-03-31Barracuda Parent, LLC marked down -42% (2025-12-31 $108,936,000 -> 2026-03-31 $63,253,000) with par balance unchanged (+-2%) -- a valuation mark, not a trade. Position was 0.30% of portfolio value.
2025-12-31ABB/Con-cise Optical Group LLC, First lien senior secured loan (2.5% of portfolio value in the 2025-09-30 report, $855,483,000) is absent from the 2025-12-31 report -- realized, sold, or restructured under a different name.
2025-12-31Access CIG, LLC, First lien senior secured loan (3.2% of portfolio value in the 2025-09-30 report, $1,081,794,000) is absent from the 2025-12-31 report -- realized, sold, or restructured under a different name.
2025-12-31ACP Tara Holdings, Inc. (dba Arcadia), First lien senior secured loan (2.3% of portfolio value in the 2025-09-30 report, $772,251,000) is absent from the 2025-12-31 report -- realized, sold, or restructured under a different name.
2025-12-31ACR Group Borrower, LLC, First lien senior secured loan 1 (2.6% of portfolio value in the 2025-09-30 report, $893,262,000) is absent from the 2025-12-31 report -- realized, sold, or restructured under a different name.
2025-12-31Acrisure, LLC, Unsecured notes (1.4% of portfolio value in the 2025-09-30 report, $478,549,000) is absent from the 2025-12-31 report -- realized, sold, or restructured under a different name.
2025-12-31Activate Holdings (US) Corp. (dba Absolute Software), First lien senior secured loan (8.1% of portfolio value in the 2025-09-30 report, $2,746,327,000) is absent from the 2025-12-31 report -- realized, sold, or restructured under a different name.
Filed portfolio-health history
Non-accrual exposure
0%0.25%0.50%0.75%1%2026-03-31: 0.20%0.20%Q1 '26
PIK income share
0%5%10%2022-09-30: 12.38%12.38%Q3 '222023-09-30: 8.71%8.71%2024-06-30: 7.36%7.36%Q2 '242024-09-30: 6.46%6.46%2025-03-31: 5.95%5.95%Q1 '252025-06-30: 5.96%5.96%2025-09-30: 5.68%5.68%Q3 '252026-03-31: 6.09%6.09%Q1 '26
Bottom rating exposure
0%0.25%0.50%0.75%1%2024-06-30: 0%0%Q2 '242024-09-30: 0%0%Q3 '242024-12-31: 0.10%0.10%Q4 '242025-03-31: 0.10%0.10%Q1 '252025-06-30: 0.10%0.10%Q2 '252025-09-30: 0.50%0.50%Q3 '252025-12-31: 0.40%0.40%Q4 '25
04 / Redemptions

Where exit demand met the cap.

Rationed in 1 of 18 disclosed periods; last gated Q1 2026.

Requested redemptions versus cap
0%5%10%15%20%5% quarterly cap2021-12-30: 0.1% requestedQ4 '212022-03-31: 1.0% requested2022-06-30: 0.8% requested2022-09-30: 1.0% requestedQ3 '222022-12-30: 2.2% requested2023-03-31: 1.6% requested2023-06-30: 1.2% requestedQ2 '232023-09-29: 1.4% requested2023-12-29: 1.3% requested2024-03-28: 1.5% requestedQ1 '242024-06-28: 1.3% requested2024-09-30: 1.2% requested2024-12-31: 1.4% requestedQ4 '242025-03-31: 1.3% requested2025-06-30: 2.7% requested2025-09-30: 1.7% requestedQ3 '252025-12-31: 5.0% requested2026-03-31: 21.9% requested; rationed21.9%Q1 '26Rationed periods are oxblood; all other requested bars are ocean.
PeriodRequestedFilledCap usedStatus
2026-03-3121.9%23%Not disclosedrationed
2025-12-315.0%100%Not disclosedfilled
2025-09-301.7%100%Not disclosedfilled
2025-06-302.7%100%Not disclosedfilled
2025-03-311.3%100%Not disclosedfilled
2024-12-311.4%100%Not disclosedfilled
2024-09-301.2%100%Not disclosedfilled
2024-06-281.3%100%Not disclosedfilled
2024-03-281.5%100%Not disclosedfilled
2023-12-291.3%100%Not disclosedfilled
2023-09-291.4%100%Not disclosedfilled
2023-06-301.2%100%Not disclosedfilled
2023-03-311.6%100%Not disclosedfilled
2022-12-302.2%100%Not disclosedfilled
2022-09-301.0%100%Not disclosedfilled
2022-06-300.8%100%Not disclosedfilled
2022-03-311.0%100%Not disclosedfilled
2021-12-300.1%100%Not disclosedfilled
05 / Financing

How the balance sheet is funded.

Borrowings, unused capacity, and synthetic exposure are separated so unlike risks do not collapse into one ratio.

No structured financing components have been captured for this fund.

06 / Share classes

How the offering is divided.

A filed share-class breakdown and terms-based role descriptions. This is not an estimate of who owns the fund.

No filed share-class terms have been captured for this fund; ownership type is therefore not inferred.

Management fee: 1.25% of avg net assets per year. source. The Company pays the Adviser an investment advisory fee consisting of two components: a management fee and an incentive fee. The base management fee is payable monthly in arrears, 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.

07 / Sources

The evidence beneath the page.

Filed terms and recent documents remain available without crowding the primary research flow.

Term register (1)
TermDescriptionValueEffective
advisory_fee_scheduleThe Company pays the Adviser an investment advisory fee consisting of two components: a management fee and an incentive fee. The base management fee is payable monthly in arrears, 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.1.25 pct_annual_of_avg_net_assetsDate not captured
Recent filings
FiledFormAccession
2026-07-028-K0001193125-26-293509
2026-06-268-K0001193125-26-285602
2026-06-228-K0001812554-26-000041
2026-06-118-K0001628280-26-042497
2026-05-26SC TO-I0001628280-26-038223
2026-05-268-K0001812554-26-000037
2026-05-1110-Q0001812554-26-000027
2026-05-118-K0001193125-26-216711
2026-05-018-K0001193125-26-201552
2026-04-27SC TO-I/A0001628280-26-027580
2026-04-238-K0001812554-26-000017
2026-04-028-K0001193125-26-139036
2026-04-01DEF 14A0001193125-26-138175
2026-03-278-K0001812554-26-000015
2026-03-098-K0001193125-26-098659