Blue Owl Credit Income Corp.
Sponsored by Blue Owl. BDC structure focused on private credit.
BDCPrivate Credit
Refugio Research beta
Finding firmer ground in alternative investments.
Sponsored by Blue Owl. BDC structure focused on private credit.
BDCPrivate Credit
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
Open the filing on SEC.gov · Full observation history
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
Open the filing on SEC.gov · Full observation history
Current findings ordered by severity. Each observation remains traceable to its filed source.
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.
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
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.
Occurrence event; see the filing text for terms vs the prior arrangement.
Source: nport-diff:2026-03-31:mark:barracuda parent, llc
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.)
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%))
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.)
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)
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.)
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)
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.)
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)
Net investment income covered only 92% of distributions in the period ended 2025-06-30; the gap was funded from capital or gains.
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 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)
Redemptions accelerated to $111.7M from $69.4M the prior period (period ended 2022-12-31).
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. (2021-11-19)
Agreement. (2021-05-18)
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)
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)
Net asset value, total return, capital flows, and distribution coverage across the filing record.
Filed portfolio-health facts and position changes. Missing disclosures stay visibly missing.
| Date | Position change |
|---|---|
| 2026-03-31 | ACP 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. |
| 2026-03-31 | Athenahealth 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. |
| 2026-03-31 | Blue 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. |
| 2026-03-31 | OneOncology, 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. |
| 2026-03-31 | Opal 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. |
| 2026-03-31 | 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. |
| 2025-12-31 | ABB/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. |
| 2025-12-31 | Access 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. |
| 2025-12-31 | ACP 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. |
| 2025-12-31 | ACR 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. |
| 2025-12-31 | Acrisure, 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. |
| 2025-12-31 | Activate 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. |
Rationed in 1 of 18 disclosed periods; last gated Q1 2026.
| Period | Requested | Filled | Cap used | Status |
|---|---|---|---|---|
| 2026-03-31 | 21.9% | 23% | Not disclosed | rationed |
| 2025-12-31 | 5.0% | 100% | Not disclosed | filled |
| 2025-09-30 | 1.7% | 100% | Not disclosed | filled |
| 2025-06-30 | 2.7% | 100% | Not disclosed | filled |
| 2025-03-31 | 1.3% | 100% | Not disclosed | filled |
| 2024-12-31 | 1.4% | 100% | Not disclosed | filled |
| 2024-09-30 | 1.2% | 100% | Not disclosed | filled |
| 2024-06-28 | 1.3% | 100% | Not disclosed | filled |
| 2024-03-28 | 1.5% | 100% | Not disclosed | filled |
| 2023-12-29 | 1.3% | 100% | Not disclosed | filled |
| 2023-09-29 | 1.4% | 100% | Not disclosed | filled |
| 2023-06-30 | 1.2% | 100% | Not disclosed | filled |
| 2023-03-31 | 1.6% | 100% | Not disclosed | filled |
| 2022-12-30 | 2.2% | 100% | Not disclosed | filled |
| 2022-09-30 | 1.0% | 100% | Not disclosed | filled |
| 2022-06-30 | 0.8% | 100% | Not disclosed | filled |
| 2022-03-31 | 1.0% | 100% | Not disclosed | filled |
| 2021-12-30 | 0.1% | 100% | Not disclosed | filled |
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.
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.
Filed terms and recent documents remain available without crowding the primary research flow.
| Term | Description | Value | Effective |
|---|---|---|---|
| advisory_fee_schedule | 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. | 1.25 pct_annual_of_avg_net_assets | Date not captured |
| Filed | Form | Accession |
|---|---|---|
| 2026-07-02 | 8-K | 0001193125-26-293509 |
| 2026-06-26 | 8-K | 0001193125-26-285602 |
| 2026-06-22 | 8-K | 0001812554-26-000041 |
| 2026-06-11 | 8-K | 0001628280-26-042497 |
| 2026-05-26 | SC TO-I | 0001628280-26-038223 |
| 2026-05-26 | 8-K | 0001812554-26-000037 |
| 2026-05-11 | 10-Q | 0001812554-26-000027 |
| 2026-05-11 | 8-K | 0001193125-26-216711 |
| 2026-05-01 | 8-K | 0001193125-26-201552 |
| 2026-04-27 | SC TO-I/A | 0001628280-26-027580 |
| 2026-04-23 | 8-K | 0001812554-26-000017 |
| 2026-04-02 | 8-K | 0001193125-26-139036 |
| 2026-04-01 | DEF 14A | 0001193125-26-138175 |
| 2026-03-27 | 8-K | 0001812554-26-000015 |
| 2026-03-09 | 8-K | 0001193125-26-098659 |