FALSE2024Q212/310001812554P3Yhttp://fasb.org/us-gaap/2024#UnrealizedGainLossOnInvestmentshttp://fasb.org/us-gaap/2024#UnrealizedGainLossOnInvestmentshttp://fasb.org/us-gaap/2024#UnrealizedGainLossOnInvestmentshttp://fasb.org/us-gaap/2024#UnrealizedGainLossOnInvestmentsxbrli:sharesiso4217:USDiso4217:USDxbrli:sharesxbrli:pureiso4217:EURiso4217:GBPiso4217:CADorcic:divisionorcic:portfolio_company00018125542024-01-012024-06-300001812554orcic:CommonClassSMember2024-08-080001812554orcic:CommonClassDMember2024-08-080001812554orcic:CommonClassIMember2024-08-080001812554us-gaap:InvestmentUnaffiliatedIssuerMember2024-06-300001812554us-gaap:InvestmentUnaffiliatedIssuerMember2023-12-310001812554us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2024-06-300001812554us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2023-12-310001812554us-gaap:InvestmentAffiliatedIssuerControlledMember2024-06-300001812554us-gaap:InvestmentAffiliatedIssuerControlledMember2023-12-3100018125542024-06-3000018125542023-12-310001812554orcic:CommonClassSMember2023-12-310001812554orcic:CommonClassSMember2024-06-300001812554orcic:CommonClassDMember2024-06-300001812554orcic:CommonClassDMember2023-12-310001812554orcic:CommonClassIMember2024-06-300001812554orcic:CommonClassIMember2023-12-310001812554us-gaap:InvestmentUnaffiliatedIssuerMember2024-04-012024-06-300001812554us-gaap:InvestmentUnaffiliatedIssuerMember2023-04-012023-06-300001812554us-gaap:InvestmentUnaffiliatedIssuerMember2024-01-012024-06-300001812554us-gaap:InvestmentUnaffiliatedIssuerMember2023-01-012023-06-300001812554us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2024-04-012024-06-300001812554us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2023-04-012023-06-300001812554us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2024-01-012024-06-300001812554us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2023-01-012023-06-300001812554us-gaap:InvestmentAffiliatedIssuerControlledMember2024-04-012024-06-300001812554us-gaap:InvestmentAffiliatedIssuerControlledMember2023-04-012023-06-300001812554us-gaap:InvestmentAffiliatedIssuerControlledMember2024-01-012024-06-300001812554us-gaap:InvestmentAffiliatedIssuerControlledMember2023-01-012023-06-3000018125542024-04-012024-06-3000018125542023-04-012023-06-3000018125542023-01-012023-06-300001812554orcic:CommonClassSMember2024-04-012024-06-300001812554orcic:CommonClassSMember2023-04-012023-06-300001812554orcic:CommonClassSMember2024-01-012024-06-300001812554orcic:CommonClassSMember2023-01-012023-06-300001812554orcic:CommonClassDMember2024-04-012024-06-300001812554orcic:CommonClassDMember2023-04-012023-06-300001812554orcic:CommonClassDMember2024-01-012024-06-300001812554orcic:CommonClassDMember2023-01-012023-06-300001812554orcic:CommonClassIMember2024-04-012024-06-300001812554orcic:CommonClassIMember2023-04-012023-06-300001812554orcic:CommonClassIMember2024-01-012024-06-300001812554orcic:CommonClassIMember2023-01-012023-06-300001812554Broadcast Music, Inc., First lien senior secured loan2024-06-300001812554Broadcast Music, Inc., First lien senior secured revolving loan2024-06-300001812554Fleet U.S. Bidco Inc. (dba Argus Media), First lien senior secured loan2024-06-300001812554Global Music Rights, LLC, First lien senior secured loan2024-06-300001812554Global Music Rights, LLC, First lien senior secured revolving loan2024-06-300001812554IRI Group Holdings, Inc. (f/k/a Circana Group, L.P. (f/k/a The NPD Group, L.P.)), First lien senior secured loan2024-06-300001812554IRI Group Holdings, Inc. (f/k/a Circana Group, L.P. (f/k/a The NPD Group, L.P.)), First lien senior secured revolving loan2024-06-300001812554Monotype Imaging Holdings Inc., First lien senior secured loan2024-06-300001812554Monotype Imaging Holdings Inc., First lien senior secured delayed draw term loan2024-06-300001812554Monotype Imaging Holdings Inc., First lien senior secured revolving loan2024-06-300001812554us-gaap:InvestmentUnaffiliatedIssuerMemberorcic:AdvertisingAndMediaMember2024-06-300001812554Bleriot US Bidco Inc., First lien senior secured loan2024-06-300001812554Dynasty Acquisition Co., Inc. (dba StandardAero Limited), First lien senior secured loan2024-06-300001812554ManTech International Corporation, First lien senior secured loan2024-06-300001812554ManTech International Corporation, First lien senior secured delayed draw term loan2024-06-300001812554ManTech International Corporation, First lien senior secured revolving loan2024-06-300001812554Novaria Holdings, LLC, First lien senior secured loan2024-06-300001812554Peraton Corp., First lien senior secured loan2024-06-300001812554Peraton Corp., Second lien senior secured loan2024-06-300001812554us-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:AerospaceSectorMember2024-06-300001812554OAC Holdings I Corp. (dba Omega Holdings), First lien senior secured loan2024-06-300001812554OAC Holdings I Corp. (dba Omega Holdings), First lien senior secured revolving loan2024-06-300001812554Power Stop, LLC, First lien senior secured loan2024-06-300001812554us-gaap:InvestmentUnaffiliatedIssuerMemberorcic:AutomotiveAftermarketMember2024-06-300001812554Holley Inc., First lien senior secured loan2024-06-300001812554Mavis Tire Express Services Topco Corp., First lien senior secured loan2024-06-300001812554Mister Car Wash Holdings, Inc., First lien senior secured loan2024-06-300001812554Spotless Brands, LLC, First lien senior secured loan2024-06-300001812554Spotless Brands, LLC, First lien senior secured revolving loan2024-06-300001812554Wand Newco 3, Inc. (dba Caliber ), First lien senior secured loan2024-06-300001812554us-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:AutomotiveSectorMember2024-06-300001812554Hg Genesis 9 SumoCo Limited, Unsecured facility2024-06-300001812554Hg Saturn Luchaco Limited, Unsecured facility2024-06-300001812554us-gaap:InvestmentUnaffiliatedIssuerMemberorcic:AssetBasedLendingAndFundFinanceMember2024-06-300001812554Associations, Inc., First lien senior secured loan2024-06-300001812554Associations, Inc., First lien senior secured delayed draw term loan2024-06-300001812554Associations, Inc., First lien senior secured revolving loan2024-06-300001812554Associations Finance, Inc., Unsecured notes2024-06-300001812554CoreLogic Inc., First lien senior secured loan2024-06-300001812554Cushman & Wakefield U.S. Borrower, LLC, First lien senior secured loan2024-06-300001812554Dodge Construction Network LLC, First lien senior secured loan2024-06-300001812554REALPAGE, INC., First lien senior secured loan2024-06-300001812554REALPAGE, INC., Second lien senior secured loan2024-06-300001812554Wrench Group LLC, First lien senior secured loan2024-06-300001812554us-gaap:InvestmentUnaffiliatedIssuerMemberorcic:BuildingsAndRealEstateMember2024-06-300001812554Access CIG, LLC, First lien senior secured loan2024-06-300001812554Aurelia Netherlands Midco 2 B.V., First lien senior secured loan2024-06-300001812554Boxer Parent Company Inc. (f/k/a BMC), First lien senior secured loan2024-06-300001812554Capstone Acquisition Holdings, Inc., First lien senior secured loan2024-06-300001812554Capstone Acquisition Holdings, Inc., First lien senior secured delayed draw term loan2024-06-300001812554ConnectWise, LLC, First lien senior secured loan2024-06-300001812554Conservice Midco, LLC, First lien senior secured loan2024-06-300001812554CoolSys, Inc., First lien senior secured loan2024-06-300001812554CoreTrust Purchasing Group LLC, First lien senior secured loan2024-06-300001812554CoreTrust Purchasing Group LLC, First lien senior secured delayed draw term loan2024-06-300001812554CoreTrust Purchasing Group LLC, First lien senior secured revolving loan2024-06-300001812554Denali BuyerCo, LLC (dba Summit Companies), First lien senior secured loan2024-06-300001812554Denali BuyerCo, LLC (dba Summit Companies), First lien senior secured delayed draw term loan2024-06-300001812554Denali BuyerCo, LLC (dba Summit Companies), First lien senior secured revolving loan2024-06-300001812554Diamondback Acquisition, Inc. (dba Sphera), First lien senior secured loan2024-06-300001812554DuraServ LLC, First lien senior secured loan2024-06-300001812554DuraServ LLC, First lien senior secured delayed draw term loan2024-06-300001812554DuraServ LLC, First lien senior secured revolving loan2024-06-300001812554Fullsteam Operations, LLC, First lien senior secured loan2024-06-300001812554Fullsteam Operations, LLC, First lien senior secured delayed draw term loan 12024-06-300001812554Fullsteam Operations, LLC, First lien senior secured delayed draw term loan 22024-06-300001812554Fullsteam Operations, LLC, First lien senior secured revolving loan2024-06-300001812554Hercules Borrower, LLC (dba The Vincit Group), First lien senior secured loan 12024-06-300001812554Hercules Borrower, LLC (dba The Vincit Group), First lien senior secured loan 22024-06-300001812554Hercules Borrower, LLC (dba The Vincit Group), First lien senior secured delayed draw term loan2024-06-300001812554Hercules Borrower, LLC (dba The Vincit Group), First lien senior secured revolving loan2024-06-300001812554Hercules Buyer, LLC (dba The Vincit Group), Unsecured notes2024-06-300001812554Kaseya Inc., First lien senior secured loan2024-06-300001812554Kaseya Inc., First lien senior secured delayed draw term loan 12024-06-300001812554Kaseya Inc., First lien senior secured delayed draw term loan 22024-06-300001812554Kaseya Inc., First lien senior secured revolving loan2024-06-300001812554KPSKY Acquisition, Inc. (dba BluSky), First lien senior secured loan2024-06-300001812554KPSKY Acquisition, Inc. (dba BluSky), First lien senior secured delayed draw term loan 12024-06-300001812554KPSKY Acquisition, Inc. (dba BluSky), First lien senior secured delayed draw term loan 22024-06-300001812554Packers Holdings, LLC, First lien senior secured loan2024-06-300001812554Ping Identity Holding Corp., First lien senior secured loan2024-06-300001812554Ping Identity Holding Corp., First lien senior secured revolving loan2024-06-300001812554POLARIS PURCHASER, INC. (dba Plusgrade), First lien senior secured loan2024-06-300001812554Pye-Barker Fire & Safety, LLC, First lien senior secured loan2024-06-300001812554Pye-Barker Fire & Safety, LLC, First lien senior secured delayed draw term loan2024-06-300001812554Pye-Barker Fire & Safety, LLC, First lien senior secured revolving loan2024-06-300001812554XPLOR T1, LLC, First lien senior secured loan2024-06-300001812554us-gaap:InvestmentUnaffiliatedIssuerMemberorcic:BusinessServicesMember2024-06-300001812554Advancion Holdings, LLC (fka Aruba Investments Holdings, LLC), First lien senior secured loan2024-06-300001812554Advancion Holdings, LLC (fka Aruba Investments Holdings, LLC), Second lien senior secured loan2024-06-300001812554DCG ACQUISITION CORP. (dba DuBois Chemical), First lien senior secured loan2024-06-300001812554DCG ACQUISITION CORP. (dba DuBois Chemical), First lien senior secured delayed draw term loan2024-06-300001812554DCG ACQUISITION CORP. (dba DuBois Chemical), First lien senior secured revolving loan2024-06-300001812554Derby Buyer LLC (dba Delrin), First lien senior secured loan2024-06-300001812554Gaylord Chemical Company, L.L.C., First lien senior secured loan2024-06-300001812554Gaylord Chemical Company, L.L.C., First lien senior secured revolving loan2024-06-300001812554Nouryon Finance B.V., First lien senior secured loan 12024-06-300001812554Nouryon Finance B.V., First lien senior secured loan 22024-06-300001812554Rocket BidCo, Inc. (dba Recochem), First lien senior secured loan2024-06-300001812554Velocity HoldCo III Inc. (dba VelocityEHS), First lien senior secured loan2024-06-300001812554Velocity HoldCo III Inc. (dba VelocityEHS), First lien senior secured revolving loan2024-06-300001812554us-gaap:InvestmentUnaffiliatedIssuerMemberorcic:ChemicalsMember2024-06-300001812554BEP Intermediate Holdco, LLC (dba Buyers Edge Platform), First lien senior secured loan2024-06-300001812554Conair Holdings LLC, First lien senior secured loan2024-06-300001812554Conair Holdings LLC, Second lien senior secured loan2024-06-300001812554Foundation Consumer Brands, LLC, First lien senior secured loan2024-06-300001812554Lignetics Investment Corp., First lien senior secured loan2024-06-300001812554Lignetics Investment Corp., First lien senior secured delayed draw term loan2024-06-300001812554Lignetics Investment Corp., First lien senior secured revolving loan2024-06-300001812554Olaplex, Inc., First lien senior secured loan2024-06-300001812554SWK BUYER, Inc. (dba Stonewall Kitchen), First lien senior secured loan2024-06-300001812554SWK BUYER, Inc. (dba Stonewall Kitchen), First lien senior secured revolving loan2024-06-300001812554us-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:ConsumerSectorMember2024-06-300001812554Anchor Packaging, LLC, First lien senior secured loan2024-06-300001812554Arctic Holdco, LLC (dba Novvia Group), First lien senior secured loan2024-06-300001812554Arctic Holdco, LLC (dba Novvia Group), First lien senior secured delayed draw term loan2024-06-300001812554Ascend Buyer, LLC (dba PPC Flexible Packaging), First lien senior secured loan 12024-06-300001812554Ascend Buyer, LLC (dba PPC Flexible Packaging), First lien senior secured loan 22024-06-300001812554Ascend Buyer, LLC (dba PPC Flexible Packaging), First lien senior secured revolving loan2024-06-300001812554Berlin Packaging, First lien senior secured loan2024-06-300001812554BW Holding, Inc., First lien senior secured loan2024-06-300001812554Charter NEX US, Inc., First lien senior secured loan2024-06-300001812554Five Star Lower Holding LLC, First lien senior secured loan2024-06-300001812554Fortis Solutions Group, LLC, First lien senior secured loan2024-06-300001812554Fortis Solutions Group, LLC, First lien senior secured delayed draw term loan2024-06-300001812554Fortis Solutions Group, LLC, First lien senior secured revolving loan2024-06-300001812554Indigo Buyer, Inc. (dba Inovar Packaging Group), First lien senior secured loan2024-06-300001812554Indigo Buyer, Inc. (dba Inovar Packaging Group), First lien senior secured delayed draw term loan2024-06-300001812554Indigo Buyer, Inc. (dba Inovar Packaging Group), First lien senior secured revolving loan2024-06-300001812554Pregis Topco LLC, First lien senior secured loan2024-06-300001812554Pregis Topco LLC, Second lien senior secured loan 12024-06-300001812554Pregis Topco LLC, Second lien senior secured loan 22024-06-300001812554ProAmpac PG Borrower LLC, First lien senior secured loan2024-06-300001812554Ring Container Technologies Group, LLC, First lien senior secured loan2024-06-300001812554SupplyOne, Inc., First lien senior secured loan2024-06-300001812554Tricorbraun Holdings, Inc., First lien senior secured loan2024-06-300001812554us-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:ContainerAndPackagingSectorMember2024-06-300001812554ABB/Con-cise Optical Group LLC, First lien senior secured loan2024-06-300001812554AI Aqua Merger Sub, Inc. (dba Culligan), First lien senior secured loan2024-06-300001812554Aramsco, Inc., First lien senior secured loan2024-06-300001812554Aramsco, Inc., First lien senior secured delayed draw term loan2024-06-300001812554BCPE Empire Holdings, Inc. (dba Imperial-Dade), First lien senior secured loan2024-06-300001812554BradyPLUS Holdings, LLC (f/k/a BradyIFS Holdings, LLC), First lien senior secured loan2024-06-300001812554BradyPLUS Holdings, LLC (f/k/a BradyIFS Holdings, LLC), First lien senior secured delayed draw term loan2024-06-300001812554BradyPLUS Holdings, LLC (f/k/a BradyIFS Holdings, LLC), First lien senior secured revolving loan2024-06-300001812554Dealer Tire Financial, LLC, First lien senior secured loan2024-06-300001812554Dealer Tire Financial, LLC, Unsecured notes2024-06-300001812554Endries Acquisition, Inc., First lien senior secured loan2024-06-300001812554Endries Acquisition, Inc., First lien senior secured delayed draw term loan 12024-06-300001812554Endries Acquisition, Inc., First lien senior secured delayed draw term loan 22024-06-300001812554Formerra, LLC, First lien senior secured loan2024-06-300001812554Formerra, LLC, First lien senior secured delayed draw term loan2024-06-300001812554Formerra, LLC, First lien senior secured revolving loan2024-06-300001812554Foundation Building Materials, Inc., First lien senior secured loan2024-06-300001812554White Cap Supply Holdings, LLC, First lien senior secured loan2024-06-300001812554us-gaap:InvestmentUnaffiliatedIssuerMemberorcic:DistributionSectorMemberus-gaap:DebtSecuritiesMember2024-06-300001812554Community Brands ParentCo, LLC, First lien senior secured loan2024-06-300001812554Community Brands ParentCo, LLC, First lien senior secured revolving loan2024-06-300001812554Ellucian Holdings Inc. (f/k/a Sophia, L.P.), First lien senior secured loan2024-06-300001812554Learning Care Group (US) No. 2 Inc., First lien senior secured loan2024-06-300001812554Pluralsight, LLC, First lien senior secured loan2024-06-300001812554Pluralsight, LLC, First lien senior secured revolving loan2024-06-300001812554Renaissance Holding Corp., First lien senior secured loan2024-06-300001812554Severin Acquisition, LLC (dba PowerSchool), First lien senior secured loan2024-06-300001812554Spring Education Group, Inc. (fka SSH Group Holdings, Inc.), First lien senior secured loan2024-06-300001812554us-gaap:InvestmentUnaffiliatedIssuerMemberorcic:EducationMember2024-06-300001812554Dresser Utility Solutions, LLC, First lien senior secured loan2024-06-300001812554Dresser Utility Solutions, LLC, First lien senior secured delayed draw term loan2024-06-300001812554Dresser Utility Solutions, LLC, First lien senior secured revolving loan2024-06-300001812554Pike Corp., First lien senior secured loan2024-06-300001812554us-gaap:InvestmentUnaffiliatedIssuerMemberorcic:EnergyEquipmentAndServicesMember2024-06-300001812554Acuris Finance US, Inc., First lien senior secured loan2024-06-300001812554Ascensus Holdings, Inc., First lien senior secured loan2024-06-300001812554Baker Tilly Advisory Group, L.P., First lien senior secured loan2024-06-300001812554Baker Tilly Advisory Group, L.P., First lien senior secured delayed draw term loan2024-06-300001812554Baker Tilly Advisory Group, L.P., First lien senior secured revolving loan2024-06-300001812554Blackhawk Network Holdings, Inc., First lien senior secured loan2024-06-300001812554BTRS HOLDINGS INC., First lien senior secured loan2024-06-300001812554BTRS HOLDINGS INC., First lien senior secured delayed draw term loan2024-06-300001812554BTRS HOLDINGS INC., First lien senior secured revolving loan2024-06-300001812554Chrysaor Bidco s.à r.l. (dba AlterDomus), First lien senior secured loan2024-06-300001812554Chrysaor Bidco s.à r.l. (dba AlterDomus), First lien senior secured delayed draw term loan2024-06-300001812554Computer Services, Inc., First lien senior secured loan2024-06-300001812554Computer Services, Inc., First lien senior secured delayed draw term loan2024-06-300001812554Cresset Capital Management, LLC, First lien senior secured loan2024-06-300001812554Cresset Capital Management, LLC, First lien senior secured delayed draw term loan 12024-06-300001812554Cresset Capital Management, LLC, First lien senior secured delayed draw term loan 22024-06-300001812554Cresset Capital Management, LLC, First lien senior secured revolving loan2024-06-300001812554Deerfield Dakota Holdings, First lien senior secured loan2024-06-300001812554Deerfield Dakota Holdings, Second lien senior secured loan2024-06-300001812554Finastra USA, Inc., First lien senior secured loan2024-06-300001812554Finastra USA, Inc., First lien senior secured revolving loan2024-06-300001812554Grant Thornton Advisors LLC, First lien senior secured loan2024-06-300001812554Klarna Holding AB, Unsecured notes2024-06-300001812554KRIV Acquisition Inc. (dba Riveron), First lien senior secured loan2024-06-300001812554KRIV Acquisition Inc. (dba Riveron), First lien senior secured delayed draw term loan2024-06-300001812554KRIV Acquisition Inc. (dba Riveron), First lien senior secured revolving loan2024-06-300001812554Minotaur Acquisition, Inc. (dba Inspira Financial), First lien senior secured loan2024-06-300001812554Minotaur Acquisition, Inc. (dba Inspira Financial), First lien senior secured delayed draw term loan 12024-06-300001812554Minotaur Acquisition, Inc. (dba Inspira Financial), First lien senior secured delayed draw term loan 22024-06-300001812554Minotaur Acquisition, Inc. (dba Inspira Financial), First lien senior secured revolving loan2024-06-300001812554NMI Acquisitionco, Inc. (dba Network Merchants), First lien senior secured loan2024-06-300001812554NMI Acquisitionco, Inc. (dba Network Merchants), First lien senior secured delayed draw term loan2024-06-300001812554NMI Acquisitionco, Inc. (dba Network Merchants), First lien senior secured revolving loan2024-06-300001812554OneDigital Borrower LLC, First lien senior secured loan2024-06-300001812554OneDigital Borrower LLC, Second lien senior secured loan2024-06-300001812554Saphilux S.a.r.L. (dba IQ-EQ), First lien senior secured loan2024-06-300001812554Smarsh Inc., First lien senior secured loan2024-06-300001812554Smarsh Inc., First lien senior secured delayed draw term loan2024-06-300001812554Smarsh Inc., First lien senior secured revolving loan2024-06-300001812554Teneo Holdings LLC, First lien senior secured loan2024-06-300001812554us-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:FinancialServicesSectorMember2024-06-300001812554Balrog Acquisition, Inc. (dba Bakemark), First lien senior secured loan2024-06-300001812554Balrog Acquisition, Inc. (dba Bakemark), Second lien senior secured loan2024-06-300001812554Blast Bidco Inc. (dba Bazooka Candy Brands), First lien senior secured loan2024-06-300001812554Blast Bidco Inc. (dba Bazooka Candy Brands), First lien senior secured revolving loan2024-06-300001812554Dessert Holdings, First lien senior secured loan2024-06-300001812554Fiesta Purchaser, Inc. (dba Shearer's Foods), First lien senior secured loan2024-06-300001812554Fiesta Purchaser, Inc. (dba Shearer's Foods), First lien senior secured revolving loan2024-06-300001812554Gehl Foods, LLC, First lien senior secured loan2024-06-300001812554Gehl Foods, LLC, First lien senior secured delayed draw term loan2024-06-300001812554Hissho Sushi Merger Sub, LLC, First lien senior secured loan2024-06-300001812554Hissho Sushi Merger Sub, LLC, First lien senior secured revolving loan2024-06-300001812554Innovation Ventures HoldCo, LLC, First lien senior secured loan2024-06-300001812554Innovation Ventures HoldCo, LLC, First lien senior secured delayed draw term loan2024-06-300001812554Innovation Ventures HoldCo, LLC (dba 5 Hour Energy), First lien senior secured delayed draw term loan2024-06-300001812554KBP Brands, LLC, First lien senior secured loan2024-06-300001812554KBP Brands, LLC, First lien senior secured delayed draw term loan2024-06-300001812554Ole Smoky Distillery, LLC, First lien senior secured loan2024-06-300001812554Ole Smoky Distillery, LLC, First lien senior secured revolving loan2024-06-300001812554Pegasus BidCo B.V., First lien senior secured loan2024-06-300001812554Rushmore Investment III LLC (dba Winland Foods), First lien senior secured loan2024-06-300001812554Tacala, LLC, First lien senior secured loan2024-06-300001812554Ultimate Baked Goods Midco, LLC, First lien senior secured loan2024-06-300001812554Ultimate Baked Goods Midco, LLC, First lien senior secured revolving loan2024-06-300001812554us-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:FoodAndBeverageSectorMember2024-06-300001812554Azalea TopCo, Inc. (dba Press Ganey), First lien senior secured loan2024-06-300001812554Bamboo US BidCo LLC, First lien senior secured loan2024-06-300001812554Bamboo US BidCo LLC, First lien senior secured delayed draw term loan2024-06-300001812554Bamboo US BidCo LLC, First lien senior secured revolving loan2024-06-300001812554Bamboo US BidCo LLC, First lien senior secured EUR term loan2024-06-300001812554Canadian Hospital Specialties Limited, First lien senior secured loan2024-06-300001812554Canadian Hospital Specialties Limited, First lien senior secured delayed draw term loan2024-06-300001812554Canadian Hospital Specialties Limited, First lien senior secured revolving loan2024-06-300001812554Confluent Medical Technologies, Inc., First lien senior secured loan2024-06-300001812554CSC MKG Topco LLC (dba Medical Knowledge Group), First lien senior secured loan2024-06-300001812554DERMATOLOGY INTERMEDIATE HOLDINGS III, INC, First lien senior secured loan2024-06-300001812554Medline Borrower, LP, First lien senior secured loan2024-06-300001812554Medline Borrower, LP, First lien senior secured revolving loan2024-06-300001812554Natus Medical Incorporated, First lien senior secured loan2024-06-300001812554Nelipak Holding Company, First lien senior secured loan2024-06-300001812554Nelipak Holding Company, First lien senior secured delayed draw term loan2024-06-300001812554Nelipak Holding Company, First lien senior secured revolving loan2024-06-300001812554NELIPAK EUROPEAN HOLDINGS COÖPERATIEF U.A., First lien senior secured revolving loan2024-06-300001812554NELIPAK EUROPEAN HOLDINGS COÖPERATIEF U.A., First lien senior secured EUR term loan2024-06-300001812554NELIPAK EUROPEAN HOLDINGS COÖPERATIEF U.A., First lien senior secured EUR delayed draw term loan2024-06-300001812554Packaging Coordinators Midco, Inc., First lien senior secured loan2024-06-300001812554Patriot Acquisition TopCo S.A.R.L (dba Corza Health, Inc.), First lien senior secured loan2024-06-300001812554Patriot Acquisition TopCo S.A.R.L (dba Corza Health, Inc.), First lien senior secured delayed draw term loan 12024-06-300001812554Patriot Acquisition TopCo S.A.R.L (dba Corza Health, Inc.), First lien senior secured delayed draw term loan 22024-06-300001812554Patriot Acquisition TopCo S.A.R.L (dba Corza Health, Inc.), First lien senior secured revolving loan2024-06-300001812554PERKINELMER U.S. LLC, First lien senior secured loan2024-06-300001812554PERKINELMER U.S. LLC, First lien senior secured delayed draw term loan2024-06-300001812554Resonetics, LLC, First lien senior secured loan2024-06-300001812554Rhea Parent, Inc., First lien senior secured loan2024-06-300001812554Zest Acquisition Corp., First lien senior secured loan2024-06-300001812554us-gaap:InvestmentUnaffiliatedIssuerMemberorcic:HealthcareEquipmentAndServicesMember2024-06-300001812554Allied Benefit Systems Intermediate LLC, First lien senior secured loan2024-06-300001812554Allied Benefit Systems Intermediate LLC, First lien senior secured delayed draw term loan2024-06-300001812554Belmont Buyer, Inc. (dba Valenz), First lien senior secured loan2024-06-300001812554Belmont Buyer, Inc. (dba Valenz), First lien senior secured delayed draw term loan2024-06-300001812554Belmont Buyer, Inc. (dba Valenz), First lien senior secured revolving loan2024-06-300001812554Confluent Health, LLC, First lien senior secured loan2024-06-300001812554Covetrus, Inc., First lien senior secured loan2024-06-300001812554Covetrus, Inc., Second lien senior secured loan2024-06-300001812554Diagnostic Services Holdings, Inc. (dba Rayus Radiology), First lien senior secured loan2024-06-300001812554Engage Debtco Limited, First lien senior secured loan 12024-06-300001812554Engage Debtco Limited, First lien senior secured loan 22024-06-300001812554Engage Debtco Limited, First lien senior secured delayed draw term loan2024-06-300001812554Ex Vivo Parent Inc. (dba OB Hospitalist), First lien senior secured loan2024-06-300001812554HAH Group Holding Company LLC (dba Help at Home), First lien senior secured delayed draw term loan2024-06-300001812554KWOL Acquisition Inc. (dba Worldwide Clinical Trials), First lien senior secured loan2024-06-300001812554KWOL Acquisition Inc. (dba Worldwide Clinical Trials), First lien senior secured revolving loan2024-06-300001812554Maple Acquisition, LLC (dba Medicus), First lien senior secured loan2024-06-300001812554Maple Acquisition, LLC (dba Medicus), First lien senior secured delayed draw term loan2024-06-300001812554Maple Acquisition, LLC (dba Medicus), First lien senior secured revolving loan2024-06-300001812554MED ParentCo, LP, First lien senior secured loan2024-06-300001812554MJH Healthcare Holdings, LLC, First lien senior secured loan2024-06-300001812554Natural Partners, LLC, First lien senior secured loan2024-06-300001812554Natural Partners, LLC, First lien senior secured revolving loan2024-06-300001812554Neptune Holdings, Inc. (dba NexTech), First lien senior secured loan2024-06-300001812554Neptune Holdings, Inc. (dba NexTech), First lien senior secured revolving loan2024-06-300001812554OB Hospitalist Group, Inc., First lien senior secured loan2024-06-300001812554OB Hospitalist Group, Inc., First lien senior secured revolving loan2024-06-300001812554OneOncology, LLC, First lien senior secured loan2024-06-300001812554OneOncology, LLC, First lien senior secured delayed draw term loan 12024-06-300001812554OneOncology, LLC, First lien senior secured delayed draw term loan 22024-06-300001812554OneOncology, LLC, First lien senior secured revolving loan2024-06-300001812554Pacific BidCo Inc., First lien senior secured loan2024-06-300001812554Pacific BidCo Inc., First lien senior secured delayed draw term loan2024-06-300001812554Pediatric Associates Holding Company, LLC, First lien senior secured loan 12024-06-300001812554Pediatric Associates Holding Company, LLC, First lien senior secured loan 22024-06-300001812554PetVet Care Centers, LLC, First lien senior secured loan2024-06-300001812554PetVet Care Centers, LLC, First lien senior secured delayed draw term loan2024-06-300001812554PetVet Care Centers, LLC, First lien senior secured revolving loan2024-06-300001812554Phoenix Newco, Inc. (dba Parexel), First lien senior secured loan2024-06-300001812554Physician Partners, LLC, First lien senior secured loan 12024-06-300001812554Physician Partners, LLC, First lien senior secured loan 22024-06-300001812554Plasma Buyer LLC (dba PathGroup), First lien senior secured loan2024-06-300001812554Plasma Buyer LLC (dba PathGroup), First lien senior secured delayed draw term loan2024-06-300001812554Plasma Buyer LLC (dba PathGroup), First lien senior secured revolving loan2024-06-300001812554PPV Intermediate Holdings, LLC, First lien senior secured loan2024-06-300001812554PPV Intermediate Holdings, LLC, First lien senior secured delayed draw term loan2024-06-300001812554PPV Intermediate Holdings, LLC, First lien senior secured revolving loan2024-06-300001812554Premise Health Holding, First lien senior secured loan2024-06-300001812554Premise Health Holding, First lien senior secured revolving loan2024-06-300001812554Quva Pharma, Inc., First lien senior secured loan2024-06-300001812554Quva Pharma, Inc., First lien senior secured revolving loan2024-06-300001812554Soliant Lower Intermediate, LLC (dba Soliant), First lien senior secured loan2024-06-300001812554Surgery Center Holdings, Inc., First lien senior secured loan2024-06-300001812554TC Holdings, LLC (dba TrialCard), First lien senior secured loan2024-06-300001812554TC Holdings, LLC (dba TrialCard), First lien senior secured revolving loan2024-06-300001812554Team Services Group, LLC, First lien senior secured loan2024-06-300001812554Tivity Health, Inc., First lien senior secured loan2024-06-300001812554Unified Women's Healthcare, LP, First lien senior secured loan 12024-06-300001812554Unified Women's Healthcare, LP, First lien senior secured loan 22024-06-300001812554Unified Women's Healthcare, LP, First lien senior secured delayed draw term loan 12024-06-300001812554Unified Women's Healthcare, LP, First lien senior secured delayed draw term loan 22024-06-300001812554Unified Women's Healthcare, LP, First lien senior secured revolving loan2024-06-300001812554Vermont Aus Pty Ltd, First lien senior secured loan2024-06-300001812554WCG Intermediate Corp. (f/k/a Da Vinci Purchaser Corp.) (dba WCG), First lien senior secured loan2024-06-300001812554XRL 1 LLC (dba XOMA), First lien senior secured loan2024-06-300001812554XRL 1 LLC (dba XOMA), First lien senior secured delayed draw term loan2024-06-300001812554us-gaap:InvestmentUnaffiliatedIssuerMemberorcic:HealthcareProvidersAndServicesMember2024-06-300001812554Athenahealth Group Inc., First lien senior secured loan2024-06-300001812554BCPE Osprey Buyer, Inc. (dba PartsSource), First lien senior secured loan2024-06-300001812554BCPE Osprey Buyer, Inc. (dba PartsSource), First lien senior secured delayed draw term loan 12024-06-300001812554BCPE Osprey Buyer, Inc. (dba PartsSource), First lien senior secured delayed draw term loan 22024-06-300001812554BCPE Osprey Buyer, Inc. (dba PartsSource), First lien senior secured revolving loan2024-06-300001812554Bracket Intermediate Holding Corp., First lien senior secured loan2024-06-300001812554Color Intermediate, LLC, First lien senior secured loan2024-06-300001812554Cotiviti, Inc., First lien senior secured loan2024-06-300001812554Ensemble RCM, LLC, First lien senior secured loan2024-06-300001812554GHX Ultimate Parent Corporation (dba Global Healthcare Exchange), First lien senior secured loan2024-06-300001812554GI Ranger Intermediate, LLC (dba Rectangle Health), First lien senior secured loan2024-06-300001812554GI Ranger Intermediate, LLC (dba Rectangle Health), First lien senior secured delayed draw term loan2024-06-300001812554GI Ranger Intermediate, LLC (dba Rectangle Health), First lien senior secured revolving loan2024-06-300001812554Iconic IMO Merger Sub, Inc., First lien senior secured loan2024-06-300001812554Iconic IMO Merger Sub, Inc., First lien senior secured delayed draw term loan2024-06-300001812554Iconic IMO Merger Sub, Inc., First lien senior secured revolving loan2024-06-300001812554Imprivata, Inc., First lien senior secured loan2024-06-300001812554Imprivata, Inc., Second lien senior secured loan2024-06-300001812554Indikami Bidco, LLC (dba IntegriChain), First lien senior secured loan2024-06-300001812554Indikami Bidco, LLC (dba IntegriChain), First lien senior secured delayed draw term loan2024-06-300001812554Indikami Bidco, LLC (dba IntegriChain), First lien senior secured revolving loan2024-06-300001812554Ocala Bidco, Inc., First lien senior secured loan2024-06-300001812554Ocala Bidco, Inc., First lien senior secured delayed draw term loan2024-06-300001812554Ocala Bidco, Inc., Second lien senior secured loan2024-06-300001812554Intelerad Medical Systems Incorporated (fka 11849573 Canada Inc.), First lien senior secured loan2024-06-300001812554Intelerad Medical Systems Incorporated (fka 11849573 Canada Inc.), First lien senior secured revolving loan2024-06-300001812554Interoperability Bidco, Inc. (dba Lyniate), First lien senior secured loan2024-06-300001812554Interoperability Bidco, Inc. (dba Lyniate), First lien senior secured delayed draw term loan 12024-06-300001812554Interoperability Bidco, Inc. (dba Lyniate), First lien senior secured delayed draw term loan 22024-06-300001812554Interoperability Bidco, Inc. (dba Lyniate), First lien senior secured revolving loan2024-06-300001812554PointClickCare Technologies, Inc., First lien senior secured loan2024-06-300001812554Project Ruby Ultimate Parent Corp. (dba Wellsky), First lien senior secured loan 12024-06-300001812554Project Ruby Ultimate Parent Corp. (dba Wellsky), First lien senior secured loan 22024-06-300001812554RL Datix Holdings (USA), Inc. (dba Datix Bidco Limited), First lien senior secured GBP term loan2024-06-300001812554RL Datix Holdings (USA), Inc., First lien senior secured loan2024-06-300001812554RL Datix Holdings (USA), Inc., First lien senior secured delayed draw term loan2024-06-300001812554RL Datix Holdings (USA), Inc., First lien senior secured revolving loan2024-06-300001812554Zelis Cost Management Buyer, Inc., First lien senior secured loan2024-06-300001812554us-gaap:InvestmentUnaffiliatedIssuerMemberorcic:HealthcareTechnologySectorMember2024-06-300001812554Aptive Environmental, LLC, First lien senior secured loan2024-06-300001812554Home Service TopCo IV, Inc., First lien senior secured loan2024-06-300001812554Home Service TopCo IV, Inc., First lien senior secured delayed draw term loan2024-06-300001812554Home Service TopCo IV, Inc., First lien senior secured revolving loan2024-06-300001812554Mario Purchaser, LLC (dba Len the Plumber), First lien senior secured loan2024-06-300001812554Mario Purchaser, LLC (dba Len the Plumber), First lien senior secured delayed draw term loan 12024-06-300001812554Mario Purchaser, LLC (dba Len the Plumber), First lien senior secured delayed draw term loan 22024-06-300001812554Mario Purchaser, LLC (dba Len the Plumber), First lien senior secured revolving loan2024-06-300001812554Mario Midco Holdings, Inc. (dba Len the Plumber), Unsecured facility2024-06-300001812554SimpliSafe Holding Corporation, First lien senior secured loan2024-06-300001812554SimpliSafe Holding Corporation, First lien senior secured delayed draw term loan2024-06-300001812554Southern Air & Heat Holdings, LLC, First lien senior secured loan2024-06-300001812554Southern Air & Heat Holdings, LLC, First lien senior secured delayed draw term loan 12024-06-300001812554Southern Air & Heat Holdings, LLC, First lien senior secured delayed draw term loan 22024-06-300001812554Southern Air & Heat Holdings, LLC, First lien senior secured revolving loan2024-06-300001812554Walker Edison Furniture Company LLC, First lien senior secured loan2024-06-300001812554Walker Edison Furniture Company LLC, First lien senior secured delayed draw term loan 12024-06-300001812554Walker Edison Furniture Company LLC, First lien senior secured delayed draw term loan 22024-06-300001812554Walker Edison Furniture Company LLC, First lien senior secured revolving loan2024-06-300001812554us-gaap:InvestmentUnaffiliatedIssuerMemberorcic:HouseholdProductsMember2024-06-300001812554AQ Carver Buyer, Inc. (dba CoAdvantage), First lien senior secured loan2024-06-300001812554Cast & Crew Payroll, LLC, First lien senior secured loan2024-06-300001812554Cornerstone OnDemand, Inc., First lien senior secured loan2024-06-300001812554Cornerstone OnDemand, Inc., Second lien senior secured loan2024-06-300001812554IG Investments Holdings, LLC (dba Insight Global), First lien senior secured loan2024-06-300001812554IG Investments Holdings, LLC (dba Insight Global), First lien senior secured revolving loan2024-06-300001812554iSolved, Inc., First lien senior secured loan2024-06-300001812554UKG Inc. (dba Ultimate Software), First lien senior secured loan2024-06-300001812554us-gaap:InvestmentUnaffiliatedIssuerMemberorcic:HumanResourceSupportServicesMember2024-06-300001812554AWP Group Holdings, Inc., First lien senior secured loan2024-06-300001812554AWP Group Holdings, Inc., First lien senior secured delayed draw term loan2024-06-300001812554AWP Group Holdings, Inc., First lien senior secured revolving loan2024-06-300001812554Azuria Water Solutions, Inc. (f/k/a Aegion Corporation), First lien senior secured loan2024-06-300001812554FR Vision Holdings, Inc. (dba CHA Consulting), First lien senior secured loan2024-06-300001812554FR Vision Holdings, Inc. (dba CHA Consulting), First lien senior secured delayed draw term loan2024-06-300001812554FR Vision Holdings, Inc. (dba CHA Consulting), First lien senior secured revolving loan2024-06-300001812554GI Apple Midco LLC (dba Atlas Technical Consultants), First lien senior secured loan2024-06-300001812554GI Apple Midco LLC (dba Atlas Technical Consultants), First lien senior secured delayed draw term loan2024-06-300001812554GI Apple Midco LLC (dba Atlas Technical Consultants), First lien senior secured revolving loan2024-06-300001812554Gulfside Supply, Inc. (dba Gulfeagle Supply), First lien senior secured loan2024-06-300001812554KENE Acquisition, Inc. (dba Entrust Solutions Group), First lien senior secured loan2024-06-300001812554KENE Acquisition, Inc. (dba Entrust Solutions Group), First lien senior secured delayed draw term loan2024-06-300001812554KENE Acquisition, Inc. (dba Entrust Solutions Group), First lien senior secured revolving loan2024-06-300001812554Osmose Utilities Services, Inc., First lien senior secured loan2024-06-300001812554Tamarack Intermediate, L.L.C. (dba Verisk 3E), First lien senior secured loan2024-06-300001812554Tamarack Intermediate, L.L.C. (dba Verisk 3E), First lien senior secured delayed draw term loan2024-06-300001812554Tamarack Intermediate, L.L.C. (dba Verisk 3E), First lien senior secured revolving loan2024-06-300001812554USIC Holdings, Inc., First lien senior secured loan2024-06-300001812554USIC Holdings, Inc., Second lien senior secured loan2024-06-300001812554us-gaap:InvestmentUnaffiliatedIssuerMemberorcic:InfrastructureAndEnvironmentalServicesMember2024-06-300001812554Acrisure, LLC, First lien senior secured loan2024-06-300001812554Acrisure, LLC, Unsecured notes2024-06-300001812554Alera Group, Inc., First lien senior secured loan2024-06-300001812554Alera Group, Inc., First lien senior secured delayed draw term loan 12024-06-300001812554Alera Group, Inc., First lien senior secured delayed draw term loan 22024-06-300001812554AmeriLife Holdings LLC, First lien senior secured loan2024-06-300001812554AmeriLife Holdings LLC, First lien senior secured delayed draw term loan2024-06-300001812554AmeriLife Holdings LLC, First lien senior secured revolving loan2024-06-300001812554Ardonagh Midco 3 PLC, First lien senior secured loan2024-06-300001812554AssuredPartners, Inc., First lien senior secured loan2024-06-300001812554Asurion, LLC, Second lien senior secured loan 12024-06-300001812554Asurion, LLC, Second lien senior secured loan 22024-06-300001812554Brightway Holdings, LLC, First lien senior secured loan2024-06-300001812554Brightway Holdings, LLC, First lien senior secured revolving loan2024-06-300001812554Broadstreet Partners, Inc., First lien senior secured loan2024-06-300001812554Disco Parent, Inc. (dba Duck Creek Technologies, Inc.), First lien senior secured loan2024-06-300001812554Disco Parent, Inc. (dba Duck Creek Technologies, Inc.), First lien senior secured revolving loan2024-06-300001812554Evolution BuyerCo, Inc. (dba SIAA), First lien senior secured loan2024-06-300001812554Evolution BuyerCo, Inc. (dba SIAA), First lien senior secured delayed draw term loan 12024-06-300001812554Evolution BuyerCo, Inc. (dba SIAA), First lien senior secured delayed draw term loan 22024-06-300001812554Evolution BuyerCo, Inc. (dba SIAA), First lien senior secured delayed draw term loan 32024-06-300001812554Evolution BuyerCo, Inc. (dba SIAA), First lien senior secured revolving loan2024-06-300001812554Galway Borrower LLC, First lien senior secured delayed draw term loan2024-06-300001812554Galway Borrower LLC, First lien senior secured revolving loan2024-06-300001812554Hub International, First lien senior secured loan2024-06-300001812554Hyperion Refinance S.à r.l (dba Howden Group), First lien senior secured loan 12024-06-300001812554Hyperion Refinance S.à r.l (dba Howden Group), First lien senior secured loan 22024-06-300001812554IMA Financial Group, Inc., First lien senior secured loan2024-06-300001812554Integrated Specialty Coverages, LLC, First lien senior secured loan2024-06-300001812554Integrated Specialty Coverages, LLC, First lien senior secured delayed draw term loan2024-06-300001812554Integrated Specialty Coverages, LLC, First lien senior secured revolving loan2024-06-300001812554Integrity Marketing Acquisition, LLC, First lien senior secured loan 12024-06-300001812554Integrity Marketing Acquisition, LLC, First lien senior secured loan 22024-06-300001812554Integrity Marketing Acquisition, LLC, First lien senior secured delayed draw term loan 12024-06-300001812554Integrity Marketing Acquisition, LLC, First lien senior secured delayed draw term loan 22024-06-300001812554Integrity Marketing Acquisition, LLC, First lien senior secured delayed draw term loan 32024-06-300001812554Integrity Marketing Acquisition, LLC, First lien senior secured revolving loan2024-06-300001812554KUSRP Intermediate, Inc. (dba U.S. Retirement and Benefits Partners), First lien senior secured loan2024-06-300001812554KWOR Acquisition, Inc. (dba Alacrity Solutions), First lien senior secured loan2024-06-300001812554KWOR Acquisition, Inc. (dba Alacrity Solutions), First lien senior secured delayed draw term loan2024-06-300001812554KWOR Acquisition, Inc. (dba Alacrity Solutions), First lien senior secured revolving loan2024-06-300001812554Mitchell International, Inc., First lien senior secured loan2024-06-300001812554Mitchell International, Inc., Second lien senior secured loan2024-06-300001812554PCF Midco II, LLC (dba PCF Insurance Services), First lien senior secured loan2024-06-300001812554Peter C. Foy & Associates Insurance Services, LLC (dba PCF Insurance Services), First lien senior secured loan2024-06-300001812554Peter C. Foy & Associates Insurance Services, LLC (dba PCF Insurance Services), First lien senior secured delayed draw term loan2024-06-300001812554Peter C. Foy & Associates Insurance Services, LLC (dba PCF Insurance Services), First lien senior secured revolving loan2024-06-300001812554Summit Acquisition Inc. (dba K2 Insurance Services), First lien senior secured loan2024-06-300001812554Summit Acquisition Inc. (dba K2 Insurance Services), First lien senior secured delayed draw term loan2024-06-300001812554Summit Acquisition Inc. (dba K2 Insurance Services), First lien senior secured revolving loan2024-06-300001812554Tempo Buyer Corp. (dba Global Claims Services), First lien senior secured loan2024-06-300001812554Tempo Buyer Corp. (dba Global Claims Services), First lien senior secured revolving loan2024-06-300001812554Truist Insurance Holdings, LLC, First lien senior secured loan2024-06-300001812554Truist Insurance Holdings, LLC, First lien senior secured revolving loan2024-06-300001812554USRP Holdings, Inc. (dba U.S. Retirement and Benefits Partners), First lien senior secured loan2024-06-300001812554USRP Holdings, Inc. (dba U.S. Retirement and Benefits Partners), First lien senior secured revolving loan2024-06-300001812554us-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:InsuranceSectorMember2024-06-300001812554Activate Holdings (US) Corp. (dba Absolute Software), First lien senior secured loan2024-06-300001812554Activate Holdings (US) Corp. (dba Absolute Software), First lien senior secured revolving loan2024-06-300001812554AlphaSense, Inc., First lien senior secured loan2024-06-300001812554AlphaSense, Inc., First lien senior secured delayed draw term loan 12024-06-300001812554AlphaSense, Inc., First lien senior secured delayed draw term loan 22024-06-300001812554Anaplan, Inc., First lien senior secured loan2024-06-300001812554Anaplan, Inc., First lien senior secured revolving loan2024-06-300001812554Appfire Technologies, LLC, First lien senior secured loan2024-06-300001812554Appfire Technologies, LLC, First lien senior secured delayed draw term loan2024-06-300001812554Appfire Technologies, LLC, First lien senior secured delayed draw term loan 22024-06-300001812554Appfire Technologies, LLC, First lien senior secured revolving loan2024-06-300001812554Aptean Acquiror, Inc. (dba Aptean), First lien senior secured loan2024-06-300001812554Aptean Acquiror, Inc. (dba Aptean), First lien senior secured delayed draw term loan2024-06-300001812554Aptean Acquiror, Inc. (dba Aptean), First lien senior secured revolving loan2024-06-300001812554Armstrong Bidco Limited, First lien senior secured loan2024-06-300001812554Armstrong Bidco Limited, First lien senior secured delayed draw term loan2024-06-300001812554Artifact Bidco, Inc. (dba Avetta), First lien senior secured loan2024-06-300001812554Artifact Bidco, Inc. (dba Avetta), First lien senior secured delayed draw term loan2024-06-300001812554Artifact Bidco, Inc. (dba Avetta), First lien senior secured revolving loan2024-06-300001812554Avalara, Inc., First lien senior secured loan2024-06-300001812554Avalara, Inc., First lien senior secured revolving loan2024-06-300001812554Azurite Intermediate Holdings, Inc. (dba Alteryx, Inc.), First lien senior secured loan2024-06-300001812554Azurite Intermediate Holdings, Inc. (dba Alteryx, Inc.), First lien senior secured delayed draw term loan2024-06-300001812554Azurite Intermediate Holdings, Inc. (dba Alteryx, Inc.), First lien senior secured revolving loan2024-06-300001812554Barracuda Networks, Inc., First lien senior secured loan2024-06-300001812554Barracuda Networks, Inc., Second lien senior secured loan2024-06-300001812554Bayshore Intermediate #2, L.P. (dba Boomi), First lien senior secured loan2024-06-300001812554Bayshore Intermediate #2, L.P. (dba Boomi), First lien senior secured revolving loan2024-06-300001812554BCTO BSI Buyer, Inc. (dba Buildertrend), First lien senior secured loan2024-06-300001812554BCTO BSI Buyer, Inc. (dba Buildertrend), First lien senior secured revolving loan2024-06-300001812554Catalis Intermediate, Inc. (fka GovBrands Intermediate, Inc.), First lien senior secured loan2024-06-300001812554Catalis Intermediate, Inc. (fka GovBrands Intermediate, Inc.), First lien senior secured delayed draw term loan2024-06-300001812554Catalis Intermediate, Inc. (fka GovBrands Intermediate, Inc.), First lien senior secured revolving loan2024-06-300001812554Central Parent Inc. (dba CDK Global Inc.), First lien senior secured loan2024-06-300001812554CivicPlus, LLC, First lien senior secured loan2024-06-300001812554CivicPlus, LLC, First lien senior secured delayed draw term loan2024-06-300001812554CivicPlus, LLC, First lien senior secured revolving loan2024-06-300001812554Cloud Software Group, Inc., First lien senior secured loan 12024-06-300001812554Cloud Software Group, Inc., First lien senior secured loan 22024-06-300001812554Coupa Holdings, LLC, First lien senior secured loan2024-06-300001812554Coupa Holdings, LLC, First lien senior secured delayed draw term loan2024-06-300001812554Coupa Holdings, LLC, First lien senior secured revolving loan2024-06-300001812554CP PIK DEBT ISSUER, LLC (dba CivicPlus, LLC), Unsecured notes2024-06-300001812554Crewline Buyer, Inc. (dba New Relic), First lien senior secured loan2024-06-300001812554Crewline Buyer, Inc. (dba New Relic), First lien senior secured revolving loan2024-06-300001812554Delta TopCo, Inc. (dba Infoblox, Inc.), First lien senior secured loan2024-06-300001812554Delta TopCo, Inc. (dba Infoblox, Inc.), Second lien senior secured loan2024-06-300001812554E2open, LLC, First lien senior secured loan2024-06-300001812554EET Buyer, Inc. (dba e-Emphasys), First lien senior secured loan2024-06-300001812554EET Buyer, Inc. (dba e-Emphasys), First lien senior secured delayed draw term loan2024-06-300001812554EET Buyer, Inc. (dba e-Emphasys), First lien senior secured revolving loan2024-06-300001812554Entrata, Inc., First lien senior secured loan2024-06-300001812554Entrata, Inc., First lien senior secured revolving loan2024-06-300001812554Forescout Technologies, Inc., First lien senior secured revolving loan2024-06-300001812554Forescout Technologies, Inc., First lien senior secured loan2024-06-300001812554Fortra, LLC (f/k/a Help/Systems Holdings, Inc.), First lien senior secured loan2024-06-300001812554Fortra, LLC (f/k/a Help/Systems Holdings, Inc.), Second lien senior secured loan2024-06-300001812554Granicus, Inc., First lien senior secured loan2024-06-300001812554Granicus, Inc., First lien senior secured delayed draw term loan2024-06-300001812554Granicus, Inc., First lien senior secured revolving loan2024-06-300001812554GS Acquisitionco, Inc. (dba insightsoftware), First lien senior secured loan2024-06-300001812554GS Acquisitionco, Inc. (dba insightsoftware), First lien senior secured delayed draw term loan2024-06-300001812554GS Acquisitionco, Inc. (dba insightsoftware), First lien senior secured revolving loan2024-06-300001812554Hyland Software, Inc., First lien senior secured loan2024-06-300001812554Hyland Software, Inc., First lien senior secured revolving loan2024-06-300001812554Icefall Parent, Inc. (dba EngageSmart), First lien senior secured loan2024-06-300001812554Icefall Parent, Inc. (dba EngageSmart), First lien senior secured revolving loan2024-06-300001812554Ivanti Software, Inc., First lien senior secured loan2024-06-300001812554Ivanti Software, Inc., Second lien senior secured loan2024-06-300001812554JS PARENT, INC. (dba Jama Software), First lien senior secured loan2024-06-300001812554JS PARENT, INC. (dba Jama Software), First lien senior secured revolving loan2024-06-300001812554Litera Bidco LLC, First lien senior secured loan2024-06-300001812554Litera Bidco LLC, First lien senior secured delayed draw term loan 12024-06-300001812554Litera Bidco LLC, First lien senior secured delayed draw term loan 22024-06-300001812554Litera Bidco LLC, First lien senior secured revolving loan2024-06-300001812554Magnet Forensics, LLC (f/k/a Grayshift, LLC), First lien senior secured loan2024-06-300001812554Magnet Forensics, LLC (f/k/a Grayshift, LLC), First lien senior secured revolving loan2024-06-300001812554MessageBird BidCo B.V., First lien senior secured loan2024-06-300001812554Ministry Brands Holdings, LLC, First lien senior secured loan2024-06-300001812554Ministry Brands Holdings, LLC, First lien senior secured delayed draw term loan2024-06-300001812554Ministry Brands Holdings, LLC, First lien senior secured revolving loan2024-06-300001812554Mitnick Corporate Purchaser, Inc., First lien senior secured revolving loan2024-06-300001812554Oranje Holdco, Inc. (dba KnowBe4), First lien senior secured loan 12024-06-300001812554Oranje Holdco, Inc. (dba KnowBe4), First lien senior secured loan 22024-06-300001812554Oranje Holdco, Inc. (dba KnowBe4), First lien senior secured revolving loan2024-06-300001812554PDI TA Holdings, Inc., First lien senior secured loan2024-06-300001812554PDI TA Holdings, Inc., First lien senior secured delayed draw term loan2024-06-300001812554PDI TA Holdings, Inc., First lien senior secured revolving loan2024-06-300001812554Perforce Software, Inc., First lien senior secured loan 12024-06-300001812554Perforce Software, Inc., First lien senior secured loan 22024-06-300001812554Project Alpha Intermediate Holding, Inc. (dba Qlik), First lien senior secured loan2024-06-300001812554Proofpoint, Inc., First lien senior secured loan2024-06-300001812554QAD, Inc., First lien senior secured loan2024-06-300001812554QAD, Inc., First lien senior secured revolving loan2024-06-300001812554SailPoint Technologies Holdings, Inc., First lien senior secured loan2024-06-300001812554SailPoint Technologies Holdings, Inc., First lien senior secured revolving loan2024-06-300001812554Securonix, Inc., First lien senior secured loan2024-06-300001812554Securonix, Inc., First lien senior secured revolving loan2024-06-300001812554Sedgwick Claims Management Services, Inc., First lien senior secured loan2024-06-300001812554Sitecore Holding III A/S, First lien senior secured loan2024-06-300001812554Sitecore Holding III A/S, First lien senior secured EUR term loan2024-06-300001812554Sitecore USA, Inc., First lien senior secured loan2024-06-300001812554Sophos Holdings, LLC, First lien senior secured loan2024-06-300001812554Storable, Inc., First lien senior secured loan2024-06-300001812554The Dun & Bradstreet Corporation, First lien senior secured loan2024-06-300001812554Thunder Purchaser, Inc. (dba Vector Solutions), First lien senior secured loan2024-06-300001812554Thunder Purchaser, Inc. (dba Vector Solutions), First lien senior secured delayed draw term loan2024-06-300001812554Thunder Purchaser, Inc. (dba Vector Solutions), First lien senior secured revolving loan2024-06-300001812554VIRTUSA CORPORATION, First lien senior secured loan2024-06-300001812554VS Buyer LLC (dba Veeam Software), First lien senior secured loan2024-06-300001812554When I Work, Inc., First lien senior secured loan2024-06-300001812554When I Work, Inc., First lien senior secured revolving loan2024-06-300001812554Zendesk, Inc., First lien senior secured loan2024-06-300001812554Zendesk, Inc., First lien senior secured delayed draw term loan2024-06-300001812554Zendesk, Inc., First lien senior secured revolving loan2024-06-300001812554us-gaap:InvestmentUnaffiliatedIssuerMemberorcic:InternetSoftwareAndServicesMember2024-06-300001812554Cirque du Soleil Canada, Inc., First lien senior secured loan2024-06-300001812554Troon Golf, L.L.C., First lien senior secured loan2024-06-300001812554Troon Golf, L.L.C., First lien senior secured delayed draw term loan2024-06-300001812554Troon Golf, L.L.C., First lien senior secured revolving loan2024-06-300001812554us-gaap:InvestmentUnaffiliatedIssuerMemberorcic:LeisureAndEntertainmentMember2024-06-300001812554ACR Group Borrower, LLC, First lien senior secured loan 12024-06-300001812554ACR Group Borrower, LLC, First lien senior secured loan 22024-06-300001812554ACR Group Borrower, LLC, First lien senior secured loan 32024-06-300001812554ACR Group Borrower, LLC, First lien senior secured delayed draw term loan2024-06-300001812554ACR Group Borrower, LLC, First lien senior secured revolving loan2024-06-300001812554Chariot Buyer LLC (dba Chamberlain Group), First lien senior secured loan2024-06-300001812554CPM Holdings, Inc., First lien senior secured loan2024-06-300001812554CPM Holdings, Inc., First lien senior secured revolving loan2024-06-300001812554Engineered Machinery Holdings, Inc. (dba Duravant), First lien senior secured loan2024-06-300001812554Engineered Machinery Holdings, Inc. (dba Duravant), Second lien senior secured loan 12024-06-300001812554Engineered Machinery Holdings, Inc. (dba Duravant), Second lien senior secured loan 22024-06-300001812554FARADAY BUYER, LLC (dba MacLean Power Systems), First lien senior secured loan2024-06-300001812554FARADAY BUYER, LLC (dba MacLean Power Systems), First lien senior secured delayed draw term loan2024-06-300001812554Filtration Group Corporation, First lien senior secured loan2024-06-300001812554Gloves Buyer, Inc. (dba Protective Industrial Products), First lien senior secured loan2024-06-300001812554Helix Acquisition Holdings, Inc. (dba MW Industries), First lien senior secured loan2024-06-300001812554Ideal Tridon Holdings, Inc., First lien senior secured loan2024-06-300001812554Ideal Tridon Holdings, Inc., First lien senior secured revolving loan2024-06-300001812554MHE Intermediate Holdings, LLC (dba OnPoint Group), First lien senior secured loan 12024-06-300001812554MHE Intermediate Holdings, LLC (dba OnPoint Group), First lien senior secured loan 22024-06-300001812554MHE Intermediate Holdings, LLC (dba OnPoint Group), First lien senior secured delayed draw term loan2024-06-300001812554MHE Intermediate Holdings, LLC (dba OnPoint Group), First lien senior secured revolving loan2024-06-300001812554Pro Mach Group, Inc., First lien senior secured loan2024-06-300001812554Sonny's Enterprises, LLC, First lien senior secured loan2024-06-300001812554Sonny's Enterprises, LLC, First lien senior secured delayed draw term loan 12024-06-300001812554Sonny's Enterprises, LLC, First lien senior secured delayed draw term loan 22024-06-300001812554Sonny's Enterprises, LLC, First lien senior secured revolving loan2024-06-300001812554us-gaap:InvestmentUnaffiliatedIssuerMemberorcic:ManufacturingMember2024-06-300001812554BridgeBio Pharma, Inc., First lien senior secured loan2024-06-300001812554us-gaap:InvestmentUnaffiliatedIssuerMemberorcic:PharmaceuticalsMember2024-06-300001812554Apex Group Treasury LLC, First lien senior secured loan2024-06-300001812554Apex Group Treasury LLC, Second lien senior secured loan2024-06-300001812554Apex Group Treasury LLC, Second lien senior secured delayed draw term loan2024-06-300001812554Apex Service Partners, LLC, First lien senior secured loan2024-06-300001812554Apex Service Partners, LLC, First lien senior secured delayed draw term loan2024-06-300001812554Apex Service Partners, LLC, First lien senior secured revolving loan2024-06-300001812554Certinia, Inc., First lien senior secured loan2024-06-300001812554Certinia, Inc., First lien senior secured revolving loan2024-06-300001812554Corporation Service Company, First lien senior secured loan2024-06-300001812554Element Materials Technology, First lien senior secured loan2024-06-300001812554Element Materials Technology, First lien senior secured delayed draw term loan2024-06-300001812554EP Purchaser, LLC (dba Entertainment Partners), First lien senior secured loan2024-06-300001812554Essential Services Holding Corporation (dba Turnpoint), First lien senior secured loan2024-06-300001812554Essential Services Holding Corporation (dba Turnpoint), First lien senior secured delayed draw term loan2024-06-300001812554Essential Services Holding Corporation (dba Turnpoint), First lien senior secured revolving loan2024-06-300001812554Gerson Lehrman Group, Inc., First lien senior secured loan2024-06-300001812554Gerson Lehrman Group, Inc., First lien senior secured revolving loan2024-06-300001812554Guidehouse Inc., First lien senior secured loan2024-06-300001812554Omnia Partners, LLC, First lien senior secured loan2024-06-300001812554Relativity ODA LLC, First lien senior secured loan2024-06-300001812554Relativity ODA LLC, First lien senior secured revolving loan2024-06-300001812554Sensor Technology Topco, Inc. (dba Humanetics), First lien senior secured loan2024-06-300001812554Sensor Technology Topco, Inc. (dba Humanetics), First lien senior secured delayed draw term loan2024-06-300001812554Sensor Technology Topco, Inc. (dba Humanetics), First lien senior secured revolving loan2024-06-300001812554Sensor Technology Topco, Inc. (dba Humanetics), First lien senior secured EUR term loan2024-06-300001812554Sensor Technology Topco, Inc. (dba Humanetics), First lien senior secured EUR delayed draw term loan2024-06-300001812554Sovos Compliance, LLC, First lien senior secured loan2024-06-300001812554Thevelia (US) LLC (dba Tricor), First lien senior secured loan2024-06-300001812554Vistage International, Inc., First lien senior secured loan2024-06-300001812554us-gaap:InvestmentUnaffiliatedIssuerMemberorcic:ProfessionalServicesMember2024-06-300001812554Galls, LLC, First lien senior secured loan2024-06-300001812554Galls, LLC, First lien senior secured delayed draw term loan2024-06-300001812554Galls, LLC, First lien senior secured revolving loan2024-06-300001812554Ideal Image Development, LLC, First lien senior secured loan2024-06-300001812554Ideal Image Development, LLC, First lien senior secured revolving loan2024-06-300001812554Milan Laser Holdings LLC, First lien senior secured loan2024-06-300001812554Milan Laser Holdings LLC, First lien senior secured revolving loan2024-06-300001812554Notorious Topco, LLC (dba Beauty Industry Group), First lien senior secured loan2024-06-300001812554Notorious Topco, LLC (dba Beauty Industry Group), First lien senior secured delayed draw term loan2024-06-300001812554Notorious Topco, LLC (dba Beauty Industry Group), First lien senior secured revolving loan2024-06-300001812554The Shade Store, LLC, First lien senior secured loan2024-06-300001812554The Shade Store, LLC, First lien senior secured delayed draw term loan2024-06-300001812554The Shade Store, LLC, First lien senior secured revolving loan2024-06-300001812554us-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:RetailSectorMember2024-06-300001812554CCI BUYER, INC. (dba Consumer Cellular), First lien senior secured loan2024-06-300001812554EOS Finco S.A.R.L, First lien senior secured loan2024-06-300001812554EOS U.S. Finco LLC, First lien senior secured delayed draw term loan2024-06-300001812554Level 3 Financing, Inc., First lien senior secured loan 12024-06-300001812554Level 3 Financing, Inc., First lien senior secured loan 22024-06-300001812554Park Place Technologies, LLC, First lien senior secured loan2024-06-300001812554Park Place Technologies, LLC, First lien senior secured delayed draw term loan2024-06-300001812554Park Place Technologies, LLC, First lien senior secured revolving loan2024-06-300001812554PPT Holdings III, LLC (dba Park Place Technologies), First lien senior secured loan2024-06-300001812554us-gaap:InvestmentUnaffiliatedIssuerMemberorcic:TelecommunicationsMember2024-06-300001812554Lightbeam Bidco, Inc. (dba Lazer Spot), First lien senior secured loan2024-06-300001812554Lightbeam Bidco, Inc. (dba Lazer Spot), First lien senior secured delayed draw term loan 12024-06-300001812554Lightbeam Bidco, Inc. (dba Lazer Spot), First lien senior secured delayed draw term loan 22024-06-300001812554Lightbeam Bidco, Inc. (dba Lazer Spot), First lien senior secured revolving loan2024-06-300001812554Motus Group, LLC, First lien senior secured loan2024-06-300001812554us-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:TransportationSectorMember2024-06-300001812554us-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:DebtSecuritiesMember2024-06-300001812554Amergin Asset Management, LLC, Class A Units2024-06-300001812554us-gaap:InvestmentUnaffiliatedIssuerMemberorcic:AssetBasedLendingAndFundFinanceMemberus-gaap:EquitySecuritiesMember2024-06-300001812554CD&R Value Building Partners I, L.P. (dba Belron), LP Interest2024-06-300001812554Metis HoldCo, Inc. (dba Mavis Tire Express Services), Series A Convertible Preferred Stock2024-06-300001812554us-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:AutomotiveSectorMemberus-gaap:EquitySecuritiesMember2024-06-300001812554Dodge Construction Network Holdings, L.P., Series A Preferred Units2024-06-300001812554Dodge Construction Network Holdings, L.P., Class A-2 Common Units2024-06-300001812554us-gaap:InvestmentUnaffiliatedIssuerMemberorcic:BuildingsAndRealEstateMemberus-gaap:EquitySecuritiesMember2024-06-300001812554Denali Holding, LP (dba Summit Companies), Class A Units2024-06-300001812554Hercules Buyer, LLC (dba The Vincit Group), Common Units2024-06-300001812554Knockout Intermediate Holdings I Inc. (dba Kaseya Inc.), Perpetual Preferred Stock2024-06-300001812554us-gaap:InvestmentUnaffiliatedIssuerMemberorcic:BusinessServicesMemberus-gaap:EquitySecuritiesMember2024-06-300001812554ASP Conair Holdings LP, Class A Units2024-06-300001812554us-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:ConsumerSectorMemberus-gaap:EquitySecuritiesMember2024-06-300001812554Vestwell Holdings, Inc., Series D Preferred Stock2024-06-300001812554us-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:FinancialServicesSectorMemberus-gaap:EquitySecuritiesMember2024-06-300001812554Hissho Sushi Holdings, LLC, Class A Units2024-06-300001812554us-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:FoodAndBeverageSectorMemberus-gaap:EquitySecuritiesMember2024-06-300001812554Maia Aggregator, LP, Class A-2 Units2024-06-300001812554KPCI Holdings, L.P., Class A Units2024-06-300001812554Patriot Holdings SCSp (dba Corza Health, Inc.), Class A Units2024-06-300001812554Patriot Holdings SCSp (dba Corza Health, Inc.), Class B Units2024-06-300001812554Rhea Acquisition Holdings, LP, Series A-2 Units2024-06-300001812554us-gaap:InvestmentUnaffiliatedIssuerMemberorcic:HealthcareEquipmentAndServicesMemberus-gaap:EquitySecuritiesMember2024-06-300001812554KOBHG Holdings, L.P. (dba OB Hospitalist), Class A Interests2024-06-300001812554KWOL Acquisition Inc. (dba Worldwide Clinical Trials), Common stock2024-06-300001812554Romulus Intermediate Holdings 1 Inc. (dba PetVet Care Centers), Series A Preferred Stock2024-06-300001812554XOMA Corporation, Warrants2024-06-300001812554us-gaap:InvestmentUnaffiliatedIssuerMemberorcic:HealthcareProvidersAndServicesMemberus-gaap:EquitySecuritiesMember2024-06-300001812554Minerva Holdco, Inc., Series A Preferred Stock2024-06-300001812554BEHP Co-Investor II, L.P., LP Interest2024-06-300001812554Orange Blossom Parent, Inc., Common Equity2024-06-300001812554WP Irving Co-Invest, L.P., Partnership Units2024-06-300001812554us-gaap:InvestmentUnaffiliatedIssuerMemberorcic:HealthcareTechnologySectorMemberus-gaap:EquitySecuritiesMember2024-06-300001812554Evology, LLC, Class B Units2024-06-300001812554Walker Edison Holdco LLC, Common Equity2024-06-300001812554us-gaap:InvestmentUnaffiliatedIssuerMemberorcic:HouseholdProductsMemberus-gaap:EquitySecuritiesMember2024-06-300001812554Sunshine Software Holdings, Inc. (dba Cornerstone OnDemand), Series A Preferred Stock2024-06-300001812554us-gaap:InvestmentUnaffiliatedIssuerMemberorcic:HumanResourceSupportServicesMemberus-gaap:EquitySecuritiesMember2024-06-300001812554Accelerate Topco Holdings, LLC, Common Units2024-06-300001812554Evolution Parent, LP (dba SIAA), LP Interest2024-06-300001812554GrowthCurve Capital Sunrise Co-Invest LP (dba Brightway), LP Interest2024-06-300001812554Hockey Parent Holdings, L.P., Class A Units2024-06-300001812554PCF Holdco, LLC (dba PCF Insurance Services), Series A Preferred Units2024-06-300001812554PCF Holdco, LLC (dba PCF Insurance Services), Class A Unit Warrants2024-06-300001812554PCF Holdco, LLC (dba PCF Insurance Services), Class A Units2024-06-300001812554us-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:InsuranceSectorMemberus-gaap:EquitySecuritiesMember2024-06-300001812554AlphaSense, LLC, Preferred equity2024-06-300001812554Brooklyn Lender Co-Invest 2, L.P. (dba Boomi), Common Units2024-06-300001812554Insight CP (Blocker) Holdings, L.P. (dba CivicPlus, LLC), LP Interest2024-06-300001812554Elliott Alto Co-Investor Aggregator L.P., LP Interest2024-06-300001812554Picard Holdco, Inc., Series A Preferred Stock2024-06-300001812554MessageBird Holding B.V., Extended Series C Warrants2024-06-300001812554Project Alpine Co-Invest Fund, LP, LP Interest2024-06-300001812554Thunder Topco L.P. (dba Vector Solutions), Common Units2024-06-300001812554WMC Bidco, Inc. (dba West Monroe), Senior Preferred Stock2024-06-300001812554Project Hotel California Co-Invest Fund, L.P., LP Interest2024-06-300001812554BCTO WIW Holdings, Inc. (dba When I Work), Class A Common Stock2024-06-300001812554Zoro TopCo, Inc. (dba Zendesk, Inc.), Series A Preferred Stock2024-06-300001812554Zoro TopCo, L.P. (dba Zendesk, Inc.), Class A Common Units2024-06-300001812554us-gaap:InvestmentUnaffiliatedIssuerMemberorcic:InternetSoftwareAndServicesMemberus-gaap:EquitySecuritiesMember2024-06-300001812554Gloves Holdings, LP (dba Protective Industrial Products), LP Interest2024-06-300001812554us-gaap:InvestmentUnaffiliatedIssuerMemberorcic:ManufacturingMemberus-gaap:EquitySecuritiesMember2024-06-300001812554Ideal Topco, L.P., Class A-1 Preferred Units2024-06-300001812554Ideal Topco, L.P., Class A-2 Common Units2024-06-300001812554us-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:RetailSectorMemberus-gaap:EquitySecuritiesMember2024-06-300001812554us-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:EquitySecuritiesMember2024-06-300001812554LSI Financing 1 DAC, Preferred equity2024-06-300001812554us-gaap:InvestmentAffiliatedIssuerNoncontrolledMemberorcic:PharmaceuticalsMemberus-gaap:EquitySecuritiesMember2024-06-300001812554AAM Series 1.1 Rail and Domestic Intermodal Feeder, LLC, First lien senior secured loan2024-06-300001812554AAM Series 2.1 Aviation Feeder, LLC, First lien senior secured loan2024-06-300001812554us-gaap:InvestmentAffiliatedIssuerControlledMemberorcic:AssetBasedLendingAndFundFinanceMemberus-gaap:DebtSecuritiesMember2024-06-300001812554us-gaap:InvestmentAffiliatedIssuerControlledMemberus-gaap:DebtSecuritiesMember2024-06-300001812554AAM Series 2.1 Aviation Feeder, LLC, LLC Interest2024-06-300001812554AAM Series 1.1 Rail and Domestic Intermodal Feeder, LLC, LLC Interest2024-06-300001812554us-gaap:InvestmentAffiliatedIssuerControlledMemberorcic:AssetBasedLendingAndFundFinanceMemberus-gaap:EquitySecuritiesMember2024-06-300001812554Fifth Season Investments LLC, Class A Units2024-06-300001812554us-gaap:InvestmentAffiliatedIssuerControlledMemberus-gaap:InsuranceSectorMemberus-gaap:EquitySecuritiesMember2024-06-300001812554OCIC SLF LLC (fka Blue Owl Credit Income Senior Loan Fund LLC), LLC Interest2024-06-300001812554us-gaap:InvestmentAffiliatedIssuerControlledMemberorcic:JointVenturesMemberus-gaap:EquitySecuritiesMember2024-06-300001812554us-gaap:InvestmentAffiliatedIssuerControlledMemberus-gaap:EquitySecuritiesMember2024-06-300001812554orcic:September2027NotesMemberus-gaap:InterestRateSwapMemberus-gaap:DesignatedAsHedgingInstrumentMember2024-06-300001812554orcic:September2027NotesMemberus-gaap:InterestRateSwapMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:UnsecuredDebtMember2024-06-300001812554orcic:September2027NotesMemberus-gaap:InterestRateSwapMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:UnsecuredDebtMember2024-01-012024-06-300001812554orcic:June2028NotesMemberus-gaap:InterestRateSwapMemberus-gaap:DesignatedAsHedgingInstrumentMember2024-06-300001812554orcic:June2028NotesMemberus-gaap:InterestRateSwapMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:UnsecuredDebtMember2024-06-300001812554orcic:June2028NotesMemberus-gaap:InterestRateSwapMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:UnsecuredDebtMember2024-01-012024-06-300001812554orcic:January2029NotesMemberus-gaap:InterestRateSwapMemberus-gaap:DesignatedAsHedgingInstrumentMember2024-06-300001812554orcic:January2029NotesMemberus-gaap:InterestRateSwapMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:UnsecuredDebtMember2024-06-300001812554orcic:January2029NotesMemberus-gaap:InterestRateSwapMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:UnsecuredDebtMember2024-01-012024-06-300001812554orcic:September2029NotesMemberus-gaap:InterestRateSwapMemberus-gaap:DesignatedAsHedgingInstrumentMember2024-06-300001812554orcic:September2029NotesMemberus-gaap:InterestRateSwapMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:UnsecuredDebtMember2024-06-300001812554orcic:September2029NotesMemberus-gaap:InterestRateSwapMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:UnsecuredDebtMember2024-01-012024-06-300001812554orcic:March2031NotesMemberus-gaap:InterestRateSwapMemberus-gaap:DesignatedAsHedgingInstrumentMember2024-06-300001812554orcic:March2031NotesMemberus-gaap:InterestRateSwapMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:UnsecuredDebtMember2024-06-300001812554orcic:March2031NotesMemberus-gaap:InterestRateSwapMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:UnsecuredDebtMember2024-01-012024-06-300001812554LSI Financing 1 DAC2023-12-310001812554LSI Financing 1 DAC2024-01-012024-06-300001812554LSI Financing 1 DAC2024-06-300001812554AAM Series 2.1 Aviation Feeder, LLC2023-12-310001812554AAM Series 2.1 Aviation Feeder, LLC2024-01-012024-06-300001812554AAM Series 2.1 Aviation Feeder, LLC2024-06-300001812554AAM Series 1.1 Rail and Domestic Intermodal Feeder, LLC2023-12-310001812554AAM Series 1.1 Rail and Domestic Intermodal Feeder, LLC2024-01-012024-06-300001812554AAM Series 1.1 Rail and Domestic Intermodal Feeder, LLC2024-06-300001812554Fifth Season Investments LLC (fka Chapford SMA Partnership, L.P.)2023-12-310001812554Fifth Season Investments LLC (fka Chapford SMA Partnership, L.P.)2024-01-012024-06-300001812554Fifth Season Investments LLC (fka Chapford SMA Partnership, L.P.)2024-06-300001812554ORCIC Senior Loan Fund, LLC2023-12-310001812554ORCIC Senior Loan Fund, LLC2024-01-012024-06-300001812554ORCIC Senior Loan Fund, LLC2024-06-300001812554Global Music Rights, LLC, First lien senior secured loan2023-12-310001812554Global Music Rights, LLC, First lien senior secured revolving loan2023-12-310001812554Circana Group, L.P. (fka The NPD Group, L.P.), First lien senior secured loan2023-12-310001812554Circana Group, L.P. (fka The NPD Group, L.P.), First lien senior secured revolving loan2023-12-310001812554us-gaap:InvestmentUnaffiliatedIssuerMemberorcic:AdvertisingAndMediaMember2023-12-310001812554Bleriot US Bidco, Inc., First lien senior secured loan2023-12-310001812554Dynasty Acquisition Co., Inc. (dba StandardAero Limited), First lien senior secured loan 12023-12-310001812554Dynasty Acquisition Co., Inc. (dba StandardAero Limited), First lien senior secured loan 22023-12-310001812554ManTech International Corporation, First lien senior secured loan2023-12-310001812554ManTech International Corporation, First lien senior secured delayed draw term loan2023-12-310001812554ManTech International Corporation, First lien senior secured revolving loan2023-12-310001812554Peraton Corp., First lien senior secured loan2023-12-310001812554Peraton Corp., Second lien senior secured loan2023-12-310001812554Transdigm Inc., First lien senior secured loan2023-12-310001812554us-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:AerospaceSectorMember2023-12-310001812554Holley Inc., First lien senior secured loan2023-12-310001812554Mavis Tire Express Services Topco Corp., First lien senior secured loan2023-12-310001812554OAC Holdings I Corp. (dba Omega Holdings), First lien senior secured loan2023-12-310001812554OAC Holdings I Corp. (dba Omega Holdings), First lien senior secured revolving loan2023-12-310001812554Power Stop, LLC, First lien senior secured loan2023-12-310001812554Spotless Brands, LLC, First lien senior secured loan2023-12-310001812554Spotless Brands, LLC, First lien senior secured revolving loan2023-12-310001812554us-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:AutomotiveSectorMember2023-12-310001812554Hg Genesis 9 Sumoco Limited, Unsecured facility2023-12-310001812554Hg Saturn Luchaco Limited, Unsecured facility2023-12-310001812554us-gaap:InvestmentUnaffiliatedIssuerMemberorcic:AssetBasedLendingAndFundFinanceMember2023-12-310001812554Associations, Inc., First lien senior secured loan2023-12-310001812554Associations, Inc., First lien senior secured revolving loan2023-12-310001812554Associations, Inc., First lien senior secured delayed draw term loan2023-12-310001812554CoreLogic Inc., First lien senior secured loan2023-12-310001812554Cushman & Wakefield U.S. Borrower, LLC, First lien senior secured loan2023-12-310001812554Dodge Construction Network, LLC, First lien senior secured loan2023-12-310001812554RealPage, Inc., First lien senior secured loan2023-12-310001812554RealPage, Inc., Second lien senior secured loan2023-12-310001812554Wrench Group LLC, First lien senior secured loan 12023-12-310001812554Wrench Group LLC, First lien senior secured loan 22023-12-310001812554us-gaap:InvestmentUnaffiliatedIssuerMemberorcic:BuildingsAndRealEstateMember2023-12-310001812554Access CIG, LLC, First lien senior secured loan2023-12-310001812554Access CIG, LLC, Second lien senior secured loan2023-12-310001812554Boxer Parent Company Inc. (f/k/a BMC), First lien senior secured loan2023-12-310001812554BrightView Landscapes, LLC, First lien senior secured loan2023-12-310001812554Capstone Acquisition Holdings, Inc., First lien senior secured loan2023-12-310001812554ConnectWise, LLC, First lien senior secured loan2023-12-310001812554CoolSys, Inc., First lien senior secured loan2023-12-310001812554CoreTrust Purchasing Group LLC, First lien senior secured loan2023-12-310001812554CoreTrust Purchasing Group LLC, First lien senior secured delayed draw term loan2023-12-310001812554CoreTrust Purchasing Group LLC, First lien senior secured revolving loan2023-12-310001812554Denali BuyerCo, LLC (dba Summit Companies), First lien senior secured loan2023-12-310001812554Denali BuyerCo, LLC (dba Summit Companies), First lien senior secured revolving loan2023-12-310001812554Diamondback Acquisition, Inc. (dba Sphera), First lien senior secured loan2023-12-310001812554Entertainment Benefits Group, LLC, First lien senior secured loan2023-12-310001812554Entertainment Benefits Group, LLC, First lien senior secured revolving loan2023-12-310001812554Fullsteam Operations, LLC, First lien senior secured loan2023-12-310001812554Fullsteam Operations, LLC, First lien senior secured delayed draw term loan 12023-12-310001812554Fullsteam Operations, LLC, First lien senior secured delayed draw term loan 22023-12-310001812554Fullsteam Operations, LLC, First lien senior secured revolving loan2023-12-310001812554Hercules Borrower, LLC (dba The Vincit Group), First lien senior secured loan 12023-12-310001812554Hercules Borrower, LLC (dba The Vincit Group), First lien senior secured loan 22023-12-310001812554Hercules Borrower, LLC (dba The Vincit Group), First lien senior secured delayed draw term loan2023-12-310001812554Hercules Borrower, LLC (dba The Vincit Group), First lien senior secured revolving loan2023-12-310001812554Hercules Buyer, LLC (dba The Vincit Group), Unsecured notes2023-12-310001812554Kaseya Inc., First lien senior secured loan2023-12-310001812554Kaseya Inc., First lien senior secured delayed draw term loan2023-12-310001812554Kaseya Inc., First lien senior secured revolving loan2023-12-310001812554KPSKY Acquisition, Inc. (dba BluSky), First lien senior secured loan2023-12-310001812554KPSKY Acquisition, Inc. (dba BluSky), First lien senior secured delayed draw term loan2023-12-310001812554Packers Holdings, LLC, First lien senior secured loan2023-12-310001812554Ping Identity Holding Corp., First lien senior secured loan2023-12-310001812554Ping Identity Holding Corp., First lien senior secured revolving loan2023-12-310001812554us-gaap:InvestmentUnaffiliatedIssuerMemberorcic:BusinessServicesMember2023-12-310001812554Aruba Investments Holdings LLC (dba Angus Chemical Company), First lien senior secured loan2023-12-310001812554Aruba Investments Holdings LLC (dba Angus Chemical Company), Second lien senior secured loan2023-12-310001812554Cyanco Intermediate 2 Corp., First lien senior secured loan2023-12-310001812554Derby Buyer LLC, First lien senior secured loan2023-12-310001812554Gaylord Chemical Company, L.L.C., First lien senior secured loan2023-12-310001812554Gaylord Chemical Company, L.L.C., First lien senior secured revolving loan2023-12-310001812554Nouryon Finance B.V., First lien senior secured loan 12023-12-310001812554Nouryon Finance B.V., First lien senior secured loan 22023-12-310001812554Velocity HoldCo III Inc. (dba VelocityEHS), First lien senior secured loan2023-12-310001812554Velocity HoldCo III Inc. (dba VelocityEHS), First lien senior secured revolving loan2023-12-310001812554us-gaap:InvestmentUnaffiliatedIssuerMemberorcic:ChemicalsMember2023-12-310001812554ConAir Holdings LLC, Second lien senior secured loan2023-12-310001812554Foundation Consumer Brands, LLC, First lien senior secured loan2023-12-310001812554Lignetics Investment Corp., First lien senior secured loan2023-12-310001812554Lignetics Investment Corp., First lien senior secured revolving loan2023-12-310001812554Olaplex, Inc., First lien senior secured loan2023-12-310001812554SWK BUYER, Inc. (dba Stonewall Kitchen), First lien senior secured loan2023-12-310001812554SWK BUYER, Inc. (dba Stonewall Kitchen), First lien senior secured revolving loan2023-12-310001812554us-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:ConsumerSectorMember2023-12-310001812554Arctic Holdco, LLC, First lien senior secured loan2023-12-310001812554Arctic Holdco, LLC, First lien senior secured delayed draw term loan2023-12-310001812554Ascend Buyer, LLC (dba PPC Flexible Packaging), First lien senior secured loan2023-12-310001812554Ascend Buyer, LLC (dba PPC Flexible Packaging), First lien senior secured revolving loan2023-12-310001812554Ascend Buyer, LLC (dba PPC Flexible Packaging), First lien senior secured loan 12023-12-310001812554Ascend Buyer, LLC (dba PPC Flexible Packaging), First lien senior secured loan 22023-12-310001812554Berlin Packaging L.L.C., First lien senior secured loan2023-12-310001812554BW Holding, Inc., First lien senior secured loan2023-12-310001812554Charter NEX US, Inc., First lien senior secured loan2023-12-310001812554Five Star Lower Holding LLC, First lien senior secured loan2023-12-310001812554Fortis Solutions Group, LLC, First lien senior secured loan2023-12-310001812554Fortis Solutions Group, LLC, First lien senior secured revolving loan2023-12-310001812554Indigo Buyer, Inc. (dba Inovar Packaging Group), First lien senior secured loan2023-12-310001812554Indigo Buyer, Inc. (dba Inovar Packaging Group), First lien senior secured revolving loan2023-12-310001812554OneDigital Borrower LLC, First lien senior secured loan2023-12-310001812554Pregis Topco LLC, First lien senior secured loan2023-12-310001812554Pregis Topco LLC, Second lien senior secured loan 12023-12-310001812554Pregis Topco LLC, Second lien senior secured loan 22023-12-310001812554ProAmpac PG Borrower LLC, First lien senior secured loan2023-12-310001812554Ring Container Technologies Group, LLC, First lien senior secured loan2023-12-310001812554Tricorbraun Holdings, Inc., First lien senior secured loan2023-12-310001812554us-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:ContainerAndPackagingSectorMember2023-12-310001812554ABB/Con-cise Optical Group LLC, First lien senior secured loan2023-12-310001812554Aramsco, Inc., First lien senior secured loan2023-12-310001812554Aramsco, Inc., First lien senior secured delayed draw term loan2023-12-310001812554BCPE Empire Holdings, Inc. (dba Imperial-Dade), First lien senior secured loan2023-12-310001812554BradyIFS Holdings, LLC (fka Individual Foodservice Holdings, LLC), First lien senior secured loan2023-12-310001812554BradyIFS Holdings, LLC (fka Individual Foodservice Holdings, LLC), First lien senior secured delayed draw term loan2023-12-310001812554BradyIFS Holdings, LLC (fka Individual Foodservice Holdings, LLC), First lien senior secured revolving loan2023-12-310001812554Dealer Tire, LLC, First lien senior secured loan2023-12-310001812554Dealer Tire, LLC, Unsecured notes2023-12-310001812554Endries Acquisition, Inc., First lien senior secured loan2023-12-310001812554Endries Acquisition, Inc., First lien senior secured delayed draw term loan 12023-12-310001812554Endries Acquisition, Inc., First lien senior secured delayed draw term loan 22023-12-310001812554Formerra, LLC, First lien senior secured loan2023-12-310001812554Formerra, LLC, First lien senior secured delayed draw term loan2023-12-310001812554Formerra, LLC, First lien senior secured revolving loan2023-12-310001812554SRS Distribution, Inc., First lien senior secured loan2023-12-310001812554White Cap Supply Holdings, LLC, First lien senior secured loan2023-12-310001812554us-gaap:InvestmentUnaffiliatedIssuerMemberorcic:DistributionSectorMemberus-gaap:DebtSecuritiesMember2023-12-310001812554Community Brands ParentCo, LLC, First lien senior secured loan2023-12-310001812554Community Brands ParentCo, LLC, First lien senior secured delayed draw term loan2023-12-310001812554Community Brands ParentCo, LLC, First lien senior secured revolving loan2023-12-310001812554Learning Care Group (US) No. 2 Inc., First lien senior secured loan2023-12-310001812554Severin Acquisition, LLC (dba Powerschool), First lien senior secured loan2023-12-310001812554Sophia, L.P., First lien senior secured loan2023-12-310001812554Spring Education Group, Inc. (fka SSH Group Holdings, Inc.), First lien senior secured loan2023-12-310001812554Pluralsight, LLC, First lien senior secured loan2023-12-310001812554Pluralsight, LLC, First lien senior secured revolving loan2023-12-310001812554Renaissance Learning, Inc., First lien senior secured loan2023-12-310001812554us-gaap:InvestmentUnaffiliatedIssuerMemberorcic:EducationMember2023-12-310001812554Pike Corp., First lien senior secured loan2023-12-310001812554us-gaap:InvestmentUnaffiliatedIssuerMemberorcic:EnergyEquipmentAndServicesMember2023-12-310001812554Acuris Finance US, Inc. (ION Analytics), First lien senior secured loan2023-12-310001812554Boost Newco Borrower, LLC (dba WorldPay), First lien senior secured loan2023-12-310001812554BTRS Holdings Inc. (dba Billtrust), First lien senior secured loan2023-12-310001812554BTRS Holdings Inc. (dba Billtrust), First lien senior secured delayed draw term loan2023-12-310001812554BTRS Holdings Inc. (dba Billtrust), First lien senior secured revolving loan2023-12-310001812554Citco Funding LLC, First lien senior secured loan2023-12-310001812554Computer Services, Inc. (dba CSI), First lien senior secured loan 12023-12-310001812554Computer Services, Inc. (dba CSI), First lien senior secured loan 22023-12-310001812554Deerfield Dakota Holdings, First lien senior secured loan2023-12-310001812554Finastra USA, Inc., First lien senior secured loan2023-12-310001812554Finastra USA, Inc., First lien senior secured revolving loan2023-12-310001812554Helios Software Holdings, Inc., First lien senior secured loan2023-12-310001812554KRIV Acquisition Inc. (dba Riveron), First lien senior secured loan2023-12-310001812554KRIV Acquisition Inc. (dba Riveron), First lien senior secured delayed draw term loan2023-12-310001812554KRIV Acquisition Inc. (dba Riveron), First lien senior secured revolving loan2023-12-310001812554NMI Acquisitionco, Inc. (dba Network Merchants), First lien senior secured loan2023-12-310001812554NMI Acquisitionco, Inc. (dba Network Merchants), First lien senior secured revolving loan2023-12-310001812554Saphilux S.a.r.L (dba IQ EQ), First lien senior secured loan2023-12-310001812554Smarsh Inc., First lien senior secured loan2023-12-310001812554Smarsh Inc., First lien senior secured delayed draw term loan2023-12-310001812554Smarsh Inc., First lien senior secured revolving loan2023-12-310001812554USI, Inc., First lien senior secured loan2023-12-310001812554us-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:FinancialServicesSectorMember2023-12-310001812554Balrog Acquisition, Inc. (dba Bakemark), First lien senior secured loan2023-12-310001812554Balrog Acquisition, Inc. (dba BakeMark), Second lien senior secured loan2023-12-310001812554Blast Bidco Inc., First lien senior secured loan2023-12-310001812554Blast Bidco Inc., First lien senior secured revolving loan2023-12-310001812554Dessert Holdings, First lien senior secured loan2023-12-310001812554Hissho Sushi Merger Sub, LLC, First lien senior secured loan2023-12-310001812554Hissho Sushi Merger Sub, LLC, First lien senior secured revolving loan2023-12-310001812554Innovation Ventures HoldCo, LLC (dba 5 Hour Energy), First lien senior secured loan2023-12-310001812554KBP Brands, LLC, First lien senior secured loan2023-12-310001812554KBP Brands, LLC, First lien senior secured delayed draw term loan2023-12-310001812554Naked Juice LLC (dba Tropicana), First lien senior secured loan2023-12-310001812554Ole Smoky Distillery, LLC, First lien senior secured loan2023-12-310001812554Ole Smoky Distillery, LLC, First lien senior secured revolving loan2023-12-310001812554Pegasus BidCo B.V., First lien senior secured loan2023-12-310001812554Rushmore Investment III LLC (dba Winland Foods), First lien senior secured loan2023-12-310001812554Shearer's Foods, LLC, First lien senior secured loan2023-12-310001812554Sovos Brands Intermediate, Inc., First lien senior secured loan2023-12-310001812554Ultimate Baked Goods Midco, LLC, First lien senior secured loan2023-12-310001812554Ultimate Baked Goods Midco, LLC, First lien senior secured revolving loan2023-12-310001812554us-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:FoodAndBeverageSectorMemberus-gaap:DebtSecuritiesMember2023-12-310001812554Bamboo US BidCo LLC, First lien senior secured loan2023-12-310001812554Bamboo US BidCo LLC, First lien senior secured EUR term loan2023-12-310001812554Bamboo US BidCo LLC, First lien senior secured revolving loan2023-12-310001812554Bamboo US BidCo LLC, First lien senior secured delayed draw term loan2023-12-310001812554Canadian Hospital Specialties Ltd., First lien senior secured CAD term loan2023-12-310001812554Canadian Hospital Specialties Ltd., First lien senior secured CAD revolving loan2023-12-310001812554Confluent Medical Technologies, Inc., First lien senior secured loan2023-12-310001812554Confluent Medical Technologies, Inc., Second lien senior secured loan2023-12-310001812554Dermatology Intermediate Holdings III, Inc., First lien senior secured loan2023-12-310001812554CSC MKG Topco LLC (dba Medical Knowledge Group), First lien senior secured loan2023-12-310001812554Medline Borrower, LP, First lien senior secured loan2023-12-310001812554Medline Borrower, LP, First lien senior secured revolving loan2023-12-310001812554Natus Medical, Inc., First lien senior secured loan2023-12-310001812554Packaging Coordinators Midco, Inc., First lien senior secured loan2023-12-310001812554Packaging Coordinators Midco, Inc., Second lien senior secured loan2023-12-310001812554Patriot Acquisition TopCo S.A.R.L (dba Corza Health, Inc.), First lien senior secured loan2023-12-310001812554Patriot Acquisition TopCo S.A.R.L (dba Corza Health, Inc.), First lien senior secured revolving loan2023-12-310001812554PERKINELMER U.S. LLC, First lien senior secured loan 12023-12-310001812554PERKINELMER U.S. LLC, First lien senior secured loan 22023-12-310001812554Resonetics, LLC, First lien senior secured loan 12023-12-310001812554Resonetics, LLC, First lien senior secured loan 22023-12-310001812554Rhea Parent, Inc., First lien senior secured loan2023-12-310001812554Zest Acquisition Corp., First lien senior secured loan2023-12-310001812554us-gaap:InvestmentUnaffiliatedIssuerMemberorcic:HealthcareEquipmentAndServicesMember2023-12-310001812554Allied Benefit Systems Intermediate LLC, First lien senior secured loan2023-12-310001812554Allied Benefit Systems Intermediate LLC, First lien senior secured delayed draw term loan2023-12-310001812554BELMONT BUYER, INC. (dba Valenz), First lien senior secured loan2023-12-310001812554BELMONT BUYER, INC. (dba Valenz), First lien senior secured delayed draw term loan2023-12-310001812554BELMONT BUYER, INC. (dba Valenz), First lien senior secured revolving loan2023-12-310001812554Covetrus, Inc., First lien senior secured loan2023-12-310001812554Covetrus, Inc., Second lien senior secured loan2023-12-310001812554Diagnostic Services Holdings, Inc. (dba Rayus Radiology), First lien senior secured loan2023-12-310001812554Ex Vivo Parent Inc. (dba OB Hospitalist), First lien senior secured loan2023-12-310001812554Engage Debtco Limited, First lien senior secured loan2023-12-310001812554Engage Debtco Limited, First lien senior secured delayed draw term loan2023-12-310001812554HAH Group Holding Company LLC (dba Help at Home), First lien senior secured delayed draw term loan2023-12-310001812554KWOL Acquisition Inc., First lien senior secured loan2023-12-310001812554KWOL Acquisition Inc., First lien senior secured revolving loan2023-12-310001812554MED ParentCo, LP, First lien senior secured loan2023-12-310001812554MJH Healthcare Holdings, LLC, First lien senior secured loan2023-12-310001812554Natural Partners, LLC, First lien senior secured loan2023-12-310001812554Natural Partners, LLC, First lien senior secured revolving loan2023-12-310001812554Neptune Holdings, Inc. (dba NexTech), First lien senior secured loan2023-12-310001812554Neptune Holdings, Inc. (dba NexTech), First lien senior secured revolving loan2023-12-310001812554OB Hospitalist Group, Inc., First lien senior secured loan2023-12-310001812554OB Hospitalist Group, Inc., First lien senior secured revolving loan2023-12-310001812554OneOncology LLC, First lien senior secured loan2023-12-310001812554OneOncology LLC, First lien senior secured revolving loan2023-12-310001812554OneOncology LLC, First lien senior secured delayed draw term loan2023-12-310001812554Pacific BidCo Inc., First lien senior secured loan2023-12-310001812554Pacific BidCo Inc., First lien senior secured delayed draw term loan2023-12-310001812554PetVet Care Centers, LLC, First lien senior secured loan2023-12-310001812554PetVet Care Centers, LLC, First lien senior secured delayed draw term loan2023-12-310001812554PetVet Care Centers, LLC, First lien senior secured revolving loan2023-12-310001812554Phoenix Newco, Inc. (dba Parexel), First lien senior secured loan2023-12-310001812554Phoenix Newco, Inc. (dba Parexel), Second lien senior secured loan2023-12-310001812554Physician Partners, LLC, First lien senior secured loan 12023-12-310001812554Physician Partners, LLC, First lien senior secured loan 22023-12-310001812554Plasma Buyer LLC (dba Pathgroup), First lien senior secured loan2023-12-310001812554Plasma Buyer LLC (dba Pathgroup), First lien senior secured delayed draw term loan2023-12-310001812554Plasma Buyer LLC (dba Pathgroup), First lien senior secured revolving loan2023-12-310001812554Pediatric Associates Holding Company, LLC, First lien senior secured loan 12023-12-310001812554Pediatric Associates Holding Company, LLC, First lien senior secured loan 22023-12-310001812554Pediatric Associates Holding Company, LLC, First lien senior secured delayed draw term loan2023-12-310001812554PPV Intermediate Holdings, LLC, First lien senior secured loan2023-12-310001812554PPV Intermediate Holdings, LLC, First lien senior secured delayed draw term loan2023-12-310001812554PPV Intermediate Holdings, LLC, First lien senior secured revolving loan2023-12-310001812554Surgery Center Holdings, Inc., First lien senior secured loan2023-12-310001812554TC Holdings, LLC (dba TrialCard), First lien senior secured loan2023-12-310001812554TC Holdings, LLC (dba TrialCard), First lien senior secured revolving loan2023-12-310001812554Tivity Health, Inc., First lien senior secured loan2023-12-310001812554Unified Women's Healthcare, LP, First lien senior secured loan 12023-12-310001812554Unified Women's Healthcare, LP, First lien senior secured loan 22023-12-310001812554Unified Women's Healthcare, LP, First lien senior secured delayed draw term loan2023-12-310001812554Unified Women's Healthcare, LP, First lien senior secured revolving loan2023-12-310001812554Quva Pharma, Inc., First lien senior secured loan2023-12-310001812554Quva Pharma, Inc., First lien senior secured revolving loan2023-12-310001812554Vermont Aus Pty Ltd, First lien senior secured loan2023-12-310001812554XRL 1 LLC (f/k/a XOMA), First lien senior secured loan2023-12-310001812554XRL 1 LLC (f/k/a XOMA), First lien senior secured delayed draw term loan2023-12-310001812554us-gaap:InvestmentUnaffiliatedIssuerMemberorcic:HealthcareProvidersAndServicesMember2023-12-310001812554Athenahealth Group Inc., First lien senior secured loan2023-12-310001812554BCPE Osprey Buyer, Inc. (dba PartsSource), First lien senior secured loan2023-12-310001812554BCPE Osprey Buyer, Inc. (dba PartsSource), First lien senior secured delayed draw term loan 12023-12-310001812554BCPE Osprey Buyer, Inc. (dba PartsSource), First lien senior secured delayed draw term loan 22023-12-310001812554BCPE Osprey Buyer, Inc. (dba PartsSource), First lien senior secured revolving loan2023-12-310001812554Bracket Intermediate Holding Corp., First lien senior secured loan2023-12-310001812554Color Intermediate, LLC (dba ClaimsXten), First lien senior secured loan2023-12-310001812554IMO Investor Holdings, Inc., First lien senior secured loan2023-12-310001812554IMO Investor Holdings, Inc., First lien senior secured delayed draw term loan2023-12-310001812554IMO Investor Holdings, Inc., First lien senior secured revolving loan2023-12-310001812554Indikami Bidco, LLC, First lien senior secured loan2023-12-310001812554Indikami Bidco, LLC, First lien senior secured delayed draw term loan2023-12-310001812554Indikami Bidco, LLC, First lien senior secured revolving loan2023-12-310001812554Interoperability Bidco, Inc. (dba Lyniate), First lien senior secured loan2023-12-310001812554Interoperability Bidco, Inc. (dba Lyniate), First lien senior secured revolving loan2023-12-310001812554GHX Ultimate Parent Corporation, First lien senior secured loan2023-12-310001812554GI Ranger Intermediate, LLC (dba Rectangle Health), First lien senior secured loan2023-12-310001812554GI Ranger Intermediate, LLC (dba Rectangle Health), First lien senior secured delayed draw term loan2023-12-310001812554GI Ranger Intermediate, LLC (dba Rectangle Health), First lien senior secured revolving loan2023-12-310001812554Imprivata, Inc., First lien senior secured loan2023-12-310001812554Imprivata, Inc., Second lien senior secured loan2023-12-310001812554Ocala Bidco, Inc., First lien senior secured loan2023-12-310001812554Ocala Bidco, Inc., First lien senior secured delayed draw term loan2023-12-310001812554Ocala Bidco, Inc., Second lien senior secured loan2023-12-310001812554Intelerad Medical Systems Incorporated, First lien senior secured loan2023-12-310001812554Intelerad Medical Systems Incorporated, First lien senior secured revolving loan2023-12-310001812554PointClickCare Technologies Inc., First lien senior secured loan2023-12-310001812554Project Ruby Ultimate Parent Corp. (dba Wellsky), First lien senior secured loan2023-12-310001812554Zelis Cost Management Buyer, Inc., First lien senior secured loan2023-12-310001812554us-gaap:InvestmentUnaffiliatedIssuerMemberorcic:HealthcareTechnologySectorMember2023-12-310001812554Aptive Environmental, LLC, First lien senior secured loan2023-12-310001812554Home Service TopCo IV, Inc., First lien senior secured loan2023-12-310001812554Home Service TopCo IV, Inc., First lien senior secured revolving loan2023-12-310001812554Home Service TopCo IV, Inc., First lien senior secured delayed draw term loan2023-12-310001812554Mario Purchaser, LLC (dba Len the Plumber), First lien senior secured loan2023-12-310001812554Mario Purchaser, LLC (dba Len the Plumber), First lien senior secured delayed draw term loan2023-12-310001812554Mario Purchaser, LLC (dba Len the Plumber), First lien senior secured revolving loan2023-12-310001812554Mario Midco Holdings, Inc. (dba Len the Plumber), Unsecured facility2023-12-310001812554Simplisafe Holding Corporation, First lien senior secured loan2023-12-310001812554Simplisafe Holding Corporation, First lien senior secured delayed draw term loan2023-12-310001812554Southern Air & Heat Holdings, LLC, First lien senior secured loan2023-12-310001812554Southern Air & Heat Holdings, LLC, First lien senior secured delayed draw term loan 12023-12-310001812554Southern Air & Heat Holdings, LLC, First lien senior secured delayed draw term loan 22023-12-310001812554Southern Air & Heat Holdings, LLC, First lien senior secured revolving loan2023-12-310001812554Walker Edison Furniture Company LLC, First lien senior secured loan2023-12-310001812554Walker Edison Furniture Company LLC, First lien senior secured delayed draw term loan 12023-12-310001812554Walker Edison Furniture Company LLC, First lien senior secured delayed draw term loan 22023-12-310001812554Walker Edison Furniture Company LLC, First lien senior secured revolving loan2023-12-310001812554us-gaap:InvestmentUnaffiliatedIssuerMemberorcic:HouseholdProductsMember2023-12-310001812554AQ Carver Buyer, Inc. (dba CoAdvantage), First lien senior secured loan2023-12-310001812554Cornerstone OnDemand, Inc., First lien senior secured loan2023-12-310001812554Cornerstone OnDemand, Inc., Second lien senior secured loan2023-12-310001812554IG Investments Holdings, LLC (dba Insight Global), First lien senior secured loan2023-12-310001812554IG Investments Holdings, LLC (dba Insight Global), First lien senior secured revolving loan2023-12-310001812554iSolved, Inc., First lien senior secured loan2023-12-310001812554us-gaap:InvestmentUnaffiliatedIssuerMemberorcic:HumanResourceSupportServicesMember2023-12-310001812554Aegion Corp., First lien senior secured loan2023-12-310001812554GI Apple Midco LLC (dba Atlas Technical Consultants), First lien senior secured revolving loan2023-12-310001812554GI Apple Midco LLC (dba Atlas Technical Consultants), First lien senior secured loan2023-12-310001812554GI Apple Midco LLC (dba Atlas Technical Consultants), First lien senior secured delayed draw term loan2023-12-310001812554AWP Group Holdings, Inc., First lien senior secured loan2023-12-310001812554AWP Group Holdings, Inc., First lien senior secured delayed draw term loan2023-12-310001812554AWP Group Holdings, Inc., First lien senior secured revolving loan2023-12-310001812554The Goldfield Corp., First lien senior secured loan2023-12-310001812554Osmose Utilities Services, Inc., First lien senior secured loan2023-12-310001812554USIC Holdings, Inc., First lien senior secured loan2023-12-310001812554USIC Holdings, Inc., Second lien senior secured loan2023-12-310001812554Tamarack Intermediate, L.L.C. (dba Verisk 3E), First lien senior secured loan2023-12-310001812554Tamarack Intermediate, L.L.C. (dba Verisk 3E), First lien senior secured delayed draw term loan2023-12-310001812554Tamarack Intermediate, L.L.C. (dba Verisk 3E), First lien senior secured revolving loan2023-12-310001812554us-gaap:InvestmentUnaffiliatedIssuerMemberorcic:InfrastructureAndEnvironmentalServicesMember2023-12-310001812554Acrisure, LLC, First lien senior secured loan 12023-12-310001812554Acrisure, LLC, First lien senior secured loan 22023-12-310001812554Acrisure, LLC, First lien senior secured loan 32023-12-310001812554Acrisure, LLC, First lien senior secured loan 42023-12-310001812554Alera Group, Inc., First lien senior secured loan2023-12-310001812554AmeriLife Holdings LLC, First lien senior secured loan2023-12-310001812554Alera Group, Inc., First lien senior secured delayed draw term loan2023-12-310001812554AmeriLife Holdings LLC, First lien senior secured revolving loan2023-12-310001812554AmeriLife Holdings LLC, First lien senior secured delayed draw term loan 12023-12-310001812554AmeriLife Holdings LLC, First lien senior secured delayed draw term loan 22023-12-310001812554AssuredPartners, Inc., First lien senior secured loan2023-12-310001812554Asurion, LLC, Second lien senior secured loan 12023-12-310001812554Asurion, LLC, Second lien senior secured loan 22023-12-310001812554Brightway Holdings, LLC, First lien senior secured loan2023-12-310001812554Brightway Holdings, LLC, First lien senior secured revolving loan2023-12-310001812554Broadstreet Partners, Inc., First lien senior secured loan2023-12-310001812554Disco Parent, Inc. (dba Duck Creek Technologies, Inc.), First lien senior secured loan2023-12-310001812554Disco Parent, Inc. (dba Duck Creek Technologies, Inc.), First lien senior secured revolving loan2023-12-310001812554Evolution BuyerCo, Inc. (dba SIAA), First lien senior secured loan2023-12-310001812554Evolution BuyerCo, Inc. (dba SIAA), First lien senior secured delayed draw term loan 12023-12-310001812554Evolution BuyerCo, Inc. (dba SIAA), First lien senior secured delayed draw term loan 22023-12-310001812554Evolution BuyerCo, Inc. (dba SIAA), First lien senior secured revolving loan2023-12-310001812554Hub International, First lien senior secured loan2023-12-310001812554Hyperion Refinance S.a.r.l (dba Howden Group), First lien senior secured loan 12023-12-310001812554Hyperion Refinance S.a.r.l (dba Howden Group), First lien senior secured loan 22023-12-310001812554IMA Financial Group, Inc., First lien senior secured loan2023-12-310001812554Integrated Specialty Coverages, LLC, First lien senior secured loan2023-12-310001812554Integrated Specialty Coverages, LLC, First lien senior secured delayed draw term loan2023-12-310001812554Integrated Specialty Coverages, LLC, First lien senior secured revolving loan2023-12-310001812554Integrity Marketing Acquisition, LLC, First lien senior secured loan 12023-12-310001812554Integrity Marketing Acquisition, LLC, First lien senior secured loan 22023-12-310001812554Integrity Marketing Acquisition, LLC, First lien senior secured loan 32023-12-310001812554Integrity Marketing Acquisition, LLC, First lien senior secured delayed draw term loan2023-12-310001812554Integrity Marketing Acquisition, LLC, First lien senior secured revolving loan2023-12-310001812554KUSRP Intermediate, Inc. (dba U.S. Retirement and Benefits Partners), First lien senior secured loan2023-12-310001812554KWOR Acquisition, Inc. (dba Alacrity Solutions), First lien senior secured delayed draw term loan2023-12-310001812554Peter C. Foy & Associates Insurance Services, LLC (dba PCF Insurance Services), First lien senior secured loan2023-12-310001812554Peter C. Foy & Associates Insurance Services, LLC (dba PCF Insurance Services), First lien senior secured revolving loan2023-12-310001812554PCF Midco II, LLC (dba PCF Insurance Services), First lien senior secured loan2023-12-310001812554Tempo Buyer Corp. (dba Global Claims Services), First lien senior secured loan2023-12-310001812554Tempo Buyer Corp. (dba Global Claims Services), First lien senior secured revolving loan2023-12-310001812554USRP Holdings, Inc. (dba U.S. Retirement and Benefits Partners), First lien senior secured loan2023-12-310001812554USRP Holdings, Inc. (dba U.S. Retirement and Benefits Partners), First lien senior secured revolving loan2023-12-310001812554Summit Acquisition Inc. (dba K2 Insurance Services), First lien senior secured loan2023-12-310001812554Summit Acquisition Inc. (dba K2 Insurance Services), First lien senior secured delayed draw term loan2023-12-310001812554Summit Acquisition Inc. (dba K2 Insurance Services), First lien senior secured revolving loan2023-12-310001812554KWOR Acquisition, Inc. (dba Alacrity Solutions), First lien senior secured loan2023-12-310001812554KWOR Acquisition, Inc. (dba Alacrity Solutions), First lien senior secured revolving loan2023-12-310001812554us-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:InsuranceSectorMember2023-12-310001812554Activate Holdings (US) Corp. (dba Absolute Software), First lien senior secured loan2023-12-310001812554Activate Holdings (US) Corp. (dba Absolute Software), First lien senior secured revolving loan2023-12-310001812554Anaplan, Inc., First lien senior secured loan2023-12-310001812554Anaplan, Inc., First lien senior secured revolving loan2023-12-310001812554Appfire Technologies, LLC, First lien senior secured loan2023-12-310001812554Appfire Technologies, LLC, First lien senior secured delayed draw term loan2023-12-310001812554Appfire Technologies, LLC, First lien senior secured revolving loan2023-12-310001812554Avalara, Inc., First lien senior secured loan2023-12-310001812554Avalara, Inc., First lien senior secured revolving loan2023-12-310001812554Armstrong Bidco Limited (dba The Access Group), First lien senior secured GBP term loan2023-12-310001812554Armstrong Bidco Limited (dba The Access Group), First lien senior secured GBP delayed draw term loan2023-12-310001812554Barracuda Parent, LLC, First lien senior secured loan2023-12-310001812554Barracuda Parent, LLC, Second lien senior secured loan2023-12-310001812554Bayshore Intermediate #2, L.P. (dba Boomi), First lien senior secured loan2023-12-310001812554Bayshore Intermediate #2, L.P. (dba Boomi), First lien senior secured revolving loan2023-12-310001812554BCTO BSI Buyer, Inc. (dba Buildertrend), First lien senior secured loan2023-12-310001812554BCTO BSI Buyer, Inc. (dba Buildertrend), First lien senior secured revolving loan2023-12-310001812554Central Parent Inc. (dba CDK Global Inc.), First lien senior secured loan2023-12-310001812554CivicPlus, LLC, First lien senior secured loan2023-12-310001812554CivicPlus, LLC, First lien senior secured revolving loan2023-12-310001812554CP PIK Debt Issuer, LLC (dba CivicPlus, LLC), Unsecured notes2023-12-310001812554Cloud Software Group, Inc., First lien senior secured loan2023-12-310001812554Coupa Holdings, LLC, First lien senior secured loan2023-12-310001812554Coupa Holdings, LLC, First lien senior secured revolving loan2023-12-310001812554Coupa Holdings, LLC, First lien senior secured delayed draw term loan2023-12-310001812554Crewline Buyer, Inc., First lien senior secured loan2023-12-310001812554Crewline Buyer, Inc., First lien senior secured revolving loan2023-12-310001812554Delta TopCo, Inc. (dba Infoblox, Inc.), First lien senior secured loan2023-12-310001812554Delta TopCo, Inc. (dba Infoblox, Inc.), Second lien senior secured loan2023-12-310001812554EET Buyer, Inc. (dba e-Emphasys), First lien senior secured loan2023-12-310001812554EET Buyer, Inc. (dba e-Emphasys), First lien senior secured revolving loan2023-12-310001812554Entrata, Inc., First lien senior secured loan2023-12-310001812554Entrata, Inc., First lien senior secured revolving loan2023-12-310001812554E2open, LLC, First lien senior secured loan2023-12-310001812554Catalis Intermediate, Inc. (fka GovBrands Intermediate, Inc.), First lien senior secured loan2023-12-310001812554Catalis Intermediate, Inc. (fka GovBrands Intermediate, Inc.), First lien senior secured delayed draw term loan2023-12-310001812554Catalis Intermediate, Inc. (fka GovBrands Intermediate, Inc.), First lien senior secured revolving loan2023-12-310001812554Granicus, Inc., First lien senior secured loan2023-12-310001812554Granicus, Inc., First lien senior secured revolving loan2023-12-310001812554Granicus, Inc., First lien senior secured delayed draw term loan2023-12-310001812554Grayshift, LLC, First lien senior secured loan2023-12-310001812554Grayshift, LLC, First lien senior secured revolving loan2023-12-310001812554GS Acquisitionco, Inc. (dba insightsoftware), First lien senior secured loan2023-12-310001812554Help/Systems Holdings, Inc., First lien senior secured loan2023-12-310001812554Help/Systems Holdings, Inc., Second lien senior secured loan2023-12-310001812554Hyland Software, Inc., First lien senior secured revolving loan2023-12-310001812554Hyland Software, Inc., First lien senior secured loan2023-12-310001812554Ivanti Software, Inc., First lien senior secured loan2023-12-310001812554Ivanti Software, Inc., Second lien senior secured loan2023-12-310001812554MessageBird BidCo B.V., First lien senior secured loan2023-12-310001812554Ministry Brands Holdings, LLC, First lien senior secured loan2023-12-310001812554Ministry Brands Holdings, LLC, First lien senior secured delayed draw term loan2023-12-310001812554Ministry Brands Holdings, LLC, First lien senior secured revolving loan2023-12-310001812554Mitnick Corporate Purchaser, Inc., First lien senior secured revolving loan2023-12-310001812554Oranje Holdco, Inc. (dba KnowBe4), First lien senior secured loan2023-12-310001812554Oranje Holdco, Inc. (dba KnowBe4), First lien senior secured revolving loan2023-12-310001812554QAD, Inc., First lien senior secured loan2023-12-310001812554QAD, Inc., First lien senior secured revolving loan2023-12-310001812554Quartz Acquireco, LLC (dba Qualtrics AcquireCo, LLC), First lien senior secured loan2023-12-310001812554Perforce Software, Inc., First lien senior secured loan2023-12-310001812554Project Alpha Intermediate Holding, Inc., First lien senior secured loan2023-12-310001812554Proofpoint, Inc., First lien senior secured loan2023-12-310001812554Proofpoint, Inc., Second lien senior secured loan2023-12-310001812554Sailpoint Technologies Holdings, Inc., First lien senior secured loan2023-12-310001812554Sailpoint Technologies Holdings, Inc., First lien senior secured revolving loan2023-12-310001812554Securonix, Inc., First lien senior secured loan2023-12-310001812554Securonix, Inc., First lien senior secured revolving loan2023-12-310001812554Sedgwick Claims Management Services, Inc., First lien senior secured loan2023-12-310001812554Sitecore Holding III A/S, First lien senior secured loan2023-12-310001812554Sitecore USA, Inc., First lien senior secured loan2023-12-310001812554Sitecore Holding III A/S, First lien senior secured EUR term loan2023-12-310001812554Sophos Holdings, LLC, First lien senior secured loan2023-12-310001812554Thunder Purchaser, Inc. (dba Vector Solutions), First lien senior secured loan2023-12-310001812554Thunder Purchaser, Inc. (dba Vector Solutions), First lien senior secured revolving loan2023-12-310001812554When I Work, Inc., First lien senior secured loan2023-12-310001812554When I Work, Inc., First lien senior secured revolving loan2023-12-310001812554Zendesk, Inc., First lien senior secured loan2023-12-310001812554Zendesk, Inc., First lien senior secured delayed draw term loan2023-12-310001812554Zendesk, Inc., First lien senior secured revolving loan2023-12-310001812554us-gaap:InvestmentUnaffiliatedIssuerMemberorcic:InternetSoftwareAndServicesMember2023-12-310001812554Troon Golf, L.L.C., First lien senior secured loan2023-12-310001812554Troon Golf, L.L.C., First lien senior secured revolving loan2023-12-310001812554Troon Golf, L.L.C., First lien senior secured delayed draw term loan2023-12-310001812554us-gaap:InvestmentUnaffiliatedIssuerMemberorcic:LeisureAndEntertainmentMember2023-12-310001812554ACR Group Borrower, LLC, First lien senior secured loan 12023-12-310001812554ACR Group Borrower, LLC, First lien senior secured loan 22023-12-310001812554ACR Group Borrower, LLC, First lien senior secured revolving loan2023-12-310001812554BCPE Watson (DE) ORML, LP, First lien senior secured loan2023-12-310001812554CPM Holdings, Inc., First lien senior secured loan2023-12-310001812554CPM Holdings, Inc., First lien senior secured revolving loan2023-12-310001812554EMRLD Borrower LP (dba Emerson Climate Technologies, Inc.), First lien senior secured loan2023-12-310001812554Engineered Machinery Holdings, Inc. (dba Duravant), First lien senior secured loan2023-12-310001812554Engineered Machinery Holdings, Inc. (dba Duravant), Second lien senior secured loan 12023-12-310001812554Engineered Machinery Holdings, Inc. (dba Duravant), Second lien senior secured loan 22023-12-310001812554FARADAY BUYER, LLC (dba MacLean Power Systems), First lien senior secured loan2023-12-310001812554FARADAY BUYER, LLC (dba MacLean Power Systems), First lien senior secured delayed draw term loan2023-12-310001812554Filtration Group Corporation, First lien senior secured loan2023-12-310001812554Gloves Buyer, Inc. (dba Protective Industrial Products), First lien senior secured loan2023-12-310001812554Gloves Buyer, Inc. (dba Protective Industrial Products), Second lien senior secured loan2023-12-310001812554Helix Acquisition Holdings, Inc. (dba MW Industries), First lien senior secured loan2023-12-310001812554Ideal Tridon Holdings, Inc., First lien senior secured revolving loan2023-12-310001812554Ideal Tridon Holdings, Inc., First lien senior secured loan2023-12-310001812554MHE Intermediate Holdings, LLC (dba OnPoint Group), First lien senior secured loan 12023-12-310001812554MHE Intermediate Holdings, LLC (dba OnPoint Group), First lien senior secured loan 22023-12-310001812554MHE Intermediate Holdings, LLC (dba OnPoint Group), First lien senior secured revolving loan2023-12-310001812554Pro Mach Group, Inc., First lien senior secured loan2023-12-310001812554Sonny's Enterprises, LLC, First lien senior secured loan2023-12-310001812554Sonny's Enterprises, LLC, First lien senior secured revolving loan2023-12-310001812554Sonny's Enterprises, LLC, First lien senior secured delayed draw term loan2023-12-310001812554us-gaap:InvestmentUnaffiliatedIssuerMemberorcic:ManufacturingMember2023-12-310001812554Apex Group Treasury, LLC, First lien senior secured loan2023-12-310001812554Apex Group Treasury, LLC, Second lien senior secured loan2023-12-310001812554Apex Service Partners, LLC, First lien senior secured loan2023-12-310001812554Apex Service Partners, LLC, First lien senior secured delayed draw term loan2023-12-310001812554Apex Service Partners, LLC, First lien senior secured revolving loan2023-12-310001812554Certinia, Inc., First lien senior secured loan2023-12-310001812554Certinia, Inc., First lien senior secured revolving loan2023-12-310001812554Corporation Service Company, First lien senior secured loan2023-12-310001812554EM Midco2 Ltd. (dba Element Materials Technology), First lien senior secured loan2023-12-310001812554EP Purchaser, LLC, First lien senior secured loan2023-12-310001812554Guidehouse Inc., First lien senior secured loan2023-12-310001812554Omnia Partners, LLC, First lien senior secured loan2023-12-310001812554Omnia Partners, LLC, First lien senior secured delayed draw term loan2023-12-310001812554Relativity ODA LLC, First lien senior secured loan2023-12-310001812554Relativity ODA LLC, First lien senior secured revolving loan2023-12-310001812554Sensor Technology Topco, Inc. (dba Humanetics), First lien senior secured loan2023-12-310001812554Sensor Technology Topco, Inc. (dba Humanetics), First lien senior secured revolving loan2023-12-310001812554Sensor Technology Topco, Inc. 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U.S. Bidco Inc., First lien senior secured loan2024-06-300001812554orcic:ORCICSeniorLoanFundMemberorcic:AdvertisingAndMediaMember2024-06-300001812554orcic:ORCICSeniorLoanFundMemberAmerican Airlines, Inc., First lien senior secured loan2024-06-300001812554orcic:ORCICSeniorLoanFundMemberAvolon TLB Borrower 1 (US) LLC, First lien senior secured loan2024-06-300001812554orcic:ORCICSeniorLoanFundMemberBleriot US Bidco, Inc., First lien senior secured loan2024-06-300001812554orcic:ORCICSeniorLoanFundMemberDynasty Acquisition Co., Inc. (dba StandardAero Limited), First lien senior secured loan2024-06-300001812554orcic:ORCICSeniorLoanFundMemberKBR, Inc, First lien senior secured loan2024-06-300001812554orcic:ORCICSeniorLoanFundMemberNovaria Holdings, LLC, First lien senior secured loan2024-06-300001812554orcic:ORCICSeniorLoanFundMemberPeraton Corp., First lien senior secured loan2024-06-300001812554orcic:ORCICSeniorLoanFundMemberTransdigm Inc., First lien senior secured loan 12024-06-300001812554orcic:ORCICSeniorLoanFundMemberTransdigm Inc., First lien senior secured loan 22024-06-300001812554orcic:ORCICSeniorLoanFundMemberTransdigm Inc., First lien senior secured loan 32024-06-300001812554orcic:ORCICSeniorLoanFundMemberUnited Airlines, Inc., First lien senior secured loan2024-06-300001812554orcic:ORCICSeniorLoanFundMemberVertex Aerospace Services Corp. (dba V2X), First lien senior secured loan2024-06-300001812554orcic:ORCICSeniorLoanFundMemberus-gaap:AerospaceSectorMember2024-06-300001812554orcic:ORCICSeniorLoanFundMemberBelron Finance US LLC, First lien senior secured loan2024-06-300001812554orcic:ORCICSeniorLoanFundMemberus-gaap:AutomotiveSectorMember2024-06-300001812554orcic:ORCICSeniorLoanFundMemberMister Car Wash Holdings, Inc., First lien senior secured loan2024-06-300001812554orcic:ORCICSeniorLoanFundMemberPAI Holdco, Inc., First lien senior secured loan2024-06-300001812554orcic:ORCICSeniorLoanFundMemberWand Newco 3, Inc., First lien senior secured loan2024-06-300001812554orcic:ORCICSeniorLoanFundMemberorcic:AutomotiveServicesMember2024-06-300001812554orcic:ORCICSeniorLoanFundMember84 Lumber Company, First lien senior secured loan2024-06-300001812554orcic:ORCICSeniorLoanFundMemberAmerican Builders & Contractors Supply Co., Inc., First lien senior secured loan2024-06-300001812554orcic:ORCICSeniorLoanFundMemberAmerican Residential Services, LLC, First lien senior secured loan2024-06-300001812554orcic:ORCICSeniorLoanFundMemberCore & Main LP, First lien senior secured loan2024-06-300001812554orcic:ORCICSeniorLoanFundMemberCPG International LLC, First lien senior secured loan2024-06-300001812554orcic:ORCICSeniorLoanFundMemberCushman & Wakefield U.S. Borrower, LLC, First lien senior secured loan 12024-06-300001812554orcic:ORCICSeniorLoanFundMemberCushman & Wakefield U.S. Borrower, LLC, First lien senior secured loan 22024-06-300001812554orcic:ORCICSeniorLoanFundMemberDodge Construction Network, LLC, First lien senior secured loan2024-06-300001812554orcic:ORCICSeniorLoanFundMemberEMRLD Borrower LP (dba Emerson Climate Technologies, Inc.), First lien senior secured loan 12024-06-300001812554orcic:ORCICSeniorLoanFundMemberEMRLD Borrower LP (dba Emerson Climate Technologies, Inc.), First lien senior secured loan 22024-06-300001812554orcic:ORCICSeniorLoanFundMemberGreystar Real Estate Partners, LLC (dba Greystar), First lien senior secured loan2024-06-300001812554orcic:ORCICSeniorLoanFundMemberGYP Holdings III Corp., First lien senior secured loan2024-06-300001812554orcic:ORCICSeniorLoanFundMemberKodiak BP LLC, First lien senior secured loan2024-06-300001812554orcic:ORCICSeniorLoanFundMemberMIWD Holdco II LLC, First lien senior secured loan2024-06-300001812554orcic:ORCICSeniorLoanFundMemberQuikrete Holdings, Inc., First lien senior secured loan 12024-06-300001812554orcic:ORCICSeniorLoanFundMemberQuikrete Holdings, Inc., First lien senior secured loan 22024-06-300001812554orcic:ORCICSeniorLoanFundMemberRealPage, Inc., First lien senior secured loan2024-06-300001812554orcic:ORCICSeniorLoanFundMemberWrench Group LLC, First lien senior secured loan2024-06-300001812554orcic:ORCICSeniorLoanFundMemberorcic:BuildingsAndRealEstateMember2024-06-300001812554orcic:ORCICSeniorLoanFundMemberASGN, Inc., First lien senior secured loan2024-06-300001812554orcic:ORCICSeniorLoanFundMemberBoxer Parent Company Inc. (f/k/a BMC), First lien senior secured loan2024-06-300001812554orcic:ORCICSeniorLoanFundMemberBrightView Landscapes, LLC, First lien senior secured loan2024-06-300001812554orcic:ORCICSeniorLoanFundMemberBrown Group Holdings, LLC, First lien senior secured loan 12024-06-300001812554orcic:ORCICSeniorLoanFundMemberBrown Group Holdings, LLC, First lien senior secured loan 22024-06-300001812554orcic:ORCICSeniorLoanFundMemberConservice Midco, LLC, First lien senior secured loan2024-06-300001812554orcic:ORCICSeniorLoanFundMemberIDEMIA Group SAS, First lien senior secured loan2024-06-300001812554orcic:ORCICSeniorLoanFundMemberMKS Instruments, Inc., First lien senior secured loan2024-06-300001812554orcic:ORCICSeniorLoanFundMemberPackers Holdings, LLC, First lien senior secured loan2024-06-300001812554orcic:ORCICSeniorLoanFundMemberPOLARIS PURCHASER, INC. (dba Plusgrade L.P.), First lien senior secured loan2024-06-300001812554orcic:ORCICSeniorLoanFundMemberSitel Worldwide Corp., First lien senior secured loan2024-06-300001812554orcic:ORCICSeniorLoanFundMemberVestis Corp, First lien senior secured loan2024-06-300001812554orcic:ORCICSeniorLoanFundMemberVM Consolidated, Inc., First lien senior secured loan2024-06-300001812554orcic:ORCICSeniorLoanFundMemberXPLOR T1, LLC, First lien senior secured loan2024-06-300001812554orcic:ORCICSeniorLoanFundMemberorcic:BusinessServicesMember2024-06-300001812554orcic:ORCICSeniorLoanFundMemberAruba Investments Holdings LLC (dba Angus Chemical Company), First lien senior secured loan2024-06-300001812554orcic:ORCICSeniorLoanFundMemberAxalta Coating Systems US Holdings Inc., First lien senior secured loan2024-06-300001812554orcic:ORCICSeniorLoanFundMemberBlue Tree Holdings, Inc., First lien senior secured loan2024-06-300001812554orcic:ORCICSeniorLoanFundMemberH.B. Fuller Company, First lien senior secured loan2024-06-300001812554orcic:ORCICSeniorLoanFundMemberIneos US Finance LLC, First lien senior secured loan 12024-06-300001812554orcic:ORCICSeniorLoanFundMemberIneos US Finance LLC, First lien senior secured loan 22024-06-300001812554orcic:ORCICSeniorLoanFundMemberIneos US Petrochem LLC, First lien senior secured loan2024-06-300001812554orcic:ORCICSeniorLoanFundMemberNouryon Finance B.V., First lien senior secured loan2024-06-300001812554orcic:ORCICSeniorLoanFundMemberPotters, First lien senior secured loan2024-06-300001812554orcic:ORCICSeniorLoanFundMemberWindsor Holdings III LLC, First lien senior secured loan2024-06-300001812554orcic:ORCICSeniorLoanFundMemberus-gaap:ChemicalsSectorMember2024-06-300001812554orcic:ORCICSeniorLoanFundMemberBEP Intermediate Holdco, LLC (dba Buyers Edge Platform), First lien senior secured loan2024-06-300001812554orcic:ORCICSeniorLoanFundMemberFlexera, First lien senior secured loan2024-06-300001812554orcic:ORCICSeniorLoanFundMemberOlaplex, Inc., First lien senior secured loan2024-06-300001812554orcic:ORCICSeniorLoanFundMemberorcic:ConsumerProductsMember2024-06-300001812554orcic:ORCICSeniorLoanFundMemberAnchor Packaging, LLC, First lien senior secured loan2024-06-300001812554orcic:ORCICSeniorLoanFundMemberBerlin Packaging L.L.C., First lien senior secured loan2024-06-300001812554orcic:ORCICSeniorLoanFundMemberBW Holding, Inc., First lien senior secured loan2024-06-300001812554orcic:ORCICSeniorLoanFundMemberCharter NEX US, Inc., First lien senior secured loan2024-06-300001812554orcic:ORCICSeniorLoanFundMemberPlaze, Inc., First lien senior secured loan2024-06-300001812554orcic:ORCICSeniorLoanFundMemberPregis Topco LLC, First lien senior secured loan2024-06-300001812554orcic:ORCICSeniorLoanFundMemberProAmpac PG Borrower LLC, First lien senior secured loan2024-06-300001812554orcic:ORCICSeniorLoanFundMemberRing Container Technologies Group, LLC, First lien senior secured loan2024-06-300001812554orcic:ORCICSeniorLoanFundMemberSupplyOne, Inc., First lien senior secured loan2024-06-300001812554orcic:ORCICSeniorLoanFundMemberTricorbraun Holdings, Inc., First lien senior secured loan2024-06-300001812554orcic:ORCICSeniorLoanFundMemberus-gaap:ContainerAndPackagingSectorMember2024-06-300001812554orcic:ORCICSeniorLoanFundMemberAI Aqua Merger Sub, Inc. (dba Culligan International), First lien senior secured loan 12024-06-300001812554orcic:ORCICSeniorLoanFundMemberAI Aqua Merger Sub, Inc. (dba Culligan International), First lien senior secured loan 22024-06-300001812554orcic:ORCICSeniorLoanFundMemberAramsco, Inc., First lien senior secured loan2024-06-300001812554orcic:ORCICSeniorLoanFundMemberAramsco, Inc., First lien senior secured delayed draw term loan2024-06-300001812554orcic:ORCICSeniorLoanFundMemberBCPE Empire Holdings, Inc. (dba Imperial-Dade), First lien senior secured loan2024-06-300001812554orcic:ORCICSeniorLoanFundMemberDealer Tire Financial, LLC, First lien senior secured loan 12024-06-300001812554orcic:ORCICSeniorLoanFundMemberDealer Tire Financial, LLC, First lien senior secured loan 22024-06-300001812554orcic:ORCICSeniorLoanFundMemberFoundation Building Materials, Inc., First lien senior secured loan2024-06-300001812554orcic:ORCICSeniorLoanFundMemberWhite Cap Supply Holdings, LLC, First lien senior secured loan2024-06-300001812554orcic:ORCICSeniorLoanFundMemberorcic:DistributionSectorMember2024-06-300001812554orcic:ORCICSeniorLoanFundMemberRenaissance Learning, Inc., First lien senior secured loan2024-06-300001812554orcic:ORCICSeniorLoanFundMemberSeverin Acquisition, LLC (dba Powerschool), First lien senior secured loan2024-06-300001812554orcic:ORCICSeniorLoanFundMemberSophia, L.P., First lien senior secured loan2024-06-300001812554orcic:ORCICSeniorLoanFundMemberSpring Education Group, Inc. (fka SSH Group Holdings, Inc.), First lien senior secured loan2024-06-300001812554orcic:ORCICSeniorLoanFundMemberorcic:EducationMember2024-06-300001812554orcic:ORCICSeniorLoanFundMemberAMG Advanced Metallurgical Group N.V, First lien senior secured loan2024-06-300001812554orcic:ORCICSeniorLoanFundMemberAZZ Inc., First lien senior secured loan2024-06-300001812554orcic:ORCICSeniorLoanFundMemberBrookfield WEC Holdings Inc., First lien senior secured loan2024-06-300001812554orcic:ORCICSeniorLoanFundMemberCalpine Construction Finance Company, First lien senior secured loan2024-06-300001812554orcic:ORCICSeniorLoanFundMemberCalpine Corporation, First lien senior secured loan2024-06-300001812554orcic:ORCICSeniorLoanFundMemberPike Corp., First lien senior secured loan2024-06-300001812554orcic:ORCICSeniorLoanFundMemberRockwood Service Corp., First lien senior secured loan2024-06-300001812554orcic:ORCICSeniorLoanFundMemberorcic:EnergyEquipmentAndServicesMember2024-06-300001812554orcic:ORCICSeniorLoanFundMemberAllSpring Buyer, First lien senior secured loan2024-06-300001812554orcic:ORCICSeniorLoanFundMemberAscensus Holdings, Inc., First lien senior secured loan2024-06-300001812554orcic:ORCICSeniorLoanFundMemberBoost Newco Borrower, LLC (dba WorldPay), First lien senior secured loan2024-06-300001812554orcic:ORCICSeniorLoanFundMemberChrysaor Bidco s.à r.l. (dba AlterDomus), First lien senior secured loan2024-06-300001812554orcic:ORCICSeniorLoanFundMemberChrysaor Bidco s.à r.l. (dba AlterDomus), First lien senior secured delayed draw term loan2024-06-300001812554orcic:ORCICSeniorLoanFundMemberCitadel Securities, LP, First lien senior secured loan2024-06-300001812554orcic:ORCICSeniorLoanFundMemberCitco Funding LLC, First lien senior secured loan2024-06-300001812554orcic:ORCICSeniorLoanFundMemberCreative Planning, LLC, First lien senior secured loan2024-06-300001812554orcic:ORCICSeniorLoanFundMemberDeerfield Dakota Holdings, First lien senior secured loan2024-06-300001812554orcic:ORCICSeniorLoanFundMemberFocus Financial Partners, LLC, First lien senior secured loan2024-06-300001812554orcic:ORCICSeniorLoanFundMemberGrant Thornton Advisors LLC, First lien senior secured loan2024-06-300001812554orcic:ORCICSeniorLoanFundMemberGuggenheim Partners Investment Management Holdings, LLC, First lien senior secured loan2024-06-300001812554orcic:ORCICSeniorLoanFundMemberHarbourvest Partners, L.P., First lien senior secured loan2024-06-300001812554orcic:ORCICSeniorLoanFundMemberJane Street Group, LLC, First lien senior secured loan2024-06-300001812554orcic:ORCICSeniorLoanFundMemberJanus International Group, LLC, First lien senior secured loan2024-06-300001812554orcic:ORCICSeniorLoanFundMemberKestra Advisor Services Holdings A Inc, First lien senior secured loan2024-06-300001812554orcic:ORCICSeniorLoanFundMemberMARINER WEALTH ADVISORS, LLC, First lien senior secured loan2024-06-300001812554orcic:ORCICSeniorLoanFundMemberOneDigital Borrower LLC, First lien senior secured loan 12024-06-300001812554orcic:ORCICSeniorLoanFundMemberOneDigital Borrower LLC, First lien senior secured loan 22024-06-300001812554orcic:ORCICSeniorLoanFundMemberSaphilux S.a.r.L. (dba IQ-EQ), First lien senior secured loan2024-06-300001812554orcic:ORCICSeniorLoanFundMemberTeneo Holdings LLC, First lien senior secured loan2024-06-300001812554orcic:ORCICSeniorLoanFundMemberTMF Sapphire Bidco B.V., First lien senior secured loan2024-06-300001812554orcic:ORCICSeniorLoanFundMemberorcic:FinancialServicesMember2024-06-300001812554orcic:ORCICSeniorLoanFundMember1011778 BC / NEW RED FIN (dba Restaurant Brands), First lien senior secured loan2024-06-300001812554orcic:ORCICSeniorLoanFundMemberAramark Services, Inc., First lien senior secured loan2024-06-300001812554orcic:ORCICSeniorLoanFundMemberAspire Bakeries Holdings, LLC, First lien senior secured loan2024-06-300001812554orcic:ORCICSeniorLoanFundMemberBalrog Acquisition, Inc. (dba Bakemark), First lien senior secured loan2024-06-300001812554orcic:ORCICSeniorLoanFundMemberFiesta Purchaser, Inc., First lien senior secured loan2024-06-300001812554orcic:ORCICSeniorLoanFundMemberPegasus BidCo B.V., First lien senior secured loan2024-06-300001812554orcic:ORCICSeniorLoanFundMemberSimply Good Foods USA, Inc., First lien senior secured loan2024-06-300001812554orcic:ORCICSeniorLoanFundMemberUtz Quality Foods, LLC, First lien senior secured loan2024-06-300001812554orcic:ORCICSeniorLoanFundMemberWhatabrands LLC (dba Whataburger Restaurants LLC), First lien senior secured loan2024-06-300001812554orcic:ORCICSeniorLoanFundMemberus-gaap:FoodAndBeverageSectorMember2024-06-300001812554orcic:ORCICSeniorLoanFundMemberAgiliti Health, First lien senior secured loan2024-06-300001812554orcic:ORCICSeniorLoanFundMemberAzalea TopCo, Inc. (dba Press Ganey), First lien senior secured loan2024-06-300001812554orcic:ORCICSeniorLoanFundMemberConfluent Medical Technologies, Inc., First lien senior secured loan2024-06-300001812554orcic:ORCICSeniorLoanFundMemberCurium BidCo S.A.R.L (dba Curium Pharma), First lien senior secured loan2024-06-300001812554orcic:ORCICSeniorLoanFundMemberDermatology Intermediate Holdings III, Inc., First lien senior secured loan2024-06-300001812554orcic:ORCICSeniorLoanFundMemberMedline Borrower, LP, First lien senior secured loan2024-06-300001812554orcic:ORCICSeniorLoanFundMemberNatus Medical, Inc., First lien senior secured loan2024-06-300001812554orcic:ORCICSeniorLoanFundMemberNexstar Broadcasting, Inc., First lien senior secured loan2024-06-300001812554orcic:ORCICSeniorLoanFundMemberResonetics, LLC, First lien senior secured loan2024-06-300001812554orcic:ORCICSeniorLoanFundMemberZest Acquisition Corp., First lien senior secured loan2024-06-300001812554orcic:ORCICSeniorLoanFundMemberorcic:HealthcareEquipmentAndServicesMember2024-06-300001812554orcic:ORCICSeniorLoanFundMemberConcentra, First lien senior secured loan2024-06-300001812554orcic:ORCICSeniorLoanFundMemberCovetrus, Inc., First lien senior secured loan2024-06-300001812554orcic:ORCICSeniorLoanFundMemberHAH Group Holding Company LLC (dba Help at Home), First lien senior secured loan2024-06-300001812554orcic:ORCICSeniorLoanFundMemberHAH Group Holding Company LLC (dba Help at Home), First lien senior secured loan 12024-06-300001812554orcic:ORCICSeniorLoanFundMemberHAH Group Holding Company LLC (dba Help at Home), First lien senior secured loan 22024-06-300001812554orcic:ORCICSeniorLoanFundMemberInception Finco S.à.r.l (dba IVI RMA), First lien senior secured loan2024-06-300001812554orcic:ORCICSeniorLoanFundMemberInizio Group Limited (dba UDG Healthcare), First lien senior secured loan2024-06-300001812554orcic:ORCICSeniorLoanFundMemberLSCS Holdings, Inc., First lien senior secured loan2024-06-300001812554orcic:ORCICSeniorLoanFundMemberPacific Dental Services, LLC, First lien senior secured loan2024-06-300001812554orcic:ORCICSeniorLoanFundMemberPediatric Associates Holding Company, LLC, First lien senior secured loan 12024-06-300001812554orcic:ORCICSeniorLoanFundMemberPediatric Associates Holding Company, LLC, First lien senior secured loan 22024-06-300001812554orcic:ORCICSeniorLoanFundMemberPhoenix Guarantor Inc, First lien senior secured loan2024-06-300001812554orcic:ORCICSeniorLoanFundMemberPhoenix Newco, Inc. (dba Parexel), First lien senior secured loan2024-06-300001812554orcic:ORCICSeniorLoanFundMemberPhysician Partners, LLC, First lien senior secured loan2024-06-300001812554orcic:ORCICSeniorLoanFundMemberRadnet, First lien senior secured loan2024-06-300001812554orcic:ORCICSeniorLoanFundMemberSelect Medical Corp., First lien senior secured loan2024-06-300001812554orcic:ORCICSeniorLoanFundMemberSoliant Lower Intermediate, LLC (dba Soliant), First lien senior secured loan2024-06-300001812554orcic:ORCICSeniorLoanFundMemberSurgery Center Holdings, Inc., First lien senior secured loan2024-06-300001812554orcic:ORCICSeniorLoanFundMemberTeam Services Group, LLC, First lien senior secured loan2024-06-300001812554orcic:ORCICSeniorLoanFundMemberorcic:HealthcareProvidersAndServicesMember2024-06-300001812554orcic:ORCICSeniorLoanFundMemberBracket Intermediate Holding Corp., First lien senior secured loan2024-06-300001812554orcic:ORCICSeniorLoanFundMemberCertara, First lien senior secured loan2024-06-300001812554orcic:ORCICSeniorLoanFundMemberCotiviti, Inc., First lien senior secured loan2024-06-300001812554orcic:ORCICSeniorLoanFundMemberEnsemble RCM, LLC, First lien senior secured loan2024-06-300001812554orcic:ORCICSeniorLoanFundMemberGainwell Acquisition Corp., First lien senior secured loan2024-06-300001812554orcic:ORCICSeniorLoanFundMemberGHX Ultimate Parent Corporation (dba Global Healthcare Exchange), First lien senior secured loan2024-06-300001812554orcic:ORCICSeniorLoanFundMemberImprivata, Inc., First lien senior secured loan2024-06-300001812554orcic:ORCICSeniorLoanFundMemberIQVIA, Inc., First lien senior secured loan2024-06-300001812554orcic:ORCICSeniorLoanFundMemberPointClickCare Technologies Inc.PointClickCare Technologies Inc, First lien senior secured loan2024-06-300001812554orcic:ORCICSeniorLoanFundMemberProject Ruby Ultimate Parent Corp. (dba Wellsky), First lien senior secured loan2024-06-300001812554orcic:ORCICSeniorLoanFundMemberR1 RCM Inc., First lien senior secured loan2024-06-300001812554orcic:ORCICSeniorLoanFundMemberWaystar Technologies, Inc. (F/K/A Navicure, Inc.), First lien senior secured loan2024-06-300001812554orcic:ORCICSeniorLoanFundMemberZelis Cost Management Buyer, Inc., First lien senior secured loan2024-06-300001812554orcic:ORCICSeniorLoanFundMemberorcic:HealthcareTechnologyMember2024-06-300001812554orcic:ORCICSeniorLoanFundMemberSamsonite International S.A., First lien senior secured loan2024-06-300001812554orcic:ORCICSeniorLoanFundMemberorcic:HouseholdProductsMember2024-06-300001812554orcic:ORCICSeniorLoanFundMemberAQ Carver Buyer, Inc. (dba CoAdvantage), First lien senior secured loan2024-06-300001812554orcic:ORCICSeniorLoanFundMemberCast & Crew Payroll, LLC, First lien senior secured loan2024-06-300001812554orcic:ORCICSeniorLoanFundMemberiSolved, Inc., First lien senior secured loan2024-06-300001812554orcic:ORCICSeniorLoanFundMemberUKG Inc., First lien senior secured loan2024-06-300001812554orcic:ORCICSeniorLoanFundMemberorcic:HumanResourceSupportServicesMember2024-06-300001812554orcic:ORCICSeniorLoanFundMemberGulfside Supply, Inc. (dba Gulfeagle Supply), First lien senior secured loan2024-06-300001812554orcic:ORCICSeniorLoanFundMemberMadison IAQ, LLC, First lien senior secured loan2024-06-300001812554orcic:ORCICSeniorLoanFundMemberOsmose Utilities Services, Inc., First lien senior secured loan2024-06-300001812554orcic:ORCICSeniorLoanFundMemberorcic:InfrastructureAndEnvironmentalServicesMember2024-06-300001812554orcic:ORCICSeniorLoanFundMemberAcrisure, LLC, First lien senior secured loan2024-06-300001812554orcic:ORCICSeniorLoanFundMemberArdonagh Midco 3 PLC, First lien senior secured loan2024-06-300001812554orcic:ORCICSeniorLoanFundMemberAssuredPartners, Inc., First lien senior secured loan2024-06-300001812554orcic:ORCICSeniorLoanFundMemberBroadstreet Partners, Inc., First lien senior secured loan2024-06-300001812554orcic:ORCICSeniorLoanFundMemberHub International, First lien senior secured loan2024-06-300001812554orcic:ORCICSeniorLoanFundMemberHyperion Refinance S.a.r.l (dba Howden Group), First lien senior secured loan 12024-06-300001812554orcic:ORCICSeniorLoanFundMemberHyperion Refinance S.a.r.l (dba Howden Group), First lien senior secured loan 22024-06-300001812554orcic:ORCICSeniorLoanFundMemberIMA Financial Group, Inc., First lien senior secured loan2024-06-300001812554orcic:ORCICSeniorLoanFundMemberMitchell International, Inc., First lien senior secured loan2024-06-300001812554orcic:ORCICSeniorLoanFundMemberTruist Insurance Holdings, LLC, First lien senior secured loan2024-06-300001812554orcic:ORCICSeniorLoanFundMemberUSI, Inc., First lien senior secured loan2024-06-300001812554orcic:ORCICSeniorLoanFundMemberorcic:InsuranceMember2024-06-300001812554orcic:ORCICSeniorLoanFundMemberApplied Systems, Inc., First lien senior secured loan2024-06-300001812554orcic:ORCICSeniorLoanFundMemberBarracuda Parent, LLC, First lien senior secured loan2024-06-300001812554orcic:ORCICSeniorLoanFundMemberCloud Software Group, Inc., First lien senior secured loan 12024-06-300001812554orcic:ORCICSeniorLoanFundMemberCloud Software Group, Inc., First lien senior secured loan 22024-06-300001812554orcic:ORCICSeniorLoanFundMemberDayforce Inc, First lien senior secured loan2024-06-300001812554orcic:ORCICSeniorLoanFundMemberDelta TopCo, Inc. (dba Infoblox, Inc.), First lien senior secured loan2024-06-300001812554orcic:ORCICSeniorLoanFundMemberE2open, LLC, First lien senior secured loan2024-06-300001812554orcic:ORCICSeniorLoanFundMemberEpicor, First lien senior secured loan2024-06-300001812554orcic:ORCICSeniorLoanFundMemberEpicor, First lien senior secured delayed draw term loan2024-06-300001812554orcic:ORCICSeniorLoanFundMemberHomeServe USA Holding Corp., First lien senior secured loan2024-06-300001812554orcic:ORCICSeniorLoanFundMemberInfinite Bidco LLC, First lien senior secured loan2024-06-300001812554orcic:ORCICSeniorLoanFundMemberMcAfee Corp., First lien senior secured loan2024-06-300001812554orcic:ORCICSeniorLoanFundMemberMeridianLink, Inc., First lien senior secured loan2024-06-300001812554orcic:ORCICSeniorLoanFundMemberMitnick Corporate Purchaser, Inc., First lien senior secured loan2024-06-300001812554orcic:ORCICSeniorLoanFundMemberPerforce Software, Inc., First lien senior secured loan2024-06-300001812554orcic:ORCICSeniorLoanFundMemberProject Alpha Intermediate Holding, Inc. (dba Qlik), First lien senior secured loan2024-06-300001812554orcic:ORCICSeniorLoanFundMemberProject Sky Merger Sub, Inc., First lien senior secured loan2024-06-300001812554orcic:ORCICSeniorLoanFundMemberProofpoint, Inc., First lien senior secured loan2024-06-300001812554orcic:ORCICSeniorLoanFundMemberQuartz Acquireco, LLC (dba Qualtrics), First lien senior secured loan2024-06-300001812554orcic:ORCICSeniorLoanFundMemberSedgwick Claims Management Services, Inc., First lien senior secured loan2024-06-300001812554orcic:ORCICSeniorLoanFundMemberSONICWALL US Holdings, Inc., First lien senior secured loan2024-06-300001812554orcic:ORCICSeniorLoanFundMemberSophos Holdings, LLC, First lien senior secured loan2024-06-300001812554orcic:ORCICSeniorLoanFundMemberSS&C, First lien senior secured loan2024-06-300001812554orcic:ORCICSeniorLoanFundMemberThe Dun & Bradstreet Corporation, First lien senior secured loan2024-06-300001812554orcic:ORCICSeniorLoanFundMemberUST Holdings, Ltd., First lien senior secured loan2024-06-300001812554orcic:ORCICSeniorLoanFundMemberVertiv Group Corp., First lien senior secured loan2024-06-300001812554orcic:ORCICSeniorLoanFundMemberVIRTUSA CORPORATION, First lien senior secured loan2024-06-300001812554orcic:ORCICSeniorLoanFundMemberVS Buyer LLC, First lien senior secured loan2024-06-300001812554orcic:ORCICSeniorLoanFundMemberWebpros Luxembourg Sarl, First lien senior secured loan2024-06-300001812554orcic:ORCICSeniorLoanFundMemberorcic:InternetSoftwareAndServicesIMember2024-06-300001812554orcic:ORCICSeniorLoanFundMemberFinco I, LLC, First lien senior secured loan2024-06-300001812554orcic:ORCICSeniorLoanFundMemberFirst Eagle Investments Management LLC, First lien senior secured loan2024-06-300001812554orcic:ORCICSeniorLoanFundMemberGrosvenor, First lien senior secured loan2024-06-300001812554orcic:ORCICSeniorLoanFundMemberorcic:InvestmentFundsAndVehiclesMember2024-06-300001812554orcic:ORCICSeniorLoanFundMemberDelta 2 (Lux) SARL (dba Formula One), First lien senior secured loan2024-06-300001812554orcic:ORCICSeniorLoanFundMemberorcic:LeisureAndEntertainmentMember2024-06-300001812554orcic:ORCICSeniorLoanFundMemberAltar Bidco, Inc., First lien senior secured loan2024-06-300001812554orcic:ORCICSeniorLoanFundMemberChariot Buyer LLC, First lien senior secured loan2024-06-300001812554orcic:ORCICSeniorLoanFundMemberColumbus McKinnon Corp., First lien senior secured loan2024-06-300001812554orcic:ORCICSeniorLoanFundMemberDXP Enterprises, Inc., First lien senior secured loan2024-06-300001812554orcic:ORCICSeniorLoanFundMemberEngineered Machinery Holdings, Inc. (dba Duravant), First lien senior secured loan2024-06-300001812554orcic:ORCICSeniorLoanFundMemberEntegris, Inc., First lien senior secured loan2024-06-300001812554orcic:ORCICSeniorLoanFundMemberFiltration Group Corporation, First lien senior secured loan2024-06-300001812554orcic:ORCICSeniorLoanFundMemberGates Global LLC, First lien senior secured loan2024-06-300001812554orcic:ORCICSeniorLoanFundMemberGloves Buyer, Inc. (dba Protective Industrial Products), First lien senior secured loan2024-06-300001812554orcic:ORCICSeniorLoanFundMemberPro Mach Group, Inc., First lien senior secured loan2024-06-300001812554orcic:ORCICSeniorLoanFundMemberRefficiency Holdings, LLC (dba Legence), First lien senior secured loan2024-06-300001812554orcic:ORCICSeniorLoanFundMemberSTS Operating, Inc., First lien senior secured loan2024-06-300001812554orcic:ORCICSeniorLoanFundMemberSummit Materials, LLC, First lien senior secured loan2024-06-300001812554orcic:ORCICSeniorLoanFundMemberWatlow Electric Manufacturing Company, First lien senior secured loan2024-06-300001812554orcic:ORCICSeniorLoanFundMemberZekelman Industries Inc. (dba Zekelman Industries), First lien senior secured loan2024-06-300001812554orcic:ORCICSeniorLoanFundMemberorcic:ManufacturingMember2024-06-300001812554orcic:ORCICSeniorLoanFundMemberFortrea Holdings Inc., First lien senior secured loan2024-06-300001812554orcic:ORCICSeniorLoanFundMemberorcic:PharmaceuticalsMember2024-06-300001812554orcic:ORCICSeniorLoanFundMemberApex Group Treasury, LLC, First lien senior secured loan 12024-06-300001812554orcic:ORCICSeniorLoanFundMemberApex Group Treasury, LLC, First lien senior secured loan 22024-06-300001812554orcic:ORCICSeniorLoanFundMemberArsenal AIC Parent, LLC (dba Arconic), First lien senior secured loan2024-06-300001812554orcic:ORCICSeniorLoanFundMemberCamelot U.S. Acquisition 1 Co., First lien senior secured loan2024-06-300001812554orcic:ORCICSeniorLoanFundMemberCorporation Service Company, First lien senior secured loan2024-06-300001812554orcic:ORCICSeniorLoanFundMemberElement Solutions, Inc., First lien senior secured loan2024-06-300001812554orcic:ORCICSeniorLoanFundMemberGenuine Financial Holdings, LLC, First lien senior secured loan2024-06-300001812554orcic:ORCICSeniorLoanFundMemberOmnia Partners, LLC, First lien senior secured loan2024-06-300001812554orcic:ORCICSeniorLoanFundMemberRed Ventures, LLC, First lien senior secured loan2024-06-300001812554orcic:ORCICSeniorLoanFundMemberSkopima Merger Sub Inc., First lien senior secured loan2024-06-300001812554orcic:ORCICSeniorLoanFundMemberSovos Compliance, LLC, First lien senior secured loan2024-06-300001812554orcic:ORCICSeniorLoanFundMemberThevelia (US) LLC, First lien senior secured loan2024-06-300001812554orcic:ORCICSeniorLoanFundMemberVistage Worldwide, Inc., First lien senior secured loan2024-06-300001812554orcic:ORCICSeniorLoanFundMemberorcic:ProfessionalServicesMember2024-06-300001812554orcic:ORCICSeniorLoanFundMemberCable One, Inc., First lien senior secured loan2024-06-300001812554orcic:ORCICSeniorLoanFundMemberCiena Corp., First lien senior secured loan2024-06-300001812554orcic:ORCICSeniorLoanFundMemberCogeco Communications (USA) II L.P., First lien senior secured loan2024-06-300001812554orcic:ORCICSeniorLoanFundMemberZayo Group Holdings, Inc., First lien senior secured loan2024-06-300001812554orcic:ORCICSeniorLoanFundMemberorcic:TelecommunicationsMember2024-06-300001812554orcic:ORCICSeniorLoanFundMemberEcho Global Logistics, Inc., First lien senior secured loan2024-06-300001812554orcic:ORCICSeniorLoanFundMemberGenesee & Wyoming Inc., First lien senior secured loan2024-06-300001812554orcic:ORCICSeniorLoanFundMemberKKR Apple Bidco, LLC, First lien senior secured loan2024-06-300001812554orcic:ORCICSeniorLoanFundMemberUber Technologies, Inc., First lien senior secured loan2024-06-300001812554orcic:ORCICSeniorLoanFundMemberorcic:TransportationMember2024-06-300001812554orcic:ORCICSeniorLoanFundMemberus-gaap:DebtSecuritiesMember2024-06-300001812554orcic:ORCICSeniorLoanFundMemberAmerican Airlines, Inc., First lien senior secured loan2023-12-310001812554orcic:ORCICSeniorLoanFundMemberAvolon TLB Borrower 1 (US) LLC, First lien senior secured loan2023-12-310001812554orcic:ORCICSeniorLoanFundMemberBarnes Group, Inc., First lien senior secured loan2023-12-310001812554orcic:ORCICSeniorLoanFundMemberBleriot US Bidco, Inc., First lien senior secured loan2023-12-310001812554orcic:ORCICSeniorLoanFundMemberDynasty Acquisition Co., Inc. (dba StandardAero Limited), First lien senior secured loan 12023-12-310001812554orcic:ORCICSeniorLoanFundMemberDynasty Acquisition Co., Inc. (dba StandardAero Limited), First lien senior secured loan 22023-12-310001812554orcic:ORCICSeniorLoanFundMemberPeraton Corp., First lien senior secured loan2023-12-310001812554orcic:ORCICSeniorLoanFundMemberTransdigm Inc., First lien senior secured loan2023-12-310001812554orcic:ORCICSeniorLoanFundMemberTransdigm, Inc., First lien senior secured loan 12023-12-310001812554orcic:ORCICSeniorLoanFundMemberTransdigm, Inc., First lien senior secured loan 22023-12-310001812554orcic:ORCICSeniorLoanFundMemberVertex Aerospace Services Corp. (dba V2X), First lien senior secured loan2023-12-310001812554orcic:ORCICSeniorLoanFundMemberus-gaap:AerospaceSectorMember2023-12-310001812554orcic:ORCICSeniorLoanFundMemberBelron Finance US LLC, First lien senior secured loan2023-12-310001812554orcic:ORCICSeniorLoanFundMemberPAI Holdco, Inc., First lien senior secured loan2023-12-310001812554orcic:ORCICSeniorLoanFundMemberus-gaap:AutomotiveSectorMember2023-12-310001812554orcic:ORCICSeniorLoanFundMember84 Lumber Company, First lien senior secured loan2023-12-310001812554orcic:ORCICSeniorLoanFundMemberAmerican Residential Services, LLC, First lien senior secured loan2023-12-310001812554orcic:ORCICSeniorLoanFundMemberBeacon Roofing Supply, Inc., First lien senior secured loan2023-12-310001812554orcic:ORCICSeniorLoanFundMemberCPG International LLC, First lien senior secured loan2023-12-310001812554orcic:ORCICSeniorLoanFundMemberCushman & Wakefield U.S. Borrower, LLC, First lien senior secured loan 12023-12-310001812554orcic:ORCICSeniorLoanFundMemberCushman & Wakefield U.S. Borrower, LLC, First lien senior secured loan 22023-12-310001812554orcic:ORCICSeniorLoanFundMemberDodge Construction Network, LLC, First lien senior secured loan2023-12-310001812554orcic:ORCICSeniorLoanFundMemberGreystar Real Estate Partners, LLC (dba Greystar), First lien senior secured loan2023-12-310001812554orcic:ORCICSeniorLoanFundMemberGYP Holdings III Corp., First lien senior secured loan2023-12-310001812554orcic:ORCICSeniorLoanFundMemberQuikrete Holdings, Inc., First lien senior secured loan2023-12-310001812554orcic:ORCICSeniorLoanFundMemberRealPage, Inc., First lien senior secured loan2023-12-310001812554orcic:ORCICSeniorLoanFundMemberWrench Group LLC, First lien senior secured loan2023-12-310001812554orcic:ORCICSeniorLoanFundMemberorcic:BuildingsAndRealEstateMember2023-12-310001812554orcic:ORCICSeniorLoanFundMemberASGN, Inc., First lien senior secured loan2023-12-310001812554orcic:ORCICSeniorLoanFundMemberBoxer Parent Company Inc. (f/k/a BMC), First lien senior secured loan2023-12-310001812554orcic:ORCICSeniorLoanFundMemberBrightView Landscapes, LLC, First lien senior secured loan2023-12-310001812554orcic:ORCICSeniorLoanFundMemberBrown Group Holdings, LLC, First lien senior secured loan2023-12-310001812554orcic:ORCICSeniorLoanFundMemberConnectWise, LLC, First lien senior secured loan2023-12-310001812554orcic:ORCICSeniorLoanFundMemberIDEMIA Group SAS, First lien senior secured loan2023-12-310001812554orcic:ORCICSeniorLoanFundMemberPackers Holdings, LLC, First lien senior secured loan2023-12-310001812554orcic:ORCICSeniorLoanFundMemberSitel Worldwide Corp., First lien senior secured loan2023-12-310001812554orcic:ORCICSeniorLoanFundMemberVM Consolidated, Inc., First lien senior secured loan2023-12-310001812554orcic:ORCICSeniorLoanFundMemberorcic:BusinessServicesMember2023-12-310001812554orcic:ORCICSeniorLoanFundMemberAruba Investments Holdings, LLC (dba Angus Chemical Company), First lien senior secured loan2023-12-310001812554orcic:ORCICSeniorLoanFundMemberAxalta Coating Systems US Holdings Inc., First lien senior secured loan2023-12-310001812554orcic:ORCICSeniorLoanFundMemberBlue Tree Holdings, Inc., First lien senior secured loan2023-12-310001812554orcic:ORCICSeniorLoanFundMemberCyanco Intermediate 2 Corp., First lien senior secured loan2023-12-310001812554orcic:ORCICSeniorLoanFundMemberDCG Acquisition Corp., First lien senior secured loan2023-12-310001812554orcic:ORCICSeniorLoanFundMemberH.B. Fuller Company, First lien senior secured loan2023-12-310001812554orcic:ORCICSeniorLoanFundMemberIneos US Finance LLC, First lien senior secured loan 12023-12-310001812554orcic:ORCICSeniorLoanFundMemberIneos US Finance LLC, First lien senior secured loan 22023-12-310001812554orcic:ORCICSeniorLoanFundMemberIneos US Petrochem LLC, First lien senior secured loan2023-12-310001812554orcic:ORCICSeniorLoanFundMemberNouryon Finance B.V., First lien senior secured loan 12023-12-310001812554orcic:ORCICSeniorLoanFundMemberNouryon Finance B.V., First lien senior secured loan 22023-12-310001812554orcic:ORCICSeniorLoanFundMemberWindsor Holdings III LLC, First lien senior secured loan2023-12-310001812554orcic:ORCICSeniorLoanFundMemberus-gaap:ChemicalsSectorMember2023-12-310001812554orcic:ORCICSeniorLoanFundMemberHomeServe USA Holding Corp., First lien senior secured loan2023-12-310001812554orcic:ORCICSeniorLoanFundMemberOlaplex, Inc., First lien senior secured loan2023-12-310001812554orcic:ORCICSeniorLoanFundMemberorcic:ConsumerProductsMember2023-12-310001812554orcic:ORCICSeniorLoanFundMemberBerlin Packaging L.L.C., First lien senior secured loan2023-12-310001812554orcic:ORCICSeniorLoanFundMemberBW Holding, Inc., First lien senior secured loan2023-12-310001812554orcic:ORCICSeniorLoanFundMemberCharter NEX US, Inc., First lien senior secured loan2023-12-310001812554orcic:ORCICSeniorLoanFundMemberOneDigital Borrower LLC, First lien senior secured loan2023-12-310001812554orcic:ORCICSeniorLoanFundMemberPlaze, Inc., First lien senior secured loan 12023-12-310001812554orcic:ORCICSeniorLoanFundMemberPlaze, Inc., First lien senior secured loan 22023-12-310001812554orcic:ORCICSeniorLoanFundMemberProAmpac PG Borrower LLC, First lien senior secured loan2023-12-310001812554orcic:ORCICSeniorLoanFundMemberRing Container Technologies Group, LLC, First lien senior secured loan2023-12-310001812554orcic:ORCICSeniorLoanFundMemberTricorbraun Holdings, Inc., First lien senior secured loan2023-12-310001812554orcic:ORCICSeniorLoanFundMemberTrident TPI Holdings, Inc., First lien senior secured loan2023-12-310001812554orcic:ORCICSeniorLoanFundMemberValcour Packaging, LLC, First lien senior secured loan2023-12-310001812554orcic:ORCICSeniorLoanFundMemberus-gaap:ContainerAndPackagingSectorMember2023-12-310001812554orcic:ORCICSeniorLoanFundMemberAramsco, Inc., First lien senior secured delayed draw term loan2023-12-310001812554orcic:ORCICSeniorLoanFundMemberAramsco, Inc., First lien senior secured loan2023-12-310001812554orcic:ORCICSeniorLoanFundMemberBCPE Empire Holdings, Inc. (dba Imperial-Dade), First lien senior secured loan2023-12-310001812554orcic:ORCICSeniorLoanFundMemberDealer Tire, LLC, First lien senior secured loan2023-12-310001812554orcic:ORCICSeniorLoanFundMemberSRS Distribution, Inc., First lien senior secured loan2023-12-310001812554orcic:ORCICSeniorLoanFundMemberWhite Cap Supply Holdings, LLC, First lien senior secured loan2023-12-310001812554orcic:ORCICSeniorLoanFundMemberorcic:DistributionSectorMember2023-12-310001812554orcic:ORCICSeniorLoanFundMemberRenaissance Learning, Inc., First lien senior secured loan2023-12-310001812554orcic:ORCICSeniorLoanFundMemberSeverin Acquisition, LLC (dba Powerschool), First lien senior secured loan2023-12-310001812554orcic:ORCICSeniorLoanFundMemberSophia, L.P., First lien senior secured loan2023-12-310001812554orcic:ORCICSeniorLoanFundMemberSpring Education Group, Inc. (fka SSH Group Holdings, Inc.), First lien senior secured loan2023-12-310001812554orcic:ORCICSeniorLoanFundMemberorcic:EducationMember2023-12-310001812554orcic:ORCICSeniorLoanFundMemberAMG Advanced Metallurgical Group N.V, First lien senior secured loan2023-12-310001812554orcic:ORCICSeniorLoanFundMemberAZZ Inc., First lien senior secured loan2023-12-310001812554orcic:ORCICSeniorLoanFundMemberBrookfield WEC Holdings Inc., First lien senior secured loan2023-12-310001812554orcic:ORCICSeniorLoanFundMemberCalpine Construction Finance Company, First lien senior secured loan2023-12-310001812554orcic:ORCICSeniorLoanFundMemberPike Corp., First lien senior secured loan2023-12-310001812554orcic:ORCICSeniorLoanFundMemberRockwood Service Corp., First lien senior secured loan2023-12-310001812554orcic:ORCICSeniorLoanFundMemberorcic:EnergyEquipmentAndServicesMember2023-12-310001812554orcic:ORCICSeniorLoanFundMemberAcuris Finance US, Inc. (ION Analytics), First lien senior secured loan2023-12-310001812554orcic:ORCICSeniorLoanFundMemberAlixPartners, LLP, First lien senior secured loan2023-12-310001812554orcic:ORCICSeniorLoanFundMemberAllSpring Buyer, First lien senior secured loan2023-12-310001812554orcic:ORCICSeniorLoanFundMemberBoost Newco Borrower, LLC (dba WorldPay), First lien senior secured loan2023-12-310001812554orcic:ORCICSeniorLoanFundMemberCitadel Securities, LP, First lien senior secured loan2023-12-310001812554orcic:ORCICSeniorLoanFundMemberCitco Funding LLC, First lien senior secured loan2023-12-310001812554orcic:ORCICSeniorLoanFundMemberDeerfield Dakota Holdings, First lien senior secured loan2023-12-310001812554orcic:ORCICSeniorLoanFundMemberFocus Financial Partners, LLC, First lien senior secured loan 12023-12-310001812554orcic:ORCICSeniorLoanFundMemberFocus Financial Partners, LLC, First lien senior secured loan 22023-12-310001812554orcic:ORCICSeniorLoanFundMemberGuggenheim Partners Investment Management Holdings, LLC, First lien senior secured loan2023-12-310001812554orcic:ORCICSeniorLoanFundMemberHarbourvest Partners, L.P., First lien senior secured loan2023-12-310001812554orcic:ORCICSeniorLoanFundMemberHelios Software Holdings, Inc., First lien senior secured loan2023-12-310001812554orcic:ORCICSeniorLoanFundMemberJanus International Group, LLC, First lien senior secured loan2023-12-310001812554orcic:ORCICSeniorLoanFundMemberSaphilux S.a.r.L (dba IQ EQ), First lien senior secured loan2023-12-310001812554orcic:ORCICSeniorLoanFundMemberThe Edelman Financial Engines Center, LLC, First lien senior secured loan2023-12-310001812554orcic:ORCICSeniorLoanFundMemberTMF Sapphire Bidco B.V., First lien senior secured loan2023-12-310001812554orcic:ORCICSeniorLoanFundMemberUSI, Inc., First lien senior secured loan2023-12-310001812554orcic:ORCICSeniorLoanFundMemberorcic:FinancialServicesMember2023-12-310001812554orcic:ORCICSeniorLoanFundMember1011778 BC / NEW RED FIN (dba Restaurant Brands), First lien senior secured loan2023-12-310001812554orcic:ORCICSeniorLoanFundMemberAI Aqua Merger Sub, Inc. (dba Culligan International), First lien senior secured loan2023-12-310001812554orcic:ORCICSeniorLoanFundMemberAI Aqua Merger Sub, Inc. (dba Culligan International), First lien senior secured delayed draw term loan2023-12-310001812554orcic:ORCICSeniorLoanFundMemberAramark Services, Inc., First lien senior secured loan2023-12-310001812554orcic:ORCICSeniorLoanFundMemberAspire Bakeries Holdings, LLC, First lien senior secured loan2023-12-310001812554orcic:ORCICSeniorLoanFundMemberBalrog Acquisition, Inc. (dba Bakemark), First lien senior secured loan2023-12-310001812554orcic:ORCICSeniorLoanFundMemberNaked Juice LLC (dba Tropicana), First lien senior secured loan2023-12-310001812554orcic:ORCICSeniorLoanFundMemberPegasus BidCo B.V., First lien senior secured loan2023-12-310001812554orcic:ORCICSeniorLoanFundMemberShearer's Foods, LLC, First lien senior secured loan2023-12-310001812554orcic:ORCICSeniorLoanFundMemberSimply Good Foods USA, Inc., First lien senior secured loan2023-12-310001812554orcic:ORCICSeniorLoanFundMemberUtz Quality Foods, LLC, First lien senior secured loan2023-12-310001812554orcic:ORCICSeniorLoanFundMemberus-gaap:FoodAndBeverageSectorMember2023-12-310001812554orcic:ORCICSeniorLoanFundMemberConfluent Medical Technologies, Inc., First lien senior secured loan2023-12-310001812554orcic:ORCICSeniorLoanFundMemberCurium BidCo S.A.R.L (dba Curium Pharma), First lien senior secured loan2023-12-310001812554orcic:ORCICSeniorLoanFundMemberDermatology Intermediate Holdings III, Inc., First lien senior secured loan2023-12-310001812554orcic:ORCICSeniorLoanFundMemberMedline Borrower, LP, First lien senior secured loan2023-12-310001812554orcic:ORCICSeniorLoanFundMemberNatus Medical, Inc., First lien senior secured loan2023-12-310001812554orcic:ORCICSeniorLoanFundMemberNexstar Broadcasting, Inc., First lien senior secured loan2023-12-310001812554orcic:ORCICSeniorLoanFundMemberResonetics, LLC, First lien senior secured loan2023-12-310001812554orcic:ORCICSeniorLoanFundMemberZest Acquisition Corp., First lien senior secured loan2023-12-310001812554orcic:ORCICSeniorLoanFundMemberorcic:HealthcareEquipmentAndServicesMember2023-12-310001812554orcic:ORCICSeniorLoanFundMemberCovetrus, Inc., First lien senior secured loan2023-12-310001812554orcic:ORCICSeniorLoanFundMemberHAH Group Holding Company LLC (dba Help at Home), First lien senior secured loan 12023-12-310001812554orcic:ORCICSeniorLoanFundMemberHAH Group Holding Company LLC (dba Help at Home), First lien senior secured loan 22023-12-310001812554orcic:ORCICSeniorLoanFundMemberLSCS Holdings, Inc., First lien senior secured loan2023-12-310001812554orcic:ORCICSeniorLoanFundMemberMJH Healthcare Holdings, LLC, First lien senior secured loan2023-12-310001812554orcic:ORCICSeniorLoanFundMemberPediatric Associates Holding Company, LLC, First lien senior secured loan 12023-12-310001812554orcic:ORCICSeniorLoanFundMemberPediatric Associates Holding Company, LLC, First lien senior secured loan 22023-12-310001812554orcic:ORCICSeniorLoanFundMemberPhoenix Newco, Inc. (dba Parexel), First lien senior secured loan2023-12-310001812554orcic:ORCICSeniorLoanFundMemberPhysician Partners, LLC, First lien senior secured loan2023-12-310001812554orcic:ORCICSeniorLoanFundMemberPremise Health Holding, First lien senior secured loan2023-12-310001812554orcic:ORCICSeniorLoanFundMemberSelect Medical Corp., First lien senior secured loan2023-12-310001812554orcic:ORCICSeniorLoanFundMemberSurgery Center Holdings, Inc., First lien senior secured loan2023-12-310001812554orcic:ORCICSeniorLoanFundMemberorcic:HealthcareProvidersAndServicesMember2023-12-310001812554orcic:ORCICSeniorLoanFundMemberAthenahealth Group Inc., First lien senior secured loan2023-12-310001812554orcic:ORCICSeniorLoanFundMemberBracket Intermediate Holding Corp., First lien senior secured loan2023-12-310001812554orcic:ORCICSeniorLoanFundMemberGainwell Acquisition Corp., First lien senior secured loan2023-12-310001812554orcic:ORCICSeniorLoanFundMemberGHX Ultimate Parent Corporation, First lien senior secured loan2023-12-310001812554orcic:ORCICSeniorLoanFundMemberImprivata, Inc., First lien senior secured loan2023-12-310001812554orcic:ORCICSeniorLoanFundMemberIQVIA, Inc., First lien senior secured loan2023-12-310001812554orcic:ORCICSeniorLoanFundMemberPointClickCare Technologies Inc.PointClickCare Technologies Inc, First lien senior secured loan2023-12-310001812554orcic:ORCICSeniorLoanFundMemberR1 RCM Inc., First lien senior secured loan 12023-12-310001812554orcic:ORCICSeniorLoanFundMemberR1 RCM Inc., First lien senior secured loan 22023-12-310001812554orcic:ORCICSeniorLoanFundMemberVerscend Holding Corp., First lien senior secured loan2023-12-310001812554orcic:ORCICSeniorLoanFundMemberZelis Cost Management Buyer, Inc., First lien senior secured loan2023-12-310001812554orcic:ORCICSeniorLoanFundMemberorcic:HealthcareTechnologyMember2023-12-310001812554orcic:ORCICSeniorLoanFundMemberSamsonite International S.A., First lien senior secured loan2023-12-310001812554orcic:ORCICSeniorLoanFundMemberorcic:HouseholdProductsMember2023-12-310001812554orcic:ORCICSeniorLoanFundMemberAQ Carver Buyer, Inc. (dba CoAdvantage), First lien senior secured loan2023-12-310001812554orcic:ORCICSeniorLoanFundMemberiSolved, Inc., First lien senior secured loan2023-12-310001812554orcic:ORCICSeniorLoanFundMemberorcic:HumanResourceSupportServicesMember2023-12-310001812554orcic:ORCICSeniorLoanFundMemberAsplundh Tree Expert, LLC, First lien senior secured loan2023-12-310001812554orcic:ORCICSeniorLoanFundMemberMadison IAQ, LLC, First lien senior secured loan2023-12-310001812554orcic:ORCICSeniorLoanFundMemberOsmose Utilities Services, Inc., First lien senior secured loan2023-12-310001812554orcic:ORCICSeniorLoanFundMemberUSIC Holdings, Inc., First lien senior secured loan2023-12-310001812554orcic:ORCICSeniorLoanFundMemberorcic:InfrastructureAndEnvironmentalServicesMember2023-12-310001812554orcic:ORCICSeniorLoanFundMemberAcrisure, LLC, First lien senior secured loan2023-12-310001812554orcic:ORCICSeniorLoanFundMemberAssuredPartners, Inc., First lien senior secured loan2023-12-310001812554orcic:ORCICSeniorLoanFundMemberBroadstreet Partners, Inc., First lien senior secured loan 12023-12-310001812554orcic:ORCICSeniorLoanFundMemberBroadstreet Partners, Inc., First lien senior secured loan 22023-12-310001812554orcic:ORCICSeniorLoanFundMemberHub International, First lien senior secured loan2023-12-310001812554orcic:ORCICSeniorLoanFundMemberHyperion Refinance S.a.r.l (dba Howden Group), First lien senior secured loan2023-12-310001812554orcic:ORCICSeniorLoanFundMemberIMA Financial Group, Inc., First lien senior secured loan2023-12-310001812554orcic:ORCICSeniorLoanFundMemberorcic:InsuranceMember2023-12-310001812554orcic:ORCICSeniorLoanFundMemberAptean, Inc., First lien senior secured loan2023-12-310001812554orcic:ORCICSeniorLoanFundMemberBarracuda Parent, LLC, First lien senior secured loan2023-12-310001812554orcic:ORCICSeniorLoanFundMemberBoxer Parent Company Inc., First lien senior secured loan2023-12-310001812554orcic:ORCICSeniorLoanFundMemberCloud Software Group, Inc., First lien senior secured loan2023-12-310001812554orcic:ORCICSeniorLoanFundMemberDCert Buyer, Inc., First lien senior secured loan2023-12-310001812554orcic:ORCICSeniorLoanFundMemberDelta TopCo, Inc. (dba Infoblox, Inc.), First lien senior secured loan2023-12-310001812554orcic:ORCICSeniorLoanFundMemberDun & Bradstreet Corporation, The, First lien senior secured loan2023-12-310001812554orcic:ORCICSeniorLoanFundMemberE2open, LLC, First lien senior secured loan2023-12-310001812554orcic:ORCICSeniorLoanFundMemberIdera, Inc., First lien senior secured loan2023-12-310001812554orcic:ORCICSeniorLoanFundMemberInfinite Bidco LLC, First lien senior secured loan2023-12-310001812554orcic:ORCICSeniorLoanFundMemberMcAfee Corp., First lien senior secured loan2023-12-310001812554orcic:ORCICSeniorLoanFundMemberMeridianLink, Inc., First lien senior secured loan2023-12-310001812554orcic:ORCICSeniorLoanFundMemberMitnick Corporate Purchaser, Inc., First lien senior secured loan2023-12-310001812554orcic:ORCICSeniorLoanFundMemberPerforce Software, Inc., First lien senior secured loan2023-12-310001812554orcic:ORCICSeniorLoanFundMemberProject Alpha Intermediate Holding, Inc., First lien senior secured loan2023-12-310001812554orcic:ORCICSeniorLoanFundMemberProject Sky Merger Sub, Inc., First lien senior secured loan2023-12-310001812554orcic:ORCICSeniorLoanFundMemberQuartz Acquireco, LLC (dba Qualtrics AcquireCo, LLC), First lien senior secured loan2023-12-310001812554orcic:ORCICSeniorLoanFundMemberSONICWALL US Holdings, Inc., First lien senior secured loan2023-12-310001812554orcic:ORCICSeniorLoanFundMemberSophos Holdings, LLC, First lien senior secured loan2023-12-310001812554orcic:ORCICSeniorLoanFundMemberUST Holdings, Ltd., First lien senior secured loan2023-12-310001812554orcic:ORCICSeniorLoanFundMemberVertiv Group Corp., First lien senior secured loan2023-12-310001812554orcic:ORCICSeniorLoanFundMemberVS Buyer LLC, First lien senior secured loan2023-12-310001812554orcic:ORCICSeniorLoanFundMemberorcic:InternetSoftwareAndServicesIMember2023-12-310001812554orcic:ORCICSeniorLoanFundMemberFinco I, LLC, First lien senior secured loan2023-12-310001812554orcic:ORCICSeniorLoanFundMemberorcic:InvestmentFundsAndVehiclesMember2023-12-310001812554orcic:ORCICSeniorLoanFundMemberDelta 2 (Lux) SARL (dba Formula One), First lien senior secured loan2023-12-310001812554orcic:ORCICSeniorLoanFundMemberorcic:LeisureAndEntertainmentMember2023-12-310001812554orcic:ORCICSeniorLoanFundMemberAltar Bidco, Inc., First lien senior secured loan2023-12-310001812554orcic:ORCICSeniorLoanFundMemberColumbus McKinnon Corp., First lien senior secured loan2023-12-310001812554orcic:ORCICSeniorLoanFundMemberDXP Enterprises, Inc., First lien senior secured loan2023-12-310001812554orcic:ORCICSeniorLoanFundMemberEMRLD Borrower LP (dba Emerson Climate Technologies, Inc.), First lien senior secured loan2023-12-310001812554orcic:ORCICSeniorLoanFundMemberEngineered Machinery Holdings, Inc. (dba Duravant), First lien senior secured loan2023-12-310001812554orcic:ORCICSeniorLoanFundMemberEntegris, Inc., First lien senior secured loan2023-12-310001812554orcic:ORCICSeniorLoanFundMemberFiltration Group Corporation, First lien senior secured loan2023-12-310001812554orcic:ORCICSeniorLoanFundMemberGates Global LLC, First lien senior secured loan2023-12-310001812554orcic:ORCICSeniorLoanFundMemberPro Mach Group, Inc., First lien senior secured loan 12023-12-310001812554orcic:ORCICSeniorLoanFundMemberPro Mach Group, Inc., First lien senior secured loan 22023-12-310001812554orcic:ORCICSeniorLoanFundMemberRefficiency Holdings, LLC (dba Legence), First lien senior secured loan2023-12-310001812554orcic:ORCICSeniorLoanFundMemberSummit Materials, LLC, First lien senior secured loan2023-12-310001812554orcic:ORCICSeniorLoanFundMemberWatlow Electric Manufacturing Company, First lien senior secured loan2023-12-310001812554orcic:ORCICSeniorLoanFundMemberorcic:ManufacturingMember2023-12-310001812554orcic:ORCICSeniorLoanFundMemberFortrea Holdings Inc., First lien senior secured loan2023-12-310001812554orcic:ORCICSeniorLoanFundMemberorcic:PharmaceuticalsMember2023-12-310001812554orcic:ORCICSeniorLoanFundMemberApex Group Treasury, LLC, First lien senior secured loan 12023-12-310001812554orcic:ORCICSeniorLoanFundMemberApex Group Treasury, LLC, First lien senior secured loan 22023-12-310001812554orcic:ORCICSeniorLoanFundMemberArsenal AIC Parent, LLC (dba Arconic), First lien senior secured loan2023-12-310001812554orcic:ORCICSeniorLoanFundMemberCamelot U.S. Acquisition 1 Co., First lien senior secured loan2023-12-310001812554orcic:ORCICSeniorLoanFundMemberCorporation Service Company, First lien senior secured loan2023-12-310001812554orcic:ORCICSeniorLoanFundMemberElement Solutions, Inc., First lien senior secured loan2023-12-310001812554orcic:ORCICSeniorLoanFundMemberEM Midco2 Ltd. (dba Element Materials Technology), First lien senior secured loan2023-12-310001812554orcic:ORCICSeniorLoanFundMemberGenuine Financial Holdings, LLC, First lien senior secured loan2023-12-310001812554orcic:ORCICSeniorLoanFundMemberOmnia Partners, LLC, First lien senior secured loan2023-12-310001812554orcic:ORCICSeniorLoanFundMemberOmnia Partners, LLC, First lien senior secured delayed draw term loan2023-12-310001812554orcic:ORCICSeniorLoanFundMemberRed Ventures, LLC, First lien senior secured loan2023-12-310001812554orcic:ORCICSeniorLoanFundMemberSkopima Merger Sub Inc., First lien senior secured loan2023-12-310001812554orcic:ORCICSeniorLoanFundMemberSovos Compliance, LLC, First lien senior secured loan2023-12-310001812554orcic:ORCICSeniorLoanFundMemberVistage Worldwide, Inc., First lien senior secured loan2023-12-310001812554orcic:ORCICSeniorLoanFundMemberorcic:ProfessionalServicesMember2023-12-310001812554orcic:ORCICSeniorLoanFundMemberPilot Travel Centers LLC, First lien senior secured loan2023-12-310001812554orcic:ORCICSeniorLoanFundMemberorcic:SpecialtyRetailMember2023-12-310001812554orcic:ORCICSeniorLoanFundMemberCable One, Inc., First lien senior secured loan2023-12-310001812554orcic:ORCICSeniorLoanFundMemberCiena Corp., First lien senior secured loan2023-12-310001812554orcic:ORCICSeniorLoanFundMemberCogeco Communications (USA) II L.P., First lien senior secured loan2023-12-310001812554orcic:ORCICSeniorLoanFundMemberPark Place Technologies, LLC, First lien senior secured loan2023-12-310001812554orcic:ORCICSeniorLoanFundMemberZayo Group Holdings, Inc., First lien senior secured loan2023-12-310001812554orcic:ORCICSeniorLoanFundMemberorcic:TelecommunicationsMember2023-12-310001812554orcic:ORCICSeniorLoanFundMemberEcho Global Logistics, Inc., First lien senior secured loan2023-12-310001812554orcic:ORCICSeniorLoanFundMemberKKR Apple Bidco, LLC, First lien senior secured loan2023-12-310001812554orcic:ORCICSeniorLoanFundMemberSafe Fleet Holdings, LLC, First lien 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Group Borrower, LLC, First lien senior secured delayed draw term loan2023-12-310001812554Aerosmith Bidco Limited (dba Audiotonix), First lien senior secured delayed draw term loan2024-06-300001812554Aerosmith Bidco Limited (dba Audiotonix), First lien senior secured delayed draw term loan2023-12-310001812554Aerosmith Bidco Limited (dba Audiotonix), First lien senior secured revolving loan2024-06-300001812554Aerosmith Bidco Limited (dba Audiotonix), First lien senior secured revolving loan2023-12-310001812554Alera Group, Inc., First lien senior secured delayed draw term loan2024-06-300001812554AlphaSense, Inc., First lien senior secured delayed draw term loan 12023-12-310001812554AlphaSense, Inc., First lien senior secured delayed draw term loan 22023-12-310001812554AmeriLife Holdings LLC, First lien senior secured delayed draw term loan 12024-06-300001812554AmeriLife Holdings LLC, First lien senior secured delayed draw term loan 22024-06-300001812554Appfire Technologies, LLC, First lien senior secured delayed draw term loan 12024-06-300001812554Appfire Technologies, LLC, First lien senior secured delayed draw term loan 12023-12-310001812554Appfire Technologies, LLC, First lien senior secured delayed draw term loan 22023-12-310001812554Aptean Acquiror, Inc. (dba Aptean), First lien senior secured revolving loan2023-12-310001812554Aptean Acquiror, Inc. (dba Aptean), First lien senior secured delayed draw term loan2023-12-310001812554Arctic Holdco, LLC (dba Novvia Group), First lien senior secured delayed draw term loan2023-12-310001812554Artifact Bidco, Inc. (dba Avetta), First lien senior secured delayed draw term loan2023-12-310001812554Artifact Bidco, Inc. (dba Avetta), First lien senior secured revolving loan2023-12-310001812554Associations, Inc., First lien senior secured delayed draw term loan 12024-06-300001812554Associations, Inc., First lien senior secured delayed draw term loan 12023-12-310001812554Associations, Inc., First lien senior secured delayed draw term loan 22024-06-300001812554Associations, Inc., First lien senior secured delayed draw term loan 22023-12-310001812554Aurelia Netherlands Midco 2 B.V., First lien senior secured NOK term loan2024-06-300001812554Aurelia Netherlands Midco 2 B.V., First lien senior secured NOK term loan2023-12-310001812554Aurelia Netherlands Midco 2 B.V., First lien senior secured EUR term loan2024-06-300001812554Aurelia Netherlands Midco 2 B.V., First lien senior secured EUR term loan2023-12-310001812554Aurelia Netherlands Midco 2 B.V., First lien senior secured EUR revolving loan2024-06-300001812554Aurelia Netherlands Midco 2 B.V., First lien senior secured EUR revolving loan2023-12-310001812554Azurite Intermediate Holdings, Inc. (dba Alteryx, Inc.), First lien senior secured delayed draw term loan2023-12-310001812554Azurite Intermediate Holdings, Inc. (dba Alteryx, Inc.), First lien senior secured revolving loan2023-12-310001812554Baker Tilly Advisory Group, L.P., First lien senior secured delayed draw term loan2023-12-310001812554Baker Tilly Advisory Group, L.P., First lien senior secured revolving loan2023-12-310001812554Bamboo US BidCo LLC, First lien senior secured revolving loan 12024-06-300001812554Bamboo US BidCo LLC, First lien senior secured revolving loan 12023-12-310001812554Bamboo US BidCo LLC, First lien senior secured delayed draw term loan 12024-06-300001812554Bamboo US BidCo LLC, First lien senior secured delayed draw term loan 12023-12-310001812554Bamboo US BidCo LLC, First lien senior secured delayed draw term loan 22024-06-300001812554Bamboo US BidCo LLC, First lien senior secured delayed draw term loan 22023-12-310001812554Bamboo US BidCo LLC, First lien senior secured revolving loan 22024-06-300001812554Bamboo US BidCo LLC, First lien senior secured revolving loan 22023-12-310001812554BCPE Osprey Buyer, Inc. (dba PartsSource), First lien senior secured delayed draw term loan2024-06-300001812554BCPE Osprey Buyer, Inc. (dba PartsSource), First lien senior secured delayed draw term loan2023-12-310001812554Belmont Buyer, Inc. (dba Valenz), First lien senior secured delayed draw term loan2023-12-310001812554Belmont Buyer, Inc. (dba Valenz), First lien senior secured revolving loan2023-12-310001812554Blast Bidco Inc. (dba Bazooka Candy Brands), First lien senior secured revolving loan2023-12-310001812554BradyPLUS Holdings, LLC (f/k/a BradyIFS Holdings, LLC), First lien senior secured delayed draw term loan2023-12-310001812554BradyPLUS Holdings, LLC (f/k/a BradyIFS Holdings, LLC), First lien senior secured revolving loan2023-12-310001812554Broadcast Music, Inc., First lien senior secured revolving loan2023-12-310001812554BTRS HOLDINGS INC., First lien senior secured delayed draw term loan2023-12-310001812554BTRS HOLDINGS INC., First lien senior secured revolving loan2023-12-310001812554Canadian Hospital Specialties Limited, First lien senior secured revolving loan2023-12-310001812554Chrysaor Bidco s.à r.l. (dba AlterDomus), First lien senior secured delayed draw term loan2023-12-310001812554Community Brands ParentCo, LLC, First lien senior secured delayed draw term loan2024-06-300001812554Computer Services, Inc., First lien senior secured delayed draw term loan2023-12-310001812554Cresset Capital Management, LLC, First lien senior secured delayed draw term loan 12023-12-310001812554Cresset Capital Management, LLC, First lien senior secured delayed draw term loan 22023-12-310001812554Cresset Capital Management, LLC, First lien senior secured revolving loan2023-12-310001812554Crewline Buyer, Inc. (dba New Relic), First lien senior secured revolving loan 12024-06-300001812554Crewline Buyer, Inc. (dba New Relic), First lien senior secured revolving loan 12023-12-310001812554Crewline Buyer, Inc. (dba New Relic), First lien senior secured revolving loan 22024-06-300001812554Crewline Buyer, Inc. (dba New Relic), First lien senior secured revolving loan 22023-12-310001812554DCG ACQUISITION CORP. (dba DuBois Chemical), First lien senior secured delayed draw term loan2023-12-310001812554DCG ACQUISITION CORP. (dba DuBois Chemical), First lien senior secured revolving loan2023-12-310001812554Dresser Utility Solutions, LLC, First lien senior secured revolving loan2023-12-310001812554Dresser Utility Solutions, LLC, First lien senior secured delayed draw term loan2023-12-310001812554DuraServ LLC, First lien senior secured delayed draw term loan2023-12-310001812554DuraServ LLC, First lien senior secured revolving loan2023-12-310001812554EET Buyer, Inc. (dba e-Emphasys), First lien senior secured delayed draw term loan2023-12-310001812554Entertainment Benefits Group, LLC, First lien senior secured revolving loan2024-06-300001812554Essential Services Holding Corporation (dba Turnpoint), First lien senior secured delayed draw term loan2023-12-310001812554Essential Services Holding Corporation (dba Turnpoint), First lien senior secured revolving loan2023-12-310001812554Evolution BuyerCo, Inc. (dba SIAA), First lien senior secured delayed draw term loan2024-06-300001812554Evolution BuyerCo, Inc. (dba SIAA), First lien senior secured delayed draw term loan2023-12-310001812554Fiesta Purchaser, Inc. (dba Shearer's Foods), First lien senior secured revolving loan2023-12-310001812554Forescout Technologies, Inc., First lien senior secured revolving loan2023-12-310001812554FR Vision Holdings, Inc. (dba CHA Consulting), First lien senior secured delayed draw term loan2023-12-310001812554FR Vision Holdings, Inc. (dba CHA Consulting), First lien senior secured revolving loan2023-12-310001812554Fullsteam Operations, LLC, First lien senior secured delayed draw term loan 32024-06-300001812554Fullsteam Operations, LLC, First lien senior secured delayed draw term loan 32023-12-310001812554Fullsteam Operations, LLC, First lien senior secured delayed draw term loan 42024-06-300001812554Fullsteam Operations, LLC, First lien senior secured delayed draw term loan 42023-12-310001812554Galls, LLC, First lien senior secured delayed draw term loan2023-12-310001812554Galls, LLC, First lien senior secured revolving loan2023-12-310001812554Galway Borrower LLC, First lien senior secured revolving loan2023-12-310001812554Galway Borrower LLC, First lien senior secured delayed draw term loan2023-12-310001812554Gehl Foods, LLC, First lien senior secured delayed draw term loan2023-12-310001812554Gerson Lehrman Group, Inc., First lien senior secured revolving loan2023-12-310001812554GS Acquisitionco, Inc. (dba insightsoftware), First lien senior secured delayed draw term loan2023-12-310001812554GS Acquisitionco, Inc. (dba insightsoftware), First lien senior secured revolving loan2023-12-310001812554Icefall Parent, Inc. (dba EngageSmart), First lien senior secured revolving loan2023-12-310001812554Iconic IMO Merger Sub, Inc., First lien senior secured delayed draw term loan2023-12-310001812554Iconic IMO Merger Sub, Inc., First lien senior secured revolving loan2023-12-310001812554Indikami Bidco, LLC (dba IntegriChain), First lien senior secured delayed draw term loan2023-12-310001812554Indikami Bidco, LLC (dba IntegriChain), First lien senior secured revolving loan2023-12-310001812554Integrity Marketing Acquisition, LLC, First lien senior secured delayed draw term loan2024-06-300001812554Interoperability Bidco, Inc. (dba Lyniate), First lien senior secured delayed draw term loan2024-06-300001812554Interoperability Bidco, Inc. (dba Lyniate), First lien senior secured delayed draw term loan2023-12-310001812554IRI Group Holdings, Inc. (f/k/a Circana Group, L.P. (f/k/a The NPD Group, L.P.)), First lien senior secured revolving loan2023-12-310001812554JS PARENT, INC. (dba Jama Software), First lien senior secured revolving loan2023-12-310001812554Kaseya Inc., First lien senior secured delayed draw term loan2024-06-300001812554KENE Acquisition, Inc. (dba Entrust Solutions Group), First lien senior secured delayed draw term loan2023-12-310001812554KENE Acquisition, Inc. (dba Entrust Solutions Group), First lien senior secured revolving loan2023-12-310001812554KPSKY Acquisition, Inc. (dba BluSky), First lien senior secured delayed draw term loan2024-06-300001812554KWOL Acquisition Inc. (dba Worldwide Clinical Trials), First lien senior secured revolving loan2023-12-310001812554Lightbeam Bidco, Inc. (dba Lazer Spot), First lien senior secured delayed draw term loan2024-06-300001812554Lightbeam Bidco, Inc. (dba Lazer Spot), First lien senior secured delayed draw term loan2023-12-310001812554Litera Bidco LLC, First lien senior secured delayed draw term loan 12023-12-310001812554Litera Bidco LLC, First lien senior secured delayed draw term loan 22023-12-310001812554Litera Bidco LLC, First lien senior secured revolving loan2023-12-310001812554LSI Financing 1 DAC, Series 6 Notes2024-06-300001812554LSI Financing 1 DAC, Series 6 Notes2023-12-310001812554Magnet Forensics, LLC (f/k/a Grayshift, LLC), First lien senior secured revolving loan2023-12-310001812554Maple Acquisition, LLC (dba Medicus), First lien senior secured delayed draw term loan2023-12-310001812554Maple Acquisition, LLC (dba Medicus), First lien senior secured revolving loan2023-12-310001812554Mario Purchaser, LLC (dba Len the Plumber), First lien senior secured delayed draw term loan 12023-12-310001812554Mario Purchaser, LLC (dba Len the Plumber), First lien senior secured delayed draw term loan 22023-12-310001812554Minotaur Acquisition, Inc. (dba Inspira Financial), First lien senior secured delayed draw term loan 12023-12-310001812554Minotaur Acquisition, Inc. (dba Inspira Financial), First lien senior secured delayed draw term loan 22023-12-310001812554Minotaur Acquisition, Inc. (dba Inspira Financial), First lien senior secured revolving loan2023-12-310001812554Monotype Imaging Holdings Inc., First lien senior secured delayed draw term loan2023-12-310001812554Monotype Imaging Holdings Inc., First lien senior secured revolving loan2023-12-310001812554NELIPAK EUROPEAN HOLDINGS COÖPERATIEF U.A., First lien senior secured EUR delayed draw term loan2023-12-310001812554NELIPAK EUROPEAN HOLDINGS COÖPERATIEF U.A., First lien senior secured revolving loan2023-12-310001812554Nelipak Holding Company, First lien senior secured delayed draw term loan2023-12-310001812554Nelipak Holding Company, First lien senior secured revolving loan2023-12-310001812554Omnia Partners, LLC, First lien senior secured delayed draw term loan2024-06-300001812554OneOncology, LLC, First lien senior secured revolving loan2023-12-310001812554OneOncology, LLC, First lien senior secured delayed draw term loan 12023-12-310001812554OneOncology, LLC, First lien senior secured delayed draw term loan 22023-12-310001812554Park Place Technologies, LLC, First lien senior secured delayed draw term loan2023-12-310001812554Park Place Technologies, LLC, First lien senior secured revolving loan2023-12-310001812554Patriot Acquisition TopCo S.A.R.L (dba Corza Health, Inc.), First lien senior secured delayed draw term loan2024-06-300001812554Patriot Acquisition TopCo S.A.R.L (dba Corza Health, Inc.), First lien senior secured delayed draw term loan2023-12-310001812554PDI TA Holdings, Inc., First lien senior secured delayed draw term loan2023-12-310001812554PDI TA Holdings, Inc., First lien senior secured revolving loan2023-12-310001812554PERKINELMER U.S. LLC, First lien senior secured delayed draw term loan2023-12-310001812554Plasma Buyer LLC (dba PathGroup), First lien senior secured delayed draw term loan2023-12-310001812554Plasma Buyer LLC (dba PathGroup), First lien senior secured revolving loan2023-12-310001812554Premise Health Holding, First lien senior secured revolving loan2023-12-310001812554Pye-Barker Fire & Safety, LLC, First lien senior secured delayed draw term loan 12024-06-300001812554Pye-Barker Fire & Safety, LLC, First lien senior secured delayed draw term loan 12023-12-310001812554Pye-Barker Fire & Safety, LLC, First lien senior secured delayed draw term loan 22024-06-300001812554Pye-Barker Fire & Safety, LLC, First lien senior secured delayed draw term loan 22023-12-310001812554Pye-Barker Fire & Safety, LLC, First lien senior secured revolving loan2023-12-310001812554RL Datix Holdings (USA), Inc., First lien senior secured delayed draw term loan2023-12-310001812554RL Datix Holdings (USA), Inc., First lien senior secured revolving loan2023-12-310001812554SailPoint Technologies Holdings, Inc., First lien senior secured revolving loan2023-12-310001812554Sensor Technology Topco, Inc. (dba Humanetics), First lien senior secured delayed draw term loan2023-12-310001812554Sensor Technology Topco, Inc. (dba Humanetics), First lien senior secured EUR delayed draw term loan2023-12-310001812554SimpliSafe Holding Corporation, First lien senior secured delayed draw term loan2023-12-310001812554Sonny's Enterprises, LLC, First lien senior secured delayed draw term loan 12023-12-310001812554Sonny's Enterprises, LLC, First lien senior secured delayed draw term loan 22023-12-310001812554Southern Air & Heat Holdings, LLC, First lien senior secured delayed draw term loan2024-06-300001812554Southern Air & Heat Holdings, LLC, First lien senior secured delayed draw term loan2023-12-310001812554The Shade Store, LLC, First lien senior secured delayed draw term loan2023-12-310001812554Truist Insurance Holdings, LLC, First lien senior secured revolving loan2023-12-310001812554Unified Women's Healthcare, LP, First lien senior secured delayed draw term loan 12023-12-310001812554Unified Women's Healthcare, LP, First lien senior secured delayed draw term loan 22023-12-310001812554Walker Edison Furniture Company LLC, First lien senior secured delayed draw term loan2024-06-300001812554Walker Edison Furniture Company LLC, First lien senior secured delayed draw term loan2023-12-310001812554XRL 1 LLC (dba XOMA), First lien senior secured delayed draw term 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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, 2024
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 definition 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
Small 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 8, 2024, the registrant had 445,698,069 shares of Class S common stock, 46,772,105 shares of Class D common stock, and 806,024,384 shares of Class I common stock, $0.01, par value per share, outstanding.
i


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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 interest and inflation 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 2024 U.S. presidential election, 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;
interest rate volatility could adversely affect our results, particularly because we use leverage as part of our investment strategy;
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;
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;
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 and the escalated conflict in the Middle-East, including the Israel-Hamas conflict, 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. Consolidated Financial Statements

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

June 30, 2024
(Unaudited)
December 31, 2023
Assets
Investments at fair value
Non-controlled, non-affiliated investments (amortized cost of $21,398,235 and $15,937,544, respectively)
$21,429,100 $16,010,137 
Non-controlled, affiliated investments (amortized cost of $66,577 and $72,371, respectively)
75,346 78,406 
Controlled, affiliated investments (amortized cost of $663,099 and $561,528, respectively)
682,080 573,550 
Total investments at fair value (amortized cost of $22,127,911 and $16,571,443, respectively)
22,186,526 16,662,093 
Cash (restricted cash of $110,460 and $40,872, respectively)
539,688 415,384 
Interest receivable161,551 138,350 
Receivable from controlled affiliates15,364 8,024 
Receivable for investments sold7,377 28,508 
Prepaid expenses and other assets58,970 4,123 
Total Assets$22,969,476 $17,256,482 
Liabilities
Debt (net of unamortized debt issuance costs of $130,126 and $101,242, respectively)
$10,082,214 $7,827,973 
Distribution payable124,520 93,930 
Payable for investments purchased477,780 167,078 
Payables to affiliates70,212 54,544 
Tender offer payable151,929 113,988 
Accrued expenses and other liabilities215,743 106,423 
Total Liabilities11,122,398 8,363,936 
Commitments and contingencies (Note 7)
Net Assets
Class S Common shares $0.01 par value, 1,500,000,000 shares authorized; 429,417,124 and 325,845,587 shares issued and outstanding, respectively
4,294 3,259 
Class D Common shares $0.01 par value, 1,000,000,000 shares authorized; 46,085,512 and 75,427,194 shares issued and outstanding, respectively
461 754 
Class I Common shares $0.01 par value, 2,000,000,000 shares authorized; 764,871,253 and 535,625,823 shares issued and outstanding, respectively
7,649 5,356 
Additional paid-in-capital11,536,123 8,649,139 
Accumulated undistributed (overdistributed) earnings298,551 234,038 
Total Net Assets11,847,078 8,892,546 
Total Liabilities and Net Assets$22,969,476 $17,256,482 
Net Asset Value Per Class S Share$9.53 $9.48 
Net Asset Value Per Class D Share$9.55 $9.49 
Net Asset Value Per Class I Share$9.56 $9.50 
    

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,
2024202320242023
Investment Income
Investment income from non-controlled, non-affiliated investments:
Interest income$545,607 $310,981 $1,006,142 $574,243 
Payment-in-kind (“PIK”) interest income31,284 17,885 57,742 32,962 
Dividend income2,293 4,132 4,397 4,132 
Payment-in-kind (“PIK”) dividend income14,767 16,432 32,018 34,402 
Other income7,471 4,411 12,922 7,417 
Total investment income from non-controlled, non-affiliated investments601,422 353,841 1,113,221 653,156 
Investment income from non-controlled, affiliated investments:
Dividend income272 333 417 333 
Total investment income from non-controlled, affiliated investments272 333 417 333 
Investment income from controlled, affiliated investments:
Interest income2,279  3,796  
Payment-in-kind (“PIK”) interest income  1,104  
Dividend income22,070 10,021 35,662 16,118 
Total investment income from controlled, affiliated investments24,349 10,021 40,562 16,118 
Total Investment Income626,043 364,195 1,154,200 669,607 
Operating Expenses
Offering costs1,443 324 2,694 937 
Interest expense182,950 114,551 352,366 204,146 
Management fees32,969 18,855 61,488 35,796 
Performance based incentive fees45,485 27,571 84,395 51,247 
Professional fees5,085 3,146 10,701 5,914 
Directors’ fees320 259 646 524 
Shareholder servicing fees8,607 4,893 16,019 9,220 
Other general and administrative2,903 1,596 4,685 3,153 
Total Operating Expenses279,762 171,195 532,994 310,937 
Net Investment Income (Loss) Before Taxes346,281 193,000 621,206 358,670 
Income tax expense (benefit), including excise tax expense (benefit)2,464 1,407 3,263 1,502 
Net Investment Income (Loss) After Taxes$343,817 $191,593 $617,943 $357,168 
Net Realized and Change in Unrealized Gain (Loss)
Net change in unrealized gain (loss):
Non-controlled, non-affiliated investments$(28,617)$12,502 $(32,688)$73,156 
Non-controlled, affiliated investments1,391 50 2,734 49 
Controlled, affiliated investments2,334 1,462 6,960 4,713 
Translation of assets and liabilities in foreign currencies582 209 291 347 
Income tax (provision) benefit  8 (7)
Total Net Change in Unrealized Gain (Loss)(24,310)14,223 (22,695)78,258 
Net realized gain (loss):
Non-controlled, non-affiliated investments(14)(2,601)(3,434)(7,178)
Foreign currency transactions(1,103)(60)(1,054)(60)
Total Net Realized Gain (Loss)(1,117)(2,661)(4,488)(7,238)
Total Net Realized and Change in Unrealized Gain (Loss)(25,427)11,562 (27,183)71,020 
Total Net Increase (Decrease) in Net Assets Resulting from Operations$318,390 $203,155 $590,760 $428,188 
Net Increase (Decrease) in Net Assets Resulting from Operations - Class S Common Stock$104,763 $68,006 $194,413 $143,663 
Net Increase (Decrease) in Net Assets Resulting from Operations - Class D Common Stock$11,958 $17,233 $23,365 $36,023 
Net Increase (Decrease) in Net Assets Resulting from Operations - Class I Common Stock$201,669 $117,916 $372,982 $248,502 
Earnings Per Share - Basic and Diluted of Class S Common Stock$0.25 $0.29 $0.51 $0.65 
Weighted Average Shares of Class S Common Stock Outstanding - Basic and Diluted413,208,224233,305,828384,667,787221,466,999
Earnings Per Share - Basic and Diluted of Class D Common Stock$0.27 $0.29 $0.53 $0.65 
Weighted Average Shares of Class D Common Stock Outstanding - Basic and Diluted44,636,86259,122,09743,768,11855,532,022
Earnings Per Share - Basic and Diluted of Class I Common Stock$0.27 $0.29 $0.55 $0.65 
Weighted Average Shares of Class I Common Stock Outstanding - Basic and Diluted736,786,949404,528,122683,495,105383,084,074

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





5

Blue Owl Credit Income Corp.
Consolidated Schedules of Investments
As of June 30, 2024
(Amounts in thousands, except share amounts)
(Unaudited)
Company(1)(2)(3)(19)(28)
InvestmentInterest
Maturity Date
Par/Units
Amortized Cost(4)(24)
Fair Value
Percentage of Net Assets
Non-controlled/non-affiliated portfolio company investments
Debt Investments(5)
Advertising and media
Broadcast Music, Inc.(7)First lien senior secured loanSR +5.75%02/203034,490 $33,669 $33,713 0.3 %
Broadcast Music, Inc.(7)(16)(17)First lien senior secured revolving loanSR +5.75%02/2030 (146)(141)0.0 %
Fleet U.S. Bidco Inc. (dba Argus Media)(6)(22)First lien senior secured loanSR +3.25%02/203115,000 14,927 15,074 0.1 %
Global Music Rights, LLC(7)First lien senior secured loanSR +5.50%08/2030162,451 159,798 162,451 1.4 %
Global Music Rights, LLC(7)(16)(17)First lien senior secured revolving loanSR +5.50%08/2029 (170) 0.0 %
IRI Group Holdings, Inc. (f/k/a Circana Group, L.P. (f/k/a The NPD Group, L.P.))(7)First lien senior secured loanSR +
5.50% (2.00% PIK)
12/2028229,858 229,858 229,858 1.9 %
IRI Group Holdings, Inc. (f/k/a Circana Group, L.P. (f/k/a The NPD Group, L.P.))(6)(16)First lien senior secured revolving loanSR +5.00%12/20279,302 9,302 9,302 0.1 %
Monotype Imaging Holdings Inc.(7)First lien senior secured loanSR +5.50%02/2031168,328 167,107 167,485 1.4 %
Monotype Imaging Holdings Inc.(7)(16)(17)(18)First lien senior secured delayed draw term loanSR +5.50%02/2026 (50) 0.0 %
Monotype Imaging Holdings Inc.(7)(16)(17)First lien senior secured revolving loanSR +5.50%02/2030 (149)(105)0.0 %
614,146 617,637 5.2 %
Aerospace and defense
Bleriot US Bidco Inc.(7)(21)First lien senior secured loanSR +3.25%10/202811,801 $11,800 $11,848 0.1 %
Dynasty Acquisition Co., Inc. (dba StandardAero Limited)(6)(21)First lien senior secured loanSR +3.50%08/202812,903 12,903 12,941 0.1 %
ManTech International Corporation(7)First lien senior secured loanSR +5.00%09/202914,748 14,748 14,747 0.1 %
ManTech International Corporation(7)(16)(18)First lien senior secured delayed draw term loanSR +5.00%06/2025   0.0 %
ManTech International Corporation(7)(16)First lien senior secured revolving loanSR +5.00%09/2028   0.0 %
Novaria Holdings, LLC(6)First lien senior secured loanSR +4.25%06/203115,000 14,925 14,924 0.1 %
Peraton Corp.(6)(21)First lien senior secured loanSR +3.75%02/202851,545 51,580 51,523 0.4 %
Peraton Corp.(7)(21)Second lien senior secured loanSR +7.75%02/20294,831 4,784 4,843 0.0 %
110,740 110,826 0.8 %
Automotive aftermarket
OAC Holdings I Corp. (dba Omega Holdings)(6)First lien senior secured loanSR +5.00%03/20299,004 $8,870 $8,935 0.1 %
OAC Holdings I Corp. (dba Omega Holdings)(6)(16)First lien senior secured revolving loanSR +5.00%03/2028588 556 568 0.0 %
Power Stop, LLC(7)(21)First lien senior secured loanSR +4.75%01/202929,322 29,112 28,565 0.2 %
38,538 38,068 0.3 %
Automotive services
Holley Inc.(6)(21)First lien senior secured loanSR +3.75%11/20282,230 $2,220 $2,216 0.0 %
Mavis Tire Express Services Topco Corp.(6)(21)First lien senior secured loanSR +3.75%05/202822,190 22,190 22,218 0.2 %
Mister Car Wash Holdings, Inc.(6)(21)First lien senior secured loanSR +3.00%03/20315,000 5,000 5,012 0.0 %
Spotless Brands, LLC(7)First lien senior secured loanSR +6.50%07/202853,622 52,833 53,622 0.4 %
Spotless Brands, LLC(6)(16)First lien senior secured revolving loanSR +6.50%07/2028585 565 584 0.0 %





6

Blue Owl Credit Income Corp.
Consolidated Schedules of Investments (Continued)
As of June 30, 2024
(Amounts in thousands, except share amounts)
(Unaudited)
Company(1)(2)(3)(19)(28)
InvestmentInterest
Maturity Date
Par/Units
Amortized Cost(4)(24)
Fair Value
Percentage of Net Assets
Wand Newco 3, Inc. (dba Caliber )(6)(21)First lien senior secured loanSR +3.75%01/203117,500 17,456 17,606 0.1 %
100,264 101,258 0.7 %
Asset based lending and fund finance
Hg Genesis 9 SumoCo Limited(11)(22)Unsecured facilityE +
7.00% PIK
03/2027135,880 $148,830 $145,629 1.2 %
Hg Saturn Luchaco Limited(13)(22)Unsecured facilitySA +
7.50% PIK
03/2026£638 811 808 0.0 %
149,641 146,437 1.2 %
Buildings and real estate
Associations, Inc.(7)First lien senior secured loanSR +6.50%07/2028409,882 $409,480 $409,471 3.5 %
Associations, Inc.(7)(16)(17)(18)First lien senior secured delayed draw term loanSR +6.50%07/2028 (30)(33)0.0 %
Associations, Inc.(7)(16)(17)First lien senior secured revolving loanSR +6.50%07/2028 (24)(26)0.0 %
Associations Finance, Inc.(15)Unsecured notes
14.25% PIK
05/2030153,062 151,902 151,862 1.3 %
CoreLogic Inc.(6)(21)First lien senior secured loanSR +3.50%06/202836,481 35,973 35,882 0.3 %
Cushman & Wakefield U.S. Borrower, LLC(6)First lien senior secured loanSR +2.75%08/2025626 621 625 0.0 %
Dodge Construction Network LLC(7)First lien senior secured loanSR +4.75%02/202916,856 16,674 12,304 0.1 %
REALPAGE, INC.(6)(21)First lien senior secured loanSR +3.00%04/202813,987 13,975 13,579 0.1 %
REALPAGE, INC.(6)(21)Second lien senior secured loanSR +6.50%04/202927,500 27,210 26,743 0.2 %
Wrench Group LLC(7)(21)First lien senior secured loanSR +4.00%10/202827,283 27,225 27,283 0.2 %
683,006 677,690 5.7 %
Business services
Access CIG, LLC(7)(21)First lien senior secured loanSR +5.00%08/202879,400 $77,691 $79,773 0.7 %
Aurelia Netherlands Midco 2 B.V.(11)(22)First lien senior secured loanE +5.75%05/203155,027 57,635 58,238 0.5 %
Boxer Parent Company Inc. (f/k/a BMC)(6)(21)First lien senior secured loanSR +4.00%12/202849,750 49,254 49,795 0.4 %
Capstone Acquisition Holdings, Inc.(6)First lien senior secured loanSR +4.75%11/20279,272 9,219 9,272 0.1 %
Capstone Acquisition Holdings, Inc.(6)First lien senior secured delayed draw term loanSR +4.75%11/2027575 572 575 0.0 %
ConnectWise, LLC(7)(21)First lien senior secured loanSR +3.50%09/202829,548 29,596 29,291 0.2 %
Conservice Midco, LLC(6)(21)First lien senior secured loanSR +4.00%05/20271,990 1,990 1,990 0.0 %
CoolSys, Inc.(7)(21)First lien senior secured loanSR +4.75%08/202813,808 12,959 13,589 0.1 %
CoreTrust Purchasing Group LLC(6)First lien senior secured loanSR +5.25%10/2029113,184 112,160 113,184 1.0 %
CoreTrust Purchasing Group LLC(6)(16)(17)(18)First lien senior secured delayed draw term loanSR +5.25%05/2026 (184) 0.0 %
CoreTrust Purchasing Group LLC(6)(16)(17)First lien senior secured revolving loanSR +5.25%10/2029 (183) 0.0 %
Denali BuyerCo, LLC (dba Summit Companies)(7)First lien senior secured loanSR +5.75%09/2028164,179 162,304 164,179 1.4 %
Denali BuyerCo, LLC (dba Summit Companies)(7)First lien senior secured delayed draw term loanSR +5.75%09/202832,557 32,231 32,557 0.3 %
Denali BuyerCo, LLC (dba Summit Companies)(7)(16)(17)First lien senior secured revolving loanSR +5.75%09/2027 (69) 0.0 %
Diamondback Acquisition, Inc. (dba Sphera)(6)First lien senior secured loanSR +5.50%09/202846,629 46,004 46,162 0.4 %
DuraServ LLC(6)First lien senior secured loanSR +4.75%06/2031130,982 130,331 130,327 1.1 %





7

Blue Owl Credit Income Corp.
Consolidated Schedules of Investments (Continued)
As of June 30, 2024
(Amounts in thousands, except share amounts)
(Unaudited)
Company(1)(2)(3)(19)(28)
InvestmentInterest
Maturity Date
Par/Units
Amortized Cost(4)(24)
Fair Value
Percentage of Net Assets
DuraServ LLC(6)(16)(17)(18)First lien senior secured delayed draw term loanSR +4.75%06/2026 (120)(121)0.0 %
DuraServ LLC(6)(16)(17)First lien senior secured revolving loanSR +4.75%06/2030 (120)(121)0.0 %
Fullsteam Operations, LLC(7)First lien senior secured loanSR +8.25%11/20298,938 8,686 8,938 0.1 %
Fullsteam Operations, LLC(7)(16)(18)First lien senior secured delayed draw term loanSR +8.25%05/20252,856 2,760 2,856 0.0 %
Fullsteam Operations, LLC(7)(16)(17)(18)First lien senior secured delayed draw term loanSR +7.00%08/2025 (44)(16)0.0 %
Fullsteam Operations, LLC(7)(16)(17)First lien senior secured revolving loanSR +8.25%11/2029 (13) 0.0 %
Hercules Borrower, LLC (dba The Vincit Group)(7)First lien senior secured loanSR +6.25%12/2026795 790 795 0.0 %
Hercules Borrower, LLC (dba The Vincit Group)(7)First lien senior secured loanSR +5.50%12/20262,160 2,148 2,160 0.0 %
Hercules Borrower, LLC (dba The Vincit Group)(7)First lien senior secured delayed draw term loanSR +5.50%12/202612,901 12,831 12,901 0.1 %
Hercules Borrower, LLC (dba The Vincit Group)(7)(16)(17)First lien senior secured revolving loanSR +6.25%12/2026 (1) 0.0 %
Hercules Buyer, LLC (dba The Vincit Group)(15)(27)Unsecured notes
0.48% PIK
12/202924 24 28 0.0 %
Kaseya Inc.(7)First lien senior secured loanSR +5.50%06/202973,247 72,139 73,247 0.6 %
Kaseya Inc.(7)First lien senior secured delayed draw term loanSR +5.50%06/2029269 267 269 0.0 %
Kaseya Inc.(7)(16)(18)First lien senior secured delayed draw term loanSR +5.50%06/2025217 184 217 0.0 %
Kaseya Inc.(7)(16)First lien senior secured revolving loanSR +5.50%06/20291,097 1,036 1,097 0.0 %
KPSKY Acquisition, Inc. (dba BluSky)(7)First lien senior secured loanSR +5.50%10/202874,402 73,426 73,286 0.6 %
KPSKY Acquisition, Inc. (dba BluSky)(7)First lien senior secured delayed draw term loanSR +5.50%10/202827,300 26,914 26,891 0.3 %
KPSKY Acquisition, Inc. (dba BluSky)(7)(16)(18)First lien senior secured delayed draw term loanSR +5.75%11/202573 19 73 0.0 %
Packers Holdings, LLC(6)(21)First lien senior secured loanSR +3.25%03/202816,492 16,406 8,914 0.1 %
Ping Identity Holding Corp.(6)First lien senior secured loanSR +7.00%10/202921,818 21,549 21,818 0.2 %
Ping Identity Holding Corp.(6)(16)(17)First lien senior secured revolving loanSR +7.00%10/2028 (23) 0.0 %
POLARIS PURCHASER, INC. (dba Plusgrade)(7)(22)First lien senior secured loanSR +4.50%03/203127,500 27,237 27,363 0.2 %
Pye-Barker Fire & Safety, LLC(7)First lien senior secured loanSR +4.50%05/2031174,704 173,840 173,831 1.5 %
Pye-Barker Fire & Safety, LLC(7)(16)(17)(18)First lien senior secured delayed draw term loanSR +4.50%05/2026 (393)(399)0.0 %
Pye-Barker Fire & Safety, LLC(7)(16)First lien senior secured revolving loanSR +4.50%05/20304,213 4,047 4,044 0.0 %
XPLOR T1, LLC(7)First lien senior secured loanSR +4.25%06/203150,000 49,751 49,750 0.4 %
1,214,850 1,216,753 10.3 %
Chemicals
Advancion Holdings, LLC (fka Aruba Investments Holdings, LLC)(6)(21)First lien senior secured loanSR +4.00%11/202719,163 $18,913 $18,986 0.2 %
Advancion Holdings, LLC (fka Aruba Investments Holdings, LLC)(6)Second lien senior secured loanSR +7.75%11/202840,137 40,128 38,129 0.3 %
DCG ACQUISITION CORP. (dba DuBois Chemical)(6)First lien senior secured loanSR +4.75%06/203195,076 94,130 94,125 0.8 %





8

Blue Owl Credit Income Corp.
Consolidated Schedules of Investments (Continued)
As of June 30, 2024
(Amounts in thousands, except share amounts)
(Unaudited)
Company(1)(2)(3)(19)(28)
InvestmentInterest
Maturity Date
Par/Units
Amortized Cost(4)(24)
Fair Value
Percentage of Net Assets
DCG ACQUISITION CORP. (dba DuBois Chemical)(6)(16)(17)(18)First lien senior secured delayed draw term loanSR +4.75%06/2026 (79)(79)0.0 %
DCG ACQUISITION CORP. (dba DuBois Chemical)(6)(16)(17)First lien senior secured revolving loanSR +4.75%06/2031 (158)(159)0.0 %
Derby Buyer LLC (dba Delrin)(6)(21)First lien senior secured loanSR +3.50%11/203064,838 64,838 65,103 0.5 %
Gaylord Chemical Company, L.L.C.(7)First lien senior secured loanSR +6.00%03/2027100,594 100,018 100,594 0.9 %
Gaylord Chemical Company, L.L.C.(7)(16)(17)First lien senior secured revolving loanSR +6.00%03/2026 (16) 0.0 %
Nouryon Finance B.V.(6)(22)First lien senior secured loanSR +3.50%04/20282,978 2,978 2,985 0.0 %
Nouryon Finance B.V.(7)(21)(22)First lien senior secured loanSR +3.50%04/202815,891 15,891 15,914 0.1 %
Rocket BidCo, Inc. (dba Recochem)(7)(22)First lien senior secured loanSR +5.75%11/2030352,375 345,357 345,328 2.9 %
Velocity HoldCo III Inc. (dba VelocityEHS)(7)First lien senior secured loanSR +5.75%04/20272,288 2,260 2,288 0.0 %
Velocity HoldCo III Inc. (dba VelocityEHS)(7)(16)(17)First lien senior secured revolving loanSR +5.75%04/2026 (1) 0.0 %
684,259 683,214 5.7 %
Consumer products
BEP Intermediate Holdco, LLC (dba Buyers Edge Platform)(6)First lien senior secured loanSR +3.75%04/203135,000 $34,830 $34,825 0.3 %
Conair Holdings LLC(6)(21)First lien senior secured loanSR +3.75%05/202825,359 25,262 25,197 0.2 %
Conair Holdings LLC(6)Second lien senior secured loanSR +7.50%05/202922,591 22,334 22,591 0.2 %
Foundation Consumer Brands, LLC(7)First lien senior secured loanSR +6.25%02/2027102,333 101,045 102,333 0.9 %
Lignetics Investment Corp.(7)First lien senior secured loanSR +6.00%11/202787,278 86,547 87,278 0.7 %
Lignetics Investment Corp.(7)First lien senior secured delayed draw term loanSR +6.00%11/20279,439 9,374 9,439 0.1 %
Lignetics Investment Corp.(7)(16)First lien senior secured revolving loanSR +6.00%10/202610,897 10,830 10,897 0.1 %
Olaplex, Inc.(6)(21)(22)First lien senior secured loanSR +3.50%02/202949,058 48,440 47,027 0.4 %
SWK BUYER, Inc. (dba Stonewall Kitchen)(7)First lien senior secured loanSR +5.25%03/202958,774 57,924 57,011 0.5 %
SWK BUYER, Inc. (dba Stonewall Kitchen)(7)(16)First lien senior secured revolving loanSR +5.25%03/2029279 204 112 0.0 %
396,790 396,710 3.4 %
Containers and packaging
Anchor Packaging, LLC(6)(21)First lien senior secured loanSR +3.75%07/202950,000 $49,878 $49,965 0.4 %
Arctic Holdco, LLC (dba Novvia Group)(7)First lien senior secured loanSR +6.00%12/202613,461 13,236 13,360 0.1 %
Arctic Holdco, LLC (dba Novvia Group)(7)(16)(17)(18)First lien senior secured delayed draw term loanSR +6.00%12/2024 (157)(73)0.0 %
Ascend Buyer, LLC (dba PPC Flexible Packaging)(7)First lien senior secured loanSR +5.75%09/202879,184 78,381 79,184 0.7 %
Ascend Buyer, LLC (dba PPC Flexible Packaging)(7)First lien senior secured loanSR +6.00%09/20288,865 8,723 8,865 0.1 %
Ascend Buyer, LLC (dba PPC Flexible Packaging)(7)(16)First lien senior secured revolving loanSR +5.75%09/20271,702 1,674 1,702 0.0 %
Berlin Packaging(6)(21)First lien senior secured loanSR +3.75%06/2031102,653 102,454 102,848 0.9 %
BW Holding, Inc.(7)(21)First lien senior secured loanSR +4.00%12/202821,617 20,877 19,753 0.2 %
Charter NEX US, Inc.(6)(21)First lien senior secured loanSR +3.50%12/202749,326 49,326 49,380 0.4 %
Five Star Lower Holding LLC(7)(21)First lien senior secured loanSR +4.25%05/202921,492 21,267 19,773 0.2 %





9

Blue Owl Credit Income Corp.
Consolidated Schedules of Investments (Continued)
As of June 30, 2024
(Amounts in thousands, except share amounts)
(Unaudited)
Company(1)(2)(3)(19)(28)
InvestmentInterest
Maturity Date
Par/Units
Amortized Cost(4)(24)
Fair Value
Percentage of Net Assets
Fortis Solutions Group, LLC(7)First lien senior secured loanSR +5.50%10/202866,430 65,512 65,600 0.6 %
Fortis Solutions Group, LLC(7)First lien senior secured delayed draw term loanSR +5.50%10/2028189 184 186 0.0 %
Fortis Solutions Group, LLC(7)(16)First lien senior secured revolving loanSR +5.50%10/20271,349 1,275 1,265 0.0 %
Indigo Buyer, Inc. (dba Inovar Packaging Group)(7)First lien senior secured loanSR +6.25%05/202880,899 80,323 80,899 0.7 %
Indigo Buyer, Inc. (dba Inovar Packaging Group)(7)First lien senior secured delayed draw term loanSR +6.25%05/202831,274 31,044 31,274 0.3 %
Indigo Buyer, Inc. (dba Inovar Packaging Group)(7)(16)First lien senior secured revolving loanSR +6.25%05/20289,948 9,866 9,948 0.1 %
Pregis Topco LLC(6)(21)First lien senior secured loanSR +4.00%07/202616,827 16,673 16,819 0.1 %
Pregis Topco LLC(6)Second lien senior secured loanSR +7.75%08/20292,500 2,500 2,500 0.0 %
Pregis Topco LLC(6)Second lien senior secured loanSR +6.75%08/202930,000 30,000 30,000 0.3 %
ProAmpac PG Borrower LLC(7)(21)First lien senior secured loanSR +4.00%09/202839,314 39,314 39,373 0.3 %
Ring Container Technologies Group, LLC(6)(21)First lien senior secured loanSR +3.50%08/202816,004 15,967 16,086 0.1 %
SupplyOne, Inc.(6)(21)First lien senior secured loanSR +4.25%04/203119,451 19,291 19,463 0.2 %
Tricorbraun Holdings, Inc.(6)(21)First lien senior secured loanSR +3.25%03/202832,358 31,719 32,273 0.3 %
689,327 690,443 6.0 %
Distribution
ABB/Con-cise Optical Group LLC(7)First lien senior secured loanSR +7.50%02/202833,306 $32,965 $32,557 0.3 %
AI Aqua Merger Sub, Inc. (dba Culligan)(6)(21)First lien senior secured loanSR +3.25%07/202846,407 46,432 46,463 0.4 %
Aramsco, Inc.(7)(21)First lien senior secured loanSR +4.75%10/203044,591 43,716 44,538 0.4 %
Aramsco, Inc.(7)(16)(17)(18)(21)First lien senior secured delayed draw term loanSR +4.75%10/2025  (9)0.0 %
BCPE Empire Holdings, Inc. (dba Imperial-Dade)(6)(21)First lien senior secured loanSR +4.00%01/202762,062 62,043 62,031 0.5 %
BradyPLUS Holdings, LLC (f/k/a BradyIFS Holdings, LLC)(7)First lien senior secured loanSR +6.00%10/2029163,283 161,789 163,283 1.4 %
BradyPLUS Holdings, LLC (f/k/a BradyIFS Holdings, LLC)(7)(16)(18)First lien senior secured delayed draw term loanSR +6.00%10/202511,172 10,986 11,172 0.1 %
BradyPLUS Holdings, LLC (f/k/a BradyIFS Holdings, LLC)(7)(16)(17)First lien senior secured revolving loanSR +6.00%10/2029 (124) 0.0 %
Dealer Tire Financial, LLC(6)First lien senior secured loanSR +3.75%07/203130,415 30,263 30,339 0.3 %
Dealer Tire Financial, LLC(15)(20)(21)Unsecured notes8.00%02/202856,120 55,224 54,285 0.5 %
Endries Acquisition, Inc.(6)First lien senior secured loanSR +5.25%12/202883,702 83,128 83,074 0.7 %
Endries Acquisition, Inc.(6)First lien senior secured delayed draw term loanSR +5.25%12/202817,577 17,460 17,446 0.1 %
Endries Acquisition, Inc.(6)(16)(17)(18)First lien senior secured delayed draw term loanSR +5.25%12/2025 (54)(60)0.0 %
Formerra, LLC(7)First lien senior secured loanSR +7.25%11/20285,184 5,051 5,158 0.0 %
Formerra, LLC(7)First lien senior secured delayed draw term loanSR +7.25%11/2028209 203 208 0.0 %
Formerra, LLC(6)(16)First lien senior secured revolving loanSR +7.25%11/2028158 146 155 0.0 %
Foundation Building Materials, Inc.(7)(21)First lien senior secured loanSR +4.00%11/20284,988 4,938 4,959 0.0 %





10

Blue Owl Credit Income Corp.
Consolidated Schedules of Investments (Continued)
As of June 30, 2024
(Amounts in thousands, except share amounts)
(Unaudited)
Company(1)(2)(3)(19)(28)
InvestmentInterest
Maturity Date
Par/Units
Amortized Cost(4)(24)
Fair Value
Percentage of Net Assets
White Cap Supply Holdings, LLC(6)(21)First lien senior secured loanSR +3.25%10/202946,334 46,218 46,394 0.4 %
600,384 601,993 5.1 %
Education
Community Brands ParentCo, LLC(6)First lien senior secured loanSR +5.50%02/202831,158 $30,744 $31,158 0.3 %
Community Brands ParentCo, LLC(6)(16)(17)First lien senior secured revolving loanSR +5.50%02/2028 (23) 0.0 %
Ellucian Holdings Inc. (f/k/a Sophia, L.P.)(6)(21)First lien senior secured loanSR +3.50%10/202947,936 47,879 48,118 0.4 %
Learning Care Group (US) No. 2 Inc.(7)(21)First lien senior secured loanSR +4.00%08/202822,332 22,332 22,457 0.2 %
Pluralsight, LLC(7)(25)(31)First lien senior secured loanSR +8.00%04/20276,255 6,192 2,940 0.0 %
Pluralsight, LLC(7)(25)(31)First lien senior secured revolving loanSR +8.00%04/2027392 388 184 0.0 %
Renaissance Holding Corp.(7)(21)First lien senior secured loanSR +4.25%04/203031,283 31,265 31,239 0.3 %
Severin Acquisition, LLC (dba PowerSchool)(7)(21)First lien senior secured loanSR +3.00%08/202714,668 14,607 14,705 0.1 %
Spring Education Group, Inc. (fka SSH Group Holdings, Inc.)(7)(21)First lien senior secured loanSR +4.00%10/203015,261 15,261 15,314 0.1 %
168,645 166,115 1.4 %
Energy equipment and services
Dresser Utility Solutions, LLC(6)First lien senior secured loanSR +5.50%03/202982,703 $81,918 $81,876 0.7 %
Dresser Utility Solutions, LLC(6)(16)(18)First lien senior secured delayed draw term loanSR +5.50%09/2025   0.0 %
Dresser Utility Solutions, LLC(6)(16)(17)First lien senior secured revolving loanSR +5.50%03/2029 (99)(106)0.0 %
Pike Corp.(6)(21)First lien senior secured loanSR +3.00%01/20285,991 5,980 6,000 0.1 %
87,799 87,770 0.8 %
Financial services
Acuris Finance US, Inc.(7)(20)(21)First lien senior secured loanSR +4.00%02/202810,500 $10,447 $10,496 0.1 %
Ascensus Holdings, Inc.(6)(21)First lien senior secured loanSR +3.50%08/202811,937 11,854 11,925 0.1 %
Baker Tilly Advisory Group, L.P.(6)First lien senior secured loanSR +5.00%06/203195,158 93,743 93,731 0.8 %
Baker Tilly Advisory Group, L.P.(6)(16)(17)(18)First lien senior secured delayed draw term loanSR +5.00%06/2026 (141)(143)0.0 %
Baker Tilly Advisory Group, L.P.(6)(16)(17)First lien senior secured revolving loanSR +5.00%06/2030 (309)(314)0.0 %
Blackhawk Network Holdings, Inc.(6)(21)First lien senior secured loanSR +5.00%03/202975,000 73,515 75,143 0.6 %
BTRS HOLDINGS INC.(7)First lien senior secured loanSR +8.00%12/202810,850 10,586 10,796 0.1 %
BTRS HOLDINGS INC.(7)(16)(18)First lien senior secured delayed draw term loanSR +8.00%12/2024680 680 676 0.0 %
BTRS HOLDINGS INC.(7)(16)First lien senior secured revolving loanSR +7.25%12/2028434 408 428 0.0 %
Chrysaor Bidco s.à r.l. (dba AlterDomus)(6)(20)(21)(22)First lien senior secured loanSR +3.50%05/20319,311 9,311 9,340 0.1 %
Chrysaor Bidco s.à r.l. (dba AlterDomus)(6)(16)(18)(20)(21)(22)First lien senior secured delayed draw term loanSR +3.50%05/2026   0.0 %
Computer Services, Inc.(7)First lien senior secured loanSR +5.25%11/202952,787 52,155 52,787 0.0 %
Computer Services, Inc.(7)(16)(17)(18)First lien senior secured delayed draw term loanSR +5.25%02/2026 (59) 0.0 %
Cresset Capital Management, LLC(7)First lien senior secured loanSR +5.00%06/203015,672 15,516 15,515 0.1 %





11

Blue Owl Credit Income Corp.
Consolidated Schedules of Investments (Continued)
As of June 30, 2024
(Amounts in thousands, except share amounts)
(Unaudited)
Company(1)(2)(3)(19)(28)
InvestmentInterest
Maturity Date
Par/Units
Amortized Cost(4)(24)
Fair Value
Percentage of Net Assets
Cresset Capital Management, LLC(7)(16)(18)First lien senior secured delayed draw term loanSR +5.00%09/2025   0.0 %
Cresset Capital Management, LLC(7)(16)(18)First lien senior secured delayed draw term loanSR +5.00%06/2026   0.0 %
Cresset Capital Management, LLC(7)(16)(17)First lien senior secured revolving loanSR +5.00%06/2029 (22)(22)0.0 %
Deerfield Dakota Holdings(7)(21)First lien senior secured loanSR +3.75%04/202772,723 72,390 72,635 0.6 %
Deerfield Dakota Holdings(7)(21)Second lien senior secured loanSR +6.75%04/202721,476 21,502 21,422 0.2 %
Finastra USA, Inc.(7)(22)First lien senior secured loanSR +7.25%09/2029164,351 162,742 164,351 1.4 %
Finastra USA, Inc.(6)(16)(22)First lien senior secured revolving loanSR +7.25%09/20291,810 1,639 1,810 0.0 %
Grant Thornton Advisors LLC(7)(20)(21)First lien senior secured loanSR +3.25%06/203120,000 20,000 20,050 0.2 %
Klarna Holding AB(7)(22)Unsecured notesSR +7.00%04/20341,000 1,000 1,000 0.0 %
KRIV Acquisition Inc. (dba Riveron)(7)First lien senior secured loanSR +6.50%07/202980,889 78,755 80,282 0.7 %
KRIV Acquisition Inc. (dba Riveron)(7)(16)(17)(18)First lien senior secured delayed draw term loanSR +6.50%07/2025 (152) 0.0 %
KRIV Acquisition Inc. (dba Riveron)(7)(16)(17)First lien senior secured revolving loanSR +6.50%07/2029 (274)(82)0.0 %
Minotaur Acquisition, Inc. (dba Inspira Financial)(7)First lien senior secured loanSR +5.00%06/2030251,762 249,281 249,245 2.1 %
Minotaur Acquisition, Inc. (dba Inspira Financial)(7)(16)(17)(18)First lien senior secured delayed draw term loanSR +5.00%05/2026 (205)(210)0.0 %
Minotaur Acquisition, Inc. (dba Inspira Financial)(7)(16)(17)(18)First lien senior secured delayed draw term loanSR +5.00%05/2025 (205)(210)0.0 %
Minotaur Acquisition, Inc. (dba Inspira Financial)(7)(16)(17)First lien senior secured revolving loanSR +5.00%06/2030 (252)(258)0.0 %
NMI Acquisitionco, Inc. (dba Network Merchants)(6)First lien senior secured loanSR +5.25%09/20289,241 9,202 9,241 0.0 %
NMI Acquisitionco, Inc. (dba Network Merchants)(6)First lien senior secured delayed draw term loanSR +5.25%09/20283,000 2,984 3,000 0.0 %
NMI Acquisitionco, Inc. (dba Network Merchants)(6)(16)(17)First lien senior secured revolving loanSR +5.25%09/2028 (3) 0.0 %
OneDigital Borrower LLC(6)(21)First lien senior secured loanSR +3.25%06/203187,700 87,380 87,314 0.7 %
OneDigital Borrower LLC(6)Second lien senior secured loanSR +5.25%06/203233,800 33,631 33,631 0.3 %
Saphilux S.a.r.L. (dba IQ-EQ)(8)(22)First lien senior secured loanSR +4.00%07/202824,378 24,378 24,499 0.2 %
Smarsh Inc.(7)First lien senior secured loanSR +5.75%02/202983,048 82,438 83,048 0.7 %
Smarsh Inc.(7)(16)(18)First lien senior secured delayed draw term loanSR +5.75%02/202510,381 10,235 10,381 0.1 %
Smarsh Inc.(6)(16)First lien senior secured revolving loanSR +5.75%02/2029399 393 399 0.0 %
Teneo Holdings LLC(6)(21)First lien senior secured loanSR +4.75%03/203114,963 14,818 14,982 0.1 %
1,149,361 1,156,888 9.2 %
Food and beverage
Balrog Acquisition, Inc. (dba Bakemark)(6)(21)First lien senior secured loanSR +4.00%09/202813,650 $13,557 $13,582 0.1 %
Balrog Acquisition, Inc. (dba Bakemark)(6)Second lien senior secured loanSR +7.00%09/20296,000 5,963 6,000 0.1 %
Blast Bidco Inc. (dba Bazooka Candy Brands)(7)First lien senior secured loanSR +6.00%10/203035,731 34,903 35,642 0.3 %
Blast Bidco Inc. (dba Bazooka Candy Brands)(7)(16)(17)First lien senior secured revolving loanSR +6.00%10/2029 (92)(10)0.0 %





12

Blue Owl Credit Income Corp.
Consolidated Schedules of Investments (Continued)
As of June 30, 2024
(Amounts in thousands, except share amounts)
(Unaudited)
Company(1)(2)(3)(19)(28)
InvestmentInterest
Maturity Date
Par/Units
Amortized Cost(4)(24)
Fair Value
Percentage of Net Assets
Dessert Holdings(6)(21)First lien senior secured loanSR +4.00%06/202819,499 19,433 18,427 0.2 %
Fiesta Purchaser, Inc. (dba Shearer's Foods)(6)(21)First lien senior secured loanSR +4.00%02/203175,000 71,662 75,458 0.6 %
Fiesta Purchaser, Inc. (dba Shearer's Foods)(6)(16)(17)First lien senior secured revolving loanSR +4.50%02/2029 (345) 0.0 %
Gehl Foods, LLC(6)First lien senior secured loanSR +6.25%06/2030118,258 117,077 117,075 1.0 %
Gehl Foods, LLC(6)(16)(17)(18)First lien senior secured delayed draw term loanSR +6.25%12/2025 (45)(45)0.0 %
Hissho Sushi Merger Sub, LLC(7)First lien senior secured loanSR +5.50%05/2028111,413 110,622 111,413 0.9 %
Hissho Sushi Merger Sub, LLC(7)(16)(17)First lien senior secured revolving loanSR +5.50%05/2028 (57) 0.0 %
Innovation Ventures HoldCo, LLC(6)First lien senior secured loanSR +6.25%03/2027165,000 163,523 162,525 1.4 %
Innovation Ventures HoldCo, LLC(6)First lien senior secured delayed draw term loanSR +6.25%03/202755,000 54,238 54,175 0.5 %
Innovation Ventures HoldCo, LLC (dba 5 Hour Energy)(6)First lien senior secured delayed draw term loanSR +6.25%03/202755,000 54,238 54,175 0.5 %
KBP Brands, LLC(7)First lien senior secured loanSR +5.50%05/202714,644 14,531 14,460 0.1 %
KBP Brands, LLC(7)(16)(18)First lien senior secured delayed draw term loanSR +5.50%05/202633,623 33,236 33,103 0.3 %
Ole Smoky Distillery, LLC(6)First lien senior secured loanSR +5.50%03/202830,323 29,890 30,095 0.2 %
Ole Smoky Distillery, LLC(6)(16)(17)First lien senior secured revolving loanSR +5.25%03/2028 (41)(25)0.0 %
Pegasus BidCo B.V.(7)(21)(22)First lien senior secured loanSR +3.75%07/202916,562 16,562 16,638 0.1 %
Rushmore Investment III LLC (dba Winland Foods)(7)First lien senior secured loanSR +6.25%10/2030472,017 465,024 472,017 4.0 %
Tacala, LLC(6)(21)First lien senior secured loanSR +4.00%01/203134,913 34,825 35,014 0.3 %
Ultimate Baked Goods Midco, LLC(6)First lien senior secured loanSR +6.25%08/202716,088 15,851 16,088 0.1 %
Ultimate Baked Goods Midco, LLC(6)(16)First lien senior secured revolving loanSR +6.25%08/2027375 349 375 0.0 %
1,254,904 1,266,182 10.7 %
Healthcare equipment and services
Azalea TopCo, Inc. (dba Press Ganey)(6)(21)First lien senior secured loanSR +3.50%04/203180,000 $79,216 $79,904 0.7 %
Bamboo US BidCo LLC(7)First lien senior secured loanSR +
6.75% (3.38% PIK)
09/203097,787 95,130 96,076 0.8 %
Bamboo US BidCo LLC(7)(16)(18)First lien senior secured delayed draw term loanSR +
6.75% (3.38% PIK)
03/20252,873 2,629 2,792 0.0 %
Bamboo US BidCo LLC(7)(16)(17)First lien senior secured revolving loanSR +6.00%10/2029 (528)(352)0.0 %
Bamboo US BidCo LLC(11)First lien senior secured EUR term loanE +
6.75% (3.38% PIK)
09/203060,842 62,897 64,229 0.5 %
Canadian Hospital Specialties Limited(10)(22)First lien senior secured loanC +4.50%04/2028C$4,347 3,437 3,066 0.0 %
Canadian Hospital Specialties Limited(10)(22)First lien senior secured delayed draw term loanC +4.50%04/2028C$512 405 361 0.0 %
Canadian Hospital Specialties Limited(10)(22)First lien senior secured revolving loanC +4.50%04/2027C$594 473 418 0.0 %
Confluent Medical Technologies, Inc.(7)First lien senior secured loanSR +3.75%02/202994,242 93,558 94,006 0.8 %
CSC MKG Topco LLC (dba Medical Knowledge Group)(6)First lien senior secured loanSR +5.75%02/202999,276 97,805 98,284 0.8 %





13

Blue Owl Credit Income Corp.
Consolidated Schedules of Investments (Continued)
As of June 30, 2024
(Amounts in thousands, except share amounts)
(Unaudited)
Company(1)(2)(3)(19)(28)
InvestmentInterest
Maturity Date
Par/Units
Amortized Cost(4)(24)
Fair Value
Percentage of Net Assets
DERMATOLOGY INTERMEDIATE HOLDINGS III, INC(7)(21)First lien senior secured loanSR +4.25%03/202915,358 15,113 14,856 0.1 %
Medline Borrower, LP(6)(21)First lien senior secured loanSR +2.75%10/202822,261 22,261 22,290 0.2 %
Medline Borrower, LP(6)(16)First lien senior secured revolving loanSR +3.00%10/2026   0.0 %
Natus Medical Incorporated(7)First lien senior secured loanSR +5.50%07/2029493 465 481 0.0 %
Nelipak Holding Company(7)First lien senior secured loanSR +5.50%03/203130,536 30,089 30,154 0.3 %
Nelipak Holding Company(7)(16)(17)(18)First lien senior secured delayed draw term loanSR +5.50%03/2027 (85)(59)0.0 %
Nelipak Holding Company(6)(16)First lien senior secured revolving loanSR +5.50%03/20313,343 3,216 3,233 0.0 %
NELIPAK EUROPEAN HOLDINGS COÖPERATIEF U.A.(11)(16)First lien senior secured revolving loanE +5.50%03/2031352 318 323 0.0 %
NELIPAK EUROPEAN HOLDINGS COÖPERATIEF U.A.(11)First lien senior secured EUR term loanE +5.50%03/203155,917 59,665 59,180 0.5 %
NELIPAK EUROPEAN HOLDINGS COÖPERATIEF U.A.(11)(16)(17)(18)First lien senior secured EUR delayed draw term loanE +5.50%03/2027 (169)(116)0.0 %
Packaging Coordinators Midco, Inc.(7)(21)First lien senior secured loanSR +3.25%11/202762,060 62,060 62,215 0.5 %
Patriot Acquisition TopCo S.A.R.L (dba Corza Health, Inc.)(7)(22)First lien senior secured loanSR +5.25%01/202840,132 39,733 40,132 0.3 %
Patriot Acquisition TopCo S.A.R.L (dba Corza Health, Inc.)(7)(22)First lien senior secured delayed draw term loanSR +5.25%01/2028595 589 595 0.0 %
Patriot Acquisition TopCo S.A.R.L (dba Corza Health, Inc.)(7)(16)(17)(18)(20)(22)First lien senior secured delayed draw term loanSR +5.25%08/2025 (77) 0.0 %
Patriot Acquisition TopCo S.A.R.L (dba Corza Health, Inc.)(7)(16)(17)(22)First lien senior secured revolving loanSR +5.25%01/2028 (1) 0.0 %
PERKINELMER U.S. LLC(6)First lien senior secured loanSR +5.00%03/2029140,542 140,473 140,289 1.2 %
PERKINELMER U.S. LLC(6)(16)(17)(18)First lien senior secured delayed draw term loanSR +5.00%05/2026 (104) 0.0 %
Resonetics, LLC(6)(21)First lien senior secured loanSR +3.75%06/2031100,000 99,752 100,130 0.8 %
Rhea Parent, Inc.(7)First lien senior secured loanSR +5.50%02/202976,213 75,097 76,213 0.6 %
Zest Acquisition Corp.(7)First lien senior secured loanSR +5.50%02/202819,635 19,066 19,733 0.2 %
1,002,483 1,008,433 8.3 %
Healthcare providers and services
Allied Benefit Systems Intermediate LLC(6)First lien senior secured loanSR +5.25%10/203017,708 $17,461 $17,575 0.1 %
Allied Benefit Systems Intermediate LLC(6)(16)(17)(18)First lien senior secured delayed draw term loanSR +5.25%10/2025 (22) 0.0 %
Belmont Buyer, Inc. (dba Valenz)(8)First lien senior secured loanSR +6.50%06/202955,738 54,764 55,738 0.5 %
Belmont Buyer, Inc. (dba Valenz)(8)(16)(18)First lien senior secured delayed draw term loanSR +6.50%12/202411,805 11,558 11,805 0.1 %
Belmont Buyer, Inc. (dba Valenz)(8)(16)(17)First lien senior secured revolving loanSR +6.50%06/2029 (110) 0.0 %
Confluent Health, LLC(6)First lien senior secured loanSR +5.00%11/202819,950 19,389 19,701 0.2 %
Covetrus, Inc.(7)(21)First lien senior secured loanSR +5.00%10/202910,359 9,895 9,994 0.1 %
Covetrus, Inc.(7)Second lien senior secured loanSR +9.25%10/2030160,000 157,168 156,400 1.3 %
Diagnostic Services Holdings, Inc. (dba Rayus Radiology)(6)First lien senior secured loanSR +5.50%03/2025119,762 119,762 119,762 0.0 %





14

Blue Owl Credit Income Corp.
Consolidated Schedules of Investments (Continued)
As of June 30, 2024
(Amounts in thousands, except share amounts)
(Unaudited)
Company(1)(2)(3)(19)(28)
InvestmentInterest
Maturity Date
Par/Units
Amortized Cost(4)(24)
Fair Value
Percentage of Net Assets
Engage Debtco Limited(7)(22)First lien senior secured loanSR +
6.00% (2.50% PIK)
07/202962,002 60,808 61,072 0.5 %
Engage Debtco Limited(7)(20)(22)First lien senior secured loanSR +
7.50% (4.00% PIK)
07/202931,304 30,542 31,147 0.3 %
Engage Debtco Limited(7)(22)First lien senior secured delayed draw term loanSR +
6.00% (2.50% PIK)
07/202920,130 19,771 19,837 0.2 %
Ex Vivo Parent Inc. (dba OB Hospitalist)(7)First lien senior secured loanSR +
9.75% PIK
09/202839,062 38,631 38,867 0.3 %
HAH Group Holding Company LLC (dba Help at Home)(6)First lien senior secured delayed draw term loanSR +5.00%10/202711,880 11,663 11,910 0.1 %
KWOL Acquisition Inc. (dba Worldwide Clinical Trials)(8)First lien senior secured loanSR +6.25%12/2029164,012 160,988 163,192 1.4 %
KWOL Acquisition Inc. (dba Worldwide Clinical Trials)(7)(16)First lien senior secured revolving loanSR +6.25%12/20295,581 5,181 5,470 0.0 %
Maple Acquisition, LLC (dba Medicus)(7)First lien senior secured loanSR +5.25%05/2031112,466 111,629 111,622 0.9 %
Maple Acquisition, LLC (dba Medicus)(7)(16)(17)(18)First lien senior secured delayed draw term loanSR +5.25%05/2026 (76)(77)0.0 %
Maple Acquisition, LLC (dba Medicus)(7)(16)(17)First lien senior secured revolving loanSR +5.25%05/2030 (113)(115)0.0 %
MED ParentCo, LP(6)(21)First lien senior secured loanSR +4.00%04/203135,000 34,829 34,955 0.3 %
MJH Healthcare Holdings, LLC(6)(21)First lien senior secured loanSR +3.50%01/202919,550 19,495 19,489 0.2 %
Natural Partners, LLC(7)(22)First lien senior secured loanSR +4.50%11/202767,641 66,757 67,641 0.6 %
Natural Partners, LLC(7)(16)(22)First lien senior secured revolving loanSR +4.50%11/20272,025 1,965 2,025 0.0 %
Neptune Holdings, Inc. (dba NexTech)(7)First lien senior secured loanSR +5.75%08/203030,728 30,023 30,497 0.3 %
Neptune Holdings, Inc. (dba NexTech)(7)(16)(17)First lien senior secured revolving loanSR +6.00%08/2029 (91)(31)0.0 %
OB Hospitalist Group, Inc.(7)First lien senior secured loanSR +5.50%09/202760,112 59,385 59,811 0.5 %
OB Hospitalist Group, Inc.(7)(16)First lien senior secured revolving loanSR +5.50%09/20273,623 3,537 3,583 0.0 %
OneOncology, LLC(7)First lien senior secured loanSR +6.25%06/203070,810 69,861 70,810 0.6 %
OneOncology, LLC(7)First lien senior secured delayed draw term loanSR +6.25%06/203026,754 26,292 26,754 0.2 %
OneOncology, LLC(7)(16)(17)(18)First lien senior secured delayed draw term loanSR +5.00%06/2025 (131)(134)0.0 %
OneOncology, LLC(7)(16)(17)First lien senior secured revolving loanSR +6.25%06/2029 (176) 0.0 %
Pacific BidCo Inc.(7)(22)First lien senior secured loanSR +
5.75% (3.20% PIK)
08/2029166,853 163,646 165,601 1.4 %
Pacific BidCo Inc.(8)(22)First lien senior secured delayed draw term loanSR +5.75%08/202917,905 17,521 17,771 0.2 %
Pediatric Associates Holding Company, LLC(6)(21)First lien senior secured loanSR +3.25%12/202832,393 31,339 31,246 0.3 %
Pediatric Associates Holding Company, LLC(6)First lien senior secured loanSR +4.50%12/202827,556 26,541 27,280 0.2 %
PetVet Care Centers, LLC(6)First lien senior secured loanSR +6.00%11/2030241,750 239,485 238,124 2.0 %
PetVet Care Centers, LLC(6)(16)(17)(18)First lien senior secured delayed draw term loanSR +6.00%11/2025 (144)(158)0.0 %
PetVet Care Centers, LLC(6)(16)(17)First lien senior secured revolving loanSR +6.00%11/2029 (318)(499)0.0 %
Phoenix Newco, Inc. (dba Parexel)(6)(21)First lien senior secured loanSR +3.25%11/202869,296 69,105 69,406 0.6 %





15

Blue Owl Credit Income Corp.
Consolidated Schedules of Investments (Continued)
As of June 30, 2024
(Amounts in thousands, except share amounts)
(Unaudited)
Company(1)(2)(3)(19)(28)
InvestmentInterest
Maturity Date
Par/Units
Amortized Cost(4)(24)
Fair Value
Percentage of Net Assets
Physician Partners, LLC(8)First lien senior secured loanSR +5.50%12/2028124,375 118,422 93,903 0.8 %
Physician Partners, LLC(8)(21)First lien senior secured loanSR +4.00%12/202827,173 26,394 19,437 0.2 %
Plasma Buyer LLC (dba PathGroup)(7)First lien senior secured loanSR +5.75%05/2029108,205 106,554 106,852 0.9 %
Plasma Buyer LLC (dba PathGroup)(7)(16)(18)First lien senior secured delayed draw term loanSR +6.25%09/20251,630 1,585 1,603 0.0 %
Plasma Buyer LLC (dba PathGroup)(7)(16)First lien senior secured revolving loanSR +5.75%05/20286,853 6,695 6,700 0.1 %
PPV Intermediate Holdings, LLC(7)First lien senior secured loanSR +5.75%08/2029163,397 160,776 161,354 1.4 %
PPV Intermediate Holdings, LLC(7)(16)(18)First lien senior secured delayed draw term loanSR +6.00%09/20255,038 4,970 4,987 0.0 %
PPV Intermediate Holdings, LLC(7)(16)(17)First lien senior secured revolving loanSR +5.75%08/2029 (175)(148)0.0 %
Premise Health Holding(8)First lien senior secured loanSR +5.50%03/203170,483 69,461 69,778 0.6 %
Premise Health Holding(8)(16)(17)First lien senior secured revolving loanSR +5.50%03/2030 (116)(82)0.0 %
Quva Pharma, Inc.(6)First lien senior secured loanSR +5.50%04/20284,420 4,339 4,420 0.0 %
Quva Pharma, Inc.(6)(16)First lien senior secured revolving loanSR +5.50%04/2026255 250 255 0.0 %
Soliant Lower Intermediate, LLC (dba Soliant)(6)(21)First lien senior secured loanSR +3.75%06/203170,000 67,043 69,825 0.6 %
Surgery Center Holdings, Inc.(6)(21)(22)First lien senior secured loanSR +3.50%12/20302,000 2,000 2,003 0.0 %
TC Holdings, LLC (dba TrialCard)(7)First lien senior secured loanSR +5.00%04/202763,438 63,049 63,438 0.5 %
TC Holdings, LLC (dba TrialCard)(7)(16)(17)First lien senior secured revolving loanSR +5.00%04/2027 (43) 0.0 %
Team Services Group, LLC(8)First lien senior secured loanSR +5.00%12/202714,923 14,855 14,886 0.1 %
Tivity Health, Inc.(6)First lien senior secured loanSR +6.00%06/2029149,340 146,434 149,340 1.3 %
Unified Women's Healthcare, LP(6)First lien senior secured loanSR +5.25%06/202982,454 81,979 82,454 0.7 %
Unified Women's Healthcare, LP(6)First lien senior secured loanSR +5.50%06/202966,877 66,415 66,877 0.6 %
Unified Women's Healthcare, LP(6)(16)(17)(18)First lien senior secured delayed draw term loanSR +5.25%03/2026 (256) 0.0 %
Unified Women's Healthcare, LP(6)(16)(17)(18)First lien senior secured delayed draw term loanSR +5.50%10/2025 (14) 0.0 %
Unified Women's Healthcare, LP(6)(16)(17)First lien senior secured revolving loanSR +5.25%06/2029 (43) 0.0 %
Vermont Aus Pty Ltd(7)(22)First lien senior secured loanSR +5.65%03/202853,274 52,364 52,874 0.4 %
WCG Intermediate Corp. (f/k/a Da Vinci Purchaser Corp.) (dba WCG)(6)(20)(21)First lien senior secured loanSR +3.50%01/20272,244 2,244 2,244 0.0 %
XRL 1 LLC (dba XOMA)(15)First lien senior secured loan9.88%12/203856,873 55,860 54,882 0.5 %
XRL 1 LLC (dba XOMA)(15)(16)(17)(18)First lien senior secured delayed draw term loan9.88%12/2025 (65)(158)0.0 %
2,738,787 2,725,795 22.1 %
Healthcare technology
Athenahealth Group Inc.(6)(21)First lien senior secured loanSR +3.25%02/202946,244 $45,924 $46,041 0.4 %
BCPE Osprey Buyer, Inc. (dba PartsSource)(7)First lien senior secured loanSR +5.75%08/202852,953 52,393 52,555 0.4 %





16

Blue Owl Credit Income Corp.
Consolidated Schedules of Investments (Continued)
As of June 30, 2024
(Amounts in thousands, except share amounts)
(Unaudited)
Company(1)(2)(3)(19)(28)
InvestmentInterest
Maturity Date
Par/Units
Amortized Cost(4)(24)
Fair Value
Percentage of Net Assets
BCPE Osprey Buyer, Inc. (dba PartsSource)(6)(16)(18)First lien senior secured delayed draw term loanSR +5.75%10/20254,603 4,332 4,568 0.0 %
BCPE Osprey Buyer, Inc. (dba PartsSource)(6)First lien senior secured delayed draw term loanSR +5.75%08/20286,407 6,327 6,359 0.1 %
BCPE Osprey Buyer, Inc. (dba PartsSource)(6)(16)First lien senior secured revolving loanSR +5.75%08/20262,483 2,451 2,448 0.0 %
Bracket Intermediate Holding Corp.(7)(21)First lien senior secured loanSR +5.00%05/202849,500 48,295 49,644 0.4 %
Color Intermediate, LLC(7)First lien senior secured loanSR +5.50%10/20299,119 8,970 9,119 0.1 %
Cotiviti, Inc.(6)(21)First lien senior secured loanSR +3.25%05/203199,750 99,271 99,132 0.8 %
Ensemble RCM, LLC(7)(21)(22)First lien senior secured loanSR +3.00%08/202912,481 12,394 12,430 0.1 %
GHX Ultimate Parent Corporation (dba Global Healthcare Exchange)(7)First lien senior secured loanSR +4.00%06/202716,107 16,088 16,187 0.1 %
GI Ranger Intermediate, LLC (dba Rectangle Health)(7)First lien senior secured loanSR +6.00%10/202817,782 17,537 17,471 0.1 %
GI Ranger Intermediate, LLC (dba Rectangle Health)(7)First lien senior secured delayed draw term loanSR +6.00%10/20286,925 6,833 6,803 0.0 %
GI Ranger Intermediate, LLC (dba Rectangle Health)(7)(16)(17)First lien senior secured revolving loanSR +6.00%10/2027 (19)(29)0.0 %
Iconic IMO Merger Sub, Inc.(7)First lien senior secured loanSR +5.50%05/202920,481 20,169 20,430 0.2 %
Iconic IMO Merger Sub, Inc.(7)First lien senior secured delayed draw term loanSR +5.50%05/20292,617 2,576 2,611 0.0 %
Iconic IMO Merger Sub, Inc.(7)(16)(17)First lien senior secured revolving loanSR +6.00%05/2028 (32)(6)0.0 %
Imprivata, Inc.(7)(21)First lien senior secured loanSR +3.50%12/202710,397 10,397 10,437 0.1 %
Imprivata, Inc.(7)Second lien senior secured loanSR +6.25%12/202850,294 49,791 50,294 0.4 %
Indikami Bidco, LLC (dba IntegriChain)(6)First lien senior secured loanSR +
6.50% (2.50% PIK)
12/203037,867 37,067 37,299 0.3 %
Indikami Bidco, LLC (dba IntegriChain)(6)(16)(17)(18)First lien senior secured delayed draw term loanSR +6.00%12/2025 (49) 0.0 %
Indikami Bidco, LLC (dba IntegriChain)(6)(16)First lien senior secured revolving loanSR +6.00%06/20301,689 1,592 1,619 0.0 %
Ocala Bidco, Inc.(7)First lien senior secured loanSR +
6.25% (2.75% PIK)
11/202884,791 83,427 83,731 0.7 %
Ocala Bidco, Inc.(7)First lien senior secured delayed draw term loanSR +
6.25% (2.75% PIK)
11/20286,454 6,335 6,373 0.1 %
Ocala Bidco, Inc.(7)Second lien senior secured loanSR +
10.50% PIK
11/203353,359 52,680 52,825 0.4 %
Intelerad Medical Systems Incorporated (fka 11849573 Canada Inc.)(7)(22)First lien senior secured loanSR +6.50%08/202629,625 29,436 28,959 0.2 %
Intelerad Medical Systems Incorporated (fka 11849573 Canada Inc.)(6)(22)First lien senior secured revolving loanSR +6.50%08/20262,049 2,040 2,003 0.0 %
Interoperability Bidco, Inc. (dba Lyniate)(7)First lien senior secured loanSR +7.00%03/202865,279 65,058 64,300 0.5 %
Interoperability Bidco, Inc. (dba Lyniate)(7)(16)(17)(18)First lien senior secured delayed draw term loanSR +7.00%06/2026  (76)0.0 %
Interoperability Bidco, Inc. (dba Lyniate)(7)First lien senior secured delayed draw term loanSR +7.00%03/202812,467 12,414 12,280 0.1 %
Interoperability Bidco, Inc. (dba Lyniate)(7)(16)(17)First lien senior secured revolving loanSR +7.00%03/2028 (14)(90)0.0 %
PointClickCare Technologies, Inc.(7)(21)(22)First lien senior secured loanSR +3.00%12/202719,600 19,600 19,674 0.2 %





17

Blue Owl Credit Income Corp.
Consolidated Schedules of Investments (Continued)
As of June 30, 2024
(Amounts in thousands, except share amounts)
(Unaudited)
Company(1)(2)(3)(19)(28)
InvestmentInterest
Maturity Date
Par/Units
Amortized Cost(4)(24)
Fair Value
Percentage of Net Assets
Project Ruby Ultimate Parent Corp. (dba Wellsky)(6)(21)First lien senior secured loanSR +3.25%03/202819,687 19,302 19,703 0.2 %
Project Ruby Ultimate Parent Corp. (dba Wellsky)(6)(21)First lien senior secured loanSR +3.50%03/202874,813 74,438 74,910 0.6 %
RL Datix Holdings (USA), Inc. (dba Datix Bidco Limited)(13)First lien senior secured GBP term loanSA +5.50%04/2031£30,608 37,855 38,304 0.3 %
RL Datix Holdings (USA), Inc.(8)First lien senior secured loanSR +5.50%04/203166,094 65,444 65,433 0.6 %
RL Datix Holdings (USA), Inc.(8)(16)(18)First lien senior secured delayed draw term loanSR +5.50%04/2027   0.0 %
RL Datix Holdings (USA), Inc.(8)(16)(17)First lien senior secured revolving loanSR +5.50%10/2030 (127)(131)0.0 %
Zelis Cost Management Buyer, Inc.(6)(21)First lien senior secured loanSR +2.75%09/20294,988 4,964 4,982 0.0 %
915,159 918,592 7.4 %
Household products
Aptive Environmental, LLC(15)First lien senior secured loan
12.00% (6.00% PIK)
01/20269,368 $8,598 $9,532 0.1 %
Home Service TopCo IV, Inc.(7)First lien senior secured loanSR +6.00%12/202736,106 35,813 36,106 0.3 %
Home Service TopCo IV, Inc.(7)(16)(17)(18)First lien senior secured delayed draw term loanSR +6.00%12/2024 (32) 0.0 %
Home Service TopCo IV, Inc.(7)(16)(17)First lien senior secured revolving loanSR +6.00%12/2027 (26) 0.0 %
Mario Purchaser, LLC (dba Len the Plumber)(6)First lien senior secured loanSR +5.75%04/202974,761 73,630 74,761 0.6 %
Mario Purchaser, LLC (dba Len the Plumber)(6)First lien senior secured delayed draw term loanSR +5.75%04/202939,805 39,188 39,805 0.3 %
Mario Purchaser, LLC (dba Len the Plumber)(6)(16)(18)First lien senior secured delayed draw term loanSR +5.75%10/20252,673 2,390 2,673 0.0 %
Mario Purchaser, LLC (dba Len the Plumber)(6)(16)First lien senior secured revolving loanSR +5.75%04/2028536 434 536 0.0 %
Mario Midco Holdings, Inc. (dba Len the Plumber)(6)Unsecured facilitySR +
10.75% PIK
04/203230,213 29,636 30,213 0.3 %
SimpliSafe Holding Corporation(6)First lien senior secured loanSR +6.25%05/2028125,827 124,057 125,827 1.1 %
SimpliSafe Holding Corporation(6)First lien senior secured delayed draw term loanSR +6.25%05/202816,007 15,758 16,007 0.1 %
Southern Air & Heat Holdings, LLC(7)First lien senior secured loanSR +4.75%10/20271,063 1,053 1,063 0.0 %
Southern Air & Heat Holdings, LLC(8)First lien senior secured delayed draw term loanSR +4.75%10/20271,109 1,100 1,109 0.0 %
Southern Air & Heat Holdings, LLC(8)(16)(18)First lien senior secured delayed draw term loanSR +5.25%07/202510,579 9,602 10,579 0.1 %
Southern Air & Heat Holdings, LLC(7)(16)First lien senior secured revolving loanSR +4.75%10/202762 60 62 0.0 %
Walker Edison Furniture Company LLC(7)(25)(31)First lien senior secured loanSR +
6.75% PIK
03/20273,054 2,454 2,077 0.0 %
Walker Edison Furniture Company LLC(7)(25)(31)First lien senior secured delayed draw term loanSR +
6.75% PIK
03/2027360 333 245 0.0 %
Walker Edison Furniture Company LLC(7)(16)(18)(25)(31)First lien senior secured delayed draw term loanSR +
6.75% PIK
03/2027560 550 290 0.0 %
Walker Edison Furniture Company LLC(7)(25)(31)First lien senior secured revolving loanSR +
6.25% PIK
03/20271,333 1,333 1,093 0.0 %
345,931 351,978 2.9 %
Human resource support services
AQ Carver Buyer, Inc. (dba CoAdvantage)(7)(21)First lien senior secured loanSR +5.50%08/202922,331 $21,918 $22,394 0.2 %





18

Blue Owl Credit Income Corp.
Consolidated Schedules of Investments (Continued)
As of June 30, 2024
(Amounts in thousands, except share amounts)
(Unaudited)
Company(1)(2)(3)(19)(28)
InvestmentInterest
Maturity Date
Par/Units
Amortized Cost(4)(24)
Fair Value
Percentage of Net Assets
Cast & Crew Payroll, LLC(6)(21)First lien senior secured loanSR +3.75%02/202924,936 24,818 24,934 0.2 %
Cornerstone OnDemand, Inc.(6)(20)(21)First lien senior secured loanSR +3.75%10/202819,550 19,484 18,418 0.2 %
Cornerstone OnDemand, Inc.(6)Second lien senior secured loanSR +6.50%10/202944,583 44,088 40,794 0.3 %
IG Investments Holdings, LLC (dba Insight Global)(7)First lien senior secured loanSR +6.00%09/202847,839 47,209 47,600 0.0 %
IG Investments Holdings, LLC (dba Insight Global)(7)(16)(17)First lien senior secured revolving loanSR +6.00%09/2027 (62)(24)0.0 %
iSolved, Inc.(6)(21)First lien senior secured loanSR +3.50%10/203027,431 27,431 27,456 0.2 %
UKG Inc. (dba Ultimate Software)(6)(21)First lien senior secured loanSR +3.25%02/203140,625 40,580 40,759 0.3 %
225,466 222,331 1.4 %
Infrastructure and environmental services
AWP Group Holdings, Inc.(7)First lien senior secured loanSR +5.50%12/202934,745 $34,227 $34,397 0.3 %
AWP Group Holdings, Inc.(7)(16)(18)First lien senior secured delayed draw term loanSR +5.50%08/20253,650 3,584 3,613 0.0 %
AWP Group Holdings, Inc.(7)(16)First lien senior secured revolving loanSR +5.50%12/20292,728 2,641 2,670 0.0 %
Azuria Water Solutions, Inc. (f/k/a Aegion Corporation)(6)(20)(21)First lien senior secured loanSR +4.25%05/202847,033 47,033 47,170 0.4 %
FR Vision Holdings, Inc. (dba CHA Consulting)(7)First lien senior secured loanSR +5.50%01/203145,672 45,236 45,444 0.4 %
FR Vision Holdings, Inc. (dba CHA Consulting)(7)(16)(18)First lien senior secured delayed draw term loanSR +5.50%01/20263,845 3,740 3,826 0.0 %
FR Vision Holdings, Inc. (dba CHA Consulting)(7)(16)(17)First lien senior secured revolving loanSR +5.50%01/2030 (34)(18)0.0 %
GI Apple Midco LLC (dba Atlas Technical Consultants)(6)First lien senior secured loanSR +6.75%04/203081,547 80,279 80,935 0.7 %
GI Apple Midco LLC (dba Atlas Technical Consultants)(6)(16)(18)First lien senior secured delayed draw term loanSR +6.75%04/20251,733 1,611 1,720 0.0 %
GI Apple Midco LLC (dba Atlas Technical Consultants)(6)(16)First lien senior secured revolving loanSR +6.75%04/20302,375 2,197 2,292 0.0 %
Gulfside Supply, Inc. (dba Gulfeagle Supply)(6)(20)First lien senior secured loanSR +3.00%06/20317,500 7,481 7,481 0.1 %
KENE Acquisition, Inc. (dba Entrust Solutions Group)(7)First lien senior secured loanSR +5.25%02/203116,887 16,562 16,675 0.1 %
KENE Acquisition, Inc. (dba Entrust Solutions Group)(7)(16)(17)(18)First lien senior secured delayed draw term loanSR +5.25%02/2026 (71)(19)0.0 %
KENE Acquisition, Inc. (dba Entrust Solutions Group)(7)(16)(17)First lien senior secured revolving loanSR +5.25%02/2031 (42)(28)0.0 %
Osmose Utilities Services, Inc.(6)(21)First lien senior secured loanSR +3.25%06/202811,428 11,362 11,340 0.1 %
Tamarack Intermediate, L.L.C. (dba Verisk 3E)(7)First lien senior secured loanSR +5.50%03/202835,097 34,621 34,745 0.0 %
Tamarack Intermediate, L.L.C. (dba Verisk 3E)(7)First lien senior secured delayed draw term loanSR +5.50%03/20283,546 3,469 3,510 0.0 %
Tamarack Intermediate, L.L.C. (dba Verisk 3E)(7)(16)(17)First lien senior secured revolving loanSR +5.50%03/2028 (66)(53)0.0 %
USIC Holdings, Inc.(6)(21)First lien senior secured loanSR +3.50%05/202826,679 26,232 25,740 0.2 %
USIC Holdings, Inc.(7)(21)Second lien senior secured loanSR +6.50%05/202939,691 39,518 37,163 0.3 %
359,580 358,603 2.6 %
Insurance
Acrisure, LLC(7)(21)(22)First lien senior secured loanSR +3.25%11/203095,424 $95,424 $95,243 0.8 %
Acrisure, LLC(15)(22)Unsecured notes8.50%06/202918,375 18,375 18,375 0.2 %





19

Blue Owl Credit Income Corp.
Consolidated Schedules of Investments (Continued)
As of June 30, 2024
(Amounts in thousands, except share amounts)
(Unaudited)
Company(1)(2)(3)(19)(28)
InvestmentInterest
Maturity Date
Par/Units
Amortized Cost(4)(24)
Fair Value
Percentage of Net Assets
Alera Group, Inc.(6)First lien senior secured loanSR +5.25%10/202879,523 79,523 79,523 0.7 %
Alera Group, Inc.(6)First lien senior secured delayed draw term loanSR +5.25%10/202868,194 68,194 68,194 0.6 %
Alera Group, Inc.(6)(16)(18)First lien senior secured delayed draw term loanSR +5.75%11/20257,471 7,235 7,471 0.1 %
AmeriLife Holdings LLC(6)First lien senior secured loanSR +5.75%08/2029185,169 182,175 185,169 1.6 %
AmeriLife Holdings LLC(6)(16)(17)(18)First lien senior secured delayed draw term loanSR +5.75%06/2026 (120) 0.0 %
AmeriLife Holdings LLC(6)(16)(17)First lien senior secured revolving loanSR +5.75%08/2028 (226) 0.0 %
Ardonagh Midco 3 PLC(6)(22)First lien senior secured loanSR +3.75%02/203155,000 54,725 54,725 0.5 %
AssuredPartners, Inc.(6)(21)First lien senior secured loanSR +3.50%02/203153,137 53,040 53,243 0.4 %
Asurion, LLC(6)(21)Second lien senior secured loanSR +5.25%01/2029174,017 168,864 160,044 1.4 %
Asurion, LLC(6)(21)Second lien senior secured loanSR +5.25%01/202853,900 50,354 50,003 0.4 %
Brightway Holdings, LLC(6)First lien senior secured loanSR +6.50%12/202719,587 19,426 19,342 0.1 %
Brightway Holdings, LLC(6)(16)(17)First lien senior secured revolving loanSR +6.50%12/2027 (15)(26)0.0 %
Broadstreet Partners, Inc.(6)(21)First lien senior secured loanSR +3.25%06/203118,681 18,658 18,622 0.2 %
Disco Parent, Inc. (dba Duck Creek Technologies, Inc.)(7)First lien senior secured loanSR +7.50%03/2029909 890 905 0.0 %
Disco Parent, Inc. (dba Duck Creek Technologies, Inc.)(7)(16)(17)First lien senior secured revolving loanSR +7.50%03/2029 (2) 0.0 %
Evolution BuyerCo, Inc. (dba SIAA)(7)First lien senior secured loanSR +6.25%04/20287,491 7,424 7,491 0.1 %
Evolution BuyerCo, Inc. (dba SIAA)(7)First lien senior secured delayed draw term loanSR +6.75%04/20281,578 1,576 1,578 0.0 %
Evolution BuyerCo, Inc. (dba SIAA)(7)First lien senior secured delayed draw term loanSR +6.25%04/202818,447 18,312 18,447 0.1 %
Evolution BuyerCo, Inc. (dba SIAA)(7)(16)(18)First lien senior secured delayed draw term loanSR +6.00%12/2025731 703 729 0.0 %
Evolution BuyerCo, Inc. (dba SIAA)(7)(16)(17)First lien senior secured revolving loanSR +6.25%05/2028 (5) 0.0 %
Galway Borrower LLC(7)(16)(17)(18)First lien senior secured delayed draw term loanSR +5.00%02/2026 (228) 0.0 %
Galway Borrower LLC(7)(16)First lien senior secured revolving loanSR +5.25%09/2028860 803 829 0.0 %
Hub International(7)(21)First lien senior secured loanSR +3.25%06/203012,444 12,458 12,466 0.1 %
Hyperion Refinance S.à r.l (dba Howden Group)(6)(21)(22)First lien senior secured loanSR +3.50%02/2031145,635 144,908 145,839 1.2 %
Hyperion Refinance S.à r.l (dba Howden Group)(6)(21)(22)First lien senior secured loanSR +4.00%04/203034,736 34,481 34,757 0.3 %
IMA Financial Group, Inc.(6)(21)First lien senior secured loanSR +3.25%11/202884,439 84,439 84,405 0.7 %
Integrated Specialty Coverages, LLC(8)First lien senior secured loanSR +6.00%07/203054,825 54,080 54,551 0.5 %
Integrated Specialty Coverages, LLC(8)(16)(17)(18)First lien senior secured delayed draw term loanSR +6.00%01/2025 (69) 0.0 %
Integrated Specialty Coverages, LLC(8)(16)(17)First lien senior secured revolving loanSR +6.00%07/2029 (75)(30)0.0 %
Integrity Marketing Acquisition, LLC(7)First lien senior secured loanSR +5.80%08/202633,649 33,597 33,649 0.3 %





20

Blue Owl Credit Income Corp.
Consolidated Schedules of Investments (Continued)
As of June 30, 2024
(Amounts in thousands, except share amounts)
(Unaudited)
Company(1)(2)(3)(19)(28)
InvestmentInterest
Maturity Date
Par/Units
Amortized Cost(4)(24)
Fair Value
Percentage of Net Assets
Integrity Marketing Acquisition, LLC(7)First lien senior secured loanSR +6.00%08/20262,773 2,752 2,773 0.0 %
Integrity Marketing Acquisition, LLC(7)First lien senior secured delayed draw term loanSR +6.05%08/20265,436 5,427 5,436 0.0 %
Integrity Marketing Acquisition, LLC(7)(16)(18)First lien senior secured delayed draw term loanSR +6.00%08/20258,328 8,207 8,328 0.1 %
Integrity Marketing Acquisition, LLC(7)First lien senior secured delayed draw term loanSR +5.80%08/202621,247 21,209 21,247 0.2 %
Integrity Marketing Acquisition, LLC(7)(16)(17)First lien senior secured revolving loanSR +6.50%08/2026 (19) 0.0 %
KUSRP Intermediate, Inc. (dba U.S. Retirement and Benefits Partners)(6)First lien senior secured loanSR +
10.50% PIK
07/203015,285 15,144 15,285 0.1 %
KWOR Acquisition, Inc. (dba Alacrity Solutions)(6)First lien senior secured loanSR +5.25%12/202832,292 31,914 31,807 0.3 %
KWOR Acquisition, Inc. (dba Alacrity Solutions)(6)First lien senior secured delayed draw term loanSR +5.25%12/20282,371 2,339 2,335 0.0 %
KWOR Acquisition, Inc. (dba Alacrity Solutions)(6)(16)First lien senior secured revolving loanSR +5.25%12/20272,629 2,600 2,578 0.0 %
Mitchell International, Inc.(6)(21)First lien senior secured loanSR +3.25%06/2031102,300 101,792 101,277 0.9 %
Mitchell International, Inc.(6)(21)Second lien senior secured loanSR +5.25%06/203232,700 32,537 32,517 0.3 %
PCF Midco II, LLC (dba PCF Insurance Services)(15)First lien senior secured loan
9.00% PIK
10/203156,358 52,887 53,118 0.4 %
Peter C. Foy & Associates Insurance Services, LLC (dba PCF Insurance Services)(6)First lien senior secured loanSR +5.50%11/202855,409 55,409 55,315 0.4 %
Peter C. Foy & Associates Insurance Services, LLC (dba PCF Insurance Services)(6)First lien senior secured delayed draw term loanSR +5.50%11/2028128,540 128,540 128,322 0.0 %
Peter C. Foy & Associates Insurance Services, LLC (dba PCF Insurance Services)(6)(16)(17)First lien senior secured revolving loanSR +5.50%11/2027 (14)(4)0.0 %
Summit Acquisition Inc. (dba K2 Insurance Services)(7)First lien senior secured loanSR +6.75%05/203050,347 49,010 50,095 0.4 %
Summit Acquisition Inc. (dba K2 Insurance Services)(7)(16)(17)(18)First lien senior secured delayed draw term loanSR +6.75%11/2024 (153) 0.0 %
Summit Acquisition Inc. (dba K2 Insurance Services)(7)(16)(17)First lien senior secured revolving loanSR +6.75%05/2029 (148)(31)0.0 %
Tempo Buyer Corp. (dba Global Claims Services)(7)First lien senior secured loanSR +4.75%08/202835,611 35,137 35,611 0.3 %
Tempo Buyer Corp. (dba Global Claims Services)(7)(16)First lien senior secured revolving loanSR +4.75%08/20271,898 1,844 1,898 0.0 %
Truist Insurance Holdings, LLC(7)(21)(22)First lien senior secured loanSR +3.25%05/203150,000 49,329 50,045 0.4 %
Truist Insurance Holdings, LLC(7)(16)(21)(22)First lien senior secured revolving loanSR +3.25%05/2029597 597 597 0.0 %
USRP Holdings, Inc. (dba U.S. Retirement and Benefits Partners)(7)First lien senior secured loanSR +5.75%07/202714,716 14,546 14,716 0.1 %
USRP Holdings, Inc. (dba U.S. Retirement and Benefits Partners)(7)(16)(17)First lien senior secured revolving loanSR +5.75%07/2027 (11) 0.0 %
1,819,799 1,818,809 14.2 %
Internet software and services
Activate Holdings (US) Corp. (dba Absolute Software)(7)(22)First lien senior secured loanSR +6.25%07/20304,613 $4,498 $4,613 0.0 %
Activate Holdings (US) Corp. (dba Absolute Software)(7)(16)(17)(22)First lien senior secured revolving loanSR +6.25%07/2029 (8) 0.0 %
AlphaSense, Inc.(7)First lien senior secured loanSR +6.25%06/20293,533 3,498 3,498 0.0 %
AlphaSense, Inc.(7)(16)(17)(18)First lien senior secured delayed draw term loanSR +6.25%12/2025 (7)(7)0.0 %





21

Blue Owl Credit Income Corp.
Consolidated Schedules of Investments (Continued)
As of June 30, 2024
(Amounts in thousands, except share amounts)
(Unaudited)
Company(1)(2)(3)(19)(28)
InvestmentInterest
Maturity Date
Par/Units
Amortized Cost(4)(24)
Fair Value
Percentage of Net Assets
AlphaSense, Inc.(7)(16)(18)First lien senior secured delayed draw term loanSR +6.25%06/2029   0.0 %
Anaplan, Inc.(7)First lien senior secured loanSR +5.75%06/2029231,397 231,332 231,397 2.0 %
Anaplan, Inc.(7)(16)First lien senior secured revolving loanSR +5.75%06/2028   0.0 %
Appfire Technologies, LLC(7)First lien senior secured loanSR +4.75%03/20278,182 8,182 8,182 0.1 %
Appfire Technologies, LLC(7)(16)(17)First lien senior secured delayed draw term loanSR +5.50%03/2028 (75) 0.0 %
Appfire Technologies, LLC(7)(16)(17)(18)First lien senior secured delayed draw term loanSR +4.75%06/2026 (13) 0.0 %
Appfire Technologies, LLC(14)(16)First lien senior secured revolving loanP +3.75%03/2027373 373 373 0.0 %
Aptean Acquiror, Inc. (dba Aptean)(6)First lien senior secured loanSR +5.25%01/203178,527 77,775 78,134 0.7 %
Aptean Acquiror, Inc. (dba Aptean)(6)(16)(18)First lien senior secured delayed draw term loanSR +5.25%01/2026691 621 687 0.0 %
Aptean Acquiror, Inc. (dba Aptean)(6)(16)(17)First lien senior secured revolving loanSR +5.25%01/2031 (68)(36)0.0 %
Armstrong Bidco Limited(13)(22)First lien senior secured loanSA +5.25%06/2029£26,571 32,056 33,504 0.3 %
Armstrong Bidco Limited(13)(22)First lien senior secured delayed draw term loanSA +5.25%06/2029£13,863 16,730 17,480 0.1 %
Artifact Bidco, Inc. (dba Avetta)(7)First lien senior secured loanSR +4.50%05/203115,498 15,420 15,420 0.1 %
Artifact Bidco, Inc. (dba Avetta)(7)(16)(17)(18)First lien senior secured delayed draw term loanSR +4.50%05/2027 (28)(9)0.0 %
Artifact Bidco, Inc. (dba Avetta)(7)(16)(17)First lien senior secured revolving loanSR +4.50%05/2030 (14)(14)0.0 %
Avalara, Inc.(7)First lien senior secured loanSR +6.75%10/202870,455 69,627 70,455 0.6 %
Avalara, Inc.(7)(16)(17)First lien senior secured revolving loanSR +6.75%10/2028 (76) 0.0 %
Azurite Intermediate Holdings, Inc. (dba Alteryx, Inc.)(6)First lien senior secured loanSR +6.50%03/20315,486 5,406 5,418 0.0 %
Azurite Intermediate Holdings, Inc. (dba Alteryx, Inc.)(6)(16)(18)First lien senior secured delayed draw term loanSR +6.50%03/20267,980 7,831 7,858 0.1 %
Azurite Intermediate Holdings, Inc. (dba Alteryx, Inc.)(6)(16)(17)First lien senior secured revolving loanSR +6.50%03/2031 (29)(25)0.0 %
Barracuda Networks, Inc.(8)(21)First lien senior secured loanSR +4.50%08/202927,235 26,586 27,164 0.2 %
Barracuda Networks, Inc.(8)Second lien senior secured loanSR +7.00%08/203093,250 90,894 86,023 0.7 %
Bayshore Intermediate #2, L.P. (dba Boomi)(7)First lien senior secured loanSR +
7.75% PIK
10/202825,492 25,193 25,492 0.2 %
Bayshore Intermediate #2, L.P. (dba Boomi)(7)(16)(17)First lien senior secured revolving loanSR +6.50%10/2027 (19) 0.0 %
BCTO BSI Buyer, Inc. (dba Buildertrend)(7)First lien senior secured loanSR +
7.50% PIK
12/20261,162 1,157 1,162 0.0 %
BCTO BSI Buyer, Inc. (dba Buildertrend)(7)(16)(17)First lien senior secured revolving loanSR +7.50%12/2026 (1) 0.0 %
Catalis Intermediate, Inc. (fka GovBrands Intermediate, Inc.)(7)First lien senior secured loanSR +5.50%08/20278,137 8,019 7,893 0.1 %
Catalis Intermediate, Inc. (fka GovBrands Intermediate, Inc.)(7)First lien senior secured delayed draw term loanSR +5.50%08/20271,831 1,812 1,776 0.0 %
Catalis Intermediate, Inc. (fka GovBrands Intermediate, Inc.)(7)(16)First lien senior secured revolving loanSR +5.50%08/2027303 292 277 0.0 %
Central Parent Inc. (dba CDK Global Inc.)(7)(21)First lien senior secured loanSR +3.25%07/20299,330 9,330 9,189 0.1 %





22

Blue Owl Credit Income Corp.
Consolidated Schedules of Investments (Continued)
As of June 30, 2024
(Amounts in thousands, except share amounts)
(Unaudited)
Company(1)(2)(3)(19)(28)
InvestmentInterest
Maturity Date
Par/Units
Amortized Cost(4)(24)
Fair Value
Percentage of Net Assets
CivicPlus, LLC(7)First lien senior secured loanSR +
5.75% (2.50% PIK)
08/202724,015 23,870 24,015 0.2 %
CivicPlus, LLC(7)First lien senior secured delayed draw term loanSR +
5.75% (2.50% PIK)
08/20274,590 4,563 4,590 0.0 %
CivicPlus, LLC(7)(16)(17)First lien senior secured revolving loanSR +6.00%08/2027 (13) 0.0 %
Cloud Software Group, Inc.(7)(21)First lien senior secured loanSR +4.50%03/203125,000 24,818 25,050 0.2 %
Cloud Software Group, Inc.(7)(21)First lien senior secured loanSR +4.00%03/202974,622 74,622 74,510 0.6 %
Coupa Holdings, LLC(7)First lien senior secured loanSR +5.50%02/203024,344 24,344 24,344 0.2 %
Coupa Holdings, LLC(7)(16)(17)(18)First lien senior secured delayed draw term loanSR +5.50%08/2025 (22) 0.0 %
Coupa Holdings, LLC(7)(16)(17)First lien senior secured revolving loanSR +5.50%02/2029 (32) 0.0 %
CP PIK DEBT ISSUER, LLC (dba CivicPlus, LLC)(7)Unsecured notesSR +
11.75% PIK
06/203418,538 18,200 18,538 0.2 %
Crewline Buyer, Inc. (dba New Relic)(7)First lien senior secured loanSR +6.75%11/2030165,368 163,043 164,955 1.4 %
Crewline Buyer, Inc. (dba New Relic)(7)(16)(17)First lien senior secured revolving loanSR +6.75%11/2030 (235)(43)0.0 %
Delta TopCo, Inc. (dba Infoblox, Inc.)(7)(21)First lien senior secured loanSR +3.50%11/202928,969 28,897 28,946 0.2 %
Delta TopCo, Inc. (dba Infoblox, Inc.)(7)(21)Second lien senior secured loanSR +5.25%11/203033,000 32,835 33,396 0.3 %
E2open, LLC(6)(21)First lien senior secured loanSR +3.50%02/20285,160 5,154 5,176 0.0 %
EET Buyer, Inc. (dba e-Emphasys)(7)First lien senior secured loanSR +5.00%11/202740,376 39,954 40,376 0.4 %
EET Buyer, Inc. (dba e-Emphasys)(7)(16)(17)(18)First lien senior secured delayed draw term loanSR +5.00%04/2026 (10) 0.0 %
EET Buyer, Inc. (dba e-Emphasys)(7)(16)(17)First lien senior secured revolving loanSR +5.00%11/2027 (27) 0.0 %
Entrata, Inc.(6)First lien senior secured loanSR +5.75%07/20304,465 4,404 4,465 0.0 %
Entrata, Inc.(6)(16)(17)First lien senior secured revolving loanSR +6.00%07/2028 (6) 0.0 %
Forescout Technologies, Inc.(7)(16)(17)First lien senior secured revolving loanSR +5.00%05/2030 (3)(3)0.0 %
Forescout Technologies, Inc.(7)First lien senior secured loanSR +5.00%05/20319,283 9,237 9,236 0.1 %
Fortra, LLC (f/k/a Help/Systems Holdings, Inc.)(7)(21)First lien senior secured loanSR +4.00%11/202663,539 63,253 56,842 0.5 %
Fortra, LLC (f/k/a Help/Systems Holdings, Inc.)(7)Second lien senior secured loanSR +6.75%11/202725,000 24,753 20,375 0.2 %
Granicus, Inc.(7)First lien senior secured loanSR +
5.75% (2.25% PIK)
01/203132,912 32,600 32,747 0.3 %
Granicus, Inc.(7)(16)(17)(18)First lien senior secured delayed draw term loanSR +
5.75% (2.25% PIK)
01/2026 (23) 0.0 %
Granicus, Inc.(6)(16)First lien senior secured revolving loanSR +5.25%01/203174 31 51 0.0 %
GS Acquisitionco, Inc. (dba insightsoftware)(7)First lien senior secured loanSR +5.25%05/20288,855 8,835 8,789 0.1 %
GS Acquisitionco, Inc. (dba insightsoftware)(7)(16)(18)First lien senior secured delayed draw term loanSR +5.25%03/202653 50 48 0.0 %
GS Acquisitionco, Inc. (dba insightsoftware)(7)(16)First lien senior secured revolving loanSR +5.25%05/202833 32 31 0.0 %
Hyland Software, Inc.(6)First lien senior secured loanSR +6.00%09/2030146,499 144,474 145,400 1.2 %
Hyland Software, Inc.(6)(16)(17)First lien senior secured revolving loanSR +6.00%09/2029 (91)(52)0.0 %





23

Blue Owl Credit Income Corp.
Consolidated Schedules of Investments (Continued)
As of June 30, 2024
(Amounts in thousands, except share amounts)
(Unaudited)
Company(1)(2)(3)(19)(28)
InvestmentInterest
Maturity Date
Par/Units
Amortized Cost(4)(24)
Fair Value
Percentage of Net Assets
Icefall Parent, Inc. (dba EngageSmart)(7)First lien senior secured loanSR +6.50%01/203028,869 28,321 28,652 0.2 %
Icefall Parent, Inc. (dba EngageSmart)(7)(16)(17)First lien senior secured revolving loanSR +6.50%01/2030 (51)(21)0.0 %
Ivanti Software, Inc.(7)(21)First lien senior secured loanSR +4.25%12/202712,901 12,056 10,184 0.1 %
Ivanti Software, Inc.(7)(21)Second lien senior secured loanSR +7.25%12/202819,000 18,932 12,090 0.1 %
JS PARENT, INC. (dba Jama Software)(7)First lien senior secured loanSR +5.00%04/2031912 907 907 0.0 %
JS PARENT, INC. (dba Jama Software)(7)(16)First lien senior secured revolving loanSR +5.00%04/2031   0.0 %
Litera Bidco LLC(6)First lien senior secured loanSR +4.75%05/202834,341 34,174 34,169 0.3 %
Litera Bidco LLC(6)(16)(18)First lien senior secured delayed draw term loanSR +4.75%11/20262,018 1,990 1,989 0.0 %
Litera Bidco LLC(6)(16)(18)First lien senior secured delayed draw term loanSR +4.75%05/2027   0.0 %
Litera Bidco LLC(6)(16)(17)First lien senior secured revolving loanSR +4.75%05/2028 (11)(11)0.0 %
Magnet Forensics, LLC (f/k/a Grayshift, LLC)(6)(22)First lien senior secured loanSR +5.25%07/2028168,956 168,751 168,956 1.4 %
Magnet Forensics, LLC (f/k/a Grayshift, LLC)(6)(16)(17)(22)First lien senior secured revolving loanSR +5.25%07/2028 (16) 0.0 %
MessageBird BidCo B.V.(6)(22)First lien senior secured loanSR +6.75%05/20271,833 1,811 1,833 0.0 %
Ministry Brands Holdings, LLC(6)First lien senior secured loanSR +5.50%12/202848,323 47,635 47,719 0.4 %
Ministry Brands Holdings, LLC(6)First lien senior secured delayed draw term loanSR +5.50%12/20284,886 4,834 4,825 0.0 %
Ministry Brands Holdings, LLC(6)(16)(17)First lien senior secured revolving loanSR +5.50%12/2027 (55)(59)0.0 %
Mitnick Corporate Purchaser, Inc.(14)(16)(20)First lien senior secured revolving loanP +3.00%05/2027 4  0.0 %
Oranje Holdco, Inc. (dba KnowBe4)(6)First lien senior secured loanSR +7.25%02/202934,017 33,677 33,677 0.3 %
Oranje Holdco, Inc. (dba KnowBe4)(7)First lien senior secured loanSR +7.50%02/202981,182 80,177 81,182 0.7 %
Oranje Holdco, Inc. (dba KnowBe4)(7)(16)(17)First lien senior secured revolving loanSR +7.50%02/2029 (116) 0.0 %
PDI TA Holdings, Inc.(7)First lien senior secured loanSR +5.25%02/203157,640 56,811 57,064 0.5 %
PDI TA Holdings, Inc.(7)(16)(18)First lien senior secured delayed draw term loanSR +5.25%02/20266,889 6,649 6,745 0.1 %
PDI TA Holdings, Inc.(7)(16)(17)First lien senior secured revolving loanSR +5.25%02/2031 (93)(66)0.0 %
Perforce Software, Inc.(6)First lien senior secured loanSR +4.50%07/202614,700 14,506 14,700 0.1 %
Perforce Software, Inc.(6)First lien senior secured loanSR +4.75%03/20315,000 4,976 4,988 0.0 %
Project Alpha Intermediate Holding, Inc. (dba Qlik)(7)(21)First lien senior secured loanSR +3.75%10/203049,875 49,875 49,990 0.4 %
Proofpoint, Inc.(6)(21)First lien senior secured loanSR +3.00%08/202897,603 97,603 97,642 0.8 %
QAD, Inc.(6)First lien senior secured loanSR +5.25%11/202745,454 44,889 45,454 0.4 %
QAD, Inc.(6)(16)(17)First lien senior secured revolving loanSR +5.25%11/2027 (67) 0.0 %
SailPoint Technologies Holdings, Inc.(6)First lien senior secured loanSR +6.00%08/202959,880 58,869 59,730 0.5 %
SailPoint Technologies Holdings, Inc.(6)(16)(17)First lien senior secured revolving loanSR +6.00%08/2028 (79)(14)0.0 %
Securonix, Inc.(7)First lien senior secured loanSR +7.00%04/202829,661 29,455 26,102 0.2 %





24

Blue Owl Credit Income Corp.
Consolidated Schedules of Investments (Continued)
As of June 30, 2024
(Amounts in thousands, except share amounts)
(Unaudited)
Company(1)(2)(3)(19)(28)
InvestmentInterest
Maturity Date
Par/Units
Amortized Cost(4)(24)
Fair Value
Percentage of Net Assets
Securonix, Inc.(6)(16)(17)First lien senior secured revolving loanSR +7.00%04/2028120 87 (520)0.0 %
Sedgwick Claims Management Services, Inc.(6)(21)First lien senior secured loanSR +3.75%02/202824,875 24,812 24,873 0.2 %
Sitecore Holding III A/S(8)First lien senior secured loanSR +
7.75% (4.25% PIK)
03/20294,141 4,113 4,141 0.0 %
Sitecore Holding III A/S(12)First lien senior secured EUR term loanE +
7.75% (4.25% PIK)
03/202924,236 25,395 25,975 0.2 %
Sitecore USA, Inc.(8)First lien senior secured loanSR +
7.75% (4.25% PIK)
03/202924,964 24,798 24,964 0.2 %
Sophos Holdings, LLC(6)(21)(22)First lien senior secured loanSR +3.50%03/202719,825 19,787 19,841 0.2 %
Storable, Inc.(6)(21)First lien senior secured loanSR +3.50%04/202874,808 74,283 74,823 0.6 %
The Dun & Bradstreet Corporation(6)(21)(22)First lien senior secured loanSR +2.75%01/20291,995 1,995 1,995 0.0 %
Thunder Purchaser, Inc. (dba Vector Solutions)(7)First lien senior secured loanSR +5.75%06/20289,780 9,716 9,780 0.1 %
Thunder Purchaser, Inc. (dba Vector Solutions)(7)First lien senior secured delayed draw term loanSR +5.75%06/20282,933 2,915 2,933 0.0 %
Thunder Purchaser, Inc. (dba Vector Solutions)(7)(16)First lien senior secured revolving loanSR +5.75%06/2027827 821 827 0.0 %
VIRTUSA CORPORATION(6)(21)First lien senior secured loanSR +3.25%02/20299,726 9,726 9,741 0.1 %
VS Buyer LLC (dba Veeam Software)(6)(21)First lien senior secured loanSR +3.25%04/20315,000 4,988 5,007 0.0 %
When I Work, Inc.(7)First lien senior secured loanSR +
7.00% PIK
11/202726,027 25,889 25,312 0.2 %
When I Work, Inc.(7)(16)(17)First lien senior secured revolving loanSR +6.00%11/2027 (23)(114)0.0 %
Zendesk, Inc.(7)First lien senior secured loanSR +6.25%11/2028123,453 121,567 123,453 1.0 %
Zendesk, Inc.(7)(16)(17)(18)First lien senior secured delayed draw term loanSR +6.25%11/2024 (819) 0.0 %
Zendesk, Inc.(7)(16)(17)First lien senior secured revolving loanSR +6.25%11/2028 (181) 0.0 %
2,510,084 2,499,144 20.7 %
Leisure and entertainment
Cirque du Soleil Canada, Inc.(7)(21)(22)First lien senior secured loanSR +3.75%03/203026,933 $26,930 $26,879 0.2 %
Troon Golf, L.L.C.(7)First lien senior secured loanSR +5.50%08/202791,993 91,726 91,993 0.8 %
Troon Golf, L.L.C.(7)First lien senior secured delayed draw term loanSR +5.50%08/202749,150 48,692 49,150 0.4 %
Troon Golf, L.L.C.(7)(16)(17)First lien senior secured revolving loanSR +5.50%08/2026 (15) 0.0 %
167,333 168,022 1.4 %
Manufacturing
ACR Group Borrower, LLC(7)First lien senior secured loanSR +4.25%03/20284,001 $3,966 $3,911 0.0 %
ACR Group Borrower, LLC(7)First lien senior secured loanSR +5.75%03/2028860 850 860 0.0 %
ACR Group Borrower, LLC(7)First lien senior secured loanSR +5.00%03/20281,169 1,157 1,157 0.0 %
ACR Group Borrower, LLC(7)(16)(17)(18)First lien senior secured delayed draw term loanSR +5.00%05/2025 (4)(4)0.0 %
ACR Group Borrower, LLC(6)(16)First lien senior secured revolving loanSR +4.25%03/2026125 120 105 0.0 %
Chariot Buyer LLC (dba Chamberlain Group)(6)(21)First lien senior secured loanSR +3.50%11/202814,963 14,859 14,994 0.1 %
CPM Holdings, Inc.(6)(20)(21)First lien senior secured loanSR +4.50%09/202849,750 48,525 49,327 0.4 %





25

Blue Owl Credit Income Corp.
Consolidated Schedules of Investments (Continued)
As of June 30, 2024
(Amounts in thousands, except share amounts)
(Unaudited)
Company(1)(2)(3)(19)(28)
InvestmentInterest
Maturity Date
Par/Units
Amortized Cost(4)(24)
Fair Value
Percentage of Net Assets
CPM Holdings, Inc.(6)(16)(20)(21)First lien senior secured revolving loanSR +4.50%06/20281,050 1,008 1,008 0.0 %
Engineered Machinery Holdings, Inc. (dba Duravant)(7)(21)First lien senior secured loanSR +3.75%05/202825,692 25,354 25,772 0.2 %
Engineered Machinery Holdings, Inc. (dba Duravant)(7)(20)Second lien senior secured loanSR +6.50%05/202937,181 37,053 37,181 0.3 %
Engineered Machinery Holdings, Inc. (dba Duravant)(7)(20)Second lien senior secured loanSR +6.00%05/202919,160 19,123 19,017 0.2 %
FARADAY BUYER, LLC (dba MacLean Power Systems)(7)First lien senior secured loanSR +6.00%10/2028135,612 133,173 134,934 1.1 %
FARADAY BUYER, LLC (dba MacLean Power Systems)(7)(16)(17)(18)First lien senior secured delayed draw term loanSR +6.00%11/2025 (124) 0.0 %
Filtration Group Corporation(6)(21)First lien senior secured loanSR +3.50%10/202825,516 25,485 25,623 0.2 %
Gloves Buyer, Inc. (dba Protective Industrial Products)(6)(21)First lien senior secured loanSR +4.00%12/202738,493 38,194 38,255 0.4 %
Helix Acquisition Holdings, Inc. (dba MW Industries)(7)First lien senior secured loanSR +7.00%03/203061,484 59,866 61,023 0.5 %
Ideal Tridon Holdings, Inc.(7)First lien senior secured loanSR +6.75%04/202889,866 87,697 89,192 0.8 %
Ideal Tridon Holdings, Inc.(7)(16)(17)First lien senior secured revolving loanSR +6.75%04/2028 (195)(65)0.0 %
MHE Intermediate Holdings, LLC (dba OnPoint Group)(7)First lien senior secured loanSR +6.00%07/202722,351 22,223 22,351 0.2 %
MHE Intermediate Holdings, LLC (dba OnPoint Group)(7)First lien senior secured loanSR +6.25%07/20277,147 7,050 7,147 0.1 %
MHE Intermediate Holdings, LLC (dba OnPoint Group)(7)(20)First lien senior secured delayed draw term loanSR +6.00%07/202745,789 45,512 45,789 0.3 %
MHE Intermediate Holdings, LLC (dba OnPoint Group)(7)(16)(17)First lien senior secured revolving loanSR +6.00%07/2027 (18) 0.0 %
Pro Mach Group, Inc.(6)(21)First lien senior secured loanSR +3.50%08/202830,243 30,243 30,373 0.3 %
Sonny's Enterprises, LLC(7)First lien senior secured loanSR +5.25%08/2028137,243 135,634 137,243 1.2 %
Sonny's Enterprises, LLC(7)(16)(18)First lien senior secured delayed draw term loanSR +5.25%11/202416,557 16,248 16,557 0.1 %
Sonny's Enterprises, LLC(7)(16)(17)(18)First lien senior secured delayed draw term loanSR +5.25%06/2026 (166) 0.0 %
Sonny's Enterprises, LLC(7)(16)(17)First lien senior secured revolving loanSR +5.25%08/2027 (275) 0.0 %
752,558 761,750 6.4 %
Pharmaceuticals
BridgeBio Pharma, Inc.(7)(22)First lien senior secured loanSR +6.50%01/2029135,000 $134,812 $134,663 1.1 %
134,812 134,663 1.1 %
Professional services
Apex Group Treasury LLC(7)(22)First lien senior secured loanSR +5.00%07/2028123,869 $120,970 $123,869 1.0 %
Apex Group Treasury LLC(7)(22)Second lien senior secured loanSR +6.75%07/20295,000 4,961 5,000 0.0 %
Apex Group Treasury LLC(7)(22)Second lien senior secured delayed draw term loanSR +6.75%07/20296,618 6,512 6,618 0.1 %
Apex Service Partners, LLC(7)First lien senior secured loanSR +
7.00% (2.00% PIK)
10/203097,429 95,188 95,968 0.8 %
Apex Service Partners, LLC(7)(16)(18)First lien senior secured delayed draw term loanSR +
7.00% (2.00% PIK)
10/202520,777 20,272 20,460 0.2 %
Apex Service Partners, LLC(7)(16)First lien senior secured revolving loanSR +6.50%10/20293,438 3,267 3,322 0.0 %
Certinia, Inc.(7)First lien senior secured loanSR +7.25%08/202933,088 32,501 32,757 0.3 %





26

Blue Owl Credit Income Corp.
Consolidated Schedules of Investments (Continued)
As of June 30, 2024
(Amounts in thousands, except share amounts)
(Unaudited)
Company(1)(2)(3)(19)(28)
InvestmentInterest
Maturity Date
Par/Units
Amortized Cost(4)(24)
Fair Value
Percentage of Net Assets
Certinia, Inc.(7)(16)(17)First lien senior secured revolving loanSR +7.25%08/2029 (75)(44)0.0 %
Corporation Service Company(6)(21)First lien senior secured loanSR +2.75%11/20292,279 2,279 2,282 0.0 %
Element Materials Technology(7)(20)(21)(22)First lien senior secured loanSR +4.25%06/202918,197 18,181 18,249 0.2 %
Element Materials Technology(7)(20)(21)(22)First lien senior secured delayed draw term loanSR +4.25%06/20299,332 9,322 9,359 0.1 %
EP Purchaser, LLC (dba Entertainment Partners)(7)(21)First lien senior secured loanSR +4.50%11/202824,688 23,857 24,688 0.2 %
Essential Services Holding Corporation (dba Turnpoint)(6)First lien senior secured loanSR +5.00%06/203135,548 35,194 35,193 0.3 %
Essential Services Holding Corporation (dba Turnpoint)(6)(16)(17)(18)First lien senior secured delayed draw term loanSR +5.00%06/2026 (35)(35)0.0 %
Essential Services Holding Corporation (dba Turnpoint)(6)(16)(17)First lien senior secured revolving loanSR +5.00%06/2030 (43)(44)0.0 %
Gerson Lehrman Group, Inc.(7)First lien senior secured loanSR +5.25%12/2027166,014 164,682 165,599 1.4 %
Gerson Lehrman Group, Inc.(7)(16)(17)First lien senior secured revolving loanSR +5.25%12/2027 (66)(21)0.0 %
Guidehouse Inc.(6)First lien senior secured loanSR +
5.75% (2.00% PIK)
12/2030106,824 106,824 106,557 0.9 %
Omnia Partners, LLC(7)(21)First lien senior secured loanSR +3.25%07/203012,993 12,968 12,990 0.1 %
Relativity ODA LLC(6)First lien senior secured loanSR +6.00%05/20275,094 5,058 5,094 0.0 %
Relativity ODA LLC(6)(16)(17)First lien senior secured revolving loanSR +6.00%05/2027 (3) 0.0 %
Sensor Technology Topco, Inc. (dba Humanetics)(7)First lien senior secured loanSR +
7.00% (2.00% PIK)
05/2028235,474 234,335 236,651 2.0 %
Sensor Technology Topco, Inc. (dba Humanetics)(7)(16)(18)First lien senior secured delayed draw term loanSR +6.50%09/2025   0.0 %
Sensor Technology Topco, Inc. (dba Humanetics)(6)(16)First lien senior secured revolving loanSR +6.50%05/20287,372 7,276 7,398 0.1 %
Sensor Technology Topco, Inc. (dba Humanetics)(11)First lien senior secured EUR term loanE +
7.25% (2.25% PIK)
05/202842,497 45,940 45,774 0.4 %
Sensor Technology Topco, Inc. (dba Humanetics)(11)(16)(18)First lien senior secured EUR delayed draw term loanE +6.75%09/2025   0.0 %
Sovos Compliance, LLC(6)(21)First lien senior secured loanSR +4.50%08/202828,896 28,484 28,644 0.2 %
Thevelia (US) LLC (dba Tricor)(7)(21)(22)First lien senior secured loanSR +3.75%06/202912,935 12,935 12,992 0.1 %
Vistage International, Inc.(7)First lien senior secured loanSR +4.75%07/202929,994 29,765 29,994 0.3 %
1,020,549 1,029,314 8.7 %
Specialty retail
Galls, LLC(7)First lien senior secured loanSR +
6.50% (1.50% PIK)
03/2030117,591 $115,894 $115,827 1.0 %
Galls, LLC(7)(16)(17)(18)First lien senior secured delayed draw term loanSR +
6.50% (1.50% PIK)
03/2026 (233)(98)0.0 %
Galls, LLC(6)(16)First lien senior secured revolving loanSR +6.00%03/2030785 561 549 0.0 %
Ideal Image Development, LLC(9)First lien senior secured loanSR +
6.50% PIK
02/20292,260 2,239 2,237 0.0 %
Ideal Image Development, LLC(9)First lien senior secured revolving loanSR +6.50%02/2029732 732 724 0.0 %
Milan Laser Holdings LLC(7)First lien senior secured loanSR +5.00%04/202720,113 20,007 20,113 0.2 %
Milan Laser Holdings LLC(7)(16)First lien senior secured revolving loanSR +5.00%04/2026681 669 681 0.0 %
Notorious Topco, LLC (dba Beauty Industry Group)(7)First lien senior secured loanSR +
7.25% (2.50% PIK)
11/2027222,559 220,339 208,093 1.8 %





27

Blue Owl Credit Income Corp.
Consolidated Schedules of Investments (Continued)
As of June 30, 2024
(Amounts in thousands, except share amounts)
(Unaudited)
Company(1)(2)(3)(19)(28)
InvestmentInterest
Maturity Date
Par/Units
Amortized Cost(4)(24)
Fair Value
Percentage of Net Assets
Notorious Topco, LLC (dba Beauty Industry Group)(7)First lien senior secured delayed draw term loanSR +
7.25% (2.50% PIK)
11/20275,209 5,160 4,870 0.0 %
Notorious Topco, LLC (dba Beauty Industry Group)(7)(16)(17)First lien senior secured revolving loanSR +6.75%05/2027 (42)(343)0.0 %
The Shade Store, LLC(7)First lien senior secured loanSR +6.00%10/2029105,318 102,913 102,685 0.9 %
The Shade Store, LLC(7)(16)(17)(18)First lien senior secured delayed draw term loanSR +7.00%03/2026 (63) 0.0 %
The Shade Store, LLC(7)(16)First lien senior secured revolving loanSR +6.00%10/20283,673 3,450 3,403 0.0 %
471,626 458,741 3.9 %
Telecommunications
CCI BUYER, INC. (dba Consumer Cellular)(7)(21)First lien senior secured loanSR +4.00%12/202739,794 $39,504 $39,806 0.3 %
EOS Finco S.A.R.L(8)(21)(22)First lien senior secured loanSR +6.00%10/202967,032 63,783 54,336 0.5 %
EOS U.S. Finco LLC(7)(16)(17)(18)(21)(22)First lien senior secured delayed draw term loanSR +6.00%05/2026278 61 (1,391)0.0 %
Level 3 Financing, Inc.(6)(21)(22)First lien senior secured loanSR +6.56%04/202924,221 23,772 23,681 0.2 %
Level 3 Financing, Inc.(6)(21)(22)First lien senior secured loanSR +6.56%04/203024,221 23,770 23,555 0.2 %
Park Place Technologies, LLC(6)First lien senior secured loanSR +5.25%03/203186,393 85,552 85,961 0.7 %
Park Place Technologies, LLC(6)(16)(17)(18)First lien senior secured delayed draw term loanSR +5.25%09/2025 (65) 0.0 %
Park Place Technologies, LLC(6)(16)First lien senior secured revolving loanSR +5.25%03/20301,147 1,050 1,096 0.0 %
PPT Holdings III, LLC (dba Park Place Technologies)(15)First lien senior secured loan
12.75% PIK
03/203428,425 27,747 27,857 0.2 %
265,174 254,901 2.1 %
Transportation
Lightbeam Bidco, Inc. (dba Lazer Spot)(7)First lien senior secured loanSR +5.00%05/2030105,719 $105,727 $105,719 0.9 %
Lightbeam Bidco, Inc. (dba Lazer Spot)(7)First lien senior secured delayed draw term loanSR +5.00%05/203014,533 14,533 14,533 0.1 %
Lightbeam Bidco, Inc. (dba Lazer Spot)(7)(16)(18)First lien senior secured delayed draw term loanSR +5.00%05/202519,706 19,706 19,706 0.2 %
Lightbeam Bidco, Inc. (dba Lazer Spot)(7)(16)(17)First lien senior secured revolving loanSR +5.00%05/2029 (94) 0.0 %
Motus Group, LLC(7)(21)First lien senior secured loanSR +3.75%12/20287,481 7,481 7,476 0.1 %
147,353 147,434 1.3 %
Total non-controlled/non-affiliated portfolio company debt investments$20,819,348 $20,816,494 171.0 %
Equity Investments
Asset based lending and fund finance
Amergin Asset Management, LLC(22)(23)(25)Class A UnitsN/AN/A50,000,000 $ $ 0.0 %
  0.0 %
Automotive services
CD&R Value Building Partners I, L.P. (dba Belron)(22)(23)(25)(32)LP InterestN/AN/A33,061 $32,911 $40,315 0.3 %
Metis HoldCo, Inc. (dba Mavis Tire Express Services)(15)(23)Series A Convertible Preferred Stock
7.00% PIK
N/A10,769 13,161 13,406 0.1 %
46,072 53,721 0.4 %
Buildings and real estate
Dodge Construction Network Holdings, L.P.(7)(23)Series A Preferred UnitsSR +8.25%N/A $3 $2 0.0 %





28

Blue Owl Credit Income Corp.
Consolidated Schedules of Investments (Continued)
As of June 30, 2024
(Amounts in thousands, except share amounts)
(Unaudited)
Company(1)(2)(3)(19)(28)
InvestmentInterest
Maturity Date
Par/Units
Amortized Cost(4)(24)
Fair Value
Percentage of Net Assets
Dodge Construction Network Holdings, L.P.(23)(25)Class A-2 Common UnitsN/AN/A143,963 123 66 0.0 %
126 68 0.0 %
Business services
Denali Holding, LP (dba Summit Companies)(23)(25)Class A UnitsN/AN/A686,513 $7,076 $11,472 0.1 %
Hercules Buyer, LLC (dba The Vincit Group)(23)(25)(27)Common UnitsN/AN/A10 10 12 0.0 %
Knockout Intermediate Holdings I Inc. (dba Kaseya Inc.)(8)(23)Perpetual Preferred StockSR +
10.75% PIK
N/A53,600 62,736 63,803 0.5 %
69,822 75,287 0.6 %
Consumer products
ASP Conair Holdings LP(23)(25)Class A UnitsN/AN/A9,286 $929 $951 0.0 %
929 951 0.0 %
Financial services
Vestwell Holdings, Inc.(23)(25)Series D Preferred StockN/AN/A50,726 $1,000 $1,000 0.0 %
1,000 1,000 0.0 %
Food and beverage
Hissho Sushi Holdings, LLC(23)(25)Class A UnitsN/AN/A941,780 $9,418 $13,050 0.1 %
9,418 13,050 0.1 %
Healthcare equipment and services
Maia Aggregator, LP(23)(25)Class A-2 UnitsN/AN/A12,921,348 $12,921 $12,396 0.1 %
KPCI Holdings, L.P.(23)(25)Class A UnitsN/AN/A1,781 2,313 3,334 0.0 %
Patriot Holdings SCSp (dba Corza Health, Inc.)(15)(22)(23)Class A Units
8.00% PIK
N/A13,517 1,486 1,486 0.0 %
Patriot Holdings SCSp (dba Corza Health, Inc.)(22)(23)(25)Class B UnitsN/AN/A982 180 104 0.0 %
Rhea Acquisition Holdings, LP(23)(25)Series A-2 UnitsN/AN/A11,964,286 11,964 16,998 0.1 %
28,864 34,318 0.2 %
Healthcare providers and services
KOBHG Holdings, L.P. (dba OB Hospitalist)(23)(25)Class A InterestsN/AN/A3,520 $3,520 $3,105 0.0 %
KWOL Acquisition Inc. (dba Worldwide Clinical Trials)(23)(25)Common stockN/AN/A1,205 12,048 12,048 0.1 %
Romulus Intermediate Holdings 1 Inc. (dba PetVet Care Centers)(15)(23)Series A Preferred Stock
15.00% PIK
N/A29,468,327 28,970 28,658 0.2 %
XOMA Corporation(23)(25)WarrantsN/AN/A54,000 369 579 0.0 %
44,907 44,390 0.3 %
Healthcare technology
Minerva Holdco, Inc.(15)(23)Series A Preferred Stock
10.75% PIK
N/A100,000 $124,168 $120,704 1.0 %
BEHP Co-Investor II, L.P.(22)(23)(25)LP InterestN/AN/A1,269,969 1,266 1,389 0.0 %
Orange Blossom Parent, Inc.(23)(25)Common EquityN/AN/A16,667 1,667 1,664 0.0 %
WP Irving Co-Invest, L.P.(22)(23)(25)Partnership UnitsN/AN/A1,250,000 1,251 1,368 0.0 %
128,352 125,125 1.0 %
Household products
Evology, LLC(23)(25)Class B UnitsN/AN/A316 $1,512 $1,446 0.0 %
Walker Edison Holdco LLC(23)(25)Common EquityN/AN/A29,167 2,818  0.0 %
4,330 1,446 0.0 %
Human resource support services
Sunshine Software Holdings, Inc. (dba Cornerstone OnDemand)(15)(23)Series A Preferred Stock
10.50% PIK
N/A12,750 $15,762 $13,641 0.1 %
15,762 13,641 0.1 %
Insurance
Accelerate Topco Holdings, LLC(23)(25)Common UnitsN/AN/A91,805 $2,535 $3,455 0.0 %
Evolution Parent, LP (dba SIAA)(23)(25)LP InterestN/AN/A2,703 270 307 0.0 %
GrowthCurve Capital Sunrise Co-Invest LP (dba Brightway)(23)(25)LP InterestN/AN/A421 426 420 0.0 %





29

Blue Owl Credit Income Corp.
Consolidated Schedules of Investments (Continued)
As of June 30, 2024
(Amounts in thousands, except share amounts)
(Unaudited)
Company(1)(2)(3)(19)(28)
InvestmentInterest
Maturity Date
Par/Units
Amortized Cost(4)(24)
Fair Value
Percentage of Net Assets
Hockey Parent Holdings, L.P.(23)(25)Class A UnitsN/AN/A25,000 25,000 25,000 0.2 %
PCF Holdco, LLC (dba PCF Insurance Services)(15)(23)Series A Preferred Units
15.00% PIK
N/A19,423 15,685 17,984 0.2 %
PCF Holdco, LLC (dba PCF Insurance Services)(23)(25)Class A Unit WarrantsN/AN/A1,503,286 5,129 4,477 0.0 %
PCF Holdco, LLC (dba PCF Insurance Services)(23)(25)Class A UnitsN/AN/A6,047,390 15,336 26,657 0.2 %
64,381 78,300 0.6 %
Internet software and services
AlphaSense, LLC(23)(25)Preferred equityN/AN/A16,929 $760 $760 0.0 %
Brooklyn Lender Co-Invest 2, L.P. (dba Boomi)(23)(25)Common UnitsN/AN/A1,729,439 1,730 1,886 0.0 %
Insight CP (Blocker) Holdings, L.P. (dba CivicPlus, LLC)(22)(23)(25)LP InterestN/AN/A989,292 990 1,125 0.0 %
Elliott Alto Co-Investor Aggregator L.P.(22)(23)(25)LP InterestN/AN/A6,530 6,572 8,394 0.1 %
Picard Holdco, Inc.(7)(23)Series A Preferred StockSR +
12.00% PIK
N/A44,040 46,596 50,080 0.4 %
MessageBird Holding B.V.(22)(23)(25)Extended Series C WarrantsN/AN/A7,980 49 8 0.0 %
Project Alpine Co-Invest Fund, LP(22)(23)(25)LP InterestN/AN/A17,000,000 17,010 20,089 0.2 %
Thunder Topco L.P. (dba Vector Solutions)(23)(25)Common UnitsN/AN/A712,884 713 770 0.0 %
WMC Bidco, Inc. (dba West Monroe)(15)(23)Senior Preferred Stock
11.25% PIK
N/A33,385 44,304 42,234 0.4 %
Project Hotel California Co-Invest Fund, L.P.(22)(23)(25)LP InterestN/AN/A3,522 3,525 3,853 0.0 %
BCTO WIW Holdings, Inc. (dba When I Work)(23)(25)Class A Common StockN/AN/A57,000 5,700 3,363 0.0 %
Zoro TopCo, Inc. (dba Zendesk, Inc.)(15)(23)Series A Preferred Stock
12.50% PIK
N/A16,562 19,050 19,578 0.2 %
Zoro TopCo, L.P. (dba Zendesk, Inc.)(23)(25)Class A Common UnitsN/AN/A1,380,129 13,801 15,027 0.1 %
160,800 167,167 1.4 %
Manufacturing
Gloves Holdings, LP (dba Protective Industrial Products)(23)(25)LP InterestN/AN/A50,726 $100 $118 0.0 %
100 118 0.0 %
Specialty retail
Ideal Topco, L.P.(23)(25)Class A-1 Preferred UnitsN/AN/A4,024,390 $4,024 $4,024 0.0 %
Ideal Topco, L.P.(23)(25)Class A-2 Common UnitsN/AN/A3,109,756   0.0 %
4,024 4,024 0.0 %
Total non-controlled/non-affiliated portfolio company equity investments$578,887 $612,606 4.7 %
Total non-controlled/non-affiliated portfolio company investments$21,398,235 $21,429,100 175.7 %
Non-controlled/affiliated portfolio company investments
Equity Investments
Pharmaceuticals
LSI Financing 1 DAC(16)(18)(22)(23)(25)(29)Preferred equityN/AN/A66,505,000 $66,577 $75,346 0.6 %
66,577 75,346 0.6 %
Total non-controlled/affiliated portfolio company equity investments$66,577 $75,346 0.6 %
Controlled/affiliated portfolio company investments





30

Blue Owl Credit Income Corp.
Consolidated Schedules of Investments (Continued)
As of June 30, 2024
(Amounts in thousands, except share amounts)
(Unaudited)
Company(1)(2)(3)(19)(28)
InvestmentInterest
Maturity Date
Par/Units
Amortized Cost(4)(24)
Fair Value
Percentage of Net Assets
Debt Investments
Asset based lending and fund finance
AAM Series 1.1 Rail and Domestic Intermodal Feeder, LLC(15)(22)(30)First lien senior secured loan
12.00% PIK
07/203040,643 $40,643 $40,643 0.3 %
AAM Series 2.1 Aviation Feeder, LLC(15)(22)(30)First lien senior secured loan
12.00% PIK
11/203027,974 27,974 27,974 0.2 %
68,617 68,617 0.5 %
Total controlled/affiliated portfolio company debt investments$68,617 $68,617 0.5 %
Equity Investments
Asset based lending and fund finance
AAM Series 2.1 Aviation Feeder, LLC(16)(18)(22)(23)(25)(30)LLC InterestN/AN/A10,354 $10,393 $10,354 0.1 %
AAM Series 1.1 Rail and Domestic Intermodal Feeder, LLC(16)(18)(22)(23)(25)(30)LLC InterestN/AN/A26,763 26,765 26,763 0.2 %
37,158 37,117 0.3 %
Insurance
Fifth Season Investments LLC(23)(26)(30)Class A UnitsN/AN/A28 $252,141 $268,700 2.3 %
252,141 268,700 2.3 %
Joint ventures
OCIC SLF LLC (fka Blue Owl Credit Income Senior Loan Fund LLC)(22)(23)(30)(32)LLC InterestN/AN/A305,183 $305,183 $307,646 2.6 %
305,183 307,646 2.6 %
Total controlled/affiliated portfolio company equity investments$594,482 $613,463 5.2 %
Total controlled/affiliated portfolio company investments$663,099 $682,080 5.7 %
Total Investments$22,127,911 $22,186,526 182.0 %

Interest Rate Swaps as of June 30, 2024
Company ReceivesCompany PaysMaturity DateNotional Amount
Fair Value
Upfront Payments/Receipts
Change in Unrealized Appreciation/(Depreciation)
Hedged InstrumentFootnote Reference
Interest rate swap(a)(b)
7.75%
SR + 3.84%
9/16/2027$600,000 $(5,796)$ $(12,298)September 2027 NotesNote 5
Interest rate swap(a)(b)
7.95%
SR + 3.79%
5/13/2028650,000 (3,189) (3,189)June 2028 NotesNote 5
Interest rate swap(a)(b)
7.75%
SR + 3.65%
1/15/2029550,000 (2,712) (14,859)January 2029 NotesNote 5
Interest rate swap(a)(b)
6.60%
SR + 2.34%
8/15/2029500,000 2,835  2,835 September 2029 NotesNote 5
Interest rate swap(a)(b)
6.65%
SR + 2.90%
1/15/2031750,000 (14,872) (14,872)March 2031 NotesNote 5
Total$3,050,000 $(23,734)$ $(42,384)
________
(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.

(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 “SR”) (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-





31

Blue Owl Credit Income Corp.
Consolidated Schedules of Investments (Continued)
As of June 30, 2024
(Amounts in thousands, except share amounts)
(Unaudited)
month CORRA), 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, 2024 was 5.34%.
(7)The interest rate on these investments is subject to 3 month SOFR, which as of June 30, 2024 was 5.32%.
(8)The interest rate on these investments is subject to 6 month SOFR, which as of June 30, 2024 was 5.25%.
(9)The interest rate on these investments is subject to 12 month SOFR, which as of June 30, 2024 was 5.04%.
(10)The interest rate on these investments is subject to 3 month CORRA, which as of June 30, 2024 was 4.97%.
(11)The interest rate on these investments is subject to 3 month EURIBOR, which as of June 30, 2024 was 3.71%.
(12)The interest rate on these investments is subject to 6 month EURIBOR, which as of June 30, 2024 was 3.68%.
(13)The interest rate on these investments is subject to SONIA, which as of June 30, 2024 was 5.20%.
(14)The interest rate on these investments is subject to Prime, which as of June 30, 2024 was 8.50%.
(15)Investment does not contain a variable rate structure.
(16)Position or portion thereof is an unfunded loan or equity commitment. See Note 7 “Commitments and Contingencies”.
(17)The negative cost is the result of the capitalized discount being greater than the principal amount outstanding on the loan. The negative fair value is the result of the capitalized discount on the loan.
(18)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.
(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, 2024, non-qualifying assets represented 13.2% 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, 2024, the aggregate fair value of these securities is $1.30 billion, or 11.0% 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, LLCPreferred equityJune 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
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
Evology, LLCClass B UnitsJanuary 21, 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





32

Blue Owl Credit Income Corp.
Consolidated Schedules of Investments (Continued)
As of June 30, 2024
(Amounts in thousands, except share amounts)
(Unaudited)
Portfolio CompanyInvestmentAcquisition Date
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)Common stockDecember 12, 2023
LSI Financing 1 DAC**Preferred equityDecember 14, 2022
Maia Aggregator, LPClass A-2 UnitsFebruary 1, 2022
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
Picard Holdco, Inc.Series A Preferred StockSeptember 29, 2022
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)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. (dba Zendesk, Inc.)Class A Common UnitsNovember 22, 2022
Zoro TopCo, Inc. (dba Zendesk, Inc.)Series A Preferred StockNovember 22, 2022
* Refer to Note 4 “Investments - OCIC SLF LLC”, for further information.
** Refer to Note 3 “Agreements and Related Party Transactions - Controlled/Affiliated Portfolio Companies”.

(24)As of June 30, 2024, the net estimated unrealized gain on investments for U.S. federal income tax purposes was $126.0 million based on a tax cost basis of $22.06 billion. As of June 30, 2024, the estimated aggregate gross unrealized loss for U.S. federal income tax purposes was $91.1 million. As of June 30, 2024, the estimated aggregate gross unrealized gain for U.S. federal income tax purposes was $217.1 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 or has the power to





33

Blue Owl Credit Income Corp.
Consolidated Schedules of Investments (Continued)
As of June 30, 2024
(Amounts in thousands, except share amounts)
(Unaudited)
exercise control over management or policies of such portfolio company, including through a management agreement (“non-controlled affiliate”). Transactions related to investments in non-controlled affiliates for the period ended June 30, 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 June 30, 2024Dividend IncomeInterest IncomeOther Income
LSI Financing 1 DAC$78,406 $1 $(5,795)$2,734 $ $75,346 $417 $ $ 
Total$78,406 $1 $(5,795)$2,734 $ $75,346 $417 $ $ 
________
(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 has the power to exercise control over management or policies of such portfolio company, including through a management agreement (“controlled affiliate”). The Company’s investment in controlled affiliates for the period ended June 30, 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 June 30, 2024Dividend IncomeInterest and PIK IncomeOther Income
AAM Series 2.1 Aviation Feeder, LLC(c)
$78,476 $561 $(40,675)$(34)$ $38,328 $ $2,495 $ 
AAM Series 1.1 Rail and Domestic Intermodal Feeder, LLC(c)
64,839 2,783 (180)(36) 67,406  2,405  
Fifth Season Investments LLC156,794 95,331  16,575  268,700 9,463   
OCIC SLF LLC (fka Blue Owl Credit Income Corp. Senior Loan Fund LLC)273,441 43,750  (9,545) 307,646 26,199   
Total$573,550 $142,425 $(40,855)$6,960 $ $682,080 $35,662 $4,900 $ 
________
(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.

(31)Investment was on non-accrual status as of June 30, 2024.
(32)Investment measured at net asset value (“NAV”).

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, 2023
(Amounts in thousands, except share amounts)
Company(1)(2)(3)(18)(27)InvestmentInterestMaturity DatePar/UnitsAmortized Cost(4)(23)Fair ValuePercentage of Net Assets
Non-controlled/non-affiliated portfolio company investments
Debt Investments(5)
Advertising and media
Global Music Rights, LLC(7)First lien senior secured loanSR +5.50%08/202882,688 $81,483 $82,688 0.9 %
Global Music Rights, LLC(7)(15)(16)First lien senior secured revolving loanSR +5.50%08/2027 (91) 0.0 %
Circana Group, L.P. (fka The NPD Group, L.P.)(6)First lien senior secured loanSR +
6.25% (2.75% PIK)
12/2028228,310 224,505 226,027 2.5 %
Circana Group, L.P. (fka The NPD Group, L.P.)(6)(15)First lien senior secured revolving loanSR +5.75%12/20272,568 2,359 2,425 0.0 %
308,256 311,140 3.4 %
Aerospace and defense
Bleriot US Bidco, Inc.(7)(20)First lien senior secured loanSR +4.00%10/202811,861 $11,802 $11,898 0.1 %
Dynasty Acquisition Co., Inc. (dba StandardAero Limited)(6)(20)First lien senior secured loanSR +4.00%04/20269,055 8,963 9,073 0.1 %
Dynasty Acquisition Co., Inc. (dba StandardAero Limited)(6)(20)First lien senior secured loanSR +4.00%08/20283,881 3,842 3,888 0.0 %
ManTech International Corporation(7)First lien senior secured loanSR +5.75%09/202914,039 13,797 13,933 0.2 %
ManTech International Corporation(7)(15)(17)First lien senior secured delayed draw term loanSR +5.75%09/20241,190 1,152 1,181 0.0 %
ManTech International Corporation(7)(15)(16)First lien senior secured revolving loanSR +5.75%09/2028 (28)(14)0.0 %
Peraton Corp.(6)(20)First lien senior secured loanSR +3.75%02/202822,530 22,500 22,558 0.3 %
Peraton Corp.(7)(20)Second lien senior secured loanSR +7.75%02/20294,831 4,779 4,794 0.1 %
Transdigm Inc.(7)(20)First lien senior secured loanSR +3.25%02/203110,000 9,975 10,038 0.1 %
76,782 77,349 0.9 %
Automotive
Holley Inc.(6)(20)First lien senior secured loanSR +3.75%11/20282,282 $2,271 $2,195 0.0 %
Mavis Tire Express Services Topco Corp.(6)(20)First lien senior secured loanSR +4.00%05/20289,750 9,717 9,755 0.1 %
OAC Holdings I Corp. (dba Omega Holdings)(6)First lien senior secured loanSR +5.00%03/20299,050 8,904 8,891 0.1 %
OAC Holdings I Corp. (dba Omega Holdings)(6)(15)(16)First lien senior secured revolving loanSR +5.00%03/2028 (36)(45)0.0 %
Power Stop, LLC(6)(19)First lien senior secured loanSR +4.75%01/202929,474 29,245 27,484 0.3 %
Spotless Brands, LLC(7)First lien senior secured loanSR +6.50%07/202853,895 53,023 53,491 0.6 %
Spotless Brands, LLC(6)(15)First lien senior secured revolving loanSR +6.50%07/2028316 293 305 0.0 %
103,417 102,076 1.1 %
Asset based lending and fund finance
Hg Genesis 9 Sumoco Limited(10)(21)Unsecured facilityE +
7.00% PIK
03/2027128,625 $140,872 $142,086 1.6 %
Hg Saturn Luchaco Limited(12)(21)Unsecured facilitySA +
7.50% PIK
03/2026£1,765 2,377 2,250 0.0 %
143,249 144,336 1.6 %
Buildings and real estate
Associations, Inc.(7)First lien senior secured loanSR +
6.50% (2.50% PIK)
07/2027130,352 $129,307 $129,700 1.5 %
Associations, Inc.(7)(15)First lien senior secured revolving loanSR +6.50%07/20271,706 1,678 1,682 0.0 %
Associations, Inc.(7)(15)(17)First lien senior secured delayed draw term loanSR +
6.50% (2.50% PIK)
06/202461,030 60,609 60,722 0.7 %
CoreLogic Inc.(6)(20)First lien senior secured loanSR +3.50%06/202836,669 36,109 35,591 0.4 %





35

Blue Owl Credit Income Corp.
Consolidated Schedules of Investments (Continued)
As of December 31, 2023
(Amounts in thousands, except share amounts)

Company(1)(2)(3)(18)(27)InvestmentInterestMaturity DatePar/UnitsAmortized Cost(4)(23)Fair ValuePercentage of Net Assets
Cushman & Wakefield U.S. Borrower, LLC(6)First lien senior secured loanSR +2.75%08/20251,233 1,218 1,230 0.0 %
Dodge Construction Network, LLC(7)(20)First lien senior secured loanSR +4.75%02/202916,942 16,742 13,045 0.1 %
RealPage, Inc.(6)(20)First lien senior secured loanSR +3.00%04/202814,059 14,046 13,931 0.2 %
RealPage, Inc.(6)(20)Second lien senior secured loanSR +6.50%04/202927,500 27,188 27,430 0.3 %
Wrench Group LLC(7)First lien senior secured loanSR +4.50%04/202616,915 16,655 16,915 0.2 %
Wrench Group LLC(7)(20)First lien senior secured loanSR +4.00%04/202610,436 10,339 10,445 0.1 %
313,891 310,691 3.5 %
Business services
Access CIG, LLC(7)(20)First lien senior secured loanSR +5.00%08/202879,800 $77,919 $79,848 0.9 %
Access CIG, LLC(7)Second lien senior secured loanSR +7.75%02/20262,385 2,381 2,385 0.0 %
Boxer Parent Company Inc. (f/k/a BMC)(6)(20)First lien senior secured loanSR +4.25%12/202850,000 49,500 50,290 0.6 %
BrightView Landscapes, LLC(7)(20)First lien senior secured loanSR +3.00%04/20295,781 5,606 5,779 0.1 %
Capstone Acquisition Holdings, Inc.(6)First lien senior secured loanSR +4.75%11/20279,898 9,835 9,874 0.1 %
ConnectWise, LLC(7)(20)First lien senior secured loanSR +3.50%09/202829,700 29,753 29,599 0.3 %
CoolSys, Inc.(7)(20)First lien senior secured loanSR +4.75%08/202814,650 13,665 13,631 0.2 %
CoreTrust Purchasing Group LLC(6)First lien senior secured loanSR +6.75%10/202996,419 94,737 95,455 1.1 %
CoreTrust Purchasing Group LLC(6)(15)(16)(17)First lien senior secured delayed draw term loanSR +6.75%09/2024 (58) 0.0 %
CoreTrust Purchasing Group LLC(6)(15)(16)First lien senior secured revolving loanSR +6.75%10/2029 (211)(142)0.0 %
Denali BuyerCo, LLC (dba Summit Companies)(7)First lien senior secured loanSR +5.50%09/2028197,744 195,299 197,249 2.3 %
Denali BuyerCo, LLC (dba Summit Companies)(7)(15)(16)First lien senior secured revolving loanSR +5.50%09/2027 (80)(25)0.0 %
Diamondback Acquisition, Inc. (dba Sphera)(6)First lien senior secured loanSR +5.50%09/202846,868 46,182 46,165 0.5 %
Entertainment Benefits Group, LLC(6)First lien senior secured loanSR +5.25%09/202574,269 73,884 74,269 0.8 %
Entertainment Benefits Group, LLC(6)(15)First lien senior secured revolving loanSR +5.25%09/20254,640 4,563 4,640 0.1 %
Fullsteam Operations, LLC(7)First lien senior secured loanSR +8.25%11/20298,938 8,672 8,669 0.1 %
Fullsteam Operations, LLC(7)(15)(17)First lien senior secured delayed draw term loanSR +8.25%05/2025851 797 796 0.0 %
Fullsteam Operations, LLC(7)(15)(16)(17)First lien senior secured delayed draw term loanSR +8.25%11/2025 (18)(19)0.0 %
Fullsteam Operations, LLC(7)(15)(16)First lien senior secured revolving loanSR +8.25%11/2029 (15)(15)0.0 %
Hercules Borrower, LLC (dba The Vincit Group)(7)First lien senior secured loanSR +6.25%12/2026800 793 798 0.0 %
Hercules Borrower, LLC (dba The Vincit Group)(7)First lien senior secured loanSR +5.50%12/20262,171 2,157 2,154 0.0 %
Hercules Borrower, LLC (dba The Vincit Group)(7)First lien senior secured delayed draw term loanSR +5.50%12/202612,967 12,883 12,870 0.1 %
Hercules Borrower, LLC (dba The Vincit Group)(7)(15)(16)First lien senior secured revolving loanSR +6.25%12/2026 (1) 0.0 %
Hercules Buyer, LLC (dba The Vincit Group)(14)(26)Unsecured notes
0.48% PIK
12/202924 24 27 0.0 %





36

Blue Owl Credit Income Corp.
Consolidated Schedules of Investments (Continued)
As of December 31, 2023
(Amounts in thousands, except share amounts)

Company(1)(2)(3)(18)(27)InvestmentInterestMaturity DatePar/UnitsAmortized Cost(4)(23)Fair ValuePercentage of Net Assets
Kaseya Inc.(7)First lien senior secured loanSR +
6.25% (2.50% PIK)
06/202972,330 71,136 72,150 0.8 %
Kaseya Inc.(7)(15)(17)First lien senior secured delayed draw term loanSR +
6.25% (2.50% PIK)
06/2024267 231 266 0.0 %
Kaseya Inc.(6)(15)First lien senior secured revolving loanSR +5.50%06/20291,097 1,030 1,087 0.0 %
KPSKY Acquisition, Inc. (dba BluSky)(7)First lien senior secured loanSR +5.25%10/2028102,224 100,721 101,202 1.1 %
KPSKY Acquisition, Inc. (dba BluSky)(7)(15)(17)First lien senior secured delayed draw term loanSR +5.75%11/202573 13 73 0.0 %
Packers Holdings, LLC(6)(20)First lien senior secured loanSR +3.25%03/202816,575 16,480 10,368 0.1 %
Ping Identity Holding Corp.(6)First lien senior secured loanSR +7.00%10/202921,818 21,531 21,709 0.2 %
Ping Identity Holding Corp.(6)(15)(16)First lien senior secured revolving loanSR +7.00%10/2028 (26)(11)0.0 %
839,383 841,141 9.4 %
Chemicals
Aruba Investments Holdings LLC (dba Angus Chemical Company)(6)(20)First lien senior secured loanSR +4.00%11/202713,761 $13,566 $13,547 0.2 %
Aruba Investments Holdings LLC (dba Angus Chemical Company)(6)Second lien senior secured loanSR +7.75%11/202840,137 40,127 37,528 0.4 %
Cyanco Intermediate 2 Corp.(6)(20)First lien senior secured loanSR +4.75%07/202821,945 21,325 21,982 0.2 %
Derby Buyer LLC(6)First lien senior secured loanSR +4.25%11/203065,000 63,053 65,000 0.7 %
Gaylord Chemical Company, L.L.C.(7)First lien senior secured loanSR +6.00%03/2027101,473 100,804 100,965 1.1 %
Gaylord Chemical Company, L.L.C.(7)(15)(16)First lien senior secured revolving loanSR +6.00%03/2026 (20)(20)0.0 %
Nouryon Finance B.V.(6)(20)(21)First lien senior secured loanSR +4.00%04/20282,985 2,979 2,992 0.0 %
Nouryon Finance B.V.(7)(20)(21)First lien senior secured loanSR +4.00%10/202515,931 15,740 15,975 0.2 %
Velocity HoldCo III Inc. (dba VelocityEHS)(7)First lien senior secured loanSR +5.75%04/20272,300 2,268 2,300 0.0 %
Velocity HoldCo III Inc. (dba VelocityEHS)(7)(15)First lien senior secured revolving loanSR +5.75%04/202618 16 18 0.0 %
259,858 260,287 2.8 %
Consumer products
ConAir Holdings LLC(6)Second lien senior secured loanSR +7.50%05/202932,500 $32,103 $31,444 0.4 %
Foundation Consumer Brands, LLC(7)First lien senior secured loanSR +6.25%02/2027103,408 101,900 103,408 1.1 %
Lignetics Investment Corp.(7)First lien senior secured loanSR +6.00%11/202784,428 83,698 83,795 0.9 %
Lignetics Investment Corp.(7)(15)First lien senior secured revolving loanSR +6.00%10/20269,559 9,478 9,473 0.1 %
Olaplex, Inc.(6)(20)(21)First lien senior secured loanSR +3.50%02/202949,184 48,512 45,372 0.5 %
SWK BUYER, Inc. (dba Stonewall Kitchen)(7)First lien senior secured loanSR +5.25%03/202959,074 58,151 56,859 0.6 %
SWK BUYER, Inc. (dba Stonewall Kitchen)(7)(15)(16)First lien senior secured revolving loanSR +5.25%03/2029 (83)(209)0.0 %
333,759 330,142 3.6 %
Containers and packaging
Arctic Holdco, LLC(7)First lien senior secured loanSR +6.00%12/202613,529 $13,264 $13,258 0.1 %
Arctic Holdco, LLC(7)(15)(16)(17)First lien senior secured delayed draw term loanSR +6.00%12/2024 (189)(194)0.0 %
Ascend Buyer, LLC (dba PPC Flexible Packaging)(7)First lien senior secured loanSR +6.40%10/202849,202 48,836 49,079 0.6 %





37

Blue Owl Credit Income Corp.
Consolidated Schedules of Investments (Continued)
As of December 31, 2023
(Amounts in thousands, except share amounts)

Company(1)(2)(3)(18)(27)InvestmentInterestMaturity DatePar/UnitsAmortized Cost(4)(23)Fair ValuePercentage of Net Assets
Ascend Buyer, LLC (dba PPC Flexible Packaging)(6)(15)First lien senior secured revolving loanSR +6.25%09/20271,702 1,670 1,689 0.0 %
Ascend Buyer, LLC (dba PPC Flexible Packaging)(7)First lien senior secured loanSR +6.40%10/202830,387 29,873 30,311 0.3 %
Ascend Buyer, LLC (dba PPC Flexible Packaging)(7)First lien senior secured loanSR +6.75%09/20288,910 8,754 8,910 0.1 %
Berlin Packaging L.L.C.(6)(20)First lien senior secured loanSR +3.75%03/202831,742 31,275 31,745 0.4 %
BW Holding, Inc.(7)First lien senior secured loanSR +4.00%12/202821,728 20,926 20,207 0.2 %
Charter NEX US, Inc.(6)(20)First lien senior secured loanSR +3.75%12/202749,580 49,167 49,749 0.6 %
Five Star Lower Holding LLC(7)(20)First lien senior secured loanSR +4.25%05/202921,602 21,358 21,191 0.2 %
Fortis Solutions Group, LLC(7)First lien senior secured loanSR +5.50%10/202866,960 65,950 65,453 0.7 %
Fortis Solutions Group, LLC(7)(15)First lien senior secured revolving loanSR +5.50%10/2027337 252 186 0.0 %
Indigo Buyer, Inc. (dba Inovar Packaging Group)(7)First lien senior secured loanSR +6.25%05/2028112,745 111,847 112,462 1.3 %
Indigo Buyer, Inc. (dba Inovar Packaging Group)(7)(15)First lien senior secured revolving loanSR +6.25%05/20285,080 4,987 5,048 0.1 %
OneDigital Borrower LLC(7)(20)First lien senior secured loanSR +4.25%11/20277,481 7,427 7,467 0.1 %
Pregis Topco LLC(6)(19)(20)First lien senior secured loanSR +3.75%07/20266,915 6,775 6,925 0.1 %
Pregis Topco LLC(6)Second lien senior secured loanSR +6.75%08/202930,000 30,000 30,000 0.3 %
Pregis Topco LLC(6)Second lien senior secured loanSR +7.75%08/20292,500 2,500 2,500 0.0 %
ProAmpac PG Borrower LLC(7)(20)First lien senior secured loanSR +4.50%11/202835,000 34,790 35,011 0.4 %
Ring Container Technologies Group, LLC(6)(20)First lien senior secured loanSR +3.50%08/202816,086 16,046 16,110 0.2 %
Tricorbraun Holdings, Inc.(6)(20)First lien senior secured loanSR +3.25%03/202832,524 31,835 32,290 0.4 %
537,343 539,397 6.1 %
Distribution
ABB/Con-cise Optical Group LLC(7)First lien senior secured loanSR +7.50%02/202833,306 $32,929 $32,057 0.4 %
Aramsco, Inc.(7)(20)First lien senior secured loanSR +4.75%10/203044,703 43,814 44,609 0.5 %
Aramsco, Inc.(7)(15)(16)(17)(20)First lien senior secured delayed draw term loanSR +4.75%10/2025  (16)0.0 %
BCPE Empire Holdings, Inc. (dba Imperial-Dade)(6)(20)First lien senior secured loanSR +4.75%12/202854,717 54,219 54,816 0.6 %
BradyIFS Holdings, LLC (fka Individual Foodservice Holdings, LLC)(7)First lien senior secured loanSR +6.00%10/2029164,103 162,498 162,380 1.8 %
BradyIFS Holdings, LLC (fka Individual Foodservice Holdings, LLC)(7)(15)(17)First lien senior secured delayed draw term loanSR +6.00%10/20254,431 4,300 4,378 0.0 %
BradyIFS Holdings, LLC (fka Individual Foodservice Holdings, LLC)(7)(15)(16)First lien senior secured revolving loanSR +6.00%10/2029 (135)(146)0.0 %
Dealer Tire, LLC(6)(20)First lien senior secured loanSR +4.50%12/20274,998 5,003 5,007 0.1 %
Dealer Tire, LLC(14)(19)(20)Unsecured notes8.00%02/202856,120 55,121 55,643 0.6 %
Endries Acquisition, Inc.(7)First lien senior secured loanSR +5.25%12/202884,122 83,495 83,491 0.9 %
Endries Acquisition, Inc.(7)(15)(16)(17)First lien senior secured delayed draw term loanSR +5.25%06/2024 (156)(157)0.0 %
Endries Acquisition, Inc.(7)(15)(16)(17)First lien senior secured delayed draw term loanSR +5.25%12/2025 (60)(60)0.0 %





38

Blue Owl Credit Income Corp.
Consolidated Schedules of Investments (Continued)
As of December 31, 2023
(Amounts in thousands, except share amounts)

Company(1)(2)(3)(18)(27)InvestmentInterestMaturity DatePar/UnitsAmortized Cost(4)(23)Fair ValuePercentage of Net Assets
Formerra, LLC(7)First lien senior secured loanSR +7.25%11/20285,211 5,065 5,132 0.1 %
Formerra, LLC(7)First lien senior secured delayed draw term loanSR +7.25%11/2028210 204 206 0.0 %
Formerra, LLC(7)(15)(16)First lien senior secured revolving loanSR +7.25%11/2028 (14)(8)0.0 %
SRS Distribution, Inc.(6)(20)First lien senior secured loanSR +3.50%06/202823,895 23,694 23,896 0.3 %
White Cap Supply Holdings, LLC(6)(20)First lien senior secured loanSR +3.75%10/202726,428 26,033 26,473 0.3 %
496,010 497,701 5.6 %
Education
Community Brands ParentCo, LLC(6)First lien senior secured loanSR +5.50%02/202831,317 $30,855 $31,004 0.3 %
Community Brands ParentCo, LLC(6)(15)(16)(17)First lien senior secured delayed draw term loanSR +5.50%02/2024 (26) 0.0 %
Community Brands ParentCo, LLC(6)(15)(16)First lien senior secured revolving loanSR +5.50%02/2028 (26)(19)0.0 %
Learning Care Group (US) No. 2 Inc.(7)(20)First lien senior secured loanSR +4.75%08/202822,444 22,107 22,545 0.3 %
Severin Acquisition, LLC (dba Powerschool)(7)(20)First lien senior secured loanSR +3.25%08/202514,742 14,672 14,788 0.2 %
Sophia, L.P.(6)(20)First lien senior secured loanSR +4.25%10/202714,961 14,851 14,926 0.2 %
Spring Education Group, Inc. (fka SSH Group Holdings, Inc.)(7)(20)First lien senior secured loanSR +4.50%10/203015,337 15,172 15,373 0.2 %
Pluralsight, LLC(7)First lien senior secured loanSR +8.00%04/20276,255 6,214 6,051 0.1 %
Pluralsight, LLC(7)(15)First lien senior secured revolving loanSR +8.00%04/2027305 303 292 0.0 %
Renaissance Learning, Inc.(6)(20)First lien senior secured loanSR +4.75%04/203023,940 23,425 23,997 0.3 %
127,547 128,957 1.6 %
Energy equipment and services
Pike Corp.(6)(20)First lien senior secured loanSR +3.00%01/20285,991 $5,978 $6,004 0.1 %
5,978 6,004 0.1 %
Financial services
Acuris Finance US, Inc. (ION Analytics) (7)(20)First lien senior secured loanSR +4.00%02/202810,500 $10,441 $10,477 0.1 %
Boost Newco Borrower, LLC (dba WorldPay)(7)(20)(21)First lien senior secured loanSR +3.00%09/203025,000 24,875 25,095 0.3 %
BTRS Holdings Inc. (dba Billtrust)(7)First lien senior secured loanSR +8.00%12/202810,850 10,565 10,688 0.1 %
BTRS Holdings Inc. (dba Billtrust)(7)(15)(17)First lien senior secured delayed draw term loanSR +8.00%12/2024449 449 436 0.0 %
BTRS Holdings Inc. (dba Billtrust)(7)(15)First lien senior secured revolving loanSR +7.25%12/2028289 261 272 0.0 %
Citco Funding LLC(7)(20)(21)First lien senior secured loanSR +3.25%04/202814,963 14,888 15,000 0.2 %
Computer Services, Inc. (dba CSI)(7)First lien senior secured loanSR +6.75%11/202930,271 29,734 30,271 0.3 %
Computer Services, Inc. (dba CSI)(7)First lien senior secured loanSR +6.00%11/20295,095 5,045 5,044 0.1 %
Deerfield Dakota Holdings(7)(20)First lien senior secured loanSR +3.75%04/202722,972 22,561 22,724 0.3 %
Finastra USA, Inc.(8)(21)First lien senior secured loanSR +7.25%09/2029164,763 163,150 163,116 1.8 %
Finastra USA, Inc.(6)(15)(21)First lien senior secured revolving loanSR +7.25%09/20294,524 4,353 4,353 0.0 %
Helios Software Holdings, Inc.(7)(20)(21)First lien senior secured loanSR +4.25%07/20305,611 5,424 5,597 0.1 %





39

Blue Owl Credit Income Corp.
Consolidated Schedules of Investments (Continued)
As of December 31, 2023
(Amounts in thousands, except share amounts)

Company(1)(2)(3)(18)(27)InvestmentInterestMaturity DatePar/UnitsAmortized Cost(4)(23)Fair ValuePercentage of Net Assets
KRIV Acquisition Inc. (dba Riveron)(7)First lien senior secured loanSR +6.25%07/202981,295 78,997 79,060 0.9 %
KRIV Acquisition Inc. (dba Riveron)(7)(15)(16)(17)First lien senior secured delayed draw term loanSR +6.25%07/2025 (167)(152)0.0 %
KRIV Acquisition Inc. (dba Riveron)(7)(15)(16)First lien senior secured revolving loanSR +6.25%07/2029 (302)(301)0.0 %
NMI Acquisitionco, Inc. (dba Network Merchants)(6)First lien senior secured loanSR +5.75%09/202512,304 12,225 12,242 0.1 %
NMI Acquisitionco, Inc. (dba Network Merchants)(6)(15)(16)First lien senior secured revolving loanSR +5.75%09/2025 (4)(3)0.0 %
Saphilux S.a.r.L (dba IQ EQ)(8)(20)(21)First lien senior secured loanSR +4.75%07/202822,500 22,165 22,514 0.3 %
Smarsh Inc.(7)First lien senior secured loanSR +5.75%02/202983,048 82,388 82,840 0.9 %
Smarsh Inc.(7)(15)(17)First lien senior secured delayed draw term loanSR +5.75%02/202410,381 10,219 10,355 0.1 %
Smarsh Inc.(7)(15)(16)First lien senior secured revolving loanSR +5.75%02/2029 (6)(2)0.0 %
USI, Inc.(7)(20)First lien senior secured loanSR +3.25%09/203014,963 14,925 14,967 0.2 %
512,186 514,593 5.8 %
Food and beverage
Balrog Acquisition, Inc. (dba Bakemark)(6)(20)First lien senior secured loanSR +4.00%09/202813,720 $13,617 $13,484 0.2 %
Balrog Acquisition, Inc. (dba BakeMark)(6)Second lien senior secured loanSR +7.00%09/20296,000 5,960 5,925 0.1 %
Blast Bidco Inc.(7)First lien senior secured loanSR +6.00%10/203035,821 34,946 34,925 0.4 %
Blast Bidco Inc.(7)(15)(16)First lien senior secured revolving loanSR +6.00%10/2029 (100)(104)0.0 %
Dessert Holdings(6)First lien senior secured loanSR +4.00%06/202819,599 19,526 17,639 0.2 %
Hissho Sushi Merger Sub, LLC(7)First lien senior secured loanSR +5.50%05/2028111,981 111,105 111,981 1.3 %
Hissho Sushi Merger Sub, LLC(7)(15)(16)First lien senior secured revolving loanSR +5.50%05/2028 (64) 0.0 %
Innovation Ventures HoldCo, LLC (dba 5 Hour Energy)(6)First lien senior secured loanSR +6.25%03/2027275,000 271,486 271,564 3.0 %
KBP Brands, LLC(7)First lien senior secured loanSR +
6.50% (1.00% PIK)
05/202714,700 14,571 14,443 0.2 %
KBP Brands, LLC(7)First lien senior secured delayed draw term loanSR +
6.50% (1.00% PIK)
05/202733,687 33,413 33,097 0.4 %
Naked Juice LLC (dba Tropicana)(7)(20)First lien senior secured loanSR +3.25%01/202914,158 14,137 13,661 0.2 %
Ole Smoky Distillery, LLC(6)First lien senior secured loanSR +5.50%03/202830,477 29,995 30,020 0.4 %
Ole Smoky Distillery, LLC(6)(15)(16)First lien senior secured revolving loanSR +5.25%03/2028 (47)(50)0.0 %
Pegasus BidCo B.V.(7)(20)First lien senior secured loanSR +4.25%07/202910,395 10,307 10,386 0.1 %
Rushmore Investment III LLC (dba Winland Foods)(6)First lien senior secured loanSR +6.00%10/2030317,200 312,216 312,125 3.5 %
Shearer's Foods, LLC(6)(20)First lien senior secured loanSR +3.50%09/202739,163 39,162 39,179 0.4 %
Sovos Brands Intermediate, Inc.(7)(20)First lien senior secured loanSR +3.50%06/202810,145 10,138 10,173 0.1 %
Ultimate Baked Goods Midco, LLC(6)First lien senior secured loanSR +6.25%08/202716,170 15,901 16,170 0.2 %
Ultimate Baked Goods Midco, LLC(6)(15)(16)First lien senior secured revolving loanSR +6.25%08/2027 (30) 0.0 %
936,239 934,618 10.7 %





40

Blue Owl Credit Income Corp.
Consolidated Schedules of Investments (Continued)
As of December 31, 2023
(Amounts in thousands, except share amounts)

Company(1)(2)(3)(18)(27)InvestmentInterestMaturity DatePar/UnitsAmortized Cost(4)(23)Fair ValuePercentage of Net Assets
Healthcare equipment and services
Bamboo US BidCo LLC(7)First lien senior secured loanSR +6.00%09/203096,615 $93,788 $93,717 1.1 %
Bamboo US BidCo LLC(10)First lien senior secured EUR term loanE +6.00%09/203060,112 61,996 64,411 0.7 %
Bamboo US BidCo LLC(6)(15)(16)First lien senior secured revolving loanSR +6.00%10/2029 (578)(604)0.0 %
Bamboo US BidCo LLC(6)(15)(17)First lien senior secured delayed draw term loanSR +6.00%03/20251,037 803 795 0.0 %
Canadian Hospital Specialties Ltd.(9)(21)First lien senior secured CAD term loanC +4.50%04/2028$4,883 3,860 3,611 0.0 %
Canadian Hospital Specialties Ltd.(9)(15)(21)First lien senior secured CAD revolving loanC +4.50%04/2027$494 393 364 0.0 %
Confluent Medical Technologies, Inc.(7)First lien senior secured loanSR +3.75%02/202924,724 24,627 24,600 0.3 %
Confluent Medical Technologies, Inc.(7)Second lien senior secured loanSR +6.50%02/203046,000 45,236 45,655 0.5 %
Dermatology Intermediate Holdings III, Inc.(7)(20)First lien senior secured loanSR +4.25%03/202915,443 15,176 14,898 0.2 %
CSC MKG Topco LLC (dba Medical Knowledge Group)(6)First lien senior secured loanSR +5.75%02/202999,783 98,182 98,286 1.1 %
Medline Borrower, LP(6)(20)First lien senior secured loanSR +3.00%10/202824,563 24,474 24,663 0.3 %
Medline Borrower, LP(6)(15)(16)First lien senior secured revolving loanSR +3.00%10/2026 (25)(20)0.0 %
Natus Medical, Inc.(7)First lien senior secured loanSR +5.50%07/2029495 466 460 0.0 %
Packaging Coordinators Midco, Inc.(7)(20)First lien senior secured loanSR +3.50%11/20274,713 4,643 4,711 0.1 %
Packaging Coordinators Midco, Inc.(6)Second lien senior secured loanSR +7.00%12/202953,918 52,546 53,784 0.6 %
Patriot Acquisition TopCo S.A.R.L (dba Corza Health, Inc.)(6)(21)First lien senior secured loanSR +6.75%01/202850,388 49,833 50,262 0.6 %
Patriot Acquisition TopCo S.A.R.L (dba Corza Health, Inc.)(7)(15)(21)First lien senior secured revolving loanSR +6.75%01/202619 18 19 0.0 %
PERKINELMER U.S. LLC(6)First lien senior secured loanSR +6.75%03/202977,704 76,302 77,704 0.9 %
PERKINELMER U.S. LLC(6)First lien senior secured loanSR +5.75%03/202935,208 34,856 34,856 0.4 %
Resonetics, LLC(7)First lien senior secured loanSR +6.00%04/202855,357 53,768 55,357 0.6 %
Resonetics, LLC(7)(20)First lien senior secured loanSR +4.00%04/202815,434 15,342 15,419 0.2 %
Rhea Parent, Inc.(7)First lien senior secured loanSR +5.50%02/202976,601 75,389 76,218 0.9 %
Zest Acquisition Corp.(6)(19)First lien senior secured loanSR +5.50%02/202819,734 19,111 19,241 0.2 %
750,206 758,407 8.7 %
Healthcare providers and services
Allied Benefit Systems Intermediate LLC(7)First lien senior secured loanSR +5.25%10/203017,753 $17,491 $17,486 0.2 %
Allied Benefit Systems Intermediate LLC(7)(15)(16)(17)First lien senior secured delayed draw term loanSR +5.25%10/2025 (24)(24)0.0 %
BELMONT BUYER, INC. (dba Valenz)(8)First lien senior secured loanSR +6.50%06/202956,019 54,970 55,459 0.6 %
BELMONT BUYER, INC. (dba Valenz)(7)(15)(17)First lien senior secured delayed draw term loanSR +6.50%12/20245,293 5,127 5,240 0.1 %
BELMONT BUYER, INC. (dba Valenz)(7)(15)(16)First lien senior secured revolving loanSR +6.50%06/2029 (121)(66)0.0 %
Covetrus, Inc.(7)(20)First lien senior secured loanSR +5.00%10/202910,411 9,913 10,392 0.1 %





41

Blue Owl Credit Income Corp.
Consolidated Schedules of Investments (Continued)
As of December 31, 2023
(Amounts in thousands, except share amounts)

Company(1)(2)(3)(18)(27)InvestmentInterestMaturity DatePar/UnitsAmortized Cost(4)(23)Fair ValuePercentage of Net Assets
Covetrus, Inc.(7)Second lien senior secured loanSR +9.25%10/2030160,000 157,033 159,600 1.8 %
Diagnostic Services Holdings, Inc. (dba Rayus Radiology)(6)First lien senior secured loanSR +5.50%03/2025119,913 119,913 119,613 1.3 %
Ex Vivo Parent Inc. (dba OB Hospitalist)(6)First lien senior secured loanSR +
9.75% PIK
09/202836,208 35,742 35,484 0.4 %
Engage Debtco Limited(7)(21)First lien senior secured loanSR +
5.75% (2.25% PIK)
07/202991,899 89,807 90,597 1.0 %
Engage Debtco Limited(7)(21)First lien senior secured delayed draw term loanSR +
5.75% (2.25% PIK)
07/202919,876 19,483 19,529 0.2 %
HAH Group Holding Company LLC (dba Help at Home)(6)First lien senior secured delayed draw term loanSR +5.00%10/20278,941 8,713 8,851 0.1 %
KWOL Acquisition Inc.(8)First lien senior secured loanSR +6.25%12/2029164,423 161,191 161,169 1.8 %
KWOL Acquisition Inc.(8)(15)First lien senior secured revolving loanSR +6.25%12/20296,697 6,260 6,256 0.1 %
MED ParentCo, LP(6)(20)First lien senior secured loanSR +4.25%08/202622,540 22,256 22,283 0.3 %
MJH Healthcare Holdings, LLC(6)(20)First lien senior secured loanSR +3.50%01/202919,650 19,589 19,528 0.2 %
Natural Partners, LLC(7)(21)First lien senior secured loanSR +4.50%11/202767,987 66,992 67,647 0.8 %
Natural Partners, LLC(7)(15)(16)(21)First lien senior secured revolving loanSR +4.50%11/2027 (69)(25)0.0 %
Neptune Holdings, Inc. (dba NexTech)(8)First lien senior secured loanSR +6.00%08/203030,882 30,135 30,110 0.3 %
Neptune Holdings, Inc. (dba NexTech)(8)(15)(16)First lien senior secured revolving loanSR +6.00%08/2029 (98)(103)0.0 %
OB Hospitalist Group, Inc.(7)First lien senior secured loanSR +5.50%09/202760,421 59,599 59,666 0.7 %
OB Hospitalist Group, Inc.(6)(15)First lien senior secured revolving loanSR +5.50%09/20273,091 2,991 2,991 0.0 %
OneOncology LLC(7)First lien senior secured loanSR +6.25%06/203071,167 70,158 70,811 0.8 %
OneOncology LLC(7)(15)(16)First lien senior secured revolving loanSR +6.25%06/2029 (194)(71)0.0 %
OneOncology LLC(7)(15)(16)(17)First lien senior secured delayed draw term loanSR +6.25%12/2024 (154) 0.0 %
Pacific BidCo Inc.(8)(21)First lien senior secured loanSR +
5.75% (3.20% PIK)
08/2029163,958 160,526 162,319 1.8 %
Pacific BidCo Inc.(8)(15)(16)(17)(21)First lien senior secured delayed draw term loanSR +5.75%08/2025 (179) 0.0 %
PetVet Care Centers, LLC(6)First lien senior secured loanSR +6.00%11/2030242,965 240,567 240,414 2.7 %
PetVet Care Centers, LLC(6)(15)(16)(17)First lien senior secured delayed draw term loanSR +6.00%11/2025 (156)(16)0.0 %
PetVet Care Centers, LLC(6)(15)(16)First lien senior secured revolving loanSR +6.00%11/2029 (354)(349)0.0 %
Phoenix Newco, Inc. (dba Parexel)(6)(20)First lien senior secured loanSR +3.25%11/202819,650 19,577 19,754 0.2 %
Phoenix Newco, Inc. (dba Parexel)(6)Second lien senior secured loanSR +6.50%11/2029140,000 138,834 140,000 1.6 %
Physician Partners, LLC(7)(20)First lien senior secured loanSR +4.00%12/202818,312 17,885 17,259 0.2 %
Physician Partners, LLC(7)First lien senior secured loanSR +5.50%12/2028125,000 118,753 121,250 1.4 %
Plasma Buyer LLC (dba Pathgroup)(7)First lien senior secured loanSR +5.75%05/2029108,755 106,970 106,580 1.2 %
Plasma Buyer LLC (dba Pathgroup)(7)(15)(16)(17)First lien senior secured delayed draw term loanSR +5.75%05/2024 (219)(286)0.0 %





42

Blue Owl Credit Income Corp.
Consolidated Schedules of Investments (Continued)
As of December 31, 2023
(Amounts in thousands, except share amounts)

Company(1)(2)(3)(18)(27)InvestmentInterestMaturity DatePar/UnitsAmortized Cost(4)(23)Fair ValuePercentage of Net Assets
Plasma Buyer LLC (dba Pathgroup)(7)(15)First lien senior secured revolving loanSR +5.75%05/20284,079 3,901 3,834 0.0 %
Pediatric Associates Holding Company, LLC(6)First lien senior secured loanSR +4.50%12/202824,875 23,963 24,502 0.3 %
Pediatric Associates Holding Company, LLC(6)First lien senior secured loanSR +3.25%12/202819,650 19,585 18,962 0.2 %
Pediatric Associates Holding Company, LLC(6)First lien senior secured delayed draw term loanSR +3.25%12/20283,506 3,495 3,384 0.0 %
PPV Intermediate Holdings, LLC(7)First lien senior secured loanSR +5.75%08/2029163,397 160,593 161,354 1.8 %
PPV Intermediate Holdings, LLC(7)(15)(16)(17)First lien senior secured delayed draw term loanSR +6.00%09/2025 (48)(25)0.0 %
PPV Intermediate Holdings, LLC(7)(15)(16)First lien senior secured revolving loanSR +5.75%08/2029 (192)(148)0.0 %
Surgery Center Holdings, Inc.(7)(20)(21)First lien senior secured loanSR +3.50%12/20302,000 1,980 2,006 0.0 %
TC Holdings, LLC (dba TrialCard)(7)First lien senior secured loanSR +5.00%04/202763,761 63,312 63,761 0.7 %
TC Holdings, LLC (dba TrialCard)(7)(15)(16)First lien senior secured revolving loanSR +5.00%04/2027 (51) 0.0 %
Tivity Health, Inc.(7)First lien senior secured loanSR +6.00%06/2029150,100 146,966 148,974 1.7 %
Unified Women's Healthcare, LP(6)First lien senior secured loanSR +5.25%06/202982,874 82,359 82,874 0.9 %
Unified Women's Healthcare, LP(6)First lien senior secured loanSR +5.50%06/202927,600 27,397 27,600 0.3 %
Unified Women's Healthcare, LP(6)(15)(16)(17)First lien senior secured delayed draw term loanSR +5.50%10/2025 (151) 0.0 %
Unified Women's Healthcare, LP(6)(15)(16)First lien senior secured revolving loanSR +5.25%06/2029 (47) 0.0 %
Quva Pharma, Inc. (6)First lien senior secured loanSR +5.50%04/20284,443 4,353 4,410 0.0 %
Quva Pharma, Inc. (6)(15)(16)First lien senior secured revolving loanSR +5.50%04/2026 (6)(3)0.0 %
Vermont Aus Pty Ltd(7)(21)First lien senior secured loanSR +5.50%03/202853,546 52,535 53,011 0.6 %
XRL 1 LLC (f/k/a XOMA)(14)First lien senior secured loan9.88%12/203858,500 57,262 57,184 0.6 %
XRL 1 LLC (f/k/a XOMA)(14)(15)(16)(17)First lien senior secured delayed draw term loan9.88%12/2025 (67)(101)0.0 %
2,406,046 2,420,927 27.0 %
Healthcare technology
Athenahealth Group Inc.(6)(20)First lien senior secured loanSR +3.25%02/202929,337 $28,982 $29,175 0.3 %
BCPE Osprey Buyer, Inc. (dba PartsSource)(7)First lien senior secured loanSR +5.75%08/202853,224 52,609 52,559 0.6 %
BCPE Osprey Buyer, Inc. (dba PartsSource)(6)First lien senior secured delayed draw term loanSR +5.75%08/20286,440 6,348 6,359 0.1 %
BCPE Osprey Buyer, Inc. (dba PartsSource)(6)(15)(16)(17)First lien senior secured delayed draw term loanSR +5.75%10/2025 (254)(66)0.0 %
BCPE Osprey Buyer, Inc. (dba PartsSource)(6)(15)First lien senior secured revolving loanSR +5.75%08/20261,448 1,409 1,390 0.0 %
Bracket Intermediate Holding Corp.(7)(20)First lien senior secured loanSR +5.00%05/202849,750 48,414 49,675 0.6 %
Color Intermediate, LLC (dba ClaimsXten)(7)First lien senior secured loanSR +5.50%10/20299,165 9,006 9,073 0.1 %
IMO Investor Holdings, Inc.(7)First lien senior secured loanSR +6.00%05/202920,585 20,247 20,482 0.2 %
IMO Investor Holdings, Inc.(8)(15)(17)First lien senior secured delayed draw term loanSR +6.00%05/20241,825 1,770 1,816 0.0 %





43

Blue Owl Credit Income Corp.
Consolidated Schedules of Investments (Continued)
As of December 31, 2023
(Amounts in thousands, except share amounts)

Company(1)(2)(3)(18)(27)InvestmentInterestMaturity DatePar/UnitsAmortized Cost(4)(23)Fair ValuePercentage of Net Assets
IMO Investor Holdings, Inc.(7)(15)First lien senior secured revolving loanSR +6.00%05/202899 63 87 0.0 %
Indikami Bidco, LLC(6)First lien senior secured loanSR +6.00%12/203037,540 36,698 36,695 0.4 %
Indikami Bidco, LLC(6)(15)(16)(17)First lien senior secured delayed draw term loanSR +6.00%12/2025 (53)(41)0.0 %
Indikami Bidco, LLC(6)(15)(16)First lien senior secured revolving loanSR +6.00%06/2030 (105)(106)0.0 %
Interoperability Bidco, Inc. (dba Lyniate)(7)First lien senior secured loanSR +7.00%12/202675,182 74,859 74,054 0.8 %
Interoperability Bidco, Inc. (dba Lyniate)(7)(15)First lien senior secured revolving loanSR +7.00%12/20242,528 2,499 2,437 0.0 %
GHX Ultimate Parent Corporation(7)(20)First lien senior secured loanSR +4.75%06/202712,438 12,168 12,442 0.1 %
GI Ranger Intermediate, LLC (dba Rectangle Health)(7)First lien senior secured loanSR +5.75%10/202820,606 20,299 20,297 0.2 %
GI Ranger Intermediate, LLC (dba Rectangle Health)(7)(15)(17)First lien senior secured delayed draw term loanSR +5.75%03/20242,370 2,279 2,296 0.0 %
GI Ranger Intermediate, LLC (dba Rectangle Health)(7)(15)First lien senior secured revolving loanSR +5.75%10/20271,004 983 979 0.0 %
Imprivata, Inc.(6)(20)First lien senior secured loanSR +4.25%12/202710,450 10,161 10,480 0.1 %
Imprivata, Inc.(7)Second lien senior secured loanSR +6.25%12/202850,294 49,791 50,294 0.6 %
Ocala Bidco, Inc.(6)First lien senior secured loanSR +
6.25% (2.75% PIK)
11/202884,012 82,524 82,962 0.9 %
Ocala Bidco, Inc.(6)(15)(16)(17)First lien senior secured delayed draw term loanSR +5.75%05/2024 (74) 0.0 %
Ocala Bidco, Inc.(6)Second lien senior secured loanSR +
10.50% PIK
11/203350,557 49,863 50,052 0.6 %
Intelerad Medical Systems Incorporated(7)(21)First lien senior secured loanSR +6.50%08/202629,777 29,549 28,958 0.3 %
Intelerad Medical Systems Incorporated(7)(21)First lien senior secured revolving loanSR +6.50%08/20262,049 2,038 1,993 0.0 %
PointClickCare Technologies Inc.(7)(21)First lien senior secured loanSR +4.00%12/202719,650 19,433 19,650 0.2 %
Project Ruby Ultimate Parent Corp. (dba Wellsky)(6)(20)First lien senior secured loanSR +3.25%03/202819,789 19,362 19,753 0.2 %
Zelis Cost Management Buyer, Inc.(6)(20)First lien senior secured loanSR +3.50%09/20264,850 4,823 4,854 0.1 %
585,691 588,599 6.4 %
Household products
Aptive Environmental, LLC(14)First lien senior secured loan
12.00% (6.00% PIK)
01/20269,091 $8,102 $9,318 0.1 %
Home Service TopCo IV, Inc.(7)First lien senior secured loanSR +6.00%12/202736,289 35,961 36,016 0.4 %
Home Service TopCo IV, Inc.(7)(15)(16)First lien senior secured revolving loanSR +6.00%12/2027 (30)(25)0.0 %
Home Service TopCo IV, Inc.(7)(15)(16)(17)First lien senior secured delayed draw term loanSR +6.00%12/2024 (37)(21)0.0 %
Mario Purchaser, LLC (dba Len the Plumber)(6)First lien senior secured loanSR +5.75%04/202975,141 73,916 74,766 0.8 %
Mario Purchaser, LLC (dba Len the Plumber)(6)(15)(17)First lien senior secured delayed draw term loanSR +5.75%04/202418,290 17,833 18,198 0.2 %
Mario Purchaser, LLC (dba Len the Plumber)(6)(15)First lien senior secured revolving loanSR +5.75%04/20282,411 2,296 2,371 0.0 %
Mario Midco Holdings, Inc. (dba Len the Plumber)(6)Unsecured facilitySR +
10.75% PIK
04/203227,855 27,260 27,647 0.3 %
Simplisafe Holding Corporation(6)First lien senior secured loanSR +6.25%05/2028126,469 124,507 125,204 1.4 %





44

Blue Owl Credit Income Corp.
Consolidated Schedules of Investments (Continued)
As of December 31, 2023
(Amounts in thousands, except share amounts)

Company(1)(2)(3)(18)(27)InvestmentInterestMaturity DatePar/UnitsAmortized Cost(4)(23)Fair ValuePercentage of Net Assets
Simplisafe Holding Corporation(6)(15)(17)First lien senior secured delayed draw term loanSR +6.25%05/20244,258 4,104 4,216 0.0 %
Southern Air & Heat Holdings, LLC(7)First lien senior secured loanSR +4.75%10/20271,068 1,058 1,058 0.0 %
Southern Air & Heat Holdings, LLC(8)First lien senior secured delayed draw term loanSR +4.75%10/20271,115 1,104 1,103 0.0 %
Southern Air & Heat Holdings, LLC(8)(15)(17)First lien senior secured delayed draw term loanSR +5.25%10/20272,742 1,615 2,585 0.0 %
Southern Air & Heat Holdings, LLC(7)(15)First lien senior secured revolving loanSR +4.75%10/202723 20 20 0.0 %
Walker Edison Furniture Company LLC(6)(24)(30)First lien senior secured loanSR +
6.75% PIK
03/20272,878 2,452 2,648 0.0 %
Walker Edison Furniture Company LLC(6)(24)(30)First lien senior secured delayed draw term loanSR +
6.75% PIK
03/2027345 333 318 0.0 %
Walker Edison Furniture Company LLC(6)(15)(16)(17)(24)(30)First lien senior secured delayed draw term loanSR +
6.75% PIK
03/2027  (67)0.0 %
Walker Edison Furniture Company LLC(6)(24)(30)First lien senior secured revolving loanSR +6.25%03/20271,333 1,333 1,247 0.0 %
301,827 306,602 3.2 %
Human resource support services
AQ Carver Buyer, Inc. (dba CoAdvantage)(8)(20)First lien senior secured loanSR +5.50%08/202922,444 $22,000 $22,500 0.3 %
Cornerstone OnDemand, Inc.(6)(19)(20)First lien senior secured loanSR +3.75%10/202819,650 19,578 18,968 0.2 %
Cornerstone OnDemand, Inc.(6)Second lien senior secured loanSR +6.50%10/202944,583 44,054 41,908 0.5 %
IG Investments Holdings, LLC (dba Insight Global)(7)First lien senior secured loanSR +6.00%09/202847,545 46,859 47,188 0.5 %
IG Investments Holdings, LLC (dba Insight Global)(7)(15)(16)First lien senior secured revolving loanSR +6.00%09/2027 (45)(27)0.0 %
iSolved, Inc.(7)(20)First lien senior secured loanSR +4.00%10/203027,500 27,263 27,500 0.3 %
159,709 158,037 1.8 %
Infrastructure and environmental services
Aegion Corp.(7)(19)(20)First lien senior secured loanSR +4.75%05/202854,666 $53,240 $54,644 0.6 %
GI Apple Midco LLC (dba Atlas Technical Consultants)(6)(15)First lien senior secured revolving loanSR +6.75%04/20296,174 5,979 6,008 0.1 %
GI Apple Midco LLC (dba Atlas Technical Consultants)(6)First lien senior secured loanSR +6.75%04/203072,460 71,110 71,373 0.8 %
GI Apple Midco LLC (dba Atlas Technical Consultants)(6)(15)(17)First lien senior secured delayed draw term loanSR +6.75%04/20251,741 1,610 1,715 0.0 %
AWP Group Holdings, Inc.(7)First lien senior secured loanSR +5.50%12/202934,920 34,368 34,396 0.4 %
AWP Group Holdings, Inc.(7)(15)(17)First lien senior secured delayed draw term loanSR +5.50%08/2025350 278 310 0.0 %
AWP Group Holdings, Inc.(7)(15)First lien senior secured revolving loanSR +5.50%12/20291,248 1,153 1,161 0.0 %
The Goldfield Corp.(6)First lien senior secured loanSR +6.25%12/20261,385 1,363 1,378 0.0 %
Osmose Utilities Services, Inc.(6)(20)First lien senior secured loanSR +3.25%06/202816,629 16,545 16,600 0.2 %
USIC Holdings, Inc.(7)(20)First lien senior secured loanSR +3.50%05/202811,817 11,548 11,704 0.1 %
USIC Holdings, Inc.(7)(19)Second lien senior secured loanSR +6.50%05/202939,691 39,505 36,714 0.4 %
Tamarack Intermediate, L.L.C. (dba Verisk 3E)(7)First lien senior secured loanSR +5.75%03/202832,892 32,389 32,480 0.4 %





45

Blue Owl Credit Income Corp.
Consolidated Schedules of Investments (Continued)
As of December 31, 2023
(Amounts in thousands, except share amounts)

Company(1)(2)(3)(18)(27)InvestmentInterestMaturity DatePar/UnitsAmortized Cost(4)(23)Fair ValuePercentage of Net Assets
Tamarack Intermediate, L.L.C. (dba Verisk 3E)(7)(15)(17)First lien senior secured delayed draw term loanSR +5.75%10/20251,198 1,141 1,183 0.0 %
Tamarack Intermediate, L.L.C. (dba Verisk 3E)(7)(15)(16)First lien senior secured revolving loanSR +5.75%03/2028 (75)(67)0.0 %
270,154 269,599 3.0 %
Insurance
Acrisure, LLC(7)(20)(21)First lien senior secured loanSR +3.50%02/202711,630 $11,227 $11,591 0.1 %
Acrisure, LLC(7)(20)(21)First lien senior secured loanSR +4.25%02/20271,975 1,928 1,977 0.0 %
Acrisure, LLC(7)(20)(21)First lien senior secured loanSR +3.75%02/20274,967 4,890 4,957 0.1 %
Acrisure, LLC(7)(20)(21)First lien senior secured loanSR +4.50%12/203059,126 58,588 59,173 0.7 %
Alera Group, Inc.(6)First lien senior secured loanSR +6.00%10/2028148,475 146,111 148,475 1.7 %
AmeriLife Holdings LLC(6)First lien senior secured loanSR +5.75%08/2029128,880 126,668 128,236 1.4 %
Alera Group, Inc.(6)(15)(16)(17)First lien senior secured delayed draw term loanSR +5.75%11/2025 (223) 0.0 %
AmeriLife Holdings LLC(6)(15)(16)First lien senior secured revolving loanSR +5.75%08/2028 (253)(81)0.0 %
AmeriLife Holdings LLC(7)(15)(17)First lien senior secured delayed draw term loanSR +5.75%09/202426,858 26,368 26,724 0.3 %
AmeriLife Holdings LLC(6)(15)(16)(17)First lien senior secured delayed draw term loanSR +5.75%10/2025 (260) 0.0 %
AssuredPartners, Inc.(6)(20)First lien senior secured loanSR +3.50%02/202734,357 34,315 34,407 0.4 %
Asurion, LLC(6)(20)Second lien senior secured loanSR +5.25%01/2029174,017 168,469 163,628 1.8 %
Asurion, LLC(6)(20)Second lien senior secured loanSR +5.25%01/202832,400 29,273 30,806 0.3 %
Brightway Holdings, LLC(8)First lien senior secured loanSR +6.50%12/202717,582 17,423 17,230 0.2 %
Brightway Holdings, LLC(7)(15)First lien senior secured revolving loanSR +6.50%12/2027947 930 905 0.0 %
Broadstreet Partners, Inc.(6)(20)First lien senior secured loanSR +3.75%01/202918,728 18,703 18,758 0.2 %
Disco Parent, Inc. (dba Duck Creek Technologies, Inc.)(7)First lien senior secured loanSR +7.50%03/2029909 888 895 0.0 %
Disco Parent, Inc. (dba Duck Creek Technologies, Inc.)(7)(15)(16)First lien senior secured revolving loanSR +7.50%03/2029 (2)(1)0.0 %
Evolution BuyerCo, Inc. (dba SIAA)(7)First lien senior secured loanSR +6.25%04/202826,070 25,845 25,875 0.3 %
Evolution BuyerCo, Inc. (dba SIAA)(7)First lien senior secured delayed draw term loanSR +6.75%04/20281,586 1,584 1,582 0.0 %
Evolution BuyerCo, Inc. (dba SIAA)(7)(15)(17)First lien senior secured delayed draw term loanSR +6.00%12/2025734 701 727 0.0 %
Evolution BuyerCo, Inc. (dba SIAA)(7)(15)(16)First lien senior secured revolving loanSR +6.25%04/2027 (5)(5)0.0 %
Hub International(7)(20)First lien senior secured loanSR +4.25%06/20309,975 9,883 10,013 0.1 %
Hyperion Refinance S.a.r.l (dba Howden Group)(6)(21)First lien senior secured loanSR +5.25%11/202792,823 91,280 92,823 1.0 %
Hyperion Refinance S.a.r.l (dba Howden Group)(7)(20)(21)First lien senior secured loanSR +4.00%04/203034,912 34,650 34,947 0.4 %
IMA Financial Group, Inc.(6)First lien senior secured loanSR +3.75%11/202870,619 70,290 70,442 0.8 %
Integrated Specialty Coverages, LLC(7)First lien senior secured loanSR +6.00%07/203055,101 54,309 54,274 0.6 %





46

Blue Owl Credit Income Corp.
Consolidated Schedules of Investments (Continued)
As of December 31, 2023
(Amounts in thousands, except share amounts)

Company(1)(2)(3)(18)(27)InvestmentInterestMaturity DatePar/UnitsAmortized Cost(4)(23)Fair ValuePercentage of Net Assets
Integrated Specialty Coverages, LLC(7)(15)(16)(17)First lien senior secured delayed draw term loanSR +6.00%01/2024 (75)(32)0.0 %
Integrated Specialty Coverages, LLC(7)(15)(16)First lien senior secured revolving loanSR +6.00%07/2029 (83)(89)0.0 %
Integrity Marketing Acquisition, LLC(7)First lien senior secured loanSR +5.80%08/202655,173 55,054 55,173 0.6 %
Integrity Marketing Acquisition, LLC(7)First lien senior secured loanSR +6.00%08/20262,787 2,762 2,787 0.0 %
Integrity Marketing Acquisition, LLC(7)First lien senior secured loanSR +6.05%08/20265,464 5,451 5,464 0.0 %
Integrity Marketing Acquisition, LLC(7)(15)(17)First lien senior secured delayed draw term loanSR +6.00%02/20251,646 1,534 1,646 0.0 %
Integrity Marketing Acquisition, LLC(7)(15)(16)First lien senior secured revolving loanSR +6.50%08/2026 (23) 0.0 %
KUSRP Intermediate, Inc. (dba U.S. Retirement and Benefits Partners)(7)First lien senior secured loanSR +
10.50% PIK
07/203013,931 13,778 13,896 0.2 %
KWOR Acquisition, Inc. (dba Alacrity Solutions)(6)(15)(17)First lien senior secured delayed draw term loanSR +5.25%06/20242,383 2,294 2,377 0.0 %
Peter C. Foy & Associates Insurance Services, LLC (dba PCF Insurance Services)(6)First lien senior secured loanSR +6.00%11/2028184,888 183,285 184,428 2.1 %
Peter C. Foy & Associates Insurance Services, LLC (dba PCF Insurance Services)(6)(15)(16)First lien senior secured revolving loanSR +6.00%11/2027 (16)(6)0.0 %
PCF Midco II, LLC (dba PCF Insurance Services)(14)First lien senior secured loan
9.00% PIK
10/203153,879 50,254 50,107 0.6 %
Tempo Buyer Corp. (dba Global Claims Services)(7)First lien senior secured loanSR +5.50%08/202835,793 35,272 35,525 0.4 %
Tempo Buyer Corp. (dba Global Claims Services)(13)(15)First lien senior secured revolving loanP +4.00%08/20271,651 1,588 1,612 0.0 %
USRP Holdings, Inc. (dba U.S. Retirement and Benefits Partners)(8)First lien senior secured loanSR +5.75%07/202714,792 14,598 14,681 0.2 %
USRP Holdings, Inc. (dba U.S. Retirement and Benefits Partners)(8)(15)(16)First lien senior secured revolving loanSR +5.75%07/2027 (13)(8)0.0 %
Summit Acquisition Inc. (dba K2 Insurance Services)(7)First lien senior secured loanSR +6.75%05/203050,474 49,056 49,338 0.6 %
Summit Acquisition Inc. (dba K2 Insurance Services)(7)(15)(16)(17)First lien senior secured delayed draw term loanSR +6.75%11/2024 (166)(92)0.0 %
Summit Acquisition Inc. (dba K2 Insurance Services)(7)(15)(16)First lien senior secured revolving loanSR +6.75%05/2029 (164)(138)0.0 %
KWOR Acquisition, Inc. (dba Alacrity Solutions)(6)First lien senior secured loanSR +5.25%12/202832,456 32,044 32,375 0.4 %
KWOR Acquisition, Inc. (dba Alacrity Solutions)(13)(15)First lien senior secured revolving loanP +4.25%12/20271,468 1,434 1,460 0.0 %
1,381,444 1,388,862 15.5 %
Internet software and services
Activate Holdings (US) Corp. (dba Absolute Software)(7)(21)First lien senior secured loanSR +6.75%07/20304,636 $4,514 $4,520 0.1 %
Activate Holdings (US) Corp. (dba Absolute Software)(7)(15)(21)First lien senior secured revolving loanSR +6.75%07/203070 61 62 0.0 %
Anaplan, Inc.(7)First lien senior secured loanSR +6.50%06/2029224,639 222,786 224,639 2.5 %
Anaplan, Inc.(7)(15)(16)First lien senior secured revolving loanSR +6.50%06/2028 (123) 0.0 %
Appfire Technologies, LLC(7)First lien senior secured loanSR +5.50%03/20277,718 7,673 7,679 0.1 %
Appfire Technologies, LLC(7)(15)(16)(17)First lien senior secured delayed draw term loanSR +5.50%06/2024 (97) 0.0 %
Appfire Technologies, LLC(13)(15)First lien senior secured revolving loanP +4.50%03/2027373 357 365 0.0 %
Avalara, Inc.(7)First lien senior secured loanSR +7.25%10/202870,455 69,556 70,102 0.8 %





47

Blue Owl Credit Income Corp.
Consolidated Schedules of Investments (Continued)
As of December 31, 2023
(Amounts in thousands, except share amounts)

Company(1)(2)(3)(18)(27)InvestmentInterestMaturity DatePar/UnitsAmortized Cost(4)(23)Fair ValuePercentage of Net Assets
Avalara, Inc.(7)(15)(16)First lien senior secured revolving loanSR +7.25%10/2028 (84)(35)0.0 %
Armstrong Bidco Limited (dba The Access Group)(12)(21)First lien senior secured GBP term loanSA +5.25%06/2029£26,570 32,007 33,618 0.4 %
Armstrong Bidco Limited (dba The Access Group)(12)(21)First lien senior secured GBP delayed draw term loanSA +5.25%06/2029£13,863 16,697 17,540 0.2 %
Barracuda Parent, LLC(7)(20)First lien senior secured loanSR +4.50%08/202927,374 26,673 26,656 0.3 %
Barracuda Parent, LLC(7)Second lien senior secured loanSR +7.00%08/203093,250 90,768 87,655 1.0 %
Bayshore Intermediate #2, L.P. (dba Boomi)(7)First lien senior secured loanSR +
7.50% PIK
10/202824,342 24,018 24,038 0.3 %
Bayshore Intermediate #2, L.P. (dba Boomi)(7)(15)First lien senior secured revolving loanSR +6.75%10/2027319 296 299 0.0 %
BCTO BSI Buyer, Inc. (dba Buildertrend)(7)First lien senior secured loanSR +
7.50% PIK
12/20261,124 1,118 1,124 0.0 %
BCTO BSI Buyer, Inc. (dba Buildertrend)(7)(15)(16)First lien senior secured revolving loanSR +7.50%12/2026 (1) 0.0 %
Central Parent Inc. (dba CDK Global Inc.)(7)(20)First lien senior secured loanSR +4.00%07/20299,330 9,307 9,367 0.1 %
CivicPlus, LLC(7)First lien senior secured loanSR +
6.50% (2.50% PIK)
08/202728,245 28,050 28,245 0.4 %
CivicPlus, LLC(6)(15)First lien senior secured revolving loanSR +6.00%08/2027763 748 763 0.0 %
CP PIK Debt Issuer, LLC (dba CivicPlus, LLC)(6)Unsecured notesSR +
11.75% PIK
06/203417,052 16,698 17,008 0.2 %
Cloud Software Group, Inc.(7)(20)First lien senior secured loanSR +4.50%03/202974,811 71,444 72,933 0.8 %
Coupa Holdings, LLC(6)First lien senior secured loanSR +7.50%02/203024,344 23,784 23,857 0.3 %
Coupa Holdings, LLC(6)(15)(16)First lien senior secured revolving loanSR +7.50%02/2029 (36)(33)0.0 %
Coupa Holdings, LLC(6)(15)(16)(17)First lien senior secured delayed draw term loanSR +7.50%08/2024 (24)(16)0.0 %
Crewline Buyer, Inc.(7)First lien senior secured loanSR +6.75%11/2030165,368 162,923 162,888 1.8 %
Crewline Buyer, Inc.(7)(15)(16)First lien senior secured revolving loanSR +6.75%11/2030 (253)(258)0.0 %
Delta TopCo, Inc. (dba Infoblox, Inc.)(8)(20)First lien senior secured loanSR +3.75%12/202729,044 27,646 28,971 0.3 %
Delta TopCo, Inc. (dba Infoblox, Inc.)(7)Second lien senior secured loanSR +7.25%12/202849,222 48,996 49,222 0.6 %
EET Buyer, Inc. (dba e-Emphasys)(7)First lien senior secured loanSR +6.50%11/202736,349 35,989 36,349 0.4 %
EET Buyer, Inc. (dba e-Emphasys)(8)(15)First lien senior secured revolving loanSR +6.50%11/2027677 647 677 0.0 %
Entrata, Inc.(6)First lien senior secured loanSR +6.00%07/20304,487 4,423 4,420 0.0 %
Entrata, Inc.(6)(15)(16)First lien senior secured revolving loanSR +6.00%07/2028 (7)(8)0.0 %
E2open, LLC(6)(20)First lien senior secured loanSR +3.50%02/20285,187 5,180 5,186 0.1 %
Catalis Intermediate, Inc. (fka GovBrands Intermediate, Inc.)(7)First lien senior secured loanSR +5.50%08/20278,179 8,044 7,892 0.1 %
Catalis Intermediate, Inc. (fka GovBrands Intermediate, Inc.)(7)First lien senior secured delayed draw term loanSR +5.50%08/20271,840 1,819 1,776 0.0 %
Catalis Intermediate, Inc. (fka GovBrands Intermediate, Inc.)(7)(15)First lien senior secured revolving loanSR +5.50%08/2027303 290 273 0.0 %
Granicus, Inc.(7)First lien senior secured loanSR +5.50%01/20271,823 1,798 1,818 0.0 %
Granicus, Inc.(7)(15)First lien senior secured revolving loanSR +6.50%01/202734 32 33 0.0 %





48

Blue Owl Credit Income Corp.
Consolidated Schedules of Investments (Continued)
As of December 31, 2023
(Amounts in thousands, except share amounts)

Company(1)(2)(3)(18)(27)InvestmentInterestMaturity DatePar/UnitsAmortized Cost(4)(23)Fair ValuePercentage of Net Assets
Granicus, Inc.(7)First lien senior secured delayed draw term loanSR +6.00%01/2027340 336 339 0.0 %
Grayshift, LLC(6)(21)First lien senior secured loanSR +8.00%07/2028128,368 126,355 126,443 1.5 %
Grayshift, LLC(6)(15)(16)(21)First lien senior secured revolving loanSR +7.50%07/2028 (18)(36)0.0 %
GS Acquisitionco, Inc. (dba insightsoftware)(7)First lien senior secured loanSR +5.50%05/20268,902 8,876 8,879 0.1 %
Help/Systems Holdings, Inc.(7)(20)First lien senior secured loanSR +4.00%11/202663,870 63,583 60,383 0.7 %
Help/Systems Holdings, Inc.(7)Second lien senior secured loanSR +6.75%11/202725,000 24,753 21,688 0.2 %
Hyland Software, Inc.(6)(15)(16)First lien senior secured revolving loanSR +6.00%09/2029 (100)(105)0.0 %
Hyland Software, Inc.(6)First lien senior secured loanSR +6.00%09/2030147,235 145,088 145,027 1.6 %
Ivanti Software, Inc.(7)(20)First lien senior secured loanSR +4.25%12/202712,967 12,098 12,280 0.1 %
Ivanti Software, Inc.(7)(20)Second lien senior secured loanSR +7.25%12/202819,000 18,927 15,200 0.2 %
MessageBird BidCo B.V.(6)(21)First lien senior secured loanSR +6.75%05/20272,500 2,465 2,494 0.0 %
Ministry Brands Holdings, LLC(6)First lien senior secured loanSR +5.50%12/202848,570 47,820 47,599 0.5 %
Ministry Brands Holdings, LLC(6)First lien senior secured delayed draw term loanSR +5.50%12/20284,898 4,840 4,800 0.1 %
Ministry Brands Holdings, LLC(6)(15)First lien senior secured revolving loanSR +5.50%12/20272,531 2,468 2,436 0.0 %
Mitnick Corporate Purchaser, Inc.(6)(15)(19)First lien senior secured revolving loanSR +2.00%05/2027 5  0.0 %
Oranje Holdco, Inc. (dba KnowBe4)(7)First lien senior secured loanSR +7.50%02/202981,182 80,097 80,370 0.9 %
Oranje Holdco, Inc. (dba KnowBe4)(7)(15)(16)First lien senior secured revolving loanSR +7.50%02/2029 (129)(101)0.0 %
QAD, Inc.(6)First lien senior secured loanSR +5.38%11/202745,686 45,048 45,001 0.5 %
QAD, Inc.(6)(15)(16)First lien senior secured revolving loanSR +5.38%11/2027 (77)(90)0.0 %
Quartz Acquireco, LLC (dba Qualtrics AcquireCo, LLC)(6)First lien senior secured loanSR +3.50%06/20309,975 9,884 9,900 0.1 %
Perforce Software, Inc.(6)First lien senior secured loanSR +4.50%07/202614,775 14,536 14,738 0.2 %
Project Alpha Intermediate Holding, Inc.(6)(20)First lien senior secured loanSR +4.75%10/203077,000 75,460 77,254 0.9 %
Proofpoint, Inc.(6)(20)First lien senior secured loanSR +3.25%08/202812,108 11,759 12,096 0.1 %
Proofpoint, Inc.(6)(20)Second lien senior secured loanSR +6.25%08/20297,500 7,471 7,556 0.1 %
Sailpoint Technologies Holdings, Inc.(6)First lien senior secured loanSR +6.00%08/202959,880 58,797 59,431 0.7 %
Sailpoint Technologies Holdings, Inc.(6)(15)(16)First lien senior secured revolving loanSR +6.00%08/2028 (88)(43)0.0 %
Securonix, Inc.(7)First lien senior secured loanSR +6.00%04/202829,661 29,433 27,807 0.3 %
Securonix, Inc.(7)(15)(16)First lien senior secured revolving loanSR +6.50%04/2028 (38)(334)0.0 %
Sedgwick Claims Management Services, Inc.(6)(19)(20)First lien senior secured loanSR +3.75%02/20289,925 9,750 9,949 0.1 %
Sitecore Holding III A/S(8)First lien senior secured loanSR +
7.75% (4.25% PIK)
03/20293,998 3,968 3,968 0.0 %
Sitecore USA, Inc.(8)First lien senior secured loanSR +
7.75% (4.25% PIK)
03/202924,103 23,925 23,923 0.3 %
Sitecore Holding III A/S(11)First lien senior secured EUR term loanE +
7.75% (4.25% PIK)
03/202923,489 24,569 25,753 0.3 %





49

Blue Owl Credit Income Corp.
Consolidated Schedules of Investments (Continued)
As of December 31, 2023
(Amounts in thousands, except share amounts)

Company(1)(2)(3)(18)(27)InvestmentInterestMaturity DatePar/UnitsAmortized Cost(4)(23)Fair ValuePercentage of Net Assets
Sophos Holdings, LLC(6)(20)(21)First lien senior secured loanSR +3.50%03/202719,928 19,884 19,954 0.2 %
Thunder Purchaser, Inc. (dba Vector Solutions)(7)First lien senior secured loanSR +5.75%06/202812,777 12,687 12,714 0.1 %
Thunder Purchaser, Inc. (dba Vector Solutions)(7)(15)First lien senior secured revolving loanSR +5.75%06/2027602 595 597 0.0 %
When I Work, Inc.(7)First lien senior secured loanSR +
7.00% PIK
11/202725,116 24,961 24,676 0.3 %
When I Work, Inc.(7)(15)(16)First lien senior secured revolving loanSR +6.00%11/2027 (27)(73)0.0 %
Zendesk, Inc.(7)First lien senior secured loanSR +
6.25% (3.25% PIK)
11/2028123,453 121,403 121,910 1.4 %
Zendesk, Inc.(7)(15)(16)(17)First lien senior secured delayed draw term loanSR +6.25%11/2024 (912)(75)0.0 %
Zendesk, Inc.(7)(15)(16)First lien senior secured revolving loanSR +6.25%11/2028 (202)(155)0.0 %
1,973,967 1,973,778 22.3 %
Leisure and entertainment
Troon Golf, L.L.C.(7)First lien senior secured loanSR +5.50%08/202792,466 $92,162 $92,004 1.0 %
Troon Golf, L.L.C.(7)(15)(16)First lien senior secured revolving loanSR +5.50%08/2026 (19)(36)0.0 %
Troon Golf, L.L.C.(7)First lien senior secured delayed draw term loanSR +5.50%08/202749,400 48,866 49,153 0.6 %
141,009 141,121 1.6 %
Manufacturing
ACR Group Borrower, LLC(7)First lien senior secured loanSR +4.25%03/20284,022 $3,983 $3,972 0.0 %
ACR Group Borrower, LLC(7)First lien senior secured loanSR +5.75%03/2028864 854 864 0.0 %
ACR Group Borrower, LLC(7)(15)First lien senior secured revolving loanSR +4.25%03/2026450 444 439 0.0 %
BCPE Watson (DE) ORML, LP(8)(21)(25)First lien senior secured loanSR +6.50%07/2028101,500 100,682 100,993 1.1 %
CPM Holdings, Inc.(6)(20)First lien senior secured loanSR +4.50%09/202850,000 48,654 50,125 0.6 %
CPM Holdings, Inc.(6)(15)(16)First lien senior secured revolving loanSR +4.50%06/2028 (47) 0.0 %
EMRLD Borrower LP (dba Emerson Climate Technologies, Inc.)(6)(20)First lien senior secured loanSR +3.00%05/203010,716 10,618 10,747 0.1 %
Engineered Machinery Holdings, Inc. (dba Duravant)(7)(20)First lien senior secured loanSR +3.75%05/202819,824 19,500 19,658 0.2 %
Engineered Machinery Holdings, Inc. (dba Duravant)(7)Second lien senior secured loanSR +6.50%05/202937,181 37,043 36,995 0.4 %
Engineered Machinery Holdings, Inc. (dba Duravant)(7)Second lien senior secured loanSR +6.00%05/202919,160 19,121 18,921 0.2 %
FARADAY BUYER, LLC (dba MacLean Power Systems)(7)First lien senior secured loanSR +6.00%10/2028136,295 133,623 133,569 1.5 %
FARADAY BUYER, LLC (dba MacLean Power Systems)(7)(15)(16)(17)First lien senior secured delayed draw term loanSR +6.00%11/2025 (139)(143)0.0 %
Filtration Group Corporation(6)(20)First lien senior secured loanSR +4.25%10/202821,835 21,636 21,907 0.2 %
Gloves Buyer, Inc. (dba Protective Industrial Products)(6)First lien senior secured loanSR +4.00%12/202718,587 18,305 18,494 0.2 %
Gloves Buyer, Inc. (dba Protective Industrial Products)(6)Second lien senior secured loanSR +8.25%12/202811,728 11,489 11,611 0.1 %
Helix Acquisition Holdings, Inc. (dba MW Industries)(7)First lien senior secured loanSR +7.00%03/203061,484 59,772 59,793 0.7 %
Ideal Tridon Holdings, Inc.(7)(15)(16)First lien senior secured revolving loanSR +6.75%04/2028 (221)(194)0.0 %
Ideal Tridon Holdings, Inc.(7)First lien senior secured loanSR +6.75%04/202891,773 89,333 89,709 1.0 %





50

Blue Owl Credit Income Corp.
Consolidated Schedules of Investments (Continued)
As of December 31, 2023
(Amounts in thousands, except share amounts)

Company(1)(2)(3)(18)(27)InvestmentInterestMaturity DatePar/UnitsAmortized Cost(4)(23)Fair ValuePercentage of Net Assets
MHE Intermediate Holdings, LLC (dba OnPoint Group)(7)First lien senior secured loanSR +6.00%07/202769,627 69,149 69,627 0.9 %
MHE Intermediate Holdings, LLC (dba OnPoint Group)(7)First lien senior secured loanSR +6.25%07/20277,547 7,431 7,547 0.1 %
MHE Intermediate Holdings, LLC (dba OnPoint Group)(7)(15)(16)First lien senior secured revolving loanSR +6.00%07/2027 (21) 0.0 %
Pro Mach Group, Inc.(6)(20)First lien senior secured loanSR +4.00%08/202830,319 30,177 30,376 0.3 %
Sonny's Enterprises, LLC(7)First lien senior secured loanSR +6.75%08/2028130,239 128,471 129,913 1.5 %
Sonny's Enterprises, LLC(7)(15)(16)First lien senior secured revolving loanSR +6.75%08/2027 (319)(63)0.0 %
Sonny's Enterprises, LLC(7)(15)(17)First lien senior secured delayed draw term loanSR +6.75%11/202411,320 10,972 11,254 0.1 %
820,510 826,114 9.2 %
Professional services
Apex Group Treasury, LLC(7)(21)First lien senior secured loanSR +5.00%07/2028124,498 $121,298 $124,498 1.4 %
Apex Group Treasury, LLC(7)(21)Second lien senior secured loanSR +6.75%07/202911,618 11,462 11,560 0.2 %
Apex Service Partners, LLC(7)First lien senior secured loanSR +
7.00% (2.00% PIK)
10/203096,529 94,158 94,116 1.1 %
Apex Service Partners, LLC(7)(15)(17)First lien senior secured delayed draw term loanSR +
7.00% (2.00% PIK)
10/20255,131 4,786 4,778 0.1 %
Apex Service Partners, LLC(7)(15)First lien senior secured revolving loanSR +6.50%10/2029616 429 423 0.0 %
Certinia, Inc.(8)First lien senior secured loanSR +7.25%08/202933,088 32,460 32,426 0.4 %
Certinia, Inc.(7)(15)(16)First lien senior secured revolving loanSR +7.25%08/2029 (82)(88)0.0 %
Corporation Service Company(6)(20)First lien senior secured loanSR +3.25%11/20292,574 2,509 2,577 0.0 %
EM Midco2 Ltd. (dba Element Materials Technology)(7)(20)(21)First lien senior secured loanSR +4.25%06/202927,668 27,640 27,358 0.3 %
EP Purchaser, LLC(7)First lien senior secured loanSR +4.50%11/202824,813 23,903 23,882 0.3 %
Guidehouse Inc.(6)First lien senior secured loanSR +
5.75% (2.00% PIK)
10/2028106,012 106,012 105,482 1.2 %
Omnia Partners, LLC(7)(20)First lien senior secured loanSR +4.25%07/20301,828 1,810 1,838 0.0 %
Omnia Partners, LLC(7)(15)(16)(17)(20)First lien senior secured delayed draw term loanSR +4.25%01/2024 (2) 0.0 %
Relativity ODA LLC(6)First lien senior secured loanSR +6.50%05/20275,094 5,053 5,094 0.1 %
Relativity ODA LLC(6)(15)(16)First lien senior secured revolving loanSR +6.50%05/2027 (4) 0.0 %
Sensor Technology Topco, Inc. (dba Humanetics)(7)First lien senior secured loanSR +
7.00% (2.00% PIK)
05/2026233,111 231,701 232,528 2.6 %
Sensor Technology Topco, Inc. (dba Humanetics)(7)(15)First lien senior secured revolving loanSR +6.50%05/202611,485 11,363 11,433 0.1 %
Sensor Technology Topco, Inc. (dba Humanetics)(10)First lien senior secured EUR term loanE +
7.25% (2.25% PIK)
05/202642,018 45,368 46,299 0.5 %
Sovos Compliance, LLC(6)(20)First lien senior secured loanSR +4.50%08/202829,044 28,591 28,646 0.3 %
Vistage Worldwide, Inc.(7)First lien senior secured loanSR +5.25%07/20294,938 4,823 4,925 0.1 %
753,278 757,775 8.7 %
Specialty retail
Ideal Image Development, LLC(7)(30)First lien senior secured loanSR +6.50%09/20275,795 $5,705 $4,361 0.0 %





51

Blue Owl Credit Income Corp.
Consolidated Schedules of Investments (Continued)
As of December 31, 2023
(Amounts in thousands, except share amounts)

Company(1)(2)(3)(18)(27)InvestmentInterestMaturity DatePar/UnitsAmortized Cost(4)(23)Fair ValuePercentage of Net Assets
Ideal Image Development, LLC(7)(30)First lien senior secured delayed draw term loanSR +6.50%02/20241,098 549 826 0.0 %
Ideal Image Development, LLC(7)(15)(17)(30)First lien senior secured delayed draw term loanSR +6.50%02/2024604 220 454 0.0 %
Ideal Image Development, LLC(7)(30)First lien senior secured revolving loanSR +6.50%09/2027915 901 688 0.0 %
Notorious Topco, LLC (dba Beauty Industry Group)(7)First lien senior secured loanSR +6.75%11/2027222,301 219,808 207,852 2.3 %
Notorious Topco, LLC (dba Beauty Industry Group)(7)First lien senior secured delayed draw term loanSR +6.75%11/20275,202 5,146 4,864 0.1 %
Notorious Topco, LLC (dba Beauty Industry Group)(7)(15)First lien senior secured revolving loanSR +6.75%05/2027352 303 9 0.0 %
Milan Laser Holdings LLC(6)First lien senior secured loanSR +5.00%04/202720,217 20,094 20,217 0.2 %
Milan Laser Holdings LLC(6)(15)(16)First lien senior secured revolving loanSR +5.00%04/2026 (15) 0.0 %
The Shade Store, LLC(7)First lien senior secured loanSR +6.00%10/202766,818 66,242 64,313 0.7 %
The Shade Store, LLC(7)First lien senior secured loanSR +7.00%10/202710,580 10,330 10,316 0.1 %
The Shade Store, LLC(7)(15)First lien senior secured revolving loanSR +6.00%10/20264,364 4,316 4,108 0.0 %
333,599 318,008 3.4 %
Telecommunications
EOS U.S. Finco LLC(7)(21)First lien senior secured loanSR +5.75%10/202967,902 $64,563 $62,131 0.7 %
EOS U.S. Finco LLC(7)(15)(16)(17)(21)First lien senior secured delayed draw term loanSR +5.75%05/2026282 45 (332)0.0 %
Park Place Technologies, LLC(6)(20)First lien senior secured loanSR +5.00%11/20271,133 1,105 1,126 0.0 %
65,713 62,925 0.7 %
Transportation
Lightbeam Bidco, Inc. (dba Lazer Spot)(7)First lien senior secured loanSR +6.25%05/203096,397 $95,496 $96,397 1.1 %
Lightbeam Bidco, Inc. (dba Lazer Spot)(7)First lien senior secured loanSR +5.50%05/20309,853 9,805 9,783 0.1 %
Lightbeam Bidco, Inc. (dba Lazer Spot)(7)First lien senior secured delayed draw term loanSR +6.25%05/203014,606 14,397 14,606 0.2 %
Lightbeam Bidco, Inc. (dba Lazer Spot)(7)(15)(17)First lien senior secured delayed draw term loanSR +5.50%11/20256,063 5,918 5,934 0.1 %
Lightbeam Bidco, Inc. (dba Lazer Spot)(7)(15)(16)First lien senior secured revolving loanSR +6.25%05/2029 (104) 0.0 %
Motus Group, LLC(6)Second lien senior secured loanSR +6.50%12/202910,000 9,919 9,900 0.1 %
Safe Fleet Holdings, LLC(6)(20)First lien senior secured loanSR +3.75%02/202925,789 25,267 25,828 0.3 %
160,698 162,448 1.9 %
Total non-controlled/non-affiliated portfolio company debt investments$15,097,749 $15,131,634 169.6 %
Equity Investments
Asset based lending and fund finance
Amergin Asset Management, LLC(21)(22)(24)Class A UnitsN/AN/A50,000,000 $ $ 0.0 %
  0.0 %
Automotive
CD&R Value Building Partners I, L.P. (dba Belron)(21)(22)(24)LP InterestN/AN/A33,061 $32,911 $40,794 0.5 %
Metis HoldCo, Inc. (dba Mavis Tire Express Services)(14)(22)Series A Convertible Preferred Stock
7.00% PIK
N/A10,769 12,686 12,951 0.1 %
45,597 53,745 0.6 %





52

Blue Owl Credit Income Corp.
Consolidated Schedules of Investments (Continued)
As of December 31, 2023
(Amounts in thousands, except share amounts)

Company(1)(2)(3)(18)(27)InvestmentInterestMaturity DatePar/UnitsAmortized Cost(4)(23)Fair ValuePercentage of Net Assets
Buildings and real estate
Associations Finance, Inc.(14)(22)Preferred Stock
13.50% PIK
N/A250,000,000 $283,802 $287,556 3.2 %
Dodge Construction Network Holdings, L.P.(7)(22)Series A Preferred UnitsSR +8.25%N/A 3 2 0.0 %
Dodge Construction Network Holdings, L.P.(22)(24)Class A-2 Common UnitsN/AN/A143,963 123 98 0.0 %
283,928 287,656 3.2 %
Business services
Denali Holding, LP (dba Summit Companies)(22)(24)Class A UnitsN/AN/A686,513 $7,076 $10,536 0.1 %
Hercules Buyer, LLC (dba The Vincit Group)(22)(24)(26)Common UnitsN/AN/A10 10 11 0.0 %
Knockout Intermediate Holdings I Inc. (dba Kaseya Inc.)(14)(22)Perpetual Preferred Stock
11.75% PIK
N/A53,600 59,078 60,062 0.7 %
66,164 70,609 0.8 %
Consumer products
ASP Conair Holdings LP(22)(24)Class A UnitsN/AN/A9,286 $929 $877 0.0 %
929 877 0.0 %
Financial services
Vestwell Holdings, Inc.(22)(24)Series D Preferred StockN/AN/A50,726 $1,000 $1,000 0.0 %
1,000 1,000 0.0 %
Food and beverage
Hissho Sushi Holdings, LLC(22)(24)Class A UnitsN/AN/A941,780 $9,418 $12,598 0.1 %
9,418 12,598 0.1 %
Healthcare equipment and services
Maia Aggregator, LP(22)(24)Class A-2 UnitsN/AN/A12,921,348 $12,921 $12,990 0.1 %
KPCI Holdings, L.P.(22)(24)Class A UnitsN/AN/A1,781 2,313 2,600 0.0 %
Patriot Holdings SCSp (dba Corza Health, Inc.)(14)(21)(22)Class A Units
8.00% PIK
N/A13,517 1,253 1,253 0.0 %
Patriot Holdings SCSp (dba Corza Health, Inc.)(21)(22)(24)Class B UnitsN/AN/A982 164 225 0.0 %
Rhea Acquisition Holdings, LP(22)(24)Series A-2 UnitsN/AN/A11,964,286 11,964 16,154 0.2 %
28,615 33,222 0.3 %
Healthcare providers and services
KOBHG Holdings, L.P. (dba OB Hospitalist)(22)(24)Class A InterestsN/AN/A3,520 $3,520 $3,105 0.0 %
KWOL Acquisition Inc.(22)(24)Common stockN/AN/A1,205 12,049 12,049 0.1 %
Romulus Intermediate Holdings 1 Inc. (dba PetVet)(14)(22)Series A Preferred Stock
15.00% PIK
N/A27,354,613 26,817 26,808 0.3 %
XOMA Corporation(22)(24)WarrantsN/AN/A54,000 369 369 0.0 %
42,755 42,331 0.4 %
Healthcare technology
Minerva Holdco, Inc.(14)(22)Series A Preferred Stock
10.75% PIK
N/A100,000 $117,505 $115,594 1.3 %
BEHP Co-Investor II, L.P.(21)(22)(24)LP InterestN/AN/A1,269,969 1,266 1,278 0.0 %
Orange Blossom Parent, Inc.(22)(24)Common EquityN/AN/A16,667 1,668 1,665 0.0 %
WP Irving Co-Invest, L.P.(21)(22)(24)Partnership UnitsN/AN/A1,250,000 1,251 1,258 0.0 %
121,690 119,795 1.3 %
Household products
Evology, LLC(22)(24)Class B UnitsN/AN/A316 $1,512 $1,446 0.0 %
Walker Edison Holdco LLC(22)(24)Common EquityN/AN/A29,167 2,818 303 0.0 %
4,330 1,749 0.0 %
Human resource support services
Sunshine Software Holdings, Inc. (dba Cornerstone OnDemand)(14)(22)Series A Preferred Stock
10.50% PIK
N/A12,750 $14,933 $13,556 0.2 %
14,933 13,556 0.2 %
Insurance
Accelerate Topco Holdings, LLC(22)(24)Common UnitsN/AN/A91,805 $2,535 $2,988 0.0 %





53

Blue Owl Credit Income Corp.
Consolidated Schedules of Investments (Continued)
As of December 31, 2023
(Amounts in thousands, except share amounts)

Company(1)(2)(3)(18)(27)InvestmentInterestMaturity DatePar/UnitsAmortized Cost(4)(23)Fair ValuePercentage of Net Assets
Evolution Parent, LP (dba SIAA)(22)(24)LP InterestN/AN/A2,703 270 318 0.0 %
GrowthCurve Capital Sunrise Co-Invest LP (dba Brightway)(22)(24)LP InterestN/AN/A421 426 408 0.0 %
Hockey Parent Holdings, L.P.(22)(24)Class A UnitsN/AN/A25,000 25,000 25,000 0.3 %
PCF Holdco, LLC (dba PCF Insurance Services)(14)(22)Series A Preferred Units
15.00% PIK
N/A19,423 15,337 16,163 0.2 %
PCF Holdco, LLC (dba PCF Insurance Services)(22)(24)Class A Unit WarrantsN/AN/A1,503,286 5,129 5,054 0.0 %
PCF Holdco, LLC (dba PCF Insurance Services)(22)(24)Class A UnitsN/AN/A6,047,390 15,336 27,983 0.3 %
64,033 77,914 0.8 %
Internet software and services
Brooklyn Lender Co-Invest 2, L.P. (dba Boomi)(22)(24)Common UnitsN/AN/A1,729,439 $1,729 $1,887 0.0 %
Insight CP (Blocker) Holdings, L.P. (dba CivicPlus, LLC)(21)(22)(24)LP InterestN/AN/A989,292 989 1,068 0.0 %
Elliott Alto Co-Investor Aggregator L.P.(21)(22)(24)LP InterestN/AN/A6,530 6,568 6,553 0.1 %
Picard Holdco, Inc.(7)(22)Series A Preferred StockSR +
12.00% PIK
N/A44,040 46,550 51,273 0.6 %
MessageBird Holding B.V.(21)(22)(24)Extended Series C WarrantsN/AN/A7,980 49 9 0.0 %
Project Alpine Co-Invest Fund, LP(21)(22)(24)LP InterestN/AN/A17,000,000 17,010 20,089 0.2 %
Thunder Topco L.P. (dba Vector Solutions)(22)(24)Common UnitsN/AN/A712,884 713 791 0.0 %
WMC Bidco, Inc. (dba West Monroe)(14)(22)Senior Preferred Stock
11.25% PIK
N/A33,385 41,800 40,036 0.5 %
Project Hotel California Co-Invest Fund, L.P.(21)(22)(24)LP InterestN/AN/A3,522 3,525 3,994 0.0 %
BCTO WIW Holdings, Inc. (dba When I Work)(22)(24)Class A Common StockN/AN/A57,000 5,700 4,468 0.1 %
Zoro TopCo, Inc. (dba Zendesk, Inc.)(14)(22)Series A Preferred Stock
12.50% PIK
N/A16,562 17,869 18,138 0.2 %
Zoro TopCo, L.P. (dba Zendesk, Inc.)(22)(24)Class A Common UnitsN/AN/A1,380,129 13,801 15,027 0.2 %
156,303 163,333 1.9 %
Manufacturing
Gloves Holdings, LP (dba Protective Industrial Products)(22)(24)LP InterestN/AN/A1,000 $100 $118 0.0 %
100 118 0.0 %
Total non-controlled/non-affiliated portfolio company equity investments$839,795 $878,503 9.6 %
Total non-controlled/non-affiliated portfolio company investments$15,937,544 $16,010,137 179.2 %
Non-controlled/affiliated portfolio company investments
Equity Investments
Pharmaceuticals
LSI Financing 1 DAC(21)(22)(24)(28)Preferred equityN/AN/A72,300,000 $72,371 $78,406 0.9 %
72,371 78,406 0.9 %
Total non-controlled/affiliated portfolio company equity investments$72,371 $78,406 0.9 %
Controlled/affiliated portfolio company investments
Debt Investments
Asset based lending and fund finance
AAM Series 1.1 Rail and Domestic Intermodal Feeder, LLC(14)(21)(29)First lien senior secured loan
12.00% PIK
07/203039,529 $39,529 $39,529 0.4 %





54

Blue Owl Credit Income Corp.
Consolidated Schedules of Investments (Continued)
As of December 31, 2023
(Amounts in thousands, except share amounts)

Company(1)(2)(3)(18)(27)InvestmentInterestMaturity DatePar/UnitsAmortized Cost(4)(23)Fair ValuePercentage of Net Assets
AAM Series 2.1 Aviation Feeder, LLC(14)(21)(29)First lien senior secured loan
12.00% PIK
11/203046,970 46,970 46,970 0.5 %
86,499 86,499 0.9 %
Total controlled/affiliated portfolio company debt investments$86,499 $86,499 0.9 %
Equity Investments
Asset based lending and fund finance
AAM Series 2.1 Aviation Feeder, LLC(15)(17)(21)(22)(24)(29)LLC InterestN/AN/A31,506 $31,508 $31,506 0.4 %
AAM Series 1.1 Rail and Domestic Intermodal Feeder, LLC(15)(17)(21)(22)(24)(29)LLC InterestN/AN/A25,310 25,277 25,310 0.3 %
56,785 56,816 0.7 %
Insurance
Fifth Season Investments LLC(22)(24)(25)(29)Class A UnitsN/AN/A28 $156,811 $156,794 1.8 %
156,811 156,794 1.8 %
Joint ventures
Blue Owl Credit Income Senior Loan Fund, LLC (f/k/a ORCIC Senior Loan Fund, LLC)(21)(22)(25)(29)(31)LLC InterestN/AN/A261,433 $261,433 $273,441 3.1 %
261,433 273,441 3.1 %
Total controlled/affiliated portfolio company equity investments$475,029 $487,051 5.6 %
Total controlled/affiliated portfolio company investments$561,528 $573,550 6.5 %
Total Investments$16,571,443 $16,662,093 186.6 %

Interest Rate Swaps as of December 31, 2023
Company ReceivesCompany PaysMaturity DateNotional AmountFair ValueUpfront Payments/ReceiptsChange in Unrealized Appreciation/(Depreciation)Hedged InstrumentFootnote Reference
Interest rate swap(a)(b)
7.75%
SR + 3.84%
9/16/2027$600,000 $6,503 $ $2,500 September 2027 NotesNote 5
Interest rate swap(a)(b)
7.75%
SR + 3.65%
1/15/2029$550,000 $12,147 $ $12,147 January 2029 NotesNote 5
Total$1,150,000 
________
(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.

(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 “SR”) (which can include one-, three-, six- or twelve-month SOFR), Euro Interbank Offered Rate (“EURIBOR” or “E”), Canadian Dollar Offered Rate (“CDOR” or “C”) (which can include one- or three-month CDOR), 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, 2023 was 5.35%.





55

Blue Owl Credit Income Corp.
Consolidated Schedules of Investments (Continued)
As of December 31, 2023
(Amounts in thousands, except share amounts)

(7)The interest rate on these investments is subject to 3 month SOFR, which as of December 31, 2023 was 5.33%.
(8)The interest rate on these investments is subject to 6 month SOFR, which as of December 31, 2023 was 5.16%.
(9)The interest rate on these investments is subject to 3 month CDOR, which as of December 31, 2023 was 5.45%.
(10)The interest rate on these investments is subject to 3 month EURIBOR, which as of December 31, 2023 was 3.91%.
(11)The interest rate on these investments is subject to 6 month EURIBOR, which as of December 31, 2023 was 3.86%.
(12)The interest rate on these investments is subject to SONIA, which as of December 31, 2023 was 5.19%.
(13)The interest rate on these investments is subject to Prime, which as of December 31, 2023 was 8.50%.
(14)Investment does not contain a variable rate structure.
(15)Position or portion thereof is an unfunded loan or equity commitment. See Note 7 “Commitments and Contingencies”.
(16)The negative cost is the result of the capitalized discount being greater than the principal amount outstanding on the loan. The negative fair value is the result of the capitalized discount on the loan.
(17)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.
(18)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”.
(19)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.
(20)Level 2 Investment.
(21)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, 2023, non-qualifying assets represented 13.0% of total assets as calculated in accordance with the regulatory requirements.
(22)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, 2023, the aggregate fair value of these securities is $1.44 billion, or 16.2% 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, LLC**Class A UnitsJuly 1, 2022
ASP Conair Holdings LPClass A UnitsMay 17, 2021
Associations Finance, Inc.Preferred StockJune 10, 2022
Associations Finance, Inc.Preferred StockApril 10, 2023
BCTO WIW Holdings, Inc. (dba When I Work)Class A Common StockNovember 2, 2021
BEHP Co-Investor II, L.P.LP InterestMay 6, 2022
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
Evology LLCClass B UnitsJanuary 21, 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 UnitsSeptember 14, 2023
Insight CP (Blocker) Holdings, L.P. (dba CivicPlus, LLC)LP InterestJune 8, 2022
Knockout Intermediate Holdings I Inc. (dba Kaseya)Perpetual Preferred StockJune 22, 2022





56

Blue Owl Credit Income Corp.
Consolidated Schedules of Investments (Continued)
As of December 31, 2023
(Amounts in thousands, except share amounts)

Portfolio CompanyInvestmentAcquisition Date
KOBHG Holdings, L.P. (dba OB Hospitalist)Class A InterestsSeptember 27, 2021
KPCI Holdings, L.P.Class A UnitsNovember 25, 2020
KWOL Acquisition Inc.Common stockDecember 12, 2023
LSI Financing 1 DAC**Preferred equityDecember 14, 2022
Maia Aggregator, LPClass A-2 UnitsFebruary 1, 2022
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
Blue Owl Credit Income Senior Loan Fund, LLC (f/k/a ORCIC 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)Preferred equityFebruary 13, 2023
PCF Holdco, LLC (dba PCF Insurance Services)Class A UnitsNovember 1, 2021
PCF Holdco, LLC (dba PCF Insurance Services)Class A Unit WarrantsFebruary 13, 2023
Picard Holdco, Inc.Series A Preferred StockSeptember 29, 2022
Project Alpine Co-Invest Fund, L.P.LP 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)Series A Preferred StockNovember 15, 2023
Sunshine Software Holdings, Inc. (dba Cornerstone OnDemand)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 8, 2021
WP Irving Co-Invest, L.P.Partnership UnitsMay 18, 2022
XOMA CorporationWarrantsDecember 15, 2023
Zoro TopCo, Inc.Class A Common UnitsNovember 22, 2022
Zoro TopCo, Inc.Series A Preferred StockNovember 22, 2022
*Refer to Note 4 “Investments - OCIC SLF LLC”, for further information.
** Refer to Note 3 “Agreements and Related Party Transactions - Controlled/Affiliated Portfolio Companies”.

(23)As of December 31, 2023, the net estimated unrealized gain on investments for U.S. federal income tax purposes was $155.0 million based on a tax cost basis of $16.50 billion. As of December 31, 2023, the estimated aggregate gross unrealized loss for U.S. federal income tax purposes was $24.1 million. As of December 31, 2023, the estimated aggregate gross unrealized gain for U.S. federal income tax purposes was $179.1 million.
(24)Investment is non-income producing.
(25)Investment is not pledged as collateral under the Revolving Credit Facility, SPV Asset Facilities and CLOs.
(26)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.
(27)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”.
(28)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 or has the power to exercise control over management or policies of such portfolio company, including through a management agreement (“non-controlled affiliate”). Transactions related to investments in non-controlled affiliates for the year ended December 31, 2023 were as follows:





57

Blue Owl Credit Income Corp.
Consolidated Schedules of Investments (Continued)
As of December 31, 2023
(Amounts in thousands, except share amounts)

CompanyFair value as of December 31, 2022
Gross Additions(a)
Gross Reductions(b)
Net Change in Unrealized Gain/(Loss)Realized Gain/(Loss)Fair value as of December 31, 2023Dividend IncomeInterest IncomeOther Income
LSI Financing 1 DAC$6,175 $73,099 $(6,952)$6,084 $ $78,406 $774 $ $ 
Total$6,175 $73,099 $(6,952)$6,084 $ $78,406 $774 $ $ 
        
________
(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.

(29)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 investment in controlled affiliates for the period ended December 31, 2023 were as follows:
CompanyFair value as of December 31, 2022
Gross Additions(a)
Gross Reductions(b)
Net Change in Unrealized Gain/(Loss)Realized Gain/(Loss)Fair value as of December 31, 2023Dividend IncomeInterest and PIK IncomeOther Income
AAM Series 2.1 Aviation Feeder, LLC(c)
$1,568 $76,909 $ $(1)$ $78,476 $ $617 $ 
AAM Series 1.1 Rail and Domestic Intermodal Feeder, LLC(c)
 64,806  33  64,839  1,899  
Fifth Season Investments LLC89,680 67,131  (17) 156,794 4,963   
Blue Owl Credit Income Senior Loan Fund, LLC140,394 119,658  13,389  273,441 31,396   
Total$231,642 $328,504 $ $13,404 $ $573,550 $36,359 $2,516 $ 
________
(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.

(30)Investment was on non-accrual status as of December 31, 2023.
(31)Investment measured at net asset value (“NAV”).

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






58

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,
2024202320242023
Increase (Decrease) in Net Assets Resulting from Operations
Net investment income (loss)$343,817 $191,593 $617,943 $357,168 
Net change in unrealized gain (loss)(24,310)14,223 (22,695)78,258 
Net realized gain (loss) on investments(1,117)(2,661)(4,488)(7,238)
Net Increase (Decrease) in Net Assets Resulting from Operations318,390 203,155 590,760 428,188 
Distributions
Class S(92,450)(47,220)(172,273)(89,652)
Class D(10,619)(12,734)(20,576)(23,952)
Class I(179,661)(89,529)(333,398)(169,453)
Net Decrease in Net Assets Resulting from Shareholders’ Distributions(282,730)(149,483)(526,247)(283,057)
Capital Share Transactions
Class S:
Issuance of shares of common stock562,850 258,724 1,000,446 419,499 
Share transfers between classes(1)
(1,670)(2,127)(2,357)(2,127)
Repurchase of common shares(50,529)(16,367)(84,355)(38,010)
Reinvestment of shareholders’ distributions38,316 17,943 71,026 33,775 
Net Increase (Decrease) in Net Assets Resulting from Capital Share Transactions - Class S548,967 258,173 984,760 413,137 
Class D:
Issuance of shares of common stock47,198 55,839 81,889 102,014 
Share transfers between classes(1)
  (338,702) 
Repurchase of common shares(3,558)(13,809)(29,912)(17,262)
Reinvestment of shareholders’ distributions3,181 5,709 8,419 10,496 
Net Increase (Decrease) in Net Assets Resulting from Capital Share Transactions - Class D46,821 47,739 (278,306)95,248 
Class I:
Issuance of shares of common stock1,059,009 472,093 1,886,024 840,101 
Share transfers between classes(1)
1,670 2,127 341,059 2,127 
Repurchase of common shares(97,737)(46,071)(179,731)(114,095)
Reinvestment of shareholders’ distributions74,924 33,427 136,213 62,155 
Net Increase (Decrease) in Net Assets Resulting from Capital Share Transactions - Class I1,037,866 461,576 2,183,565 790,288 
Total Increase (Decrease) in Net Assets1,669,314 821,160 2,954,532 1,443,804 
Net Assets, at beginning of period10,177,764 5,872,397 8,892,546 5,249,753 
Net Assets, at end of period$11,847,078 $6,693,557 $11,847,078 $6,693,557 
(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.





59

Blue Owl Credit Income Corp.
Consolidated Statements of Cash Flows
(Amounts in thousands)
(Unaudited)


For the Six Months Ended June 30,
20242023
Cash Flows from Operating Activities
Net Increase (Decrease) in Net Assets Resulting from Operations$590,760 $428,188 
Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash used in operating activities:
Purchases of investments, net(7,563,881)(2,493,205)
Proceeds from investments and investment repayments, net2,171,746 266,272 
Net change in unrealized (gain) loss on investments22,994 (77,918)
Net change in unrealized (gain) loss on interest rate swap attributed to unsecured notes(37,560) 
Net change in unrealized (gain) loss on translation of assets and liabilities in foreign currencies(291)(347)
Net change in unrealized (gain) loss on Income tax (provision) benefit(8)7 
Net realized (gain) loss on investments3,434 7,178 
Net realized (gain) loss on foreign currency transactions relating to investments163 60 
Paid-in-kind interest and dividends(94,422)(72,633)
Net amortization/accretion of premium/discount on investments(73,508)(15,775)
Amortization of debt issuance costs13,333 8,131 
Amortization of offering costs2,694 937 
Changes in operating assets and liabilities:
(Increase) decrease in interest receivable(23,201)(18,558)
(Increase) decrease in receivable from controlled affiliates(7,340)11,886 
(Increase) decrease in receivable for investments sold21,131 (36,262)
(Increase) decrease in due from affiliates  
(Increase) decrease in prepaid expenses and other assets(56,801)(276)
Increase (decrease) in payable for investments purchased310,702 8,658 
Increase (decrease) in payables to affiliates15,668 6,585 
Increase (decrease) in accrued expenses and other liabilities109,303 17,560 
Net cash used in operating activities(4,595,084)(1,959,512)
Cash Flows from Financing Activities
Borrowings on debt7,588,042 3,282,117 
Repayments of debt(5,258,000)(2,156,390)
Deferred offering costs paid(740) 
Debt issuance costs(42,217)(18,329)
Repurchase of common stock(256,057)(203,939)
Proceeds from issuance of common shares2,968,359 1,361,614 
Distributions paid to shareholders(279,999)(166,646)
Net cash provided by financing activities4,719,3882,098,427
Net increase (decrease) in cash and restricted cash, including foreign cash (restricted cash of $69,588 and $3,326, respectively)
124,304 138,915 
Cash and restricted cash, including foreign cash, beginning of period (restricted cash of $40,872 and $23,000, respectively)
415,384 225,247 
Cash and restricted cash, including foreign cash, end of period (restricted cash of $110,460 and $26,326, respectively)
$539,688 $364,162 
Supplemental and Non-Cash Information
Interest paid during the period$274,136 $179,124 
Distributions declared during the period$526,247 $283,057 
Reinvestment of distributions during the period$215,658 $106,426 
Taxes, including excise tax, paid during the period$11 $212 
Distributions payable$124,520 $47,021 
The accompanying notes are an integral part of these consolidated financial statements.





60


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 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 target credit investments will typically have maturities between three and ten years and generally range in size between $10 million and $125 million, although the investment size will vary with the size of the Company’s capital base. 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 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.

The Company is managed by Blue Owl Credit Advisors LLC (the “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 focuses on direct lending. 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 divisions: (1) Credit, which focuses on direct lending, (2) GP Strategic Capital, which focuses on acquiring equity stakes in and providing debt financing to institutional alternative asset managers and (3) Real Estate, which focuses on triple net lease real estate strategies and real estate finance. 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 asset-based servicing and 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, $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 it’s follow-on offering, on a continuous basis, pursuant to which it is currently offering of up to $13,500,000,000 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.

On September 30, 2020, the Adviser purchased 100 shares of the Company’s Class I common stock at $10.00 per share, which represented the initial public offering price of such shares. The Adviser will not tender these shares for repurchase as long as Blue Owl Credit Advisors LLC remains the investment adviser of Blue Owl Credit Income Corp. There is no current intention for Blue Owl Credit Advisors LLC to discontinue its role.






61


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

Since meeting the minimum offering requirement and commencing its continuous public offering through June 30, 2024, the Company has issued 432,866,601 shares of Class S common stock, 84,606,740 shares of Class D common stock and 755,692,915 shares of Class I common stock, exclusive of any tender offers and shares issued pursuant to our distribution reinvestment plan, for gross proceeds of $4.06 billion, $0.79 billion and $7.04 billion, respectively, including $1,000 of seed capital contributed by its Adviser in September of 2020, $25.0 million in gross proceeds raised from an entity affiliated with the Adviser and 43,545,577 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 $0.41 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.
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.
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, Fifth Season, LLC and AAM Series 2.1 Aviation Feeder, LLC (collectively, “Amergin AssetCo”) 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





62


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





63


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

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, 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
Pursuant to ASC 815 Derivatives and Hedging, all derivative instruments entered into by the Company are designated as hedging instruments. For all derivative instruments designated as a hedge, 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 derivative instruments 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. 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 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. 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. The Company currently qualifies as a “limited derivatives user” and expects to continue to do so. The Company has adopted a derivatives policy and complies with the recordkeeping requirements of Rule 18f-4.
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 Revolving Credit Facility and SPV Asset 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.
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





64


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

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. 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. For the three and six months ended June 30, 2024, PIK interest and PIK dividend income earned was $46.1 million and $90.9 million representing 7.4% and 7.9% of total investment income, respectively. For the three and six months ended June 30, 2023, PIK interest and PIK dividend income earned was $34.3 million and $67.4 million representing 9.4% and 10.1% of total investment income, respectively.
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.





65


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, 2023. 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





66


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

basis. The per share amount of distributions for Class S, Class D, and Class I shares will differ because of different allocations of 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.
New Accounting Pronouncements
In March 2020, the FASB issued ASU No. 2020-04, “Reference Rate Reform (Topic 848),” which provides optional expedients and exceptions for applying U.S. GAAP to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. The amendments apply only to contracts, hedging relationships, and other transactions that reference London Interbank Offered Rate (“LIBOR”) or another reference rate expected to be discontinued because of reference rate reform. In January 2021, the FASB issued ASU No. 2021-01, “Reference Rate Reform (Topic 848),” which expanded the scope of Topic 848 to include derivative instruments impacted by discounting transition. In December 2022, the FASB issued ASU No. 2022-06, “Reference Rate Reform (Topic 848),” which extended the transition period provided under ASU No. 2020-04 and 2021-01 for all entities from December 31, 2022 to December 31, 2024.
In June 2022, the FASB issued ASU No. 2022-03, “Fair Value Measurement (Topic 820),” which clarifies the guidance in Topic 820 when measuring the fair value of an equity security subject to contractual restrictions that prohibit the sale of an equity security and introduces new disclosure requirements for equity securities subject to contractual sale restrictions that are measured at fair value in accordance with Topic 820. The amendments affect all entities that have investments in equity securities measured at fair value that are subject to a contractual sale restriction. ASU 2022-03 is effective for public business entities for fiscal years beginning after December 15, 2023, and interim periods within those fiscal years. For all other entities the amendments are effective for fiscal years beginning after December 15, 2024, and interim periods within those fiscal years. Early adoption is permitted for both interim and annual financial statements that have not yet been issued or made available for issuance. An entity that qualifies as an investment company under Topic 946 should apply the amendments in ASU No. 2022-03 to an investment in an equity security subject to a contractual sale restriction that is executed or modified on or after the date of adoption. Management has adopted the aforementioned accounting pronouncement and concluded that it does not have a material effect on the accompanying consolidated financial statements.
In December 2023, the FASB issued ASU No. 2023-09, “Income Taxes (Topic 740),” which updates 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 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, 2024, the Company had payables to affiliates of $70.2 million, comprised of $53.1 million of accrued performance based incentive fees, $11.6 million of management fees, and $5.5 million of costs and expenses reimbursable to the Adviser pursuant to the Administration Agreement. As of December 31, 2023, the Company had payables to affiliates of $54.5 million, comprised of $43.9 million of accrued performance based incentive fees, $8.6 million of management fees, and $2.0 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





67


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

Adviser performs, or oversees the performance of, required administrative services, which include providing office space, equipment 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 6, 2024, 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, 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. For the three and six months ended June 30, 2023, the Company incurred expenses of approximately $0.9 million and $1.9 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 6, 2024, 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





68


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

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.

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, 2024, management fees were $33.0 million and $61.5 million, respectively. For the three and six months ended June 30, 2023, management fees were $18.9 million and $35.8 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





69


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

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.

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, 2023, the Company incurred performance based incentive fees on net investment income of $27.6 million and $51.2 million, respectively.

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 related to unrealized depreciation. For the three and six months ended June 30, 2023, the Company did not incur performance based incentive fees based on capital gains.

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 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 Conduct Rule 2310(a)(12) of Financial Industry Regulatory Authority (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. 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.

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.

For the three and six months ended June 30, 2023, subject to the 1.5% organization and offering cost cap, the Company accrued less than $0.1 million and $0.3 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 relies on an order for exemptive relief (as amended, the “Order”) that has been granted to the Adviser and its affiliates by the SEC to permit us to





70


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

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 factors. Pursuant to such Order, the Company generally is permitted to co-invest with certain of its affiliates if a “required majority” (as defined in Section 57(o) of the 1940 Act) of the Board make certain conclusions in connection with a co-investment transaction, including that (1) the terms of the transaction, including the consideration to be paid, are reasonable and fair to the Company and its shareholders and do not involve overreaching by the Company or its shareholders on the part of any person concerned, (2) the transaction is consistent with the interests of the Company’s shareholders and is consistent with its investment objective and strategies, (3) the investment by its affiliates would not disadvantage the Company, and the Company’s participation would not be on a basis different from or less advantageous than that on which its affiliates are investing, and (4) the proposed investment by the Company would not benefit the Adviser or its affiliates or any affiliated person of any of them (other than the parties to the transaction), except to the extent permitted by the Order and applicable law, including the limitations set forth in Section 57(k) of the 1940 Act. In addition, the Order permits the Company to participate in follow-on investments in its existing portfolio companies with certain affiliates that are private funds, even if such private funds did not have an investment in such existing portfolio company.

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 focuses on direct lending. 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, private 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 and that have an investment objective similar to the Company’s.

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.






71


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

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.

For the three and six months ended June 30, 2023, the Company accrued servicing fees with respect to Class D shares of $0.3 million and $0.6 million, respectively. For the three and six months ended June 30, 2023, the Company accrued servicing fees with respect to Class S shares of $4.6 million and $8.6 million, respectively.

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 is 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





72


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

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).

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 and/or has the power to exercise control over the management or policies of such portfolio company 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, and Fifth Season Investments LLC (“Fifth Season”). For further description of OCIC SLF see “Note 4 Investments”. The Company has also made investments in a non-controlled, affiliated company, LSI Financing 1 DAC (“LSI Financing”).

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, 2024 the Company’s commitment to Amergin AssetCo is $228.6 million, of which $160.0 million is equity and $68.6 million is debt. The Company’s investments in Amergin are co-investments made with the Company’s affiliates in accordance with the terms of the exemptive relief that the Company received from the SEC. 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, 2024, the fair value of the Company’s investment in Fifth Season is





73


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

$268.7 million. The Company’s investment in Fifth Season is a co-investment with its affiliates in accordance with the terms of the exemptive relief that the Company received from the SEC. The Company does not consolidate its equity interest in Fifth Season.

LSI Financing 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. As of June 30, 2024, the Company’s investment at fair value in LSI Financing is $75.3 million and the Company’s total commitment was $219.6 million. The Company’s investment in LSI Financing is a co-investment made with the Company’s affiliates in accordance with the terms of the exemptive relief that the Company received from the SEC. The Company does not consolidate its equity interest in LSI Financing.

Note 4. Investments

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

June 30, 2024December 31, 2023
($ in thousands)Amortized CostFair ValueAmortized CostFair Value
First-lien senior secured debt investments(1)
$19,445,848 $19,478,774 $13,742,305 $13,788,717 
Second-lien senior secured debt investments1,018,115 985,599 1,199,591 1,184,755 
Unsecured debt investments424,002 420,738 242,352 244,661 
Preferred equity investments(2)
442,796 451,220 709,751 721,545 
Common equity investments(3)
491,967 542,549 416,011 448,974 
Joint ventures(4)
305,183 307,646 261,433 273,441 
Total Investments$22,127,911 $22,186,526 $16,571,443 $16,662,093 
(1)Includes debt investment in Amergin AssetCo.
(2)Includes equity investment in LSI Financing.
(3)Includes equity investment in Amergin AssetCo and Fifth Season.
(4)Includes equity investment in OCIC SLF. See below, within Note 4, for more information regarding OCIC SLF.

The industry composition of investments based on fair value consisted of the below as of the following periods:

June 30, 2024December 31, 2023
Advertising and media2.8 %1.9 %
Aerospace and defense0.5 0.5 
Asset based lending and fund finance(1)
1.1 1.7 
Automotive services(2)
0.7 0.7 
Automotive aftermarket(2)
0.2 0.2 
Buildings and real estate3.1 3.6 
Business services5.8 5.5 
Chemicals3.1 1.6 
Consumer products1.8 2.0 
Containers and packaging3.1 3.2 
Distribution2.7 3.0 
Education0.7 0.8 
Energy equipment and services0.4  
Financial services5.2 3.1 
Food and beverage5.8 5.7 
Healthcare equipment and services4.7 4.8 
Healthcare providers and services12.5 14.8 
Healthcare technology4.7 4.3 
Household products1.6 1.9 
Human resource support services1.1 1.0 





74


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

June 30, 2024December 31, 2023
Infrastructure and environmental services1.6 1.6 
Insurance(3)
9.8 9.7 
Internet software and services12.0 12.8 
Joint ventures(4)
1.4 1.6 
Leisure and entertainment0.8 0.8 
Manufacturing3.4 5.0 
Pharmaceuticals(5)
0.9 0.5 
Professional services4.6 4.4 
Specialty retail2.1 1.9 
Telecommunications1.1 0.4 
Transportation0.7 1.0 
Total100.0 %100.0 %
(1)Includes investment in Amergin AssetCo.
(2)This was disclosed as “Automotive” as of December 31, 2023.
(3)Includes equity investment in Fifth Season Investments LLC.
(4)Includes equity investment in OCIC SLF. See below, within Note 4, for more information regarding OCIC SLF.
(5)Includes equity investment in LSI Financing.

The geographic composition of investments based on fair value consisted of the below as of the following periods:

June 30, 2024December 31, 2023
United States:
Midwest24.1 %23.3 %
Northeast17.5 17.7 
South32.4 31.3 
West17.0 18.5 
International9.0 9.2 
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 SPV Asset 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 SPV Asset Facilities (the “OCIC SLF SPV Asset 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 Asset Facility





75


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

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 Asset 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.

As of June 30, 2024 and December 31, 2023, OCIC SLF had total investments in senior secured debt at fair value, as determined by an independent valuation firm, of $1.62 billion and $1.15 billion, respectively. The determination of fair value is in accordance with FASB ASC 820, as amended; however, such fair value is not included in our valuation process. The following table is a summary of OCIC SLF’s portfolio as well as a listing of the portfolio investments in OCIC SLF’s portfolio as of the following periods:

($ in thousands)June 30, 2024December 31, 2023
Total senior secured debt investments(1)
$1,633,175 $1,157,358 
Weighted average spread over base rate(1)
3.5 %3.8 %
Number of portfolio companies235 192 
Largest funded investment to a single borrower(1)
$26,797 $14,420 
(1)At par.

OCIC SLF LLC’s Portfolio as of June 30, 2024
(Amounts in thousands)
(Unaudited)
Company(1)(3)(4)InvestmentInterestMaturity
Date
Par /
Units
Amortized
Cost(2)
Fair
Value
Percentage of Members’ Equity
Debt Investments
Advertising and media
Fleet U.S. Bidco Inc.(5)(9)First lien senior secured loanSR +3.25%02/20317,249 $7,216 $7,285 2.1 %
7,216 7,285 2.1 %
Aerospace and defense
American Airlines, Inc.(5)First lien senior secured loanSR +2.75%02/20281,960 $1,930 $1,954 0.6 %
Avolon TLB Borrower 1 (US) LLC(5)First lien senior secured loanSR +2.00%06/20282,490 2,479 2,493 0.7 %
Bleriot US Bidco, Inc.(6)First lien senior secured loanSR +3.25%10/202812,312 12,259 12,361 3.5 %
Dynasty Acquisition Co., Inc. (dba StandardAero Limited)(5)First lien senior secured loanSR +3.50%08/20285,492 5,492 5,508 1.4 %
KBR, Inc(5)First lien senior secured loanSR +2.25%01/20311,883 1,879 1,891 0.5 %
Novaria Holdings, LLC(5)(9)First lien senior secured loanSR +4.25%06/20315,000 4,975 4,975 1.4 %
Peraton Corp.(5)First lien senior secured loanSR +3.75%02/202812,393 12,183 12,388 3.5 %
Transdigm Inc.(6)First lien senior secured loanSR +2.75%08/20281,980 1,978 1,983 0.6 %
Transdigm Inc.(6)First lien senior secured loanSR +2.75%03/20302,364 2,364 2,368 0.7 %
Transdigm Inc.(6)First lien senior secured loanSR +2.50%02/203119,877 19,865 19,917 5.7 %
United Airlines, Inc.(6)First lien senior secured loanSR +2.75%02/20311,995 1,986 1,997 0.6 %
Vertex Aerospace Services Corp. (dba V2X)(5)First lien senior secured loanSR +2.75%12/20305,465 5,463 5,470 1.6 %
72,853 73,305 20.8 %
Automotive
Belron Finance US LLC(6)First lien senior secured loanSR +2.25%04/20291,241 $1,235 $1,242 0.4 %
1,235 1,242 0.4 %
Automotive services
Mister Car Wash Holdings, Inc.(5)First lien senior secured loanSR +3.00%03/20313,143 $3,143 $3,151 0.9 %
PAI Holdco, Inc.(6)First lien senior secured loanSR +3.75%10/20276,528 6,154 5,962 1.6 %
Wand Newco 3, Inc.(5)First lien senior secured loanSR +3.75%01/20313,324 3,318 3,345 1.0 %
12,615 12,458 3.5 %
Buildings and real estate





76


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

OCIC SLF LLC’s Portfolio as of June 30, 2024
(Amounts in thousands)
(Unaudited)
Company(1)(3)(4)InvestmentInterestMaturity
Date
Par /
Units
Amortized
Cost(2)
Fair
Value
Percentage of Members’ Equity
84 Lumber Company(5)First lien senior secured loanSR +2.25%11/20305,186 $5,186 $5,208 1.5 %
American Builders & Contractors Supply Co., Inc.(5)First lien senior secured loanSR +2.00%01/20311,265 1,265 1,267 0.4 %
American Residential Services, LLC(6)First lien senior secured loanSR +3.50%10/20276,606 6,590 6,573 1.9 %
Core & Main LP(6)First lien senior secured loanSR +2.25%02/20314,072 4,053 4,074 1.2 %
CPG International LLC(5)First lien senior secured loanSR +2.50%04/20294,366 4,355 4,368 1.2 %
Cushman & Wakefield U.S. Borrower, LLC(5)(9)First lien senior secured loanSR +2.75%08/2025125 124 125  %
Cushman & Wakefield U.S. Borrower, LLC(5)First lien senior secured loanSR +3.75%01/20308,978 8,978 8,978 2.6 %
Dodge Construction Network, LLC(6)(9)First lien senior secured loanSR +4.75%02/20295,194 4,508 3,792 1.1 %
EMRLD Borrower LP (dba Emerson Climate Technologies, Inc.)(5)First lien senior secured loanSR +2.50%05/20309,210 9,200 9,201 2.6 %
EMRLD Borrower LP (dba Emerson Climate Technologies, Inc.)(6)(9)First lien senior secured loanSR +2.50%06/20312,504 2,498 2,498 0.7 %
Greystar Real Estate Partners, LLC (dba Greystar)(6)First lien senior secured loanSR +3.25%08/20307,943 7,851 7,883 2.2 %
GYP Holdings III Corp.(5)First lien senior secured loanSR +2.25%05/20301,990 1,990 1,990 0.6 %
Kodiak BP LLC(6)First lien senior secured loanSR +3.75%03/20286,435 6,404 6,451 1.8 %
MIWD Holdco II LLC(5)First lien senior secured loanSR +3.50%03/20317,714 7,676 7,754 2.2 %
Quikrete Holdings, Inc.(5)First lien senior secured loanSR +2.25%03/20291,980 1,980 1,980 0.6 %
Quikrete Holdings, Inc.(5)First lien senior secured loanSR +2.50%04/20317,040 7,026 7,051 2.0 %
RealPage, Inc.(5)First lien senior secured loanSR +3.00%04/202813,371 12,948 12,981 3.6 %
Wrench Group LLC(6)First lien senior secured loanSR +4.00%10/202810,633 10,610 10,633 3.0 %
103,242 102,807 29.2 %
Business services
ASGN, Inc.(6)First lien senior secured loanSR +1.75%08/2030496 $496 $497 0.1 %
Boxer Parent Company Inc. (f/k/a BMC)(5)First lien senior secured loanSR +4.00%12/202810,271 10,226 10,280 2.9 %
BrightView Landscapes, LLC(5)First lien senior secured loanSR +2.50%04/20298,515 8,519 8,532 2.4 %
Brown Group Holdings, LLC(5)First lien senior secured loanSR +2.75%06/20285,781 5,776 5,775 1.6 %
Brown Group Holdings, LLC(5)First lien senior secured loanSR +3.00%07/20295,651 5,630 5,644 1.6 %
Conservice Midco, LLC(5)First lien senior secured loanSR +4.00%05/2027995 995 995 0.3 %
IDEMIA Group SAS(6)First lien senior secured loanSR +4.25%09/20284,978 4,992 4,991 1.4 %
MKS Instruments, Inc.(5)First lien senior secured loanSR +2.50%08/20292,016 2,012 2,016 0.7 %
Packers Holdings, LLC(5)First lien senior secured loanSR +3.25%03/20283,908 2,761 2,112 0.6 %
POLARIS PURCHASER, INC. (dba Plusgrade L.P.)(6)(9)First lien senior secured loanSR +4.50%03/20317,568 7,497 7,530 2.2 %
Sitel Worldwide Corp.(5)First lien senior secured loanSR +3.75%08/20286,904 6,816 5,292 1.5 %
Vestis Corp(6)First lien senior secured loanSR +2.25%02/20312,565 2,559 2,550 0.7 %
VM Consolidated, Inc.(5)First lien senior secured loanSR +2.75%03/20282,093 2,093 2,102 0.6 %
XPLOR T1, LLC(6)(9)First lien senior secured loanSR +4.25%06/20315,000 4,975 4,975 1.4 %
65,347 63,291 18.0 %
Chemicals
Aruba Investments Holdings LLC (dba Angus Chemical Company)(5)First lien senior secured loanSR +4.75%11/20277,432 $7,248 $7,391 2.1 %
Axalta Coating Systems US Holdings Inc.(6)First lien senior secured loanSR +2.00%12/20291,583 1,582 1,585 0.5 %
Blue Tree Holdings, Inc.(8)First lien senior secured loanP +1.50%03/20283,944 3,914 3,937 1.1 %
H.B. Fuller Company(5)First lien senior secured loanSR +2.00%02/2030992 991 992 0.3 %
Ineos US Finance LLC(6)First lien senior secured loanSR +3.50%02/20308,447 8,430 8,413 2.4 %
Ineos US Finance LLC(5)First lien senior secured loanSR +3.75%01/20314,000 3,962 4,006 1.0 %
Ineos US Petrochem LLC(6)First lien senior secured loanSR +3.75%03/20305,960 5,919 5,934 1.7 %
Nouryon Finance B.V.(5)(9)First lien senior secured loanSR +3.50%04/202810,247 10,247 10,265 2.9 %
Potters(6)First lien senior secured loanSR +3.75%12/20271,995 1,998 2,002 0.6 %
Windsor Holdings III LLC(5)First lien senior secured loanSR +4.00%08/203010,682 10,682 10,739 3.1 %
54,973 55,264 15.7 %





77


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

OCIC SLF LLC’s Portfolio as of June 30, 2024
(Amounts in thousands)
(Unaudited)
Company(1)(3)(4)InvestmentInterestMaturity
Date
Par /
Units
Amortized
Cost(2)
Fair
Value
Percentage of Members’ Equity
Consumer products
BEP Intermediate Holdco, LLC (dba Buyers Edge Platform)(5)(9)First lien senior secured loanSR +3.75%04/20315,953 $5,924 $5,923 1.7 %
Flexera(6)First lien senior secured loanSR +3.50%03/20281,247 1,247 1,250 0.4 %
Olaplex, Inc.(5)First lien senior secured loanSR +3.50%02/20295,207 4,903 4,991 1.4 %
12,074 12,164 3.5 %
Containers and packaging
Anchor Packaging, LLC(5)First lien senior secured loanSR +3.75%07/20296,240 $6,225 $6,236 1.8 %
Berlin Packaging L.L.C.(5)First lien senior secured loanSR +3.75%06/20316,302 6,287 6,314 1.8 %
BW Holding, Inc.(6)First lien senior secured loanSR +4.00%12/20287,650 7,550 6,990 2.0 %
Charter NEX US, Inc.(5)First lien senior secured loanSR +3.50%12/20272,435 2,437 2,438 0.7 %
Plaze, Inc.(5)First lien senior secured loanSR +3.75%08/20266,824 6,679 6,567 1.9 %
Pregis Topco LLC(5)First lien senior secured loanSR +4.00%07/20265,969 5,950 5,966 1.7 %
ProAmpac PG Borrower LLC(6)First lien senior secured loanSR +4.00%09/202812,191 12,192 12,210 3.5 %
Ring Container Technologies Group, LLC(5)First lien senior secured loanSR +3.50%08/20288,617 8,497 8,661 2.5 %
SupplyOne, Inc.(5)First lien senior secured loanSR +4.25%04/20317,339 7,267 7,343 2.1 %
Tricorbraun Holdings, Inc.(5)First lien senior secured loanSR +3.25%03/202817,372 17,001 17,327 4.8 %
80,085 80,052 22.8 %
Distribution
AI Aqua Merger Sub, Inc. (dba Culligan International)(5)First lien senior secured loanSR +3.25%07/20285,562 $5,549 $5,569 1.5 %
AI Aqua Merger Sub, Inc. (dba Culligan International)(5)First lien senior secured loanSR +4.25%07/20287,980 7,752 7,986 2.3 %
Aramsco, Inc.(6)First lien senior secured loanSR +4.75%10/20308,494 8,334 8,483 2.4 %
Aramsco, Inc.(6)(10)(11)First lien senior secured delayed draw term loanSR +4.75%10/2025    %
BCPE Empire Holdings, Inc. (dba Imperial-Dade)(5)First lien senior secured loanSR +4.00%01/20279,741 9,740 9,736 2.8 %
Dealer Tire Financial, LLC(5)(9)First lien senior secured loanSR +3.75%12/20275,890 5,878 5,875 1.7 %
Dealer Tire Financial, LLC(5)(9)First lien senior secured loanSR +3.75%07/20315,000 4,975 4,988 1.4 %
Foundation Building Materials, Inc.(6)First lien senior secured loanSR +4.00%11/20288,501 8,421 8,452 2.4 %
White Cap Supply Holdings, LLC(5)First lien senior secured loanSR +3.25%10/202914,943 14,933 14,962 4.3 %
65,582 66,051 18.8 %
Education
Renaissance Learning, Inc.(6)First lien senior secured loanSR +4.25%04/203011,430 $11,419 $11,414 3.2 %
Severin Acquisition, LLC (dba Powerschool)(6)First lien senior secured loanSR +3.00%08/20278,417 8,351 8,438 2.4 %
Sophia, L.P.(5)First lien senior secured loanSR +3.50%10/202912,658 12,654 12,706 3.6 %
Spring Education Group, Inc. (fka SSH Group Holdings, Inc.)(6)First lien senior secured loanSR +4.00%10/20308,619 8,591 8,649 2.5 %
41,015 41,207 11.7 %
Energy equipment and services
AMG Advanced Metallurgical Group N.V(5)First lien senior secured loanSR +3.50%11/20283,413 $3,404 $3,404 1.0 %
AZZ Inc.(5)First lien senior secured loanSR +3.25%05/20299,492 9,458 9,542 2.7 %
Brookfield WEC Holdings Inc.(5)First lien senior secured loanSR +2.75%01/203110,690 10,659 10,692 3.0 %
Calpine Construction Finance Company(5)First lien senior secured loanSR +2.00%07/2030993 986 989 0.3 %
Calpine Corporation(5)First lien senior secured loanSR +2.00%01/20314,611 4,594 4,595 1.3 %
Pike Corp.(5)First lien senior secured loanSR +3.00%01/20282,300 2,267 2,303 0.7 %
Rockwood Service Corp.(5)First lien senior secured loanSR +4.00%01/20276,431 6,420 6,462 1.8 %
37,788 37,987 10.8 %
Financial services
AllSpring Buyer(6)First lien senior secured loanSR +4.00%11/202810,391 $10,361 $10,374 3.0 %
Ascensus Holdings, Inc.(5)First lien senior secured loanSR +3.50%08/20282,984 2,964 2,981 0.8 %





78


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

OCIC SLF LLC’s Portfolio as of June 30, 2024
(Amounts in thousands)
(Unaudited)
Company(1)(3)(4)InvestmentInterestMaturity
Date
Par /
Units
Amortized
Cost(2)
Fair
Value
Percentage of Members’ Equity
Boost Newco Borrower, LLC (dba WorldPay)(6)First lien senior secured loanSR +3.00%01/203112,000 11,946 11,999 3.4 %
Chrysaor Bidco s.à r.l. (dba AlterDomus)(5)First lien senior secured loanSR +3.50%05/20314,112 4,112 4,125 1.2 %
Chrysaor Bidco s.à r.l. (dba AlterDomus)(5)(10)(11)First lien senior secured delayed draw term loanSR +3.50%05/2026    %
Citadel Securities, LP(5)First lien senior secured loanSR +2.25%07/20309,919 9,923 9,944 2.8 %
Citco Funding LLC(6)First lien senior secured loanSR +2.75%04/20289,336 9,312 9,359 2.7 %
Creative Planning, LLC(5)First lien senior secured loanSR +2.00%05/20315,937 5,922 5,928 1.7 %
Deerfield Dakota Holdings(6)First lien senior secured loanSR +3.75%04/202711,271 10,991 11,258 3.2 %
Focus Financial Partners, LLC(5)First lien senior secured loanSR +2.75%06/20286,893 6,888 6,882 2.0 %
Grant Thornton Advisors LLC(6)First lien senior secured loanSR +3.25%06/20314,941 4,941 4,954 1.4 %
Guggenheim Partners Investment Management Holdings, LLC(6)First lien senior secured loanSR +3.25%12/20294,925 4,853 4,947 1.4 %
Harbourvest Partners, L.P.(6)First lien senior secured loanSR +2.50%04/20302,385 2,366 2,385 0.7 %
Jane Street Group, LLC(5)First lien senior secured loanSR +2.50%01/20286,304 6,297 6,296 1.8 %
Janus International Group, LLC(5)First lien senior secured loanSR +2.50%08/20304,800 4,800 4,818 1.4 %
Kestra Advisor Services Holdings A Inc(5)First lien senior secured loanSR +4.00%03/20316,571 6,556 6,588 1.9 %
MARINER WEALTH ADVISORS, LLC(5)First lien senior secured loanSR +3.00%08/20286,191 6,196 6,180 1.8 %
OneDigital Borrower LLC(5)First lien senior secured loanSR +4.25%11/202710,747 10,768 10,708 3.0 %
OneDigital Borrower LLC(5)First lien senior secured loanSR +3.25%06/203116,049 15,994 15,979 4.5 %
Saphilux S.a.r.L. (dba IQ-EQ)(7)(9)First lien senior secured loanSR +4.00%07/202810,448 10,448 10,500 3.0 %
Teneo Holdings LLC(5)First lien senior secured loanSR +4.75%03/203112,843 12,717 12,860 3.6 %
TMF Sapphire Bidco B.V.(6)First lien senior secured loanSR +4.00%05/20282,488 2,488 2,489 0.7 %
160,843 161,554 46.0 %
Food and beverage
1011778 BC / NEW RED FIN (dba Restaurant Brands)(5)First lien senior secured loanSR +1.75%09/20304,883 $4,890 $4,865 1.4 %
Aramark Services, Inc.(5)First lien senior secured loanSR +2.00%06/2030990 990 990 0.3 %
Aspire Bakeries Holdings, LLC(5)First lien senior secured loanSR +4.25%12/20304,988 4,941 4,991 1.4 %
Balrog Acquisition, Inc. (dba Bakemark)(5)First lien senior secured loanSR +4.00%09/202810,819 10,713 10,764 3.1 %
Fiesta Purchaser, Inc.(5)First lien senior secured loanSR +4.00%02/20318,498 8,427 8,550 2.4 %
Pegasus BidCo B.V.(6)First lien senior secured loanSR +3.75%07/202911,729 11,733 11,783 3.3 %
Simply Good Foods USA, Inc.(5)First lien senior secured loanSR +2.50%03/20275,422 5,407 5,429 1.5 %
Utz Quality Foods, LLC(5)First lien senior secured loanSR +2.75%01/20282,888 2,888 2,894 0.8 %
Whatabrands LLC (dba Whataburger Restaurants LLC)(6)First lien senior secured loanSR +2.75%08/20281,990 1,990 1,989 0.6 %
51,979 52,255 14.8 %
Healthcare equipment and services
Agiliti Health(6)First lien senior secured loanSR +3.00%05/20304,841 $4,805 $4,817 1.4 %
Azalea TopCo, Inc. (dba Press Ganey)(5)First lien senior secured loanSR +3.50%04/20316,535 6,471 6,528 1.9 %
Confluent Medical Technologies, Inc.(6)(9)First lien senior secured loanSR +3.75%02/20299,615 9,503 9,591 2.7 %
Curium BidCo S.A.R.L (dba Curium Pharma)(6)First lien senior secured loanSR +4.00%07/20297,010 7,012 7,031 2.0 %
Dermatology Intermediate Holdings III, Inc.(6)First lien senior secured loanSR +4.25%03/202913,845 13,701 13,393 3.8 %
Medline Borrower, LP(5)First lien senior secured loanSR +2.75%10/2028928 928 930 0.3 %
Natus Medical, Inc.(6)(9)First lien senior secured loanSR +5.50%07/20294,433 4,172 4,333 1.2 %
Nexstar Broadcasting, Inc.(5)First lien senior secured loanSR +2.50%09/20263,800 3,801 3,807 1.1 %
Resonetics, LLC(5)First lien senior secured loanSR +3.75%06/20318,571 8,550 8,582 2.4 %
Zest Acquisition Corp.(6)(9)First lien senior secured loanSR +5.50%02/202810,388 10,156 10,440 3.0 %
69,099 69,452 19.8 %
Healthcare providers and services
Concentra(6)(9)First lien senior secured loanSR +2.25%06/20314,559 $4,553 $4,553 1.2 %
Covetrus, Inc.(6)First lien senior secured loanSR +5.00%10/20299,381 8,918 9,051 2.6 %





79


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

OCIC SLF LLC’s Portfolio as of June 30, 2024
(Amounts in thousands)
(Unaudited)
Company(1)(3)(4)InvestmentInterestMaturity
Date
Par /
Units
Amortized
Cost(2)
Fair
Value
Percentage of Members’ Equity
HAH Group Holding Company LLC (dba Help at Home)(5)First lien senior secured loanSR +5.00%10/20273,781 3,754 3,790 1.1 %
HAH Group Holding Company LLC (dba Help at Home)(5)First lien senior secured loanSR +5.00%10/2022478 475 480 0.1 %
HAH Group Holding Company LLC (dba Help at Home)(5)(9)First lien senior secured loanSR +5.00%10/20276,953 6,932 6,970 2.0 %
Inception Finco S.à.r.l (dba IVI RMA)(6)First lien senior secured loanSR +4.50%03/20315,571 5,544 5,603 1.6 %
Inizio Group Limited (dba UDG Healthcare)(6)First lien senior secured loanSR +4.25%08/20284,731 4,692 4,719 1.3 %
LSCS Holdings, Inc.(5)First lien senior secured loanSR +4.50%12/202811,310 11,126 11,162 3.2 %
Pacific Dental Services, LLC(5)First lien senior secured loanSR +3.25%03/20317,766 7,748 7,771 2.2 %
Pediatric Associates Holding Company, LLC(5)(9)First lien senior secured loanSR +4.50%12/20283,005 2,868 2,975 0.8 %
Pediatric Associates Holding Company, LLC(5)First lien senior secured loanSR +3.25%12/20287,838 7,501 7,561 2.2 %
Phoenix Guarantor Inc(5)First lien senior secured loanSR +3.25%02/203112,228 12,111 12,190 3.5 %
Phoenix Newco, Inc. (dba Parexel)(5)First lien senior secured loanSR +3.25%11/20287,331 7,138 7,343 2.1 %
Physician Partners, LLC(7)First lien senior secured loanSR +4.00%12/202811,282 8,433 2.4 %
Radnet(6)First lien senior secured loanSR +2.50%04/20312,483 2,465 2,482 0.7 %
Select Medical Corp.(5)First lien senior secured loanSR +3.00%03/20272,872 2,861 2,871 0.8 %
Soliant Lower Intermediate, LLC (dba Soliant)(5)First lien senior secured loanSR +3.75%06/20318,252 8,170 8,231 2.3 %
Surgery Center Holdings, Inc.(5)First lien senior secured loanSR +3.50%12/20303,416 3,416 3,421 1.0 %
Team Services Group, LLC(7)(9)First lien senior secured loanSR +5.00%12/20276,211 6,182 6,196 1.8 %
117,736 115,802 32.9 %
Healthcare technology
Bracket Intermediate Holding Corp.(6)First lien senior secured loanSR +5.00%05/20289,786 $9,660 $9,814 2.8 %
Certara(6)(9)First lien senior secured loanSR +3.00%06/2031815 813 815 0.2 %
Cotiviti, Inc.(5)First lien senior secured loanSR +3.25%05/20317,315 7,280 7,270 2.1 %
Ensemble RCM, LLC(6)First lien senior secured loanSR +3.00%08/202910,413 10,346 10,370 2.9 %
Gainwell Acquisition Corp.(6)First lien senior secured loanSR +4.00%10/20272,300 2,248 2,224 0.6 %
GHX Ultimate Parent Corporation (dba Global Healthcare Exchange)(6)(9)First lien senior secured loanSR +4.00%06/20275,955 5,950 5,985 1.7 %
Imprivata, Inc.(6)First lien senior secured loanSR +3.50%12/20278,853 8,853 8,886 2.5 %
IQVIA, Inc.(6)First lien senior secured loanSR +2.00%01/2031995 995 998 0.3 %
PointClickCare Technologies Inc.PointClickCare Technologies Inc(6)First lien senior secured loanSR +3.00%12/20271,980 1,980 1,987 0.6 %
Project Ruby Ultimate Parent Corp. (dba Wellsky)(5)First lien senior secured loanSR +3.50%03/20287,441 7,409 7,450 2.1 %
R1 RCM Inc.(5)First lien senior secured loanSR +3.00%06/20296,753 6,700 6,766 2.0 %
Waystar Technologies, Inc. (F/K/A Navicure, Inc.)(6)First lien senior secured loanSR +3.00%10/20297,079 7,079 7,079 2.0 %
Zelis Cost Management Buyer, Inc.(5)First lien senior secured loanSR +2.75%09/202910,875 10,833 10,863 3.1 %
80,146 80,507 22.9 %
Household products
Samsonite International S.A.(5)First lien senior secured loanSR +2.00%06/20301,985 $1,980 $1,989 0.6 %
1,980 1,989 0.6 %
Human resource support services
AQ Carver Buyer, Inc. (dba CoAdvantage)(6)First lien senior secured loanSR +5.50%08/20297,541 $7,498 $7,562 2.2 %
Cast & Crew Payroll, LLC(5)First lien senior secured loanSR +3.75%02/20293,990 3,970 3,989 1.1 %
iSolved, Inc.(5)First lien senior secured loanSR +3.50%10/20307,484 7,484 7,491 2.1 %
UKG Inc.(5)First lien senior secured loanSR +3.25%02/203110,540 10,534 10,575 3.0 %
29,486 29,617 8.4 %
Infrastructure and environmental services





80


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

OCIC SLF LLC’s Portfolio as of June 30, 2024
(Amounts in thousands)
(Unaudited)
Company(1)(3)(4)InvestmentInterestMaturity
Date
Par /
Units
Amortized
Cost(2)
Fair
Value
Percentage of Members’ Equity
Gulfside Supply, Inc. (dba Gulfeagle Supply)(5)(9)First lien senior secured loanSR +3.00%06/20312,996 $2,988 $2,988 0.8 %
Madison IAQ, LLC(5)First lien senior secured loanSR +2.75%06/20285,590 5,590 5,591 1.7 %
Osmose Utilities Services, Inc.(5)First lien senior secured loanSR +3.25%06/20285,819 5,489 5,774 1.6 %
14,067 14,353 4.1 %
Insurance
Acrisure, LLC(6)First lien senior secured loanSR +3.25%11/203012,754 $12,743 $12,730 3.6 %
Ardonagh Midco 3 PLC(5)(9)First lien senior secured loanSR +3.75%02/203113,730 13,661 13,661 3.9 %
AssuredPartners, Inc.(5)First lien senior secured loanSR +3.50%02/203113,045 13,021 13,071 3.7 %
Broadstreet Partners, Inc.(5)First lien senior secured loanSR +3.25%06/203110,157 10,146 10,125 2.9 %
Hub International(6)First lien senior secured loanSR +3.25%06/20302,993 2,990 2,998 0.9 %
Hyperion Refinance S.a.r.l (dba Howden Group)(5)First lien senior secured loanSR +4.00%04/20305,297 5,166 5,300 1.5 %
Hyperion Refinance S.a.r.l (dba Howden Group)(5)First lien senior secured loanSR +3.50%02/203110,548 10,502 10,563 3.0 %
IMA Financial Group, Inc.(5)First lien senior secured loanSR +3.25%11/20287,191 7,172 7,188 2.0 %
Mitchell International, Inc.(5)First lien senior secured loanSR +3.25%06/20315,000 4,975 4,950 1.4 %
Truist Insurance Holdings, LLC(6)First lien senior secured loanSR +3.25%05/20317,357 7,340 7,364 2.1 %
USI, Inc.(6)First lien senior secured loanSR +2.75%09/20307,571 7,571 7,568 2.2 %
95,287 95,518 27.2 %
Internet software and services
Applied Systems, Inc.(6)First lien senior secured loanSR +3.50%02/20311,000 $999 $1,007 0.3 %
Barracuda Parent, LLC(7)First lien senior secured loanSR +4.50%08/202910,441 10,097 10,414 3.0 %
Cloud Software Group, Inc.(6)First lien senior secured loanSR +4.00%03/20294,975 4,975 4,967 1.4 %
Cloud Software Group, Inc.(6)First lien senior secured loanSR +4.50%03/20318,211 8,150 8,227 2.3 %
Dayforce Inc(5)First lien senior secured loanSR +2.50%03/20317,685 7,667 7,685 2.2 %
Delta TopCo, Inc. (dba Infoblox, Inc.)(6)First lien senior secured loanSR +3.50%11/20298,853 8,831 8,846 2.5 %
E2open, LLC(5)First lien senior secured loanSR +3.50%02/20288,297 8,208 8,322 2.4 %
Epicor(5)First lien senior secured loanSR +3.25%05/20312,730 2,723 2,740 0.8 %
Epicor(6)(10)(11)First lien senior secured delayed draw term loanSR +3.25%05/2027    %
HomeServe USA Holding Corp.(5)First lien senior secured loanSR +2.50%10/20305,486 5,486 5,497 1.6 %
Infinite Bidco LLC(6)First lien senior secured loanSR +3.75%03/20285,043 4,912 4,823 1.4 %
McAfee Corp.(5)First lien senior secured loanSR +3.25%03/20297,496 7,496 7,478 2.1 %
MeridianLink, Inc.(6)First lien senior secured loanSR +2.75%11/20284,807 4,807 4,813 1.4 %
Mitnick Corporate Purchaser, Inc.(6)First lien senior secured loanSR +4.50%05/20297,842 7,418 7,246 2.1 %
Perforce Software, Inc.(5)First lien senior secured loanSR +3.75%07/20263,219 3,116 3,206 0.9 %
Project Alpha Intermediate Holding, Inc. (dba Qlik)(6)First lien senior secured loanSR +3.75%10/203010,973 10,973 10,998 3.1 %
Project Sky Merger Sub, Inc.(5)First lien senior secured loanSR +3.75%10/20288,272 8,241 8,252 2.3 %
Proofpoint, Inc.(5)First lien senior secured loanSR +3.00%08/202812,381 12,381 12,386 3.5 %
Quartz Acquireco, LLC (dba Qualtrics)(6)First lien senior secured loanSR +2.75%06/20308,987 8,987 8,987 2.6 %
Sedgwick Claims Management Services, Inc.(5)First lien senior secured loanSR +3.75%02/202813,068 13,035 13,067 3.7 %
SONICWALL US Holdings, Inc.(6)First lien senior secured loanSR +5.00%05/20289,726 9,453 9,555 2.7 %
Sophos Holdings, LLC(5)First lien senior secured loanSR +3.50%03/202710,384 10,250 10,392 2.9 %
SS&C(5)First lien senior secured loanSR +2.00%05/20315,104 5,104 5,109 1.5 %
The Dun & Bradstreet Corporation(5)First lien senior secured loanSR +2.75%01/20294,416 4,416 4,416 1.3 %
UST Holdings, Ltd.(5)First lien senior secured loanSR +3.50%11/20289,243 9,227 9,243 2.6 %
Vertiv Group Corp.(5)First lien senior secured loanSR +2.00%03/2027516 516 517 0.1 %
VIRTUSA CORPORATION(5)First lien senior secured loanSR +3.25%02/20292,377 2,377 2,381 0.7 %
VS Buyer LLC(5)First lien senior secured loanSR +3.25%04/203111,069 11,043 11,083 3.2 %
Webpros Luxembourg Sarl(5)First lien senior secured loanSR +4.00%03/20316,840 6,824 6,840 1.9 %
197,712 198,497 56.5 %





81


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

OCIC SLF LLC’s Portfolio as of June 30, 2024
(Amounts in thousands)
(Unaudited)
Company(1)(3)(4)InvestmentInterestMaturity
Date
Par /
Units
Amortized
Cost(2)
Fair
Value
Percentage of Members’ Equity
Investment funds and vehicle
Finco I, LLC(6)First lien senior secured loanSR +3.00%06/20297,798 $7,809 $7,819 2.2 %
First Eagle Investments Management LLC(6)First lien senior secured loanSR +3.00%03/20298,732 8,623 8,685 2.5 %
Grosvenor(5)First lien senior secured loanSR +2.25%02/20305,294 5,294 5,284 1.5 %
21,726 21,788 6.2 %
Leisure and entertainment
Delta 2 (Lux) SARL (dba Formula One)(6)First lien senior secured loanSR +2.25%01/20301,500 $1,496 $1,502 0.4 %
1,496 1,502 0.4 %
Manufacturing
Altar Bidco, Inc.(5)First lien senior secured loanSR +3.10%02/20294,691 $4,518 $4,681 1.3 %
Chariot Buyer LLC(5)First lien senior secured loanSR +3.50%11/20285,985 5,962 5,998 1.7 %
Columbus McKinnon Corp.(6)First lien senior secured loanSR +2.50%05/2028430 430 433 0.2 %
DXP Enterprises, Inc.(7)First lien senior secured loanSR +4.75%10/203010,356 10,205 10,407 3.0 %
Engineered Machinery Holdings, Inc. (dba Duravant)(6)First lien senior secured loanSR +3.75%05/202811,479 11,406 11,515 3.3 %
Entegris, Inc.(6)First lien senior secured loanSR +1.75%07/2029497 497 497 0.1 %
Filtration Group Corporation(5)First lien senior secured loanSR +3.50%10/20287,920 7,903 7,953 2.3 %
Gates Global LLC(5)First lien senior secured loanSR +3.00%11/20293,459 3,434 3,461 1.0 %
Gloves Buyer, Inc. (dba Protective Industrial Products)(5)First lien senior secured loanSR +4.00%12/20273,000 2,993 2,981 0.8 %
Pro Mach Group, Inc.(5)First lien senior secured loanSR +3.50%08/202813,387 13,211 13,444 3.8 %
Refficiency Holdings, LLC (dba Legence)(5)First lien senior secured loanSR +3.50%12/202711,716 11,689 11,714 3.3 %
STS Operating, Inc.(6)First lien senior secured loanSR +4.00%03/20319,548 9,501 9,563 2.7 %
Summit Materials, LLC(6)First lien senior secured loanSR +2.50%01/20292,993 2,986 3,011 0.9 %
Watlow Electric Manufacturing Company(6)First lien senior secured loanSR +3.75%03/202810,255 10,147 10,232 2.9 %
Zekelman Industries Inc. (dba Zekelman Industries)(5)First lien senior secured loanSR +2.25%01/20316,700 6,684 6,703 1.9 %
101,566 102,593 29.2 %
Pharmaceuticals
Fortrea Holdings Inc.(5)First lien senior secured loanSR +3.75%07/20303,085 $3,085 $3,082 0.9 %
3,085 3,082 0.9 %
Professional services
Apex Group Treasury, LLC(6)First lien senior secured loanSR +3.75%07/20284,863 $4,719 $4,863 1.4 %
Apex Group Treasury, LLC(6)(9)First lien senior secured loanSR +5.00%07/20287,195 6,996 7,195 2.0 %
Arsenal AIC Parent, LLC (dba Arconic)(5)First lien senior secured loanSR +3.75%08/20307,202 7,203 7,237 2.1 %
Camelot U.S. Acquisition 1 Co.(5)First lien senior secured loanSR +2.75%01/20314,791 4,780 4,797 1.3 %
Corporation Service Company(5)First lien senior secured loanSR +2.75%11/20291,583 1,580 1,585 0.5 %
Element Solutions, Inc.(6)First lien senior secured loanSR +2.00%12/2030995 993 996 0.2 %
Genuine Financial Holdings, LLC(6)First lien senior secured loanSR +4.00%09/20306,617 6,561 6,587 1.9 %
Omnia Partners, LLC(6)First lien senior secured loanSR +3.25%07/203010,691 10,687 10,688 3.0 %
Red Ventures, LLC(5)First lien senior secured loanSR +3.00%03/20305,313 5,301 5,247 1.5 %
Skopima Merger Sub Inc.(5)First lien senior secured loanSR +4.00%05/20288,679 8,457 8,666 2.5 %
Sovos Compliance, LLC(5)First lien senior secured loanSR +4.50%08/202813,372 13,059 13,255 3.8 %
Thevelia (US) LLC(6)First lien senior secured loanSR +3.75%06/20294,980 4,995 5,002 1.4 %
Vistage Worldwide, Inc.(6)(9)First lien senior secured loanSR +4.75%07/20299,596 9,727 2.8 %
84,927 85,845 24.4 %
Telecommunications
Cable One, Inc.(5)First lien senior secured loanSR +2.00%05/20284,755 $4,743 $4,666 1.4 %
Ciena Corp.(6)First lien senior secured loanSR +2.00%10/2030995 993 998 0.3 %
Cogeco Communications (USA) II L.P.(5)First lien senior secured loanSR +2.50%09/20284,447 4,403 4,293 1.2 %
Zayo Group Holdings, Inc.(5)First lien senior secured loanSR +4.33%03/20279,775 8,131 8,580 2.4 %
18,270 18,537 5.3 %
Transportation      





82


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

OCIC SLF LLC’s Portfolio as of June 30, 2024
(Amounts in thousands)
(Unaudited)
Company(1)(3)(4)InvestmentInterestMaturity
Date
Par /
Units
Amortized
Cost(2)
Fair
Value
Percentage of Members’ Equity
Echo Global Logistics, Inc.(5)First lien senior secured loanSR +3.75%11/20284,119 $4,062 $4,063 1.3 %
Genesee & Wyoming Inc.(6)First lien senior secured loanSR +2.00%04/20315,398 5,371 5,390 1.5 %
KKR Apple Bidco, LLC(5)First lien senior secured loanSR +3.50%09/20282,187 2,183 2,190 0.6 %
Uber Technologies, Inc.(6)First lien senior secured loanSR +2.75%03/20301,572 1,568 1,578 0.4 %
13,184 13,221 3.8 %
Total Debt Investments$1,616,614 $1,619,225 460.7 %
Total Investments$1,616,614 $1,619,225 460.7 %
________________
(1)Unless otherwise indicated, OCIC SLF’s investments are pledged as collateral supporting the amounts outstanding under OCIC SLF’s Debt Facilities.
(2)The amortized cost represents the original cost adjusted for the amortization of discounts and premiums, as applicable, on debt investments using the effective interest method.
(3)Unless otherwise indicated, all investments are considered Level 2 investments.
(4)Unless otherwise indicated, loan contains a variable rate structure, which may be subject to an interest rate floor. Variable rate loans bear interest at a rate that may be determined by reference to Secured Overnight Financing Rate (“SOFR” or “SR”) (which can include one-, three-, six- or twelve-month SOFR), at the borrower’s option, and which reset periodically based on the terms of the loan agreement.
(5)The interest rate on these loans is subject to 1 month SOFR, which as of June 30, 2024 was 5.34%.
(6)The interest rate on these loans is subject to 3 month SOFR, which as of June 30, 2024 was 5.32%.
(7)The interest rate on these loans is subject to 6 month SOFR, which as of June 30, 2024 was 5.25%.
(8)The interest rate on these investments is subject to Prime, which as of June 30, 2024 was 8.50%.
(9)Level 3 investment.
(10)Position or portion thereof is an unfunded loan commitment.
(11)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.


Blue Owl Credit Income Senior Loan Fund’s Portfolio as of December 31, 2023
(Amounts in thousands)
Company(1)(3)(4)InvestmentInterestMaturity
Date
Par /
Units
Amortized
Cost(2)
Fair
Value
Percentage of Members’ Equity
Debt Investments
Aerospace and defense
American Airlines, Inc.(7)First lien senior secured loanSR +2.75%02/20281,980 $1,947 $1,976 0.7 %
Avolon TLB Borrower 1 (US) LLC(5)First lien senior secured loanSR +2.50%06/20289,490 9,413 9,505 3.1 %
Barnes Group, Inc.(5)First lien senior secured loanSR +3.00%09/20306,484 6,437 6,497 2.1 %
Bleriot US Bidco, Inc.(6)First lien senior secured loanSR +4.00%10/20285,927 5,847 5,946 2.0 %
Dynasty Acquisition Co., Inc. (dba StandardAero Limited)(5)First lien senior secured loanSR +4.00%08/20281,809 1,797 1,813 0.6 %
Dynasty Acquisition Co., Inc. (dba StandardAero Limited)(5)First lien senior secured loanSR +4.00%04/20264,221 4,194 4,229 1.4 %
Peraton Corp.(5)First lien senior secured loanSR +3.75%02/202812,458 12,219 12,474 4.0 %
Transdigm Inc.(6)First lien senior secured loanSR +3.25%02/20315,000 4,988 5,019 1.7 %
Transdigm, Inc.(6)First lien senior secured loanSR +3.25%08/20282,973 2,967 2,984 1.0 %
Transdigm, Inc.(6)First lien senior secured loanSR +3.25%02/20272,970 2,923 2,980 1.0 %
Vertex Aerospace Services Corp. (dba V2X)(5)First lien senior secured loanSR +3.25%12/20282,993 2,989 2,994 1.0 %
55,721 56,417 18.6 %
Automotive
Belron Finance US LLC(6)First lien senior secured loanSR +2.50%04/20292,488 $2,476 $2,491 0.8 %
PAI Holdco, Inc.(6)(8)First lien senior secured loanSR +3.75%10/20276,562 6,141 6,102 2.0 %





83


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

Blue Owl Credit Income Senior Loan Fund’s Portfolio as of December 31, 2023
(Amounts in thousands)
Company(1)(3)(4)InvestmentInterestMaturity
Date
Par /
Units
Amortized
Cost(2)
Fair
Value
Percentage of Members’ Equity
8,617 8,593 2.8 %
Buildings and real estate
84 Lumber Company(5)First lien senior secured loanSR +2.75%11/20305,212 $5,186 $5,220 1.7 %
American Residential Services, LLC(6)(8)First lien senior secured loanSR +3.50%10/20274,488 4,487 4,483 1.5 %
Beacon Roofing Supply, Inc.(5)First lien senior secured loanSR +2.50%05/20282,970 2,966 2,980 1.0 %
CPG International LLC(5)First lien senior secured loanSR +2.50%04/20296,894 6,865 6,898 2.2 %
Cushman & Wakefield U.S. Borrower, LLC(5)(8)First lien senior secured loanSR +4.00%01/20307,000 6,831 6,930 2.3 %
Cushman & Wakefield U.S. Borrower, LLC(5)(8)First lien senior secured loanSR +2.75%08/2025247 243 246 0.1 %
Dodge Construction Network, LLC(6)First lien senior secured loanSR +4.75%02/20295,221 4,911 4,020 1.3 %
Greystar Real Estate Partners, LLC (dba Greystar)(6)(8)First lien senior secured loanSR +3.75%08/20306,983 6,883 6,878 2.3 %
GYP Holdings III Corp.(5)First lien senior secured loanSR +3.00%05/20302,000 1,990 2,005 0.7 %
Quikrete Holdings, Inc.(5)First lien senior secured loanSR +2.75%03/20291,990 1,990 1,995 0.7 %
RealPage, Inc.(5)First lien senior secured loanSR +3.00%04/202810,440 9,921 10,345 3.4 %
Wrench Group LLC(6)First lien senior secured loanSR +4.00%04/20269,660 9,642 9,669 3.2 %
61,916 61,669 20.4 %
Business services
ASGN, Inc.(5)First lien senior secured loanSR +2.25%08/20302,494 $2,488 $2,502 0.8 %
Boxer Parent Company Inc. (f/k/a BMC)(5)First lien senior secured loanSR +4.25%12/20286,123 6,050 6,159 2.0 %
BrightView Landscapes, LLC(6)First lien senior secured loanSR +3.00%04/20296,519 6,347 6,517 2.2 %
Brown Group Holdings, LLC(5)First lien senior secured loanSR +3.75%07/20294,492 4,462 4,503 1.5 %
ConnectWise, LLC(6)First lien senior secured loanSR +3.50%09/202810,440 9,939 10,405 3.4 %
IDEMIA Group SAS(6)First lien senior secured loanSR +4.75%09/20281,990 1,967 1,994 0.7 %
Packers Holdings, LLC(5)First lien senior secured loanSR +3.25%03/20283,928 3,655 2,457 0.8 %
Sitel Worldwide Corp.(5)First lien senior secured loanSR +3.75%08/20286,939 6,841 6,648 2.2 %
VM Consolidated, Inc.(5)First lien senior secured loanSR +3.25%03/20282,107 2,088 2,114 0.7 %
43,837 43,299 14.3 %
Chemicals
Aruba Investments Holdings, LLC (dba Angus Chemical Company)(5)(8)First lien senior secured loanSR +4.75%11/20272,970 $2,799 $2,963 1.0 %
Axalta Coating Systems US Holdings Inc.(6)First lien senior secured loanSR +2.50%12/20296,884 6,842 6,900 2.3 %
Blue Tree Holdings, Inc.(6)First lien senior secured loanSR +2.50%03/20283,964 3,930 3,935 1.3 %
Cyanco Intermediate 2 Corp.(5)First lien senior secured loanSR +4.75%07/20283,990 3,908 3,997 1.2 %
DCG Acquisition Corp.(5)First lien senior secured loanSR +4.50%09/20267,383 7,349 7,318 2.4 %
H.B. Fuller Company(5)First lien senior secured loanSR +2.25%02/20301,741 1,741 1,743 0.6 %
Ineos US Finance LLC(5)First lien senior secured loanSR +3.50%02/20303,486 3,451 3,486 1.2 %
Ineos US Finance LLC(5)First lien senior secured loanSR +3.75%11/20272,978 2,888 2,984 1.0 %
Ineos US Petrochem LLC(5)(8)First lien senior secured loanSR +3.75%03/20301,990 1,971 1,990 0.7 %
Nouryon Finance B.V.(5)First lien senior secured loanSR +4.00%04/20282,488 2,466 2,493 0.8 %
Nouryon Finance B.V.(6)First lien senior secured loanSR +4.00%10/20255,785 5,726 5,802 1.9 %
Windsor Holdings III LLC(5)First lien senior secured loanSR +4.50%08/20305,736 5,636 5,766 1.9 %
48,707 49,377 16.3 %
Consumer products
HomeServe USA Holding Corp.(5)First lien senior secured loanSR +3.00%10/20304,000 $3,961 $4,011 1.3 %
Olaplex, Inc.(5)First lien senior secured loanSR +3.50%02/20295,220 4,890 4,816 1.6 %
8,851 8,827 2.9 %
Containers and packaging
Berlin Packaging L.L.C.(5)First lien senior secured loanSR +3.75%03/202812,486 $12,094 $12,488 4.1 %
BW Holding, Inc.(6)(8)First lien senior secured loanSR +4.00%12/20287,689 7,578 7,151 2.4 %





84


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

Blue Owl Credit Income Senior Loan Fund’s Portfolio as of December 31, 2023
(Amounts in thousands)
Company(1)(3)(4)InvestmentInterestMaturity
Date
Par /
Units
Amortized
Cost(2)
Fair
Value
Percentage of Members’ Equity
Charter NEX US, Inc.(5)First lien senior secured loanSR +3.75%12/20275,731 5,686 5,750 1.9 %
OneDigital Borrower LLC(6)(8)First lien senior secured loanSR +4.25%11/20271,911 1,897 1,907 0.6 %
Plaze, Inc.(5)First lien senior secured loanSR +3.75%08/20263,990 3,865 3,870 1.3 %
Plaze, Inc.(5)First lien senior secured loanSR +3.50%08/2026995 971 965 0.3 %
ProAmpac PG Borrower LLC(6)First lien senior secured loanSR +4.50%11/202810,250 10,165 10,253 3.4 %
Ring Container Technologies Group, LLC(5)First lien senior secured loanSR +3.50%08/20289,663 9,513 9,678 3.2 %
Tricorbraun Holdings, Inc.(5)First lien senior secured loanSR +3.25%03/202810,439 9,981 10,364 3.4 %
Trident TPI Holdings, Inc.(6)First lien senior secured loanSR +4.50%09/20281,990 1,941 1,989 0.7 %
Valcour Packaging, LLC(5)First lien senior secured loanSR +3.75%10/20283,077 3,073 2,405 0.8 %
66,764 66,820 22.1 %
Distribution
Aramsco, Inc.(6)(9)(10)First lien senior secured delayed draw term loanSR +4.75%10/2025 $ $  %
Aramsco, Inc.(6)First lien senior secured loanSR +4.75%10/20308,515 8,346 8,497 2.8 %
BCPE Empire Holdings, Inc. (dba Imperial-Dade)(5)First lien senior secured loanSR +4.75%12/20285,265 5,216 5,275 1.7 %
Dealer Tire, LLC(5)First lien senior secured loanSR +4.50%12/20273,920 3,860 3,927 1.3 %
SRS Distribution, Inc.(5)First lien senior secured loanSR +3.50%06/202811,530 10,887 11,534 3.7 %
White Cap Supply Holdings, LLC(5)First lien senior secured loanSR +3.75%10/202711,298 10,843 11,317 3.7 %
39,152 40,550 13.2 %
Education
Renaissance Learning, Inc.(5)First lien senior secured loanSR +4.75%04/20304,988 $4,905 $4,999 1.7 %
Severin Acquisition, LLC (dba Powerschool)(6)First lien senior secured loanSR +3.25%08/202511,451 11,335 11,487 3.7 %
Sophia, L.P.(5)First lien senior secured loanSR +4.25%10/20279,664 9,648 9,642 3.2 %
Spring Education Group, Inc. (fka SSH Group Holdings, Inc.)(6)First lien senior secured loanSR +4.50%10/20303,663 3,618 3,671 1.2 %
29,506 29,799 9.8 %
Energy equipment and services
AMG Advanced Metallurgical Group N.V(5)First lien senior secured loanSR +3.50%11/20283,430 $3,413 $3,411 1.1 %
AZZ Inc.(5)First lien senior secured loanSR +4.25%05/20297,925 7,866 7,952 2.6 %
Brookfield WEC Holdings Inc.(5)First lien senior secured loanSR +3.75%08/20253,456 3,439 3,465 1.1 %
Calpine Construction Finance Company(5)First lien senior secured loanSR +2.25%07/20301,995 1,980 1,994 0.7 %
Pike Corp.(5)First lien senior secured loanSR +3.00%01/20289,800 9,638 9,821 3.1 %
Rockwood Service Corp.(5)First lien senior secured loanSR +4.25%01/20276,466 6,451 6,477 2.1 %
32,787 33,120 10.7 %
Financial services
Acuris Finance US, Inc. (ION Analytics) (6)First lien senior secured loanSR +4.00%02/20287,619 $7,496 $7,602 2.5 %
AlixPartners, LLP(5)First lien senior secured loanSR +2.75%02/20281,492 1,482 1,495 0.5 %
AllSpring Buyer(6)First lien senior secured loanSR +3.75%11/20284,938 4,881 4,911 1.6 %
Boost Newco Borrower, LLC (dba WorldPay)(6)First lien senior secured loanSR +3.00%09/203012,000 11,940 12,046 4.0 %
Citadel Securities, LP(5)First lien senior secured loanSR +2.50%07/20308,968 8,933 8,980 3.0 %
Citco Funding LLC(6)First lien senior secured loanSR +3.25%04/20286,234 6,204 6,250 2.1 %
Deerfield Dakota Holdings(6)First lien senior secured loanSR +3.75%04/20278,830 8,511 8,734 2.8 %
Focus Financial Partners, LLC(5)First lien senior secured loanSR +3.25%06/20284,938 4,864 4,941 1.6 %
Focus Financial Partners, LLC(5)First lien senior secured loanSR +3.50%06/20282,993 2,938 2,996 1.0 %
Guggenheim Partners Investment Management Holdings, LLC(6)First lien senior secured loanSR +3.25%12/20294,950 4,873 4,954 1.6 %
Harbourvest Partners, L.P.(6)(8)First lien senior secured loanSR +3.00%04/20302,494 2,458 2,488 0.8 %
Helios Software Holdings, Inc.(6)First lien senior secured loanSR +4.25%07/20305,000 4,807 4,988 1.6 %
Janus International Group, LLC(6)First lien senior secured loanSR +3.25%08/20304,988 4,958 4,992 1.6 %





85


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

Blue Owl Credit Income Senior Loan Fund’s Portfolio as of December 31, 2023
(Amounts in thousands)
Company(1)(3)(4)InvestmentInterestMaturity
Date
Par /
Units
Amortized
Cost(2)
Fair
Value
Percentage of Members’ Equity
Saphilux S.a.r.L (dba IQ EQ)(7)First lien senior secured loanSR +4.75%07/20287,500 7,395 7,505 2.5 %
The Edelman Financial Engines Center, LLC(5)First lien senior secured loanSR +3.50%04/20283,959 3,880 3,962 1.3 %
TMF Sapphire Bidco B.V.(6)First lien senior secured loanSR +5.00%05/20282,500 2,458 2,510 0.8 %
USI, Inc.(6)First lien senior secured loanSR +3.25%09/20303,990 3,981 3,991 1.3 %
92,059 93,345 30.6 %
Food and beverage
1011778 BC / NEW RED FIN (dba Restaurant Brands)(5)First lien senior secured loanSR +2.25%09/20304,000 $3,981 $3,998 1.3 %
AI Aqua Merger Sub, Inc. (dba Culligan International)(5)First lien senior secured loanSR +3.75%07/20282,576 2,571 2,575 0.9 %
AI Aqua Merger Sub, Inc. (dba Culligan International)(6)(9)(10)First lien senior secured delayed draw term loanSR +4.25%12/20246,609 6,369 6,605 2.2 %
Aramark Services, Inc.(5)First lien senior secured loanSR +2.50%06/20301,990 1,971 1,992 0.7 %
Aspire Bakeries Holdings, LLC(5)(8)First lien senior secured loanSR +4.25%12/20305,000 4,950 4,925 1.6 %
Balrog Acquisition, Inc. (dba Bakemark)(5)First lien senior secured loanSR +4.00%09/20289,374 9,259 9,213 3.0 %
Naked Juice LLC (dba Tropicana)(6)First lien senior secured loanSR +3.25%01/202910,467 9,686 10,100 3.2 %
Pegasus BidCo B.V.(6)First lien senior secured loanSR +4.25%07/20297,440 7,332 7,433 2.5 %
Shearer's Foods, LLC(5)First lien senior secured loanSR +3.50%09/20278,717 8,216 8,721 2.9 %
Simply Good Foods USA, Inc.(5)First lien senior secured loanSR +2.50%03/20272,976 2,956 2,976 1.0 %
Utz Quality Foods, LLC(6)First lien senior secured loanSR +3.00%01/20281,153 1,153 1,153 0.4 %
58,444 59,691 19.7 %
Healthcare equipment and services
Confluent Medical Technologies, Inc.(6)(8)First lien senior secured loanSR +3.75%02/20299,664 $9,541 $9,615 3.2 %
Curium BidCo S.A.R.L (dba Curium Pharma)(6)First lien senior secured loanSR +4.50%07/20296,047 6,026 6,036 2.0 %
Dermatology Intermediate Holdings III, Inc.(6)First lien senior secured loanSR +4.25%03/202911,664 11,551 11,252 3.7 %
Medline Borrower, LP(5)First lien senior secured loanSR +3.00%10/20286,248 5,910 6,274 2.1 %
Natus Medical, Inc.(6)(8)First lien senior secured loanSR +5.50%07/20294,455 4,175 4,143 1.4 %
Nexstar Broadcasting, Inc.(5)First lien senior secured loanSR +2.50%09/20264,300 4,302 4,300 1.4 %
Resonetics, LLC(6)First lien senior secured loanSR +4.00%04/20286,593 6,511 6,586 2.1 %
Zest Acquisition Corp.(5)(8)First lien senior secured loanSR +5.50%02/20288,439 8,180 8,228 2.7 %
56,196 56,434 18.6 %
Healthcare providers and services
Covetrus, Inc.(6)First lien senior secured loanSR +5.00%10/20299,429 $8,932 $9,411 3.1 %
HAH Group Holding Company LLC (dba Help at Home)(5)(8)First lien senior secured loanSR +5.00%10/20272,685 2,666 2,658 0.9 %
HAH Group Holding Company LLC (dba Help at Home)(5)(8)First lien senior secured loanSR +5.00%10/20273,328 3,321 3,295 1.1 %
LSCS Holdings, Inc.(5)(8)First lien senior secured loanSR +4.50%12/20289,356 9,182 9,193 3.0 %
MJH Healthcare Holdings, LLC(5)First lien senior secured loanSR +3.50%01/20293,793 3,737 3,769 1.2 %
Pediatric Associates Holding Company, LLC(5)(8)First lien senior secured loanSR +4.50%12/20281,990 1,916 1,960 0.6 %
Pediatric Associates Holding Company, LLC(5)(8)First lien senior secured loanSR +3.25%12/20285,352 5,273 5,165 1.7 %
Phoenix Newco, Inc. (dba Parexel)(5)First lien senior secured loanSR +3.25%11/20287,369 7,136 7,408 2.4 %
Physician Partners, LLC(6)First lien senior secured loanP +4.00%12/20289,850 9,381 9,283 3.1 %
Premise Health Holding(6)(8)First lien senior secured loanSR +4.75%07/20253,201 3,178 3,185 1.1 %
Select Medical Corp.(5)First lien senior secured loanSR +3.00%03/20272,985 2,971 2,982 1.1 %
Surgery Center Holdings, Inc.(6)First lien senior secured loanSR +3.50%12/20302,416 2,392 2,423 0.8 %
60,085 60,732 20.1 %
Healthcare technology





86


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

Blue Owl Credit Income Senior Loan Fund’s Portfolio as of December 31, 2023
(Amounts in thousands)
Company(1)(3)(4)InvestmentInterestMaturity
Date
Par /
Units
Amortized
Cost(2)
Fair
Value
Percentage of Members’ Equity
Athenahealth Group Inc.(5)First lien senior secured loanSR +3.25%02/20299,308 $8,644 $9,257 3.1 %
Bracket Intermediate Holding Corp.(6)First lien senior secured loanSR +5.00%05/20286,835 6,681 6,825 2.3 %
Gainwell Acquisition Corp.(6)First lien senior secured loanSR +4.00%10/20277,859 7,695 7,623 2.5 %
GHX Ultimate Parent Corporation(6)First lien senior secured loanSR +4.75%06/20272,985 2,920 2,986 1.0 %
Imprivata, Inc.(5)First lien senior secured loanSR +4.25%12/20279,664 9,515 9,692 3.1 %
IQVIA, Inc.(6)First lien senior secured loanSR +2.00%01/20314,111 4,111 4,123 1.4 %
PointClickCare Technologies Inc.PointClickCare Technologies Inc(6)(8)First lien senior secured loanSR +3.00%12/20271,985 1,957 1,980 0.7 %
R1 RCM Inc.(6)(8)First lien senior secured loanSR +3.50%06/20295,000 4,940 5,000 1.7 %
R1 RCM Inc.(5)First lien senior secured loanSR +3.00%06/20293,970 3,970 3,966 1.3 %
Verscend Holding Corp.(5)First lien senior secured loanSR +4.00%08/20259,843 9,763 9,851 3.3 %
Zelis Cost Management Buyer, Inc.(5)First lien senior secured loanSR +3.50%09/20264,454 4,451 4,459 1.5 %
64,647 65,762 21.9 %
Household products
Samsonite International S.A.(5)First lien senior secured loanSR +2.75%06/20301,990 $1,981 $1,990 0.7 %
1,981 1,990 0.7 %
Human resource support services
AQ Carver Buyer, Inc. (dba CoAdvantage)(7)First lien senior secured loanSR +5.50%08/20294,738 $4,680 $4,750 1.6 %
iSolved, Inc.(6)First lien senior secured loanSR +4.00%10/20306,250 6,188 6,250 2.0 %
10,868 11,000 3.6 %
Infrastructure and environmental services
Asplundh Tree Expert, LLC(5)First lien senior secured loanSR +1.75%09/20271,430 $1,426 $1,430 0.5 %
Madison IAQ, LLC(5)First lien senior secured loanSR +3.25%06/20288,355 8,200 8,317 2.7 %
Osmose Utilities Services, Inc.(5)First lien senior secured loanSR +3.25%06/20288,466 7,938 8,452 2.8 %
USIC Holdings, Inc.(6)First lien senior secured loanSR +3.50%05/20282,947 2,824 2,919 1.0 %
20,388 21,118 7.0 %
Insurance
Acrisure, LLC(6)First lien senior secured loanSR +4.50%12/20309,222 $8,876 $9,229 3.0 %
AssuredPartners, Inc.(5)First lien senior secured loanSR +3.75%02/20277,705 7,568 7,718 2.6 %
Broadstreet Partners, Inc.(5)First lien senior secured loanSR +3.00%01/20272,067 2,050 2,067 0.7 %
Broadstreet Partners, Inc.(5)First lien senior secured loanSR +3.75%01/20295,993 5,950 6,002 2.0 %
Hub International(6)First lien senior secured loanSR +4.25%06/20307,980 7,903 8,010 2.6 %
Hyperion Refinance S.a.r.l (dba Howden Group)(6)First lien senior secured loanSR +4.00%04/20303,970 3,821 3,974 1.3 %
IMA Financial Group, Inc.(5)(8)First lien senior secured loanSR +3.75%11/20285,968 5,938 5,953 2.0 %
42,106 42,953 14.2 %
Internet software and services
Aptean, Inc.(5)First lien senior secured loanSR +4.25%04/20262,136 $2,128 $2,129 0.7 %
Barracuda Parent, LLC(6)First lien senior secured loanSR +4.50%08/202910,494 10,095 10,219 3.4 %
Boxer Parent Company Inc.(5)First lien senior secured loanSR +3.75%10/2025    %
Cloud Software Group, Inc.(6)First lien senior secured loanSR +4.50%03/20294,987 4,764 4,862 1.6 %
DCert Buyer, Inc.(5)First lien senior secured loanSR +4.00%10/20267,206 7,171 7,131 2.4 %
Delta TopCo, Inc. (dba Infoblox, Inc.)(7)First lien senior secured loanSR +3.75%12/202713,147 12,393 13,114 4.3 %
Dun & Bradstreet Corporation, The(5)First lien senior secured loanSR +2.75%02/2026995 995 996 0.3 %
E2open, LLC(5)First lien senior secured loanSR +3.50%02/20288,340 8,238 8,338 2.8 %
Idera, Inc.(6)First lien senior secured loanSR +3.75%03/20286,518 6,360 6,476 2.1 %
Infinite Bidco LLC(6)First lien senior secured loanSR +3.75%03/20283,568 3,464 3,464 1.1 %
McAfee Corp.(5)First lien senior secured loanSR +3.75%03/20296,261 6,021 6,218 2.1 %
MeridianLink, Inc.(6)First lien senior secured loanSR +3.00%11/20287,475 7,445 7,467 2.5 %
Mitnick Corporate Purchaser, Inc.(6)First lien senior secured loanSR +4.50%05/20297,882 7,421 7,434 2.5 %
Perforce Software, Inc.(5)First lien senior secured loanSR +3.75%07/20264,964 4,765 4,902 1.6 %





87


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

Blue Owl Credit Income Senior Loan Fund’s Portfolio as of December 31, 2023
(Amounts in thousands)
Company(1)(3)(4)InvestmentInterestMaturity
Date
Par /
Units
Amortized
Cost(2)
Fair
Value
Percentage of Members’ Equity
Project Alpha Intermediate Holding, Inc.(5)First lien senior secured loanSR +4.75%10/20308,000 7,843 8,026 2.7 %
Project Sky Merger Sub, Inc.(6)First lien senior secured loanSR +3.75%10/20282,500 2,476 2,472 0.8 %
Quartz Acquireco, LLC (dba Qualtrics AcquireCo, LLC)(5)(8)First lien senior secured loanSR +3.50%06/20303,990 3,952 3,960 1.3 %
SONICWALL US Holdings, Inc.(6)First lien senior secured loanSR +5.00%05/20289,000 8,700 8,888 2.8 %
Sophos Holdings, LLC(5)First lien senior secured loanSR +3.50%03/202710,438 10,263 10,451 3.3 %
UST Holdings, Ltd.(5)(8)First lien senior secured loanSR +3.50%11/20288,538 8,515 8,389 2.8 %
Vertiv Group Corp.(5)First lien senior secured loanSR +2.50%03/20271,516 1,516 1,521 0.5 %
VS Buyer LLC(6)First lien senior secured loanSR +3.25%02/20272,969 2,969 2,973 1.0 %
127,494 129,430 42.6 %
Investment funds and vehicle
Finco I, LLC(6)First lien senior secured loanSR +3.00%06/20293,982 $3,971 $3,994 1.3 %
3,971 3,994 1.3 %
Leisure and entertainment
Delta 2 (Lux) SARL (dba Formula One)(6)First lien senior secured loanSR +2.25%01/20303,000 $2,983 $3,006 1.0 %
2,983 3,006 1.0 %
Manufacturing
Altar Bidco, Inc.(7)First lien senior secured loanSR +3.10%02/20294,715 $4,530 $4,702 1.6 %
Columbus McKinnon Corp.(6)First lien senior secured loanSR +2.75%05/2028463 460 463 0.2 %
DXP Enterprises, Inc.(7)(8)First lien senior secured loanSR +4.75%10/203010,408 10,254 10,382 3.4 %
EMRLD Borrower LP (dba Emerson Climate Technologies, Inc.)(5)First lien senior secured loanSR +3.00%05/20309,345 9,257 9,372 3.1 %
Engineered Machinery Holdings, Inc. (dba Duravant)(6)First lien senior secured loanSR +3.50%05/20287,538 7,485 7,474 2.5 %
Entegris, Inc.(5)First lien senior secured loanSR +2.50%07/20291,620 1,620 1,625 0.5 %
Filtration Group Corporation(5)First lien senior secured loanSR +4.25%10/20283,970 3,933 3,983 1.3 %
Gates Global LLC(5)First lien senior secured loanSR +3.00%11/20292,972 2,920 2,979 1.0 %
Pro Mach Group, Inc.(5)First lien senior secured loanSR +4.00%08/202810,440 10,214 10,460 3.3 %
Pro Mach Group, Inc.(5)(8)First lien senior secured loanSR +5.00%08/20283,980 3,807 4,000 1.3 %
Refficiency Holdings, LLC (dba Legence)(5)First lien senior secured loanSR +3.50%12/20277,574 7,541 7,572 2.4 %
Summit Materials, LLC(6)First lien senior secured loanSR +2.50%11/20284,339 4,328 4,352 1.4 %
Watlow Electric Manufacturing Company(6)First lien senior secured loanSR +3.75%03/202810,558 10,433 10,541 3.5 %
76,782 77,905 25.5 %
Pharmaceuticals
Fortrea Holdings Inc.(5)First lien senior secured loanSR +3.75%07/20303,399 $3,371 $3,394 1.1 %
3,371 3,394 1.1 %
Professional services
Apex Group Treasury, LLC(6)(8)First lien senior secured loanSR +3.75%07/20284,888 $4,727 $4,863 1.6 %
Apex Group Treasury, LLC(6)(8)First lien senior secured loanSR +5.00%07/20287,232 7,011 7,232 2.4 %
Arsenal AIC Parent, LLC (dba Arconic)(5)First lien senior secured loanSR +4.50%08/20304,738 4,708 4,751 1.6 %
Camelot U.S. Acquisition 1 Co.(5)First lien senior secured loanSR +3.00%10/20262,943 2,930 2,946 1.0 %
Corporation Service Company(5)First lien senior secured loanSR +3.25%11/20291,787 1,783 1,790 0.6 %
Element Solutions, Inc.(6)(8)First lien senior secured loanSR +2.00%12/20304,811 4,799 4,799 1.6 %
EM Midco2 Ltd. (dba Element Materials Technology)(6)First lien senior secured loanSR +4.25%06/20299,014 8,911 8,913 2.9 %
Genuine Financial Holdings, LLC(5)First lien senior secured loanSR +4.00%09/20307,220 7,115 7,189 2.4 %
Omnia Partners, LLC(6)First lien senior secured loanSR +4.25%07/20306,594 6,576 6,631 2.2 %
Omnia Partners, LLC(6)(9)(10)First lien senior secured delayed draw term loanSR +4.25%01/2024 (2)  %
Red Ventures, LLC(6)First lien senior secured loanSR +3.00%03/20303,970 3,933 3,955 1.2 %





88


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

Blue Owl Credit Income Senior Loan Fund’s Portfolio as of December 31, 2023
(Amounts in thousands)
Company(1)(3)(4)InvestmentInterestMaturity
Date
Par /
Units
Amortized
Cost(2)
Fair
Value
Percentage of Members’ Equity
Skopima Merger Sub Inc.(5)First lien senior secured loanSR +4.00%05/20285,716 5,477 5,687 1.9 %
Sovos Compliance, LLC(5)First lien senior secured loanSR +4.50%08/202810,440 10,144 10,297 3.4 %
Vistage Worldwide, Inc.(6)(8)First lien senior secured loanSR +5.25%07/20299,776 9,636 9,752 3.2 %
77,748 78,805 26.0 %
Specialty retail
Pilot Travel Centers LLC(5)First lien senior secured loanSR +2.00%08/2028796 $791 $798 0.3 %
791 798 0.3 %
Telecommunications
Cable One, Inc.(5)First lien senior secured loanSR +2.00%05/20283,274 $3,268 $3,255 1.1 %
Ciena Corp.(5)First lien senior secured loanSR +2.00%10/20303,990 3,978 3,997 1.2 %
Cogeco Communications (USA) II L.P.(5)First lien senior secured loanSR +2.50%09/20282,974 2,961 2,919 1.0 %
Park Place Technologies, LLC(5)First lien senior secured loanSR +5.00%11/20279,662 9,253 9,597 3.2 %
Zayo Group Holdings, Inc.(5)First lien senior secured loanSR +4.25%03/20279,825 8,506 8,404 2.8 %
27,966 28,172 9.3 %
Transportation
Echo Global Logistics, Inc.(5)First lien senior secured loanSR +3.50%11/20281,138 $1,118 $1,111 0.4 %
KKR Apple Bidco, LLC(6)First lien senior secured loanSR +3.50%09/20282,055 2,051 2,061 0.7 %
Safe Fleet Holdings, LLC(5)First lien senior secured loanSR +3.75%02/20293,965 3,924 3,971 1.3 %
Uber Technologies, Inc.(6)First lien senior secured loanSR +2.75%03/20303,164 3,156 3,171 1.0 %
10,249 10,314 3.4 %
Total Debt Investments$1,133,987 $1,147,314 378.2 %
Total Investments$1,133,987 $1,147,314 378.2 %
_____________
(1)Unless otherwise indicated, OCIC SLF’s investments are pledged as collateral supporting the amounts outstanding under OCIC SLF’s SPV Asset Facilities.
(2)The amortized cost represents the original cost adjusted for the amortization of discounts and premiums, as applicable, on debt investments using the effective interest method.
(3)Unless otherwise indicated, all investments are considered Level 2 investments.
(4)Unless otherwise indicated, loan contains a variable rate structure, which may be subject to an interest rate floor. Variable rate loans bear interest at a rate that may be determined by reference to Secured Overnight Financing Rate (“SOFR” or “SR”) (which can include one-, three-, six- or twelve-month SOFR), at the borrower’s option, and which reset periodically based on the terms of the loan agreement.
(5)The interest rate on these loans is subject to 1 month SOFR, which as of December 31, 2023 was 5.35%.
(6)The interest rate on these loans is subject to 3 month SOFR, which as of December 31, 2023 was 5.33%.
(7)The interest rate on these loans is subject to 6 month SOFR, which as of December 31, 2023 was 5.16%.
(8)Level 3 investment.
(9)Position or portion thereof is an unfunded loan commitment.
(10)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.






89


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

Below is selected balance sheet information for OCIC SLF as of the following periods:
($ in thousands)June 30, 2024December 31, 2023
Assets
Investments at fair value (amortized cost of $1,616,614 and $1,133,987, respectively)
$1,619,225 $1,147,314 
Cash103,180 102,559 
Interest receivable5,568 4,160 
Receivable due on investments sold1,531 14,593 
Total Assets$1,729,504 $1,268,626 
Liabilities
Debt (net of unamortized debt issuance costs of $7,857 and $8,292, respectively)
$1,189,816 $861,928 
Payable for investments purchased140,421 73,821 
Interest payable28,906 10,260 
Distribution payable17,613 9,546 
Accrued expenses and other liabilities 1,135 567 
Total Liabilities$1,377,891 $956,122 
Members’ Equity
Members’ Equity351,613 312,504 
Total Members’ Equity351,613 312,504 
Total Liabilities and Members’ Equity$1,729,504 $1,268,626 
Below is selected statement of operations information for OCIC SLF as of the following periods:
For the Three Months Ended June 30,
For the Six Months Ended June 30,
2024202320242023
Investment Income
Interest income$41,775 $17,609 $73,543 $30,790 
Total Investment Income41,775 17,609 73,543 30,790 
Operating Expenses
Interest expense24,582 7,824 43,887 13,718 
Professional fees236 170 366 360 
Other general and administrative310 146 613 275 
Total Operating Expenses25,128 8,140 44,866 14,353 
Net Investment Income$16,647 $9,469 $28,677 $16,437 
Net Realized and Change in Unrealized Gain (Loss) on Investments
Net change in unrealized gain (loss) on investments(8,214)1,656 (10,716)5,319 
Net realized gain (loss) on investments1,009 2 666 16 
Total Net Realized and Change in Unrealized Gain (Loss) on Investments(7,205)1,658 (10,050)5,335 
Net Increase in Members’ Equity Resulting from Operations$9,442 $11,127 $18,627 $21,772 

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 209% and 209% as of June 30, 2024 and December 31, 2023, respectively.

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






90


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

June 30, 2024
($ in thousands)Aggregate Principal
Committed
Outstanding
Principal
Amount
Available(1)
Net Carrying
Value(2)
Revolving Credit Facility(3)
$1,995,000 $1,556,937 $438,063 $1,541,450 
SPV Asset Facility I525,000 200,000 129,770 194,219 
SPV Asset Facility II1,800,000 995,000 595,532 989,046 
SPV Asset Facility III(3)
1,000,000 779,875 48,687 771,832 
SPV Asset Facility IV500,000 100,000 197,023 96,496 
SPV Asset Facility V300,000 210,000 19,564 207,361 
SPV Asset Facility VI750,000 350,000 45,615 343,327 
SPV Asset Facility VII300,000 100,000 4,569 97,657 
CLO VIII290,000 290,000  288,003 
CLO XI260,000 260,000  258,225 
CLO XII260,000 260,000  258,097 
CLO XV312,000 312,000  309,227 
CLO XVI420,000 420,000  417,411 
March 2025 Notes500,000 500,000  498,416 
September 2026 Notes350,000 350,000  346,253 
February 2027 Notes500,000 500,000  495,890 
September 2027 Notes(4)
600,000 600,000  587,860 
June 2028 Notes(4)
650,000 650,000  638,205 
January 2029 Notes(4)
550,000 550,000  534,650 
September 2029 Notes(4)
500,000 500,000  491,384 
March 2031 Notes(4)
750,000 750,000  717,205 
Total Debt$13,112,000 $10,233,812 $1,478,823 $10,082,214 
(1)The amount available reflects any limitations related to each credit facility’s borrowing base.
(2)The carrying values of the Company’s Revolving Credit Facility, SPV Asset Facility I, SPV Asset Facility II, SPV Asset Facility III, SPV Asset Facility IV, SPV Asset Facility V, SPV Asset Facility VI, SPV Asset Facility VII, CLO VIII, CLO XI, CLO XII, CLO XV, CLO XVI, March 2025 Notes, September 2026 Notes, February 2027 Notes, September 2027 Notes, June 2028 Notes, January 2029 Notes, September 2029 Notes, and March 2031 Notes are presented net of unamortized debt issuance costs of $15.5 million, $5.8 million, $6.0 million, $8.0 million, $3.5 million, $2.6 million, $6.7 million, $2.3 million, $2.0 million, $1.8 million, $1.9 million, $2.8 million, $2.6 million, $1.6 million, $3.8 million, $4.1 million, $6.0 million, $9.1 million, $12.7 million, $10.9 million, and $20.4 million, respectively.
(3)Includes unrealized gain (loss) on translation of borrowings denominated in foreign currencies.
(4)Net Carrying Value is inclusive of change in fair market value of effective hedge.







91


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

December 31, 2023
($ in thousands)Aggregate Principal
Committed
Outstanding
Principal
Amount
Available(1)
Net Carrying
Value(2)
Revolving Credit Facility(3)
$1,945,000 $628,128 $1,316,872 $611,396 
SPV Asset Facility I525,000 475,000 50,000 468,920 
SPV Asset Facility II1,800,000 1,718,000 82,000 1,710,745 
SPV Asset Facility III1,000,000 522,000 289,180 513,046 
SPV Asset Facility IV500,000 250,000 61,848 246,296 
SPV Asset Facility V300,000 200,000 12,439 197,005 
SPV Asset Facility VI750,000 160,000 18,188 152,994 
CLO VIII290,000 290,000  287,907 
CLO XI260,000 260,000  258,144 
CLO XII260,000 260,000  258,002 
March 2025 Notes500,000 500,000  496,586 
September 2026 Notes350,000 350,000  344,682 
February 2027 Notes500,000 500,000  496,699 
September 2027 Notes(4)
600,000 600,000  598,564 
June 2028 Notes650,000 650,000  640,012 
January 2029 Notes(4)
550,000 550,000  546,975 
Total Debt$10,780,000 $7,913,128 $1,830,527 $7,827,973 
(1)The amount available reflects any limitations related to each credit facility’s borrowing base.
(2)The carrying values of the Company’s Revolving Credit Facility, SPV Asset Facility I, SPV Asset Facility II, SPV Asset Facility III, SPV Asset Facility IV, SPV Asset Facility V, SPV Asset Facility VI, CLO VIII, CLO XI, CLO XII, March 2025 Notes, September 2026 Notes, February 2027 Notes, September 2027 Notes, June 2028 Notes, and January 2029 Notes are presented net of unamortized debt issuance costs of $16.6 million, $6.1 million, $7.3 million, $9.0 million, $3.7 million, $3.0 million, $7.0 million, $2.1 million, $1.9 million, $2.0 million, $3.4 million, $5.4 million, $3.3 million, $6.9 million, $9.9 million, and $13.6 million, respectively.
(3)Includes unrealized gain (loss) on translation of borrowings denominated in foreign currencies.
(4)Net Carrying Value is inclusive of change in fair market value of effective hedge.

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)2024202320242023
Interest expense$175,699 $108,913 $334,208 $195,488 
Amortization of debt issuance costs7,052 4,434 13,333 8,131 
Net change in unrealized (gain) loss on effective interest rate swaps and hedged items(1)
199 1,204 4,825 527 
Total Interest Expense$182,950 $114,551 $352,366 $204,146 
Average interest rate7.7 %6.9 %7.6 %6.6 %
Average daily borrowings$9,055,379 $6,223,801 $8,655,316 $5,903,426 
(1)Refer to the September 2027, June 2028, January 2029, September 2029, and March 2031 Notes for details on the facilities’ interest rate swaps.
Credit Facilities
Revolving Credit Facility
On August 11, 2022, the Company entered into an Amended and Restated Senior Secured Revolving Credit Agreement (the “Revolving Credit Facility”), which amends and restates in its entirety that certain Senior Secured Revolving Credit Agreement, dated as of April 14, 2021 (as amended, restated, supplemented or otherwise modified prior to August 11, 2022). The parties to the





92


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

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 November 2, 2023 (the “Revolving Credit Facility First Amendment Date”), the parties to the Revolving Credit Facility entered into an amendment, including to extend the availability period and maturity date for certain lenders, convert a portion of the existing revolver availability into term loan availability, reduce the credit adjustment spread for US dollar denominated term SOFR loans to 0.10% for all tenors and make various other changes. The following describes the terms of the Revolving Credit Facility amended through May 8, 2024.
The Revolving Credit Facility is guaranteed by certain subsidiaries of the Company in existence as of the Revolving Credit Facility First Amendment Date, and will be guaranteed by certain subsidiaries of the Company that are formed or acquired by the Company in the future (collectively, the “Guarantors”). Proceeds of the Revolving Credit Facility may be used for general corporate purposes, including the funding of portfolio investments.
As of May 8, 2024, 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 $2.00 billion, which is comprised of (a) a term loan in a principal amount of $125.0 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 $1.87 billion (the revolving credit facility increased from $1.82 billion to $1.87 billion on May 8, 2024). 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 $2.84 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.
As of the Revolving Credit Facility First Amendment Date, the availability period under the Revolving Credit Facility will terminate on November 2, 2027 (the “Revolving Credit Facility Commitment Termination Date”). The Revolving Credit Facility will mature on November 2, 2028 (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 will bear interest at term SOFR plus any applicable credit adjustment spread plus margin of 2.00% per annum, or the alternative base rate plus margin of 1.00% 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 will bear interest at the relevant rate specified therein (including any applicable credit adjustment spread) plus margin of 2.00% per annum. The Company will also pay a fee of 0.375% 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
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 and Alter Domus (US) LLC as Document Custodian. The following describes the terms of the SPV Asset Facility I as amended through June 20, 2023 (the “SPV Asset Facility I Second Amendment Date”).





93


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

From time to time, the Company expects to sell and contribute certain investments to Core Income Funding I pursuant to a Sale and Contribution Agreement by and between the Company and Core Income Funding I. No gain or loss will be recognized as a result of the contribution. Proceeds from the SPV Asset Facility I will be used to finance the origination and acquisition of eligible assets by Core Income Funding I, including the purchase of such assets from the Company. The Company retains a residual interest in assets contributed to or acquired by Core Income Funding I through its ownership of Core Income Funding I. The maximum principal amount of the Credit Facility is $525.0 million (decreased from $550.0 million on the SPV Asset Facility I Second 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 September 16, 2025 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 September 16, 2033 (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 0.40%) plus an applicable margin that ranges from 2.00% to 2.85% 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. The SPV Asset Facility I contains customary covenants, including certain financial maintenance covenants, limitations on the activities of Core Income Funding I, including limitations on incurrence of incremental indebtedness, and customary events of default. The SPV Asset Facility I is secured by a perfected first priority security interest in the assets of Core Income Funding I and on any payments received by Core Income Funding I in respect of those assets. Assets pledged to the SPV Asset Facility I Lenders will not be available to pay the debts of the Company.
Borrowings of Core Income Funding I are considered the Company’s borrowings for purposes of complying with the asset coverage requirements under the 1940 Act.
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 and our newly formed subsidiary 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 Alter Domus (US) LLC as collateral custodian. The following describes the terms of the SPV Asset Facility II as amended through March 7, 2024 (the “SPV Asset Facility II Seventh Amendment Date”).
From time to time, the Company expects to sell and contribute certain loan assets to Core Income Funding II pursuant to a Sale and Contribution Agreement by and between the Company and Core Income Funding II. No gain or loss will be recognized as a result of the contribution. Proceeds from the SPV Asset Facility II will be used to finance the origination and acquisition of eligible assets by Core Income Funding II, including the purchase of such assets from the Company. The Company retains a residual interest in assets contributed to or acquired by Core Income Funding II through our ownership of Core Income Funding II. The maximum principal amount of the SPV Asset Facility II is $1.80 billion; 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 for a period of up to three years after the SPV Asset Facility II Closing Date unless such period is extended or accelerated under the terms of the SPV Asset Facility II (the “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 Revolving Period (the “Facility 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 Facility Termination Date, Core Income Funding II must pay in full





94


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

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 2.00% per annum, which spread will increase (a) on and after the end of the 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 “Applicable Margin”). Term SOFR may be replaced as a base rate under certain circumstances. During the 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 Revolving Period, if the undrawn commitments are in excess of a certain portion (initially 12.5% and increasing in stages to 25%, 50% and 75%) of the total commitments under the SPV Asset Facility II, Core Income Funding II will also pay a make-whole fee equal to the 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. The SPV Asset Facility II contains customary covenants, including certain financial maintenance covenants, limitations on the activities of Core Income Funding II, including limitations on incurrence of incremental indebtedness, and customary events of default. The SPV Asset Facility II is secured by a perfected first priority security interest in the assets of Core Income Funding II and on any payments received by Core Income Funding II in respect of those assets. Assets pledged to the SPV Asset Facility II Lenders will not be available to pay the Company’s debts.
Borrowings of Core Income Funding II are considered the Company’s borrowings for purposes of complying with the asset coverage requirements under the 1940 Act.
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. On November 21, 2023, the parties to the SPV Asset Facility III entered into an amendment, including to increase the maximum principal amount available under the facility, extend the availability period and maturity date, change the interest rate and make various other changes. The following describes the terms of SPV Asset Facility III amended through November 21, 2023 (the “SPV Asset Facility III First Amendment Date”).
From time to time, the Company expects to sell and contribute certain investments to Core Income Funding III pursuant to a Sale and Contribution Agreement, dated as of the SPV Asset Facility III Closing Date, by and between the Company and Core Income Funding III. No gain or loss will be recognized as a result of the contribution. Proceeds from the SPV Asset Facility III will be used to finance the origination and acquisition of eligible assets by Core Income Funding III, including the purchase of such assets from the Company. The Company retains a residual interest in assets contributed to or acquired by Core Income Funding III through the Company’s ownership of Core Income Funding III. The maximum principal amount of the SPV Asset Facility III is $1.00 billion (increased from $750.0 million to $1.00 billion on November 21, 2023), 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 First 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 November 21, 2028 (the “SPV Asset Facility III Stated Maturity”). To the extent the commitments are terminated or permanently reduced during the first two years following the SPV Asset Facility III Closing 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, 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 First





95


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

Amendment Date, the “SPV Asset Facility III Applicable Margin” ranges from 1.75% to 2.60% 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, ranging from 0.25% to 1.25% on the undrawn amount under the SPV Asset Facility III. The SPV Asset Facility III contains customary covenants, including certain limitations on the activities of Core Income Funding III, including limitations on incurrence of incremental indebtedness, and customary events of default. The SPV Asset Facility III is secured by a perfected first priority security interest in the assets of Core Income Funding III and on any payments received by Core Income Funding III in respect of those assets. Assets pledged to the SPV Asset Facility III Lenders will not be available to pay the debts of the Company.
Borrowings of Core Income Funding III are considered the Company’s borrowings for purposes of complying with the asset coverage requirements under the 1940 Act.
SPV Asset Facility IV
On March 16, 2022 (the “SPV 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.
From time to time, the Company expects to sell and contribute certain investments to Core Income Funding IV pursuant to a Sale and Contribution Agreement, dated as of the SPV Facility IV Closing Date, by and between the Company and Core Income Funding IV. No gain or loss will be recognized as a result of the contribution. Proceeds from the SPV Facility IV will be used to finance the origination and acquisition of eligible assets by Core Income Funding IV, including the purchase of such assets from the Company. The Company retains a residual interest in assets contributed to or acquired by Core Income Funding IV through its ownership of Core Income Funding IV. The maximum principal amount of the SPV 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 Facility IV provides for the ability to (1) draw term loans and (2) draw and redraw revolving loans under the SPV Facility IV for a period of up to three years after the SPV Facility IV Closing Date unless the revolving commitments are terminated or converted to term loans sooner as provided in the SPV Facility IV (the “SPV Facility IV Commitment Termination Date”). Unless otherwise terminated, the SPV Facility IV will mature on March 16, 2033 (the “SPV Facility IV Stated Maturity”). Prior to the SPV 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 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 1.70% to 2.30% depending on a ratio of broadly syndicated loans to middle-market loans in the collateral. From the SPV Facility IV Closing Date to the SPV Facility IV Commitment Termination Date, there is a commitment fee that steps up during the year after the SPV Facility IV Closing Date from 0.00% to 0.50% per annum on the undrawn amount, if any, of the revolving commitments in the SPV Facility IV. The SPV Facility IV contains customary covenants, including certain financial maintenance covenants, limitations on the activities of Core Income Funding IV, including limitations on incurrence of incremental indebtedness, and customary events of default. The SPV Facility IV is secured by a perfected first priority security interest in the assets of Core Income Funding IV and on any payments received by Core Income Funding IV in respect of those assets. Assets pledged to the SPV Asset Facility IV Lenders will not be available to pay the debts of the Company.
Borrowings of Core Income Funding IV are considered the Company’s borrowings for purposes of complying with the asset coverage requirements under the 1940 Act.
SPV Asset Facility V
On March 9, 2023 (the “SPV 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





96


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

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 following describes the terms of SPV Asset Facility V as amended through June 28, 2024 (the “SPV Asset Facility V First Amendment Date”).
From time to time, the Company expects to sell and contribute certain loan assets to Core Income Funding V pursuant to a Sale and Contribution Agreement, dated as of the SPV Facility V Closing Date, by and between the Company and Core Income Funding V. No gain or loss will be recognized as a result of the contribution. Proceeds from the SPV Facility V will be used to finance the origination and acquisition of eligible assets by Core Income Funding V, including the purchase of such assets from the Company. The Company retains a residual interest in assets contributed to or acquired by Core Income Funding V through its ownership of Core Income Funding V. The maximum principal amount of the SPV Facility V is $300.0 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 Facility V provides for the ability to borrow, reborrow, repay and prepay advances under the SPV Facility V for a period of up to three years after the SPV Facility V Closing Date unless such period is extended or accelerated under the terms of the SPV Facility V (the “SPV Facility V Reinvestment Period”). Unless otherwise extended, accelerated or terminated under the terms of the SPV Facility V, the SPV Facility V will mature on the date that is two years after the last day of the SPV Facility V Reinvestment Period (the “SPV Facility V Maturity Date”). Prior to the SPV 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 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 spread equal to 2.70% per annum, 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 Facility V Termination Date (such spread, the “SPV Facility V Applicable Spread”). Daily Simple SOFR may be replaced as a base rate under certain circumstances. During the SPV Facility V Reinvestment Period, Core Income Funding V will pay an undrawn fee ranging from 0.25% to 0.50% per annum on the undrawn amount, if any, of the revolving commitments in the SPV Facility V that are not subject to the separate, higher fee described below. On and after the six-month anniversary of the SPV Facility V Closing Date and during the SPV Facility V Reinvestment Period, if the undrawn commitments are in excess of a certain portion (initially 50% and decreasing to 30%) of the total commitments under the SPV 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 1.50% multiplied by such excess undrawn commitment amount over 50% or 30% of the total commitments, as applicable. The SPV Facility V contains customary covenants, including certain financial maintenance covenants, limitations on the activities of Core Income Funding V, including limitations on incurrence of incremental indebtedness, and customary events of default. The SPV Facility V is secured by a perfected first priority security interest in the assets of Core Income Funding V and on any payments received by Core Income Funding V in respect of those assets. Assets pledged to the Lenders will not be available to pay the debts of the Company.
Borrowings of Core Income Funding V are considered the Company’s borrowings for purposes of complying with the asset coverage requirements under the 1940 Act.
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 and Alter Domus (US) LLC as Document Custodian. On March 1, 2024 (the “SPV Asset Facility VI First Amendment Date”), the parties to the SPV Asset Facility VI entered into Amendment No. 1 (the “SPV Asset Facility VI Amendment No. 1”) in order to, among other changes, convert a portion of the existing revolver availability into term loan availability, modify the eligibility criteria and concentration limitations for the assets that are included in the borrowing base calculations under the SPV Asset Facility VI. On the SPV Asset Facility VI First Amendment Date, the Company also consented to the assignment of the term commitment under the SPV Asset Facility VI, and all of the outstanding term loans, to Hamburg Commercial Bank AG, Luxembourg Branch.
From time to time, the Company expects to sell and contribute certain investments to Core Income Funding VI pursuant to a Sale and Contribution Agreement by and between the Company and Core Income Funding VI. No gain or loss will be recognized as a result of the contribution. Proceeds from the SPV Asset Facility VI will be used to finance the origination and acquisition of eligible assets by Core Income Funding VI, including the purchase of such assets from the Company. The Company retains a residual interest





97


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

in assets contributed to or acquired by Core Income Funding VI through its ownership of Core Income Funding VI. 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 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, 2032 (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 1.85% to 2.85% 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. The SPV Asset Facility VI contains customary covenants, including certain financial maintenance covenants, limitations on the activities of Core Income Funding VI, including limitations on incurrence of incremental indebtedness, and customary events of default. The SPV Asset Facility VI is secured by a perfected first priority security interest in the assets of Core Income Funding VI and on any payments received by Core Income Funding VI in respect of those assets. Assets pledged to the Lenders will not be available to pay the debts of the Company.
Borrowings of Core Income Funding VI are considered the Company’s borrowings for purposes of complying with the asset coverage requirements under the 1940 Act.
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.
From time to time, the Company expects to sell and contribute certain investments to Core Income Funding VII pursuant to a Sale and Contribution Agreement by and between the Company and Core Income Funding VII, dated as of the SPV Asset Facility VII Closing Date. No gain or loss will be recognized as a result of the contribution. Proceeds from the SPV Asset Facility VII will be used to finance the origination and acquisition of eligible assets by Core Income Funding VII, including the purchase of such assets from the Company. The Company retains a residual interest in assets contributed to or acquired by Core Income Funding VII through its ownership of Core Income Funding VII. The maximum principal amount of the SPV Asset Facility VII is $300.0 million, 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 up to three years after the SPV Asset Facility VII Closing Date (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 (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 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.






98


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

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 2.37%, 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.

During the SPV Asset Facility VII Reinvestment Period, Core Income Funding VII will pay certain unused fees subject to minimum utilization. The SPV Asset Facility VII contains customary covenants, including certain maintenance covenants and customary events of default. The SPV Asset Facility VII is secured by a perfected first priority security interest in the assets of Core Income Funding VII and on any payments received by Core Income Funding VII in respect of those assets. Assets pledged to the lenders under the SPV Asset Facility VII will not be available to pay the debts of the Company.
Borrowings of Core Income Funding VII are considered the Company’s borrowings for purposes of complying with the asset coverage requirements under the 1940 Act.
CLOs
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”), also known as a collateralized loan obligation transaction, which is a form of secured financing incurred by the Company. 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 organized under the laws of the State of Delaware (the “CLO VIII Issuer”) and 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 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”). The CLO VIII Preferred Shares were issued by the CLO VIII Issuer as part of its issued share capital and are not secured by the collateral securing the CLO VIII Debt. The Company purchased all of the CLO VIII Preferred Shares. The Company acts as retention holder in connection with the CLO VIII Transaction 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 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.





99


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

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. The CLO VIII Secured Notes 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 will serve as collateral manager for the CLO VIII Issuer under a collateral management agreement dated as of the CLO VIII Closing Date. The Adviser is entitled to receive fees for providing these services. The Adviser has waived 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 Amended and Restated Investment Advisory Agreement, dated May 18, 2021, between the Adviser and the Company will be offset by the amount of the collateral management fee attributable to the CLO VIII Issuer’s equity or notes owned by the Company.
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”), also known as a collateralized loan obligation transaction, which is a form of secured financing incurred by the Company. 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 organized under the laws of the State of Delaware (the “CLO XI Issuer”) and 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 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”). The CLO XI Preferred Shares were issued by the CLO XI Issuer as part of its issued share capital and are not secured by the collateral securing the CLO XI Debt. The Company purchased all of the CLO XI Preferred Shares. The Company acts as retention holder in connection with the CLO XI Transaction 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 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.





100


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

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. The CLO XI Secured Notes have not been registered under 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 will serve as collateral manager for the CLO XI Issuer under a collateral management agreement dated as of the CLO XI Closing Date. The Adviser is entitled to receive fees for providing these services. The Adviser has waived 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 the Adviser pursuant to the Amended and Restated Investment Advisory Agreement, dated May 18, 2021, between the Adviser and the Company will be offset by the amount of the collateral management fee attributable to the CLO XI Issuer’s equity or notes owned by the Company.
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”), also known as a collateralized loan obligation transaction, which is a form of secured financing incurred by the Company. 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 organized under the laws of the State of Delaware (the “CLO XII Issuer”) and 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 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”). The CLO XII Preferred Shares were issued by the CLO XII Issuer as part of its issued share capital and are not secured by the collateral securing the CLO XII Debt. The Company purchased all of the CLO XII Preferred Shares. The Company acts as retention holder in connection with the CLO XII Transaction 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 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





101


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

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.
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. The CLO XII Secured Notes have not been registered under 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 will serve as collateral manager for the CLO XII Issuer under a collateral management agreement dated as of the CLO XII Closing Date (the “Collateral Management Agreement”). The Adviser is entitled to receive fees for providing these services. The Adviser has waived 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 the Adviser pursuant to the Amended and Restated Investment Advisory Agreement, dated May 18, 2021, between the Adviser and the Company will be offset by the amount of the collateral management fee attributable to the CLO XII Issuer’s equity or notes owned by the Company.
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”), also known as a collateralized loan obligation transaction, which is a form of secured financing incurred by the Company. 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 organized under the laws of the State of Delaware (the “CLO XV Issuer”) and 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 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”). The CLO XV Preferred Shares were issued by the CLO XV Issuer as part of its issued share capital and are not secured by the collateral securing the CLO XV Secured Notes. The Company purchased all of the CLO XV Preferred Shares. The Company acts as retention holder in connection with the CLO XV Transaction 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 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.





102


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

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. The CLO XV Secured Notes have not been registered under 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 will serve as collateral manager for the CLO XV Issuer under a collateral management agreement dated as of the CLO XV Closing Date (the “Collateral Management Agreement”). The Adviser is entitled to receive fees for providing these services. The Adviser has waived 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 the Adviser pursuant to the Amended and Restated Investment Advisory Agreement, dated May 18, 2021, between the Adviser and the Company will be offset by the amount of the collateral management fee attributable to the CLO XV Issuer’s equity or notes owned by the Company.
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”), also known as a collateralized loan obligation transaction, which is a form of secured financing incurred by the Company. 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 organized under the laws of the State of Delaware (the “CLO XVI Issuer”) and 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 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 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”). The CLO XVI Preferred Shares were issued by the CLO XVI Issuer as part of its issued share capital and are not secured by the collateral securing the CLO XVI Debt. The Company purchased all of the CLO XVI Preferred Shares. The Company acts as retention holder in connection with the CLO XVI Transaction 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 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.





103


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

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. The CLO XVI Secured Notes have not been registered under 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 will serve as collateral manager for the CLO XVI Issuer under a collateral management agreement dated as of the CLO XVI Closing Date (the “Collateral Management Agreement”). The Adviser is entitled to receive fees for providing these services. The Adviser has waived 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 the Adviser pursuant to the Amended and Restated Investment Advisory Agreement, dated May 18, 2021, between the Adviser and the Company will be offset by the amount of the collateral management fee attributable to the CLO XVI Issuer’s equity or notes owned by the Company.
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.
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





104


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

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 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.
March 2025 Notes
On March 29, 2022, the Company issued $500.0 million aggregate principal amount of its 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.





105


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

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 will mature on March 21, 2025 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 2025 Indenture. The March 2025 Notes bear 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, the Company 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 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 2025 Notes. The March 2025 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 2025 Notes. The March 2025 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 2025 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 2025 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 2025 Notes are outstanding, whether or not it is subject to those requirements, and (ii) provide financial information to the holders of the March 2025 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 March 2025 Indenture. In addition, if a change of control repurchase event, as defined in the March 2025 Indenture, occurs prior to maturity, holders of the March 2025 Notes will have the right, at their option, to require the Company to repurchase for cash some or all of the March 2025 Notes at a repurchase price equal to 100% of the aggregate principal amount of the March 2025 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 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.





106


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

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, 2024, the Company did not make a periodic payment and for the six months ended June 30, 2024, the Company made periodic payments of $4.7 million. For the three months ended June 30, 2023, the Company did not make a periodic payment and for the six months ended June 30, 2023, the Company made periodic payments of $0.7 million. 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, 2024, the interest rate swap had a fair value of $(5.8) million ($0.3 million net of the present value of the cash flows of the September 2027 Notes). As of December 31, 2023, the interest rate swap had a fair value of $6.5 million ($1.1 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.
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, 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.





107


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

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, 2024, the Company made periodic payments of $2.6 million. 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, 2024, the interest rate swap had a fair value of $(3.2) million ($(0.5) 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.
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.





108


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

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 and six months ended June 30, 2024, the Company did not make a periodic payment. 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, 2024, the interest rate swap had a fair value of $(2.7) million ($0.0 million net of the present value of the cash flows of the January 2029 Notes). As of December 31, 2023, the interest rate swap had a fair value of $12.1 million ($1.5 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 (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.
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





109


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

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 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%. The interest rate swap matures on August 15, 2029. For the three and six months ended June 30, 2024, the Company did not make a periodic payment. The interest expense related to the September 2029 Notes is equally offset by the proceeds received from the interest rate swap. 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, 2024, the interest rate swap had a fair value of $2.8 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 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 2029 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 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.





110


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

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 and six months ended June 30, 2024, the Company did not make a periodic payment. 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, 2024, the interest rate swap had a fair value of $(14.9) million ($(2.5) 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.

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, 2024
($ in thousands)Level 1Level 2Level 3Total
Cash (including restricted cash)$539,688 $ $ $539,688 
Investments:
First-lien senior secured debt investments(1)
 4,432,722 15,046,052 19,478,774 
Second-lien senior secured debt investments 378,221 607,378 985,599 
Unsecured debt investments 54,285 366,453 420,738 
Preferred equity investments(2)
  451,220 451,220 
Common equity investments(3)
  502,234 502,234 
Subtotal$ $4,865,228 $16,973,337 $21,838,565 
Investments measured at NAV(4)
— — — 347,961 
Total investments at fair value$ $4,865,228 $16,973,337 $22,186,526 
Derivatives:
Interest rate swaps$ $(23,734)$ $(23,734)
(1)Includes debt investment in Amergin AssetCo.
(2)Includes equity investment in LSI Financing.
(3)Includes equity investments in Amergin AssetCo and Fifth Season.
(4)Includes equity investment in OCIC SLF, which is measured at fair value using the net asset value per share (or its equivalent) practical expedient and has 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 balance sheet.






111


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

Fair Value Hierarchy as of December 31, 2023
($ in thousands)Level 1Level 2Level 3Total
Cash (including restricted cash)$415,384 $ $ $415,384 
Investments:
First-lien senior secured debt investments(1)
 2,248,212 11,540,505 13,788,717 
Second-lien senior secured debt investments 249,417 935,338 1,184,755 
Unsecured debt investments 55,643 189,018 244,661 
Preferred equity investments(2)
  721,545 721,545 
Common equity investments(3)
  448,974 448,974 
Subtotal$ $2,553,272 $13,835,380 $16,388,652 
Investments measured at NAV(4)
— — — 273,441 
Total investments at fair value$ $2,553,272 $13,835,380 $16,662,093 
Derivatives:
Interest rate swaps$ $18,650 $ $18,650 
(1)Includes debt investment in Amergin AssetCo.
(2)Includes equity investment in LSI Financing.
(3)Includes equity investments in Amergin AssetCo and Fifth Season.
(4)Includes equity investment in OCIC SLF, which is measured at fair value using the net asset value per share (or its equivalent) practical expedient and has not been categorized in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the consolidated balance sheet.
The following tables present changes in the fair value of investments for which Level 3 inputs were used to determine the fair value as of and for the following periods:
As of and for the Three Months Ended June 30, 2024
($ in thousands)First-lien senior secured debt investmentsSecond-lien senior secured debt investmentsUnsecured debt investmentsPreferred equity investmentsCommon equity investmentsTotal
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.






112


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

As of and for the Six Months Ended June 30, 2024
($ in thousands)First-lien senior secured debt investmentsSecond-lien senior secured debt investmentsUnsecured debt investmentsPreferred equity investmentsCommon equity investmentsTotal
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 $16,973,337 
(1)Transfers between levels, if any, are recognized at the beginning of the period in which the transfers occur. For the six months ended June 30, 2024, transfers out of Level 3 into Level 2 were as a result of changes in the observability of significant inputs for certain portfolio companies and an investment measured at net asset value which is no longer categorized within the fair value hierarchy.
As of and for the Three Months Ended June 30, 2023
($ in thousands)First-lien senior secured debt investmentsSecond-lien senior secured debt investmentsUnsecured debt investmentsPreferred equity investmentsCommon equity investmentsTotal
Fair value, beginning of period$7,969,726 $942,097 $170,187 $605,447 $282,725 $9,970,182 
Purchases of investments, net1,386,330   35,961 37,320 1,459,611 
Payment-in-kind15,223 1,751 5,480 16,519 98 39,071 
Proceeds from investments, net(138,788)  (2,974)(2,313)(144,075)
Net change in unrealized gain (loss)1,938 (5,714)603 (2,363)7,666 2,130 
Net realized gains (losses)(2)    (2)
Net amortization/accretion of premium/discount on investments6,412 283 17 317  7,029 
Transfers between investment types1     1 
Transfers into (out of) Level 3(1)
(24,857)    (24,857)
Fair value, end of period$9,215,983 $938,417 $176,287 $652,907 $325,496 $11,309,090 
(1)Transfers between levels, if any, are recognized at the beginning of the period in which the transfers occur. For the year ended June 30, 2023, transfers out of Level 3 into Level 2 were as a result of changes in the observability of significant inputs for certain portfolio companies.





113


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

As of and for the Six Months Ended June 30, 2023
($ in thousands)First-lien senior secured debt investmentsSecond-lien senior secured debt investmentsUnsecured debt investmentsPreferred equity investmentsCommon equity investmentsTotal
Fair value, beginning of period$7,603,501 $1,019,223 $211,328 $500,023 $264,437 $9,598,512 
Purchases of investments, net1,913,581  613 116,611 52,407 2,083,212 
Payment-in-kind23,306 3,441 8,934 36,833 119 72,633 
Proceeds from investments, net(176,146) (3)(2,974)(2,313)(181,436)
Net change in unrealized gain (loss)34,505 (1,289)3,186 1,806 8,028 46,236 
Net realized gains (losses)(4,579)    (4,579)
Net amortization/accretion of premium/discount on investments11,437 561 71 608  12,677 
Transfers between investment types(2,818)   2,818  
Transfers into (out of) Level 3(1)
(186,804)(83,519)(47,842)  (318,165)
Fair value, end of period$9,215,983 $938,417 $176,287 $652,907 $325,496 $11,309,090 
(1)Transfers between levels, if any, are recognized at the beginning of the period in which the transfers occur. For the six months ended June 30, 2023, transfers out of Level 3 into Level 2 were as a result of changes in the observability of significant inputs for certain portfolio companies.
The below tables present information with respect to the net change in unrealized gains (losses) on investments for which Level 3 inputs were used in determining the fair value that are still held by the Company for the following periods:
($ in thousands)Net change in unrealized gain (loss) for the Three Months Ended June 30, 2024 on investments held at June 30, 2024Net change in unrealized gain (loss) for the Three Months Ended June 30, 2023 on investments held at June 30, 2023
First-lien senior secured debt investments$1,074 $2,025 
Second-lien senior secured debt investments(8,715)(5,714)
Unsecured debt investments(946)601 
Preferred equity investments1,089 (2,363)
Common equity investments10,493 7,664 
Total Investments$2,995 $2,213 
($ in thousands)Net change in unrealized gain (loss) for the Six Months Ended June 30, 2024 on investments held at June 30, 2024Net change in unrealized gain (loss) for the Six Months Ended June 30, 2023 on investments held at June 30, 2023
First-lien senior secured debt investments$(4,149)$34,505 
Second-lien senior secured debt investments(5,690)(1,289)
Unsecured debt investments(4,114)3,186 
Preferred equity investments384 1,806 
Common equity investments18,098 8,028 
Total Investments$4,529 $46,236 
The following tables present quantitative information about the significant unobservable inputs of the Company’s Level 3 investments as of June 30, 2024 and December 31, 2023. 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.






114


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

As of June 30, 2024
($ in thousands)Fair ValueValuation TechniqueUnobservable InputRange (Weighted Average)Impact to Valuation from an Increase in Input
First-lien senior secured debt investments$12,898,035 Yield AnalysisMarket Yield
6.0% - 23.5% (11.4%)
Decrease
2,142,281 Recent TransactionTransaction Price
98.0% - 100.0% (99.1%)
Increase
5,736 Collateral AnalysisRecovery Rate
47.0% - 68.0% (56.0%)
Increase
Second-lien senior secured debt investments
$573,747 Yield AnalysisMarket Yield
11.3% - 21.0% (15.4%)
Decrease
33,631 Recent TransactionTransaction Price
99.5% - 99.5% (99.5%)
Increase
Unsecured debt investments
$195,187 Yield AnalysisMarket Yield
10.2% - 17.4% (11.9%)
Decrease
171,237 Recent TransactionTransaction Price
99.2% - 100.0% (99.3%)
Increase
29 Market ApproachEBITDA Multiple
12.5x - 12.5x (12.5x)
Increase
Preferred equity investments$445,436 Yield AnalysisMarket Yield
10.8% - 32.2% (15.3%)
Decrease
760 Recent TransactionTransaction Price
100.0% - 100.0% (100.0%)
Increase
4,024 Market ApproachEBITDA Multiple
7.1x - 7.1x (7.1x)
Increase
1,000 Market ApproachRevenue Multiple
21.50x
Increase
Common equity investments$37,221 Recent TransactionTransaction Price
55.6% - 100.0% (99.9%)
Increase
147,452 Market ApproachEBITDA Multiple
8.3x - 30.5x (15.1x)
Increase
268,700 Market ApproachAUM Multiple
1.1x
Increase
46,788 Market ApproachRevenue Multiple
1.9x - 13.5x (9.9x)
Increase
579 Option Pricing ModelVolatility
70.0%
Increase
1,486 Yield AnalysisMarket Yield
8.3% - 8.3% (8.3%)
Decrease
8 Market ApproachGross Profit Multiple
9.0x - 9.0x (9.0x)
Increase

As of December 31, 2023
($ in thousands)Fair ValueValuation TechniqueUnobservable InputRange (Weighted Average)Impact to Valuation from an Increase in Input
First-lien senior secured debt investments$9,713,556 Yield AnalysisMarket Yield
7.4% - 22.2% (11.6%)
Decrease
1,826,949 Recent TransactionTransaction Price
97.0% - 99.8% (98.6%)
Increase
Second-lien senior secured debt investments
$935,338 Yield AnalysisMarket Yield
11.4% - 17.7% (14.6%)
Decrease
Unsecured debt investments
$188,992 Yield AnalysisMarket Yield
10.6% - 17.2% (12.0%)
Decrease
26 Market ApproachEBITDA Multiple
11.8x - 11.8x (11.8x)
Increase
Preferred equity investments$642,464 Yield AnalysisMarket Yield
10.4% - 25.8% (14.4%)
Decrease
79,081 Recent TransactionTransaction Price
98.0% - 107.5% (104.2%)
Increase
Common equity investments$251,028 Recent TransactionTransaction Price
100.0% - 100.0% (100.0%)
Increase
148,706 Market ApproachEBITDA Multiple
6.0x - 34.5x (16.1x)
Increase
1,253 Yield AnalysisMarket Yield
8.0% - 8.0% (8.0%)
Decrease
47,978 Market ApproachRevenue Multiple
1.9x - 14.7x (10.5x)
Increase
9 Market ApproachGross Profit Multiple
9.9x - 9.9x (9.9x)
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





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Notes to Consolidated Financial Statements - Continued
(Unaudited)

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 tables present the carrying and fair values of the Company’s debt obligations as of the following periods:

June 30, 2024December 31, 2023
($ in thousands)
Net Carrying Value(1)(2)
Fair Value
Net Carrying Value(1)(3)
Fair Value
Revolving Credit Facility(4)
$1,541,450$1,541,449$611,396$611,395
SPV Asset Facility I194,219194,219468,920468,920
SPV Asset Facility II989,046989,0461,710,7451,710,744
SPV Asset Facility III771,832771,832513,046513,045
SPV Asset Facility IV96,49696,496246,296246,296
SPV Asset Facility V207,361207,361197,005197,005
SPV Asset Facility VI343,327343,327152,994152,994
SPV Asset Facility VII97,65797,657
CLO VIII288,003288,003287,907287,907
CLO XI258,225258,225258,144258,144
CLO XII258,097258,097258,002258,002
CLO XV309,227309,227
CLO XVI417,411417,411
March 2025 Notes498,416496,250496,586492,500
September 2026 Notes346,253324,625344,682319,375
February 2027 Notes495,890475,000496,699472,500
September 2027 Notes587,860612,000598,564619,500
June 2028 Notes638,205671,125640,012672,750
January 2029 Notes534,650563,750546,975566,500
September 2029 Notes491,384503,750
March 2031 Notes717,205733,125
Total Debt$10,082,214$10,151,975$7,827,973$7,847,577
(1)Inclusive of change in fair market value of effective hedge.
(2)The carrying values of the Company’s Revolving Credit Facility, SPV Asset Facility I, SPV Asset Facility II, SPV Asset Facility III, SPV Asset Facility IV, SPV Asset Facility V, SPV Asset Facility VI, SPV Asset Facility VII, CLO VIII, CLO XI, CLO XII, CLO XV, CLO XVI, March 2025 Notes, September 2026 Notes, February 2027 Notes, September 2027 Notes, June 2028 Notes, January 2029 Notes, September 2029 Notes, and March 2031 Notes are presented net of unamortized debt issuance costs of $15.5 million, $5.8 million, $6.0 million, $8.0 million, $3.5 million, $2.6 million, $6.7 million, $2.3 million, $2.0 million, $1.8 million, $1.9 million, $2.8 million, $2.6 million, $1.6 million, $3.8 million, $4.1 million, $6.0 million, $9.1 million, $12.7 million, $10.9 million, and $20.4 million, respectively.





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Notes to Consolidated Financial Statements - Continued
(Unaudited)

(3)The carrying values of the Company’s Revolving Credit Facility, SPV Asset Facility I, SPV Asset Facility II, SPV Asset Facility III, SPV Asset Facility IV, SPV Asset Facility V, SPV Asset Facility VI, CLO VIII, CLO XI, CLO XII, March 2025 Notes, September 2026 Notes, February 2027 Notes, September 2027 Notes, June 2028 Notes, and January 2029 Notes are presented net of unamortized debt issuance costs of $16.6 million, $6.1 million, $7.3 million, $9.0 million, $3.7 million, $3.0 million, $7.0 million, $2.1 million, $1.9 million, $2.0 million, $3.4 million, $5.4 million, $3.3 million, $6.9 million, $9.9 million, and $13.6 million, respectively.
(4)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:

($ in thousands)June 30, 2024December 31, 2023
Level 1$$
Level 24,379,6253,143,125
Level 35,772,3504,704,452
Total Debt$10,151,975$7,847,577

Financial Instruments Not Carried at Fair Value

As of June 30, 2024 and December 31, 2023, 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.

Note 7. Commitments and Contingencies

Portfolio Company Commitments

From time to time, the Company may enter into commitments to fund investments. The Company had the following outstanding commitments to fund investments in current portfolio companies as of the following periods:

Portfolio CompanyInvestmentJune 30, 2024December 31, 2023
($ in thousands)
AAM Series 1.1 Rail and Domestic Intermodal Feeder, LLCLLC Interest$62,877 $8,444 
AAM Series 2.1 Aviation Feeder, LLCLLC Interest60,000 309 
ACR Group Borrower, LLCFirst lien senior secured revolving loan750 425 
ACR Group Borrower, LLCFirst lien senior secured delayed draw term loan835  
Activate Holdings (US) Corp. (dba Absolute Software)First lien senior secured revolving loan352 282 
Aerosmith Bidco Limited (dba Audiotonix)First lien senior secured delayed draw term loan470,139  
Aerosmith Bidco Limited (dba Audiotonix)First lien senior secured revolving loan44,105  
Alera Group, Inc.First lien senior secured delayed draw term loan38,368 45,858 
Allied Benefit Systems Intermediate LLCFirst lien senior secured delayed draw term loan3,247 3,247 
AlphaSense, Inc.First lien senior secured delayed draw term loan707  
AlphaSense, Inc.First lien senior secured delayed draw term loan716  
AmeriLife Holdings LLCFirst lien senior secured revolving loan16,273 16,273 
AmeriLife Holdings LLCFirst lien senior secured delayed draw term loan34,633 5,457 





117


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

Portfolio CompanyInvestmentJune 30, 2024December 31, 2023
AmeriLife Holdings LLCFirst lien senior secured delayed draw term loan 26,966 
Anaplan, Inc.First lien senior secured revolving loan16,528 16,528 
Apex Service Partners, LLCFirst lien senior secured delayed draw term loan2,400 17,957 
Apex Service Partners, LLCFirst lien senior secured revolving loan4,257 7,080 
Appfire Technologies, LLCFirst lien senior secured revolving loan1,260 1,260 
Appfire Technologies, LLCFirst lien senior secured delayed draw term loan10,081 10,587 
Appfire Technologies, LLCFirst lien senior secured delayed draw term loan2,688  
Aptean Acquiror, Inc. (dba Aptean)First lien senior secured revolving loan7,282  
Aptean Acquiror, Inc. (dba Aptean)First lien senior secured delayed draw term loan13,501  
Aramsco, Inc.First lien senior secured delayed draw term loan7,797 7,797 
Arctic Holdco, LLC (dba Novvia Group)First lien senior secured delayed draw term loan9,688 9,688 
Artifact Bidco, Inc. (dba Avetta)First lien senior secured delayed draw term loan3,793  
Artifact Bidco, Inc. (dba Avetta)First lien senior secured revolving loan2,710  
Ascend Buyer, LLC (dba PPC Flexible Packaging)First lien senior secured revolving loan3,404 3,404 
Associations, Inc.First lien senior secured revolving loan25,389 3,123 
Associations, Inc.First lien senior secured delayed draw term loan 507 
Associations, Inc.First lien senior secured delayed draw term loan31,686  
Aurelia Netherlands Midco 2 B.V.First lien senior secured NOK term loan 31,898 
Aurelia Netherlands Midco 2 B.V.First lien senior secured EUR term loan 30,482 
Aurelia Netherlands Midco 2 B.V.First lien senior secured EUR revolving loan 3,387 
Avalara, Inc.First lien senior secured revolving loan7,045 7,045 
AWP Group Holdings, Inc.First lien senior secured delayed draw term loan3,723 7,024 
AWP Group Holdings, Inc.First lien senior secured revolving loan3,077 4,557 
Azurite Intermediate Holdings, Inc. (dba Alteryx, Inc.)First lien senior secured delayed draw term loan4,489  
Azurite Intermediate Holdings, Inc. (dba Alteryx, Inc.)First lien senior secured revolving loan1,995  
Baker Tilly Advisory Group, L.P.First lien senior secured delayed draw term loan19,032  
Baker Tilly Advisory Group, L.P.First lien senior secured revolving loan20,935  
Bamboo US BidCo LLCFirst lien senior secured revolving loan 20,128 
Bamboo US BidCo LLCFirst lien senior secured delayed draw term loan 14,060 





118


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

Portfolio CompanyInvestmentJune 30, 2024December 31, 2023
Bamboo US BidCo LLCFirst lien senior secured delayed draw term loan12,228  
Bamboo US BidCo LLCFirst lien senior secured revolving loan20,128  
Bayshore Intermediate #2, L.P. (dba Boomi)First lien senior secured revolving loan1,593 1,275 
BCPE Osprey Buyer, Inc. (dba PartsSource)First lien senior secured revolving loan2,172 3,207 
BCPE Osprey Buyer, Inc. (dba PartsSource)First lien senior secured delayed draw term loan21,926 26,528 
BCTO BSI Buyer, Inc. (dba Buildertrend)First lien senior secured revolving loan161 161 
Belmont Buyer, Inc. (dba Valenz)First lien senior secured delayed draw term loan1,441 7,980 
Belmont Buyer, Inc. (dba Valenz)First lien senior secured revolving loan6,650 6,650 
Blast Bidco Inc. (dba Bazooka Candy Brands)First lien senior secured revolving loan4,179 4,179 
BradyPLUS Holdings, LLC (f/k/a BradyIFS Holdings, LLC)First lien senior secured delayed draw term loan6,864 13,641 
BradyPLUS Holdings, LLC (f/k/a BradyIFS Holdings, LLC)First lien senior secured revolving loan13,901 13,901 
Brightway Holdings, LLCFirst lien senior secured revolving loan2,105 1,158 
Broadcast Music, Inc.First lien senior secured revolving loan6,271  
BTRS HOLDINGS INC.First lien senior secured delayed draw term loan237 468 
BTRS HOLDINGS INC.First lien senior secured revolving loan723 868 
Canadian Hospital Specialties LimitedFirst lien senior secured revolving loan 75 
Catalis Intermediate, Inc. (fka GovBrands Intermediate, Inc.)First lien senior secured revolving loan577 577 
Certinia, Inc.First lien senior secured revolving loan4,412 4,412 
Chrysaor Bidco s.à r.l. (dba AlterDomus)First lien senior secured delayed draw term loan689  
CivicPlus, LLCFirst lien senior secured revolving loan2,244 1,481 
Community Brands ParentCo, LLCFirst lien senior secured delayed draw term loan 3,750 
Community Brands ParentCo, LLCFirst lien senior secured revolving loan1,875 1,875 
Computer Services, Inc.First lien senior secured delayed draw term loan25,566  
CoreTrust Purchasing Group LLCFirst lien senior secured delayed draw term loan23,639 14,183 
CoreTrust Purchasing Group LLCFirst lien senior secured revolving loan14,183 14,183 
Coupa Holdings, LLCFirst lien senior secured revolving loan1,664 1,664 
Coupa Holdings, LLCFirst lien senior secured delayed draw term loan2,174 2,174 
CPM Holdings, Inc.First lien senior secured revolving loan3,950 5,000 
Cresset Capital Management, LLCFirst lien senior secured delayed draw term loan7,612  





119


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

Portfolio CompanyInvestmentJune 30, 2024December 31, 2023
Cresset Capital Management, LLCFirst lien senior secured delayed draw term loan4,478  
Cresset Capital Management, LLCFirst lien senior secured revolving loan2,239  
Crewline Buyer, Inc. (dba New Relic)First lien senior secured revolving loan 17,226 
Crewline Buyer, Inc. (dba New Relic)First lien senior secured revolving loan17,226  
DCG ACQUISITION CORP. (dba DuBois Chemical)First lien senior secured delayed draw term loan15,899  
DCG ACQUISITION CORP. (dba DuBois Chemical)First lien senior secured revolving loan15,899  
Denali BuyerCo, LLC (dba Summit Companies)First lien senior secured revolving loan9,963 9,963 
Disco Parent, Inc. (dba Duck Creek Technologies, Inc.)First lien senior secured revolving loan91 91 
Dresser Utility Solutions, LLCFirst lien senior secured revolving loan10,552  
Dresser Utility Solutions, LLCFirst lien senior secured delayed draw term loan7,537  
DuraServ LLCFirst lien senior secured delayed draw term loan48,512  
DuraServ LLCFirst lien senior secured revolving loan24,256  
EET Buyer, Inc. (dba e-Emphasys)First lien senior secured revolving loan3,387 2,710 
EET Buyer, Inc. (dba e-Emphasys)First lien senior secured delayed draw term loan8,523  
Endries Acquisition, Inc.First lien senior secured delayed draw term loan 20,926 
Endries Acquisition, Inc.First lien senior secured delayed draw term loan8,048 8,048 
Entertainment Benefits Group, LLCFirst lien senior secured revolving loan 6,960 
Entrata, Inc.First lien senior secured revolving loan513 513 
EOS U.S. Finco LLCFirst lien senior secured delayed draw term loan9,830 9,830 
Essential Services Holding Corporation (dba Turnpoint)First lien senior secured delayed draw term loan6,970  
Essential Services Holding Corporation (dba Turnpoint)First lien senior secured revolving loan4,357  
Evolution BuyerCo, Inc. (dba SIAA)First lien senior secured revolving loan676 676 
Evolution BuyerCo, Inc. (dba SIAA)First lien senior secured delayed draw term loan3,671 4,405 
FARADAY BUYER, LLC (dba MacLean Power Systems)First lien senior secured delayed draw term loan14,307 14,307 
Fiesta Purchaser, Inc. (dba Shearer's Foods)First lien senior secured revolving loan16,615  
Finastra USA, Inc.First lien senior secured revolving loan15,282 12,568 
Forescout Technologies, Inc.First lien senior secured revolving loan1,320  
Formerra, LLCFirst lien senior secured revolving loan368 526 
Fortis Solutions Group, LLCFirst lien senior secured revolving loan5,397 6,409 





120


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

Portfolio CompanyInvestmentJune 30, 2024December 31, 2023
FR Vision Holdings, Inc. (dba CHA Consulting)First lien senior secured delayed draw term loan10,915  
FR Vision Holdings, Inc. (dba CHA Consulting)First lien senior secured revolving loan3,692  
Fullsteam Operations, LLCFirst lien senior secured delayed draw term loan5,000  
Fullsteam Operations, LLCFirst lien senior secured delayed draw term loan1,250  
Fullsteam Operations, LLCFirst lien senior secured delayed draw term loan692 1,961 
Fullsteam Operations, LLCFirst lien senior secured delayed draw term loan514 1,250 
Fullsteam Operations, LLCFirst lien senior secured revolving loan500 500 
Galls, LLCFirst lien senior secured delayed draw term loan39,243  
Galls, LLCFirst lien senior secured revolving loan14,912  
Galway Borrower LLCFirst lien senior secured revolving loan5,406  
Galway Borrower LLCFirst lien senior secured delayed draw term loan49,734  
Gaylord Chemical Company, L.L.C.First lien senior secured revolving loan3,973 3,973 
Gehl Foods, LLCFirst lien senior secured delayed draw term loan9,097  
Gerson Lehrman Group, Inc.First lien senior secured revolving loan8,404  
GI Apple Midco LLC (dba Atlas Technical Consultants)First lien senior secured revolving loan8,707 4,908 
GI Apple Midco LLC (dba Atlas Technical Consultants)First lien senior secured delayed draw term loan14,090 14,090 
GI Ranger Intermediate, LLC (dba Rectangle Health)First lien senior secured delayed draw term loan 7,600 
GI Ranger Intermediate, LLC (dba Rectangle Health)First lien senior secured revolving loan1,673 669 
Global Music Rights, LLCFirst lien senior secured revolving loan12,415 7,500 
Granicus, Inc.First lien senior secured delayed draw term loan4,888  
Granicus, Inc.First lien senior secured revolving loan4,559 127 
GS Acquisitionco, Inc. (dba insightsoftware)First lien senior secured delayed draw term loan937  
GS Acquisitionco, Inc. (dba insightsoftware)First lien senior secured revolving loan214  
Hercules Borrower, LLC (dba The Vincit Group)First lien senior secured revolving loan96 96 
Hissho Sushi Merger Sub, LLCFirst lien senior secured revolving loan8,745 8,745 
Home Service TopCo IV, Inc.First lien senior secured revolving loan3,359 3,359 
Home Service TopCo IV, Inc.First lien senior secured delayed draw term loan8,397 8,397 
Hyland Software, Inc.First lien senior secured revolving loan6,978 6,978 
Icefall Parent, Inc. (dba EngageSmart)First lien senior secured revolving loan2,749  





121


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

Portfolio CompanyInvestmentJune 30, 2024December 31, 2023
Iconic IMO Merger Sub, Inc.First lien senior secured delayed draw term loan 3,127 
Iconic IMO Merger Sub, Inc.First lien senior secured revolving loan2,482 2,382 
Ideal Image Development, LLCFirst lien senior secured revolving loan 329 
Ideal Tridon Holdings, Inc.First lien senior secured revolving loan8,630 8,630 
IG Investments Holdings, LLC (dba Insight Global)First lien senior secured revolving loan4,866 3,613 
Indigo Buyer, Inc. (dba Inovar Packaging Group)First lien senior secured revolving loan2,752 7,620 
Indikami Bidco, LLC (dba IntegriChain)First lien senior secured delayed draw term loan6,570 6,570 
Indikami Bidco, LLC (dba IntegriChain)First lien senior secured revolving loan3,003 4,693 
Integrated Specialty Coverages, LLCFirst lien senior secured delayed draw term loan12,716 12,716 
Integrated Specialty Coverages, LLCFirst lien senior secured revolving loan5,934 5,934 
Integrity Marketing Acquisition, LLCFirst lien senior secured revolving loan5,450 5,450 
Integrity Marketing Acquisition, LLCFirst lien senior secured delayed draw term loan15,217 21,923 
Interoperability Bidco, Inc. (dba Lyniate)First lien senior secured revolving loan6,018 3,490 
Interoperability Bidco, Inc. (dba Lyniate)First lien senior secured delayed draw term loan5,079  
IRI Group Holdings, Inc. (f/k/a Circana Group, L.P. (f/k/a The NPD Group, L.P.))First lien senior secured revolving loan4,965 11,699 
JS PARENT, INC. (dba Jama Software)First lien senior secured revolving loan88  
Kaseya Inc.First lien senior secured delayed draw term loan3,860 4,077 
Kaseya Inc.First lien senior secured revolving loan3,256 3,256 
KBP Brands, LLCFirst lien senior secured delayed draw term loan7,955  
KENE Acquisition, Inc. (dba Entrust Solutions Group)First lien senior secured delayed draw term loan7,472  
KENE Acquisition, Inc. (dba Entrust Solutions Group)First lien senior secured revolving loan2,242  
KPSKY Acquisition, Inc. (dba BluSky)First lien senior secured delayed draw term loan6,054 6,054 
KRIV Acquisition Inc. (dba Riveron)First lien senior secured delayed draw term loan12,134 12,134 
KRIV Acquisition Inc. (dba Riveron)First lien senior secured revolving loan10,944 10,944 
KWOL Acquisition Inc. (dba Worldwide Clinical Trials)First lien senior secured revolving loan16,744 15,627 
KWOR Acquisition, Inc. (dba Alacrity Solutions)First lien senior secured revolving loan785 1,946 
KWOR Acquisition, Inc. (dba Alacrity Solutions)First lien senior secured delayed draw term loan 6,360 
Lightbeam Bidco, Inc. (dba Lazer Spot)First lien senior secured revolving loan11,685 11,685 
Lightbeam Bidco, Inc. (dba Lazer Spot)First lien senior secured delayed draw term loan27,285 40,928 





122


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

Portfolio CompanyInvestmentJune 30, 2024December 31, 2023
Lignetics Investment Corp.First lien senior secured revolving loan574 1,912 
Litera Bidco LLCFirst lien senior secured delayed draw term loan7,556  
Litera Bidco LLCFirst lien senior secured delayed draw term loan3,981  
Litera Bidco LLCFirst lien senior secured revolving loan2,266  
LSI Financing 1 DACSeries 6 Notes129,580  
LSI Financing 1 DACPreferred equity23,513  
Magnet Forensics, LLC (f/k/a Grayshift, LLC)First lien senior secured revolving loan2,419 2,419 
ManTech International CorporationFirst lien senior secured delayed draw term loan2,164 2,164 
ManTech International CorporationFirst lien senior secured revolving loan1,806 1,806 
Maple Acquisition, LLC (dba Medicus)First lien senior secured delayed draw term loan20,448  
Maple Acquisition, LLC (dba Medicus)First lien senior secured revolving loan15,336  
Mario Purchaser, LLC (dba Len the Plumber)First lien senior secured delayed draw term loan 21,702 
Mario Purchaser, LLC (dba Len the Plumber)First lien senior secured revolving loan7,502 5,627 
Mario Purchaser, LLC (dba Len the Plumber)First lien senior secured delayed draw term loan24,114  
Medline Borrower, LPFirst lien senior secured revolving loan2,020 2,020 
MHE Intermediate Holdings, LLC (dba OnPoint Group)First lien senior secured revolving loan3,571 3,571 
Milan Laser Holdings LLCFirst lien senior secured revolving loan1,872 2,553 
Ministry Brands Holdings, LLCFirst lien senior secured revolving loan4,746 2,215 
Minotaur Acquisition, Inc. (dba Inspira Financial)First lien senior secured delayed draw term loan41,960  
Minotaur Acquisition, Inc. (dba Inspira Financial)First lien senior secured delayed draw term loan41,960  
Minotaur Acquisition, Inc. (dba Inspira Financial)First lien senior secured revolving loan25,814  
Mitnick Corporate Purchaser, Inc.First lien senior secured revolving loan9,375 9,375 
Monotype Imaging Holdings Inc.First lien senior secured delayed draw term loan14,027  
Monotype Imaging Holdings Inc.First lien senior secured revolving loan21,041  
Natural Partners, LLCFirst lien senior secured revolving loan3,038 5,063 
NELIPAK EUROPEAN HOLDINGS COÖPERATIEF U.A.First lien senior secured EUR delayed draw term loan23,134  
NELIPAK EUROPEAN HOLDINGS COÖPERATIEF U.A.First lien senior secured revolving loan3,939  
Nelipak Holding CompanyFirst lien senior secured delayed draw term loan11,787  
Nelipak Holding CompanyFirst lien senior secured revolving loan5,454  





123


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

Portfolio CompanyInvestmentJune 30, 2024December 31, 2023
Neptune Holdings, Inc. (dba NexTech)First lien senior secured revolving loan4,118 4,118 
NMI Acquisitionco, Inc. (dba Network Merchants)First lien senior secured revolving loan558 558 
Notorious Topco, LLC (dba Beauty Industry Group)First lien senior secured revolving loan5,282 4,930 
OAC Holdings I Corp. (dba Omega Holdings)First lien senior secured revolving loan1,984 2,572 
OB Hospitalist Group, Inc.First lien senior secured revolving loan4,369 4,902 
Ocala Bidco, Inc.First lien senior secured delayed draw term loan 8,469 
Ole Smoky Distillery, LLCFirst lien senior secured revolving loan3,302 3,302 
Omnia Partners, LLCFirst lien senior secured delayed draw term loan 172 
OneOncology, LLCFirst lien senior secured revolving loan14,269 14,267 
OneOncology, LLCFirst lien senior secured delayed draw term loan 26,752 
OneOncology, LLCFirst lien senior secured delayed draw term loan53,509  
Oranje Holdco, Inc. (dba KnowBe4)First lien senior secured revolving loan10,148 10,148 
Pacific BidCo Inc.First lien senior secured delayed draw term loan 17,905 
Park Place Technologies, LLCFirst lien senior secured delayed draw term loan13,490  
Park Place Technologies, LLCFirst lien senior secured revolving loan8,971  
Patriot Acquisition TopCo S.A.R.L (dba Corza Health, Inc.)First lien senior secured delayed draw term loan17,143  
Patriot Acquisition TopCo S.A.R.L (dba Corza Health, Inc.)First lien senior secured revolving loan88 70 
PDI TA Holdings, Inc.First lien senior secured delayed draw term loan14,911  
PDI TA Holdings, Inc.First lien senior secured revolving loan6,560  
PERKINELMER U.S. LLCFirst lien senior secured delayed draw term loan28,565  
Peter C. Foy & Associates Insurance Services, LLC (dba PCF Insurance Services)First lien senior secured revolving loan2,570 2,570 
PetVet Care Centers, LLCFirst lien senior secured delayed draw term loan31,691 31,691 
PetVet Care Centers, LLCFirst lien senior secured revolving loan33,258 33,258 
Ping Identity Holding Corp.First lien senior secured revolving loan2,182 2,182 
Plasma Buyer LLC (dba PathGroup)First lien senior secured delayed draw term loan2,447 28,553 
Plasma Buyer LLC (dba PathGroup)First lien senior secured revolving loan5,384 8,158 
Pluralsight, LLCFirst lien senior secured revolving loan 87 
PPV Intermediate Holdings, LLCFirst lien senior secured revolving loan11,854 11,854 
PPV Intermediate Holdings, LLCFirst lien senior secured delayed draw term loan5,038 10,076 





124


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

Portfolio CompanyInvestmentJune 30, 2024December 31, 2023
Premise Health HoldingFirst lien senior secured revolving loan8,191  
Pye-Barker Fire & Safety, LLCFirst lien senior secured delayed draw term loan74,480  
Pye-Barker Fire & Safety, LLCFirst lien senior secured delayed draw term loan85,120  
Pye-Barker Fire & Safety, LLCFirst lien senior secured revolving loan29,489  
QAD, Inc.First lien senior secured revolving loan6,000 6,000 
Quva Pharma, Inc.First lien senior secured revolving loan200 455 
Relativity ODA LLCFirst lien senior secured revolving loan435 435 
RL Datix Holdings (USA), Inc.First lien senior secured delayed draw term loan14,908  
RL Datix Holdings (USA), Inc.First lien senior secured revolving loan13,053  
SailPoint Technologies Holdings, Inc.First lien senior secured revolving loan5,718 5,718 
Securonix, Inc.First lien senior secured revolving loan5,219 5,339 
Sensor Technology Topco, Inc. (dba Humanetics)First lien senior secured revolving loan13,189 9,077 
Sensor Technology Topco, Inc. (dba Humanetics)First lien senior secured delayed draw term loan4,777  
Sensor Technology Topco, Inc. (dba Humanetics)First lien senior secured EUR delayed draw term loan1,041  
SimpliSafe Holding CorporationFirst lien senior secured delayed draw term loan 11,770 
Smarsh Inc.First lien senior secured delayed draw term loan10,381 10,381 
Smarsh Inc.First lien senior secured revolving loan432 830 
Sonny's Enterprises, LLCFirst lien senior secured revolving loan25,901 25,158 
Sonny's Enterprises, LLCFirst lien senior secured delayed draw term loan9,905 15,212 
Sonny's Enterprises, LLCFirst lien senior secured delayed draw term loan45,017  
Southern Air & Heat Holdings, LLCFirst lien senior secured revolving loan220 259 
Southern Air & Heat Holdings, LLCFirst lien senior secured delayed draw term loan20,889 28,751 
Spotless Brands, LLCFirst lien senior secured revolving loan877 1,146 
Summit Acquisition Inc. (dba K2 Insurance Services)First lien senior secured delayed draw term loan12,267 12,267 
Summit Acquisition Inc. (dba K2 Insurance Services)First lien senior secured revolving loan6,133 6,133 
SWK BUYER, Inc. (dba Stonewall Kitchen)First lien senior secured revolving loan5,300 5,579 
Tamarack Intermediate, L.L.C. (dba Verisk 3E)First lien senior secured revolving loan5,336 5,336 
Tamarack Intermediate, L.L.C. (dba Verisk 3E)First lien senior secured delayed draw term loan 2,360 
TC Holdings, LLC (dba TrialCard)First lien senior secured revolving loan7,768 7,768 





125


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

Portfolio CompanyInvestmentJune 30, 2024December 31, 2023
Tempo Buyer Corp. (dba Global Claims Services)First lien senior secured revolving loan3,260 3,508 
The Shade Store, LLCFirst lien senior secured delayed draw term loan10,580  
The Shade Store, LLCFirst lien senior secured revolving loan7,129 2,455 
Thunder Purchaser, Inc. (dba Vector Solutions)First lien senior secured revolving loan194 418 
Troon Golf, L.L.C.First lien senior secured revolving loan7,207 7,207 
Truist Insurance Holdings, LLCFirst lien senior secured revolving loan6,422  
Ultimate Baked Goods Midco, LLCFirst lien senior secured revolving loan1,625 2,000 
Unified Women's Healthcare, LPFirst lien senior secured delayed draw term loan71,937  
Unified Women's Healthcare, LPFirst lien senior secured revolving loan8,120 8,120 
Unified Women's Healthcare, LPFirst lien senior secured delayed draw term loan1,840 41,400 
USRP Holdings, Inc. (dba U.S. Retirement and Benefits Partners)First lien senior secured revolving loan1,096 1,096 
Velocity HoldCo III Inc. (dba VelocityEHS)First lien senior secured revolving loan142 124 
Walker Edison Furniture Company LLCFirst lien senior secured delayed draw term loan283 833 
When I Work, Inc.First lien senior secured revolving loan4,164 4,164 
XRL 1 LLC (dba XOMA)First lien senior secured delayed draw term loan4,500 4,500 
Zendesk, Inc.First lien senior secured delayed draw term loan30,080 30,080 
Zendesk, Inc.First lien senior secured revolving loan12,386 12,386 
Total Unfunded Portfolio Company Commitments$3,126,066 $1,394,947 

As of June 30, 2024, 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 $2.9 million for the period from April 22, 2020 (Inception) to June 30, 2024, of which $2.9 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, 2024, management was not aware of any pending or threatened litigation.

Note 8. Net Assets

Authorized Capital and Share Class Description





126


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


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 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:





127


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$1,633,654 
(1)In certain cases, and subject to Blue Owl Securities LLC’s (d/b/a Blue Owl Securities) (the “Dealer Manager”) approval, including in situations where a holder of Class S or Class D shares exits a relationship with a participating broker-dealer for this offering and does not enter into a new relationship with a participating broker-dealer for this offering, such holder’s shares may be exchanged into an equivalent net asset value amount of Class I shares.
For the Three Months Ended June 30, 2023
Class SClass DClass ITotal
($ in thousands, except share amounts)SharesAmountSharesAmountSharesAmountSharesAmount
Shares/gross proceeds from the continuous public offering28,126,207$260,864 6,060,965$55,934 48,327,199$446,097 82,514,371$762,895 
Shares/gross proceeds from the private placements  2,815,81225,996 2,815,81225,996 
Share Transfers between classes(230,952)(2,127) 230,2022,127 (750) 
Reinvestment of distributions1,950,23017,943 619,8035,709 3,621,46933,427 6,191,50257,079 
Repurchased shares(1,763,641)(16,367)(1,486,423)(13,809)(4,948,651)(46,071)(8,198,715)(76,247)
Total shares/gross proceeds28,081,844260,3135,194,34547,83450,046,031461,57683,322,220769,723
Sales load (2,140) (95)   (2,235)
Total shares/net proceeds28,081,844$258,173 5,194,345$47,739 50,046,031$461,576 83,322,220$767,488 





128


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(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$2,890,019 
For the Six Months Ended June 30, 2023
Class SClass DClass ITotal
($ in thousands, except share amounts)SharesAmountSharesAmountSharesAmountSharesAmount
Shares/gross proceeds from the continuous public offering45,655,179$423,196 11,076,668$102,158 86,857,659$800,065 143,589,506$1,325,419 
Shares/gross proceeds from the private placements  4,341,14840,036 4,341,14840,036 
Share Transfers between classes(230,952)(2,127) 230,2022,127 (750) 
Reinvestment of distributions3,673,89133,775 1,140,52510,496 6,741,47162,155 11,555,887106,426 
Repurchased shares(4,113,635)(38,010)(1,860,989)(17,262)(12,310,493)(114,095)(18,285,116)(169,367)
Total shares/gross proceeds44,984,483416,83410,356,20495,39285,859,987790,288141,200,6751,302,514
Sales load (3,697) (144)   (3,841)
Total shares/net proceeds44,984,483$413,137 10,356,204$95,248 85,859,987$790,288 141,200,675$1,298,673 

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, 2024 and 2023 were as follows:






129


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

Class S
Effective DateNet Offering Price
(per share)
Maximum Upfront Sales Load
(per share)
Maximum Offering Price
(per share)
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 
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 

Class D
Effective DateNet Offering Price
(per share)
Maximum Upfront Sales Load
(per share)
Maximum Offering Price
(per share)
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 
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 

Class I
Effective DateNet Offering Price
(per share)
Maximum Upfront Sales Load
(per share)
Maximum Offering Price
(per share)
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 
January 1, 2024$9.50 $ $9.50 





130


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

Class I
Effective DateNet Offering Price
(per share)
Maximum Upfront Sales Load
(per share)
Maximum Offering Price
(per share)
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 

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, 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.

For the Six Months Ended June 30, 2023
Declaration DateRecord DatePayment Date
Distribution Per Share(1)
Distribution Amount(2)
($ in thousands, except per share amounts)Class SClass DClass I
December 5, 2022January 31, 2023February 24, 2023$0.08765 $16,523 $4,296 $30,667 
February 10, 2023February 28, 2023March 23, 20230.06765 12,882 3,372 24,319 
February 10, 2023March 31, 2023April 26, 20230.06765 13,027 3,550 24,938 
February 10, 2023April 30, 2023May 22, 20230.08765 18,233 4,956 33,691 
May 9, 2023May 31, 2023June 26, 20230.06765 14,183 3,884 27,515 
May 9, 2023June 30, 2023July 26, 20230.06765 14,804 3,894 28,323 
Total$0.44590 $89,652 $23,952 $169,453 
(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





131


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

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. Through June 30, 2024, pursuant to the Expense Support Agreement which was terminated by the Adviser on March 7, 2023, a portion of the Company’s distributions resulted from expense support from the Adviser which is subject to repayment by the Company within three years from the date of payment. The purpose of this arrangement was to avoid distributions being characterized as a return of capital for U.S. federal income tax purposes. Shareholders should understand that any such distribution is not based on the Company’s investment performance, and can only be sustained if the Company achieves positive investment performance in future periods and/or the Adviser continues to provide expense support. Shareholders should also understand that the Company’s future repayments of expense support will reduce the distributions that they would otherwise receive. There can be no assurance that the Company will achieve the performance necessary to sustain these distributions, or be able to pay distributions at all. 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, 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.

For the Six Months Ended June 30, 2023
Source of Distribution(2)
Per Share(1)
AmountPercentage
($ in thousands, except per share amounts)
Net investment income$0.44590 $283,057 100.0 %
Total$0.44590 $283,057 100.0 %
(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.

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 DateClassTender Offer ExpirationTender OfferPurchase Price per ShareShares Repurchased
February 28, 2023SMarch 31, 2023$21,643 $9.21 2,349,994 





132


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

Offer DateClassTender Offer ExpirationTender OfferPurchase Price per ShareShares Repurchased
February 28, 2023DMarch 31, 2023$3,453 $9.22 374,566 
February 28, 2023IMarch 31, 2023$68,023 $9.24 7,361,842 
May 31, 2023SJune 30, 2023$16,367 $9.28 1,763,641 
May 31, 2023DJune 30, 2023$13,809 $9.29 1,486,423 
May 31, 2023IJune 30, 2023$46,072 $9.31 4,948,651 
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 

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,
20242023
($ in thousands, except per share amounts)Class S common stockClass D common stockClass I common stockClass S common stockClass D common stockClass I common stock
Increase (decrease) in net assets resulting from operations$104,763 $11,958 $201,669 $68,006 $17,233 $117,916 
Weighted average shares of common stock outstanding—basic and diluted413,208,224 44,636,862 736,786,949 233,305,828 59,122,097 404,528,122 
Earnings (loss) per common share—basic and diluted$0.25 $0.27 $0.27 $0.29 $0.29 $0.29 

For the Six Months Ended June 30,
20242023
($ in thousands, except per share amounts)Class S common stockClass D common stockClass I common stockClass S common stockClass D common stockClass I common stock
Increase (decrease) in net assets resulting from operations$194,413 $23,365 $372,982 $143,663 $36,023 $248,502 
Weighted average shares of common stock outstanding—basic and diluted384,667,787 43,768,118 683,495,105 221,466,999 55,532,022 383,084,074 
Earnings (loss) per common share—basic and diluted$0.51 $0.53 $0.55 $0.65 $0.65 $0.65 

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.






133


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

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, 2024, the Company recorded an expense for U.S. federal excise tax of $2.5 million and $3.3 million, respectively. For the three and six months ended June 30, 2023, the Company recorded an expense for U.S. federal excise tax of $1.4 million and $1.5 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, 2024 the Company recorded a net tax benefit of approximately $1 thousand and $10 thousand for taxable subsidiaries. For the three and six months ended June 30, 2023 the Company recorded a net tax benefit of approximately $1 thousand and $2 thousand for taxable subsidiaries.

The Company recorded net deferred tax asset of $8 thousand and net deferred tax liability of $5 thousand as of June 30, 2024 and June 30, 2023, respectively, for taxable subsidiaries, which is primarily related to GAAP to tax outside basis differences in the taxable subsidiaries’ investment in certain partnership interests.





134


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,
20242023
($ 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$9.48 $9.49 $9.50 $9.06 $9.07 $9.08 
Results of operations:
Net investment income (loss)(1)
0.53 0.56 0.57 0.52 0.54 0.56 
Net realized and unrealized gain (loss)(2)
(0.03)(0.03)(0.02)0.11 0.11 0.12 
Net increase (decrease) in net assets resulting from operations$0.50 $0.53 $0.55 $0.63 $0.65 $0.68 
Shareholder distributions:
Distributions from net investment income(3)
(0.45)(0.47)(0.49)(0.41)(0.43)(0.45)
Net decrease in net assets from shareholders’ distributions
$(0.45)$(0.47)$(0.49)$(0.41)$(0.43)$(0.45)
Total increase (decrease) in net assets0.05 0.06 0.06 0.22 0.22 0.23 
Net asset value, at end of period$9.53 $9.55 $9.56 $9.28 $9.29 $9.31 
Total return(4)
5.3 %5.7 %5.9 %4.9 %5.3 %5.5 %
Ratios
Ratio of net expenses to average net assets(5)(6)
10.9 %10.4 %10.1 %11.1 %10.6 %10.3 %
Ratio of net investment income to average net assets(6)
11.5 %12.3 %12.4 %11.6 %12.3 %12.5 %
Portfolio turnover rate22.5 %22.5 %22.5 %1.3 %1.3 %1.3 %
Supplemental Data
Weighted-average shares outstanding384,667,78743,768,118683,495,105221,466,99955,532,022383,084,074
Shares outstanding, end of period429,417,12446,085,512764,871,253241,935,91859,251,502418,671,705
Net assets, end of period$4,094,350$439,938$7,312,790$2,245,301$550,643$3,897,613
(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.
(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





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

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, 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. For the six months ended June 30, 2023, the total operating expenses to average net assets were 11.1%, 10.6% and 10.3%, 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 (e.g., initial organization expenses) and offering expenses.






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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:

Revolving Credit Facility Commitment Increase

On July 16, 2024, the revolving credit facility under the Revolving Credit Facility increased from $1.87 billion to $1.95 billion, after which 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 $2.07 billion.

CLO XVII

On July 18, 2024, the Company completed a $500.59 million term debt securitization transaction by the Company’s consolidated subsidiary, Owl Rock CLO XVII, LLC (the “CLO XVII Issuer”). As part of the transaction the CLO XVII Issuer issued the following classes of notes:(i) $275.0 million of AAA(sf)/AAAsf 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%. The CLO XVII Issuer also issued approximately $175.6 million of subordinated securities, in the form of 175,590 preferred shares at an issue price of U.S.$1,000 per share held by the Company. All three classes of notes are schedule to mature on the payment date in July 2036.

CLO XVIII

On July 12, 2024, the Company completed a $399.8 million term debt securitization transaction by the Company’s consolidated subsidiary, Owl Rock CLO XVIII, LLC (the “CLO XVIII Issuer”). As part of the transaction the CLO XVIII Issuer (a) issued the following classes of notes: (i) $178.0 million of AAA(sf) Class A Notes, which bear interest at three-month term SOFR plus 1.70% and (ii) $32.0 million of AA(sf) Class B Notes, which bear interest at three-month term SOFR plus 1.95% and (b) borrowed $50.0 million under floating rate Class A-1L loans, which bear interest at three-month term SOFR plus 1.70%. The CLO XVIII Issuer also 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 held by the Company. Both classes of notes and the loans are scheduled to mature on July 24, 2036.

Core Income Funding III Amendment

On July 30, 2024, Core Income Funding III entered into Amendment No. 2 to SPV Asset Facility III in order to, among other things, (i) increase the financing limit under the SPV Asset Facility III from $1.00 billion to $1.50 billion and create a new tranche of commitments, (ii) amend the applicable margin from a range of 1.75% to 2.60%, to a range of 1.75% to 2.60% for borrowings allocated to the initial $1.00 billion of commitments and 1.60% to 2.40% for borrowings allocated to the new tranche of commitments and (iii) extend the maturity date to July 30, 2029.

Equity Raise

As of August 8, 2024, the Company issued 447,197,528 shares of Class S common stock, 85,142,291 shares of Class D common stock, and 793,202,148 shares of Class I common stock and have raised total gross proceeds of $4.20 billion, $0.79 billion, and $7.40 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 received $437.8 million in gross subscription payments which we accepted on August 1, 2024 and which is pending our determination of the net asset value per share applicable to such purchase.

Dividend

On August 6, 2024, the Company’s Board declared a distribution of (i) $0.070100 per share, payable on or before September 30, 2024 to shareholders of record as of August 30, 2024, (ii) $0.070100 per share, payable on or before October 31, 2024 to shareholders of record as of September 30, 2024, and (iii) $0.070100 per share, payable on or before November 29, 2024 to shareholders of record as of October 31, 2024 and (iv) a special distribution of $0.032700 per share, payable on or before October 31, 2024 to shareholders of record as of September 30, 2024.





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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. CONSOLIDATED 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, 2023 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 focuses on direct lending. 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 asset-based servicing and distribution fees and early withdrawal fees. On September 30, 2020, the Adviser purchased 100 shares of our Class I common stock at $10.00 per share, which represents the initial public offering price. The Adviser will not tender these shares for repurchase as long as the Adviser remains the investment adviser of the Company. There is no current intention for the Adviser to discontinue its role. On October 15, 2020, we received a subscription agreement, totaling $25.0 million for the purchase of Class I common shares of our common stock from an entity affiliated with the Adviser. 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. As of March 31, 2021, we had called all of the $25.0 million commitment from an entity affiliated with the Adviser. On February 14, 2022, we commenced our follow-on offering, on a continuous basis, pursuant to which we are currently offering of up to $13,500,000,000 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, 2024, we have issued 432,866,601 shares of Class S common stock, 84,606,740 shares of Class D common stock, and 755,692,915 shares of Class I common stock for gross proceeds, exclusive of any tender offers and shares issued pursuant to our distribution reinvestment plan, of $4.06 billion, $0.79 billion, and $7.04 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 43,545,577 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 $0.41 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.





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Our Adviser also serves as investment adviser to Blue Owl Capital Corporation and Blue Owl Capital Corporation II.
Blue Owl consists of three investment platforms: (1) Credit, which focuses on direct lending, (2) GP Strategic Capital, which focuses on acquiring equity stakes in and providing debt financing to institutional alternative asset managers and (3) Real Estate, which focuses on triple net lease real estate strategies and real estate finance. 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, 2024, the Adviser and its affiliates had $95.10 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. We consider these individuals to be our portfolio managers. 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 investment committees. Blue Owl’s Credit platform has four investment committees each of which focuses 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 Credit platform’s investment committees. In addition to Messrs. Ostrover, Lipschultz, Packer and Maged, the Diversified Lending Investment Committee is comprised of Jeff Walwyn, Patrick Linnemann, Meenal Mehta and Logan Nicholson. 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 certain 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 rely on an order for exemptive relief (as amended, the “Order”) that has been granted to our Adviser and its affiliates by the SEC to permit us to co-invest with other funds managed by our 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 a “required majority” (as defined in Section 57(o) of the 1940 Act) of our independent directors make certain conclusions in connection with a co-investment transaction, including that (1) the terms of the transactions, including the consideration to be paid, are reasonable and fair to us and our shareholders and do not involve overreaching by us or our shareholders on the part of any person concerned, (2) the transaction is consistent with the interests of our shareholders and is consistent with our investment objective and strategies, (3) the investment by our affiliates would not disadvantage us, and our participation would not be on a basis different from or less advantageous than that on which our affiliates are investing, and (4) the proposed investment by us would not benefit our Adviser or its affiliates or any affiliated person of any of them (other than the parties to the transaction), except to the extent permitted by the Order and applicable law, including the limitations set forth in Section 57(k) of the 1940 Act. In addition, the Order permits us to continue to invest in our existing portfolio companies with certain affiliates that are private funds if such private funds did not have an investment in such existing portfolio company. The Blue Owl Credit Advisers’ investment allocation policy seeks to ensure equitable allocation of investment opportunities over time between us and other funds managed by our Adviser or its affiliates. As a result of the Order, there could be significant overlap in our investment portfolio and the investment portfolio of the BDCs, private 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 exemptive relief and that have an investment objective similar to ours.





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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.

Our Investment Framework

We are a Maryland corporation organized primarily to originate and make loans to, and make debt and equity investments in, U.S. middle-market companies. Our investment objective is to generate current income, and to a lesser extent, capital appreciation by targeting investment opportunities with favorable risk-adjusted returns. Since our Adviser and its affiliates began investment activities in April 2016 through June 30, 2024, our Adviser and its affiliates have originated $118.16 billion aggregate principal amount of investments, of which $114.32 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-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”) 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, or “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 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 loan 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, 2024, our average investment size in each of our portfolio companies was approximately $65.8 million based on fair value. As of June 30, 2024, excluding the





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investment in OCIC SLF and certain investments that fall outside our typical borrower profile, our portfolio companies representing 87.4% of our total debt portfolio based on fair value, had weighted average annual revenue of $1.09 billion, weighted average annual EBITDA of $253.4 million, an average interest coverage of 1.8x and an average net loan-to-value of 39.3%.

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 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, 2024, 97.9% 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 of floating rate loans, and our credit facility bears interest at a floating rate. 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





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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 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 Conduct Rule 2310(a)(12) of Financial Industry Regulatory Authority (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.

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





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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 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 exceed 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 are 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 have 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. As of June 30, 2024, the amount of Expense Support payments provided by our Adviser since inception is $9.4 million.

Our 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.

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





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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.

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 2023 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.






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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 elevated 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 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 $2.7 trillion as of December 31, 2023, 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. Following the global credit crisis, which we define broadly as occurring between mid-2007 and mid- 2009, lenders have generally required borrowers to maintain more equity as a percentage of their total capitalization, specifically to protect lenders during economic downturns. 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, 2024, based on fair value, our portfolio consisted of 87.8% first lien senior secured debt investments (of which 37.6% we consider to be unitranche debt investments (including “last-out” portions of such loans)), 4.4% second-lien senior secured debt investments, 1.9% unsecured debt investments, 1.4% joint ventures, 2.0% preferred equity investments, and 2.5% common equity investments.

As of June 30, 2024, our weighted average total yield of the portfolio at fair value and amortized cost was 11.1% and 11.1%, respectively, and our weighted average yield of accruing debt and income producing securities at fair value and amortized cost was 11.2% and 11.2%, 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, 2024, the weighted average spread of total debt investments was 5.5%.

As of June 30, 2024 we had investments in 337 portfolio companies with an aggregate fair value of $22.19 billion. As of June 30, 2024, we had net leverage of 0.82x debt-to-equity and we target net leverage of 0.90x-1.25x debt-to-equity.

In the current lending environment public market activity has remained strong and merger and acquisition activity is currently limited. As a result, repayments have remained elevated. As a result, repayment activity was elevated and we increased the pace of our originations in order to maintain comparable leverage levels.






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The credit quality of our portfolio has been consistent. We continue to focus on investing in recession resistant industries that we are familiar with, including service-oriented sectors such as software, insurance, food and beverage and healthcare, all of which serve diversified and durable end markets. Blue Owl serves as the 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 $253.4 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 continues to invest in transactions in excess of $1.00 billion in size, which gives us the ability to structure the terms and spreads of such deals to include wider spreads, lower loan to values, extended call protection, attractive leverage profiles and credit protections. We are continuing to monitor the effect that a continued elevated interest rate environment, may have on our portfolio companies and our investment activities.

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, or in the event of continued high interest rates, 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 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 and in specialty financing portfolio companies, including Fifth Season Investments LLC (“Fifth Season”), LSI Financing DAC 1 (“LSI Financing”), and AAM Series 1.1 Rail and Domestic Intermodal Feeder, LLC and AAM Series 2.1 Aviation Feeder, LLC (collectively, “Amergin AssetCo”) and have seen a meaningful increase in the value of some of these strategic equity positions. 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.” These companies may use our capital to support acquisitions which could continue to lead to increased dividend income across well-diversified underlying portfolios.

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)20242023
New investment commitments
Gross originations$7,624,476 $1,790,416 
Less: Sell downs(6,303)(32,549)
Total new investment commitments$7,618,173 $1,757,867 
Principal amount of investments funded:
First-lien senior secured debt investments$5,736,939 $1,425,032 
Second-lien senior secured debt investments120,976 — 
Unsecured debt investments169,117 — 
Joint ventures8,750 40,250 
Preferred equity investments1,126 35,019 
Common equity investments26,470 15,875 
Total principal amount of investments funded$6,063,378 $1,516,176 
Principal amount of investments sold or repaid:
First-lien senior secured debt investments$2,455,822 $(131,376)
Second-lien senior secured debt investments78,877 — 
Unsecured debt investments— — 
Joint ventures— — 
Preferred equity investments151,063 (2,994)
Common equity investments— (195)
Total principal amount of investments sold or repaid$2,685,762 $(134,565)
Number of new investment commitments in new portfolio companies(1)
36 22 
Average new investment commitment amount in new portfolio companies91,635 63,782 
Weighted average term for new investment commitments (in years)6.4 5.1 
Percentage of new debt investment commitments at floating rates100.0 %100.0 %
Percentage of new debt investment commitments at fixed rates— %— %





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For the Three Months Ended June 30,
($ in thousands)20242023
Weighted average interest rate of new debt investment commitments(2)(3)
10.1 %11.4 %
Weighted average spread over applicable base rate of new floating rate debt investment commitments4.8 %6.2 %
(1)Number of new investment commitments represents commitments to a particular portfolio company.
(2)For the three months ended June 30, 2024, assumes each floating rate commitment is subject to the greater of the interest rate floor (if applicable) or 3-month SOFR, which was 5.32% as of June 30, 2024.
(3)For the three months ended June 30, 2023, assumes each floating rate commitment is subject to the greater of the interest rate floor (if applicable) or 3-month SOFR, which was 5.27% as of June 30, 2023.

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

June 30, 2024December 31, 2023
($ in thousands)Amortized CostFair ValueAmortized CostFair Value
First-lien senior secured debt investments(1)
$19,445,848 $19,478,774 
(5)
$13,742,305 $13,788,717 
(6)
Second-lien senior secured debt investments1,018,115 985,599 1,199,591 1,184,755 
Unsecured debt investments424,002 420,738 242,352 244,661 
Preferred equity investments(2)
442,796 451,220 709,751 721,545 
Common equity investments(3)
491,967 542,549 416,011 448,974 
Joint ventures(4)
305,183 307,646 261,433 273,441 
Total Investments$22,127,911 $22,186,526 $16,571,443 $16,662,093 
(1)Includes debt investment in Amergin AssetCo.
(2)Includes equity investment in LSI Financing.
(3)Includes equity investments in Amergin AssetCo and Fifth Season.
(4)Includes equity investment in OCIC SLF.
(5)37.6% of which we consider unitranche loans.
(6)44.6% 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, 2024December 31, 2023
Advertising and media2.8 %1.9 %
Aerospace and defense0.5 0.5 
Asset based lending and fund finance(1)
1.1 1.7 
Automotive services(2)
0.7 0.7 
Automotive aftermarket(2)
0.2 0.2 
Buildings and real estate3.1 3.6 
Business services5.8 5.5 
Chemicals3.1 1.6 
Consumer products1.8 2.0 
Containers and packaging3.1 3.2 
Distribution2.7 3.0 
Education0.7 0.8 
Energy equipment and services0.4 — 
Financial services5.2 3.1 
Food and beverage5.8 5.7 
Healthcare equipment and services4.7 4.8 
Healthcare providers and services12.5 14.8 
Healthcare technology4.7 4.3 
Household products1.6 1.9 





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June 30, 2024December 31, 2023
Human resource support services1.1 1.0 
Infrastructure and environmental services1.6 1.6 
Insurance(3)
9.8 9.7 
Internet software and services12.0 12.8 
Joint ventures(4)
1.4 1.6 
Leisure and entertainment0.8 0.8 
Manufacturing3.4 5.0 
Pharmaceuticals(5)
0.9 0.5 
Professional services4.6 4.4 
Specialty retail2.1 1.9 
Telecommunications1.1 0.4 
Transportation0.7 1.0 
Total100.0 %100.0 %
(1)Includes investment in Amergin AssetCo.
(2)This was disclosed as “Automotive” as of December 31, 2023.
(3)Includes equity investment in Fifth Season.
(4)Includes equity investment in OCIC SLF.
(5)Includes equity investment in LSI Financing.

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

June 30, 2024December 31, 2023
United States:
Midwest24.1 %23.3 %
Northeast17.5 17.7 
South32.4 31.3 
West17.0 18.5 
International9.0 9.2 
Total100.0 %100.0 %

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

June 30, 2024December 31, 2023
Weighted average total yield of portfolio(1)
11.1 %11.4 %
Weighted average total yield of debt and income producing securities(1)
11.2 %11.6 %
Weighted average interest rate of debt securities10.8 %11.2 %
Weighted average spread over base rate of all floating rate investments5.5 %5.9 %
(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.

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





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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 Blue Owl agent. 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 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.






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The following table shows the composition of our portfolio on the 1 to 5 rating scale as of the following periods:

June 30, 2024December 31, 2023
Investment RatingFair ValuePercentageFair ValuePercentage
($ in thousands)
1$1,489,562 6.7 %$942,463 5.7 %
220,160,596 91.0 15,378,993 92.2 
3520,625 2.3 329,859 2.0 
48,914 — — — 
56,829 — 10,778 0.1 
Total$22,186,526 100.0 %$16,662,093 100.0 %

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

June 30, 2024December 31, 2023
($ in thousands)Amortized CostPercentageAmortized CostPercentage
Performing$20,876,714 99.9 %$15,172,755 99.9 %
Non-accrual11,251 0.1 11,493 0.1 
Total$20,887,965 100.0 %$15,184,248 100.0 %

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, 2024, our commitment to Amergin AssetCo is $228.6 million, of which $160.0 million is equity and $68.6 million is debt. Our investment in Amergin 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 equity interest in Amergin AssetCo.

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, 2024, the fair value of our investment in Fifth Season was $268.7 million. Our investment in Fifth Season is a co-investment with our affiliates in accordance with the terms of the exemptive relief that we received from the SEC. We do not consolidate our equity interest in Fifth Season.

LSI Financing 1 DAC

LSI Financing 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. As of June 30, 2024, the fair value of our investment in LSI Financing was $75.3 million and our total commitment was $219.6 million. Our investment in LSI Financing is a co-investment made with our affiliates in accordance with the terms of the exemptive relief that we received from the SEC.






150


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.

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 SPV Asset 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 SPV Asset Facilities (the “OCIC SLF SPV Asset 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 Asset 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 Asset 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.

As of June 30, 2024 and December 31, 2023, OCIC SLF had total investments in senior secured debt at fair value, as determined by an independent valuation firm, of $1.62 billion and $1.15 billion, respectively. The determination of fair value is in accordance with FASB ASC 820, as amended; however, such fair value is not included in our valuation process. The following table is a summary of OCIC SLF’s portfolio as well as a listing of the portfolio investments in OCIC SLF’s portfolio as of the following periods:

($ in thousands)June 30, 2024December 31, 2023
Total senior secured debt investments(1)
$1,633,175 $1,157,358 
Weighted average spread over base rate(1)
3.5 %3.8 %
Number of portfolio companies235 192 
Largest funded investment to a single borrower(1)
$26,797 $14,420 
(1)At par.
OCIC SLF LLC’s Portfolio as of June 30, 2024
(Amounts in thousands)
(Unaudited)
Company(1)(3)(4)InvestmentInterestMaturity
Date
Par /
Units
Amortized
Cost(2)
Fair
Value
Percentage of Members’ Equity
Debt Investments
Advertising and media
Fleet U.S. Bidco Inc.(5)(9)First lien senior secured loanSR +3.25%02/20317,249 $7,216 $7,285 2.1 %
7,216 7,285 2.1 %
Aerospace and defense
American Airlines, Inc.(5)First lien senior secured loanSR +2.75%02/20281,960 $1,930 $1,954 0.6 %
Avolon TLB Borrower 1 (US) LLC(5)First lien senior secured loanSR +2.00%06/20282,490 2,479 2,493 0.7 %
Bleriot US Bidco, Inc.(6)First lien senior secured loanSR +3.25%10/202812,312 12,259 12,361 3.5 %
Dynasty Acquisition Co., Inc. (dba StandardAero Limited)(5)First lien senior secured loanSR +3.50%08/20285,492 5,492 5,508 1.4 %





151


OCIC SLF LLC’s Portfolio as of June 30, 2024
(Amounts in thousands)
(Unaudited)
Company(1)(3)(4)InvestmentInterestMaturity
Date
Par /
Units
Amortized
Cost(2)
Fair
Value
Percentage of Members’ Equity
KBR, Inc(5)First lien senior secured loanSR +2.25%01/20311,883 1,879 1,891 0.5 %
Novaria Holdings, LLC(5)(9)First lien senior secured loanSR +4.25%06/20315,000 4,975 4,975 1.4 %
Peraton Corp.(5)First lien senior secured loanSR +3.75%02/202812,393 12,183 12,388 3.5 %
Transdigm Inc.(6)First lien senior secured loanSR +2.75%08/20281,980 1,978 1,983 0.6 %
Transdigm Inc.(6)First lien senior secured loanSR +2.75%03/20302,364 2,364 2,368 0.7 %
Transdigm Inc.(6)First lien senior secured loanSR +2.50%02/203119,877 19,865 19,917 5.7 %
United Airlines, Inc.(6)First lien senior secured loanSR +2.75%02/20311,995 1,986 1,997 0.6 %
Vertex Aerospace Services Corp. (dba V2X)(5)First lien senior secured loanSR +2.75%12/20305,465 5,463 5,470 1.6 %
72,853 73,305 20.8 %
Automotive
Belron Finance US LLC(6)First lien senior secured loanSR +2.25%04/20291,241 $1,235 $1,242 0.4 %
1,235 1,242 0.4 %
Automotive services
Mister Car Wash Holdings, Inc.(5)First lien senior secured loanSR +3.00%03/20313,143 $3,143 $3,151 0.9 %
PAI Holdco, Inc.(6)First lien senior secured loanSR +3.75%10/20276,528 6,154 5,962 1.6 %
Wand Newco 3, Inc.(5)First lien senior secured loanSR +3.75%01/20313,324 3,318 3,345 1.0 %
12,615 12,458 3.5 %
Buildings and real estate
84 Lumber Company(5)First lien senior secured loanSR +2.25%11/20305,186 $5,186 $5,208 1.5 %
American Builders & Contractors Supply Co., Inc.(5)First lien senior secured loanSR +2.00%01/20311,265 1,265 1,267 0.4 %
American Residential Services, LLC(6)First lien senior secured loanSR +3.50%10/20276,606 6,590 6,573 1.9 %
Core & Main LP(6)First lien senior secured loanSR +2.25%02/20314,072 4,053 4,074 1.2 %
CPG International LLC(5)First lien senior secured loanSR +2.50%04/20294,366 4,355 4,368 1.2 %
Cushman & Wakefield U.S. Borrower, LLC(5)(9)First lien senior secured loanSR +2.75%08/2025125 124 125 — %
Cushman & Wakefield U.S. Borrower, LLC(5)First lien senior secured loanSR +3.75%01/20308,978 8,978 8,978 2.6 %
Dodge Construction Network, LLC(6)(9)First lien senior secured loanSR +4.75%02/20295,194 4,508 3,792 1.1 %
EMRLD Borrower LP (dba Emerson Climate Technologies, Inc.)(5)First lien senior secured loanSR +2.50%05/20309,210 9,200 9,201 2.6 %
EMRLD Borrower LP (dba Emerson Climate Technologies, Inc.)(6)(9)First lien senior secured loanSR +2.50%06/20312,504 2,498 2,498 0.7 %
Greystar Real Estate Partners, LLC (dba Greystar)(6)First lien senior secured loanSR +3.25%08/20307,943 7,851 7,883 2.2 %
GYP Holdings III Corp.(5)First lien senior secured loanSR +2.25%05/20301,990 1,990 1,990 0.6 %
Kodiak BP LLC(6)First lien senior secured loanSR +3.75%03/20286,435 6,404 6,451 1.8 %
MIWD Holdco II LLC(5)First lien senior secured loanSR +3.50%03/20317,714 7,676 7,754 2.2 %
Quikrete Holdings, Inc.(5)First lien senior secured loanSR +2.25%03/20291,980 1,980 1,980 0.6 %
Quikrete Holdings, Inc.(5)First lien senior secured loanSR +2.50%04/20317,040 7,026 7,051 2.0 %
RealPage, Inc.(5)First lien senior secured loanSR +3.00%04/202813,371 12,948 12,981 3.6 %
Wrench Group LLC(6)First lien senior secured loanSR +4.00%10/202810,633 10,610 10,633 3.0 %
103,242 102,807 29.2 %
Business services
ASGN, Inc.(6)First lien senior secured loanSR +1.75%08/2030496 $496 $497 0.1 %
Boxer Parent Company Inc. (f/k/a BMC)(5)First lien senior secured loanSR +4.00%12/202810,271 10,226 10,280 2.9 %
BrightView Landscapes, LLC(5)First lien senior secured loanSR +2.50%04/20298,515 8,519 8,532 2.4 %
Brown Group Holdings, LLC(5)First lien senior secured loanSR +2.75%06/20285,781 5,776 5,775 1.6 %
Brown Group Holdings, LLC(5)First lien senior secured loanSR +3.00%07/20295,651 5,630 5,644 1.6 %
Conservice Midco, LLC(5)First lien senior secured loanSR +4.00%05/2027995 995 995 0.3 %
IDEMIA Group SAS(6)First lien senior secured loanSR +4.25%09/20284,978 4,992 4,991 1.4 %
MKS Instruments, Inc.(5)First lien senior secured loanSR +2.50%08/20292,016 2,012 2,016 0.7 %
Packers Holdings, LLC(5)First lien senior secured loanSR +3.25%03/20283,908 2,761 2,112 0.6 %
POLARIS PURCHASER, INC. (dba Plusgrade L.P.)(6)(9)First lien senior secured loanSR +4.50%03/20317,568 7,497 7,530 2.2 %
Sitel Worldwide Corp.(5)First lien senior secured loanSR +3.75%08/20286,904 6,816 5,292 1.5 %





152


OCIC SLF LLC’s Portfolio as of June 30, 2024
(Amounts in thousands)
(Unaudited)
Company(1)(3)(4)InvestmentInterestMaturity
Date
Par /
Units
Amortized
Cost(2)
Fair
Value
Percentage of Members’ Equity
Vestis Corp(6)First lien senior secured loanSR +2.25%02/20312,565 2,559 2,550 0.7 %
VM Consolidated, Inc.(5)First lien senior secured loanSR +2.75%03/20282,093 2,093 2,102 0.6 %
XPLOR T1, LLC(6)(9)First lien senior secured loanSR +4.25%06/20315,000 4,975 4,975 1.4 %
65,347 63,291 18.0 %
Chemicals
Aruba Investments Holdings LLC (dba Angus Chemical Company)(5)First lien senior secured loanSR +4.75%11/20277,432 $7,248 $7,391 2.1 %
Axalta Coating Systems US Holdings Inc.(6)First lien senior secured loanSR +2.00%12/20291,583 1,582 1,585 0.5 %
Blue Tree Holdings, Inc.(8)First lien senior secured loanP +1.50%03/20283,944 3,914 3,937 1.1 %
H.B. Fuller Company(5)First lien senior secured loanSR +2.00%02/2030992 991 992 0.3 %
Ineos US Finance LLC(6)First lien senior secured loanSR +3.50%02/20308,447 8,430 8,413 2.4 %
Ineos US Finance LLC(5)First lien senior secured loanSR +3.75%01/20314,000 3,962 4,006 1.0 %
Ineos US Petrochem LLC(6)First lien senior secured loanSR +3.75%03/20305,960 5,919 5,934 1.7 %
Nouryon Finance B.V.(5)(9)First lien senior secured loanSR +3.50%04/202810,247 10,247 10,265 2.9 %
Potters(6)First lien senior secured loanSR +3.75%12/20271,995 1,998 2,002 0.6 %
Windsor Holdings III LLC(5)First lien senior secured loanSR +4.00%08/203010,682 10,682 10,739 3.1 %
54,973 55,264 15.7 %
Consumer products
BEP Intermediate Holdco, LLC (dba Buyers Edge Platform)(5)(9)First lien senior secured loanSR +3.75%04/20315,953 $5,924 $5,923 1.7 %
Flexera(6)First lien senior secured loanSR +3.50%03/20281,247 1,247 1,250 0.4 %
Olaplex, Inc.(5)First lien senior secured loanSR +3.50%02/20295,207 4,903 4,991 1.4 %
12,074 12,164 3.5 %
Containers and packaging
Anchor Packaging, LLC(5)First lien senior secured loanSR +3.75%07/20296,240 $6,225 $6,236 1.8 %
Berlin Packaging L.L.C.(5)First lien senior secured loanSR +3.75%06/20316,302 6,287 6,314 1.8 %
BW Holding, Inc.(6)First lien senior secured loanSR +4.00%12/20287,650 7,550 6,990 2.0 %
Charter NEX US, Inc.(5)First lien senior secured loanSR +3.50%12/20272,435 2,437 2,438 0.7 %
Plaze, Inc.(5)First lien senior secured loanSR +3.75%08/20266,824 6,679 6,567 1.9 %
Pregis Topco LLC(5)First lien senior secured loanSR +4.00%07/20265,969 5,950 5,966 1.7 %
ProAmpac PG Borrower LLC(6)First lien senior secured loanSR +4.00%09/202812,191 12,192 12,210 3.5 %
Ring Container Technologies Group, LLC(5)First lien senior secured loanSR +3.50%08/20288,617 8,497 8,661 2.5 %
SupplyOne, Inc.(5)First lien senior secured loanSR +4.25%04/20317,339 7,267 7,343 2.1 %
Tricorbraun Holdings, Inc.(5)First lien senior secured loanSR +3.25%03/202817,372 17,001 17,327 4.8 %
80,085 80,052 22.8 %
Distribution
AI Aqua Merger Sub, Inc. (dba Culligan International)(5)First lien senior secured loanSR +3.25%07/20285,562 $5,549 $5,569 1.5 %
AI Aqua Merger Sub, Inc. (dba Culligan International)(5)First lien senior secured loanSR +4.25%07/20287,980 7,752 7,986 2.3 %
Aramsco, Inc.(6)First lien senior secured loanSR +4.75%10/20308,494 8,334 8,483 2.4 %
Aramsco, Inc.(6)(10)(11)First lien senior secured delayed draw term loanSR +4.75%10/2025— — — — %
BCPE Empire Holdings, Inc. (dba Imperial-Dade)(5)First lien senior secured loanSR +4.00%01/20279,741 9,740 9,736 2.8 %
Dealer Tire Financial, LLC(5)(9)First lien senior secured loanSR +3.75%12/20275,890 5,878 5,875 1.7 %
Dealer Tire Financial, LLC(5)(9)First lien senior secured loanSR +3.75%07/20315,000 4,975 4,988 1.4 %
Foundation Building Materials, Inc.(6)First lien senior secured loanSR +4.00%11/20288,501 8,421 8,452 2.4 %
White Cap Supply Holdings, LLC(5)First lien senior secured loanSR +3.25%10/202914,943 14,933 14,962 4.3 %
65,582 66,051 18.8 %
Education
Renaissance Learning, Inc.(6)First lien senior secured loanSR +4.25%04/203011,430 $11,419 $11,414 3.2 %
Severin Acquisition, LLC (dba Powerschool)(6)First lien senior secured loanSR +3.00%08/20278,417 8,351 8,438 2.4 %
Sophia, L.P.(5)First lien senior secured loanSR +3.50%10/202912,658 12,654 12,706 3.6 %





153


OCIC SLF LLC’s Portfolio as of June 30, 2024
(Amounts in thousands)
(Unaudited)
Company(1)(3)(4)InvestmentInterestMaturity
Date
Par /
Units
Amortized
Cost(2)
Fair
Value
Percentage of Members’ Equity
Spring Education Group, Inc. (fka SSH Group Holdings, Inc.)(6)First lien senior secured loanSR +4.00%10/20308,619 8,591 8,649 2.5 %
41,015 41,207 11.7 %
Energy equipment and services
AMG Advanced Metallurgical Group N.V(5)First lien senior secured loanSR +3.50%11/20283,413 $3,404 $3,404 1.0 %
AZZ Inc.(5)First lien senior secured loanSR +3.25%05/20299,492 9,458 9,542 2.7 %
Brookfield WEC Holdings Inc.(5)First lien senior secured loanSR +2.75%01/203110,690 10,659 10,692 3.0 %
Calpine Construction Finance Company(5)First lien senior secured loanSR +2.00%07/2030993 986 989 0.3 %
Calpine Corporation(5)First lien senior secured loanSR +2.00%01/20314,611 4,594 4,595 1.3 %
Pike Corp.(5)First lien senior secured loanSR +3.00%01/20282,300 2,267 2,303 0.7 %
Rockwood Service Corp.(5)First lien senior secured loanSR +4.00%01/20276,431 6,420 6,462 1.8 %
37,788 37,987 10.8 %
Financial services
AllSpring Buyer(6)First lien senior secured loanSR +4.00%11/202810,391 $10,361 $10,374 3.0 %
Ascensus Holdings, Inc.(5)First lien senior secured loanSR +3.50%08/20282,984 2,964 2,981 0.8 %
Boost Newco Borrower, LLC (dba WorldPay)(6)First lien senior secured loanSR +3.00%01/203112,000 11,946 11,999 3.4 %
Chrysaor Bidco s.à r.l. (dba AlterDomus)(5)First lien senior secured loanSR +3.50%05/20314,112 4,112 4,125 1.2 %
Chrysaor Bidco s.à r.l. (dba AlterDomus)(5)(10)(11)First lien senior secured delayed draw term loanSR +3.50%05/2026— — — — %
Citadel Securities, LP(5)First lien senior secured loanSR +2.25%07/20309,919 9,923 9,944 2.8 %
Citco Funding LLC(6)First lien senior secured loanSR +2.75%04/20289,336 9,312 9,359 2.7 %
Creative Planning, LLC(5)First lien senior secured loanSR +2.00%05/20315,937 5,922 5,928 1.7 %
Deerfield Dakota Holdings(6)First lien senior secured loanSR +3.75%04/202711,271 10,991 11,258 3.2 %
Focus Financial Partners, LLC(5)First lien senior secured loanSR +2.75%06/20286,893 6,888 6,882 2.0 %
Grant Thornton Advisors LLC(6)First lien senior secured loanSR +3.25%06/20314,941 4,941 4,954 1.4 %
Guggenheim Partners Investment Management Holdings, LLC(6)First lien senior secured loanSR +3.25%12/20294,925 4,853 4,947 1.4 %
Harbourvest Partners, L.P.(6)First lien senior secured loanSR +2.50%04/20302,385 2,366 2,385 0.7 %
Jane Street Group, LLC(5)First lien senior secured loanSR +2.50%01/20286,304 6,297 6,296 1.8 %
Janus International Group, LLC(5)First lien senior secured loanSR +2.50%08/20304,800 4,800 4,818 1.4 %
Kestra Advisor Services Holdings A Inc(5)First lien senior secured loanSR +4.00%03/20316,571 6,556 6,588 1.9 %
MARINER WEALTH ADVISORS, LLC(5)First lien senior secured loanSR +3.00%08/20286,191 6,196 6,180 1.8 %
OneDigital Borrower LLC(5)First lien senior secured loanSR +4.25%11/202710,747 10,768 10,708 3.0 %
OneDigital Borrower LLC(5)First lien senior secured loanSR +3.25%06/203116,049 15,994 15,979 4.5 %
Saphilux S.a.r.L. (dba IQ-EQ)(7)(9)First lien senior secured loanSR +4.00%07/202810,448 10,448 10,500 3.0 %
Teneo Holdings LLC(5)First lien senior secured loanSR +4.75%03/203112,843 12,717 12,860 3.6 %
TMF Sapphire Bidco B.V.(6)First lien senior secured loanSR +4.00%05/20282,488 2,488 2,489 0.7 %
160,843 161,554 46.0 %
Food and beverage
1011778 BC / NEW RED FIN (dba Restaurant Brands)(5)First lien senior secured loanSR +1.75%09/20304,883 $4,890 $4,865 1.4 %
Aramark Services, Inc.(5)First lien senior secured loanSR +2.00%06/2030990 990 990 0.3 %
Aspire Bakeries Holdings, LLC(5)First lien senior secured loanSR +4.25%12/20304,988 4,941 4,991 1.4 %
Balrog Acquisition, Inc. (dba Bakemark)(5)First lien senior secured loanSR +4.00%09/202810,819 10,713 10,764 3.1 %
Fiesta Purchaser, Inc.(5)First lien senior secured loanSR +4.00%02/20318,498 8,427 8,550 2.4 %
Pegasus BidCo B.V.(6)First lien senior secured loanSR +3.75%07/202911,729 11,733 11,783 3.3 %
Simply Good Foods USA, Inc.(5)First lien senior secured loanSR +2.50%03/20275,422 5,407 5,429 1.5 %
Utz Quality Foods, LLC(5)First lien senior secured loanSR +2.75%01/20282,888 2,888 2,894 0.8 %
Whatabrands LLC (dba Whataburger Restaurants LLC)(6)First lien senior secured loanSR +2.75%08/20281,990 1,990 1,989 0.6 %
51,979 52,255 14.8 %





154


OCIC SLF LLC’s Portfolio as of June 30, 2024
(Amounts in thousands)
(Unaudited)
Company(1)(3)(4)InvestmentInterestMaturity
Date
Par /
Units
Amortized
Cost(2)
Fair
Value
Percentage of Members’ Equity
Healthcare equipment and services
Agiliti Health(6)First lien senior secured loanSR +3.00%05/20304,841 $4,805 $4,817 1.4 %
Azalea TopCo, Inc. (dba Press Ganey)(5)First lien senior secured loanSR +3.50%04/20316,535 6,471 6,528 1.9 %
Confluent Medical Technologies, Inc.(6)(9)First lien senior secured loanSR +3.75%02/20299,615 9,503 9,591 2.7 %
Curium BidCo S.A.R.L (dba Curium Pharma)(6)First lien senior secured loanSR +4.00%07/20297,010 7,012 7,031 2.0 %
Dermatology Intermediate Holdings III, Inc.(6)First lien senior secured loanSR +4.25%03/202913,845 13,701 13,393 3.8 %
Medline Borrower, LP(5)First lien senior secured loanSR +2.75%10/2028928 928 930 0.3 %
Natus Medical, Inc.(6)(9)First lien senior secured loanSR +5.50%07/20294,433 4,172 4,333 1.2 %
Nexstar Broadcasting, Inc.(5)First lien senior secured loanSR +2.50%09/20263,800 3,801 3,807 1.1 %
Resonetics, LLC(5)First lien senior secured loanSR +3.75%06/20318,571 8,550 8,582 2.4 %
Zest Acquisition Corp.(6)(9)First lien senior secured loanSR +5.50%02/202810,388 10,156 10,440 3.0 %
69,099 69,452 19.8 %
Healthcare providers and services
Concentra(6)(9)First lien senior secured loanSR +2.25%06/20314,559 $4,553 $4,553 1.2 %
Covetrus, Inc.(6)First lien senior secured loanSR +5.00%10/20299,381 8,918 9,051 2.6 %
HAH Group Holding Company LLC (dba Help at Home)(5)First lien senior secured loanSR +5.00%10/20273,781 3,754 3,790 1.1 %
HAH Group Holding Company LLC (dba Help at Home)(5)First lien senior secured loanSR +5.00%10/2022478 475 480 0.1 %
HAH Group Holding Company LLC (dba Help at Home)(5)(9)First lien senior secured loanSR +5.00%10/20276,953 6,932 6,970 2.0 %
Inception Finco S.à.r.l (dba IVI RMA)(6)First lien senior secured loanSR +4.50%03/20315,571 5,544 5,603 1.6 %
Inizio Group Limited (dba UDG Healthcare)(6)First lien senior secured loanSR +4.25%08/20284,731 4,692 4,719 1.3 %
LSCS Holdings, Inc.(5)First lien senior secured loanSR +4.50%12/202811,310 11,126 11,162 3.2 %
Pacific Dental Services, LLC(5)First lien senior secured loanSR +3.25%03/20317,766 7,748 7,771 2.2 %
Pediatric Associates Holding Company, LLC(5)(9)First lien senior secured loanSR +4.50%12/20283,005 2,868 2,975 0.8 %
Pediatric Associates Holding Company, LLC(5)First lien senior secured loanSR +3.25%12/20287,838 7,501 7,561 2.2 %
Phoenix Guarantor Inc(5)First lien senior secured loanSR +3.25%02/203112,228 12,111 12,190 3.5 %
Phoenix Newco, Inc. (dba Parexel)(5)First lien senior secured loanSR +3.25%11/20287,331 7,138 7,343 2.1 %
Physician Partners, LLC(7)First lien senior secured loanSR +4.00%12/202811,282 8,433 2.4 %
Radnet(6)First lien senior secured loanSR +2.50%04/20312,483 2,465 2,482 0.7 %
Select Medical Corp.(5)First lien senior secured loanSR +3.00%03/20272,872 2,861 2,871 0.8 %
Soliant Lower Intermediate, LLC (dba Soliant)(5)First lien senior secured loanSR +3.75%06/20318,252 8,170 8,231 2.3 %
Surgery Center Holdings, Inc.(5)First lien senior secured loanSR +3.50%12/20303,416 3,416 3,421 1.0 %
Team Services Group, LLC(7)(9)First lien senior secured loanSR +5.00%12/20276,211 6,182 6,196 1.8 %
117,736 115,802 32.9 %
Healthcare technology
Bracket Intermediate Holding Corp.(6)First lien senior secured loanSR +5.00%05/20289,786 $9,660 $9,814 2.8 %
Certara(6)(9)First lien senior secured loanSR +3.00%06/2031815 813 815 0.2 %
Cotiviti, Inc.(5)First lien senior secured loanSR +3.25%05/20317,315 7,280 7,270 2.1 %
Ensemble RCM, LLC(6)First lien senior secured loanSR +3.00%08/202910,413 10,346 10,370 2.9 %
Gainwell Acquisition Corp.(6)First lien senior secured loanSR +4.00%10/20272,300 2,248 2,224 0.6 %
GHX Ultimate Parent Corporation (dba Global Healthcare Exchange)(6)(9)First lien senior secured loanSR +4.00%06/20275,955 5,950 5,985 1.7 %
Imprivata, Inc.(6)First lien senior secured loanSR +3.50%12/20278,853 8,853 8,886 2.5 %
IQVIA, Inc.(6)First lien senior secured loanSR +2.00%01/2031995 995 998 0.3 %
PointClickCare Technologies Inc.PointClickCare Technologies Inc(6)First lien senior secured loanSR +3.00%12/20271,980 1,980 1,987 0.6 %
Project Ruby Ultimate Parent Corp. (dba Wellsky)(5)First lien senior secured loanSR +3.50%03/20287,441 7,409 7,450 2.1 %
R1 RCM Inc.(5)First lien senior secured loanSR +3.00%06/20296,753 6,700 6,766 2.0 %





155


OCIC SLF LLC’s Portfolio as of June 30, 2024
(Amounts in thousands)
(Unaudited)
Company(1)(3)(4)InvestmentInterestMaturity
Date
Par /
Units
Amortized
Cost(2)
Fair
Value
Percentage of Members’ Equity
Waystar Technologies, Inc. (F/K/A Navicure, Inc.)(6)First lien senior secured loanSR +3.00%10/20297,079 7,079 7,079 2.0 %
Zelis Cost Management Buyer, Inc.(5)First lien senior secured loanSR +2.75%09/202910,875 10,833 10,863 3.1 %
80,146 80,507 22.9 %
Household products
Samsonite International S.A.(5)First lien senior secured loanSR +2.00%06/20301,985 $1,980 $1,989 0.6 %
1,980 1,989 0.6 %
Human resource support services
AQ Carver Buyer, Inc. (dba CoAdvantage)(6)First lien senior secured loanSR +5.50%08/20297,541 $7,498 $7,562 2.2 %
Cast & Crew Payroll, LLC(5)First lien senior secured loanSR +3.75%02/20293,990 3,970 3,989 1.1 %
iSolved, Inc.(5)First lien senior secured loanSR +3.50%10/20307,484 7,484 7,491 2.1 %
UKG Inc.(5)First lien senior secured loanSR +3.25%02/203110,540 10,534 10,575 3.0 %
29,486 29,617 8.4 %
Infrastructure and environmental services
Gulfside Supply, Inc. (dba Gulfeagle Supply)(5)(9)First lien senior secured loanSR +3.00%06/20312,996 $2,988 $2,988 0.8 %
Madison IAQ, LLC(5)First lien senior secured loanSR +2.75%06/20285,590 5,590 5,591 1.7 %
Osmose Utilities Services, Inc.(5)First lien senior secured loanSR +3.25%06/20285,819 5,489 5,774 1.6 %
14,067 14,353 4.1 %
Insurance
Acrisure, LLC(6)First lien senior secured loanSR +3.25%11/203012,754 $12,743 $12,730 3.6 %
Ardonagh Midco 3 PLC(5)(9)First lien senior secured loanSR +3.75%02/203113,730 13,661 13,661 3.9 %
AssuredPartners, Inc.(5)First lien senior secured loanSR +3.50%02/203113,045 13,021 13,071 3.7 %
Broadstreet Partners, Inc.(5)First lien senior secured loanSR +3.25%06/203110,157 10,146 10,125 2.9 %
Hub International(6)First lien senior secured loanSR +3.25%06/20302,993 2,990 2,998 0.9 %
Hyperion Refinance S.a.r.l (dba Howden Group)(5)First lien senior secured loanSR +4.00%04/20305,297 5,166 5,300 1.5 %
Hyperion Refinance S.a.r.l (dba Howden Group)(5)First lien senior secured loanSR +3.50%02/203110,548 10,502 10,563 3.0 %
IMA Financial Group, Inc.(5)First lien senior secured loanSR +3.25%11/20287,191 7,172 7,188 2.0 %
Mitchell International, Inc.(5)First lien senior secured loanSR +3.25%06/20315,000 4,975 4,950 1.4 %
Truist Insurance Holdings, LLC(6)First lien senior secured loanSR +3.25%05/20317,357 7,340 7,364 2.1 %
USI, Inc.(6)First lien senior secured loanSR +2.75%09/20307,571 7,571 7,568 2.2 %
95,287 95,518 27.2 %
Internet software and services
Applied Systems, Inc.(6)First lien senior secured loanSR +3.50%02/20311,000 $999 $1,007 0.3 %
Barracuda Parent, LLC(7)First lien senior secured loanSR +4.50%08/202910,441 10,097 10,414 3.0 %
Cloud Software Group, Inc.(6)First lien senior secured loanSR +4.00%03/20294,975 4,975 4,967 1.4 %
Cloud Software Group, Inc.(6)First lien senior secured loanSR +4.50%03/20318,211 8,150 8,227 2.3 %
Dayforce Inc(5)First lien senior secured loanSR +2.50%03/20317,685 7,667 7,685 2.2 %
Delta TopCo, Inc. (dba Infoblox, Inc.)(6)First lien senior secured loanSR +3.50%11/20298,853 8,831 8,846 2.5 %
E2open, LLC(5)First lien senior secured loanSR +3.50%02/20288,297 8,208 8,322 2.4 %
Epicor(5)First lien senior secured loanSR +3.25%05/20312,730 2,723 2,740 0.8 %
Epicor(6)(10)(11)First lien senior secured delayed draw term loanSR +3.25%05/2027— — — — %
HomeServe USA Holding Corp.(5)First lien senior secured loanSR +2.50%10/20305,486 5,486 5,497 1.6 %
Infinite Bidco LLC(6)First lien senior secured loanSR +3.75%03/20285,043 4,912 4,823 1.4 %
McAfee Corp.(5)First lien senior secured loanSR +3.25%03/20297,496 7,496 7,478 2.1 %
MeridianLink, Inc.(6)First lien senior secured loanSR +2.75%11/20284,807 4,807 4,813 1.4 %
Mitnick Corporate Purchaser, Inc.(6)First lien senior secured loanSR +4.50%05/20297,842 7,418 7,246 2.1 %
Perforce Software, Inc.(5)First lien senior secured loanSR +3.75%07/20263,219 3,116 3,206 0.9 %
Project Alpha Intermediate Holding, Inc. (dba Qlik)(6)First lien senior secured loanSR +3.75%10/203010,973 10,973 10,998 3.1 %
Project Sky Merger Sub, Inc.(5)First lien senior secured loanSR +3.75%10/20288,272 8,241 8,252 2.3 %
Proofpoint, Inc.(5)First lien senior secured loanSR +3.00%08/202812,381 12,381 12,386 3.5 %





156


OCIC SLF LLC’s Portfolio as of June 30, 2024
(Amounts in thousands)
(Unaudited)
Company(1)(3)(4)InvestmentInterestMaturity
Date
Par /
Units
Amortized
Cost(2)
Fair
Value
Percentage of Members’ Equity
Quartz Acquireco, LLC (dba Qualtrics)(6)First lien senior secured loanSR +2.75%06/20308,987 8,987 8,987 2.6 %
Sedgwick Claims Management Services, Inc.(5)First lien senior secured loanSR +3.75%02/202813,068 13,035 13,067 3.7 %
SONICWALL US Holdings, Inc.(6)First lien senior secured loanSR +5.00%05/20289,726 9,453 9,555 2.7 %
Sophos Holdings, LLC(5)First lien senior secured loanSR +3.50%03/202710,384 10,250 10,392 2.9 %
SS&C(5)First lien senior secured loanSR +2.00%05/20315,104 5,104 5,109 1.5 %
The Dun & Bradstreet Corporation(5)First lien senior secured loanSR +2.75%01/20294,416 4,416 4,416 1.3 %
UST Holdings, Ltd.(5)First lien senior secured loanSR +3.50%11/20289,243 9,227 9,243 2.6 %
Vertiv Group Corp.(5)First lien senior secured loanSR +2.00%03/2027516 516 517 0.1 %
VIRTUSA CORPORATION(5)First lien senior secured loanSR +3.25%02/20292,377 2,377 2,381 0.7 %
VS Buyer LLC(5)First lien senior secured loanSR +3.25%04/203111,069 11,043 11,083 3.2 %
Webpros Luxembourg Sarl(5)First lien senior secured loanSR +4.00%03/20316,840 6,824 6,840 1.9 %
197,712 198,497 56.5 %
Investment funds and vehicle
Finco I, LLC(6)First lien senior secured loanSR +3.00%06/20297,798 $7,809 $7,819 2.2 %
First Eagle Investments Management LLC(6)First lien senior secured loanSR +3.00%03/20298,732 8,623 8,685 2.5 %
Grosvenor(5)First lien senior secured loanSR +2.25%02/20305,294 5,294 5,284 1.5 %
21,726 21,788 6.2 %
Leisure and entertainment
Delta 2 (Lux) SARL (dba Formula One)(6)First lien senior secured loanSR +2.25%01/20301,500 $1,496 $1,502 0.4 %
1,496 1,502 0.4 %
Manufacturing
Altar Bidco, Inc.(5)First lien senior secured loanSR +3.10%02/20294,691 $4,518 $4,681 1.3 %
Chariot Buyer LLC(5)First lien senior secured loanSR +3.50%11/20285,985 5,962 5,998 1.7 %
Columbus McKinnon Corp.(6)First lien senior secured loanSR +2.50%05/2028430 430 433 0.2 %
DXP Enterprises, Inc.(7)First lien senior secured loanSR +4.75%10/203010,356 10,205 10,407 3.0 %
Engineered Machinery Holdings, Inc. (dba Duravant)(6)First lien senior secured loanSR +3.75%05/202811,479 11,406 11,515 3.3 %
Entegris, Inc.(6)First lien senior secured loanSR +1.75%07/2029497 497 497 0.1 %
Filtration Group Corporation(5)First lien senior secured loanSR +3.50%10/20287,920 7,903 7,953 2.3 %
Gates Global LLC(5)First lien senior secured loanSR +3.00%11/20293,459 3,434 3,461 1.0 %
Gloves Buyer, Inc. (dba Protective Industrial Products)(5)First lien senior secured loanSR +4.00%12/20273,000 2,993 2,981 0.8 %
Pro Mach Group, Inc.(5)First lien senior secured loanSR +3.50%08/202813,387 13,211 13,444 3.8 %
Refficiency Holdings, LLC (dba Legence)(5)First lien senior secured loanSR +3.50%12/202711,716 11,689 11,714 3.3 %
STS Operating, Inc.(6)First lien senior secured loanSR +4.00%03/20319,548 9,501 9,563 2.7 %
Summit Materials, LLC(6)First lien senior secured loanSR +2.50%01/20292,993 2,986 3,011 0.9 %
Watlow Electric Manufacturing Company(6)First lien senior secured loanSR +3.75%03/202810,255 10,147 10,232 2.9 %
Zekelman Industries Inc. (dba Zekelman Industries)(5)First lien senior secured loanSR +2.25%01/20316,700 6,684 6,703 1.9 %
101,566 102,593 29.2 %
Pharmaceuticals
Fortrea Holdings Inc.(5)First lien senior secured loanSR +3.75%07/20303,085 $3,085 $3,082 0.9 %
3,085 3,082 0.9 %
Professional services
Apex Group Treasury, LLC(6)First lien senior secured loanSR +3.75%07/20284,863 $4,719 $4,863 1.4 %
Apex Group Treasury, LLC(6)(9)First lien senior secured loanSR +5.00%07/20287,195 6,996 7,195 2.0 %
Arsenal AIC Parent, LLC (dba Arconic)(5)First lien senior secured loanSR +3.75%08/20307,202 7,203 7,237 2.1 %
Camelot U.S. Acquisition 1 Co.(5)First lien senior secured loanSR +2.75%01/20314,791 4,780 4,797 1.3 %
Corporation Service Company(5)First lien senior secured loanSR +2.75%11/20291,583 1,580 1,585 0.5 %
Element Solutions, Inc.(6)First lien senior secured loanSR +2.00%12/2030995 993 996 0.2 %
Genuine Financial Holdings, LLC(6)First lien senior secured loanSR +4.00%09/20306,617 6,561 6,587 1.9 %





157


OCIC SLF LLC’s Portfolio as of June 30, 2024
(Amounts in thousands)
(Unaudited)
Company(1)(3)(4)InvestmentInterestMaturity
Date
Par /
Units
Amortized
Cost(2)
Fair
Value
Percentage of Members’ Equity
Omnia Partners, LLC(6)First lien senior secured loanSR +3.25%07/203010,691 10,687 10,688 3.0 %
Red Ventures, LLC(5)First lien senior secured loanSR +3.00%03/20305,313 5,301 5,247 1.5 %
Skopima Merger Sub Inc.(5)First lien senior secured loanSR +4.00%05/20288,679 8,457 8,666 2.5 %
Sovos Compliance, LLC(5)First lien senior secured loanSR +4.50%08/202813,372 13,059 13,255 3.8 %
Thevelia (US) LLC(6)First lien senior secured loanSR +3.75%06/20294,980 4,995 5,002 1.4 %
Vistage Worldwide, Inc.(6)(9)First lien senior secured loanSR +4.75%07/20299,596 9,727 2.8 %
84,927 85,845 24.4 %
Telecommunications
Cable One, Inc.(5)First lien senior secured loanSR +2.00%05/20284,755 $4,743 $4,666 1.4 %
Ciena Corp.(6)First lien senior secured loanSR +2.00%10/2030995 993 998 0.3 %
Cogeco Communications (USA) II L.P.(5)First lien senior secured loanSR +2.50%09/20284,447 4,403 4,293 1.2 %
Zayo Group Holdings, Inc.(5)First lien senior secured loanSR +4.33%03/20279,775 8,131 8,580 2.4 %
18,270 18,537 5.3 %
Transportation
Echo Global Logistics, Inc.(5)First lien senior secured loanSR +3.75%11/20284,119 $4,062 $4,063 1.3 %
Genesee & Wyoming Inc.(6)First lien senior secured loanSR +2.00%04/20315,398 5,371 5,390 1.5 %
KKR Apple Bidco, LLC(5)First lien senior secured loanSR +3.50%09/20282,187 2,183 2,190 0.6 %
Uber Technologies, Inc.(6)First lien senior secured loanSR +2.75%3/4/20301,572 1,568 1,578 0.4 %
13,184 13,221 3.8 %
Total Debt Investments$1,616,614 $1,619,225 460.7 %
Total Investments$1,616,614 $1,619,225 460.7 %
(1)Unless otherwise indicated, OCIC SLF’s investments are pledged as collateral supporting the amounts outstanding under OCIC SLF’s SPV Debt Facilities.
(2)The amortized cost represents the original cost adjusted for the amortization of discounts and premiums, as applicable, on debt investments using the effective interest method.
(3)Unless otherwise indicated, all investments are considered Level 2 investments.
(4)Unless otherwise indicated, loan contains a variable rate structure, which may be subject to an interest rate floor. Variable rate loans bear interest at a rate that may be determined by reference to Secured Overnight Financing Rate (“SOFR” or “SR”) (which can include one-, three-, six- or twelve-month SOFR), at the borrower’s option, and which reset periodically based on the terms of the loan agreement.
(5)The interest rate on these loans is subject to 1 month SOFR, which as of June 30, 2024 was 5.34%.
(6)The interest rate on these loans is subject to 3 month SOFR, which as of June 30, 2024 was 5.32%.
(7)The interest rate on these loans is subject to 6 month SOFR, which as of June 30, 2024 was 5.25%.
(8)The interest rate on these investments is subject to Prime, which as of June 30, 2024 was 8.50%.
(9)Level 3 investment.
(10)Position or portion thereof is an unfunded loan commitment.
(11)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.



Blue Owl Credit Income Senior Loan Fund’s Portfolio as of December 31, 2023
(Amounts in thousands)
Company(1)(3)(4)InvestmentInterestMaturity
Date
Par /
Units
Amortized
Cost(2)
Fair
Value
Percentage of Members’ Equity
Debt Investments
Aerospace and defense
American Airlines, Inc.(7)First lien senior secured loanSR +2.75%02/20281,980 $1,947 $1,976 0.7 %
Avolon TLB Borrower 1 (US) LLC(5)First lien senior secured loanSR +2.50%06/20289,490 9,413 9,505 3.1 %
Barnes Group, Inc.(5)First lien senior secured loanSR +3.00%09/20306,484 6,437 6,497 2.1 %
Bleriot US Bidco, Inc.(6)First lien senior secured loanSR +4.00%10/20285,927 5,847 5,946 2.0 %
Dynasty Acquisition Co., Inc. (dba StandardAero Limited)(5)First lien senior secured loanSR +4.00%08/20281,809 1,797 1,813 0.6 %





158


Blue Owl Credit Income Senior Loan Fund’s Portfolio as of December 31, 2023
(Amounts in thousands)
Company(1)(3)(4)InvestmentInterestMaturity
Date
Par /
Units
Amortized
Cost(2)
Fair
Value
Percentage of Members’ Equity
Dynasty Acquisition Co., Inc. (dba StandardAero Limited)(5)First lien senior secured loanSR +4.00%04/20264,221 4,194 4,229 1.4 %
Peraton Corp.(5)First lien senior secured loanSR +3.75%02/202812,458 12,219 12,474 4.0 %
Transdigm Inc.(6)First lien senior secured loanSR +3.25%02/20315,000 4,988 5,019 1.7 %
Transdigm, Inc.(6)First lien senior secured loanSR +3.25%08/20282,973 2,967 2,984 1.0 %
Transdigm, Inc.(6)First lien senior secured loanSR +3.25%02/20272,970 2,923 2,980 1.0 %
Vertex Aerospace Services Corp. (dba V2X)(5)First lien senior secured loanSR +3.25%12/20282,993 2,989 2,994 1.0 %
55,721 56,417 18.6 %
Automotive
Belron Finance US LLC(6)First lien senior secured loanSR +2.50%04/20292,488 $2,476 $2,491 0.8 %
PAI Holdco, Inc.(6)(8)First lien senior secured loanSR +3.75%10/20276,562 6,141 6,102 2.0 %
8,617 8,593 2.8 %
Buildings and real estate
84 Lumber Company(5)First lien senior secured loanSR +2.75%11/20305,212 $5,186 $5,220 1.7 %
American Residential Services, LLC(6)(8)First lien senior secured loanSR +3.50%10/20274,488 4,487 4,483 1.5 %
Beacon Roofing Supply, Inc.(5)First lien senior secured loanSR +2.50%05/20282,970 2,966 2,980 1.0 %
CPG International LLC(5)First lien senior secured loanSR +2.50%04/20296,894 6,865 6,898 2.2 %
Cushman & Wakefield U.S. Borrower, LLC(5)(8)First lien senior secured loanSR +4.00%01/20307,000 6,831 6,930 2.3 %
Cushman & Wakefield U.S. Borrower, LLC(5)(8)First lien senior secured loanSR +2.75%08/2025247 243 246 0.1 %
Dodge Construction Network, LLC(6)First lien senior secured loanSR +4.75%02/20295,221 4,911 4,020 1.3 %
Greystar Real Estate Partners, LLC (dba Greystar)(6)(8)First lien senior secured loanSR +3.75%08/20306,983 6,883 6,878 2.3 %
GYP Holdings III Corp.(5)First lien senior secured loanSR +3.00%05/20302,000 1,990 2,005 0.7 %
Quikrete Holdings, Inc.(5)First lien senior secured loanSR +2.75%03/20291,990 1,990 1,995 0.7 %
RealPage, Inc.(5)First lien senior secured loanSR +3.00%04/202810,440 9,921 10,345 3.4 %
Wrench Group LLC(6)First lien senior secured loanSR +4.00%04/20269,660 9,642 9,669 3.2 %
61,916 61,669 20.4 %
Business services
ASGN, Inc.(5)First lien senior secured loanSR +2.25%08/20302,494 $2,488 $2,502 0.8 %
Boxer Parent Company Inc. (f/k/a BMC)(5)First lien senior secured loanSR +4.25%12/20286,123 6,050 6,159 2.0 %
BrightView Landscapes, LLC(6)First lien senior secured loanSR +3.00%04/20296,519 6,347 6,517 2.2 %
Brown Group Holdings, LLC(5)First lien senior secured loanSR +3.75%07/20294,492 4,462 4,503 1.5 %
ConnectWise, LLC(6)First lien senior secured loanSR +3.50%09/202810,440 9,939 10,405 3.4 %
IDEMIA Group SAS(6)First lien senior secured loanSR +4.75%09/20281,990 1,967 1,994 0.7 %
Packers Holdings, LLC(5)First lien senior secured loanSR +3.25%03/20283,928 3,655 2,457 0.8 %
Sitel Worldwide Corp.(5)First lien senior secured loanSR +3.75%08/20286,939 6,841 6,648 2.2 %
VM Consolidated, Inc.(5)First lien senior secured loanSR +3.25%03/20282,107 2,088 2,114 0.7 %
43,837 43,299 14.3 %
Chemicals
Aruba Investments Holdings, LLC (dba Angus Chemical Company)(5)(8)First lien senior secured loanSR +4.75%11/20272,970 $2,799 $2,963 1.0 %
Axalta Coating Systems US Holdings Inc.(6)First lien senior secured loanSR +2.50%12/20296,884 6,842 6,900 2.3 %
Blue Tree Holdings, Inc.(6)First lien senior secured loanSR +2.50%03/20283,964 3,930 3,935 1.3 %
Cyanco Intermediate 2 Corp.(5)First lien senior secured loanSR +4.75%07/20283,990 3,908 3,997 1.2 %
DCG Acquisition Corp.(5)First lien senior secured loanSR +4.50%09/20267,383 7,349 7,318 2.4 %
H.B. Fuller Company(5)First lien senior secured loanSR +2.25%02/20301,741 1,741 1,743 0.6 %
Ineos US Finance LLC(5)First lien senior secured loanSR +3.50%02/20303,486 3,451 3,486 1.2 %
Ineos US Finance LLC(5)First lien senior secured loanSR +3.75%11/20272,978 2,888 2,984 1.0 %
Ineos US Petrochem LLC(5)(8)First lien senior secured loanSR +3.75%03/20301,990 1,971 1,990 0.7 %
Nouryon Finance B.V.(5)First lien senior secured loanSR +4.00%04/20282,488 2,466 2,493 0.8 %
Nouryon Finance B.V.(6)First lien senior secured loanSR +4.00%10/20255,785 5,726 5,802 1.9 %
Windsor Holdings III LLC(5)First lien senior secured loanSR +4.50%08/20305,736 5,636 5,766 1.9 %





159


Blue Owl Credit Income Senior Loan Fund’s Portfolio as of December 31, 2023
(Amounts in thousands)
Company(1)(3)(4)InvestmentInterestMaturity
Date
Par /
Units
Amortized
Cost(2)
Fair
Value
Percentage of Members’ Equity
48,707 49,377 16.3 %
Consumer products
HomeServe USA Holding Corp.(5)First lien senior secured loanSR +3.00%10/20304,000 $3,961 $4,011 1.3 %
Olaplex, Inc.(5)First lien senior secured loanSR +3.50%02/20295,220 4,890 4,816 1.6 %
8,851 8,827 2.9 %
Containers and packaging
Berlin Packaging L.L.C.(5)First lien senior secured loanSR +3.75%03/202812,486 $12,094 $12,488 4.1 %
BW Holding, Inc.(6)(8)First lien senior secured loanSR +4.00%12/20287,689 7,578 7,151 2.4 %
Charter NEX US, Inc.(5)First lien senior secured loanSR +3.75%12/20275,731 5,686 5,750 1.9 %
OneDigital Borrower LLC(6)(8)First lien senior secured loanSR +4.25%11/20271,911 1,897 1,907 0.6 %
Plaze, Inc.(5)First lien senior secured loanSR +3.75%08/20263,990 3,865 3,870 1.3 %
Plaze, Inc.(5)First lien senior secured loanSR +3.50%08/2026995 971 965 0.3 %
ProAmpac PG Borrower LLC(6)First lien senior secured loanSR +4.50%11/202810,250 10,165 10,253 3.4 %
Ring Container Technologies Group, LLC(5)First lien senior secured loanSR +3.50%08/20289,663 9,513 9,678 3.2 %
Tricorbraun Holdings, Inc.(5)First lien senior secured loanSR +3.25%03/202810,439 9,981 10,364 3.4 %
Trident TPI Holdings, Inc.(6)First lien senior secured loanSR +4.50%09/20281,990 1,941 1,989 0.7 %
Valcour Packaging, LLC(5)First lien senior secured loanSR +3.75%10/20283,077 3,073 2,405 0.8 %
66,764 66,820 22.1 %
Distribution
Aramsco, Inc.(6)(9)(10)First lien senior secured delayed draw term loanSR +4.75%10/2025— $— $— — %
Aramsco, Inc.(6)First lien senior secured loanSR +4.75%10/20308,515 8,346 8,497 2.8 %
BCPE Empire Holdings, Inc. (dba Imperial-Dade)(5)First lien senior secured loanSR +4.75%12/20285,265 5,216 5,275 1.7 %
Dealer Tire, LLC(5)First lien senior secured loanSR +4.50%12/20273,920 3,860 3,927 1.3 %
SRS Distribution, Inc.(5)First lien senior secured loanSR +3.50%06/202811,530 10,887 11,534 3.7 %
White Cap Supply Holdings, LLC(5)First lien senior secured loanSR +3.75%10/202711,298 10,843 11,317 3.7 %
39,152 40,550 13.2 %
Education
Renaissance Learning, Inc.(5)First lien senior secured loanSR +4.75%04/20304,988 $4,905 $4,999 1.7 %
Severin Acquisition, LLC (dba Powerschool)(6)First lien senior secured loanSR +3.25%08/202511,451 11,335 11,487 3.7 %
Sophia, L.P.(5)First lien senior secured loanSR +4.25%10/20279,664 9,648 9,642 3.2 %
Spring Education Group, Inc. (fka SSH Group Holdings, Inc.)(6)First lien senior secured loanSR +4.50%10/20303,663 3,618 3,671 1.2 %
29,506 29,799 9.8 %
Energy equipment and services
AMG Advanced Metallurgical Group N.V(5)First lien senior secured loanSR +3.50%11/20283,430 $3,413 $3,411 1.1 %
AZZ Inc.(5)First lien senior secured loanSR +4.25%05/20297,925 7,866 7,952 2.6 %
Brookfield WEC Holdings Inc.(5)First lien senior secured loanSR +3.75%08/20253,456 3,439 3,465 1.1 %
Calpine Construction Finance Company(5)First lien senior secured loanSR +2.25%07/20301,995 1,980 1,994 0.7 %
Pike Corp.(5)First lien senior secured loanSR +3.00%01/20289,800 9,638 9,821 3.1 %
Rockwood Service Corp.(5)First lien senior secured loanSR +4.25%01/20276,466 6,451 6,477 2.1 %
32,787 33,120 10.7 %
Financial services
Acuris Finance US, Inc. (ION Analytics) (6)First lien senior secured loanSR +4.00%02/20287,619 $7,496 $7,602 2.5 %
AlixPartners, LLP(5)First lien senior secured loanSR +2.75%02/20281,492 1,482 1,495 0.5 %
AllSpring Buyer(6)First lien senior secured loanSR +3.75%11/20284,938 4,881 4,911 1.6 %
Boost Newco Borrower, LLC (dba WorldPay)(6)First lien senior secured loanSR +3.00%09/203012,000 11,940 12,046 4.0 %
Citadel Securities, LP(5)First lien senior secured loanSR +2.50%07/20308,968 8,933 8,980 3.0 %
Citco Funding LLC(6)First lien senior secured loanSR +3.25%04/20286,234 6,204 6,250 2.1 %
Deerfield Dakota Holdings(6)First lien senior secured loanSR +3.75%04/20278,830 8,511 8,734 2.8 %





160


Blue Owl Credit Income Senior Loan Fund’s Portfolio as of December 31, 2023
(Amounts in thousands)
Company(1)(3)(4)InvestmentInterestMaturity
Date
Par /
Units
Amortized
Cost(2)
Fair
Value
Percentage of Members’ Equity
Focus Financial Partners, LLC(5)First lien senior secured loanSR +3.25%06/20284,938 4,864 4,941 1.6 %
Focus Financial Partners, LLC(5)First lien senior secured loanSR +3.50%06/20282,993 2,938 2,996 1.0 %
Guggenheim Partners Investment Management Holdings, LLC(6)First lien senior secured loanSR +3.25%12/20294,950 4,873 4,954 1.6 %
Harbourvest Partners, L.P.(6)(8)First lien senior secured loanSR +3.00%04/20302,494 2,458 2,488 0.8 %
Helios Software Holdings, Inc.(6)First lien senior secured loanSR +4.25%07/20305,000 4,807 4,988 1.6 %
Janus International Group, LLC(6)First lien senior secured loanSR +3.25%08/20304,988 4,958 4,992 1.6 %
Saphilux S.a.r.L (dba IQ EQ)(7)First lien senior secured loanSR +4.75%07/20287,500 7,395 7,505 2.5 %
The Edelman Financial Engines Center, LLC(5)First lien senior secured loanSR +3.50%04/20283,959 3,880 3,962 1.3 %
TMF Sapphire Bidco B.V.(6)First lien senior secured loanSR +5.00%05/20282,500 2,458 2,510 0.8 %
USI, Inc.(6)First lien senior secured loanSR +3.25%09/20303,990 3,981 3,991 1.3 %
92,059 93,345 30.6 %
Food and beverage
1011778 BC / NEW RED FIN (dba Restaurant Brands)(5)First lien senior secured loanSR +2.25%09/20304,000 $3,981 $3,998 1.3 %
AI Aqua Merger Sub, Inc. (dba Culligan International)(5)First lien senior secured loanSR +3.75%07/20282,576 2,571 2,575 0.9 %
AI Aqua Merger Sub, Inc. (dba Culligan International)(6)(9)(10)First lien senior secured delayed draw term loanSR +4.25%12/20246,609 6,369 6,605 2.2 %
Aramark Services, Inc.(5)First lien senior secured loanSR +2.50%06/20301,990 1,971 1,992 0.7 %
Aspire Bakeries Holdings, LLC(5)(8)First lien senior secured loanSR +4.25%12/20305,000 4,950 4,925 1.6 %
Balrog Acquisition, Inc. (dba Bakemark)(5)First lien senior secured loanSR +4.00%09/20289,374 9,259 9,213 3.0 %
Naked Juice LLC (dba Tropicana)(6)First lien senior secured loanSR +3.25%01/202910,467 9,686 10,100 3.2 %
Pegasus BidCo B.V.(6)First lien senior secured loanSR +4.25%07/20297,440 7,332 7,433 2.5 %
Shearer's Foods, LLC(5)First lien senior secured loanSR +3.50%09/20278,717 8,216 8,721 2.9 %
Simply Good Foods USA, Inc.(5)First lien senior secured loanSR +2.50%03/20272,976 2,956 2,976 1.0 %
Utz Quality Foods, LLC(6)First lien senior secured loanSR +3.00%01/20281,153 1,153 1,153 0.4 %
58,444 59,691 19.7 %
Healthcare equipment and services
Confluent Medical Technologies, Inc.(6)(8)First lien senior secured loanSR +3.75%02/20299,664 $9,541 $9,615 3.2 %
Curium BidCo S.A.R.L (dba Curium Pharma)(6)First lien senior secured loanSR +4.50%07/20296,047 6,026 6,036 2.0 %
Dermatology Intermediate Holdings III, Inc.(6)First lien senior secured loanSR +4.25%03/202911,664 11,551 11,252 3.7 %
Medline Borrower, LP(5)First lien senior secured loanSR +3.00%10/20286,248 5,910 6,274 2.1 %
Natus Medical, Inc.(6)(8)First lien senior secured loanSR +5.50%07/20294,455 4,175 4,143 1.4 %
Nexstar Broadcasting, Inc.(5)First lien senior secured loanSR +2.50%09/20264,300 4,302 4,300 1.4 %
Resonetics, LLC(6)First lien senior secured loanSR +4.00%04/20286,593 6,511 6,586 2.1 %
Zest Acquisition Corp.(5)(8)First lien senior secured loanSR +5.50%02/20288,439 8,180 8,228 2.7 %
56,196 56,434 18.6 %
Healthcare providers and services
Covetrus, Inc.(6)First lien senior secured loanSR +5.00%10/20299,429 $8,932 $9,411 3.1 %
HAH Group Holding Company LLC (dba Help at Home)(5)(8)First lien senior secured loanSR +5.00%10/20272,685 2,666 2,658 0.9 %
HAH Group Holding Company LLC (dba Help at Home)(5)(8)First lien senior secured loanSR +5.00%10/20273,328 3,321 3,295 1.1 %
LSCS Holdings, Inc.(5)(8)First lien senior secured loanSR +4.50%12/20289,356 9,182 9,193 3.0 %
MJH Healthcare Holdings, LLC(5)First lien senior secured loanSR +3.50%01/20293,793 3,737 3,769 1.2 %
Pediatric Associates Holding Company, LLC(5)(8)First lien senior secured loanSR +4.50%12/20281,990 1,916 1,960 0.6 %
Pediatric Associates Holding Company, LLC(5)(8)First lien senior secured loanSR +3.25%12/20285,352 5,273 5,165 1.7 %
Phoenix Newco, Inc. (dba Parexel)(5)First lien senior secured loanSR +3.25%11/20287,369 7,136 7,408 2.4 %
Physician Partners, LLC(6)First lien senior secured loanP +4.00%12/20289,850 9,381 9,283 3.1 %
Premise Health Holding(6)(8)First lien senior secured loanSR +4.75%07/20253,201 3,178 3,185 1.1 %
Select Medical Corp.(5)First lien senior secured loanSR +3.00%03/20272,985 2,971 2,982 1.1 %
Surgery Center Holdings, Inc.(6)First lien senior secured loanSR +3.50%12/20302,416 2,392 2,423 0.8 %





161


Blue Owl Credit Income Senior Loan Fund’s Portfolio as of December 31, 2023
(Amounts in thousands)
Company(1)(3)(4)InvestmentInterestMaturity
Date
Par /
Units
Amortized
Cost(2)
Fair
Value
Percentage of Members’ Equity
60,085 60,732 20.1 %
Healthcare technology
Athenahealth Group Inc.(5)First lien senior secured loanSR +3.25%02/20299,308 $8,644 $9,257 3.1 %
Bracket Intermediate Holding Corp.(6)First lien senior secured loanSR +5.00%05/20286,835 6,681 6,825 2.3 %
Gainwell Acquisition Corp.(6)First lien senior secured loanSR +4.00%10/20277,859 7,695 7,623 2.5 %
GHX Ultimate Parent Corporation(6)First lien senior secured loanSR +4.75%06/20272,985 2,920 2,986 1.0 %
Imprivata, Inc.(5)First lien senior secured loanSR +4.25%12/20279,664 9,515 9,692 3.1 %
IQVIA, Inc.(6)First lien senior secured loanSR +2.00%01/20314,111 4,111 4,123 1.4 %
PointClickCare Technologies Inc.PointClickCare Technologies Inc(6)(8)First lien senior secured loanSR +3.00%12/20271,985 1,957 1,980 0.7 %
R1 RCM Inc.(6)(8)First lien senior secured loanSR +3.50%06/20295,000 4,940 5,000 1.7 %
R1 RCM Inc.(5)First lien senior secured loanSR +3.00%06/20293,970 3,970 3,966 1.3 %
Verscend Holding Corp.(5)First lien senior secured loanSR +4.00%08/20259,843 9,763 9,851 3.3 %
Zelis Cost Management Buyer, Inc.(5)First lien senior secured loanSR +3.50%09/20264,454 4,451 4,459 1.5 %
64,647 65,762 21.9 %
Household products
Samsonite International S.A.(5)First lien senior secured loanSR +2.75%06/20301,990 $1,981 $1,990 0.7 %
1,981 1,990 0.7 %
Human resource support services
AQ Carver Buyer, Inc. (dba CoAdvantage)(7)First lien senior secured loanSR +5.50%08/20294,738 $4,680 $4,750 1.6 %
iSolved, Inc.(6)First lien senior secured loanSR +4.00%10/20306,250 6,188 6,250 2.0 %
10,868 11,000 3.6 %
Infrastructure and environmental services
Asplundh Tree Expert, LLC(5)First lien senior secured loanSR +1.75%09/20271,430 $1,426 $1,430 0.5 %
Madison IAQ, LLC(5)First lien senior secured loanSR +3.25%06/20288,355 8,200 8,317 2.7 %
Osmose Utilities Services, Inc.(5)First lien senior secured loanSR +3.25%06/20288,466 7,938 8,452 2.8 %
USIC Holdings, Inc.(6)First lien senior secured loanSR +3.50%05/20282,947 2,824 2,919 1.0 %
20,388 21,118 7.0 %
Insurance
Acrisure, LLC(6)First lien senior secured loanSR +4.50%12/20309,222 $8,876 $9,229 3.0 %
AssuredPartners, Inc.(5)First lien senior secured loanSR +3.75%02/20277,705 7,568 7,718 2.6 %
Broadstreet Partners, Inc.(5)First lien senior secured loanSR +3.00%01/20272,067 2,050 2,067 0.7 %
Broadstreet Partners, Inc.(5)First lien senior secured loanSR +3.75%01/20295,993 5,950 6,002 2.0 %
Hub International(6)First lien senior secured loanSR +4.25%06/20307,980 7,903 8,010 2.6 %
Hyperion Refinance S.a.r.l (dba Howden Group)(6)First lien senior secured loanSR +4.00%04/20303,970 3,821 3,974 1.3 %
IMA Financial Group, Inc.(5)(8)First lien senior secured loanSR +3.75%11/20285,968 5,938 5,953 2.0 %
42,106 42,953 14.2 %
Internet software and services
Aptean, Inc.(5)First lien senior secured loanSR +4.25%04/20262,136 $2,128 $2,129 0.7 %
Barracuda Parent, LLC(6)First lien senior secured loanSR +4.50%08/202910,494 10,095 10,219 3.4 %
Boxer Parent Company Inc.(5)First lien senior secured loanSR +3.75%10/2025— — — — %
Cloud Software Group, Inc.(6)First lien senior secured loanSR +4.50%03/20294,987 4,764 4,862 1.6 %
DCert Buyer, Inc.(5)First lien senior secured loanSR +4.00%10/20267,206 7,171 7,131 2.4 %
Delta TopCo, Inc. (dba Infoblox, Inc.)(7)First lien senior secured loanSR +3.75%12/202713,147 12,393 13,114 4.3 %
Dun & Bradstreet Corporation, The(5)First lien senior secured loanSR +2.75%02/2026995 995 996 0.3 %
E2open, LLC(5)First lien senior secured loanSR +3.50%02/20288,340 8,238 8,338 2.8 %
Idera, Inc.(6)First lien senior secured loanSR +3.75%03/20286,518 6,360 6,476 2.1 %
Infinite Bidco LLC(6)First lien senior secured loanSR +3.75%03/20283,568 3,464 3,464 1.1 %
McAfee Corp.(5)First lien senior secured loanSR +3.75%03/20296,261 6,021 6,218 2.1 %
MeridianLink, Inc.(6)First lien senior secured loanSR +3.00%11/20287,475 7,445 7,467 2.5 %
Mitnick Corporate Purchaser, Inc.(6)First lien senior secured loanSR +4.50%05/20297,882 7,421 7,434 2.5 %
Perforce Software, Inc.(5)First lien senior secured loanSR +3.75%07/20264,964 4,765 4,902 1.6 %





162


Blue Owl Credit Income Senior Loan Fund’s Portfolio as of December 31, 2023
(Amounts in thousands)
Company(1)(3)(4)InvestmentInterestMaturity
Date
Par /
Units
Amortized
Cost(2)
Fair
Value
Percentage of Members’ Equity
Project Alpha Intermediate Holding, Inc.(5)First lien senior secured loanSR +4.75%10/20308,000 7,843 8,026 2.7 %
Project Sky Merger Sub, Inc.(6)First lien senior secured loanSR +3.75%10/20282,500 2,476 2,472 0.8 %
Quartz Acquireco, LLC (dba Qualtrics AcquireCo, LLC)(5)(8)First lien senior secured loanSR +3.50%06/20303,990 3,952 3,960 1.3 %
SONICWALL US Holdings, Inc.(6)First lien senior secured loanSR +5.00%05/20289,000 8,700 8,888 2.8 %
Sophos Holdings, LLC(5)First lien senior secured loanSR +3.50%03/202710,438 10,263 10,451 3.3 %
UST Holdings, Ltd.(5)(8)First lien senior secured loanSR +3.50%11/20288,538 8,515 8,389 2.8 %
Vertiv Group Corp.(5)First lien senior secured loanSR +2.50%03/20271,516 1,516 1,521 0.5 %
VS Buyer LLC(6)First lien senior secured loanSR +3.25%02/20272,969 2,969 2,973 1.0 %
127,494 129,430 42.6 %
Investment funds and vehicle
Finco I, LLC(6)First lien senior secured loanSR +3.00%06/20293,982 $3,971 $3,994 1.3 %
3,971 3,994 1.3 %
Leisure and entertainment
Delta 2 (Lux) SARL (dba Formula One)(6)First lien senior secured loanSR +2.25%01/20303,000 $2,983 $3,006 1.0 %
2,983 3,006 1.0 %
Manufacturing
Altar Bidco, Inc.(7)First lien senior secured loanSR +3.10%02/20294,715 $4,530 $4,702 1.6 %
Columbus McKinnon Corp.(6)First lien senior secured loanSR +2.75%05/2028463 460 463 0.2 %
DXP Enterprises, Inc.(7)(8)First lien senior secured loanSR +4.75%10/203010,408 10,254 10,382 3.4 %
EMRLD Borrower LP (dba Emerson Climate Technologies, Inc.)(5)First lien senior secured loanSR +3.00%05/20309,345 9,257 9,372 3.1 %
Engineered Machinery Holdings, Inc. (dba Duravant)(6)First lien senior secured loanSR +3.50%05/20287,538 7,485 7,474 2.5 %
Entegris, Inc.(5)First lien senior secured loanSR +2.50%07/20291,620 1,620 1,625 0.5 %
Filtration Group Corporation(5)First lien senior secured loanSR +4.25%10/20283,970 3,933 3,983 1.3 %
Gates Global LLC(5)First lien senior secured loanSR +3.00%11/20292,972 2,920 2,979 1.0 %
Pro Mach Group, Inc.(5)First lien senior secured loanSR +4.00%08/202810,440 10,214 10,460 3.3 %
Pro Mach Group, Inc.(5)(8)First lien senior secured loanSR +5.00%08/20283,980 3,807 4,000 1.3 %
Refficiency Holdings, LLC (dba Legence)(5)First lien senior secured loanSR +3.50%12/20277,574 7,541 7,572 2.4 %
Summit Materials, LLC(6)First lien senior secured loanSR +2.50%11/20284,339 4,328 4,352 1.4 %
Watlow Electric Manufacturing Company(6)First lien senior secured loanSR +3.75%03/202810,558 10,433 10,541 3.5 %
76,782 77,905 25.5 %
Pharmaceuticals
Fortrea Holdings Inc.(5)First lien senior secured loanSR +3.75%07/20303,399 $3,371 $3,394 1.1 %
3,371 3,394 1.1 %
Professional services
Apex Group Treasury, LLC(6)(8)First lien senior secured loanSR +3.75%07/20284,888 $4,727 $4,863 1.6 %
Apex Group Treasury, LLC(6)(8)First lien senior secured loanSR +5.00%07/20287,232 7,011 7,232 2.4 %
Arsenal AIC Parent, LLC (dba Arconic)(5)First lien senior secured loanSR +4.50%08/20304,738 4,708 4,751 1.6 %
Camelot U.S. Acquisition 1 Co.(5)First lien senior secured loanSR +3.00%10/20262,943 2,930 2,946 1.0 %
Corporation Service Company(5)First lien senior secured loanSR +3.25%11/20291,787 1,783 1,790 0.6 %
Element Solutions, Inc.(6)(8)First lien senior secured loanSR +2.00%12/20304,811 4,799 4,799 1.6 %
EM Midco2 Ltd. (dba Element Materials Technology)(6)First lien senior secured loanSR +4.25%06/20299,014 8,911 8,913 2.9 %
Genuine Financial Holdings, LLC(5)First lien senior secured loanSR +4.00%09/20307,220 7,115 7,189 2.4 %
Omnia Partners, LLC(6)First lien senior secured loanSR +4.25%07/20306,594 6,576 6,631 2.2 %
Omnia Partners, LLC(6)(9)(10)First lien senior secured delayed draw term loanSR +4.25%01/2024— (2)— — %
Red Ventures, LLC(6)First lien senior secured loanSR +3.00%03/20303,970 3,933 3,955 1.2 %
Skopima Merger Sub Inc.(5)First lien senior secured loanSR +4.00%05/20285,716 5,477 5,687 1.9 %
Sovos Compliance, LLC(5)First lien senior secured loanSR +4.50%08/202810,440 10,144 10,297 3.4 %
Vistage Worldwide, Inc.(6)(8)First lien senior secured loanSR +5.25%07/20299,776 9,636 9,752 3.2 %
77,748 78,805 26.0 %





163


Blue Owl Credit Income Senior Loan Fund’s Portfolio as of December 31, 2023
(Amounts in thousands)
Company(1)(3)(4)InvestmentInterestMaturity
Date
Par /
Units
Amortized
Cost(2)
Fair
Value
Percentage of Members’ Equity
Specialty retail
Pilot Travel Centers LLC(5)First lien senior secured loanSR +2.00%08/2028796 $791 $798 0.3 %
791 798 0.3 %
Telecommunications
Cable One, Inc.(5)First lien senior secured loanSR +2.00%05/20283,274 $3,268 $3,255 1.1 %
Ciena Corp.(5)First lien senior secured loanSR +2.00%10/20303,990 3,978 3,997 1.2 %
Cogeco Communications (USA) II L.P.(5)First lien senior secured loanSR +2.50%09/20282,974 2,961 2,919 1.0 %
Park Place Technologies, LLC(5)First lien senior secured loanSR +5.00%11/20279,662 9,253 9,597 3.2 %
Zayo Group Holdings, Inc.(5)First lien senior secured loanSR +4.25%03/20279,825 8,506 8,404 2.8 %
27,966 28,172 9.3 %
Transportation
Echo Global Logistics, Inc.(5)First lien senior secured loanSR +3.50%11/20281,138 $1,118 $1,111 0.4 %
KKR Apple Bidco, LLC(6)First lien senior secured loanSR +3.50%09/20282,055 2,051 2,061 0.7 %
Safe Fleet Holdings, LLC(5)First lien senior secured loanSR +3.75%02/20293,965 3,924 3,971 1.3 %
Uber Technologies, Inc.(6)First lien senior secured loanSR +2.75%03/20303,164 3,156 3,171 1.0 %
10,249 10,314 3.4 %
Total Debt Investments$1,133,987 $1,147,314 378.2 %
Total Investments$1,133,987 $1,147,314 378.2 %
(1)Unless otherwise indicated, OCIC SLF’s investments are pledged as collateral supporting the amounts outstanding under OCIC SLF’s SPV Asset Facilities.
(2)The amortized cost represents the original cost adjusted for the amortization of discounts and premiums, as applicable, on debt investments using the effective interest method.
(3)Unless otherwise indicated, all investments are considered Level 2 investments.
(4)Unless otherwise indicated, loan contains a variable rate structure, which may be subject to an interest rate floor. Variable rate loans bear interest at a rate that may be determined by reference to Secured Overnight Financing Rate (“SOFR” or “SR”) (which can include one-, three-, six- or twelve-month SOFR), at the borrower’s option, and which reset periodically based on the terms of the loan agreement.
(5)The interest rate on these loans is subject to 1 month SOFR, which as of December 31, 2023 was 5.35%.
(6)The interest rate on these loans is subject to 3 month SOFR, which as of December 31, 2023 was 5.33%.
(7)The interest rate on these loans is subject to 6 month SOFR, which as of December 31, 2023 was 5.16%.
(8)Level 3 investment.
(9)Position or portion thereof is an unfunded loan commitment.
(10)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.

Below is selected balance sheet information for OCIC SLF as of the following periods:






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($ in thousands)June 30, 2024December 31, 2023
Assets
Investments at fair value (amortized cost of $1,616,614 and $1,133,987, respectively)
$1,619,225 $1,147,314 
Cash103,180 102,559 
Interest receivable5,568 4,160 
Receivable due on investments sold1,531 14,593 
Total Assets$1,729,504 $1,268,626 
Liabilities
Debt (net of unamortized debt issuance costs of $7,857 and $8,292, respectively)
$1,189,816 $861,928 
Payable for investments purchased140,421 73,821 
Interest payable28,906 10,260 
Distribution payable17,613 9,546 
Accrued expenses and other liabilities 1,135 567 
Total Liabilities$1,377,891 $956,122 
Members’ Equity
Members’ Equity351,613 312,504 
Total Members’ Equity351,613 312,504 
Total Liabilities and Members’ Equity$1,729,504 $1,268,626 

Below is selected statement of operations information for OCIC SLF for the following periods:

For the Three Months Ended June 30,
For the Six Months Ended June 30,
2024 2023 20242023
Investment Income
Interest income$41,775 $17,609 $73,543 $30,790 
Total Investment Income41,775 17,609 73,543 30,790 
Operating Expenses
Interest expense24,582 7,824 43,887 13,718 
Professional fees236 170 366 360 
Other general and administrative310 146 613 275 
Total Operating Expenses25,128 8,140 44,866 14,353 
Net Investment Income$16,647 $9,469 $28,677 $16,437 
Net Realized and Change in Unrealized Gain (Loss) on Investments
Net change in unrealized gain (loss) on investments(8,214)1,656 (10,716)5,319 
Net realized gain (loss) on investments1,009 666 16 
Total Net Realized and Change in Unrealized Gain (Loss) on Investments(7,205)1,658 (10,050)5,335 
Net Increase in Members’ Equity Resulting from Operations$9,442 $11,127 $18,627 $21,772 

Bank of America Facility

On August 24, 2022, ORCIC JV WH LLC, a Delaware limited liability company and wholly-owned subsidiary of OCIC SLF, entered into a $400 million credit facility among the lenders party thereto, Bank of America, N.A., as administrative agent and BofA Securities, Inc., as sole lead arranger and sole book manager (the “Bank of America Facility”). The maturity date of the credit facility is August 25, 2025. In connection with the takeout of the Wise CLO 2023-1 CLO, certain of the assets held by ORCIC JV WH LLC were transferred via a master participation agreement to OCIC JV WH IV Ltd.
On August 8, 2023, OCIC JV WH IV Ltd., an exempt company based in the Cayman Islands and wholly-owned subsidiary of OCIC SLF, joined, as borrower into the Bank of America Facility. In connection with the takeout of the Wise CLO 2024-1 CLO, certain of the assets held by OCIC JV WH IV Ltd. were transferred via a master participation agreement to OCIC JV WH VI Ltd.

On December 28, 2023, OCIC JV WH VI Ltd., an exempt company based in the Cayman Islands and wholly-owned subsidiary of OCIC SLF, joined into the Bank of America Facility. The Bank of America Facility was transferred to the newly created Blue Owl Credit SLF LLC. entity on June 5th, 2024.





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RBC Facility
On October 14, 2022, ORCIC JV WH II LLC, a Delaware limited liability company and wholly-owned subsidiary of OCIC SLF, entered into an up to $500 million revolving loan facility among the lenders party thereto, and Royal Bank of Canada (the “RBC Facility”). The maturity date of the credit facility is October 14, 2032. On November 10, 2023, OCIC JV WH V Ltd., a Delaware limited liability company and wholly-owned subsidiary of OCIC SLF, joined, as borrower, into the RBC Facility.
In connection with the takeout of the Wise CLO 2023-2 CLO, certain of the assets held by ORCIC JV WH II LLC were transferred via a master participation agreement to OCIC JV WH V Ltd. The Facility was terminated on June 5th, 2024.
Wells Fargo Facility
On June 30, 2023, ORCIC JV WH III LLC, a Delaware limited liability company and wholly-owned subsidiary of OCIC SLF, entered into an up to $200 million revolving loan facility among the lenders party thereto, and Wells Fargo Bank, N.A. (the “Wells Fargo Facility”). The maturity date of the credit facility is June 30, 2026. As of June 30, 2024, there was $197.7 million outstanding under the Wells Fargo Facility.
Wise CLO 2023-1
On September 21, 2023, ORCIC JV WH LLC merged with Wise CLO 2023-1 Ltd., a private company incorporated and existing under the laws of Jersey, with Wise CLO 2023-1 Ltd. as the surviving entity. The merger was undertaken in order for Wise CLO 2023-1 Ltd. to act as the issuer in a collateralized loan obligation transaction (the “Wise CLO 2023-1”) using the financial assets previously acquired by it as the collateral underpinning the Wise 1 CLO transaction. On September 21, 2023, Wise CLO 2023-1 Ltd., as issuer, and Wise CLO 2023-1 LLC, a Delaware limited liability company and wholly-owned subsidiary of Wise CLO 2023-1 Ltd., as co-issuer, closed the Wise CLO 2023-1 transaction and issued $195.0 million of Class A Notes, $46.3 million of Class B-1 Notes, $14.5 million of Class B-2 Notes, $29.3 million of Class C Notes, and $97.0 million of Subordinated Notes pursuant to an Indenture dated September 21, 2023 among Wise CLO 2023-1 Ltd., as issuer, Wise CLO 2023-1 LLC, as co-issuer, and U.S. Bank Trust Company, National Association as trustee. Additionally, Wise CLO 2023-1 Ltd. and Wise CLO 2023-1 LLC incurred $75.0 million in Class A Loans pursuant to a Credit Agreement dated September 21, 2023 among Wise CLO 2023-1 Ltd., as issuer, Wise CLO 2023-1 LLC, as co-issuer, the lenders party thereto and U.S. Bank Trust Company, National Association as loan agent and collateral trustee. The notes issued and loans incurred as part of the Wise CLO 1 transaction have a stated maturity of October 2036.
Wise CLO 2023-2
On October 30, 2023, ORCIC JV WH II LLC migrated as a company incorporated in the State of Delaware to a private company incorporated and existing under the laws of Jersey. As part of the migration, ORCIC JV WH II LLC was renamed to Wise CLO 2023-2 Ltd. The migration and renaming was undertaken in order for ORCIC JV WH II LLC (now Wise CLO 2023-2 Ltd.) to act as the issuer in a collateralized loan obligation transaction (the “Wise CLO 2023-2”) using the financial assets previously acquired by it as the collateral underpinning the Wise CLO 2023-2 transaction. On December 13, 2023, Wise CLO 2023-2 Ltd., as issuer, and Wise CLO 2023-2 LLC, a Delaware limited liability company and wholly-owned subsidiary of Wise CLO 2023-2 Ltd., as co-issuer, closed the Wise CLO 2023-2 transaction and issued $240.0 million of Class A Notes, $41.0 million of Class B-1 Notes, $15.0 million of Class B-2 Notes, $24.0 million of Class C Notes, and $84.5 million of Subordinated Notes pursuant to an Indenture dated December 13, 2023 among Wise CLO 2023-2 Ltd., as issuer, Wise CLO 2023-1 LLC, as co-issuer, and U.S. Bank Trust Company, National Association as trustee. The notes issued as part of the Wise CLO 2023-2 transaction have a stated maturity of January 2037.
Wise CLO 2024-1

On July 27, 2023, OCIC JV WH IV Ltd. was incorporated as a company under the laws of the Cayman Islands. On January 19, 2024, changed its name from OCIC JV WH IV Ltd. to Wise CLO 2024-1 Ltd.. The renaming was undertaken in order for OCIC JV WH IV Ltd. (now Wise CLO 2024-1 Ltd.) to act as the issuer in a collateralized loan obligation transaction (the “Wise CLO 2024-1”) using the financial assets previously acquired by it as the collateral underpinning the Wise CLO 2024-1 transaction. On March 7, 2024, Wise CLO 2024-1 Ltd., as issuer, and Wise CLO 2024-1 LLC, a Delaware limited liability company and wholly-owned subsidiary of Wise CLO 2024-1 Ltd., as co-issuer, closed the Wise CLO 2024-1 transaction and issued $240.0 million of Class A Notes, $55.0 million of Class B-1 Notes, $5.0 million of Class B-2 Notes, $20.0 million of Class C Notes, and $88.7 million of Subordinated Notes pursuant to an Indenture dated March 7, 2024 among Wise CLO 2024-1 Ltd., as issuer, Wise CLO 2024-1 LLC, as co-issuer, and U.S. Bank Trust Company, National Association as trustee. The notes issued as part of the Wise CLO 2024-1 transaction have a stated maturity of April 2037.





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The below table represents the components of interest expense for OCIC SLF for the following periods:
For the Three Months Ended June 30,
For the Six Months Ended June 30,
($ in thousands)2024 2023 20242023
Interest expense$40,827 $7,584 $22,019 $13,241 
Amortization of debt issuance costs3,059 240 2,563 477 
Total Interest Expense$43,886 $7,824 $24,582 $13,718 
Average interest rate7.7 %6.7 %7.6 %6.5 %
Average daily borrowings$1,078,508 $456,307 $1,173,159 $412,160 

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)2024202320242023
Total Investment Income$626,043 $364,195 $1,154,200 $669,607 
Less: Operating Expenses279,762 171,195 532,994 310,937 
Net Investment Income (Loss) Before Taxes346,281 193,000 621,206 358,670 
Less: Income taxes, including excise taxes2,464 1,407 3,263 1,502 
Net Investment Income (Loss) After Taxes343,817 191,593 617,943 357,168 
Net realized gain (loss)(1,117)(2,661)(4,488)(7,238)
Net change in unrealized gain (loss)(24,310)14,223 (22,695)78,258 
Net Increase (Decrease) in Net Assets Resulting from Operations$318,390 $203,155 $590,760 $428,188 

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, 2024, our net asset value per share increased, primarily driven by earnings in excess of dividends paid. For the three and six months ended June 30, 2023, our net asset value per share increased, primarily driven by market spreads tightening.

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)2024202320242023
Investment income
Interest income$547,886 $310,981 $1,009,938 $574,243 
PIK interest income31,284 17,885 58,846 32,962 
Dividend income24,635 14,486 40,476 20,583 
PIK dividend income14,767 16,432 32,018 34,402 
Other income7,471 4,411 12,922 7,417 
Total Investment Income$626,043 $364,195 $1,154,200 $669,607 






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For the Three Months ended June 30, 2024 and 2023

Investment income increased to $626.0 million for the three months ended June 30, 2024 from $364.2 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 $12.13 billion as of June 30, 2023 to $21.14 billion as of June 30, 2024. 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 was $44.4 million for the three months ended June 30, 2024 and $1.5 million for the three months ended June 30, 2023. 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. For the three months ended June 30, 2023, PIK interest and PIK dividend income earned was $17.9 million and $16.4 million, respectively. PIK interest and PIK dividend income represented approximately 4.9% and 4.5% of total investment income for the three months ended June 30, 2023, 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.

For the Six Months ended June 30, 2024 and 2023

Investment income increased to $1.15 billion for the six months ended June 30, 2024 from $669.6 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 $12.13 billion as of June 30, 2023 to $21.14 billion as of June 30, 2024. 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 was $57.6 million for the six months ended June 30, 2024 and $1.6 million for the six months ended June 30, 2023. 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. For the six months ended June 30, 2023, PIK interest and PIK dividend income earned was $33.0 million and $34.4 million, respectively. PIK interest and PIK dividend income represented approximately 4.9% and 5.2% of total investment income for the six months ended June 30, 2023, 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)2024202320242023
Offering costs$1,443 $324 2,694 937 
Interest expense182,950 114,551 352,366 204,146 
Management fees32,969 18,855 61,488 35,796 
Performance based incentive fees45,485 27,571 84,395 51,247 
Professional fees5,085 3,146 10,701 5,914 
Directors’ fees320 259 646 524 
Shareholder servicing fees8,607 4,893 16,019 9,220 
Other general and administrative2,903 1,596 4,685 3,153 
Total operating expenses$279,762 $171,195 $532,994 $310,937 

For the Three Months Ended June 30, 2024 and 2023

Total operating expenses increased to $279.8 million for the three months ended June 30, 2024 from $171.2 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, 2024 compared to the three months ended June 30, 2023. The increase in interest expense was driven by an increase in average daily borrowings to $9.06 billion from $6.22 billion period over





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period, as well as an increase in the average interest rate to 7.7% from 6.9% 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.

For the Six Months Ended June 30, 2024 and 2023

Total operating expenses increased to $533.0 million for the six months ended June 30, 2024 from $310.9 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, 2024 compared to the six months ended June 30, 2023. The increase in interest expense was driven by an increase in average daily borrowings to $8.66 billion from $5.90 billion period over period, as well as an increase in the average interest rate to 7.6% from 6.6% 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.

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, 2024, we recorded U.S. federal excise tax of $2.5 million and $3.3 million, respectively. For the three and six months ended June 30, 2023, we recorded U.S. federal excise tax of $1.4 million and $1.5 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, 2024 we recorded a net tax benefit of approximately $1 thousand and $10 thousand for taxable subsidiaries. For the three and six months ended June 30, 2023 we recorded a net tax benefit of approximately $1 thousand and $2 thousand for taxable subsidiaries.

The Company recorded net deferred tax asset of $8 thousand and net deferred tax liability of $5 thousand as of June 30, 2024 and June 30, 2023, respectively, for taxable subsidiaries, which is significantly 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:






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For the Three Months Ended June 30,For the Six Months Ended June 30,
($ in thousands)2024202320242023
Net change in unrealized gain (loss):
Non-controlled, non-affiliated investments$(28,617)$12,502 $(32,688)$73,156 
Non-controlled, affiliated investments1,391 50 2,734 49 
Controlled, affiliated investments2,334 1,462 6,960 4,713 
Translation of assets and liabilities in foreign currencies582 209 291 347 
Income tax (provision) benefit— — (7)
Net change in unrealized gain (loss)$(24,310)$14,223 $(22,695)$78,258 

For the Three Months ended June 30, 2024 and 2023

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 $(33.3)
 Fifth Season Investments LLC(2)
16.6 
 OCIC SLF LLC (fka Blue Owl Credit Income Senior Loan Fund LLC)(1)
(9.5)
 EOS Finco S.A.R.L (8.1)
 Rushmore Investment III LLC (dba Winland Foods) 7.1 
 Asurion, LLC (5.9)
 Ivanti Software, Inc. (5.2)
 Fortra, LLC (f/k/a Help/Systems Holdings, Inc.) (4.5)
 Associations, Inc. (4.3)
 Fiesta Purchaser, Inc. (dba Shearer's Foods) 4.1 
 Remaining portfolio companies 18.1 
Total$(24.9)
(1)Portfolio company is a controlled, affiliated investment.
(2)Portfolio company is a non-controlled, affiliated investment.

For the three months ended June 30, 2023, the net unrealized gain was primarily driven by an increase in the fair value of our debt investments as compared to March 31, 2023. The primary drivers of our portfolio’s unrealized gains were current market conditions as compared to March 31, 2023.

The ten largest contributors to the change in net unrealized gain (loss) on investments during the three months ended June 30, 2023 consisted of the following:

Portfolio Company
($ in millions)
Net Change in Unrealized Gain (Loss)
 Packers Holdings, LLC$(4.8)
 Aruba Investments Holdings LLC (dba Angus Chemical Company)(4.4)
 Rhea Parent, Inc.3.9 
 Picard Holdco, Inc.(3.8)
 Delta TopCo, Inc. (dba Infoblox, Inc.)3.0 
 Covetrus, Inc.(2.6)
 CoreLogic Inc.2.6 





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Portfolio Company
($ in millions)
Net Change in Unrealized Gain (Loss)
 Olaplex, Inc.2.1 
 Asurion, LLC2.0 
 Foundation Consumer Brands, LLC1.8 
 Remaining portfolio companies14.2 
Total$14.0 

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(2)
$9.2 
 OCIC SLF LLC (fka Blue Owl Credit Income Senior Loan Fund LLC)(1)
(6.8)
 Fortra, LLC (f/k/a Help/Systems Holdings, Inc.) (6.4)
 Asurion, LLC 6.3 
 Ivanti Software, Inc. (6.1)
 Rushmore Investment III LLC (dba Winland Foods) 5.3 
 Associations, Inc. (5.0)
 Pediatric Associates Holding Company, LLC 4.8 
 Physician Partners, LLC (4.6)
 Covetrus, Inc. (4.1)
 Remaining portfolio companies (15.6)
Total$(23.0)
(1)Portfolio company is a controlled, affiliated investment.
(2)Portfolio company is a non-controlled, affiliated investment.

For the six months ended June 30, 2023, the net unrealized loss was primarily driven by a decrease in the fair value of our investments as compared to December 31, 2022. The primary drivers of our portfolio’s unrealized losses were current market conditions, including public market volatility, and credit spreads widening across the broader markets as compared to December 31, 2022.

The ten largest contributors to the change in net unrealized gain (loss) on investments during the six months ended June 30, 2023 consisted of the following:

Portfolio Company
($ in millions)
Net Change in Unrealized Gain (Loss)
 Asurion, LLC$9.8 
 OCIC SLF LLC (fka Blue Owl Credit Income Senior Loan Fund LLC)(1)
4.7 
 Walker Edison Furniture Company LLC4.5 
 Rhea Parent, Inc.4.4 
 Aruba Investments Holdings LLC (dba Angus Chemical Company)(4.3)
 Athenahealth Group Inc.3.9 
 Packers Holdings, LLC(3.7)
 Picard Holdco, Inc.(3.7)
 Dealer Tire, LLC3.5 
 CoreLogic Inc.3.3 





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Portfolio Company
($ in millions)
Net Change in Unrealized Gain (Loss)
 Remaining portfolio companies55.5 
Total$77.9 
(1)Portfolio company is a controlled, affiliated investment.
(2)Portfolio company is a non-controlled, affiliated investment.
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)2024202320242023
Net realized gain (loss) on investments$(14)$(2,601)$(3,434)$(7,178)
Net realized gain (loss) on foreign currency transactions(1,103)(60)(1,054)(60)
Net realized gain (loss)$(1,117)$(2,661)$(4,488)$(7,238)

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, 2024 and December 31, 2023, our asset coverage ratios were 209% 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, 2024, 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, 2024 we had $1.48 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, 2024, we had $539.7 million in cash. During the six months ended June 30, 2024, we used $4.60 billion in cash for operating activities, primarily as a result of funding portfolio investments of $7.56 billion, partially offset by sales and repayments of portfolio investments of $2.17 billion and other operating activities of $0.79 billion. Lastly, cash provided by financing activities was $4.72 billion during the period, which was the result of proceeds from net borrowings on our credit facilities, net of debt issuance costs, of $2.29 billion, and proceeds from the issuance of shares of $2.97 billion, partially offset by $280.0 million of distributions paid and share repurchases of $256.1 million.






172


Net Assets

Share Issuances

In connection with our formation, we had the authority to issue 3,000,000,000 common shares at $0.01 per share par value, 1,000,000,000 of which are classified as Class S common shares, 1,000,000,000 of which are classified as Class D common shares, and 1,000,000,000 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 and pursuant to our follow-on offering we are currently offering $13,500,000,000 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, 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.





173


For the Three Months Ended June 30, 2023
Class SClass DClass ITotal
($ in thousands, except share amounts)SharesAmountSharesAmountSharesAmountSharesAmount
Shares/gross proceeds from the continuous public offering28,126,207$260,864 6,060,965$55,934 48,327,199$446,097 82,514,371$762,895 
Shares/gross proceeds from the private placements— — 2,815,81225,996 2,815,81225,996 
Share Transfers between classes(230,952)(2,127)— 230,2022,127 (750)— 
Reinvestment of distributions1,950,23017,943 619,8035,709 3,621,46933,427 6,191,50257,079 
Repurchased shares(1,763,641)(16,367)(1,486,423)(13,809)(4,948,651)(46,071)(8,198,715)(76,247)
Total shares/gross proceeds28,081,844260,3135,194,34547,83450,046,031461,57683,322,220769,723
Sales load— (2,140)— (95)— — — (2,235)
Total shares/net proceeds28,081,844$258,173 5,194,345$47,739 50,046,031$461,576 83,322,220$767,488 
For the Six Months Ended June 30, 2024
Class SClass DClass ITotal
($ 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(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 





174


For the Six Months Ended June 30, 2023
Class SClass DClass ITotal
($ in thousands, except share amounts)SharesAmountSharesAmountSharesAmountSharesAmount
Shares/gross proceeds from the continuous public offering45,655,179$423,196 11,076,668$102,158 86,857,659$800,065 143,589,506$1,325,419 
Shares/gross proceeds from the private placements— — 4,341,14840,036 4,341,14840,036 
Share Transfers between classes(230,952)(2,127)— 230,2022,127 (750)— 
Reinvestment of distributions3,673,89133,775 1,140,52510,496 6,741,47162,155 11,555,887106,426 
Repurchased shares(4,113,635)(38,010)(1,860,989)(17,262)(12,310,493)(114,095)(18,285,116)(169,367)
Total shares/gross proceeds44,984,483416,83410,356,20495,39285,859,987790,288141,200,6751,302,514
Sales load— (3,697)— (144)— — — (3,841)
Total shares/net proceeds44,984,483$413,137 10,356,204$95,248 85,859,987$790,288 141,200,675$1,298,673 
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 for the six months ended June 30, 2024 and 2023 were as follows:

Class S
Effective DateNet Offering Price
(per share)
Maximum Upfront Sales Load
(per share)
Maximum Offering Price
(per share)
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 
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 

Class D
Effective DateNet Offering Price
(per share)
Maximum Upfront Sales Load
(per share)
Maximum Offering Price
(per share)
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 





175


Class D
Effective DateNet Offering Price
(per share)
Maximum Upfront Sales Load
(per share)
Maximum Offering Price
(per share)
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 
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 

Class I
Effective DateNet Offering Price
(per share)
Maximum Upfront Sales Load
(per share)
Maximum Offering Price
(per share)
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 
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 

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, 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.





176



For the Six Months Ended June 30, 2023
Declaration DateRecord DatePayment Date
Distribution Per Share(1)
Distribution Amount(2)
($ in thousands, except per share amounts)Class SClass DClass I
December 5, 2022January 31, 2023February 24, 2023$0.08765 $16,523 $4,296 $30,667 
February 10, 2023February 28, 2023March 23, 20230.06765 12,882 3,372 24,319 
February 10, 2023March 31, 2023April 26, 20230.06765 13,027 3,550 24,938 
February 10, 2023April 30, 2023May 22, 20230.08765 18,233 4,956 33,691 
May 9, 2023May 31, 2023June 26, 20230.06765 14,183 3,884 27,515 
May 9, 2023June 30, 2023July 26, 20230.06765 14,804 3,894 28,323 
Total$0.44590 $89,652 $23,952 $169,453 
(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 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.

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.

Through June 30, 2024, pursuant to the Expense Support Agreement which was terminated by the Adviser 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. Shareholders should understand that any such distribution is not based on our investment performance, and can only be sustained if we achieve positive investment performance in future periods and/or the Adviser continues to provide expense support. Shareholders should also understand that our future repayments of expense support will reduce the distributions that they would otherwise receive. There can be no assurance that we will achieve the performance necessary to sustain these distributions, or be able to pay distributions at all.

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:
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.






177


For the Six Months Ended June 30, 2023
Source of Distribution(2)
Per Share(1)
AmountPercentage
($ in thousands, except per share amounts)
Net investment income$0.44590 $283,057 100.0 %
Total$0.44590 $283,057 100.0 %
(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.

Offer DateClassTender Offer ExpirationTender OfferPurchase Price per ShareShares Repurchased
February 28, 2023SMarch 31, 2023$21,643 $9.21 2,349,994 
February 28, 2023DMarch 31, 2023$3,453 $9.22 374,566 
February 28, 2023IMarch 31, 2023$68,023 $9.24 7,361,842 
May 31, 2023SJune 30, 2023$16,367 $9.28 1,763,641 
May 31, 2023DJune 30, 2023$13,809 $9.29 1,486,423 
May 31, 2023IJune 30, 2023$46,072 $9.31 4,948,651 
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 

Debt

Aggregate Borrowings

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





178


June 30, 2024
($ in thousands)Aggregate Principal
Committed
Outstanding
Principal
Amount
Available(1)
Net Carrying
Value(2)
Revolving Credit Facility(3)
$1,995,000 $1,556,937 $438,063 $1,541,450 
SPV Asset Facility I525,000 200,000 129,770 194,219 
SPV Asset Facility II1,800,000 995,000 595,532 989,046 
SPV Asset Facility III(3)
1,000,000 779,875 48,687 771,832 
SPV Asset Facility IV500,000 100,000 197,023 96,496 
SPV Asset Facility V300,000 210,000 19,564 207,361 
SPV Asset Facility VI750,000 350,000 45,615 343,327 
SPV Asset Facility VII300,000 100,000 4,569 97,657 
CLO VIII290,000 290,000  288,003 
CLO XI260,000 260,000  258,225 
CLO XII260,000 260,000  258,097 
CLO XV312,000 312,000  309,227 
CLO XVI420,000 420,000  417,411 
March 2025 Notes500,000 500,000  498,416 
September 2026 Notes350,000 350,000  346,253 
February 2027 Notes500,000 500,000  495,890 
September 2027 Notes(4)
600,000 600,000  587,860 
June 2028 Notes(4)
650,000 650,000  638,205 
January 2029 Notes(4)
550,000 550,000  534,650 
September 2029 Notes(4)
500,000 500,000  491,384 
March 2031 Notes(4)
750,000 750,000  717,205 
Total Debt$13,112,000 $10,233,812 $1,478,823 $10,082,214 
(1)The amount available reflects any limitations related to each credit facility’s borrowing base.
(2)The carrying values of the Company’s Revolving Credit Facility, SPV Asset Facility I, SPV Asset Facility II, SPV Asset Facility III, SPV Asset Facility IV, SPV Asset Facility V, SPV Asset Facility VI, SPV Asset Facility VII, CLO VIII, CLO XI, CLO XII, CLO XV, CLO XVI, March 2025 Notes, September 2026 Notes, February 2027 Notes, September 2027 Notes, June 2028 Notes, January 2029 Notes, September 2029 Notes, and March 2031 Notes are presented net of unamortized debt issuance costs of $15.5 million, $5.8 million, $6.0 million, $8.0 million, $3.5 million, $2.6 million, $6.7 million, $2.3 million, $2.0 million, $1.8 million, $1.9 million, $2.8 million, $2.6 million, $1.6 million, $3.8 million, $4.1 million, $6.0 million, $9.1 million, $12.7 million, $10.9 million, and $20.4 million, respectively.
(3)Includes unrealized gain (loss) on translation of borrowings denominated in foreign currencies.
(4)Net Carrying Value is inclusive of change in fair market value of effective hedge.






179


December 31, 2023
($ in thousands)Aggregate Principal
Committed
Outstanding
Principal
Amount
Available(1)
Net Carrying
Value(2)
Revolving Credit Facility(3)
$1,945,000 $628,128 $1,316,872 $611,396 
SPV Asset Facility I525,000 475,000 50,000 468,920 
SPV Asset Facility II1,800,000 1,718,000 82,000 1,710,745 
SPV Asset Facility III1,000,000 522,000 289,180 513,046 
SPV Asset Facility IV500,000 250,000 61,848 246,296 
SPV Asset Facility V300,000 200,000 12,439 197,005 
SPV Asset Facility VI750,000 160,000 18,188 152,994 
CLO VIII290,000 290,000  287,907 
CLO XI260,000 260,000  258,144 
CLO XII260,000 260,000  258,002 
March 2025 Notes500,000 500,000  496,586 
September 2026 Notes350,000 350,000  344,682 
February 2027 Notes500,000 500,000  496,699 
September 2027 Notes(4)
600,000 600,000  598,564 
June 2028 Notes650,000 650,000  640,012 
January 2029 Notes(4)
550,000 550,000  546,975 
Total Debt$10,780,000 $7,913,128 $1,830,527 $7,827,973 
(1)The amount available reflects any limitations related to each credit facility’s borrowing base.
(2)The carrying values of the Company’s Revolving Credit Facility, SPV Asset Facility I, SPV Asset Facility II, SPV Asset Facility III, SPV Asset Facility IV, SPV Asset Facility V, SPV Asset Facility VI, CLO VIII, CLO XI, CLO XII, March 2025 Notes, September 2026 Notes, February 2027 Notes, September 2027 Notes, June 2028 Notes, and January 2029 Notes are presented net of unamortized debt issuance costs of $16.6 million, $6.1 million, $7.3 million, $9.0 million, $3.7 million, $3.0 million, $7.0 million, $2.1 million, $1.9 million, $2.0 million, $3.4 million, $5.4 million, $3.3 million, $6.9 million, $9.9 million, and $13.6 million, respectively.
(3)Includes unrealized gain (loss) on translation of borrowings denominated in foreign currencies.
(4)Net Carrying Value is inclusive of change in fair market value of effective hedge.

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)2024202320242023
Interest expense$175,699 $108,913 $334,208 $195,488 
Amortization of debt issuance costs7,052 4,434 13,333 8,131 
Net change in unrealized (gain) loss on effective interest rate swaps and hedged items(1)
199 1,204 4,825 527 
Total Interest Expense$182,950 $114,551 $352,366 $204,146 
Average interest rate7.7 %6.9 %7.6 %6.6 %
Average daily borrowings$9,055,379 $6,223,801 $8,655,316 $5,903,426 
(1)Refer to the September 2027, June 2028, January 2029, September 2029, and March 2031 Notes for details on the facility’s interest rate swap.

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)
SPV Asset Facility I
June 30, 2024 (unaudited)$200.0 $2,090.5 — N/A





180


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, 2023$475.0 $2,085.2 — N/A
SPV Asset Facility II
June 30, 2024 (unaudited)$995.0 $2,090.5 — N/A
December 31, 2023$1,718.0 $2,085.2 — N/A
SPV Asset Facility III
June 30, 2024 (unaudited)$779.9 $2,090.5 — N/A
December 31, 2023$522.0 $2,085.2 — N/A
SPV Asset Facility IV
June 30, 2024 (unaudited)$100.0 $2,090.5 — N/A
December 31, 2023$250.0 $2,085.2 — N/A
SPV Asset Facility V
June 30, 2024 (unaudited)$210.0 $2,090.5 — N/A
December 31, 2023$200.0 $2,085.2 — N/A
SPV Asset Facility VI
June 30, 2024 (unaudited)$350.0 $2,090.5 — N/A
December 31, 2023$160.0 $2,085.2 — N/A
SPV Asset Facility VII
June 30, 2024 (unaudited)$100.0 $2,090.5 — N/A
CLO VIII
June 30, 2024 (unaudited)$290.0 $2,090.5 — N/A
December 31, 2023$290.0 $2,085.2 — N/A
CLO XI
June 30, 2024 (unaudited)$260.0 $2,090.5 — N/A
December 31, 2023$260.0 $2,085.2 — N/A
CLO XII
June 30, 2024 (unaudited)$260.0 $2,090.5 — N/A
December 31, 2023$260.0 $2,085.2 — N/A
CLO XV
June 30, 2024 (unaudited)$312.0 $2,090.5 — N/A
CLO XVI
June 30, 2024 (unaudited)$420.0 $2,077.8 — N/A
Revolving Credit Facility
June 30, 2024 (unaudited)$1,556.9 $2,090.5 — N/A
December 31, 2023$628.1 $2,085.2 — N/A
September 2026 Notes
June 30, 2024 (unaudited)$350.0 $2,090.5 — N/A
December 31, 2023$350.0 $2,085.2 — N/A
February 2027 Notes
June 30, 2024 (unaudited)$500.0 $2,090.5 — N/A
December 31, 2023$500.0 $2,085.2 — N/A
September 2027 Notes
June 30, 2024 (unaudited)$600.0 $2,090.5 — N/A
December 31, 2023$600.0 $2,085.2 — N/A
June 2028 Notes
June 30, 2024 (unaudited)$650.0 $2,090.5 — N/A
December 31, 2023$650.0 $2,085.2 — N/A
March 2025 Notes





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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)
June 30, 2024 (unaudited)$500.0 $2,090.5 — N/A
December 31, 2023$500.0 $2,085.2 — N/A
January 2029 Notes
June 30, 2024 (unaudited)$550.0 $2,090.5 — N/A
December 31, 2023$550.0 $2,085.2 — N/A
September 2029 Notes
June 30, 2024 (unaudited)$500.0 $ — N/A
March 2031 Notes
June 30, 2024 (unaudited)$750.0 $2,090.5 — 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.
Credit Facilities
Revolving Credit Facility
On August 11, 2022, we entered into an Amended and Restated Senior Secured Revolving Credit Agreement (the “Revolving Credit Facility”), which amends and restates in its entirety that certain Senior Secured Revolving Credit Agreement, dated as of April 14, 2021 (as amended, restated, supplemented or otherwise modified prior to August 11, 2022). 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 November 2, 2023 (the “Revolving Credit Facility First Amendment Date”), the parties to the Revolving Credit Facility entered into an amendment, including to extend the availability period and maturity date for certain lenders, convert a portion of the existing revolver availability into term loan availability, reduce the credit adjustment spread for US dollar denominated term SOFR loans to 0.10% for all tenors and make various other changes. The following describes the terms of the Revolving Credit Facility amended through May 8, 2024.
The Revolving Credit Facility is guaranteed by certain subsidiaries of ours in existence as of the Revolving Credit Facility First Amendment Date, and will be guaranteed by certain subsidiaries of ours that are formed or acquired by us in the future (collectively, the “Guarantors”). Proceeds of the Revolving Credit Facility may be used for general corporate purposes, including the funding of portfolio investments.
As of May 8, 2024, 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 $2.00 billion, which is comprised of (a) a term loan in a principal amount of $125.0 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 $1.87 billion (the revolving credit facility increased from $1.82 billion to $1.87 billion on May 8, 2024). 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 $2.84 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.
As of the Revolving Credit Facility First Amendment Date, the availability period under the Revolving Credit Facility will terminate on November 2, 2027 (the “Revolving Credit Facility Commitment Termination Date”). The Revolving Credit Facility will mature on November 2, 2028 (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.





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We may borrow amounts in U.S. dollars or certain other permitted currencies. Amounts drawn under the Revolving Credit Facility in U.S. dollars will bear interest at term SOFR plus any applicable credit adjustment spread plus margin of 2.00% per annum, or the alternative base rate plus margin of 1.00% 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 2.00% per annum. we will also pay a fee of 0.375% 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, 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).
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 and Alter Domus (US) LLC as Document Custodian. The following describes the terms of the SPV Asset Facility I as amended through June 20, 2023 (the “SPV Asset Facility I Second Amendment Date”).
From time to time, we expect to sell and contribute certain investments to Core Income Funding I pursuant to a Sale and Contribution Agreement by and between us and Core Income Funding I. No gain or loss will be recognized as a result of the contribution. Proceeds from the SPV Asset Facility I will be used to finance the origination and acquisition of eligible assets by Core Income Funding I, including the purchase of such assets from us. We retain a residual interest in assets contributed to or acquired by Core Income Funding I through our ownership of Core Income Funding I. The maximum principal amount of the Credit Facility is $525.0 million (decreased from $550.0 million on the SPV Asset Facility I Second 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 September 16, 2025 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 September 16, 2033 (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 0.40%) plus an applicable margin that ranges from 2.00% to 2.85% 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 . The SPV Asset Facility I contains customary covenants, including certain financial maintenance covenants, limitations on





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the activities of Core Income Funding I, including limitations on incurrence of incremental indebtedness, and customary events of default. The SPV Asset Facility I is secured by a perfected first priority security interest in the assets of Core Income Funding I and on any payments received by Core Income Funding I in respect of those assets. Assets pledged to the SPV Asset Facility I Lenders will not be available to pay our debts.
Borrowings of Core Income Funding I are considered our borrowings for purposes of complying with the asset coverage requirements under the 1940 Act.
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 and our newly formed subsidiary 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 Alter Domus (US) LLC as collateral custodian. The following describes the terms of the SPV Asset Facility II as amended through March 7, 2024 (the “SPV Asset Facility II Seventh Amendment Date”).
From time to time, we expect to sell and contribute certain loan assets to Core Income Funding II pursuant to a Sale and Contribution Agreement by and between us and Core Income Funding II. No gain or loss will be recognized as a result of the contribution. Proceeds from the SPV Asset Facility II will be used to finance the origination and acquisition of eligible assets by Core Income Funding II, including the purchase of such assets from us. We retain a residual interest in assets contributed to or acquired by Core Income Funding II through our ownership of Core Income Funding II. The maximum principal amount of the SPV Asset Facility II is $1.80 billion; 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 for a period of up to three years after the SPV Asset Facility II Closing Date unless such period is extended or accelerated under the terms of the SPV Asset Facility II (the “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 Revolving Period (the “Facility 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 us, subject to certain conditions. On the Facility 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 2.00% per annum, which spread will increase (a) on and after the end of the 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 “Applicable Margin”). Term SOFR may be replaced as a base rate under certain circumstances. During the 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. During the Revolving Period, if the undrawn commitments are in excess of a certain portion (initially 12.5% and increasing in stages to 25%, 50% and 75%) of the total commitments under the SPV Asset Facility II, Core Income Funding II will also pay a make-whole fee equal to the 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. The SPV Asset Facility II contains customary covenants, including certain financial maintenance covenants, limitations on the activities of Core Income Funding II, including limitations on incurrence of incremental indebtedness, and customary events of default. The SPV Asset Facility II is secured by a perfected first priority security interest in the assets of Core Income Funding II and on any payments received by Core Income Funding II in respect of those assets. Assets pledged to the SPV Asset Facility II Lenders will not be available to pay our debts.
Borrowings of Core Income Funding II are considered our borrowings for purposes of complying with the asset coverage requirements under the 1940 Act.
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 our newly formed subsidiary 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





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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. On November 21, 2023, the parties to the SPV Asset Facility III entered into an amendment, including to increase the maximum principal amount available under the facility, extend the availability period and maturity date, change the interest rate and make various other changes. The following describes the terms of SPV Asset Facility III amended through November 21, 2023 (the “SPV Asset Facility III First Amendment Date”).
From time to time, we expect to sell and contribute certain investments to Core Income Funding III pursuant to a Sale and Contribution Agreement, dated as of the SPV Asset Facility III Closing Date, by and between the Company and Core Income Funding III. No gain or loss will be recognized as a result of the contribution. Proceeds from the SPV Asset Facility III will be used to finance the origination and acquisition of eligible assets by Core Income Funding III, including the purchase of such assets from the Company. We retain a residual interest in assets contributed to or acquired by Core Income Funding III through our ownership of Core Income Funding III. The maximum principal amount of the SPV Asset Facility III is $1.00 billion (increased from $750.0 million to $1.00 billion on November 21, 2023), 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 First 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 November 21, 2028 (the “SPV Asset Facility III Stated Maturity”). To the extent the commitments are terminated or permanently reduced during the first two years following the SPV Asset Facility III Closing 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, 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 First Amendment Date, the “Applicable Margin” ranges from 1.75% to 2.60% 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, ranging from 0.25% to 1.25% on the undrawn amount under the SPV Asset Facility III. The SPV Asset Facility III contains customary covenants, including certain limitations on the activities of Core Income Funding III, including limitations on incurrence of incremental indebtedness, and customary events of default. The SPV Asset Facility III is secured by a perfected first priority security interest in the assets of Core Income Funding III and on any payments received by Core Income Funding III in respect of those assets. Assets pledged to the SPV Asset Facility III Lenders will not be available to pay our debts.
Borrowings of Core Income Funding III are considered our borrowings for purposes of complying with the asset coverage requirements under the 1940 Act.
SPV Asset Facility IV
On March 16, 2022 (the “SPV Facility IV Closing Date”), Core Income Funding IV LLC (“Core Income Funding IV”), a Delaware limited liability company and our newly formed subsidiary 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.
From time to time, we expect to sell and contribute certain investments to Core Income Funding IV pursuant to a Sale and Contribution Agreement, dated as of the SPV Asset Facility IV Closing Date, by and between us and Core Income Funding IV. No gain or loss will be recognized as a result of the contribution. Proceeds from the SPV Facility IV will be used to finance the origination and acquisition of eligible assets by Core Income Funding IV, including the purchase of such assets from us. We retain a residual interest in assets contributed to or acquired by Core Income Funding IV through our ownership of Core Income Funding IV. The maximum principal amount of the SPV 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.





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The SPV Facility IV provides for the ability to (1) draw term loans and (2) draw and redraw revolving loans under the SPV Facility IV for a period of up to three years after the SPV Facility IV Closing Date unless the revolving commitments are terminated or converted to term loans sooner as provided in the SPV Facility IV (the “SPV Facility IV Commitment Termination Date”). Unless otherwise terminated, the SPV Facility IV will mature on March 16, 2033 (the “SPV Facility IV Stated Maturity”). Prior to the SPV 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 us, subject to certain conditions. On the SPV 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 1.70% to 2.30% depending on a ratio of broadly syndicated loans to middle-market loans in the collateral. From the SPV Facility IV Closing Date to the SPV Facility IV Commitment Termination Date, there is a commitment fee that steps up during the year after the SPV Facility IV Closing Date from 0.00% to 0.50% per annum on the undrawn amount, if any, of the revolving commitments in the SPV Facility IV. The SPV Facility IV contains customary covenants, including certain financial maintenance covenants, limitations on the activities of Core Income Funding IV, including limitations on incurrence of incremental indebtedness, and customary events of default. The SPV Facility IV is secured by a perfected first priority security interest in the assets of Core Income Funding IV and on any payments received by Core Income Funding IV in respect of those assets. Assets pledged to the SPV Asset IV Lenders will not be available to pay our debts.
Borrowings of Core Income Funding IV are considered our borrowings for purposes of complying with the asset coverage requirements under the 1940 Act.
SPV Asset Facility V
On March 9, 2023 (the “SPV Facility V Closing Date”), Core Income Funding V LLC (“Core Income Funding V”), a Delaware limited liability company and our newly formed subsidiary, 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 following describes the terms of SPV Asset Facility V as amended through June 28, 2024 (the “SPV Asset Facility V First Amendment Date”).
From time to time, we expect to sell and contribute certain loan assets to Core Income Funding V pursuant to a Sale and Contribution Agreement, dated as of the SPV Facility V Closing Date, by and between us and Core Income Funding V. No gain or loss will be recognized as a result of the contribution. Proceeds from the SPV Facility V will be used to finance the origination and acquisition of eligible assets by Core Income Funding V, including the purchase of such assets from us. We retain a residual interest in assets contributed to or acquired by Core Income Funding V through our ownership of Core Income Funding V. The maximum principal amount of the SPV Facility V is $300.0 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 Facility V provides for the ability to borrow, reborrow, repay and prepay advances under the SPV Facility V for a period of up to three years after the SPV Facility V Closing Date unless such period is extended or accelerated under the terms of the SPV Facility V (the “SPV Facility V Reinvestment Period”). Unless otherwise extended, accelerated or terminated under the terms of the SPV Facility V, the SPV Facility V will mature on the date that is two years after the last day of the SPV Facility V Reinvestment Period (the “SPV Facility V Maturity Date”). Prior to the SPV 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 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 spread equal to 2.70% per annum, 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 Facility V Termination Date (such spread, the “SPV Facility V Applicable Spread”). Daily Simple SOFR may be replaced as a base rate under certain circumstances. During the SPV Facility V Reinvestment Period, Core Income Funding V will pay an undrawn fee ranging from 0.25% to 0.50% per annum on the undrawn amount, if any, of the revolving commitments in the SPV Facility V that are not subject to the separate, higher fee described below. On and after the six-month anniversary of the SPV Facility V Closing Date and during the SPV Facility V Reinvestment Period, if the undrawn commitments are in excess of a certain portion (initially 50% and decreasing to 30%) of the total commitments under the SPV 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 1.50% multiplied by such excess undrawn commitment amount over 50% or 30% of the total commitments, as applicable. The SPV Facility V contains customary





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covenants, including certain financial maintenance covenants, limitations on the activities of Core Income Funding V, including limitations on incurrence of incremental indebtedness, and customary events of default. The SPV Facility V is secured by a perfected first priority security interest in the assets of Core Income Funding V and on any payments received by Core Income Funding V in respect of those assets. Assets pledged to the Lenders will not be available to pay our debts.
Borrowings of Core Income Funding V are considered our borrowings for purposes of complying with the asset coverage requirements under the 1940 Act.
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 and Alter Domus (US) LLC as Document Custodian. On March 1, 2024 (the “SPV Asset Facility VI First Amendment Date”), the parties to the SPV Asset Facility VI entered into Amendment No. 1 (the “SPV Asset Facility VI Amendment No. 1”) in order to, among other changes, convert a portion of the existing revolver availability into term loan availability, modify the eligibility criteria and concentration limitations for the assets that are included in the borrowing base calculations under the SPV Asset Facility VI. On the SPV Asset Facility VI First Amendment Date, we also consented to the assignment of the term commitment under the SPV Asset Facility VI, and all of the outstanding term loans, to Hamburg Commercial Bank AG, Luxembourg Branch.
From time to time, we expect to sell and contribute certain investments to Core Income Funding VI pursuant to a Sale and Contribution Agreement by and between us and Core Income Funding VI. No gain or loss will be recognized as a result of the contribution. Proceeds from the SPV Asset Facility VI will be used to finance the origination and acquisition of eligible assets by Core Income Funding VI, including the purchase of such assets from us. We retain a residual interest in assets contributed to or acquired by Core Income Funding VI through our ownership of Core Income Funding VI. 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 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, 2032 (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 1.85% to 2.85% 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. The SPV Asset Facility VI contains customary covenants, including certain financial maintenance covenants, limitations on the activities of Core Income Funding VI, including limitations on incurrence of incremental indebtedness, and customary events of default. The SPV Asset Facility VI is secured by a perfected first priority security interest in the assets of Core Income Funding VI and on any payments received by Core Income Funding VI in respect of those assets. Assets pledged to the Lenders will not be available to pay our debts.
Borrowings of Core Income Funding VI are considered our borrowings for purposes of complying with the asset coverage requirements under the 1940 Act.
SPV Asset Facility VI
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.





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From time to time, we expect to sell and contribute certain investments to Core Income Funding VII pursuant to a Sale and Contribution Agreement by and between us and Core Income Funding VII, dated as of the SPV Asset Facility VII Closing Date. No gain or loss will be recognized as a result of the contribution. Proceeds from the SPV Asset Facility VII will be used to finance the origination and acquisition of eligible assets by Core Income Funding VII, including the purchase of such assets from us. We retain a residual interest in assets contributed to or acquired by Core Income Funding VII through its ownership of Core Income Funding VII. The maximum principal amount of the SPV Asset Facility VII is $300.0 million, 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 up to three years after the SPV Asset Facility VII Closing Date (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 (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 2.37%, 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.

During the SPV Asset Facility VII Reinvestment Period, Core Income Funding VII will pay certain unused fees subject to minimum utilization. The SPV Asset Facility VII contains customary covenants, including certain maintenance covenants and customary events of default. The SPV Asset Facility VII is secured by a perfected first priority security interest in the assets of Core Income Funding VII and on any payments received by Core Income Funding VII in respect of those assets. Assets pledged to the lenders under the SPV Asset Facility VII will not be available to pay our debts.
Borrowings of Core Income Funding VII are considered our borrowings for purposes of complying with the asset coverage requirements under the 1940 Act.
CLOs
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”), also known as a collateralized loan obligation transaction, which is a form of secured financing incurred by us. 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 organized under the laws of the State of Delaware (the “CLO VIII Issuer”) and 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 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.





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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”). The CLO VIII Preferred Shares were issued by the CLO VIII Issuer as part of its issued share capital and are not secured by the collateral securing the CLO VIII Debt. We purchased all of the CLO VIII Preferred Shares. We act as retention holder in connection with the CLO VIII Transaction 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 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. The CLO VIII Secured Notes 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 will serve as collateral manager for the CLO VIII Issuer under a collateral management agreement dated as of the CLO VIII Closing Date. The Adviser is entitled to receive fees for providing these services. The Adviser has waived 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 Amended and Restated Investment Advisory Agreement, dated May 18, 2021, between the Adviser and us will be offset by the amount of the collateral management fee attributable to the CLO VIII Issuer’s equity or notes owned by us.
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”), also known as a collateralized loan obligation transaction, which is a form of secured financing incurred by us. 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 organized under the laws of the State of Delaware (the “CLO XI Issuer”) and 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 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





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U.S. $1,000 per share (the “CLO XI Preferred Shares”). The CLO XI Preferred Shares were issued by the CLO XI Issuer as part of its issued share capital and are not secured by the collateral securing the CLO XI Debt. We purchased all of the CLO XI Preferred Shares.
We act as retention holder in connection with the CLO XI Transaction 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 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. The CLO XI Secured Notes have not been registered under 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 will serve as collateral manager for the CLO XI Issuer under a collateral management agreement dated as of the CLO XI Closing Date. The Adviser is entitled to receive fees for providing these services. The Adviser has waived 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 the Adviser pursuant to the Amended and Restated Investment Advisory Agreement, dated May 18, 2021, between the Adviser and us will be offset by the amount of the collateral management fee attributable to the CLO XI Issuer’s equity or notes owned by us.
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”), also known as a collateralized loan obligation transaction, which is a form of secured financing incurred by us. 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 our consolidated subsidiary Owl Rock CLO XII, LLC, a limited liability organized under the laws of the State of Delaware (the “CLO XII Issuer”) and 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 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”). The CLO XII Preferred Shares were issued by the CLO XII Issuer as part of





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its issued share capital and are not secured by the collateral securing the CLO XII Debt. We purchased all of the CLO XII Preferred Shares. We act as retention holder in connection with the CLO XII Transaction 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 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. The CLO XII Secured Notes have not been registered under 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 will serve as collateral manager for the CLO XII Issuer under a collateral management agreement dated as of the CLO XII Closing Date (the “Collateral Management Agreement”). The Adviser is entitled to receive fees for providing these services. The Adviser has waived 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 the Adviser pursuant to the Amended and Restated Investment Advisory Agreement, dated May 18, 2021, between the Adviser and us will be offset by the amount of the collateral management fee attributable to the CLO XII Issuer’s equity or notes owned by us.
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”), also known as a collateralized loan obligation transaction, which is a form of secured financing incurred by us. 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 organized under the laws of the State of Delaware (the “CLO XV Issuer”) and 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 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”). The CLO XV Preferred Shares were issued by the CLO XV Issuer as part of its issued share capital and are not secured by the collateral securing the CLO XV Secured Notes. We purchased all of the CLO XV Preferred Shares. We act as retention holder in connection with the CLO XV Transaction 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 the CLO XV Preferred Shares.
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





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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. The CLO XV Secured Notes have not been registered under 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 will serve as collateral manager for the CLO XV Issuer under a collateral management agreement dated as of the CLO XV Closing Date (the “Collateral Management Agreement”). The Adviser is entitled to receive fees for providing these services. The Adviser has waived 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 the Adviser pursuant to the Amended and Restated Investment Advisory Agreement, dated May 18, 2021, between the Adviser and us will be offset by the amount of the collateral management fee attributable to the CLO XV Issuer’s equity or notes owned by us.
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”), also known as a collateralized loan obligation transaction, which is a form of secured financing incurred by us. 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 organized under the laws of the State of Delaware (the “CLO XVI Issuer”) and 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 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”). The CLO XVI Preferred Shares were issued by the CLO XVI Issuer as part of its issued share capital and are not secured by the collateral securing the CLO XVI Debt. We purchased all of the CLO XVI Preferred Shares. We act as retention holder in connection with the CLO XVI Transaction 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 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





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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. The CLO XVI Secured Notes have not been registered under 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 will serve as collateral manager for the CLO XVI Issuer under a collateral management agreement dated as of the CLO XVI Closing Date (the “Collateral Management Agreement”). The Adviser is entitled to receive fees for providing these services. The Adviser has waived 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 the Adviser pursuant to the Amended and Restated Investment Advisory Agreement, dated May 18, 2021, between the Adviser and us will be offset by the amount of the collateral management fee attributable to the CLO XVI Issuer’s equity or notes owned by us.
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.
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.
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





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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 100% of the aggregate principal amount of the Notes being repurchased, plus accrued and unpaid interest to, but excluding, the repurchase date.
March 2025 Notes
On March 29, 2022, we issued $500.0 million aggregate principal amount of its 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.





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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 will mature on March 21, 2025 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 2025 Indenture. The March 2025 Notes bear 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, we 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 issuer registered notes with substantially similar terms, which expired on August 23, 2022 and was completed promptly thereafter.
The March 2025 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 2025 Notes. The March 2025 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 2025 Notes. The March 2025 Notes rank effectively subordinated, or junior, to any of our future secured indebtedness or other obligations (including unsecured indebtedness that we secures) to the extent of the value of the assets securing such indebtedness. The March 2025 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 2025 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 2025 Notes are outstanding, whether or not it is subject to those requirements, and (ii) provide financial information to the holders of the March 2025 Notes and the Successor Trustee if the 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 2025 Indenture. In addition, if a change of control repurchase event, as defined in the March 2025 Indenture, occurs prior to maturity, holders of the March 2025 Notes will have the right, at their option, to require us to repurchase for cash some or all of the March 2025 Notes at a repurchase price equal to 100% of the aggregate principal amount of the March 2025 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.





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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, 2024, we did not make a periodic payment and for the six months ended June 30, 2024, we made periodic payments of $4.7 million. For the three months ended June 30, 2023 we did not make periodic payments and for the six months ended June 30, 2023, we made periodic payments of $0.7 million. 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, 2024, the interest rate swap had a fair value of $(5.8) million ($0.3 million net of the present value of the cash flows of the September 2027 Notes). As of December 31, 2022, the interest rate swap had a fair value of $6.5 million ($1.1 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. For further details, see “ITEM 1. – Notes to Consolidated Financial Statements – Note 5. Debt.”
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 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





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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, 2024, we made periodic payments of $2.6 million. 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, 2024, the interest rate swap had a fair value of $(3.2) million ($(0.5) 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 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





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rate interest based on SOFR plus 3.647%. The interest rate swaps mature on January 15, 2029. For the three and six months ended June 30, 2024, we did not make a periodic payment. 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, 2024, the interest rate swap had a fair value of $(2.7) million ($0.0 million net of the present value of the cash flows of the January 2029 Notes). As of December 31, 2023, the interest rate swap had a fair value of $12.1 million ($1.5 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 (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, 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 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%. The interest rate swap matures on August 15, 2029. For the three and six months ended June 30, 2024, we did not make a periodic payment. The interest expense related to the September 2029 Notes is equally offset by the proceeds received from the interest rate swap. The swap adjusted interest expense is included as a component of interest expense on our Consolidated Statements of Operations. As of June 30, 2024, the interest rate swap had a fair value of $2.8 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





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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 2029 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 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 and six months ended June 30, 2024, we did not make a periodic payment. 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, 2024, the interest rate swap had a fair value of $(14.9) million ($(2.5) 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.





199


Off-Balance Sheet Arrangements
Portfolio Company Commitments
From time to time, we may enter into commitments to fund investments. As of the following periods, we had the following outstanding commitments to fund investments in current portfolio companies:
Portfolio CompanyInvestmentJune 30, 2024December 31, 2023
($ in thousands)
AAM Series 1.1 Rail and Domestic Intermodal Feeder, LLCLLC Interest$62,877 $8,444 
AAM Series 2.1 Aviation Feeder, LLCLLC Interest60,000 309 
ACR Group Borrower, LLCFirst lien senior secured revolving loan750 425 
ACR Group Borrower, LLCFirst lien senior secured delayed draw term loan835  
Activate Holdings (US) Corp. (dba Absolute Software)First lien senior secured revolving loan352 282 
Aerosmith Bidco Limited (dba Audiotonix)First lien senior secured delayed draw term loan470,139  
Aerosmith Bidco Limited (dba Audiotonix)First lien senior secured revolving loan44,105  
Alera Group, Inc.First lien senior secured delayed draw term loan38,368 45,858 
Allied Benefit Systems Intermediate LLCFirst lien senior secured delayed draw term loan3,247 3,247 
AlphaSense, Inc.First lien senior secured delayed draw term loan707  
AlphaSense, Inc.First lien senior secured delayed draw term loan716  
AmeriLife Holdings LLCFirst lien senior secured revolving loan16,273 16,273 
AmeriLife Holdings LLCFirst lien senior secured delayed draw term loan34,633 5,457 
AmeriLife Holdings LLCFirst lien senior secured delayed draw term loan 26,966 
Anaplan, Inc.First lien senior secured revolving loan16,528 16,528 
Apex Service Partners, LLCFirst lien senior secured delayed draw term loan2,400 17,957 
Apex Service Partners, LLCFirst lien senior secured revolving loan4,257 7,080 
Appfire Technologies, LLCFirst lien senior secured revolving loan1,260 1,260 
Appfire Technologies, LLCFirst lien senior secured delayed draw term loan10,081 10,587 
Appfire Technologies, LLCFirst lien senior secured delayed draw term loan2,688  
Aptean Acquiror, Inc. (dba Aptean)First lien senior secured revolving loan7,282  
Aptean Acquiror, Inc. (dba Aptean)First lien senior secured delayed draw term loan13,501  
Aramsco, Inc.First lien senior secured delayed draw term loan7,797 7,797 
Arctic Holdco, LLC (dba Novvia Group)First lien senior secured delayed draw term loan9,688 9,688 
Artifact Bidco, Inc. (dba Avetta)First lien senior secured delayed draw term loan3,793  
Artifact Bidco, Inc. (dba Avetta)First lien senior secured revolving loan2,710  
Ascend Buyer, LLC (dba PPC Flexible Packaging)First lien senior secured revolving loan3,404 3,404 





200


Portfolio CompanyInvestmentJune 30, 2024December 31, 2023
Associations, Inc.First lien senior secured revolving loan25,389 3,123 
Associations, Inc.First lien senior secured delayed draw term loan 507 
Associations, Inc.First lien senior secured delayed draw term loan31,686  
Aurelia Netherlands Midco 2 B.V.First lien senior secured NOK term loan 31,898 
Aurelia Netherlands Midco 2 B.V.First lien senior secured EUR term loan 30,482 
Aurelia Netherlands Midco 2 B.V.First lien senior secured EUR revolving loan 3,387 
Avalara, Inc.First lien senior secured revolving loan7,045 7,045 
AWP Group Holdings, Inc.First lien senior secured delayed draw term loan3,723 7,024 
AWP Group Holdings, Inc.First lien senior secured revolving loan3,077 4,557 
Azurite Intermediate Holdings, Inc. (dba Alteryx, Inc.)First lien senior secured delayed draw term loan4,489  
Azurite Intermediate Holdings, Inc. (dba Alteryx, Inc.)First lien senior secured revolving loan1,995  
Baker Tilly Advisory Group, L.P.First lien senior secured delayed draw term loan19,032  
Baker Tilly Advisory Group, L.P.First lien senior secured revolving loan20,935  
Bamboo US BidCo LLCFirst lien senior secured revolving loan 20,128 
Bamboo US BidCo LLCFirst lien senior secured delayed draw term loan 14,060 
Bamboo US BidCo LLCFirst lien senior secured delayed draw term loan12,228  
Bamboo US BidCo LLCFirst lien senior secured revolving loan20,128  
Bayshore Intermediate #2, L.P. (dba Boomi)First lien senior secured revolving loan1,593 1,275 
BCPE Osprey Buyer, Inc. (dba PartsSource)First lien senior secured revolving loan2,172 3,207 
BCPE Osprey Buyer, Inc. (dba PartsSource)First lien senior secured delayed draw term loan21,926 26,528 
BCTO BSI Buyer, Inc. (dba Buildertrend)First lien senior secured revolving loan161 161 
Belmont Buyer, Inc. (dba Valenz)First lien senior secured delayed draw term loan1,441 7,980 
Belmont Buyer, Inc. (dba Valenz)First lien senior secured revolving loan6,650 6,650 
Blast Bidco Inc. (dba Bazooka Candy Brands)First lien senior secured revolving loan4,179 4,179 
BradyPLUS Holdings, LLC (f/k/a BradyIFS Holdings, LLC)First lien senior secured delayed draw term loan6,864 13,641 
BradyPLUS Holdings, LLC (f/k/a BradyIFS Holdings, LLC)First lien senior secured revolving loan13,901 13,901 
Brightway Holdings, LLCFirst lien senior secured revolving loan2,105 1,158 
Broadcast Music, Inc.First lien senior secured revolving loan6,271  
BTRS HOLDINGS INC.First lien senior secured delayed draw term loan237 468 
BTRS HOLDINGS INC.First lien senior secured revolving loan723 868 





201


Portfolio CompanyInvestmentJune 30, 2024December 31, 2023
Canadian Hospital Specialties LimitedFirst lien senior secured revolving loan 75 
Catalis Intermediate, Inc. (fka GovBrands Intermediate, Inc.)First lien senior secured revolving loan577 577 
Certinia, Inc.First lien senior secured revolving loan4,412 4,412 
Chrysaor Bidco s.à r.l. (dba AlterDomus)First lien senior secured delayed draw term loan689  
CivicPlus, LLCFirst lien senior secured revolving loan2,244 1,481 
Community Brands ParentCo, LLCFirst lien senior secured delayed draw term loan 3,750 
Community Brands ParentCo, LLCFirst lien senior secured revolving loan1,875 1,875 
Computer Services, Inc.First lien senior secured delayed draw term loan25,566  
CoreTrust Purchasing Group LLCFirst lien senior secured delayed draw term loan23,639 14,183 
CoreTrust Purchasing Group LLCFirst lien senior secured revolving loan14,183 14,183 
Coupa Holdings, LLCFirst lien senior secured revolving loan1,664 1,664 
Coupa Holdings, LLCFirst lien senior secured delayed draw term loan2,174 2,174 
CPM Holdings, Inc.First lien senior secured revolving loan3,950 5,000 
Cresset Capital Management, LLCFirst lien senior secured delayed draw term loan7,612  
Cresset Capital Management, LLCFirst lien senior secured delayed draw term loan4,478  
Cresset Capital Management, LLCFirst lien senior secured revolving loan2,239  
Crewline Buyer, Inc. (dba New Relic)First lien senior secured revolving loan 17,226 
Crewline Buyer, Inc. (dba New Relic)First lien senior secured revolving loan17,226  
DCG ACQUISITION CORP. (dba DuBois Chemical)First lien senior secured delayed draw term loan15,899  
DCG ACQUISITION CORP. (dba DuBois Chemical)First lien senior secured revolving loan15,899  
Denali BuyerCo, LLC (dba Summit Companies)First lien senior secured revolving loan9,963 9,963 
Disco Parent, Inc. (dba Duck Creek Technologies, Inc.)First lien senior secured revolving loan91 91 
Dresser Utility Solutions, LLCFirst lien senior secured revolving loan10,552  
Dresser Utility Solutions, LLCFirst lien senior secured delayed draw term loan7,537  
DuraServ LLCFirst lien senior secured delayed draw term loan48,512  
DuraServ LLCFirst lien senior secured revolving loan24,256  
EET Buyer, Inc. (dba e-Emphasys)First lien senior secured revolving loan3,387 2,710 
EET Buyer, Inc. (dba e-Emphasys)First lien senior secured delayed draw term loan8,523  
Endries Acquisition, Inc.First lien senior secured delayed draw term loan 20,926 
Endries Acquisition, Inc.First lien senior secured delayed draw term loan8,048 8,048 





202


Portfolio CompanyInvestmentJune 30, 2024December 31, 2023
Entertainment Benefits Group, LLCFirst lien senior secured revolving loan 6,960 
Entrata, Inc.First lien senior secured revolving loan513 513 
EOS U.S. Finco LLCFirst lien senior secured delayed draw term loan9,830 9,830 
Essential Services Holding Corporation (dba Turnpoint)First lien senior secured delayed draw term loan6,970  
Essential Services Holding Corporation (dba Turnpoint)First lien senior secured revolving loan4,357  
Evolution BuyerCo, Inc. (dba SIAA)First lien senior secured revolving loan676 676 
Evolution BuyerCo, Inc. (dba SIAA)First lien senior secured delayed draw term loan3,671 4,405 
FARADAY BUYER, LLC (dba MacLean Power Systems)First lien senior secured delayed draw term loan14,307 14,307 
Fiesta Purchaser, Inc. (dba Shearer's Foods)First lien senior secured revolving loan16,615  
Finastra USA, Inc.First lien senior secured revolving loan15,282 12,568 
Forescout Technologies, Inc.First lien senior secured revolving loan1,320  
Formerra, LLCFirst lien senior secured revolving loan368 526 
Fortis Solutions Group, LLCFirst lien senior secured revolving loan5,397 6,409 
FR Vision Holdings, Inc. (dba CHA Consulting)First lien senior secured delayed draw term loan10,915  
FR Vision Holdings, Inc. (dba CHA Consulting)First lien senior secured revolving loan3,692  
Fullsteam Operations, LLCFirst lien senior secured delayed draw term loan5,000  
Fullsteam Operations, LLCFirst lien senior secured delayed draw term loan1,250  
Fullsteam Operations, LLCFirst lien senior secured delayed draw term loan692 1,961 
Fullsteam Operations, LLCFirst lien senior secured delayed draw term loan514 1,250 
Fullsteam Operations, LLCFirst lien senior secured revolving loan500 500 
Galls, LLCFirst lien senior secured delayed draw term loan39,243  
Galls, LLCFirst lien senior secured revolving loan14,912  
Galway Borrower LLCFirst lien senior secured revolving loan5,406  
Galway Borrower LLCFirst lien senior secured delayed draw term loan49,734  
Gaylord Chemical Company, L.L.C.First lien senior secured revolving loan3,973 3,973 
Gehl Foods, LLCFirst lien senior secured delayed draw term loan9,097  
Gerson Lehrman Group, Inc.First lien senior secured revolving loan8,404  
GI Apple Midco LLC (dba Atlas Technical Consultants)First lien senior secured revolving loan8,707 4,908 
GI Apple Midco LLC (dba Atlas Technical Consultants)First lien senior secured delayed draw term loan14,090 14,090 
GI Ranger Intermediate, LLC (dba Rectangle Health)First lien senior secured delayed draw term loan 7,600 





203


Portfolio CompanyInvestmentJune 30, 2024December 31, 2023
GI Ranger Intermediate, LLC (dba Rectangle Health)First lien senior secured revolving loan1,673 669 
Global Music Rights, LLCFirst lien senior secured revolving loan12,415 7,500 
Granicus, Inc.First lien senior secured delayed draw term loan4,888  
Granicus, Inc.First lien senior secured revolving loan4,559 127 
GS Acquisitionco, Inc. (dba insightsoftware)First lien senior secured delayed draw term loan937  
GS Acquisitionco, Inc. (dba insightsoftware)First lien senior secured revolving loan214  
Hercules Borrower, LLC (dba The Vincit Group)First lien senior secured revolving loan96 96 
Hissho Sushi Merger Sub, LLCFirst lien senior secured revolving loan8,745 8,745 
Home Service TopCo IV, Inc.First lien senior secured revolving loan3,359 3,359 
Home Service TopCo IV, Inc.First lien senior secured delayed draw term loan8,397 8,397 
Hyland Software, Inc.First lien senior secured revolving loan6,978 6,978 
Icefall Parent, Inc. (dba EngageSmart)First lien senior secured revolving loan2,749  
Iconic IMO Merger Sub, Inc.First lien senior secured delayed draw term loan 3,127 
Iconic IMO Merger Sub, Inc.First lien senior secured revolving loan2,482 2,382 
Ideal Image Development, LLCFirst lien senior secured revolving loan 329 
Ideal Tridon Holdings, Inc.First lien senior secured revolving loan8,630 8,630 
IG Investments Holdings, LLC (dba Insight Global)First lien senior secured revolving loan4,866 3,613 
Indigo Buyer, Inc. (dba Inovar Packaging Group)First lien senior secured revolving loan2,752 7,620 
Indikami Bidco, LLC (dba IntegriChain)First lien senior secured delayed draw term loan6,570 6,570 
Indikami Bidco, LLC (dba IntegriChain)First lien senior secured revolving loan3,003 4,693 
Integrated Specialty Coverages, LLCFirst lien senior secured delayed draw term loan12,716 12,716 
Integrated Specialty Coverages, LLCFirst lien senior secured revolving loan5,934 5,934 
Integrity Marketing Acquisition, LLCFirst lien senior secured revolving loan5,450 5,450 
Integrity Marketing Acquisition, LLCFirst lien senior secured delayed draw term loan15,217 21,923 
Interoperability Bidco, Inc. (dba Lyniate)First lien senior secured revolving loan6,018 3,490 
Interoperability Bidco, Inc. (dba Lyniate)First lien senior secured delayed draw term loan5,079  
IRI Group Holdings, Inc. (f/k/a Circana Group, L.P. (f/k/a The NPD Group, L.P.))First lien senior secured revolving loan4,965 11,699 
JS PARENT, INC. (dba Jama Software)First lien senior secured revolving loan88  
Kaseya Inc.First lien senior secured delayed draw term loan3,860 4,077 
Kaseya Inc.First lien senior secured revolving loan3,256 3,256 





204


Portfolio CompanyInvestmentJune 30, 2024December 31, 2023
KBP Brands, LLCFirst lien senior secured delayed draw term loan7,955  
KENE Acquisition, Inc. (dba Entrust Solutions Group)First lien senior secured delayed draw term loan7,472  
KENE Acquisition, Inc. (dba Entrust Solutions Group)First lien senior secured revolving loan2,242  
KPSKY Acquisition, Inc. (dba BluSky)First lien senior secured delayed draw term loan6,054 6,054 
KRIV Acquisition Inc. (dba Riveron)First lien senior secured delayed draw term loan12,134 12,134 
KRIV Acquisition Inc. (dba Riveron)First lien senior secured revolving loan10,944 10,944 
KWOL Acquisition Inc. (dba Worldwide Clinical Trials)First lien senior secured revolving loan16,744 15,627 
KWOR Acquisition, Inc. (dba Alacrity Solutions)First lien senior secured revolving loan785 1,946 
KWOR Acquisition, Inc. (dba Alacrity Solutions)First lien senior secured delayed draw term loan 6,360 
Lightbeam Bidco, Inc. (dba Lazer Spot)First lien senior secured revolving loan11,685 11,685 
Lightbeam Bidco, Inc. (dba Lazer Spot)First lien senior secured delayed draw term loan27,285 40,928 
Lignetics Investment Corp.First lien senior secured revolving loan574 1,912 
Litera Bidco LLCFirst lien senior secured delayed draw term loan7,556  
Litera Bidco LLCFirst lien senior secured delayed draw term loan3,981  
Litera Bidco LLCFirst lien senior secured revolving loan2,266  
LSI Financing 1 DACSeries 6 Notes129,580  
LSI Financing 1 DACPreferred equity23,513  
Magnet Forensics, LLC (f/k/a Grayshift, LLC)First lien senior secured revolving loan2,419 2,419 
ManTech International CorporationFirst lien senior secured delayed draw term loan2,164 2,164 
ManTech International CorporationFirst lien senior secured revolving loan1,806 1,806 
Maple Acquisition, LLC (dba Medicus)First lien senior secured delayed draw term loan20,448  
Maple Acquisition, LLC (dba Medicus)First lien senior secured revolving loan15,336  
Mario Purchaser, LLC (dba Len the Plumber)First lien senior secured delayed draw term loan 21,702 
Mario Purchaser, LLC (dba Len the Plumber)First lien senior secured revolving loan7,502 5,627 
Mario Purchaser, LLC (dba Len the Plumber)First lien senior secured delayed draw term loan24,114  
Medline Borrower, LPFirst lien senior secured revolving loan2,020 2,020 
MHE Intermediate Holdings, LLC (dba OnPoint Group)First lien senior secured revolving loan3,571 3,571 
Milan Laser Holdings LLCFirst lien senior secured revolving loan1,872 2,553 
Ministry Brands Holdings, LLCFirst lien senior secured revolving loan4,746 2,215 
Minotaur Acquisition, Inc. (dba Inspira Financial)First lien senior secured delayed draw term loan41,960  
Minotaur Acquisition, Inc. (dba Inspira Financial)First lien senior secured delayed draw term loan41,960  





205


Portfolio CompanyInvestmentJune 30, 2024December 31, 2023
Minotaur Acquisition, Inc. (dba Inspira Financial)First lien senior secured revolving loan25,814  
Mitnick Corporate Purchaser, Inc.First lien senior secured revolving loan9,375 9,375 
Monotype Imaging Holdings Inc.First lien senior secured delayed draw term loan14,027  
Monotype Imaging Holdings Inc.First lien senior secured revolving loan21,041  
Natural Partners, LLCFirst lien senior secured revolving loan3,038 5,063 
NELIPAK EUROPEAN HOLDINGS COÖPERATIEF U.A.First lien senior secured EUR delayed draw term loan23,134  
NELIPAK EUROPEAN HOLDINGS COÖPERATIEF U.A.First lien senior secured revolving loan3,939  
Nelipak Holding CompanyFirst lien senior secured delayed draw term loan11,787  
Nelipak Holding CompanyFirst lien senior secured revolving loan5,454  
Neptune Holdings, Inc. (dba NexTech)First lien senior secured revolving loan4,118 4,118 
NMI Acquisitionco, Inc. (dba Network Merchants)First lien senior secured revolving loan558 558 
Notorious Topco, LLC (dba Beauty Industry Group)First lien senior secured revolving loan5,282 4,930 
OAC Holdings I Corp. (dba Omega Holdings)First lien senior secured revolving loan1,984 2,572 
OB Hospitalist Group, Inc.First lien senior secured revolving loan4,369 4,902 
Ocala Bidco, Inc.First lien senior secured delayed draw term loan 8,469 
Ole Smoky Distillery, LLCFirst lien senior secured revolving loan3,302 3,302 
Omnia Partners, LLCFirst lien senior secured delayed draw term loan 172 
OneOncology, LLCFirst lien senior secured revolving loan14,269 14,267 
OneOncology, LLCFirst lien senior secured delayed draw term loan 26,752 
OneOncology, LLCFirst lien senior secured delayed draw term loan53,509  
Oranje Holdco, Inc. (dba KnowBe4)First lien senior secured revolving loan10,148 10,148 
Pacific BidCo Inc.First lien senior secured delayed draw term loan 17,905 
Park Place Technologies, LLCFirst lien senior secured delayed draw term loan13,490  
Park Place Technologies, LLCFirst lien senior secured revolving loan8,971  
Patriot Acquisition TopCo S.A.R.L (dba Corza Health, Inc.)First lien senior secured delayed draw term loan17,143  
Patriot Acquisition TopCo S.A.R.L (dba Corza Health, Inc.)First lien senior secured revolving loan88 70 
PDI TA Holdings, Inc.First lien senior secured delayed draw term loan14,911  
PDI TA Holdings, Inc.First lien senior secured revolving loan6,560  
PERKINELMER U.S. LLCFirst lien senior secured delayed draw term loan28,565  





206


Portfolio CompanyInvestmentJune 30, 2024December 31, 2023
Peter C. Foy & Associates Insurance Services, LLC (dba PCF Insurance Services)First lien senior secured revolving loan2,570 2,570 
PetVet Care Centers, LLCFirst lien senior secured delayed draw term loan31,691 31,691 
PetVet Care Centers, LLCFirst lien senior secured revolving loan33,258 33,258 
Ping Identity Holding Corp.First lien senior secured revolving loan2,182 2,182 
Plasma Buyer LLC (dba PathGroup)First lien senior secured delayed draw term loan2,447 28,553 
Plasma Buyer LLC (dba PathGroup)First lien senior secured revolving loan5,384 8,158 
Pluralsight, LLCFirst lien senior secured revolving loan 87 
PPV Intermediate Holdings, LLCFirst lien senior secured revolving loan11,854 11,854 
PPV Intermediate Holdings, LLCFirst lien senior secured delayed draw term loan5,038 10,076 
Premise Health HoldingFirst lien senior secured revolving loan8,191  
Pye-Barker Fire & Safety, LLCFirst lien senior secured delayed draw term loan74,480  
Pye-Barker Fire & Safety, LLCFirst lien senior secured delayed draw term loan85,120  
Pye-Barker Fire & Safety, LLCFirst lien senior secured revolving loan29,489  
QAD, Inc.First lien senior secured revolving loan6,000 6,000 
Quva Pharma, Inc.First lien senior secured revolving loan200 455 
Relativity ODA LLCFirst lien senior secured revolving loan435 435 
RL Datix Holdings (USA), Inc.First lien senior secured delayed draw term loan14,908  
RL Datix Holdings (USA), Inc.First lien senior secured revolving loan13,053  
SailPoint Technologies Holdings, Inc.First lien senior secured revolving loan5,718 5,718 
Securonix, Inc.First lien senior secured revolving loan5,219 5,339 
Sensor Technology Topco, Inc. (dba Humanetics)First lien senior secured revolving loan13,189 9,077 
Sensor Technology Topco, Inc. (dba Humanetics)First lien senior secured delayed draw term loan4,777  
Sensor Technology Topco, Inc. (dba Humanetics)First lien senior secured EUR delayed draw term loan1,041  
SimpliSafe Holding CorporationFirst lien senior secured delayed draw term loan 11,770 
Smarsh Inc.First lien senior secured delayed draw term loan10,381 10,381 
Smarsh Inc.First lien senior secured revolving loan432 830 
Sonny's Enterprises, LLCFirst lien senior secured revolving loan25,901 25,158 
Sonny's Enterprises, LLCFirst lien senior secured delayed draw term loan9,905 15,212 
Sonny's Enterprises, LLCFirst lien senior secured delayed draw term loan45,017  





207


Portfolio CompanyInvestmentJune 30, 2024December 31, 2023
Southern Air & Heat Holdings, LLCFirst lien senior secured revolving loan220 259 
Southern Air & Heat Holdings, LLCFirst lien senior secured delayed draw term loan20,889 28,751 
Spotless Brands, LLCFirst lien senior secured revolving loan877 1,146 
Summit Acquisition Inc. (dba K2 Insurance Services)First lien senior secured delayed draw term loan12,267 12,267 
Summit Acquisition Inc. (dba K2 Insurance Services)First lien senior secured revolving loan6,133 6,133 
SWK BUYER, Inc. (dba Stonewall Kitchen)First lien senior secured revolving loan5,300 5,579 
Tamarack Intermediate, L.L.C. (dba Verisk 3E)First lien senior secured revolving loan5,336 5,336 
Tamarack Intermediate, L.L.C. (dba Verisk 3E)First lien senior secured delayed draw term loan 2,360 
TC Holdings, LLC (dba TrialCard)First lien senior secured revolving loan7,768 7,768 
Tempo Buyer Corp. (dba Global Claims Services)First lien senior secured revolving loan3,260 3,508 
The Shade Store, LLCFirst lien senior secured delayed draw term loan10,580  
The Shade Store, LLCFirst lien senior secured revolving loan7,129 2,455 
Thunder Purchaser, Inc. (dba Vector Solutions)First lien senior secured revolving loan194 418 
Troon Golf, L.L.C.First lien senior secured revolving loan7,207 7,207 
Truist Insurance Holdings, LLCFirst lien senior secured revolving loan6,422  
Ultimate Baked Goods Midco, LLCFirst lien senior secured revolving loan1,625 2,000 
Unified Women's Healthcare, LPFirst lien senior secured delayed draw term loan71,937  
Unified Women's Healthcare, LPFirst lien senior secured revolving loan8,120 8,120 
Unified Women's Healthcare, LPFirst lien senior secured delayed draw term loan1,840 41,400 
USRP Holdings, Inc. (dba U.S. Retirement and Benefits Partners)First lien senior secured revolving loan1,096 1,096 
Velocity HoldCo III Inc. (dba VelocityEHS)First lien senior secured revolving loan142 124 
Walker Edison Furniture Company LLCFirst lien senior secured delayed draw term loan283 833 
When I Work, Inc.First lien senior secured revolving loan4,164 4,164 
XRL 1 LLC (dba XOMA)First lien senior secured delayed draw term loan4,500 4,500 
Zendesk, Inc.First lien senior secured delayed draw term loan30,080 30,080 
Zendesk, Inc.First lien senior secured revolving loan12,386 12,386 
Total Unfunded Portfolio Company Commitments$3,126,066 $1,394,947 
We maintain sufficient 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





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The Adviser has incurred organization and offering costs on behalf of us in the amount of $2.9 million for the period from April 22, 2020 (Inception) to June 30, 2024, of which $2.9 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, 2024, management was not aware of any pending or threatened litigation.

Contractual Obligations
A summary of our contractual payment obligations under our credit facilities and notes as of June 30, 2024, is as follows:
($ in thousands)TotalLess than 1 year1-3 Years3-5 YearsAfter 5 years
Revolving Credit Facility$1,556,937 $— $— $1,556,937 $— 
SPV Asset Facility I200,000 — — — 200,000 
SPV Asset Facility II995,000 — 995,000 — — 
SPV Asset Facility III779,875 — — 779,875 — 
SPV Asset Facility IV100,000 — — — 100,000 
SPV Asset Facility V210,000 — — 210,000 — 
SPV Asset Facility VI350,000 — — — 350,000 
SPV Asset Facility VII100,000 — — 100,000 — 
CLO VIII290,000 — — — 290,000 
CLO XI260,000 — — — 260,000 
CLO XII260,000 — — — 260,000 
CLO XV312,000 — — — 312,000 
CLO XVI420,000 — — — 420,000 
March 2025 Notes500,000 500,000 — — — 
September 2026 Notes350,000 — 350,000 — — 
February 2027 Notes500,000 — 500,000 — — 
September 2027 Notes600,000 — — 600,000 — 
June 2028 Notes650,000 — — 650,000 — 
January 2029 Notes550,000 — — 550,000 — 
September 2029 Notes500,000 — — — 500,000 
March 2031 Notes750,000 — — — 750,000 
Total Contractual Obligations$10,233,812 $500,000 $1,845,000 $4,446,812 $3,442,000 
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.






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We invest in Amergin AssetCo, Fifth Season, and OCIC SLF, controlled affiliated investments, and LSI Financing, a 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.

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, 2023 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.






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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, 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 accretion and amortization of discounts or premiums. Certain investments may have contractual payment-in-kind (“PIK”) interest or dividends. PIK interest represents accrued interest that is added to the principal amount of the investment on the respective interest payment dates rather than being paid in cash and generally becomes due at maturity. PIK dividends represent accrued dividends that are added to the shares held of the equity investment on the respective interest payment dates rather than being paid in cash and generally becomes due at a certain trigger date. 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. For the three months ended June 30, 2023, PIK interest and PIK dividend income earned was $17.9





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million and $16.4 million, respectively. PIK interest and PIK dividend income represented approximately 4.9% and 4.5% of total investment income for the three months ended June 30, 2023, respectively. Discounts and premiums to par value on securities purchased are accreted or 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 or accretion of premiums or discounts, 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 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





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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.

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 our taxable year 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, 2023. As applicable, the Company’s prior three tax years remain subject to examination by U.S. federal, state and local tax authorities.

Recent Developments

Revolving Credit Facility Commitment Increase

On July 16, 2024, the revolving credit facility under the Revolving Credit Facility increased from $1.87 billion to $1.95 billion, after which 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 $2.07 billion.

CLO XVII

On July 18, 2024, we completed a $500.59 million term debt securitization transaction by our consolidated subsidiary, Owl Rock CLO XVII, LLC (the “CLO XVII Issuer”). As part of the transaction, the CLO XVII Issuer issued the following classes of notes:(i) $275.0 million of AAA(sf)/AAAsf 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%. The CLO XVII Issuer also issued approximately $175.6 million of subordinated securities, in the form of 175,590 preferred shares at an issue price of U.S.$1,000 per share held by us. All three classes of notes are schedule to mature on the payment date in July 2036.

CLO XVIII






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On July 12, 2024, we completed a $399.8 million term debt securitization transaction by our consolidated subsidiary, Owl Rock CLO XVIII, LLC (the “CLO XVIII Issuer”). As part of the transaction the CLO XVIII Issuer issued (a) issued the following classes of notes: (i) $178.0 million of AAA(sf) Class A Notes, which bear interest at three-month term SOFR plus 1.70% and (ii) $32.0 million of AA(sf) Class B Notes, which bear interest at three-month term SOFR plus 1.95% and (b) borrowed $50.0 million under floating rate Class A-1L loans, which bear interest at three-month term SOFR plus 1.70%. The CLO XVIII Issuer also 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 held by us. Both classes of notes and the loans are scheduled to mature on July 24, 2036.

Core Income Funding III Amendment

On July 30, 2024, Core Income Funding III entered into Amendment No. 2 to SPV Asset Facility III in order to, among other things, (i) increase the financing limit under the SPV Asset Facility III from $1.00 billion to $1.50 billion and create a new tranche of commitments, (ii) amend the applicable margin from a range of 1.75% to 2.60%, to a range of 1.75% to 2.60% for borrowings allocated to the initial $1.00 billion of commitments and 1.60% to 2.40% for borrowings allocated to the new tranche of commitments and (iii) extend the maturity date to July 30, 2029.

Equity Raise

As of August 8, 2024, we have issued 447,197,528 shares of Class S common stock, 85,142,291 shares of Class D common stock, and 793,202,148 shares of Class I common stock and have raised total gross proceeds of $4.20 billion, $0.79 billion, and $7.40 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 received $437.8 million in gross subscription payments which we accepted on August 1, 2024 and which is pending our determination of the net asset value per share applicable to such purchase.

Dividend

On August 6, 2024, our Board declared a distribution of (i) $0.070100 per share, payable on or before September 30, 2024 to shareholders of record as of August 30, 2024, (ii) $0.070100 per share, payable on or before October 31, 2024 to shareholders of record as of September 30, 2024, and (iii) $0.070100 per share, payable on or before November 29, 2024 to shareholders of record as of October 31, 2024 and (iv) a special distribution of $0.032700 per share, payable on or before October 31, 2024 to shareholders of record as of September 30, 2024.

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.

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.






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As of June 30, 2024, 97.9% 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, 2024, 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$624.1 $(263.7)$360.4 
Up 200 basis points$416.1 $(175.8)$240.3 
Up 100 basis points$208.0 $(87.9)$120.1 
Down 100 basis points$(208.0)$87.9 $(120.1)
Down 200 basis points$(416.1)$175.8 $(240.3)
Down 300 basis points$(624.1)$263.7 $(360.4)
(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 in the future 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 that we may enter into in the future, such as interest rate swap agreements, may also limit our ability to participate in the benefits of lower interest rates with respect to our portfolio investments.

Currency Risk

From time to time, we may make investments that are denominated in a foreign currency. These investments 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 seek to utilize instruments such as, but not limited to, forward contracts to seek to hedge against fluctuations in the relative values of our portfolio positions from changes in currency exchange rates.

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, 2024 and December 31, 2023, 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 the profitability of investments held by our products, which could impact the level of management fees and other revenues we may earn in the future.
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.





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(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, 2023, 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, 2023 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, 2024, 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 23, 2024January 31, 2024986,339 $9.49 Class S
February 23, 2024January 31, 2024105,022 $9.50 Class D
February 23, 2024January 31, 20241,929,115 $9.51 Class I
March 22, 2024February 29, 20241,050,203 $9.49 Class S
March 22, 2024February 29, 202497,632 $9.50 Class D
March 22, 2024February 29, 20242,041,894 $9.52 Class I
April 23, 2024March 31, 20241,643,184 $9.50 Class S
April 23, 2024March 31, 2024135,877 $9.51 Class D
April 23, 2024March 31, 20243,161,145 $9.53 Class I
May 22, 2024April 30, 20241,158,120 $9.51 Class S
May 22, 2024April 30, 202497,576 $9.52 Class D
May 22, 2024April 30, 20242,282,542 $9.53 Class I
June 26, 2024May 31, 20241,221,693 $9.57 Class S
June 26, 2024May 31, 2024100,230 $9.58 Class D
June 26, 2024May 31, 20242,402,194 $9.59 Class I
July 24, 2024June 28, 20241,950,018 $9.53 Class S
July 24, 2024June 28, 2024151,042 $9.55 Class D
July 24, 2024June 28, 20243,643,898 $9.56 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





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provide shareholders with the potential for a measure of liquidity since there is otherwise no public market for shares of our common stock.
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 DateClassTender Offer ExpirationTender OfferPurchase Price per ShareShares 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 
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, 2024, 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.”

Appointment of Officer

On August 6, 2024, the Board appointed Logan Nicholson to serve as the Company’s President. The role of President was previously held by Craig Packer, who continues to serve as the Company’s Chief Executive Officer and as a director.

Mr. Nicholson is a Managing Director at Blue Owl, a member of the Direct Lending Investment Team, and a member of the Diversified Lending Investment Committee. Mr. Nicholson is also President of the Company, Blue Owl Capital Corporation, Blue Owl Capital Corporation II and Blue Owl Capital Corporation III, and Portfolio Manager for certain funds in Blue Owl’s Diversified Lending strategy, including the Company, Blue Owl Capital Corporation, Blue Owl Capital Corporation II and Blue Owl Capital Corporation III. Prior to joining Blue Owl in 2023, Mr. Nicholson was a Co-Founder and Partner at Brinley Partners, a startup private credit asset manager, from 2021 to 2023. Previously, Mr. Nicholson was at Goldman Sachs & Co. (“Goldman”) from 2003 to 2021, where he was most recently a Managing Director and Head of U.S. Leveraged Finance Capital Markets. During his time at Goldman, he was responsible for structuring, risk management and distribution of capital commitments for both Leveraged Loans and High Yield bonds, and he was also appointed as a member of the LSTA Board of Directors. Additionally, Mr. Nicholson spent 2021 in a leadership role at healthcare firm Humana Inc., where he was Senior Vice President of Corporate Development and responsible for all M&A activity. Mr. Nicholson received a B.S. in Systems Engineering with a double major in Economics from the University of Virginia.





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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
31.1*
31.2*
32.1**
32.2**
101.INSInline XBRL Instance Document - the instance document does not appear in the Interactive Data File because XBRL tags are embedded within the Inline XBRL document
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 8, 2024
By:/s/ Craig W. Packer
Craig W. Packer
Chief Executive Officer
Date: August 8, 2024
By:/s/ Bryan Cole
Bryan Cole
Chief Operating Officer and Chief Financial Officer





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