Blue Owl Credit Income Corp. 8-K

What Happened

• Blue Owl Credit Income Corp. filed an 8-K on Jan 28, 2026 disclosing an unregistered sale and a broad update on its ongoing share offering, NAV-based pricing, leverage, liquidity and portfolio composition.
• As of Jan 2, 2026 (finalized Jan 26, 2026) the Company sold 2,872,794 unregistered shares of Class I common stock for $26,831,893 to feeder vehicles (the “Private Offering”).
• The filing also summarizes the Company’s continuous public offering activity and interim financial/portfolio metrics as of Dec 31, 2025.

Key Details

• Offering totals (public Offering + Private Offering): 2,322,656,896 shares issued for $21,877,130,585 total consideration (includes seed capital and adviser-related proceeds).
  • Class S: 720,270,005 shares / $6,814,072,118
  • Class D: 106,105,651 shares / $990,412,346
  • Class I (Offering): 1,331,166,953 shares / $12,511,803,765
  • Class I (Private Offering): 165,114,287 shares / $1,560,842,356
• Jan 2, 2026 public offering pricing (NAV per share / max offering price):
  • Class S: $9.32 / $9.65
  • Class D: $9.33 / $9.47
  • Class I: $9.34 / $9.34
• Leverage, liquidity and debt capacity (as of Dec 31, 2025):
  • Average debt-to-equity leverage (month-to-date): 0.73x; pro forma after recent tender offer: 0.81x.
  • Liquid Level 2 assets: $4.47 billion; Cash: $0.74 billion.
  • Total committed debt capacity: $23.287 billion; Outstanding principal: $15.745 billion.
  • Debt composition: 71.2% secured floating rate, 28.7% unsecured fixed rate (of which $5.84B hedged by swaps).
• Portfolio and performance (as of Dec 31, 2025):
  • Debt investments in 352 portfolio companies; aggregate par value $34.24 billion.
  • By par value: 88.2% first-lien debt; 98.2% of debt investments at floating rates.
  • Industry exposures (top categories): Healthcare providers (14.9%), Internet software & services (11.9%), Insurance (8.0%).
  • Total returns for year ended Dec 31, 2025: Gross YTD 10.1%; Net YTD 7.4%.
• Fees: Class S max upfront sales load 3.5% and 0.85% annual servicing fee; Class D max upfront 1.5% and 0.25% servicing; Class I not subject to upfront load or servicing fee.

Why It Matters

• The 8‑K confirms a sizable unregistered Class I share sale and reiterates the Company’s large, ongoing public offering program (current offering up to $14.0 billion), which affects total outstanding shares and capital-raising activity.
• NAV-based monthly pricing and the reported NAVs/prices give investors current per-share valuation context for each share class.
• Leverage, liquidity and portfolio composition data (e.g., $4.47B Level 2 liquid assets, $0.74B cash, $15.7B drawn debt, 98% floating-rate debt) are key for assessing the company’s ability to meet obligations and sensitivity to interest-rate movements.
• Reported returns (gross and net) and fee structures are relevant for retail investors comparing share classes and estimating net performance after fees.