Blue Owl Credit Income Corp. 8-K

What Happened

• Blue Owl Credit Income Corp. filed an 8-K (Mar 27, 2026) disclosing an unregistered private sale of Class I common stock to feeder vehicles: 2,268,562 shares (finalized Mar 23, 2026) for $20,711,969, sold under Section 4(a)(2) and/or Regulation S.
• The company also provided an updated status of its continuous public offering and portfolio as of the filing date. The Current Offering allows up to $14.0 billion in Class S, Class D and Class I shares. Combined with earlier offerings and the private offering, the company has issued 2,360,591,146 shares for total consideration of $22,227,581,726.

Key Details

• Private sale: 2,268,562 Class I shares for $20,711,969 (as of Mar 2, 2026; share count finalized Mar 23, 2026).
• Total issued (Offering + Private Offering): 2,360,591,146 shares for $22,227,581,726 (includes seed capital and adviser-affiliated proceeds).
• March 2, 2026 public offering/pricing (approx. NAV per share as of Feb 28, 2026): Class S NAV $9.11 (max offering $9.43); Class D NAV $9.12 (max $9.26); Class I NAV $9.13 (offering $9.13).
• Balance sheet & liquidity (as of Feb 28, 2026): net leverage 0.80x (month-to-date avg 0.78x); $3.90 billion level-2 liquid assets; $0.78 billion cash; total committed debt capacity ~$23.34 billion with ~$16.74 billion outstanding.
• Portfolio (as of Feb 28, 2026): debt investments in 347 companies, par value $34.21 billion; 87.8% first‑lien debt by par; 98.2% of debt investments are floating-rate. Top industry exposures by par: Healthcare providers & services $5.05B (14.8%), Internet software & services $4.26B (12.5%), Insurance $2.73B (8.0%).

Why It Matters

• Funding and dilution: The private sale and ongoing public offering increase the company’s outstanding share base and raised capital (total issuance >$22.2B to date), which is material for shareholders tracking share issuance and capital-raising activity.
• Liquidity and leverage: Reported cash and liquid assets plus sizable committed debt capacity support the firm’s ability to meet obligations and pursue investments; reported net leverage (~0.80x) indicates moderate use of debt financing.
• Portfolio composition: High concentration in first‑lien, floating‑rate debt and notable exposure to healthcare and internet software sectors are key portfolio characteristics investors should consider relative to interest‑rate and sector risk.
• Preliminary figures: Management notes these are preliminary estimates and unaudited; KPMG did not audit or review these preliminary data. Investors should consult the company’s periodic filings (10‑Q/10‑K) for audited financials.