orcic-20250331

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 March 31, 2025

☐ 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 definitions 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	☒	Smaller 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 May 8, 2025, the registrant had 592,756,104 shares of Class S common stock, 58,184,885 shares of Class D common stock, and 1,136,186,527 shares of Class I common stock, $0.01, par value per share, outstanding.

Table of Contents


		Page
PART I.	FINANCIAL INFORMATION
Item 1.	Financial Statements	4
	Consolidated Statements of Assets and Liabilities as of March 31 , 202 5 (Unaudited) and December 31, 20 24	4
	Consolidated Statements of Operations for the Three Months Ended March 3 1 , 202 5 and 202 4 (Unaudited)	5
	Consolidated Schedules of Investments as of March 3 1 , 202 5 (Unaudited) and December 31, 202 4	7
	Consolidated Statements of Changes in Net Assets for the Three Months Ended Marc h 3 1 , 202 5 and 202 4 (Unaudited)	64
	Consolidated Statements of Cash Flows for the Three Months Ended March 3 1 , 202 5 and 202 4 (Unaudited)	65
	Notes to Consolidated Financial Statements (Unaudited)	66
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	121
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	178
Item 4.	Controls and Procedures	179

PART II.	OTHER INFORMATION
Item 1.	Legal Proceedings	180
Item 1A.	Risk Factors	180
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	180
Item 3.	Defaults Upon Senior Securities	181
Item 4.	Mine Safety Disclosures	181
Item 5.	Other Information	181
Item 6.	Exhibits	182
Signatures

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 inflation rates, fluctuating interest 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 new Presidential administration, including the impact of tariff enactment and tax reductions, trade disputes with other countries, 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;

•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;

•interest rate volatility could adversely affect our results, particularly because we use leverage as part of our investment strategy;

•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;

•our contractual arrangements and relationships with third parties;

•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, as well as political and social unrest in the Middle East and North Africa regions 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”).

Part I. FINANCIAL INFORMATION

Item 1. Financial Statements

Blue Owl Credit Income Corp.

Consolidated Statements of Assets and Liabilities

(Amounts in thousands, except share and per share amounts)


	March 31, 2025 (Unaudited)		December 31, 2024
Assets
Investments at fair value
Non-controlled, non-affiliated investments (amortized cost of $28,575,155 and $25,422,365, respectively)	$	28,510,177	$	25,384,902
Non-controlled, affiliated investments (amortized cost of $8,348 and $8,305, respectively)	8,210		8,248
Controlled, affiliated investments (amortized cost of $915,549 and $952,995, respectively)	942,022		985,744
Total investments at fair value (amortized cost of $29,499,052 and $26,383,665, respectively)	29,460,409		26,378,894
Cash (restricted cash of $89,903 and $182,030, respectively)	533,686		1,003,117
Foreign cash (cost of $2,173 and $3,554, respectively)	2,125		3,366
Interest receivable	208,795		180,178

Receivable from controlled affiliates	9,800		16,299

Receivable for investments sold	104,451		473,053
Prepaid expenses and other assets	63,869		8,974
Total Assets	$	30,383,135	$	28,063,881
Liabilities
Debt (net of unamortized debt issuance costs of $173,758 and $178,732, respectively)	$	12,615,717	$	12,681,822
Distribution payable	172,412		152,477
Payable for investments purchased	896,055		129,625
Payables to affiliates	74,409		73,430
Tender offer payable	203,955		193,203
Accrued expenses and other liabilities	150,995		311,722
Total Liabilities	14,113,543		13,542,279
Commitments and contingencies (Note 7)
Net Assets
Class S Common shares $0.01 par value, 1,500,000,000 shares authorized; 570,264,051 and 515,664,737 shares issued and outstanding, respectively	5,703		5,157
Class D Common shares $0.01 par value, 1,000,000,000 shares authorized; 57,227,131 and 51,059,824 shares issued and outstanding, respectively	572		511
Class I Common shares $0.01 par value, 2,000,000,000 shares authorized; 1,089,239,943 and 952,454,240 shares issued and outstanding, respectively	10,892		9,525
Additional paid-in-capital	16,077,001		14,191,257
Accumulated undistributed (overdistributed) earnings	175,424		315,152
Total Net Assets	16,269,592		14,521,602
Total Liabilities and Net Assets	$	30,383,135	$	28,063,881
Net Asset Value Per Class S Share	$	9.46	$	9.54
Net Asset Value Per Class D Share	$	9.47	$	9.55
Net Asset Value Per Class I Share	$	9.49	$	9.57

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

Blue Owl Credit Income Corp.

Consolidated Statements of Operations

(Amounts in thousands, except share and per share amounts)

(Unaudited)


	For the Three Months Ended March 31,
		2025		2024
Investment Income
Investment income from non-controlled, non-affiliated investments:
Interest income		$	628,032	$	460,535
Payment-in-kind (“PIK”) interest income		28,720		26,458
Dividend income		1,609		2,104
Payment-in-kind (“PIK”) dividend income		13,344		17,251
Other income		7,829		5,451
Total investment income from non-controlled, non-affiliated investments		679,534		511,799
Investment income from non-controlled, affiliated investments:
Interest income		22		—
Payment-in-kind (“PIK”) interest income		42		—
Dividend income		—		145

Total investment income from non-controlled, affiliated investments		64		145
Investment income from controlled, affiliated investments:
Interest income		2,765		1,517
Payment-in-kind (“PIK”) interest income		—		1,104
Dividend income		24,887		13,592

Total investment income from controlled, affiliated investments		27,652		16,213
Total Investment Income		707,250		528,157
Operating Expenses

Offering costs		1,962		1,251
Interest expense		216,560		169,416
Management fees, net(1)		46,397		28,519
Performance based incentive fees		52,675		38,910
Professional fees		5,596		5,616
Directors’ fees		320		326
Shareholder servicing fees		11,408		7,412
Other general and administrative		3,386		1,782
Total Operating Expenses		338,304		253,232




Net Investment Income (Loss) Before Taxes		368,946		274,925
Income tax expense (benefit), including excise tax expense (benefit)		220		799
Net Investment Income (Loss) After Taxes		$	368,726	$	274,126

Blue Owl Credit Income Corp.

Consolidated Statements of Operations - Continued

(Amounts in thousands, except share and per share amounts)

(Unaudited)


	For the Three Months Ended March 31,
		2025		2024
Net Realized and Change in Unrealized Gain (Loss)
Net change in unrealized gain (loss):
Non-controlled, non-affiliated investments		$	(54,453)	$	(4,071)
Non-controlled, affiliated investments		(82)		1,343
Controlled, affiliated investments		(6,275)		4,626
Translation of assets and liabilities in foreign currencies		7,528		(291)
Income tax (provision) benefit		169		8
Total Net Change in Unrealized Gain (Loss)		(53,113)		1,615
Net realized gain (loss):
Non-controlled, non-affiliated investments		(57,865)		(3,447)


Foreign currency transactions		(6,015)		76
Total Net Realized Gain (Loss)		(63,880)		(3,371)
Total Net Realized and Change in Unrealized Gain (Loss)		(116,993)		(1,756)
Total Net Increase (Decrease) in Net Assets Resulting from Operations		$	251,733	$	272,370
Net Increase (Decrease) in Net Assets Resulting from Operations - Class S Common Stock		$	77,401	$	89,650
Net Increase (Decrease) in Net Assets Resulting from Operations - Class D Common Stock		$	8,336	$	11,407
Net Increase (Decrease) in Net Assets Resulting from Operations - Class I Common Stock		$	165,996	$	171,312
Earnings Per Share - Basic and Diluted of Class S Common Stock		$	0.14	$	0.25
Weighted Average Shares of Class S Common Stock Outstanding - Basic and Diluted		553,435,797		356,127,221
Earnings Per Share - Basic and Diluted of Class D Common Stock		$	0.15	$	0.27
Weighted Average Shares of Class D Common Stock Outstanding - Basic and Diluted		54,656,440		42,899,375
Earnings Per Share - Basic and Diluted of Class I Common Stock		$	0.16	$	0.27
Weighted Average Shares of Class I Common Stock Outstanding - Basic and Diluted		1,043,162,192		630,203,053

(1)Refer to Note 3 “Agreements and Related Party Transactions” for additional details on management fee waiver.

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

Blue Owl Credit Income Corp.

Consolidated Schedules of Investments

As of March 31, 2025

(Amounts in thousands, except share amounts)

(Unaudited)


Company(1)(2)(3)(19)(28)	Investment	Interest			Maturity Date	Par / Units		Amortized Cost(4)(24)		Fair Value		% of Net Assets
		Ref. Rate	Cash	PIK

Non-controlled/non-affiliated portfolio company investments
Debt Investments(5)
Advertising and media
IRI Group Holdings, Inc. (f/k/a Circana Group, L.P. (f/k/a The NPD Group, L.P.))(7)	First lien senior secured loan	S+	5.00%		12/2028	228,932		$	228,932	$	228,932
IRI Group Holdings, Inc. (f/k/a Circana Group, L.P. (f/k/a The NPD Group, L.P.))(6)(18)	First lien senior secured revolving loan	S+	5.00%		12/2027	1,598		1,598		1,598
Monotype Imaging Holdings Inc.(6)(18)	First lien senior secured loan	S+	5.50%		2/2031	170,317		169,141		170,317
Project Boost Purchaser, LLC (dba J.D. Power)(7)(21)	First lien senior secured loan	S+	3.00%		7/2031	43,641		43,616		43,361
Project Boost Purchaser, LLC (dba J.D. Power)(7)(21)	Second lien senior secured loan	S+	5.25%		7/2032	11,250		11,197		11,237
								454,484		455,445		2.8	%
Aerospace and defense
ManTech International Corporation(7)	First lien senior secured loan	S+	5.00%		9/2029	14,637		14,637		14,637
Novaria Holdings, LLC(6)	First lien senior secured loan	S+	3.50%		6/2031	16,915		16,915		16,831
Peraton Corp.(6)(21)	First lien senior secured loan	S+	3.75%		2/2028	51,136		51,165		45,424
Peraton Corp.(7)(21)	Second lien senior secured loan	S+	7.75%		2/2029	4,831		4,791		3,597
STS PARENT, LLC (dba STS Aviation Group)(7)	First lien senior secured loan	S+	5.00%		10/2031	135,180		134,547		134,504
STS PARENT, LLC (dba STS Aviation Group)(7)(18)	First lien senior secured revolving loan	S+	5.00%		10/2030	8,824		8,749		8,749
								230,804		223,742		1.4	%
Asset based lending and fund finance
Hg Genesis 9 SumoCo Limited(12)(22)	Unsecured facility	E+		6.25%	3/2029	€	146,552	154,728		158,306
Hg Saturn Luchaco Limited(15)(22)	Unsecured facility	SA+		7.50%	3/2026	£	679	863		876
								155,591		159,182		1.0	%
Automotive aftermarket
OAC Holdings I Corp. (dba Omega Holdings)(7)	First lien senior secured loan	S+	5.00%		3/2029	8,384		8,275		8,321
OAC Holdings I Corp. (dba Omega Holdings)(7)(18)	First lien senior secured revolving loan	S+	5.00%		3/2028	919		893		899
Power Stop, LLC(6)(21)	First lien senior secured loan	S+	4.75%		1/2029	29,094		28,914		26,822
								38,082		36,042		0.2	%
Automotive services
Mavis Tire Express Services Topco Corp.(7)(21)	First lien senior secured loan	S+	3.00%		5/2028	29,044		29,044		28,829
Spotless Brands, LLC(8)	First lien senior secured loan	S+	5.75%		7/2028	81,489		80,832		81,489
Wand Newco 3, Inc. (dba Caliber )(6)(21)	First lien senior secured loan	S+	2.50%		1/2031	21,931		21,765		21,580
								131,641		131,898		0.8	%
Buildings and real estate
Associations Finance, Inc.(17)	Unsecured notes	N/A		14.25%	5/2030	170,400		169,348		170,400
Associations, Inc.(7)(18)	First lien senior secured loan	S+	6.50%		7/2028	433,448		433,047		433,448
CoreLogic Inc.(6)(20)(21)	First lien senior secured loan	S+	3.50%		6/2028	23,778		23,355		23,279
Dodge Construction Network LLC(7)	First lien senior secured loan	S+	4.75%		2/2029	10,458		8,505		8,367
Dodge Construction Network LLC(7)	First lien senior secured loan	S+	6.25%		1/2029	7,542		7,402		7,391
RealPage, Inc.(7)(21)	First lien senior secured loan	S+	3.00%		4/2028	38,815		38,663		38,256
RealPage, Inc.(7)(21)	First lien senior secured loan	S+	3.75%		4/2028	18,250		18,159		18,230
Wrench Group LLC(7)(21)	First lien senior secured loan	S+	4.00%		10/2028	27,078		27,043		25,656
								725,522		725,027		4.5	%
Business services
Access CIG, LLC(7)(21)	First lien senior secured loan	S+	4.25%		8/2028	78,815		78,815		78,736
Aurelia Netherlands B.V.(12)(22)	First lien senior secured EUR term loan	E+	5.50%		5/2031	€	55,027	57,732		59,440

Blue Owl Credit Income Corp.

Consolidated Schedules of Investments - Continued

As of March 31, 2025

(Amounts in thousands, except share amounts)

(Unaudited)


Company(1)(2)(3)(19)(28)	Investment	Interest			Maturity Date	Par / Units	Amortized Cost(4)(24)	Fair Value	% of Net Assets
		Ref. Rate	Cash	PIK
Boxer Parent Company Inc. (f/k/a BMC)(7)(21)	First lien senior secured loan	S+	3.00%		7/2031	68,250	68,213	66,981
Capstone Acquisition Holdings, Inc.(6)	First lien senior secured loan	S+	4.50%		11/2029	85,142	84,581	84,716
ConnectWise, LLC(7)(21)	First lien senior secured loan	S+	3.50%		9/2028	44,282	44,360	44,198
CoolSys, Inc.(8)(21)	First lien senior secured loan	S+	4.75%		8/2028	13,701	12,987	12,331
CoreTrust Purchasing Group LLC(6)	First lien senior secured loan	S+	5.25%		10/2029	112,333	111,433	112,333
Denali BuyerCo, LLC (dba Summit Companies)(7)(18)	First lien senior secured loan	S+	5.25%		9/2028	210,406	208,222	209,880
Diamondback Acquisition, Inc. (dba Sphera)(6)	First lien senior secured loan	S+	5.50%		9/2028	46,269	45,743	46,153
Fullsteam Operations, LLC(7)	First lien senior secured loan	S+	8.25%		11/2029	13,001	12,672	13,001
Fullsteam Operations, LLC(7)(18)	First lien senior secured delayed draw term loan	S+	7.00%		11/2029	3,514	3,450	3,505
Hercules Borrower, LLC (dba The Vincit Group)(7)	First lien senior secured loan	S+	5.50%		12/2026	15,738	15,678	15,738
Hercules Buyer, LLC (dba The Vincit Group)(17)(27)	Unsecured notes	N/A		0.48%	12/2029	24	24	28
Kaseya Inc.(6)	First lien senior secured loan	S+	3.25%		3/2032	80,000	79,602	79,600
Kaseya Inc.(6)	Second lien senior secured loan	S+	5.00%		3/2033	20,000	19,900	19,900
KPSKY Acquisition, Inc. (dba BluSky)(7)	First lien senior secured loan	S+	5.50%		10/2028	100,922	99,776	93,857
KPSKY Acquisition, Inc. (dba BluSky)(7)(18)	First lien senior secured delayed draw term loan	S+	5.75%		10/2028	72	28	(265)
DuraServ LLC(6)(18)	First lien senior secured loan	S+	4.50%		6/2031	181,499	180,321	180,593
Ping Identity Holding Corp.(7)	First lien senior secured loan	S+	4.75%		10/2029	65,644	65,536	65,644
Plano HoldCo, Inc. (dba Perficient)(7)	First lien senior secured loan	S+	3.50%		10/2031	25,000	24,884	24,875
Plusgrade Inc.(7)(22)	First lien senior secured loan	S+	3.50%		3/2031	24,357	24,357	24,296
Tecta America Corp.(6)(21)	First lien senior secured loan	S+	3.00%		2/2032	37,333	37,242	37,016
Pye-Barker Fire & Safety, LLC(7)(18)	First lien senior secured loan	S+	4.50%		5/2031	239,017	237,759	238,420
Pye-Barker Fire & Safety, LLC(7)(18)	First lien senior secured revolving loan	S+	4.50%		5/2030	4,213	4,068	4,128
XPLOR T1, LLC(7)	First lien senior secured loan	S+	3.50%		6/2031	49,750	49,750	49,750
CMG HoldCo, LLC (dba Crete United)(8)(18)	First lien senior secured loan	S+	4.75%		5/2028	54,508	53,816	54,147
							1,620,949	1,619,001	10.0	%
Chemicals
Advancion Holdings, LLC (fka Aruba Investments Holdings, LLC)(6)(21)	First lien senior secured loan	S+	4.00%		11/2027	19,015	18,817	18,444
Advancion Holdings, LLC (fka Aruba Investments Holdings, LLC)(6)	Second lien senior secured loan	S+	7.75%		11/2028	40,137	40,129	37,729
DCG ACQUISITION CORP. (dba DuBois Chemical)(7)	First lien senior secured loan	S+	4.50%		6/2031	95,076	94,206	94,600
Gaylord Chemical Company, L.L.C.(7)(18)	First lien senior secured loan	S+	5.50%		12/2027	188,629	187,602	188,629
Rocket BidCo, Inc. (dba Recochem)(7)(22)	First lien senior secured loan	S+	5.75%		11/2030	351,494	345,106	351,494
Velocity HoldCo III Inc. (dba VelocityEHS)(7)	First lien senior secured loan	S+	5.50%		4/2027	2,270	2,249	2,270
Nouryon Finance B.V.(7)(21)(22)	First lien senior secured loan	S+	3.25%		4/2028	12,454	12,454	12,408
Derby Buyer LLC (dba Delrin)(6)(21)	First lien senior secured loan	S+	3.00%		11/2030	57,403	57,403	56,915
							757,966	762,489	4.7	%
Consumer products
BEP Intermediate Holdco, LLC (dba Buyers Edge Platform)(6)	First lien senior secured loan	S+	3.25%		4/2031	31,753	31,753	31,753
Conair Holdings LLC(6)(21)	First lien senior secured loan	S+	3.75%		5/2028	44,801	44,493	38,511
Conair Holdings LLC(6)	Second lien senior secured loan	S+	7.50%		5/2029	22,591	22,366	19,880
Foundation Consumer Brands, LLC(7)	First lien senior secured loan	S+	5.00%		2/2029	126,182	124,960	125,551
Lignetics Investment Corp.(7)	First lien senior secured loan	S+	5.50%		11/2027	95,976	95,768	95,496
Lignetics Investment Corp.(7)(18)	First lien senior secured revolving loan	S+	5.50%		10/2026	7,647	7,625	7,590

Blue Owl Credit Income Corp.

Consolidated Schedules of Investments - Continued

As of March 31, 2025

(Amounts in thousands, except share amounts)

(Unaudited)


Company(1)(2)(3)(19)(28)	Investment	Interest			Maturity Date	Par / Units	Amortized Cost(4)(24)	Fair Value	% of Net Assets
		Ref. Rate	Cash	PIK
Olaplex, Inc.(6)(21)(22)	First lien senior secured loan	S+	3.50%		2/2029	37,756	37,353	33,414
SWK BUYER, Inc. (dba Stonewall Kitchen)(7)	First lien senior secured loan	S+	5.25%		3/2029	58,324	57,591	57,304
							421,909	409,499	2.5	%
Containers and packaging
Anchor Packaging, LLC(6)(21)	First lien senior secured loan	S+	3.25%		7/2029	49,625	49,625	49,551
Arctic Holdco, LLC (dba Novvia Group)(7)(18)	First lien senior secured loan	S+	5.25%		1/2032	160,933	160,201	160,085
Arctic Holdco, LLC (dba Novvia Group)(7)(18)	First lien senior secured revolving loan	S+	5.25%		1/2031	5,681	5,624	5,622
Ascend Buyer, LLC (dba PPC Flexible Packaging)(7)	First lien senior secured loan	S+	5.75%		9/2028	82,409	81,710	82,409
Ascend Buyer, LLC (dba PPC Flexible Packaging)(7)	First lien senior secured loan	S+	6.00%		9/2028	8,798	8,677	8,798
Berlin Packaging(6)(21)	First lien senior secured loan	S+	3.50%		6/2031	94,650	94,650	94,252
Clydesdale Acquisition Holdings, Inc. (dba Novolex)(6)(18)	First lien senior secured loan	S+	3.25%		3/2032	132,766	131,753	131,771
Charter NEX US, Inc.(6)(21)	First lien senior secured loan	S+	3.00%		11/2030	25,626	25,626	25,578
Fortis Solutions Group, LLC(7)	First lien senior secured loan	S+	5.50%		10/2028	66,107	65,326	64,951
Fortis Solutions Group, LLC(7)(18)	First lien senior secured revolving loan	S+	5.50%		10/2027	3,036	2,979	2,918
Indigo Buyer, Inc. (dba Inovar Packaging Group)(7)(18)	First lien senior secured loan	S+	5.25%		5/2028	125,730	124,932	125,730
Pregis Topco LLC(6)	Second lien senior secured loan	S+	7.75%		8/2029	2,500	2,500	2,500
Pregis Topco LLC(6)(21)	First lien senior secured loan	S+	4.00%		7/2026	16,695	16,594	16,680
Pregis Topco LLC(6)	Second lien senior secured loan	S+	6.75%		8/2029	30,000	30,000	30,000
ProAmpac PG Borrower LLC(7)(21)	First lien senior secured loan	S+	4.00%		9/2028	52,001	52,003	51,611
Tricorbraun Holdings, Inc.(6)(21)	First lien senior secured loan	S+	3.25%		3/2028	60,783	60,235	60,182
							912,435	912,638	5.6	%
Distribution
ABB/Con-cise Optical Group LLC(7)	First lien senior secured loan	S+	7.50%		2/2028	33,306	33,024	32,724
AI Aqua Merger Sub, Inc. (dba Culligan)(6)(21)	First lien senior secured loan	S+	3.00%		7/2028	56,266	56,216	55,686
Aramsco, Inc.(7)	First lien senior secured loan	S+	4.75%		10/2030	45,290	44,502	42,233
BCPE Empire Holdings, Inc. (dba Imperial-Dade)(6)(21)	First lien senior secured loan	S+	3.25%		12/2030	93,171	93,165	91,736
BradyPLUS Holdings, LLC (f/k/a BradyIFS Holdings, LLC)(7)(18)	First lien senior secured loan	S+	5.00%		10/2029	175,943	174,442	175,943
Dealer Tire Financial, LLC(17)(20)(21)	Unsecured notes	N/A	8.00%		2/2028	56,120	55,388	54,689
Dealer Tire Financial, LLC(6)	First lien senior secured loan	S+	3.00%		7/2031	30,263	30,263	30,112
Endries Acquisition, Inc.(6)	First lien senior secured loan	S+	5.25%		12/2028	108,544	107,914	107,730
Formerra, LLC(6)	First lien senior secured loan	S+	7.25%		11/2028	5,352	5,234	5,272
Foundation Building Materials, Inc.(7)(21)	First lien senior secured loan	S+	4.00%		1/2031	19,837	19,745	17,986
White Cap Supply Holdings, LLC(6)(21)	First lien senior secured loan	S+	3.25%		10/2029	48,248	48,050	46,699
							667,943	660,810	4.1	%
Education
Ellucian Holdings Inc. (f/k/a Sophia, L.P.)(6)(21)	First lien senior secured loan	S+	4.75%		11/2032	10,000	9,976	10,133
Ellucian Holdings Inc. (f/k/a Sophia, L.P.)(6)(21)	First lien senior secured loan	S+	3.00%		10/2029	19,729	19,729	19,676
Learning Care Group (US) No. 2 Inc.(7)(21)	First lien senior secured loan	S+	4.00%		8/2028	42,113	42,096	41,734
Renaissance Learning, Inc.(6)(21)	First lien senior secured loan	S+	4.00%		4/2030	50,996	50,606	49,971
Severin Acquisition, LLC (dba PowerSchool)(6)	First lien senior secured loan	S+	2.75%	2.25%	10/2031	130,421	129,204	128,791
Severin Acquisition, LLC (dba PowerSchool)(6)(18)	First lien senior secured delayed draw term loan	S+	5.00%		10/2031	1,836	1,700	1,623
Severin Acquisition, LLC (dba PowerSchool)(7)(18)	First lien senior secured revolving loan	S+	4.75%		10/2031	2,449	2,297	2,245

Blue Owl Credit Income Corp.

Consolidated Schedules of Investments - Continued

As of March 31, 2025

(Amounts in thousands, except share amounts)

(Unaudited)


Company(1)(2)(3)(19)(28)	Investment	Interest			Maturity Date	Par / Units	Amortized Cost(4)(24)	Fair Value	% of Net Assets
		Ref. Rate	Cash	PIK
Spring Education Group, Inc. (fka SSH Group Holdings, Inc.)(7)(21)	First lien senior secured loan	S+	4.00%		10/2030	15,146	15,146	15,105
							270,754	269,278	1.7	%
Energy equipment and services
Dresser Utility Solutions, LLC(6)	First lien senior secured loan	S+	5.25%		3/2029	82,081	81,406	81,876
							81,406	81,876	0.5	%
Financial services
Ascensus Holdings, Inc.(6)(21)	First lien senior secured loan	S+	3.00%		8/2028	21,817	21,817	21,633
Baker Tilly Advisory Group, LP(6)	First lien senior secured loan	S+	4.75%		6/2031	98,754	97,409	97,766
BCPE Pequod Buyer, Inc. (dba Envestnet)(7)(21)	First lien senior secured loan	S+	3.50%		11/2031	113,336	111,131	112,894
Blackhawk Network Holdings, Inc.(6)(21)	First lien senior secured loan	S+	4.00%		3/2029	123,067	123,067	122,427
BTRS Holdings Inc. (dba Billtrust)(7)(18)	First lien senior secured loan	S+	5.50%		12/2028	31,936	31,634	31,851
Citrin Cooperman Advisors LLC(6)(21)	First lien senior secured loan	S+	3.00%		3/2032	16,439	16,357	16,306
Cohnreznick Advisory LLC(6)	First lien senior secured loan	S+	4.00%		3/2032	36,541	36,359	36,359
Continental Finance Company, LLC(6)	First lien senior secured loan	S+	8.00%		3/2029	13,250	13,119	13,118
Chrysaor Bidco s.à r.l. (dba AlterDomus)(7)(21)(22)	First lien senior secured loan	S+	3.50%		5/2031	9,288	9,288	9,293
Computer Services, Inc. (dba CSI)(7)	First lien senior secured loan	S+	5.25%		11/2029	52,383	51,826	52,383
Computer Services, Inc. (dba CSI)(7)	First lien senior secured loan	S+	4.75%		11/2029	18,417	18,331	18,371
CCM Midco, LLC (f/k/a Cresset Capital Management, LLC)(6)	First lien senior secured loan	S+	5.00%		6/2030	15,554	15,415	15,554
Deerfield Dakota Holdings(7)(21)	First lien senior secured loan	S+	3.75%		4/2027	96,959	96,413	91,801
Deerfield Dakota Holdings(7)	Second lien senior secured loan	S+	6.75%		4/2028	21,476	21,497	20,455
Finastra USA, Inc.(8)(18)(22)	First lien senior secured loan	S+	7.25%		9/2029	167,414	165,768	167,414
Klarna Holding AB(7)(22)	Subordinated Floating Rate Notes	S+	7.00%		4/2034	1,000	1,000	1,000
KRIV Acquisition Inc. (dba Riveron)(7)	First lien senior secured loan	S+	5.75%		7/2029	79,477	77,623	79,477
Minotaur Acquisition, Inc. (dba Inspira Financial)(6)	First lien senior secured loan	S+	5.00%		6/2030	292,044	289,249	292,044
NMI Acquisitionco, Inc. (dba Network Merchants)(6)	First lien senior secured loan	S+	5.00%		9/2028	12,146	12,110	12,146
OneDigital Borrower LLC(6)(21)	Second lien senior secured loan	S+	5.25%		7/2032	33,800	33,642	33,716
OneDigital Borrower LLC(6)(21)	First lien senior secured loan	S+	3.00%		7/2031	54,170	54,170	53,764
PPI Holding US INC. (dba Nuvei)(6)(21)(22)	First lien senior secured loan	S+	3.00%		7/2031	20,000	19,954	19,844
Pushpay USA Inc(7)(22)	First lien senior secured loan	S+	4.00%		8/2031	14,963	14,963	14,963
Saphilux S.a.r.L. (dba IQ-EQ)(8)(21)(22)	First lien senior secured loan	S+	3.50%		7/2028	32,297	32,297	32,297
Smarsh Inc.(7)	First lien senior secured loan	S+	4.75%		2/2029	108,377	107,700	108,377
Smarsh Inc.(6)(18)	First lien senior secured revolving loan	S+	4.75%		2/2029	1,439	1,399	1,439
							1,473,538	1,476,692	9.1	%
Food and beverage
Balrog Acquisition, Inc. (dba Bakemark)(6)(21)	First lien senior secured loan	S+	4.00%		9/2028	13,545	13,467	13,511
Balrog Acquisition, Inc. (dba Bakemark)(6)	Second lien senior secured loan	S+	7.00%		9/2029	6,000	5,967	6,000
Blast Bidco Inc. (dba Bazooka Candy Brands)(7)	First lien senior secured loan	S+	6.00%		10/2030	35,463	34,713	35,463
Dessert Holdings(6)(20)(21)	First lien senior secured loan	S+	4.00%		6/2028	23,338	23,255	22,734
Eagle Family Foods Group LLC(7)	First lien senior secured loan	S+	5.00%		8/2030	174,279	172,680	174,279
Fiesta Purchaser, Inc. (dba Shearer's Foods)(6)(21)	First lien senior secured loan	S+	3.25%		2/2031	54,588	54,588	54,146
Gehl Foods, LLC(7)(18)	First lien senior secured loan	S+	6.25%		6/2030	124,768	123,597	124,768
Hissho Parent, LLC(7)	First lien senior secured loan	S+	4.50%		5/2029	122,948	122,239	122,948

Blue Owl Credit Income Corp.

Consolidated Schedules of Investments - Continued

As of March 31, 2025

(Amounts in thousands, except share amounts)

(Unaudited)


Company(1)(2)(3)(19)(28)	Investment	Interest			Maturity Date	Par / Units		Amortized Cost(4)(24)	Fair Value	% of Net Assets
		Ref. Rate	Cash	PIK
Innovation Ventures HoldCo, LLC (dba 5 Hour Energy)(6)	First lien senior secured loan	S+	6.25%		3/2027	198,087		196,502	195,117
KBP Brands, LLC(7)	First lien senior secured loan	S+	5.50%	0.50%	5/2027	55,903		55,526	54,924
Ole Smoky Distillery, LLC(6)	First lien senior secured loan	S+	5.50%		3/2028	30,091		29,734	29,865
Savor Acquisition, Inc. (dba Sauer Brands)(6)(21)	First lien senior secured loan	S+	3.25%		2/2032	82,241		82,044	82,118
Rushmore Investment III LLC (dba Winland Foods)(7)	First lien senior secured loan	S+	5.00%		10/2030	510,746		506,139	510,746
Tacala, LLC(6)(21)	First lien senior secured loan	S+	3.50%		1/2031	55,364		55,226	55,276
Vital Bidco AB (dba Vitamin Well)(7)(22)	First lien senior secured loan	S+	4.50%		10/2031	226,043		222,605	226,043
Vital Bidco AB (dba Vitamin Well)(6)(18)(22)	First lien senior secured revolving loan	S+	4.50%		10/2030	12,908		12,270	12,908
								1,710,552	1,720,846	10.6	%
Healthcare equipment and services
Azalea TopCo, Inc. (dba Press Ganey)(6)(21)	First lien senior secured loan	S+	3.25%		4/2031	65,070		65,064	64,679
Bamboo US BidCo LLC(7)	First lien senior secured loan	S+	5.25%		9/2030	113,865		113,774	113,865
Bamboo US BidCo LLC(12)	First lien senior secured EUR term loan	E+	5.25%		9/2030	€	61,443	64,641	66,371
Canadian Hospital Specialties Limited(10)(22)	First lien senior secured loan	C+	4.50%		4/2028	C$	4,823	3,820	3,266
Canadian Hospital Specialties Limited(10)(18)(22)	First lien senior secured revolving loan	C+	4.50%		4/2027	C$	366	290	244
Cambrex Corporation(6)	First lien senior secured loan	S+	4.75%		3/2032	223,073		220,859	220,842
Confluent Medical Technologies, Inc.(7)	First lien senior secured loan	S+	3.25%		2/2029	76,611		76,611	76,419
Creek Parent, Inc. (dba Catalent)(6)	First lien senior secured loan	S+	5.25%		12/2031	294,578		289,575	293,106
CSC MKG Topco LLC (dba Medical Knowledge Group)(6)	First lien senior secured loan	S+	5.75%		2/2029	98,517		97,252	97,777
NELIPAK EUROPEAN HOLDINGS COÖPERATIEF U.A.(12)	First lien senior secured EUR term loan	E+	5.50%		3/2031	€	55,496	59,291	58,748
NELIPAK EUROPEAN HOLDINGS COÖPERATIEF U.A.(11)(18)	First lien senior secured EUR revolving loan	E+	5.50%		3/2031	€	704	761	673
Nelipak Holding Company(7)	First lien senior secured loan	S+	5.50%		3/2031	30,306		29,899	29,700
Nelipak Holding Company(6)(18)	First lien senior secured revolving loan	S+	5.50%		3/2031	4,398		4,285	4,222
Packaging Coordinators Midco, Inc.(7)	First lien senior secured loan	S+	4.75%		1/2032	446,206		440,194	440,071
Patriot Acquisition TopCo S.A.R.L (dba Corza Health, Inc.)(6)(18)(22)	First lien senior secured revolving loan	S+	5.25%		1/2028	47		47	47
Patriot Acquisition TopCo S.A.R.L (dba Corza Health, Inc.)(7)(18)(22)	First lien senior secured loan	S+	5.25%		1/2028	54,118		53,615	54,118
PerkinElmer U.S. LLC(6)	First lien senior secured loan	S+	5.00%		3/2029	167,938		167,597	166,678
Resonetics, LLC(7)(21)	First lien senior secured loan	S+	3.25%		6/2031	74,625		74,625	74,125
Rhea Parent, Inc.(7)	First lien senior secured loan	S+	4.75%		12/2030	202,800		202,233	202,293
TBRS, Inc. (dba TEAM Technologies)(7)	First lien senior secured loan	S+	4.75%		11/2031	137,711		137,023	137,022
TBRS, Inc. (dba TEAM Technologies)(7)(18)	First lien senior secured revolving loan	S+	4.75%		11/2030	1,255		1,150	1,150
Zest Acquisition Corp.(7)(21)	First lien senior secured loan	S+	5.25%		2/2028	19,485		19,485	19,511
								2,122,091	2,124,927	13.1	%
Healthcare providers and services
Allied Benefit Systems Intermediate LLC(7)	First lien senior secured loan	S+	5.25%		10/2030	20,812		20,548	20,812
Belmont Buyer, Inc. (dba Valenz)(7)	First lien senior secured loan	S+	6.50%		6/2029	68,446		67,371	68,446
Belmont Buyer, Inc. (dba Valenz)(7)	First lien senior secured loan	S+	5.21%		6/2029	42,943		42,658	42,621
Belmont Buyer, Inc. (dba Valenz)(8)(18)	First lien senior secured revolving loan	S+	6.50%		6/2029	2,217		2,123	2,217
Confluent Health, LLC(6)	First lien senior secured loan	S+	5.00%		11/2028	19,800		19,342	18,909
Covetrus, Inc.(7)(21)	First lien senior secured loan	S+	5.00%		10/2029	35,217		34,054	33,787
Covetrus, Inc.(7)	Second lien senior secured loan	S+	9.25%		10/2030	160,000		157,396	155,600

Blue Owl Credit Income Corp.

Consolidated Schedules of Investments - Continued

As of March 31, 2025

(Amounts in thousands, except share amounts)

(Unaudited)


Company(1)(2)(3)(19)(28)	Investment	Interest			Maturity Date	Par / Units	Amortized Cost(4)(24)	Fair Value	% of Net Assets
		Ref. Rate	Cash	PIK
D4C Dental Brands, Inc.(7)(20)	First lien senior secured loan	S+	4.50%		11/2029	136,244	135,094	134,882
Engage Debtco Limited(7)(20)(22)	First lien senior secured loan	S+	3.03%	4.00%	7/2029	32,344	31,668	32,182
Engage Debtco Limited(7)(22)	First lien senior secured loan	S+	3.18%	2.50%	7/2029	83,891	82,535	81,794
EresearchTechnology, Inc. (dba Clario)(6)(18)	First lien senior secured loan	S+	4.75%		1/2032	178,291	176,394	176,349
Ex Vivo Parent Inc. (dba OB Hospitalist)(7)	First lien senior secured loan	S+		9.90%	9/2028	43,654	43,282	43,654
KABAFUSION Parent, LLC(7)	First lien senior secured loan	S+	5.00%		11/2031	71,222	70,537	71,044
KWOL Acquisition, Inc. (dba Worldwide Clinical Trials)(7)	First lien senior secured loan	S+	4.75%		12/2029	173,203	170,529	173,203
Lakefield Acquisition Corp. (dba Lakefield Veterinary Group)(6)(18)	First lien senior secured loan	S+	4.00%		9/2030	76,948	76,607	76,563
Maple Acquisition, LLC (dba Medicus)(8)	First lien senior secured loan	S+	5.00%		5/2031	105,649	104,927	105,649
MED ParentCo, LP(6)(21)	First lien senior secured loan	S+	3.50%		4/2031	24,875	24,875	24,820
MJH Healthcare Holdings, LLC(6)(20)(21)	First lien senior secured loan	S+	3.25%		1/2029	14,428	14,428	14,339
Natural Partners, LLC(7)(22)	First lien senior secured loan	S+	4.50%		11/2027	91,304	90,279	91,304
Neptune Holdings, Inc. (dba NexTech)(7)	First lien senior secured loan	S+	4.50%		8/2030	30,496	30,350	30,496
OB Hospitalist Group, Inc.(6)	First lien senior secured loan	S+	5.25%		9/2027	68,252	67,508	68,252
OneOncology, LLC(7)	First lien senior secured loan	S+	4.75%		6/2030	104,770	104,529	104,247
OneOncology, LLC(7)(18)	First lien senior secured delayed draw term loan	S+	5.00%		6/2030	97,920	97,192	97,920
Pacific BidCo Inc.(8)(22)	First lien senior secured loan	S+		6.00%	8/2029	169,769	166,926	166,373
Pacific BidCo Inc.(8)(22)	First lien senior secured delayed draw term loan	S+	5.75%		8/2029	17,905	17,577	17,547
Pediatric Associates Holding Company, LLC(7)(21)	First lien senior secured loan	S+	3.25%		12/2028	32,144	31,244	29,872
Pediatric Associates Holding Company, LLC(7)	First lien senior secured loan	S+	4.50%		12/2028	27,347	26,478	26,253
PetVet Care Centers, LLC(6)	First lien senior secured loan	S+	6.00%		11/2030	239,928	237,877	226,732
Phantom Purchaser, Inc.(7)	First lien senior secured loan	S+	5.00%		9/2031	89,196	88,356	88,973
Physician Partners, LLC(7)	First lien senior secured loan	S+	6.00%		12/2029	177,659	167,966	168,776
Physician Partners, LLC(7)	First lien senior secured loan	S+	4.00%		12/2029	17,766	10,921	10,660
Physician Partners, LLC(7)	First lien senior secured loan	S+	5.50%		12/2029	81,327	53,553	52,456
Plasma Buyer LLC (dba PathGroup)(7)	First lien senior secured loan	S+	5.75%		5/2029	107,379	105,944	105,500
Plasma Buyer LLC (dba PathGroup)(7)	First lien senior secured delayed draw term loan	S+	6.25%		5/2029	4,057	3,996	3,986
Plasma Buyer LLC (dba PathGroup)(7)(18)	First lien senior secured revolving loan	S+	5.75%		5/2028	10,116	9,989	9,903
PPV Intermediate Holdings, LLC(7)	First lien senior secured loan	S+	5.75%		8/2029	162,171	159,876	162,171
PPV Intermediate Holdings, LLC(7)	First lien senior secured delayed draw term loan	S+	6.00%		8/2029	10,022	9,941	10,022
Premise Health Holding Corp.(7)	First lien senior secured loan	S+	5.50%		3/2031	69,953	69,023	69,778
Quva Pharma, Inc.(8)	First lien senior secured loan	S+	5.50%		4/2028	5,890	5,797	5,860
Quva Pharma, Inc.(7)	First lien senior secured loan	S+	5.50%		4/2026	909	893	905
Quva Pharma, Inc.(8)	First lien senior secured revolving loan	S+	5.50%		4/2026	455	452	452
SimonMed, Inc.(7)(18)	First lien senior secured loan	S+	4.75%		2/2032	245,118	243,795	243,779
Soleo Holdings, Inc.(7)	First lien senior secured loan	S+	4.75%		2/2032	112,324	111,772	111,762
Soliant Lower Intermediate, LLC (dba Soliant)(8)(21)	First lien senior secured loan	S+	3.75%		7/2031	66,833	64,242	65,416
TC Holdings, LLC (dba TrialCard)(7)	First lien senior secured loan	S+	5.00%		4/2027	209,154	208,432	209,154
Tivity Health, Inc.(6)	First lien senior secured loan	S+	5.00%		6/2029	74,829	74,829	74,829
Unified Women's Healthcare, LP(7)	First lien senior secured loan	S+	5.25%		6/2029	81,825	81,411	81,825
Unified Women's Healthcare, LP(7)	First lien senior secured loan	S+	5.50%		6/2029	68,200	67,767	68,200
Unified Women's Healthcare, LP(6)	First lien senior secured delayed draw term loan	S+	5.25%		6/2029	71,624	71,162	71,624

Blue Owl Credit Income Corp.

Consolidated Schedules of Investments - Continued

As of March 31, 2025

(Amounts in thousands, except share amounts)

(Unaudited)


Company(1)(2)(3)(19)(28)	Investment	Interest			Maturity Date	Par / Units		Amortized Cost(4)(24)	Fair Value	% of Net Assets
		Ref. Rate	Cash	PIK
Unified Women's Healthcare, LP(6)(18)	First lien senior secured delayed draw term loan	S+	5.00%		6/2029	20,249		19,992	19,973
Vermont Aus Pty Ltd(14)(22)	First lien senior secured AUD term loan	B+	5.75%		3/2028	A$	70,532	47,868	43,732
WCG Intermediate Corp. (f/k/a Da Vinci Purchaser Corp.) (dba WCG)(6)(21)	First lien senior secured loan	S+	3.00%		2/2032	30,000		29,870	29,664
								3,852,175	3,845,267	23.6	%
Healthcare technology
Athenahealth Group Inc.(6)(21)	First lien senior secured loan	S+	3.00%		2/2029	26,059		26,059	25,692
BCPE Osprey Buyer, Inc. (dba PartsSource)(7)	First lien senior secured loan	S+	5.75%		8/2028	52,545		52,074	51,888
BCPE Osprey Buyer, Inc. (dba PartsSource)(6)(18)	First lien senior secured delayed draw term loan	S+	5.75%		8/2028	10,916		10,628	10,725
BCPE Osprey Buyer, Inc. (dba PartsSource)(6)(18)	First lien senior secured revolving loan	S+	5.75%		8/2026	4,293		4,272	4,235
Bracket Intermediate Holding Corp.(7)(21)	First lien senior secured loan	S+	4.25%		5/2028	49,128		49,128	49,251
Color Intermediate, LLC (dba ClaimsXten)(7)	First lien senior secured loan	S+	4.75%		10/2029	9,050		9,050	9,050
Cotiviti, Inc.(6)	First lien senior secured loan	S+	2.75%		5/2031	39,900		39,388	39,002
Cotiviti, Inc.(6)(21)	First lien senior secured loan	S+	2.75%		3/2032	5,000		4,913	4,881
CT Technologies Intermediate Holdings, Inc. (& Smart Holdings Corp.) (dba Datavant)(6)	First lien senior secured loan	S+	5.00%		8/2031	349,962		348,075	349,962
Ensemble RCM, LLC(7)(21)	First lien senior secured loan	S+	3.00%		8/2029	12,387		12,311	12,366
GI Ranger Intermediate, LLC (dba Rectangle Health)(7)	First lien senior secured loan	S+	5.75%		10/2028	20,343		20,107	19,936
GI Ranger Intermediate, LLC (dba Rectangle Health)(6)	First lien senior secured loan	S+	5.75%		10/2028	4,174		4,126	4,090
Imprivata, Inc.(7)(21)	First lien senior secured loan	S+	3.50%		12/2027	10,319		10,319	10,304
Indikami Bidco, LLC (dba IntegriChain)(6)	First lien senior secured loan	S+	4.00%	2.50%	12/2030	48,173		47,249	47,692
Indikami Bidco, LLC (dba IntegriChain)(6)(18)	First lien senior secured delayed draw term loan	S+	6.00%		12/2030	751		695	743
Indikami Bidco, LLC (dba IntegriChain)(6)(18)	First lien senior secured revolving loan	S+	6.00%		6/2030	2,628		2,543	2,581
Inovalon Holdings, Inc.(7)	First lien senior secured loan	S+	5.75%		11/2028	92,721		91,403	92,721
Inovalon Holdings, Inc.(7)	Second lien senior secured loan	S+		10.76%	11/2033	60,094		59,442	60,094
Intelerad Medical Systems Incorporated (fka 11849573 Canada Inc.)(7)(22)	First lien senior secured loan	S+	6.50%		8/2026	31,446		31,315	30,661
Interoperability Bidco, Inc. (dba Lyniate)(7)(18)	First lien senior secured loan	S+	5.75%		3/2028	78,481		78,254	76,819
PointClickCare Technologies, Inc.(7)(21)(22)	First lien senior secured loan	S+	3.25%		11/2031	51,870		51,740	51,709
Project Ruby Ultimate Parent Corp. (dba Wellsky)(6)(21)	First lien senior secured loan	S+	3.00%		3/2028	73,254		73,254	72,961
Raven Acquisition Holdings, LLC (dba R1 RCM)(6)(21)	First lien senior secured loan	S+	3.25%		11/2031	79,333		78,990	78,310
RL Datix Holdings (USA), Inc.(8)	First lien senior secured loan	S+	5.25%		4/2031	66,094		65,499	65,598
RL Datix Holdings (USA), Inc.(15)	First lien senior secured GBP term loan	SA+	5.25%		4/2031	£	30,608	37,885	39,210
Salinger Bidco Inc. (dba Surgical Information Systems)(7)	First lien senior secured loan	S+	5.75%		8/2031	59,336		58,503	59,336
Southern Veterinary Partners, LLC(6)(21)	First lien senior secured loan	S+	3.25%		12/2031	40,000		39,855	39,864
Zelis Cost Management Buyer, Inc.(6)(21)	First lien senior secured loan	S+	2.75%		9/2029	4,950		4,930	4,914
Zelis Cost Management Buyer, Inc.(6)(21)	First lien senior secured loan	S+	3.25%		11/2031	99,750		99,275	99,411
								1,411,282	1,414,006	8.7	%

Blue Owl Credit Income Corp.

Consolidated Schedules of Investments - Continued

As of March 31, 2025

(Amounts in thousands, except share amounts)

(Unaudited)


Company(1)(2)(3)(19)(28)	Investment	Interest			Maturity Date	Par / Units	Amortized Cost(4)(24)	Fair Value	% of Net Assets
		Ref. Rate	Cash	PIK
Household products
Home Service TopCo IV, Inc.(7)	First lien senior secured loan	S+	4.50%		12/2027	35,832	35,832	35,832
Mario Midco Holdings, Inc. (dba Len the Plumber)(6)	Unsecured facility	S+		10.75%	4/2032	34,035	33,489	32,843
Mario Purchaser, LLC (dba Len the Plumber)(6)(18)	First lien senior secured loan	S+	5.75%		4/2029	116,347	114,611	112,725
Mario Purchaser, LLC (dba Len the Plumber)(6)(18)	First lien senior secured revolving loan	S+	5.75%		4/2028	2,947	2,865	2,726
SimpliSafe Holding Corporation(6)	First lien senior secured loan	S+	6.25%		5/2028	140,750	139,088	140,750
Southern Air & Heat Holdings, LLC(7)(18)	First lien senior secured loan	S+	4.75%		10/2027	1,117	1,107	1,117
Southern Air & Heat Holdings, LLC(7)(18)	First lien senior secured delayed draw term loan	S+	5.25%		10/2027	10,499	9,750	10,499
Southern Air & Heat Holdings, LLC(8)	First lien senior secured delayed draw term loan	S+	4.75%		10/2027	1,101	1,094	1,101
Walker Edison Furniture Company LLC(7)(18)(25)(31)	First lien senior secured loan	S+		6.75%	3/2027	6,572	5,428	1,119
							343,264	338,712	2.1	%
Human resource support services
AQ Carver Buyer, Inc. (dba CoAdvantage)(8)(21)	First lien senior secured loan	S+	5.50%		8/2029	22,163	21,801	21,914
Cast & Crew Payroll, LLC(6)(20)(21)	First lien senior secured loan	S+	3.75%		12/2028	29,718	29,548	28,601
Cornerstone OnDemand, Inc.(6)(20)(21)	First lien senior secured loan	S+	3.75%		10/2028	19,400	19,345	16,758
Cornerstone OnDemand, Inc.(6)	Second lien senior secured loan	S+	6.50%		10/2029	44,583	44,144	37,561
IG Investments Holdings, LLC (dba Insight Global)(7)	First lien senior secured loan	S+	5.00%		9/2028	47,597	47,599	47,597
iSolved, Inc.(6)(21)	First lien senior secured loan	S+	3.25%		10/2030	19,757	19,757	19,751
UKG Inc. (dba Ultimate Software)(7)(21)	First lien senior secured loan	S+	3.00%		2/2031	28,608	28,595	28,533
							210,789	200,715	1.2	%
Infrastructure and environmental services
AWP Group Holdings, Inc.(6)(18)	First lien senior secured loan	S+	4.75%		12/2030	43,068	43,069	42,591
Azuria Water Solutions, Inc. (f/k/a Aegion Corporation)(6)(20)(21)	First lien senior secured loan	S+	3.00%		5/2028	36,756	36,756	36,492
CHA Vision Holdings, Inc. (fka FR Vision Holdings, Inc.)(7)(18)	First lien senior secured loan	S+	5.00%		1/2031	51,519	51,007	51,519
Geosyntec Consultants, Inc.(6)(21)	First lien senior secured loan	S+	3.75%		7/2031	4,988	4,963	4,975
GI Apple Midco LLC (dba Atlas Technical Consultants)(6)(18)	First lien senior secured loan	S+	6.75%		4/2030	82,649	81,405	81,822
GI Apple Midco LLC (dba Atlas Technical Consultants)(6)(18)	First lien senior secured revolving loan	S+	6.75%		4/2029	6,333	6,183	6,222
KENE Acquisition, Inc. (dba Entrust Solutions Group)(7)(18)	First lien senior secured loan	S+	5.25%		2/2031	17,535	17,171	17,299
Osmose Utilities Services, Inc.(6)(21)	First lien senior secured loan	S+	3.25%		6/2028	4,791	4,752	4,721
Tamarack Intermediate, L.L.C. (dba Verisk 3E)(7)	First lien senior secured loan	S+	5.75%		3/2028	38,348	37,898	38,156
USIC Holdings, Inc.(7)(18)	First lien senior secured loan	S+	5.50%		9/2031	38,334	37,978	37,533
USIC Holdings, Inc.(7)(18)	First lien senior secured revolving loan	S+	5.25%		9/2031	2,621	2,577	2,524
Vessco Midco Holdings, LLC(6)(18)	First lien senior secured loan	S+	4.75%		7/2031	77,944	77,141	77,554
							400,900	401,408	2.5	%
Insurance
Acrisure, LLC(17)(21)(22)	Unsecured notes	N/A	8.50%		6/2029	18,375	18,375	19,114
Acrisure, LLC(6)(21)	First lien senior secured loan	S+	3.00%		11/2030	59,038	59,038	58,566
Alera Group, Inc.(6)	First lien senior secured loan	S+	5.25%		10/2028	146,581	146,581	146,581
Alera Group, Inc.(6)	First lien senior secured delayed draw term loan	S+	5.75%		10/2028	45,581	45,256	45,581
AmeriLife Holdings LLC(8)(18)	First lien senior secured loan	S+	5.00%		8/2029	304,042	300,754	302,480
Ardonagh Midco 3 PLC(8)(21)(22)	First lien senior secured loan	S+	2.75%		2/2031	55,000	55,000	54,247
AssuredPartners, Inc.(6)(21)	First lien senior secured loan	S+	3.50%		2/2031	59,702	59,608	59,738

Blue Owl Credit Income Corp.

Consolidated Schedules of Investments - Continued

As of March 31, 2025

(Amounts in thousands, except share amounts)

(Unaudited)


Company(1)(2)(3)(19)(28)	Investment	Interest			Maturity Date	Par / Units		Amortized Cost(4)(24)	Fair Value	% of Net Assets
		Ref. Rate	Cash	PIK
Asurion, LLC(6)(21)	Second lien senior secured loan	S+	5.25%		1/2029	104,017		100,004	96,102
Asurion, LLC(6)(21)	Second lien senior secured loan	S+	5.25%		1/2028	42,700		40,675	40,321
Asurion, LLC(6)(21)	First lien senior secured loan	S+	3.25%		12/2026	20,000		20,000	19,960
Brightway Holdings, LLC(7)(18)	First lien senior secured loan	S+	5.75%		12/2027	21,080		20,928	21,080
Broadstreet Partners, Inc.(6)(21)	First lien senior secured loan	S+	3.00%		6/2031	13,566		13,566	13,437
Diamond Mezzanine 24 LLC (dba United Risk)(7)	First lien senior secured loan	S+	5.00%		10/2030	92,393		91,933	92,393
Disco Parent, Inc. (dba Duck Creek Technologies, Inc.)(7)	First lien senior secured loan	S+	7.50%		3/2029	1,064		1,044	1,056
Evolution BuyerCo, Inc. (dba SIAA)(7)	First lien senior secured loan	S+	4.75%		4/2030	209,802		209,154	209,802
Galway Borrower LLC(7)(18)	First lien senior secured delayed draw term loan	S+	4.50%		9/2028	4,861		4,805	4,861
Hyperion Refinance S.à r.l (dba Howden Group)(6)(21)(22)	First lien senior secured loan	S+	3.00%		2/2031	61,066		61,066	60,565
IMA Financial Group, Inc.(6)(21)	First lien senior secured loan	S+	3.00%		11/2028	58,943		58,943	58,536
Integrated Specialty Coverages, LLC(7)	First lien senior secured loan	S+	4.75%		7/2030	101,160		100,762	101,160
Integrity Marketing Acquisition, LLC(7)	First lien senior secured loan	S+	5.00%		8/2028	352,442		350,841	352,442
KUSRP Intermediate, Inc. (dba U.S. Retirement and Benefits Partners)(6)	First lien senior secured loan	S+		10.60%	7/2030	17,185		17,065	17,185
KWOR Acquisition, Inc. (dba Alacrity Solutions)(7)	First lien senior secured loan	S+	1.00%	5.25%	2/2030	17,590		17,504	17,502
KWOR Intermediate I, Inc. (dba Alacrity Solutions)(7)	First lien senior secured loan	S+		8.00%	2/2030	5,783		5,726	5,725
Mitchell International, Inc.(6)(21)	First lien senior secured loan	S+	3.25%		6/2031	91,863		91,454	90,678
Mitchell International, Inc.(6)(21)	Second lien senior secured loan	S+	5.25%		6/2032	32,700		32,548	31,768
PCF Midco II, LLC (dba PCF Insurance Services)(17)	First lien senior secured loan	N/A		9.00%	10/2031	60,337		57,113	60,035
Peter C. Foy & Associates Insurance Services, LLC (dba PCF Insurance Services)(6)	First lien senior secured loan	S+	5.50%		11/2028	154,647		154,647	154,647
Peter C. Foy & Associates Insurance Services, LLC (dba PCF Insurance Services)(7)	First lien senior secured loan	S+	5.50%		11/2028	27,883		27,883	27,883
Simplicity Financial Marketing Group Holdings, Inc.(7)	First lien senior secured loan	S+	5.00%		12/2031	150,893		149,423	149,384
Simplicity Financial Marketing Group Holdings, Inc.(8)(18)	First lien senior secured delayed draw term loan	S+	5.00%		12/2031	6,438		6,212	6,205
Summit Acquisition Inc. (dba K2 Insurance Services)(6)	First lien senior secured loan	S+	3.75%		10/2031	20,000		19,905	20,000
Tempo Buyer Corp. (dba Global Claims Services)(7)	First lien senior secured loan	S+	4.75%		8/2028	35,337		34,938	35,337
THG Acquisition, LLC (dba Hilb)(6)(18)	First lien senior secured loan	S+	4.75%		10/2031	93,767		92,708	92,629
Truist Insurance Holdings, LLC(7)(18)	First lien senior secured revolving loan	S+	3.00%		5/2029	896		896	896
USRP Holdings, Inc. (dba U.S. Retirement and Benefits Partners)(6)(18)	First lien senior secured loan	S+	5.00%		12/2029	37,400		37,169	37,400
								2,503,524	2,505,296	15.4	%
Internet software and services
Activate Holdings (US) Corp. (dba Absolute Software)(7)(22)	First lien senior secured loan	S+	5.50%		7/2030	5,696		5,676	5,696
AI Titan Parent, Inc. (dba Prometheus Group)(6)	First lien senior secured loan	S+	4.75%		8/2031	33,962		33,645	33,623
AlphaSense, Inc.(7)	First lien senior secured loan	S+	6.25%		6/2029	3,533		3,502	3,507
Anaplan, Inc.(7)	First lien senior secured loan	S+	5.00%		6/2029	230,819		230,762	230,819
Appfire Technologies, LLC(7)	First lien senior secured loan	S+	5.00%		3/2028	13,955		13,891	13,955
Aptean Acquiror, Inc. (dba Aptean)(7)(18)	First lien senior secured loan	S+	5.25%		1/2031	89,867		89,078	89,867
Armstrong Bidco Limited(15)(22)	First lien senior secured GBP term loan	SA+	5.25%		6/2029	£	40,434	48,917	51,928

Blue Owl Credit Income Corp.

Consolidated Schedules of Investments - Continued

As of March 31, 2025

(Amounts in thousands, except share amounts)

(Unaudited)


Company(1)(2)(3)(19)(28)	Investment	Interest			Maturity Date	Par / Units		Amortized Cost(4)(24)	Fair Value	% of Net Assets
		Ref. Rate	Cash	PIK
Artifact Bidco, Inc. (dba Avetta)(7)	First lien senior secured loan	S+	4.50%		7/2031	15,498		15,427	15,420
Avalara, Inc.(6)(21)	First lien senior secured loan	S+	3.25%		3/2032	62,500		62,188	62,206
Azurite Intermediate Holdings, Inc. (dba Alteryx, Inc.)(6)	First lien senior secured loan	S+	6.50%		3/2031	17,955		17,718	17,820
Barracuda Networks, Inc.(7)(21)	First lien senior secured loan	S+	4.50%		8/2029	14,118		13,820	12,177
Barracuda Networks, Inc.(7)	Second lien senior secured loan	S+	7.00%		8/2030	93,250		91,102	70,637
Barracuda Parent, LLC(7)	First lien senior secured loan	S+	6.50%		8/2029	34,116		33,102	32,325
Bayshore Intermediate #2, L.P. (dba Boomi)(7)	First lien senior secured loan	S+	2.88%	3.38%	10/2028	214,589		214,554	214,589
BCTO BSI Buyer, Inc. (dba Buildertrend)(7)	First lien senior secured loan	S+	6.50%		12/2026	1,198		1,194	1,198
Catalis Intermediate, Inc. (fka GovBrands Intermediate, Inc.)(7)(18)	First lien senior secured loan	S+	5.50%		8/2027	10,194		10,080	9,924
Central Parent Inc. (dba CDK Global Inc.)(7)(21)	First lien senior secured loan	S+	3.25%		7/2029	9,283		9,283	7,944
CivicPlus, LLC(7)	First lien senior secured loan	S+	5.75%		8/2027	28,605		28,470	28,605
Cloud Software Group, Inc.(7)(21)	First lien senior secured loan	S+	3.75%		3/2031	79,812		79,812	78,958
Cloud Software Group, Inc.(7)(21)	First lien senior secured loan	S+	3.50%		3/2029	55,156		55,156	54,594
Clover Holdings 2, LLC (dba Cohesity)(7)(21)	First lien senior secured loan	S+	4.00%		12/2031	69,821		69,155	68,949
Coupa Holdings, LLC(7)	First lien senior secured loan	S+	5.25%		2/2030	24,161		24,161	24,161
CP PIK DEBT ISSUER, LLC (dba CivicPlus, LLC)(8)	Unsecured notes	S+		12.00%	6/2034	20,135		19,821	20,135
Crewline Buyer, Inc. (dba New Relic)(6)	First lien senior secured loan	S+	6.75%		11/2030	171,701		169,484	169,984
Databricks, Inc.(6)	First lien senior secured loan	S+	4.50%		1/2031	73,469		73,114	73,102
Delta TopCo, Inc. (dba Infoblox, Inc.)(7)(21)	Second lien senior secured loan	S+	5.25%		11/2030	33,000		32,846	32,927
Diamond Insure Bidco (dba Acturis)(13)(22)	First lien senior secured EUR term loan	E+	4.25%		7/2031	€	3,123	3,290	3,332
Diamond Insure Bidco (dba Acturis)(15)(22)	First lien senior secured GBP term loan	SA+	4.50%		7/2031	£	10,210	12,672	13,013
E2open, LLC(6)(21)	First lien senior secured loan	S+	3.50%		2/2028	5,120		5,116	5,105
EET Buyer, Inc. (dba e-Emphasys)(7)	First lien senior secured loan	S+	4.75%		11/2027	40,068		39,733	40,068
Einstein Parent, Inc. (dba Smartsheet)(7)	First lien senior secured loan	S+	6.50%		1/2031	76,841		76,032	76,073
Entrata, Inc.(6)	First lien senior secured loan	S+	5.75%		7/2030	4,431		4,377	4,431
Forescout Technologies, Inc.(7)	First lien senior secured loan	S+	5.00%		5/2031	9,213		9,171	9,167
Granicus, Inc.(7)	First lien senior secured loan	S+	3.50%	2.25%	1/2031	33,237		32,955	33,237
Granicus, Inc.(7)	First lien senior secured delayed draw term loan	S+	3.00%	2.25%	1/2031	4,924		4,881	4,887
GS Acquisitionco, Inc. (dba insightsoftware)(7)(18)	First lien senior secured loan	S+	5.25%		5/2028	9,516		9,499	9,419
Hyland Software, Inc.(6)	First lien senior secured loan	S+	5.00%		9/2030	145,395		145,395	145,395
Icefall Parent, Inc. (dba EngageSmart)(7)	First lien senior secured loan	S+	6.50%		1/2030	28,869		28,380	28,869
Javelin Buyer, Inc. (dba JAGGAER)(7)(21)	First lien senior secured loan	S+	3.25%		10/2031	15,000		14,964	14,915
JS Parent, Inc. (dba Jama Software)(7)	First lien senior secured loan	S+	5.00%		4/2031	907		903	907
Litera Bidco LLC(6)(18)	First lien senior secured loan	S+	5.00%		5/2028	42,846		42,671	42,739
Magnet Forensics, LLC (f/k/a Grayshift, LLC)(6)(22)	First lien senior secured loan	S+	5.00%		7/2028	167,675		167,503	167,675
Ministry Brands Holdings, LLC(6)	First lien senior secured loan	S+	5.50%		12/2028	52,801		52,169	52,405
Mitnick Corporate Purchaser, Inc.(7)(18)(20)	First lien senior secured revolving loan	S+	3.00%		5/2027	1,125		1,130	(328)
Oranje Holdco, Inc. (dba KnowBe4)(7)	First lien senior secured loan	S+	7.75%		2/2029	81,182		80,306	81,182
Oranje Holdco, Inc. (dba KnowBe4)(7)	First lien senior secured loan	S+	7.25%		2/2029	34,017		33,730	33,762
PDI TA Holdings, Inc.(7)(18)	First lien senior secured loan	S+	5.50%		2/2031	73,227		72,227	72,437
Perforce Software, Inc.(6)(21)	First lien senior secured loan	S+	4.75%		3/2031	4,963		4,940	4,634
Perforce Software, Inc.(6)(21)	First lien senior secured loan	S+	4.75%		6/2029	14,626		14,417	13,916

Blue Owl Credit Income Corp.

Consolidated Schedules of Investments - Continued

As of March 31, 2025

(Amounts in thousands, except share amounts)

(Unaudited)


Company(1)(2)(3)(19)(28)	Investment	Interest			Maturity Date	Par / Units		Amortized Cost(4)(24)	Fair Value	% of Net Assets
		Ref. Rate	Cash	PIK
Project Alpha Intermediate Holding, Inc. (dba Qlik)(7)(21)	First lien senior secured loan	S+	3.25%		10/2030	24,626		24,568	24,555
Proofpoint, Inc.(6)(21)	First lien senior secured loan	S+	3.00%		8/2028	54,068		54,004	53,846
QAD, Inc.(6)	First lien senior secured loan	S+	4.75%		11/2027	46,168		46,168	46,053
Starlight Parent, LLC (dba SolarWinds)(6)(21)	First lien senior secured loan	S+	4.00%		3/2032	32,500		31,525	31,506
Sophos Holdings, LLC(6)(21)(22)	First lien senior secured loan	S+	3.50%		3/2027	19,670		19,642	19,656
Securonix, Inc.(7)	First lien senior secured loan	S+	4.00%	3.75%	4/2028	29,945		29,774	25,978
Securonix, Inc.(7)(18)	First lien senior secured revolving loan	S+	7.00%		4/2028	120		93	(587)
Sedgwick Claims Management Services, Inc.(7)(21)	First lien senior secured loan	S+	3.00%		7/2031	74,751		74,513	74,474
Sitecore Holding III A/S(12)	First lien senior secured EUR term loan	E+	3.50%	4.25%	3/2029	€	25,369	26,611	27,404
Sitecore Holding III A/S(7)	First lien senior secured loan	S+	3.50%	4.25%	3/2029	4,362		4,338	4,362
Sitecore USA, Inc.(7)	First lien senior secured loan	S+	3.50%	4.25%	3/2029	26,299		26,154	26,299
Storable, Inc.(6)(21)	First lien senior secured loan	S+	3.25%		4/2031	64,476		64,399	64,050
Spaceship Purchaser, Inc. (dba Squarespace)(7)	First lien senior secured loan	S+	5.00%		10/2031	125,702		125,104	125,702
Tricentis Operations Holdings, Inc.(7)	First lien senior secured loan	S+	1.38%	4.88%	2/2032	50,274		49,779	49,771
Thunder Purchaser, Inc. (dba Vector Solutions)(7)(18)	First lien senior secured loan	S+	5.25%		6/2028	44,664		44,443	44,664
VIRTUSA CORPORATION(6)(21)	First lien senior secured loan	S+	3.25%		2/2029	29,602		29,622	29,519
When I Work, Inc.(7)	First lien senior secured loan	S+	5.50%		11/2027	26,891		26,781	25,950
Zendesk, Inc.(7)	First lien senior secured loan	S+	4.99%		11/2028	144,683		142,979	144,683
								3,122,916	3,100,175	19.1	%
Leisure and entertainment
Aerosmith Bidco 1 Limited (dba Audiotonix)(7)(22)	First lien senior secured loan	S+	5.25%		7/2031	341,349		337,278	341,349
Cirque du Soleil Canada, Inc.(7)(20)(21)(22)	First lien senior secured loan	S+	3.75%		3/2030	41,962		41,868	41,673
Pretzel Parent, Inc.(6)(21)	First lien senior secured loan	S+	4.50%		8/2031	37,500		36,974	37,455
Troon Golf, L.L.C.(7)(18)	First lien senior secured loan	S+	4.50%		8/2028	381,696		381,454	381,696
								797,574	802,173	4.9	%
Manufacturing
ACR Group Borrower, LLC(7)(18)	First lien senior secured loan	S+	4.75%		3/2028	1,891		1,876	1,886
ACR Group Borrower, LLC(7)	First lien senior secured loan	S+	4.25%		3/2028	3,970		3,942	3,921
ACR Group Borrower, LLC(7)	First lien senior secured loan	S+	5.75%		3/2028	853		846	853
ACR Group Borrower, LLC(6)(18)	First lien senior secured revolving loan	S+	4.25%		3/2026	25		22	14
Chariot Buyer LLC (dba Chamberlain Group)(6)(21)	First lien senior secured loan	S+	3.25%		11/2028	28,840		28,865	28,546
CPM Holdings, Inc.(6)(20)(21)	First lien senior secured loan	S+	4.50%		9/2028	39,400		38,577	38,667
Engineered Machinery Holdings, Inc. (dba Duravant)(7)(20)	Second lien senior secured loan	S+	6.50%		5/2029	37,181		37,069	37,181
Engineered Machinery Holdings, Inc. (dba Duravant)(7)(20)	Second lien senior secured loan	S+	6.00%		5/2029	19,160		19,128	19,016
Engineered Machinery Holdings, Inc. (dba Duravant)(7)(21)	First lien senior secured loan	S+	3.75%		5/2028	9,065		8,912	9,060
Faraday Buyer, LLC (dba MacLean Power Systems)(7)	First lien senior secured loan	S+	6.00%		10/2028	134,587		132,521	133,241
Filtration Group Corporation(6)(21)	First lien senior secured loan	S+	3.00%		10/2028	25,385		25,385	25,337
FR Flow Control CB LLC (dba Trillium Flow Technologies)(7)(22)	First lien senior secured loan	S+	5.25%		12/2029	141,180		140,169	140,121
Gloves Buyer, Inc. (dba Protective Industrial Products)(6)(21)	First lien senior secured loan	S+	4.00%		1/2032	148,000		147,260	142,080
Helix Acquisition Holdings, Inc. (dba MW Industries)(6)	First lien senior secured loan	S+	7.00%		3/2030	61,484		60,022	61,023
Ideal Tridon Holdings, Inc.(7)	First lien senior secured loan	S+	6.75%		4/2028	89,866		88,060	89,866
MADISON IAQ LLC(6)	First lien senior secured loan	S+	3.25%		3/2032	40,000		39,600	39,600

Blue Owl Credit Income Corp.

Consolidated Schedules of Investments - Continued

As of March 31, 2025

(Amounts in thousands, except share amounts)

(Unaudited)


Company(1)(2)(3)(19)(28)	Investment	Interest			Maturity Date	Par / Units		Amortized Cost(4)(24)	Fair Value	% of Net Assets
		Ref. Rate	Cash	PIK
MHE Intermediate Holdings, LLC (dba OnPoint Group)(7)(18)	First lien senior secured loan	S+	6.00%		7/2027	61,315		61,028	60,998
MHE Intermediate Holdings, LLC (dba OnPoint Group)(7)	First lien senior secured loan	S+	6.25%		7/2027	4,620		4,571	4,608
Pro Mach Group, Inc.(6)(21)	First lien senior secured loan	S+	2.75%		8/2028	68,777		68,777	68,550
Sonny's Enterprises, LLC(7)(18)	First lien senior secured loan	S+	5.50%		8/2028	166,057		164,297	165,227
Sonny's Enterprises, LLC(7)(18)	First lien senior secured revolving loan	S+	5.50%		8/2027	15,023		14,815	14,893
								1,085,742	1,084,688	6.7	%
Pharmaceuticals
Opal US LLC(6)(22)	First lien senior secured loan	S+	3.50%		3/2032	42,500		42,288	42,288
Puma Buyer, LLC (dba PANTHERx)(7)	First lien senior secured loan	S+	4.50%		3/2032	130,344		129,368	129,367
								171,656	171,655	1.1	%
Professional services
AmSpec Parent, LLC(7)(21)	First lien senior secured loan	S+	4.25%		12/2031	34,667		34,499	34,601
Apex Group Treasury LLC(7)(21)(22)	First lien senior secured loan	S+	3.50%		2/2032	123,250		122,945	122,708
Certinia Inc.(7)	First lien senior secured loan	S+	5.25%		8/2030	44,118		43,538	44,118
Element Materials Technology(7)(21)(22)	First lien senior secured loan	S+	3.75%		6/2029	27,319		27,319	27,226
EP Purchaser, LLC (dba Entertainment Partners)(7)(21)	First lien senior secured loan	S+	4.50%		11/2028	29,475		28,758	29,498
Essential Services Holding Corporation (dba Turnpoint)(7)(18)	First lien senior secured revolving loan	S+	5.00%		6/2030	697		659	653
Essential Services Holding Corporation (dba Turnpoint)(7)	First lien senior secured loan	S+	5.00%		6/2031	35,548		35,222	35,193
Gerson Lehrman Group, Inc.(7)	First lien senior secured loan	S+	5.00%		12/2027	166,014		164,937	166,014
Guidehouse Inc.(6)	First lien senior secured loan	S+	3.00%	2.00%	12/2030	107,674		107,674	107,674
Paris US Holdco, Inc. (dba Precinmac)(6)	First lien senior secured loan	S+	5.00%		12/2031	69,995		69,321	69,295
Paris US Holdco, Inc. (dba Precinmac)(16)(18)	First lien senior secured revolving loan	P+	4.00%		12/2031	90		4	—
Relativity ODA LLC(6)	First lien senior secured loan	S+	4.49%		5/2029	32,738		32,620	32,656
Sensor Technology Topco, Inc. (dba Humanetics)(7)(18)	First lien senior secured loan	S+	7.00%		5/2028	239,144		238,428	239,144
Sensor Technology Topco, Inc. (dba Humanetics)(12)(18)	First lien senior secured EUR term loan	E+	7.25%		5/2028	€	43,242	46,826	46,710
Sensor Technology Topco, Inc. (dba Humanetics)(6)(18)	First lien senior secured revolving loan	S+	6.50%		5/2028	10,114		10,057	10,114
Sovos Compliance, LLC(6)(21)	First lien senior secured loan	S+	4.00%		8/2029	48,633		48,662	48,376
Thevelia (US) LLC (dba Tricor)(7)(21)(22)	First lien senior secured loan	S+	3.00%		6/2029	21,019		21,019	20,941
Vensure Employer Services, Inc.(7)	First lien senior secured loan	S+	5.00%		9/2031	166,664		165,101	164,998
Vensure Employer Services, Inc.(7)(18)	First lien senior secured delayed draw term loan	S+	4.50%		9/2031	452		285	282
Vistage International, Inc.(7)(21)	First lien senior secured loan	S+	3.75%		7/2029	29,765		29,765	29,690
								1,227,639	1,229,891	7.6	%
Specialty retail
Galls, LLC(7)(18)	First lien senior secured loan	S+	5.00%	1.50%	3/2030	130,018		128,155	130,018
Galls, LLC(7)(18)	First lien senior secured revolving loan	S+	6.00%		3/2030	3,139		2,945	3,139
Ideal Image Development, LLC(7)(18)	First lien senior secured loan	S+		6.50%	2/2029	3,281		3,263	3,195
Ideal Image Development, LLC(7)(18)	First lien senior secured revolving loan	S+	6.00%		2/2029	953		953	953
Milan Laser Holdings LLC(7)	First lien senior secured loan	S+	5.00%		4/2027	19,958		19,878	19,858
Notorious Topco, LLC (dba Beauty Industry Group)(7)	First lien senior secured loan	S+	4.75%	2.50%	11/2027	230,859		229,046	191,613
Notorious Topco, LLC (dba Beauty Industry Group)(7)(18)	First lien senior secured revolving loan	S+	4.75%	2.50%	5/2027	1,408		1,378	511
The Shade Store, LLC(7)	First lien senior secured loan	S+	6.00%		10/2029	104,900		102,897	99,393

Blue Owl Credit Income Corp.

Consolidated Schedules of Investments - Continued

As of March 31, 2025

(Amounts in thousands, except share amounts)

(Unaudited)


Company(1)(2)(3)(19)(28)	Investment	Interest			Maturity Date	Par / Units	Amortized Cost(4)(24)		Fair Value		% of Net Assets
		Ref. Rate	Cash	PIK
The Shade Store, LLC(7)	First lien senior secured loan	S+	7.00%		10/2029	13,829	13,655		13,380
The Shade Store, LLC(7)(18)	First lien senior secured revolving loan	S+	6.00%		10/2028	2,463	2,313		1,896
							504,483		463,956		2.9	%
Telecommunications
CCI BUYER, INC. (dba Consumer Cellular)(7)(20)(21)	First lien senior secured loan	S+	4.00%		12/2027	39,486	39,248		39,474
EOS Finco S.A.R.L(7)(21)(22)(25)(31)	First lien senior secured loan	S+	6.00%		10/2029	81,541	69,832		33,840
Level 3 Financing, Inc.(6)(21)(22)	First lien senior secured loan	S+	4.25%		3/2032	130,000	128,050		128,258
Park Place Technologies, LLC(7)	First lien senior secured loan	S+	5.25%		3/2031	85,745	84,980		85,316
Park Place Technologies, LLC(6)(18)	First lien senior secured delayed draw term loan	S+	5.25%		3/2031	6,930	6,838		6,895
Park Place Technologies, LLC(6)(18)	First lien senior secured revolving loan	S+	5.25%		3/2030	2,361	2,277		2,310
PPT Holdings III, LLC (dba Park Place Technologies)(17)	First lien senior secured loan	N/A		12.75%	3/2034	31,295	30,645		31,139
							361,870		327,232		2.0	%
Transportation
Lightbeam Bidco, Inc. (dba Lazer Spot)(7)(18)	First lien senior secured loan	S+	5.00%		5/2030	138,903	138,911		138,903
Lightbeam Bidco, Inc. (dba Lazer Spot)(7)(18)	First lien senior secured revolving loan	S+	5.00%		5/2029	3,116	3,036		3,116
Motus Group, LLC(7)(21)	First lien senior secured loan	S+	3.75%		12/2028	32,359	32,359		32,159
							174,306		174,178		1.1	%
Total non-controlled/non-affiliated debt investments							$	27,943,787	$	27,828,744	171.0	%
Total non-controlled/non-affiliated misc. debt commitments(18)(33)(Note 7)							$	(16,619)	$	(12,008)	(0.1)	%
Total non-controlled/non-affiliated portfolio company debt investments							$	27,927,168	$	27,816,736	171.0	%

Equity Investments
Asset based lending and fund finance
Amergin Asset Management, LLC(23)(25)	Class A Units	N/A			N/A	50,000,000	$	1	$	1,816
							1		1,816		—	%
Automotive
CD&R Value Building Partners I, L.P. (dba Belron)(22)(23)(25)(32)	LP Interest	N/A			N/A	36,993	35,967		41,607
Metis HoldCo, Inc. (dba Mavis Tire Express Services)(17)(23)	Series A Convertible Preferred Stock	N/A		7.00%	N/A	10,769	13,912		14,126
							49,879		55,733		0.3	%
Buildings and real estate
Dodge Construction Network Holdings, L.P.(23)(25)	Class A-2 Common Units	N/A			N/A	143,963	123		20
Dodge Construction Network Holdings, L.P.(7)(23)	Series A Preferred Units	S+	8.25%		N/A	—	3		2
							126		22		—	%
Business services
Denali Holding, LP (dba Summit Companies)(23)(25)	Class A Units	N/A			N/A	686,513	7,077		12,122
Hercules Buyer, LLC (dba The Vincit Group)(23)(25)(27)	Common Units	N/A			N/A	10,000	12		12
Knockout Intermediate Holdings I Inc. (dba Kaseya Inc.)(8)(23)	Perpetual Preferred Stock	S+		11.00%	N/A	33,768	46,323		46,828
							53,412		58,962		0.4	%
Consumer products
ASP Conair Holdings LP(23)(25)	Class A Units	N/A			N/A	9,286	929		1,069
							929		1,069		—	%
Containers and packaging
TCB Holdings I LLC (dba TricorBraun)(17)(23)	Class A Preferred Units	N/A	14.00%		N/A	87,500	84,879		84,875
							84,879		84,875		0.5	%

Blue Owl Credit Income Corp.

Consolidated Schedules of Investments - Continued

As of March 31, 2025

(Amounts in thousands, except share amounts)

(Unaudited)


Company(1)(2)(3)(19)(28)	Investment	Interest			Maturity Date	Par / Units	Amortized Cost(4)(24)	Fair Value	% of Net Assets
		Ref. Rate	Cash	PIK
Financial services
Vestwell Holdings, Inc.(23)(25)	Series D Preferred Stock	N/A			N/A	50,726	1,007	1,000
							1,007	1,000	—	%
Food and beverage
Hissho Sushi Holdings, LLC(23)(25)	Class A Units	N/A			N/A	941,780	7,536	12,497
							7,536	12,497	0.1	%
Healthcare equipment and services
KPCI Holdings, L.P.(23)(25)	Class A Units	N/A			N/A	1,781	2,313	5,050
Maia Aggregator, LP(23)(25)	Class A-2 Units	N/A			N/A	12,921,348	12,921	11,687
Patriot Holdings SCSp (dba Corza Health, Inc.)(17)(22)(23)	Class A Units	N/A		8.00%	N/A	1,251	1,577	1,569
Patriot Holdings SCSp (dba Corza Health, Inc.)(22)(23)(25)	Class B Units	N/A			N/A	17,221	180	68
Rhea Acquisition Holdings, LP(23)(25)	Series A-2 Units	N/A			N/A	11,964,286	11,964	14,493
							28,955	32,867	0.2	%
Healthcare providers and services
KOBHG Holdings, L.P. (dba OB Hospitalist)(23)(25)	Class A Interests	N/A			N/A	3,520	3,520	3,220
KWOL Acquisition, Inc. (dba Worldwide Clinical Trials)(23)(25)	Class A Interest	N/A			N/A	1,205	12,048	14,700
Lakefield Acquisition Corp. (dba Lakefield Veterinary Group)(23)(25)	Common Equity	N/A			N/A	1,329	3,500	3,500
Romulus Intermediate Holdings 1 Inc. (dba PetVet Care Centers)(17)(23)	Series A Preferred Stock	N/A		15.00%	N/A	27,355	32,435	30,158
XOMA Corporation(23)(25)	Warrants	N/A			N/A	54,000	369	381
							51,872	51,959	0.3	%
Healthcare technology
BEHP Co-Investor II, L.P.(22)(23)(25)	LP Interest	N/A			N/A	1,269,969	1,042	1,297
Minerva Holdco, Inc.(17)(23)	Senior A Preferred Stock	N/A		10.75%	N/A	100,000	138,560	135,419
Orange Blossom Parent, Inc.(23)(25)	Common Units	N/A			N/A	16,667	1,667	1,664
WP Irving Co-Invest, L.P.(22)(23)(25)	Partnership Units	N/A			N/A	1,250,000	948	1,276
							142,217	139,656	0.9	%
Household products
Walker Edison Holdco LLC(23)(25)	Common Units	N/A			N/A	29,167	2,818	—
							2,818	—	—	%
Human resource support services
Sunshine Software Holdings, Inc. (dba Cornerstone OnDemand, Inc.)(17)(23)	Series A Preferred Stock	N/A		10.50%	N/A	12,750	17,507	14,043
							17,507	14,043	0.1	%
Insurance
Accelerate Topco Holdings, LLC(23)(25)	Common Units	N/A			N/A	91,805	2,535	4,379
Evolution Parent, LP (dba SIAA)(23)(25)	LP Interest	N/A			N/A	2,703	270	333
GrowthCurve Capital Sunrise Co-Invest LP (dba Brightway)(23)(25)	LP Interest	N/A			N/A	42,053	427	420
Hockey Parent Holdings, L.P.(23)(25)	Class A Common Units	N/A			N/A	25,000	25,000	27,932
KWOR Intermediate I, Inc. (dba Alacrity Solutions)(23)(25)	Class A-1 Common Stock	N/A			N/A	3,605	1,726	1,726
KWOR Intermediate I, Inc. (dba Alacrity Solutions)(7)(23)	Preferred Stock	S+		8.00%	N/A	3,856	3,857	3,856
PCF Holdco, LLC (dba PCF Insurance Services)(23)(25)	Class A Units	N/A			N/A	6,047,390	15,336	26,338
PCF Holdco, LLC (dba PCF Insurance Services)(23)(25)	Warrants	N/A			N/A	1,503,286	5,129	4,283
PCF Holdco, LLC (dba PCF Insurance Services)(17)(23)	Preferred equity	N/A		15.00%	N/A	25,866	18,902	25,413
							73,182	94,680	0.6	%

Blue Owl Credit Income Corp.

Consolidated Schedules of Investments - Continued

As of March 31, 2025

(Amounts in thousands, except share amounts)

(Unaudited)


Company(1)(2)(3)(19)(28)	Investment	Interest			Maturity Date	Par / Units	Amortized Cost(4)(24)		Fair Value		% of Net Assets
		Ref. Rate	Cash	PIK
Internet software and services
AlphaSense, LLC(23)(25)	Series E Preferred Shares	N/A			N/A	16,929	765		800
BCTO WIW Holdings, Inc. (dba When I Work)(23)(25)	Class A Common Stock	N/A			N/A	57,000	5,700		2,948
Brooklyn Lender Co-Invest 2, L.P. (dba Boomi)(23)(25)	Common Units	N/A			N/A	1,729,439	1,729		2,596
Chrome Investors LP(18)(22)(23)(25)	LP Interest	N/A			N/A	7,339	7,341		7,339
Elliott Alto Co-Investor Aggregator L.P.(22)(23)(25)	LP Interest	N/A			N/A	6,530	6,572		10,752
Insight CP (Blocker) Holdings, L.P. (dba CivicPlus, LLC)(22)(23)(25)	LP Interest	N/A			N/A	989	989		1,239
Bird Holding B.V. (fka MessageBird Holding B.V.)(22)(23)(25)	Extended Series C Warrants	N/A			N/A	7,980	49		12
Project Alpine Co-Invest Fund, LP(22)(23)(25)	LP Interest	N/A			N/A	17,000	17,012		22,325
Project Hotel California Co-Invest Fund, L.P.(21)(22)(23)(25)	LP Interest	N/A			N/A	3,522	3,507		4,874
Thunder Topco L.P. (dba Vector Solutions)(23)(25)	Common Units	N/A			N/A	712,884	713		848
WMC Bidco, Inc. (dba West Monroe)(17)(23)	Senior Preferred Stock	N/A		11.25%	N/A	33,385	48,349		48,032
Zoro TopCo, Inc.(7)(23)	Series A Preferred Equity	S+		9.50%	N/A	16,562	21,735		22,236
Zoro TopCo, L.P.(23)(25)	Class A Common Units	N/A			N/A	1,380,129	13,801		15,491
							128,262		139,492		0.9	%
Manufacturing
Gloves Holdings, LP (dba Protective Industrial Products)(23)(25)	LP Interest	N/A			N/A	1,000	100		155
							100		155		—	%
Specialty retail
Ideal Topco, L.P.(23)(25)	Class A-2 Common Units	N/A			N/A	3,109,756	—		—
Ideal Topco, L.P.(23)(25)	Class A-1 Preferred Units	N/A			N/A	5,304,878	5,305		4,615
							5,305		4,615		—	%
Total non-controlled/non-affiliated portfolio company equity investments							$	647,987	$	693,441	4.3	%
Total non-controlled/non-affiliated portfolio company investments							$	28,575,155	$	28,510,177	175.2	%

Non-controlled/affiliated portfolio company investments
Debt Investments(5)
Education
Pluralsight, LLC(7)(29)	First lien senior secured loan	S+		7.50%	8/2029	1,267,000	$	1,267	$	1,267
Pluralsight, LLC(7)(29)	First lien senior secured loan	S+	3.00%	1.50%	8/2029	1,200,000	1,200		1,200
							2,467		2,467		—	%
Total non-controlled/affiliated portfolio company debt investments							$	2,467	$	2,467	—	%

Equity Investments
Education
Paradigmatic Holdco LLC (dba Pluralsight)(23)(25)(29)	Common stock	N/A			N/A	396,827	$	1,053	$	1,053
							1,053		1,053		—	%
Pharmaceuticals
LSI Financing 1 DAC(22)(23)(25)(29)	Preferred equity	N/A			N/A	4,778	4,828		4,690
							4,828		4,690		—	%
Total non-controlled/affiliated portfolio company equity investments							$	5,881	$	5,743	—	%
Total non-controlled/affiliated portfolio company investments							$	8,348	$	8,210	0.1	%

Blue Owl Credit Income Corp.

Consolidated Schedules of Investments - Continued

As of March 31, 2025

(Amounts in thousands, except share amounts)

(Unaudited)


Company(1)(2)(3)(19)(28)	Investment	Interest			Maturity Date	Par / Units	Amortized Cost(4)(24)		Fair Value		% of Net Assets
		Ref. Rate	Cash	PIK

Controlled/affiliated portfolio company investments
Debt Investments(5)
Asset based lending and fund finance
AAM Series 1.1 Rail and Domestic Intermodal Feeder, LLC(17)(22)(30)	First lien senior secured loan	N/A		12.00%	7/2030	47,354	$	47,354	$	47,354
AAM Series 2.1 Aviation Feeder, LLC(17)(22)(30)	First lien senior secured loan	N/A		12.00%	11/2030	56,908	56,908		56,908
							104,262		104,262		0.6	%
Total controlled/affiliated portfolio company debt investments							$	104,262	$	104,262	0.6	%

Equity Investments
Asset based lending and fund finance
AAM Series 1.1 Rail and Domestic Intermodal Feeder, LLC(18)(22)(23)(25)(30)	LLC Interest	N/A			N/A	26,517	$	26,557	$	35,099
AAM Series 2.1 Aviation Feeder, LLC(18)(22)(23)(25)(30)	LLC Interest	N/A			N/A	24,663	24,704		34,874
							51,261		69,973		0.4	%
Insurance
Fifth Season Investments LLC(23)(26)(30)	Class A Units	N/A			N/A	28	223,403		245,283
							223,403		245,283		1.5	%
Joint ventures
OCIC SLF LLC (fka Blue Owl Credit Income Senior Loan Fund LLC)(22)(23)(30)(32)	LLC Interest	N/A			N/A	314,800	314,808		292,255
Blue Owl Credit SLF LLC(22)(23)(30)(32)	LLC Interest	N/A			N/A	5,500	5,502		5,327
							320,310		297,582		1.8	%
Pharmaceuticals
LSI Financing LLC(18)(22)(23)(30)(32)	Common Equity	N/A			N/A	216,313	216,313		224,922
							216,313		224,922		1.4	%
Total controlled/affiliated portfolio company equity investments							$	811,287	$	837,760	5.1	%
Total controlled/affiliated portfolio company investments							$	915,549	$	942,022	5.8	%
Total Investments							$	29,499,052	$	29,460,409	181.1	%


	Interest Rate Swaps as of March 31, 2025
	Company Receives	Company Pays(c)	Maturity Date	Notional Amount		Fair Value		Upfront Payments/Receipts		Change in Unrealized Appreciation / (Depreciation)		Hedged Instrument	Footnote Reference
Interest rate swap(a)(b)	7.75%	S + 3.84%	9/16/2027	$	600,000	$	4,739	$	—	$	5,442	September 2027 Notes	Note 5
Cross-currency swap(a)(b)(e)	6.50%	S + 2.67%	10/23/2027	251,031		(17,246)		—		3,389		AUD 2027 Notes	Note 5
Interest rate swap(b)(d)	6.50%	B + 2.72%	10/23/2027	44,719		114		—		161		AUD 2027 Notes	Note 5
Interest rate swap(a)(b)	7.95%	S + 3.79%	5/13/2028	650,000		7,892		—		7,390		June 2028 Notes	Note 5
Interest rate swap(a)(b)	7.75%	S + 3.65%	1/15/2029	550,000		6,581		—		6,980		January 2029 Notes	Note 5
Interest rate swap(a)(b)	6.60%	S + 2.39%	8/15/2029	900,000		18,632		—		14,887		September 2029 Notes	Note 5
Interest rate swap(a)(b)	5.80%	S + 2.62%	2/15/2030	1,000,000		(24,315)		—		20,204		March 2030 Notes	Note 5
Interest rate swap(a)(b)	6.65%	S + 2.90%	1/15/2031	750,000		648		—		14,887		March 2031 Notes	Note 5
Total				$	4,745,750	$	(2,955)	$	—	$	73,340

________

(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.

(d) Contains a variable rate structure. Bears interest at a rate determined by BBSY.

Blue Owl Credit Income Corp.

Consolidated Schedules of Investments - Continued

As of March 31, 2025

(Amounts in thousands, except share amounts)

(Unaudited)

(e) The associated change in foreign exchange rate of derivative is recorded along with the change in foreign exchange rate of the note within translation of assets and liabilities in foreign currencies.

(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 “S”) (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-month CORRA), Australian Bank Bill Swap Bid Rate (“BBSY” or “B”) (which can include one-, three-, or six-month BBSY), 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 March 31, 2025 was 4.32%.

(7)The interest rate on these investments is subject to 3 month SOFR, which as of March 31, 2025 was 4.29%.

(8)The interest rate on these investments is subject to 6 month SOFR, which as of March 31, 2025 was 4.19%.

(9)The interest rate on these investments is subject to 12 month SOFR, which as of March 31, 2025 was 4.01%.

(10)The interest rate on these investments is subject to 3 month CORRA, which as of March 31, 2025 was 2.66%.

(11)The interest rate on these investments is subject to 1 month EURIBOR, which as of March 31, 2025 was 2.36%.

(12)The interest rate on these investments is subject to 3 month EURIBOR, which as of March 31, 2025 was 2.34%.

(13)The interest rate on these investments is subject to 6 month EURIBOR, which as of March 31, 2025 was 2.34%.

(14)The interest rate on these investments is subject to 3 month BBSY, which as of March 31, 2025 was 4.13%.

(15)The interest rate on these investments is subject to SONIA, which as of March 31, 2025 was 4.46%.

(16)The interest rate on these investments is subject to Prime, which as of March 31, 2025 was 7.50%.

(17)Investment does not contain a variable rate structure.

(18)Position or portion thereof is a partially unfunded debt or equity commitment. See Note 7 “Commitments and Contingencies”.


Portfolio Company	Commitment Type	Commitment Expiration Date	Funded Commitment		Unfunded
					Commitment		Fair Value(33)
Non-controlled/non-affiliated - delayed draw debt commitments
ACR Group Borrower, LLC	First lien senior secured delayed draw term loan	5/2025	$	731	$	100	$	—
Aerosmith Bidco 1 Limited (dba Audiotonix)	First lien senior secured delayed draw term loan	7/2027	—		108,341		—
AI Titan Parent, Inc. (dba Prometheus Group)	First lien senior secured delayed draw term loan	9/2026	—		6,792		(34)
AlphaSense, Inc.	First lien senior secured delayed draw term loan	6/2029	—		716		(5)
AlphaSense, Inc.	First lien senior secured delayed draw term loan	12/2025	—		707		(5)
AmeriLife Holdings LLC	First lien senior secured delayed draw term loan	2/2027	—		34,240		(86)
AmeriLife Holdings LLC	First lien senior secured delayed draw term loan	6/2026	15,700		16,715		—
AmSpec Parent, LLC	First lien senior secured delayed draw term loan	12/2027	—		5,333		—
Appfire Technologies, LLC	First lien senior secured delayed draw term loan	12/2025	—		4,215		—
Appfire Technologies, LLC	First lien senior secured delayed draw term loan	6/2026	—		2,688		—
Aptean Acquiror, Inc. (dba Aptean)	First lien senior secured delayed draw term loan	1/2026	1,727		2,247		—
Aptean Acquiror, Inc. (dba Aptean)	First lien senior secured delayed draw term loan	7/2025	—		40,254		—
Aramsco, Inc.	First lien senior secured delayed draw term loan	10/2025	—		4,678		(316)
Arctic Holdco, LLC (dba Novvia Group)	First lien senior secured delayed draw term loan	1/2027	5,089		12,665		—
Artifact Bidco, Inc. (dba Avetta)	First lien senior secured delayed draw term loan	7/2027	—		3,793		—
Associations, Inc.	First lien senior secured delayed draw term loan	7/2028	7,860		23,792		—
Baker Tilly Advisory Group, LP	First lien senior secured delayed draw term loan	6/2026	—		14,940		(37)

Blue Owl Credit Income Corp.

Consolidated Schedules of Investments - Continued

As of March 31, 2025

(Amounts in thousands, except share amounts)

(Unaudited)


Portfolio Company	Commitment Type	Commitment Expiration Date	Funded Commitment	Unfunded
				Commitment	Fair Value(33)
Bamboo US BidCo LLC	First lien senior secured delayed draw term loan	11/2026	—	26,912	—
BCPE Osprey Buyer, Inc. (dba PartsSource)	First lien senior secured delayed draw term loan	10/2025	4,557	21,926	—
Belmont Buyer, Inc. (dba Valenz)	First lien senior secured delayed draw term loan	1/2026	—	11,083	—
BradyPLUS Holdings, LLC (f/k/a BradyIFS Holdings, LLC)	First lien senior secured delayed draw term loan	10/2025	1,107	4,049	—
Cambrex Corporation	First lien senior secured delayed draw term loan	3/2027	—	33,294	(166)
Capstone Acquisition Holdings, Inc.	First lien senior secured delayed draw term loan	8/2026	—	1,789	(2)
CHA Vision Holdings, Inc. (fka FR Vision Holdings, Inc.)	First lien senior secured delayed draw term loan	1/2026	6,190	8,530	—
Chrysaor Bidco s.à r.l. (dba AlterDomus)	First lien senior secured delayed draw term loan	5/2026	—	689	—
Citrin Cooperman Advisors LLC	First lien senior secured delayed draw term loan	3/2027	—	1,061	(3)
Cohnreznick Advisory LLC	First lien senior secured delayed draw term loan	3/2027	—	8,459	—
Clydesdale Acquisition Holdings, Inc. (dba Novolex)	First lien senior secured delayed draw term loan	12/2025	86	2,320	—
CMG HoldCo, LLC (dba Crete United)	First lien senior secured delayed draw term loan	10/2026	—	10,141	(51)
CMG HoldCo, LLC (dba Crete United)	First lien senior secured delayed draw term loan	11/2025	14,384	10,916	—
Computer Services, Inc. (dba CSI)	First lien senior secured delayed draw term loan	2/2026	—	25,566	—
CoreTrust Purchasing Group LLC	First lien senior secured delayed draw term loan	5/2026	—	23,639	—
Coupa Holdings, LLC	First lien senior secured delayed draw term loan	8/2025	—	2,174	—
CCM Midco, LLC (f/k/a Cresset Capital Management, LLC)	First lien senior secured delayed draw term loan	9/2025	—	7,612	—
CCM Midco, LLC (f/k/a Cresset Capital Management, LLC)	First lien senior secured delayed draw term loan	6/2026	—	4,478	—
CT Technologies Intermediate Holdings, Inc. (& Smart Holdings Corp.) (dba Datavant)	First lien senior secured delayed draw term loan	8/2026	—	12,046	—
Databricks, Inc.	First lien senior secured delayed draw term loan	7/2026	—	16,531	—
DCG ACQUISITION CORP. (dba DuBois Chemical)	First lien senior secured delayed draw term loan	6/2026	—	15,899	—
Diamond Mezzanine 24 LLC (dba United Risk)	First lien senior secured delayed draw term loan	10/2026	—	24,700	—
Dresser Utility Solutions, LLC	First lien senior secured delayed draw term loan	9/2025	—	7,537	—
Denali BuyerCo, LLC (dba Summit Companies)	First lien senior secured delayed draw term loan	1/2027	15,182	55,309	—
DuraServ LLC	First lien senior secured delayed draw term loan	3/2027	2,842	69,582	—
EET Buyer, Inc. (dba e-Emphasys)	First lien senior secured delayed draw term loan	4/2026	—	8,523	—
EresearchTechnology, Inc. (dba Clario)	First lien senior secured delayed draw term loan	1/2027	1,666	31,659	—
EresearchTechnology, Inc. (dba Clario)	First lien senior secured delayed draw term loan	3/2026	—	29,326	(147)
Essential Services Holding Corporation (dba Turnpoint)	First lien senior secured delayed draw term loan	6/2026	—	6,970	(35)
Evolution BuyerCo, Inc. (dba SIAA)	First lien senior secured delayed draw term loan	12/2025	—	26,059	—
Faraday Buyer, LLC (dba MacLean Power Systems)	First lien senior secured delayed draw term loan	11/2025	—	14,307	—
FR Flow Control CB LLC (dba Trillium Flow Technologies)	First lien senior secured delayed draw term loan	6/2026	—	28,307	—
Fullsteam Operations, LLC	First lien senior secured delayed draw term loan	8/2025	2,674	2,326	—
Fullsteam Operations, LLC	First lien senior secured delayed draw term loan	2/2026	840	410	—
Galls, LLC	First lien senior secured delayed draw term loan	3/2026	11,970	27,258	—
Galway Borrower LLC	First lien senior secured delayed draw term loan	7/2026	2,812	46,920	—
Gehl Foods, LLC	First lien senior secured delayed draw term loan	12/2025	6,806	2,274	—
GI Apple Midco LLC (dba Atlas Technical Consultants)	First lien senior secured delayed draw term loan	4/2025	1,720	14,090	—
GS Acquisitionco, Inc. (dba insightsoftware)	First lien senior secured delayed draw term loan	3/2026	72	254	—

Blue Owl Credit Income Corp.

Consolidated Schedules of Investments - Continued

As of March 31, 2025

(Amounts in thousands, except share amounts)

(Unaudited)


Portfolio Company	Commitment Type	Commitment Expiration Date	Funded Commitment	Unfunded
				Commitment	Fair Value(33)
Home Service TopCo IV, Inc.	First lien senior secured delayed draw term loan	2/2027	—	2,799	—
Indigo Buyer, Inc. (dba Inovar Packaging Group)	First lien senior secured delayed draw term loan	7/2026	1,075	12,359	—
Indikami Bidco, LLC (dba IntegriChain)	First lien senior secured delayed draw term loan	12/2025	751	5,819	—
Integrity Marketing Acquisition, LLC	First lien senior secured delayed draw term loan	8/2026	—	53,446	—
Interoperability Bidco, Inc. (dba Lyniate)	First lien senior secured delayed draw term loan	6/2026	—	5,079	(102)
Integrated Specialty Coverages, LLC	First lien senior secured delayed draw term loan	2/2027	—	6,577	—
KENE Acquisition, Inc. (dba Entrust Solutions Group)	First lien senior secured delayed draw term loan	2/2026	775	6,695	—
KPSKY Acquisition, Inc. (dba BluSky)	First lien senior secured delayed draw term loan	11/2025	72	6,054	—
KWOR Acquisition, Inc. (dba Alacrity Solutions)	First lien senior secured delayed draw term loan	2/2027	—	3,857	(19)
Lakefield Acquisition Corp. (dba Lakefield Veterinary Group)	First lien senior secured delayed draw term loan	9/2026	4,213	47,386	—
Lightbeam Bidco, Inc. (dba Lazer Spot)	First lien senior secured delayed draw term loan	5/2025	19,558	27,285	—
Litera Bidco LLC	First lien senior secured delayed draw term loan	11/2026	8,763	767	—
Litera Bidco LLC	First lien senior secured delayed draw term loan	5/2027	—	3,981	(10)
ManTech International Corporation	First lien senior secured delayed draw term loan	6/2025	—	2,164	—
Maple Acquisition, LLC (dba Medicus)	First lien senior secured delayed draw term loan	5/2026	—	20,448	—
Mario Purchaser, LLC (dba Len the Plumber)	First lien senior secured delayed draw term loan	10/2025	2,653	24,114	—
Minotaur Acquisition, Inc. (dba Inspira Financial)	First lien senior secured delayed draw term loan	5/2026	—	41,960	—
Monotype Imaging Holdings Inc.	First lien senior secured delayed draw term loan	2/2026	3,252	10,759	—
NELIPAK EUROPEAN HOLDINGS COÖPERATIEF U.A.	First lien senior secured EUR delayed draw term loan	3/2027	—	23,316	(291)
Nelipak Holding Company	First lien senior secured delayed draw term loan	3/2027	—	11,787	(147)
OneOncology, LLC	First lien senior secured delayed draw term loan	10/2026	44,679	26,576	—
OneOncology, LLC	First lien senior secured delayed draw term loan	3/2027	—	121,354	(303)
Packaging Coordinators Midco, Inc.	First lien senior secured delayed draw term loan	4/2026	—	236,996	(1,778)
Paris US Holdco, Inc. (dba Precinmac)	First lien senior secured delayed draw term loan	12/2026	—	18,063	(90)
Park Place Technologies, LLC	First lien senior secured delayed draw term loan	9/2025	6,930	6,543	—
Patriot Acquisition TopCo S.A.R.L (dba Corza Health, Inc.)	First lien senior secured delayed draw term loan	8/2025	13,680	3,429	—
PDI TA Holdings, Inc.	First lien senior secured delayed draw term loan	2/2026	—	6,584	(66)
PetVet Care Centers, LLC	First lien senior secured delayed draw term loan	11/2025	—	31,691	(1,426)
Pye-Barker Fire & Safety, LLC	First lien senior secured delayed draw term loan	5/2026	64,313	95,287	—
Raven Acquisition Holdings, LLC (dba R1 RCM)	First lien senior secured delayed draw term loan	10/2026	—	5,667	(45)
RL Datix Holdings (USA), Inc.	First lien senior secured delayed draw term loan	4/2027	—	14,908	—
Savor Acquisition, Inc. (dba Sauer Brands)	First lien senior secured delayed draw term loan	3/2027	—	7,759	(2)
Salinger Bidco Inc. (dba Surgical Information Systems)	First lien senior secured delayed draw term loan	8/2026	—	5,742	—
Sensor Technology Topco, Inc. (dba Humanetics)	First lien senior secured EUR delayed draw term loan	9/2025	449	600	—
Sensor Technology Topco, Inc. (dba Humanetics)	First lien senior secured delayed draw term loan	9/2025	2,046	2,732	—
Severin Acquisition, LLC (dba PowerSchool)	First lien senior secured delayed draw term loan	10/2027	1,836	25,370	—
SimonMed, Inc.	First lien senior secured delayed draw term loan	2/2027	5,745	40,288	—
Simplicity Financial Marketing Group Holdings, Inc.	First lien senior secured delayed draw term loan	12/2026	6,438	33,800	—
Smarsh Inc.	First lien senior secured delayed draw term loan	1/2027	—	10,381	—
Smarsh Inc.	First lien senior secured delayed draw term loan	1/2027	—	9,966	—

Blue Owl Credit Income Corp.

Consolidated Schedules of Investments - Continued

As of March 31, 2025

(Amounts in thousands, except share amounts)

(Unaudited)


Portfolio Company	Commitment Type	Commitment Expiration Date	Funded Commitment	Unfunded
				Commitment	Fair Value(33)
Soleo Holdings, Inc.	First lien senior secured delayed draw term loan	2/2027	—	15,932	(40)
Sonny's Enterprises, LLC	First lien senior secured delayed draw term loan	6/2026	3,583	41,416	—
Southern Air & Heat Holdings, LLC	First lien senior secured delayed draw term loan	7/2025	10,499	20,889	—
Spaceship Purchaser, Inc. (dba Squarespace)	First lien senior secured delayed draw term loan	10/2026	—	7,482	—
Spaceship Purchaser, Inc. (dba Squarespace)	First lien senior secured delayed draw term loan	10/2027	—	17,957	—
STS PARENT, LLC (dba STS Aviation Group)	First lien senior secured delayed draw term loan	10/2026	—	37,550	—
TBRS, Inc. (dba TEAM Technologies)	First lien senior secured delayed draw term loan	11/2026	—	37,652	—
THG Acquisition, LLC (dba Hilb)	First lien senior secured delayed draw term loan	10/2026	367	20,349	—
Thunder Purchaser, Inc. (dba Vector Solutions)	First lien senior secured delayed draw term loan	10/2026	20,523	6,858	—
Troon Golf, L.L.C.	First lien senior secured delayed draw term loan	9/2026	27,381	27,449	—
Tricentis Operations Holdings, Inc.	First lien senior secured delayed draw term loan	2/2027	—	10,055	(50)
Unified Women's Healthcare, LP	First lien senior secured delayed draw term loan	10/2026	20,249	33,151	—
USIC Holdings, Inc.	First lien senior secured delayed draw term loan	9/2026	494	1,741	—
USRP Holdings, Inc. (dba U.S. Retirement and Benefits Partners)	First lien senior secured delayed draw term loan	8/2026	258	13,712	—
Vensure Employer Services, Inc.	First lien senior secured delayed draw term loan	9/2026	452	32,826	—
Vessco Midco Holdings, LLC	First lien senior secured delayed draw term loan	7/2026	6,290	17,595	—
Walker Edison Furniture Company LLC	First lien senior secured delayed draw term loan	3/2027	174	244	—
Zendesk, Inc.	First lien senior secured delayed draw term loan	11/2025	—	35,425	—
Non-controlled/affiliated - delayed draw debt commitments
Pluralsight, LLC	First lien senior secured delayed draw term loan	8/2029	—	496	—
Non-controlled/non-affiliated - revolving debt commitments
ACR Group Borrower, LLC	First lien senior secured revolving loan	3/2026	25	850	—
Activate Holdings (US) Corp. (dba Absolute Software)	First lien senior secured revolving loan	7/2029	—	352	—
Aerosmith Bidco 1 Limited (dba Audiotonix)	First lien senior secured revolving loan	7/2030	—	44,919	—
AI Titan Parent, Inc. (dba Prometheus Group)	First lien senior secured revolving loan	8/2031	—	4,245	(42)
AmeriLife Holdings LLC	First lien senior secured revolving loan	8/2028	—	33,393	(167)
Anaplan, Inc.	First lien senior secured revolving loan	6/2028	—	16,528	—
Appfire Technologies, LLC	First lien senior secured revolving loan	3/2028	—	1,633	—
Aptean Acquiror, Inc. (dba Aptean)	First lien senior secured revolving loan	1/2031	—	8,497	—
Arctic Holdco, LLC (dba Novvia Group)	First lien senior secured revolving loan	1/2031	5,681	6,155	—
Artifact Bidco, Inc. (dba Avetta)	First lien senior secured revolving loan	7/2030	—	2,710	(14)
Ascend Buyer, LLC (dba PPC Flexible Packaging)	First lien senior secured revolving loan	9/2028	—	8,187	—
Associations, Inc.	First lien senior secured revolving loan	7/2028	18,788	6,601	—
AWP Group Holdings, Inc.	First lien senior secured revolving loan	12/2030	1,161	4,644	—
Azurite Intermediate Holdings, Inc. (dba Alteryx, Inc.)	First lien senior secured revolving loan	3/2031	—	1,995	(15)
Baker Tilly Advisory Group, LP	First lien senior secured revolving loan	6/2030	—	20,935	(209)
Bamboo US BidCo LLC	First lien senior secured revolving loan	10/2029	—	20,128	—
Bayshore Intermediate #2, L.P. (dba Boomi)	First lien senior secured revolving loan	10/2027	—	18,336	—
BCPE Osprey Buyer, Inc. (dba PartsSource)	First lien senior secured revolving loan	8/2026	4,293	362	—
BCPE Pequod Buyer, Inc. (dba Envestnet)	First lien senior secured revolving loan	11/2029	—	16,634	(250)
BCTO BSI Buyer, Inc. (dba Buildertrend)	First lien senior secured revolving loan	12/2026	—	161	—
Belmont Buyer, Inc. (dba Valenz)	First lien senior secured revolving loan	6/2029	2,217	4,433	—

Blue Owl Credit Income Corp.

Consolidated Schedules of Investments - Continued

As of March 31, 2025

(Amounts in thousands, except share amounts)

(Unaudited)


Portfolio Company	Commitment Type	Commitment Expiration Date	Funded Commitment	Unfunded
				Commitment	Fair Value(33)
Blast Bidco Inc. (dba Bazooka Candy Brands)	First lien senior secured revolving loan	10/2029	—	4,179	—
Brightway Holdings, LLC	First lien senior secured revolving loan	12/2027	590	1,515	—
BTRS Holdings Inc. (dba Billtrust)	First lien senior secured revolving loan	12/2028	2,531	2,531	—
Cambrex Corporation	First lien senior secured revolving loan	3/2032	—	29,133	(291)
Canadian Hospital Specialties Limited	First lien senior secured revolving loan	4/2027	254	158	—
Catalis Intermediate, Inc. (fka GovBrands Intermediate, Inc.)	First lien senior secured revolving loan	8/2027	303	577	—
Certinia Inc.	First lien senior secured revolving loan	8/2030	—	4,412	—
CHA Vision Holdings, Inc. (fka FR Vision Holdings, Inc.)	First lien senior secured revolving loan	1/2030	—	3,692	—
CivicPlus, LLC	First lien senior secured revolving loan	8/2027	—	2,244	—
CMG HoldCo, LLC (dba Crete United)	First lien senior secured revolving loan	5/2028	2,344	6,310	—
CoreTrust Purchasing Group LLC	First lien senior secured revolving loan	10/2029	—	14,183	—
Coupa Holdings, LLC	First lien senior secured revolving loan	2/2029	—	1,664	—
CPM Holdings, Inc.	First lien senior secured revolving loan	6/2028	—	5,000	(93)
Creek Parent, Inc. (dba Catalent)	First lien senior secured revolving loan	12/2031	—	42,297	(211)
CCM Midco, LLC (f/k/a Cresset Capital Management, LLC)	First lien senior secured revolving loan	6/2029	—	2,239	—
Crewline Buyer, Inc. (dba New Relic)	First lien senior secured revolving loan	11/2030	—	17,226	(172)
CT Technologies Intermediate Holdings, Inc. (& Smart Holdings Corp.) (dba Datavant)	First lien senior secured revolving loan	8/2031	—	30,115	—
D4C Dental Brands, Inc.	First lien senior secured revolving loan	11/2029	—	13,102	(131)
DCG ACQUISITION CORP. (dba DuBois Chemical)	First lien senior secured revolving loan	6/2031	—	15,899	(79)
Denali BuyerCo, LLC (dba Summit Companies)	First lien senior secured revolving loan	9/2027	—	9,963	(25)
Diamond Mezzanine 24 LLC (dba United Risk)	First lien senior secured revolving loan	10/2030	—	6,175	—
Disco Parent, Inc. (dba Duck Creek Technologies, Inc.)	First lien senior secured revolving loan	3/2029	—	91	(1)
Dresser Utility Solutions, LLC	First lien senior secured revolving loan	3/2029	—	10,552	(26)
DuraServ LLC	First lien senior secured revolving loan	6/2030	—	24,256	(121)
Eagle Family Foods Group LLC	First lien senior secured revolving loan	8/2030	—	20,344	—
EET Buyer, Inc. (dba e-Emphasys)	First lien senior secured revolving loan	11/2027	—	3,387	—
Einstein Parent, Inc. (dba Smartsheet)	First lien senior secured revolving loan	1/2031	—	7,949	(79)
Entrata, Inc.	First lien senior secured revolving loan	7/2028	—	513	—
Essential Services Holding Corporation (dba Turnpoint)	First lien senior secured revolving loan	6/2030	697	3,660	—
EresearchTechnology, Inc. (dba Clario)	First lien senior secured revolving loan	10/2031	—	16,663	(167)
Evolution BuyerCo, Inc. (dba SIAA)	First lien senior secured revolving loan	4/2030	—	12,968	—
Fiesta Purchaser, Inc. (dba Shearer's Foods)	First lien senior secured revolving loan	2/2029	—	16,615	(42)
Finastra USA, Inc.	First lien senior secured revolving loan	9/2029	4,298	12,794	—
Forescout Technologies, Inc.	First lien senior secured revolving loan	5/2030	—	1,320	(7)
Formerra, LLC	First lien senior secured revolving loan	11/2028	—	526	(8)
Fortis Solutions Group, LLC	First lien senior secured revolving loan	10/2027	3,036	3,711	—
Foundation Consumer Brands, LLC	First lien senior secured revolving loan	2/2029	—	3,411	(34)
FR Flow Control CB LLC (dba Trillium Flow Technologies)	First lien senior secured revolving loan	12/2029	—	23,160	(174)
Fullsteam Operations, LLC	First lien senior secured revolving loan	11/2029	—	500	—
Galls, LLC	First lien senior secured revolving loan	3/2030	3,139	12,558	—
Galway Borrower LLC	First lien senior secured revolving loan	9/2028	2,049	4,217	—
Gaylord Chemical Company, L.L.C.	First lien senior secured revolving loan	12/2027	2,066	1,907	—

Blue Owl Credit Income Corp.

Consolidated Schedules of Investments - Continued

As of March 31, 2025

(Amounts in thousands, except share amounts)

(Unaudited)


Portfolio Company	Commitment Type	Commitment Expiration Date	Funded Commitment	Unfunded
				Commitment	Fair Value(33)
Gerson Lehrman Group, Inc.	First lien senior secured revolving loan	12/2027	—	8,404	—
GI Apple Midco LLC (dba Atlas Technical Consultants)	First lien senior secured revolving loan	4/2029	6,333	4,749	—
GI Ranger Intermediate, LLC (dba Rectangle Health)	First lien senior secured revolving loan	10/2027	—	1,673	(33)
Granicus, Inc.	First lien senior secured revolving loan	1/2031	—	4,633	—
GS Acquisitionco, Inc. (dba insightsoftware)	First lien senior secured revolving loan	5/2028	—	247	(2)
Hercules Borrower, LLC (dba The Vincit Group)	First lien senior secured revolving loan	12/2026	—	96	—
Hissho Parent, LLC	First lien senior secured revolving loan	5/2029	—	11,009	—
Home Service TopCo IV, Inc.	First lien senior secured revolving loan	12/2027	—	3,359	—
Hyland Software, Inc.	First lien senior secured revolving loan	9/2029	—	6,978	—
Icefall Parent, Inc. (dba EngageSmart)	First lien senior secured revolving loan	1/2030	—	2,749	—
Ideal Image Development, LLC	First lien senior secured revolving loan	2/2029	732	183	—
Ideal Image Development, LLC	First lien senior secured revolving loan	2/2029	953	145	—
Ideal Image Development, LLC*	First lien senior secured revolving loan	2/2029	80	—	—
Ideal Tridon Holdings, Inc.	First lien senior secured revolving loan	4/2028	—	8,630	—
IG Investments Holdings, LLC (dba Insight Global)	First lien senior secured revolving loan	9/2028	—	4,866	—
Indigo Buyer, Inc. (dba Inovar Packaging Group)	First lien senior secured revolving loan	5/2028	—	12,700	—
Indikami Bidco, LLC (dba IntegriChain)	First lien senior secured revolving loan	6/2030	2,628	2,065	—
Integrated Specialty Coverages, LLC	First lien senior secured revolving loan	7/2029	—	5,934	—
Integrity Marketing Acquisition, LLC	First lien senior secured revolving loan	8/2028	—	17,886	—
Intelerad Medical Systems Incorporated (fka 11849573 Canada Inc.)*	First lien senior secured revolving loan	8/2026	2,049	—	—
Interoperability Bidco, Inc. (dba Lyniate)	First lien senior secured revolving loan	3/2028	1,324	4,694	—
IRI Group Holdings, Inc. (f/k/a Circana Group, L.P. (f/k/a The NPD Group, L.P.))	First lien senior secured revolving loan	12/2027	1,598	12,669	—
JS Parent, Inc. (dba Jama Software)	First lien senior secured revolving loan	4/2031	—	88	—
KABAFUSION Parent, LLC	First lien senior secured revolving loan	11/2031	—	8,903	(22)
KENE Acquisition, Inc. (dba Entrust Solutions Group)	First lien senior secured revolving loan	2/2031	—	2,242	(28)
KRIV Acquisition Inc. (dba Riveron)	First lien senior secured revolving loan	7/2029	—	10,944	—
KWOL Acquisition, Inc. (dba Worldwide Clinical Trials)	First lien senior secured revolving loan	12/2029	—	23,755	—
KWOR Acquisition, Inc. (dba Alacrity Solutions)	First lien senior secured revolving loan	2/2030	—	2,877	(14)
Lakefield Acquisition Corp. (dba Lakefield Veterinary Group)	First lien senior secured revolving loan	9/2029	—	8,600	(43)
Lightbeam Bidco, Inc. (dba Lazer Spot)	First lien senior secured revolving loan	5/2029	3,116	8,569	—
Lignetics Investment Corp.	First lien senior secured revolving loan	10/2026	7,647	3,824	—
Litera Bidco LLC	First lien senior secured revolving loan	5/2028	—	2,266	(6)
Magnet Forensics, LLC (f/k/a Grayshift, LLC)	First lien senior secured revolving loan	7/2028	—	2,419	—
ManTech International Corporation	First lien senior secured revolving loan	9/2028	—	1,806	—
Maple Acquisition, LLC (dba Medicus)	First lien senior secured revolving loan	5/2030	—	15,336	—
Mario Purchaser, LLC (dba Len the Plumber)	First lien senior secured revolving loan	4/2028	2,947	5,091	—
MHE Intermediate Holdings, LLC (dba OnPoint Group)	First lien senior secured revolving loan	7/2027	1,429	2,143	—
Milan Laser Holdings LLC	First lien senior secured revolving loan	4/2026	—	2,553	(13)
Ministry Brands Holdings, LLC	First lien senior secured revolving loan	12/2027	—	4,746	(36)

Blue Owl Credit Income Corp.

Consolidated Schedules of Investments - Continued

As of March 31, 2025

(Amounts in thousands, except share amounts)

(Unaudited)


Portfolio Company	Commitment Type	Commitment Expiration Date	Funded Commitment	Unfunded
				Commitment	Fair Value(33)
Minotaur Acquisition, Inc. (dba Inspira Financial)	First lien senior secured revolving loan	6/2030	—	25,814	—
Mitnick Corporate Purchaser, Inc.	First lien senior secured revolving loan	5/2027	1,125	8,250	—
Monotype Imaging Holdings Inc.	First lien senior secured revolving loan	2/2030	—	21,041	—
Natural Partners, LLC	First lien senior secured revolving loan	11/2027	—	11,814	—
NELIPAK EUROPEAN HOLDINGS COÖPERATIEF U.A.	First lien senior secured EUR revolving loan	3/2031	760	3,590	—
Nelipak Holding Company	First lien senior secured revolving loan	3/2031	4,398	4,398	—
Neptune Holdings, Inc. (dba NexTech)	First lien senior secured revolving loan	8/2029	—	4,118	—
NMI Acquisitionco, Inc. (dba Network Merchants)	First lien senior secured revolving loan	9/2028	—	558	—
Notorious Topco, LLC (dba Beauty Industry Group)	First lien senior secured revolving loan	5/2027	1,408	3,873	—
OAC Holdings I Corp. (dba Omega Holdings)	First lien senior secured revolving loan	3/2028	919	1,654	—
OB Hospitalist Group, Inc.	First lien senior secured revolving loan	9/2027	—	7,993	—
Ole Smoky Distillery, LLC	First lien senior secured revolving loan	3/2028	—	3,302	(25)
OneOncology, LLC	First lien senior secured revolving loan	6/2029	—	41,243	(206)
Oranje Holdco, Inc. (dba KnowBe4)	First lien senior secured revolving loan	2/2029	—	10,148	—
Packaging Coordinators Midco, Inc.	First lien senior secured revolving loan	1/2032	—	44,948	(618)
Paris US Holdco, Inc. (dba Precinmac)	First lien senior secured revolving loan	12/2031	90	8,941	—
Park Place Technologies, LLC	First lien senior secured revolving loan	3/2030	2,361	7,757	—
Patriot Acquisition TopCo S.A.R.L (dba Corza Health, Inc.)	First lien senior secured revolving loan	1/2028	47	41	—
PDI TA Holdings, Inc.	First lien senior secured revolving loan	2/2031	875	5,685	—
Peter C. Foy & Associates Insurance Services, LLC (dba PCF Insurance Services)	First lien senior secured revolving loan	11/2027	—	2,570	—
PetVet Care Centers, LLC	First lien senior secured revolving loan	11/2029	—	33,258	(1,829)
Phantom Purchaser, Inc.	First lien senior secured revolving loan	9/2031	—	11,437	(29)
Ping Identity Holding Corp.	First lien senior secured revolving loan	10/2028	—	6,597	—
Plasma Buyer LLC (dba PathGroup)	First lien senior secured revolving loan	5/2028	10,116	2,066	—
PPV Intermediate Holdings, LLC	First lien senior secured revolving loan	8/2029	—	11,854	—
Premise Health Holding Corp.	First lien senior secured revolving loan	2/2030	—	8,191	(20)
Pye-Barker Fire & Safety, LLC	First lien senior secured revolving loan	5/2030	4,213	29,489	—
Puma Buyer, LLC (dba PANTHERx)	First lien senior secured revolving loan	3/2032	—	21,023	(158)
QAD, Inc.	First lien senior secured revolving loan	11/2027	—	6,000	(15)
Quva Pharma, Inc.*	First lien senior secured revolving loan	4/2026	455	—	—
Relativity ODA LLC	First lien senior secured revolving loan	5/2029	—	2,797	(7)
Rhea Parent, Inc.	First lien senior secured revolving loan	12/2030	—	21,596	(54)
RL Datix Holdings (USA), Inc.	First lien senior secured revolving loan	10/2030	—	13,052	(98)
SailPoint Technologies Holdings, Inc.	First lien senior secured revolving loan	8/2028	—	5,718	—
Salinger Bidco Inc. (dba Surgical Information Systems)	First lien senior secured revolving loan	5/2031	—	5,742	—
Soleo Holdings, Inc.	First lien senior secured revolving loan	2/2032	—	15,932	(80)
Securonix, Inc.	First lien senior secured revolving loan	4/2028	120	5,219	—
Sensor Technology Topco, Inc. (dba Humanetics)	First lien senior secured revolving loan	5/2028	10,114	10,448	—
Severin Acquisition, LLC (dba PowerSchool)	First lien senior secured revolving loan	10/2031	2,449	13,877	—
SimonMed, Inc.	First lien senior secured revolving loan	2/2031	—	30,689	(153)
Simplicity Financial Marketing Group Holdings, Inc.	First lien senior secured revolving loan	12/2031	—	20,119	(201)
Smarsh Inc.	First lien senior secured revolving loan	2/2029	1,439	9,357	—

Blue Owl Credit Income Corp.

Consolidated Schedules of Investments - Continued

As of March 31, 2025

(Amounts in thousands, except share amounts)

(Unaudited)


Portfolio Company	Commitment Type	Commitment Expiration Date	Funded Commitment		Unfunded
					Commitment		Fair Value(33)
Soliant Lower Intermediate, LLC (dba Soliant)	First lien senior secured revolving loan	6/2031	—		15,556		(330)
Sonny's Enterprises, LLC	First lien senior secured revolving loan	8/2027	15,023		10,879		—
Southern Air & Heat Holdings, LLC	First lien senior secured revolving loan	10/2027	62		220		—
Spaceship Purchaser, Inc. (dba Squarespace)	First lien senior secured revolving loan	10/2031	—		14,965		—
Spotless Brands, LLC	First lien senior secured revolving loan	7/2028	—		2,244		—
STS PARENT, LLC (dba STS Aviation Group)	First lien senior secured revolving loan	10/2030	8,824		6,196		—
SWK BUYER, Inc. (dba Stonewall Kitchen)	First lien senior secured revolving loan	3/2029	—		5,579		(98)
Tamarack Intermediate, L.L.C. (dba Verisk 3E)	First lien senior secured revolving loan	3/2028	—		5,336		(27)
TBRS, Inc. (dba TEAM Technologies)	First lien senior secured revolving loan	11/2030	1,255		19,662		—
TC Holdings, LLC (dba TrialCard)	First lien senior secured revolving loan	4/2027	—		16,473		—
Tempo Buyer Corp. (dba Global Claims Services)	First lien senior secured revolving loan	8/2027	—		5,159		—
The Shade Store, LLC	First lien senior secured revolving loan	10/2028	2,463		8,339		—
THG Acquisition, LLC (dba Hilb)	First lien senior secured revolving loan	10/2031	474		9,884		—
Thunder Purchaser, Inc. (dba Vector Solutions)	First lien senior secured revolving loan	6/2027	—		1,021		—
Tricentis Operations Holdings, Inc.	First lien senior secured revolving loan	2/2032	—		6,284		(63)
Troon Golf, L.L.C.	First lien senior secured revolving loan	8/2028	—		27,449		—
Truist Insurance Holdings, LLC	First lien senior secured revolving loan	5/2029	896		6,123		—
Unified Women's Healthcare, LP	First lien senior secured revolving loan	6/2029	—		8,120		—
USIC Holdings, Inc.	First lien senior secured revolving loan	9/2031	2,621		2,207		—
USRP Holdings, Inc. (dba U.S. Retirement and Benefits Partners)	First lien senior secured revolving loan	12/2029	—		4,975		—
Velocity HoldCo III Inc. (dba VelocityEHS)	First lien senior secured revolving loan	4/2027	—		142		—
Vessco Midco Holdings, LLC	First lien senior secured revolving loan	7/2031	—		7,962		(40)
Vital Bidco AB (dba Vitamin Well)	First lien senior secured revolving loan	10/2030	12,908		40,004		—
Walker Edison Furniture Company LLC*	First lien senior secured revolving loan	3/2027	1,333		—		—
When I Work, Inc.	First lien senior secured revolving loan	11/2027	—		4,164		(146)
Zendesk, Inc.	First lien senior secured revolving loan	11/2028	—		14,587		—
Non-controlled/affiliated - revolving debt commitments
Pluralsight, LLC	First lien senior secured revolving loan	8/2029	—		198		—
Non-controlled/non-affiliated - equity commitments
Chrome Investors LP	LP Interest	N/A	7,339		1,835		—
Controlled/affiliated - equity commitments
AAM Series 1.1 Rail and Domestic Intermodal Feeder, LLC	LLC Interest	N/A	26,517		56,604		—
AAM Series 2.1 Aviation Feeder, LLC	LLC Interest	N/A	24,663		16,166		—
LSI Financing LLC	Common Equity	N/A	216,313		4,500		—
Total Portfolio Company Commitments			$	827,401	$	3,986,585	$	(12,008)

*Fully funded

(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

Blue Owl Credit Income Corp.

Consolidated Schedules of Investments - Continued

As of March 31, 2025

(Amounts in thousands, except share amounts)

(Unaudited)

represent at least 70% of total assets. As of March 31, 2025, non-qualifying assets represented 12.4% 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 March 31, 2025, the aggregate fair value of these securities is $1.54 billion, or 9.5% of the Company’s net assets. The acquisition dates of the restricted securities are as follows:

Portfolio Company

Investment

Acquisition Date

AAM Series 1.1 Rail and Domestic Intermodal Feeder, LLC**

LLC Interest

July 1, 2022

AAM Series 2.1 Aviation Feeder, LLC**

LLC Interest

July 1, 2022

Accelerate Topco Holdings, LLC

Common Units

September 1, 2022

Amergin Asset Management, LLC

Class A Units

July 1, 2022

ASP Conair Holdings LP

Class A Units

May 17, 2021

AlphaSense, LLC

Series E Preferred Shares

June 27, 2024

BCTO WIW Holdings, Inc. (dba When I Work)

Class A Common Stock

November 2, 2021

BEHP Co-Investor II, L.P.

LP Interest

May 6, 2022

Blue Owl Credit SLF LLC*

LLC Interest

May 6, 2024

Brooklyn Lender Co-Invest 2, L.P. (dba Boomi)

Common Units

October 1, 2021

CD&R Value Building Partners I, L.P. (dba Belron)

LP Interest

December 2, 2021

Chrome Investors LP

LP Interest

January 25, 2025

Denali Holding, LP (dba Summit Companies)

Class A Units

September 14, 2021

Dodge Construction Network Holdings, L.P.

Class A-2 Common Units

March 16, 2022

Dodge Construction Network Holdings, L.P.

Series A Preferred Units

March 16, 2022

Elliott Alto Co-Investor Aggregator L.P.

LP Interest

September 28, 2022

Evolution Parent, LP (dba SIAA)

LP Interest

April 30, 2021

Fifth Season Investments LLC**

Class A Units

October 17, 2022

Gloves Holdings, LP (dba Protective Industrial Products)

LP Interest

December 28, 2020

GrowthCurve Capital Sunrise Co-Invest LP (dba Brightway)

LP Interest

December 16, 2021

Hercules Buyer, LLC (dba The Vincit Group)

Common Units

December 15, 2020

Hissho Sushi Holdings, LLC

Class A Units

May 17, 2022

Hockey Parent Holdings, L.P.

Class A Common Units

September 14, 2023

Ideal Topco, L.P.

Class A-1 Preferred Units

February 20, 2024

Ideal Topco, L.P.

Class A-2 Common Units

February 20, 2024

Insight CP (Blocker) Holdings, L.P. (dba CivicPlus, LLC)

LP Interest

June 8, 2022

Knockout Intermediate Holdings I Inc. (dba Kaseya Inc.)

Perpetual Preferred Stock

June 22, 2022

KWOR Intermediate I, Inc. (dba Alacrity Solutions)

Preferred Stock

February 28, 2025

KWOR Intermediate I, Inc. (dba Alacrity Solutions)

Class A-1 Common Stock

February 28, 2025

KOBHG Holdings, L.P. (dba OB Hospitalist)

Class A Interests

September 27, 2021

KPCI Holdings, L.P.

Class A Units

November 25, 2020

KWOL Acquisition, Inc. (dba Worldwide Clinical Trials)

Class A Interest

December 12, 2023

Lakefield Acquisition Corp. (dba Lakefield Veterinary Group)

Common Equity

January 8, 2025

LSI Financing 1 DAC**

Preferred equity

December 14, 2022

LSI Financing LLC**

Common Equity

November 25, 2024

Maia Aggregator, LP

Class A-2 Units

February 1, 2022

Bird Holding B.V. (fka MessageBird Holding B.V.)

Extended Series C Warrants

May 5, 2021

Metis HoldCo, Inc. (dba Mavis Tire Express Services)

Series A Convertible Preferred Stock

May 3, 2021

Minerva Holdco, Inc.

Senior A Preferred Stock

February 14, 2022

Orange Blossom Parent, Inc.

Common Units

July 29, 2022

OCIC SLF LLC (fka Blue Owl Credit Income Senior Loan Fund LLC)*

LLC Interest

November 2, 2022

Patriot Holdings SCSp (dba Corza Health, Inc.)

Class A Units

January 29, 2021

Blue Owl Credit Income Corp.

Consolidated Schedules of Investments - Continued

As of March 31, 2025

(Amounts in thousands, except share amounts)

(Unaudited)

Portfolio Company

Investment

Acquisition Date

Patriot Holdings SCSp (dba Corza Health, Inc.)

Class B Units

January 29, 2021

PCF Holdco, LLC (dba PCF Insurance Services)

Preferred equity

February 16, 2023

PCF Holdco, LLC (dba PCF Insurance Services)

Class A Units

November 1, 2021

PCF Holdco, LLC (dba PCF Insurance Services)

Warrants

February 16, 2023

Paradigmatic Holdco LLC (dba Pluralsight)

Common stock

August 22, 2024

Project Alpine Co-Invest Fund, LP

LP Interest

June 13, 2022

Project Hotel California Co-Invest Fund, L.P.

LP Interest

August 9, 2022

Rhea Acquisition Holdings, LP

Series A-2 Units

February 18, 2022

Romulus Intermediate Holdings 1 Inc. (dba PetVet Care Centers)

Series A Preferred Stock

November 15, 2023

Sunshine Software Holdings, Inc. (dba Cornerstone OnDemand, Inc.)

Series A Preferred Stock

October 14, 2021

TCB Holdings I LLC (dba TricorBraun)

Class A Preferred Units

January 31, 2025

Thunder Topco L.P. (dba Vector Solutions)

Common Units

June 30, 2021

Vestwell Holdings, Inc.

Series D Preferred Stock

December 20, 2023

Walker Edison Holdco LLC

Common Units

March 1, 2023

WMC Bidco, Inc. (dba West Monroe)

Senior Preferred Stock

November 9, 2021

WP Irving Co-Invest, L.P.

Partnership Units

May 18, 2022

XOMA Corporation

Warrants

December 15, 2023

Zoro TopCo, L.P.

Class A Common Units

November 22, 2022

Zoro TopCo, Inc.

Series A Preferred Equity

November 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 March 31, 2025, the net estimated unrealized loss on investments for U.S. federal income tax purposes was $23.1 million based on a tax cost basis of $29.5 billion. As of March 31, 2025, the estimated aggregate gross unrealized loss for U.S. federal income tax purposes was $267.2 million. As of March 31, 2025, the estimated aggregate gross unrealized gain for U.S. federal income tax purposes was $244.1 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 (“non-controlled affiliate”). Transactions related to investments in non-controlled affiliates for the period ended March 31, 2025 were as follows:


Company	Fair value as of December 31, 2024		Gross Additions(a)		Gross Reductions(b)		Net Change in Unrealized Gain/(Loss)		Realized Gain/(Loss)		Fair value as of March 31, 2025		Dividend Income		Interest and PIK Income		Other Income
LSI Financing 1 DAC	$	4,771	$	1	$	—	$	(82)	$	—	$	4,690	$	—	$	—	$	—
Pluralsight, LLC	3,477		43		—		—		—		3,520		—		64		—
Total	$	8,248	$	44	$	—	$	(82)	$	—	$	8,210	$	—	$	64	$	—

________

(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.

Blue Owl Credit Income Corp.

Consolidated Schedules of Investments - Continued

As of March 31, 2025

(Amounts in thousands, except share amounts)

(Unaudited)

(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 investments in controlled affiliates for the period ended March 31, 2025 were as follows:


Company	Fair value as of December 31, 2024		Gross Additions(a)		Gross Reductions(b)		Net Change in Unrealized Gain/(Loss)		Realized Gain/(Loss)		Fair value as of March 31, 2025		Dividend Income		Interest and PIK Income		Other Income
AAM Series 2.1 Aviation Feeder, LLC(c)	$	77,680	$	11,279	$	(938)	$	3,761	$	—	$	91,782	$	—	$	1,406	$	—
AAM Series 1.1 Rail and Domestic Intermodal Feeder, LLC(c)	75,112		2,429		(85)		4,997		—		82,453		—		1,359		—
Blue Owl Credit SLF LLC	4,294		1,231		—		(198)		—		5,327		166		—		—
Fifth Season Investments LLC	223,274		21,027		—		982		—		245,283		8,061		—		—
LSI Financing LLC	293,775		4,861		(77,251)		3,537		—		224,922		7,070		—		—
OCIC SLF LLC (fka Blue Owl Credit Income Senior Loan Fund LLC)	311,609		—		—		(19,354)		—		292,255		9,590		—		—
Total	$	985,744	$	40,827	$	(78,274)	$	(6,275)	$	—	$	942,022	$	24,887	$	2,765	$	—

________

(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 March 31, 2025.

(32)Investment measured at net asset value (“NAV”).

(33)The negative cost and fair value results from unamortized fees, which are capitalized to the investment cost of unfunded commitments.

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

Blue Owl Credit Income Corp.

Consolidated Schedules of Investments - Continued

As of December 31, 2024

(Amounts in thousands, except share amounts)


Company(1)(2)(3)(20)(29)	Investment	Interest		Maturity Date	Par/Units		Amortized Cost(4)(25)		Fair Value		Percentage of Net Assets

Non-controlled/non-affiliated portfolio company investments
Debt Investments(5)
Advertising and media
Broadcast Music, Inc. (fka Otis Merger Sub, Inc.)(6)	First lien senior secured loan	S+	5.75%	02/2030	34,318		$	33,558	$	34,060	0.2	%
IRI Group Holdings, Inc. (f/k/a Circana Group, L.P. (f/k/a The NPD Group, L.P.))(6)	First lien senior secured loan	S+	5.00%	12/2028	229,533		229,533		229,533		1.6	%
IRI Group Holdings, Inc. (f/k/a Circana Group, L.P. (f/k/a The NPD Group, L.P.))(7)(18)	First lien senior secured revolving loan	S+	5.00%	12/2027	2,517		2,517		2,517		—	%
Monotype Imaging Holdings Inc.(7)(18)	First lien senior secured loan	S+	5.50%	02/2031	170,754		169,537		170,327		1.2	%
Project Boost Purchaser, LLC (dba J.D. Power)(6)(22)	First lien senior secured loan	S+	3.50%	07/2031	23,750		23,750		23,890		0.2	%
Project Boost Purchaser, LLC (dba J.D. Power)(7)(22)	Second lien senior secured loan	S+	5.25%	07/2032	11,250		11,196		11,462		0.1	%





							470,091		471,789		3.3	%
Aerospace and defense
ManTech International Corporation(7)	First lien senior secured loan	S+	5.00%	09/2029	14,674		$	14,674	$	14,674	0.1	%
Novaria Holdings, LLC(6)(22)	First lien senior secured loan	S+	4.00%	06/2031	16,958		16,887		17,042		0.1	%
Peraton Corp.(6)(22)	First lien senior secured loan	S+	3.75%	02/2028	51,272		51,303		47,606		0.3	%
Peraton Corp.(7)(22)	Second lien senior secured loan	S+	7.75%	02/2029	4,831		4,787		3,894		—	%
STS PARENT, LLC (dba STS Aviation Group)(6)	First lien senior secured loan	S+	5.00%	10/2031	135,180		134,526		134,504		0.9	%
STS PARENT, LLC (dba STS Aviation Group)(6)(18)	First lien senior secured revolving loan	S+	5.00%	10/2030	6,947		6,872		6,872		—	%


							229,049		224,592		1.4	%
Automotive aftermarket
OAC Holdings I Corp. (dba Omega Holdings)(6)	First lien senior secured loan	S+	5.00%	03/2029	8,958		$	8,836	$	8,891	0.1	%
Power Stop, LLC(7)	First lien senior secured loan	S+	4.75%	01/2029	29,170		28,980		27,639		0.2	%

							37,816		36,530		0.3	%
Automotive services
Mavis Tire Express Services Topco Corp.(6)(22)	First lien senior secured loan	S+	3.50%	05/2028	29,044		$	29,044	$	29,207	0.2	%
Spotless Brands, LLC(8)(18)	First lien senior secured loan	S+	5.75%	07/2028	81,719		81,017		81,515		0.6	%
Wand Newco 3, Inc. (dba Caliber )(6)(22)	First lien senior secured loan	S+	3.25%	01/2031	12,257		12,257		12,295		0.1	%



							122,318		123,017		0.9	%
Asset based lending and fund finance
Hg Genesis 9 SumoCo Limited(12)(23)	Unsecured facility	E+	6.25% PIK	03/2029	€	143,280	$	156,905	$	148,366	1.0	%
Hg Saturn Luchaco Limited(15)(23)	Unsecured facility	SA+	7.50% PIK	03/2026	£	640	811		801		—	%
							157,716		149,167		1.0	%
Buildings and real estate
Associations Finance, Inc.(17)	Unsecured notes		14.25% PIK	05/2030	164,538		$	163,452	$	164,538	1.1	%
Associations, Inc.(7)(18)	First lien senior secured loan	S+	6.50%	07/2028	425,811		425,388		425,811		2.9	%
CoreLogic Inc.(6)(21)(22)	First lien senior secured loan	S+	3.50%	06/2028	23,840		23,388		23,508		0.2	%
Dodge Construction Network LLC(7)	First lien senior secured loan	S+	4.75%	02/2029	10,485		8,435		8,388		0.1	%
Dodge Construction Network LLC(7)	First lien senior secured loan	S+	6.25%	01/2029	7,560		7,413		7,409		0.1	%
RealPage, Inc.(7)(22)	First lien senior secured loan	S+	3.00%	04/2028	13,915		13,905		13,875		0.1	%

Blue Owl Credit Income Corp.

Consolidated Schedules of Investments - Continued

As of December 31, 2024

(Amounts in thousands, except share amounts)


Company(1)(2)(3)(20)(29)	Investment	Interest		Maturity Date	Par/Units		Amortized Cost(4)(25)		Fair Value		Percentage of Net Assets

RealPage, Inc.(7)(22)	First lien senior secured loan	S+	3.75%	04/2028	18,250		18,159		18,296		0.1	%
Wrench Group LLC(7)(22)	First lien senior secured loan	S+	4.00%	10/2028	27,146		27,103		25,992		0.2	%

							687,243		687,817		4.8	%
Business services
Access CIG, LLC(7)(22)	First lien senior secured loan	S+	5.00%	08/2028	79,000		$	77,472	$	79,695	0.5	%
Aurelia Netherlands B.V.(12)(23)	First lien senior secured EUR term loan	E+	5.75%	05/2031	€	55,027	57,700		56,695		0.4	%
Boxer Parent Company Inc. (f/k/a BMC)(7)(22)	First lien senior secured loan	S+	3.75%	07/2031	63,250		63,094		63,718		0.4	%
Capstone Acquisition Holdings, Inc.(6)	First lien senior secured loan	S+	4.50%	11/2029	85,324		84,736		85,110		0.6	%
ConnectWise, LLC(7)(22)	First lien senior secured loan	S+	3.50%	09/2028	29,397		29,440		29,550		0.2	%
CoolSys, Inc.(7)	First lien senior secured loan	S+	4.75%	08/2028	13,737		12,976		13,359		0.1	%
CoreTrust Purchasing Group LLC(6)	First lien senior secured loan	S+	5.25%	10/2029	112,617		111,675		112,617		0.8	%
Denali BuyerCo, LLC (dba Summit Companies)(7)(18)	First lien senior secured loan	S+	5.75%	09/2028	195,728		193,780		195,728		1.3	%
Diamondback Acquisition, Inc. (dba Sphera)(6)	First lien senior secured loan	S+	5.50%	09/2028	46,389		45,829		46,157		0.3	%
Fullsteam Operations, LLC(7)(18)	First lien senior secured loan	S+	8.25%	11/2029	13,001		12,658		13,001		0.1	%
Fullsteam Operations, LLC(7)(18)(19)	First lien senior secured delayed draw term loan	S+	7.00%	11/2029	818		771		811		—	%
Hercules Borrower, LLC (dba The Vincit Group)(7)(18)	First lien senior secured loan	S+	5.50%	12/2026	15,774		15,707		15,774		0.1	%
Hercules Buyer, LLC (dba The Vincit Group)(17)(28)	Unsecured notes		0.48% PIK	12/2029	24		24		28		—	%
Kaseya Inc.(6)	First lien senior secured loan	S+	5.50%	06/2029	72,874		71,860		72,874		0.5	%
Kaseya Inc.(7)(18)(19)	First lien senior secured delayed draw term loan	S+	5.50%	06/2029	2,213		2,120		2,213		—	%
KPSKY Acquisition, Inc. (dba BluSky)(7)(18)	First lien senior secured loan	S+	5.50%	10/2028	101,182		99,963		92,834		0.6	%
KPSKY Acquisition, Inc. (dba BluSky)(7)(18)(19)	First lien senior secured delayed draw term loan	S+	5.75%	10/2028	73		25		(342)		—	%
DuraServ LLC(6)(18)	First lien senior secured loan	S+	4.50%	06/2031	154,689		153,846		153,915		1.1	%
Ping Identity Holding Corp.(7)	First lien senior secured loan	S+	4.75%	10/2029	65,809		65,695		65,809		0.5	%
Plano HoldCo, Inc. (dba Perficient)(7)	First lien senior secured loan	S+	3.50%	10/2031	25,000		24,881		25,188		0.2	%
POLARIS PURCHASER, INC. (dba Plusgrade)(7)(23)	First lien senior secured loan	S+	4.00%	03/2031	25,863		25,863		25,992		0.2	%
Pye-Barker Fire & Safety, LLC(7)(18)	First lien senior secured loan	S+	4.50%	05/2031	231,569		230,305		230,990		1.6	%
Pye-Barker Fire & Safety, LLC(7)(18)	First lien senior secured revolving loan	S+	4.50%	05/2030	4,213		4,061		4,128		—	%
XPLOR T1, LLC(7)	First lien senior secured loan	S+	3.50%	06/2031	49,963		49,963		50,337		0.3	%

CMG HoldCo, LLC (dba Crete United)(7)(18)	First lien senior secured loan	S+	4.75%	05/2028	53,738		52,990		53,021		0.4	%















							1,487,434		1,489,202		10.2	%

Blue Owl Credit Income Corp.

Consolidated Schedules of Investments - Continued

As of December 31, 2024

(Amounts in thousands, except share amounts)


Company(1)(2)(3)(20)(29)	Investment	Interest		Maturity Date	Par/Units	Amortized Cost(4)(25)		Fair Value		Percentage of Net Assets

Chemicals
Advancion Holdings, LLC (fka Aruba Investments Holdings, LLC)(6)(22)	First lien senior secured loan	S+	4.00%	11/2027	19,064	$	18,849	$	19,064	0.1	%
Advancion Holdings, LLC (fka Aruba Investments Holdings, LLC)(6)(22)	Second lien senior secured loan	S+	7.75%	11/2028	40,137	40,129		39,118		0.3	%
DCG ACQUISITION CORP. (dba DuBois Chemical)(6)	First lien senior secured loan	S+	4.50%	06/2031	95,076	94,180		94,600		0.7	%
Gaylord Chemical Company, L.L.C.(7)(18)	First lien senior secured loan	S+	5.25%	12/2027	98,138	97,921		98,138		0.7	%
Rocket BidCo, Inc. (dba Recochem)(7)(23)	First lien senior secured loan	S+	5.75%	11/2030	352,375	345,760		348,851		2.4	%
Velocity HoldCo III Inc. (dba VelocityEHS)(7)	First lien senior secured loan	S+	5.50%	04/2027	2,276	2,253		2,276		—	%
Nouryon Finance B.V.(7)(22)(23)	First lien senior secured loan	S+	3.25%	04/2028	12,605	12,605		12,679		0.1	%
Derby Buyer LLC (dba Delrin)(6)(22)	First lien senior secured loan	S+	3.00%	11/2030	57,548	57,548		57,691		0.4	%
Gaylord Chemical Company, L.L.C.(7)	First lien senior secured loan	S+	5.50%	12/2027	91,000	90,099		91,000		0.6	%



						759,344		763,417		5.3	%
Consumer products
BEP Intermediate Holdco, LLC (dba Buyers Edge Platform)(6)(22)	First lien senior secured loan	S+	3.25%	04/2031	31,833	$	31,833	$	32,011	0.2	%
Conair Holdings LLC(6)(22)	First lien senior secured loan	S+	3.75%	05/2028	44,917	44,587		40,223		0.3	%
Conair Holdings LLC(6)	Second lien senior secured loan	S+	7.50%	05/2029	22,591	22,354		20,728		0.1	%
Foundation Consumer Brands, LLC(6)(18)	First lien senior secured loan	S+	6.25%	02/2027	96,846	95,839		96,846		0.7	%
Lignetics Investment Corp.(7)(18)	First lien senior secured loan	S+	5.50%	11/2027	96,223	95,996		95,743		0.7	%
Lignetics Investment Corp.(7)(18)	First lien senior secured revolving loan	S+	5.50%	10/2026	8,412	8,386		8,354		0.1	%
Olaplex, Inc.(6)(22)(23)	First lien senior secured loan	S+	3.50%	02/2029	37,853	37,426		35,749		0.2	%
SWK BUYER, Inc. (dba Stonewall Kitchen)(7)	First lien senior secured loan	S+	5.25%	03/2029	58,474	57,702		56,720		0.4	%

						394,123		386,374		2.7	%
Containers and packaging
Anchor Packaging, LLC(6)(22)	First lien senior secured loan	S+	3.25%	07/2029	49,750	$	49,750	$	49,959	0.3	%
Arctic Holdco, LLC (dba Novvia Group)(6)(18)	First lien senior secured loan	S+	6.00%	12/2026	20,610	20,335		20,610		0.1	%
Ascend Buyer, LLC (dba PPC Flexible Packaging)(7)(18)	First lien senior secured loan	S+	5.75%	09/2028	78,779	78,057		78,779		0.5	%
Ascend Buyer, LLC (dba PPC Flexible Packaging)(7)	First lien senior secured loan	S+	6.00%	09/2028	8,820	8,692		8,820		0.1	%
Ascend Buyer, LLC (dba PPC Flexible Packaging)(7)(18)	First lien senior secured revolving loan	S+	5.75%	09/2027	1,702	1,679		1,702		—	%
Berlin Packaging(7)(22)	First lien senior secured loan	S+	3.50%	06/2031	100,887	100,887		101,391		0.7	%
BW Holding, Inc.(7)(22)	First lien senior secured loan	S+	4.00%	12/2028	21,506	20,835		19,104		0.1	%
Charter NEX US, Inc.(6)(22)	First lien senior secured loan	S+	3.00%	11/2030	25,693	25,693		25,806		0.2	%
Fortis Solutions Group, LLC(7)(18)	First lien senior secured loan	S+	5.50%	10/2028	66,278	65,449		65,284		0.4	%
Fortis Solutions Group, LLC(7)(18)	First lien senior secured revolving loan	S+	5.50%	10/2027	2,361	2,299		2,260		—	%
Indigo Buyer, Inc. (dba Inovar Packaging Group)(7)(18)	First lien senior secured loan	S+	6.25%	05/2028	111,601	110,891		111,601		0.8	%
Indigo Buyer, Inc. (dba Inovar Packaging Group)(6)	First lien senior secured loan	S+	5.25%	05/2028	13,366	13,276		13,300		0.1	%

Blue Owl Credit Income Corp.

Consolidated Schedules of Investments - Continued

As of December 31, 2024

(Amounts in thousands, except share amounts)


Company(1)(2)(3)(20)(29)	Investment	Interest		Maturity Date	Par/Units	Amortized Cost(4)(25)		Fair Value		Percentage of Net Assets

Pregis Topco LLC(6)	Second lien senior secured loan	S+	7.75%	08/2029	2,500	2,500		2,500		—	%
Pregis Topco LLC(6)(22)	First lien senior secured loan	S+	4.00%	07/2026	16,739	16,620		16,823		0.1	%
Pregis Topco LLC(6)	Second lien senior secured loan	S+	6.75%	08/2029	30,000	30,000		30,000		0.2	%
ProAmpac PG Borrower LLC(7)(22)	First lien senior secured loan	S+	4.00%	09/2028	39,117	39,117		39,195		0.3	%
Tricorbraun Holdings, Inc.(6)(22)	First lien senior secured loan	S+	3.25%	03/2028	50,892	50,288		50,811		0.3	%





						636,368		637,945		4.2	%
Distribution
ABB/Con-cise Optical Group LLC(7)	First lien senior secured loan	S+	7.50%	02/2028	33,306	$	33,004	$	32,640	0.2	%
AI Aqua Merger Sub, Inc. (dba Culligan)(6)(21)(22)	First lien senior secured loan	S+	3.00%	07/2028	46,266	46,266		46,266		0.3	%
Aramsco, Inc.(7)	First lien senior secured loan	S+	4.75%	10/2030	45,405	44,587		41,999		0.3	%
BCPE Empire Holdings, Inc. (dba Imperial-Dade)(6)(22)	First lien senior secured loan	S+	3.50%	12/2028	63,564	63,564		63,831		0.4	%


BradyPLUS Holdings, LLC (f/k/a BradyIFS Holdings, LLC)(7)(18)	First lien senior secured loan	S+	5.00%	10/2029	176,385	174,813		176,385		1.2	%
Dealer Tire Financial, LLC(17)(21)(22)	Unsecured notes		8.00%	02/2028	56,120	55,332		55,014		0.4	%
Dealer Tire Financial, LLC(6)(22)	First lien senior secured loan	S+	3.00%	07/2031	30,339	30,339		30,339		0.2	%
Endries Acquisition, Inc.(6)(18)	First lien senior secured loan	S+	5.25%	12/2028	100,770	100,149		100,014		0.7	%
Formerra, LLC(6)(18)	First lien senior secured loan	S+	7.25%	11/2028	5,366	5,240		5,298		—	%
Foundation Building Materials, Inc.(7)(22)	First lien senior secured loan	S+	4.00%	01/2031	19,887	19,792		19,547		0.1	%
White Cap Supply Holdings, LLC(6)(22)	First lien senior secured loan	S+	3.25%	10/2029	38,321	38,116		38,352		0.3	%



						611,202		609,685		4.1	%
Education
Ellucian Holdings Inc. (f/k/a Sophia, L.P.)(6)(22)	First lien senior secured loan	S+	4.75%	11/2032	10,000	$	9,975	$	10,167	0.1	%
Ellucian Holdings Inc. (f/k/a Sophia, L.P.)(6)(22)	First lien senior secured loan	S+	3.00%	10/2029	14,729	14,729		14,813		0.1	%
Learning Care Group (US) No. 2 Inc.(7)(22)	First lien senior secured loan	S+	4.00%	08/2028	22,220	22,220		22,406		0.2	%


Renaissance Learning, Inc.(6)(22)	First lien senior secured loan	S+	4.00%	04/2030	31,126	31,126		31,026		0.2	%
Severin Acquisition, LLC (dba PowerSchool)(6)	First lien senior secured loan	S+	5.00% (2.25% PIK)	10/2031	129,981	128,724		128,681		0.9	%
Spring Education Group, Inc. (fka SSH Group Holdings, Inc.)(7)(22)	First lien senior secured loan	S+	4.00%	10/2030	15,184	15,184		15,260		0.1	%
						221,958		222,353		1.6	%
Energy equipment and services
Dresser Utility Solutions, LLC(6)	First lien senior secured loan	S+	5.25%	03/2029	82,289	$	81,576	$	82,083	0.6	%



						81,576		82,083		0.6	%
Financial services
Ascensus Holdings, Inc.(6)	First lien senior secured loan	S+	3.00%	08/2028	11,874	$	11,874	$	11,963	0.1	%
Baker Tilly Advisory Group, L.P.(6)	First lien senior secured loan	S+	4.75%	06/2031	99,002	97,612		98,507		0.7	%
BCPE Pequod Buyer, Inc. (dba Envestnet)(6)(22)	First lien senior secured loan	S+	3.50%	11/2031	113,336	111,064		114,164		0.8	%
Blackhawk Network Holdings, Inc.(6)(22)	First lien senior secured loan	S+	5.00%	03/2029	74,625	73,256		75,453		0.5	%
BTRS HOLDINGS INC. (dba Billtrust)(7)(18)(19)	First lien senior secured loan	S+	7.25%	12/2028	12,197	11,933		12,165		0.1	%

Blue Owl Credit Income Corp.

Consolidated Schedules of Investments - Continued

As of December 31, 2024

(Amounts in thousands, except share amounts)


Company(1)(2)(3)(20)(29)	Investment	Interest		Maturity Date	Par/Units	Amortized Cost(4)(25)		Fair Value		Percentage of Net Assets

Chrysaor Bidco s.à r.l. (dba AlterDomus)(6)(22)(23)	First lien senior secured loan	S+	3.50%	05/2031	9,311	9,311		9,375		0.1	%
Computer Services, Inc. (dba CSI)(7)(18)	First lien senior secured loan	S+	5.25%	11/2029	52,518	51,935		52,518		0.4	%
Computer Services, Inc. (dba CSI)(7)	First lien senior secured loan	S+	4.75%	11/2029	18,464	18,374		18,371		0.1	%
Cresset Capital Management, LLC(6)	First lien senior secured loan	S+	5.00%	06/2030	15,593	15,449		15,593		0.1	%
Deerfield Dakota Holdings(7)(22)	First lien senior secured loan	S+	3.75%	04/2027	97,214	96,606		94,900		0.7	%
Deerfield Dakota Holdings(7)(22)	Second lien senior secured loan	S+	6.75%	04/2028	21,476	21,499		20,430		0.1	%
Finastra USA, Inc.(7)(18)(23)	First lien senior secured loan	S+	7.25%	09/2029	174,158	172,484		174,158		1.2	%
Klarna Holding AB(7)(23)	Subordinated Floating Rate Notes	S+	7.00%	04/2034	1,000	1,000		1,000		—	%
KRIV Acquisition Inc. (dba Riveron)(7)(18)	First lien senior secured loan	S+	5.75%	07/2029	79,678	77,731		79,678		0.5	%
Minotaur Acquisition, Inc. (dba Inspira Financial)(6)(18)	First lien senior secured loan	S+	5.00%	06/2030	293,093	290,183		291,628		2.0	%
NMI Acquisitionco, Inc. (dba Network Merchants)(6)(18)	First lien senior secured loan	S+	5.00%	09/2028	12,178	12,137		12,178		0.1	%
OneDigital Borrower LLC(6)(22)	First lien senior secured loan	S+	3.25%	07/2031	74,307	74,068		74,403		0.5	%
OneDigital Borrower LLC(6)(22)	Second lien senior secured loan	S+	5.25%	07/2032	33,800	33,639		33,611		0.2	%
PPI Holding US Inc. (dba Nuvei)(6)(22)(23)	First lien senior secured loan	S+	3.00%	07/2031	20,000	19,950		20,018		0.1	%
PUSHPAY USA INC(7)	First lien senior secured loan	S+	4.50%	08/2031	15,000	14,856		15,075		0.1	%
Saphilux S.a.r.L. (dba IQ-EQ)(8)(22)(23)	First lien senior secured loan	S+	3.50%	07/2028	32,378	32,378		32,581		0.2	%
Smarsh Inc.(7)(18)	First lien senior secured loan	S+	5.75%	02/2029	93,429	92,742		93,429		0.6	%
Smarsh Inc.(6)(18)	First lien senior secured revolving loan	S+	5.75%	02/2029	332	327		332		—	%

















						1,340,408		1,351,530		9.2	%
Food and beverage
Balrog Acquisition, Inc. (dba Bakemark)(7)(22)	First lien senior secured loan	S+	4.00%	09/2028	13,580	$	13,497	$	13,600	0.1	%
Balrog Acquisition, Inc. (dba Bakemark)(7)	Second lien senior secured loan	S+	7.00%	09/2029	6,000	5,966		6,000		—	%
Blast Bidco Inc. (dba Bazooka Candy Brands)(7)	First lien senior secured loan	S+	6.00%	10/2030	35,552	34,776		35,552		0.2	%
Dessert Holdings(6)(21)(22)	First lien senior secured loan	S+	4.00%	06/2028	19,399	19,341		18,613		0.1	%
EAGLE FAMILY FOODS GROUP LLC(6)	First lien senior secured loan	S+	5.00%	08/2030	175,862	174,190		174,982		1.2	%
Fiesta Purchaser, Inc. (dba Shearer's Foods)(6)(22)	First lien senior secured loan	S+	3.25%	02/2031	74,625	74,625		74,611		0.5	%
Gehl Foods, LLC(6)	First lien senior secured loan	S+	6.25%	06/2030	118,258	117,151		117,667		0.8	%
Gehl Foods, LLC(7)(18)(19)	First lien senior secured delayed draw term loan	S+	6.25%	06/2030	3,639	3,562		3,621		—	%
Hissho Parent, LLC(7)(18)	First lien senior secured loan	S+	4.75%	05/2029	123,263	122,506		123,263		0.8	%
Innovation Ventures HoldCo, LLC (dba 5 Hour Energy)(6)(18)	First lien senior secured loan	S+	6.25%	03/2027	198,087	196,311		195,117		1.3	%
KBP Brands, LLC(7)(18)	First lien senior secured loan	S+	5.50%	05/2027	56,020	55,601		54,900		0.4	%
Ole Smoky Distillery, LLC(6)(18)	First lien senior secured loan	S+	5.50%	03/2028	30,167	29,786		29,941		0.2	%
Par Technology Corporation(6)(23)	First lien senior secured loan	S+	5.00%	07/2029	1,286	1,267		1,273		—	%

Blue Owl Credit Income Corp.

Consolidated Schedules of Investments - Continued

As of December 31, 2024

(Amounts in thousands, except share amounts)


Company(1)(2)(3)(20)(29)	Investment	Interest		Maturity Date	Par/Units		Amortized Cost(4)(25)		Fair Value		Percentage of Net Assets

Pegasus BidCo B.V.(7)(22)(23)	First lien senior secured loan	S+	3.25%	07/2029	13,486		13,486		13,596		0.1	%
Rushmore Investment III LLC (dba Winland Foods)(7)(18)	First lien senior secured loan	S+	5.00%	10/2030	512,036		507,281		512,037		3.5	%
Tacala, LLC(6)(22)	First lien senior secured loan	S+	3.50%	01/2031	40,466		40,466		40,700		0.3	%
Vital Bidco AB (dba Vitamin Well)(7)(23)	First lien senior secured loan	S+	4.50%	10/2031	226,609		222,966		223,437		1.5	%
Vital Bidco AB (dba Vitamin Well)(6)(18)(23)	First lien senior secured revolving loan	S+	4.50%	10/2030	12,908		12,241		12,222		0.1	%






							1,645,019		1,651,132		11.1	%
Healthcare equipment and services
Azalea TopCo, Inc. (dba Press Ganey)(6)(22)	First lien senior secured loan	S+	3.25%	04/2031	61,122		$	61,122	$	61,238	0.4	%
Bamboo US BidCo LLC(7)(18)	First lien senior secured loan	S+	5.25%	09/2030	107,931		107,931		107,931		0.7	%
Bamboo US BidCo LLC(12)	First lien senior secured EUR term loan	E+	5.25%	09/2030	€	61,594	64,801		63,781		0.4	%
Canadian Hospital Specialties Limited(10)(18)(23)	First lien senior secured loan	C+	4.50%	04/2028	C$	4,834	3,826		3,261		—	%
Canadian Hospital Specialties Limited(10)(18)(23)	First lien senior secured revolving loan	C+	4.50%	04/2027	C$	367	290		242		—	%
Confluent Medical Technologies, Inc.(7)(22)	First lien senior secured loan	S+	3.25%	02/2029	78,803		78,803		79,095		0.5	%
Creek Parent, Inc. (dba Catalent)(6)	First lien senior secured loan	S+	5.25%	12/2031	294,578		289,444		289,423		2.0	%
CSC MKG Topco LLC (dba Medical Knowledge Group)(6)(18)	First lien senior secured loan	S+	5.75%	02/2029	98,770		97,435		97,782		0.7	%
Natus Medical Incorporated(6)	First lien senior secured loan	S+	5.50%	07/2029	490		465		478		—	%
NELIPAK EUROPEAN HOLDINGS COÖPERATIEF U.A.(11)(18)	First lien senior secured EUR revolving loan	E+	5.50%	03/2031	€	56,931	60,760		57,717		0.4	%
Nelipak Holding Company(6)(18)	First lien senior secured loan	S+	5.50%	03/2031	34,077		33,539		33,294		0.2	%
Packaging Coordinators Midco, Inc.(7)(22)	First lien senior secured loan	S+	3.25%	11/2027	61,905		61,905		62,121		0.4	%
Patriot Acquisition TopCo S.A.R.L (dba Corza Health, Inc.)(7)(18)(23)	First lien senior secured loan	S+	5.25%	01/2028	54,203		53,658		54,203		0.4	%
PerkinElmer U.S. LLC(6)(18)	First lien senior secured loan	S+	5.00%	03/2029	161,204		160,898		160,801		1.1	%
Resonetics, LLC(7)(22)	First lien senior secured loan	S+	3.25%	06/2031	74,813		74,813		75,209		0.5	%
Rhea Parent, Inc.(7)	First lien senior secured loan	S+	4.75%	12/2030	251,638		250,910		250,858		1.7	%
TBRS, Inc. (dba TEAM Technologies)(7)	First lien senior secured loan	S+	4.75%	11/2031	138,056		137,366		137,366		0.9	%
TBRS, Inc. (dba TEAM Technologies)(7)(18)	First lien senior secured revolving loan	S+	4.75%	11/2030	1,255		1,150		1,150		—	%
Zest Acquisition Corp.(7)	First lien senior secured loan	S+	5.25%	02/2028	19,535		19,535		19,730		0.1	%







							1,558,651		1,555,680		10.4	%
Healthcare providers and services
Allied Benefit Systems Intermediate LLC(6)	First lien senior secured loan	S+	5.25%	10/2030	20,850		$	20,577	$	20,850	0.1	%

Belmont Buyer, Inc. (dba Valenz)(7)(18)	First lien senior secured loan	S+	6.50%	06/2029	68,619		67,489		68,619		0.5	%
Belmont Buyer, Inc. (dba Valenz)(7)	First lien senior secured loan	S+	5.25%	06/2029	43,051		42,751		42,728		0.3	%
Belmont Buyer, Inc. (dba Valenz)(8)(18)	First lien senior secured revolving loan	S+	6.50%	06/2029	2,217		2,118		2,217		—	%
Confluent Health, LLC(6)	First lien senior secured loan	S+	5.00%	11/2028	19,850		19,344		19,652		0.1	%

Blue Owl Credit Income Corp.

Consolidated Schedules of Investments - Continued

As of December 31, 2024

(Amounts in thousands, except share amounts)


Company(1)(2)(3)(20)(29)	Investment	Interest		Maturity Date	Par/Units	Amortized Cost(4)(25)	Fair Value	Percentage of Net Assets

Covetrus, Inc.(7)(22)	First lien senior secured loan	S+	5.00%	10/2029	10,306	9,879	9,888	0.1	%
Covetrus, Inc.(7)	Second lien senior secured loan	S+	9.25%	10/2030	160,000	157,317	155,600	1.1	%
D4C Dental Brands, Inc.(7)(21)	First lien senior secured loan	S+	4.50%	11/2029	118,000	116,839	116,820	0.8	%
Engage Debtco Limited(7)(21)(23)	First lien senior secured loan	S+	7.25% (4.00% PIK)	07/2029	31,996	31,291	31,836	0.2	%
Engage Debtco Limited(7)(18)(23)	First lien senior secured loan	S+	5.93% (2.75% PIK)	07/2029	83,305	81,884	81,223	0.6	%
Ex Vivo Parent Inc. (dba OB Hospitalist)(7)	First lien senior secured loan	S+	9.75% PIK	09/2028	41,612	41,220	41,508	0.3	%
KABAFUSION Parent, LLC(7)(18)	First lien senior secured revolving loan	S+	5.00%	11/2031	71,222	70,518	70,510	0.5	%
KWOL Acquisition Inc. (dba Worldwide Clinical Trials)(7)	First lien senior secured loan	S+	4.75%	12/2029	172,278	169,481	172,278	1.2	%
Lakefield Acquisition Corp. (dba Lakefield Veterinary Group)(6)(18)	First lien senior secured loan	S+	4.00%	09/2030	73,261	72,907	72,895	0.5	%
Maple Acquisition, LLC (dba Medicus)(8)	First lien senior secured loan	S+	5.25%	05/2031	107,353	106,598	107,353	0.7	%
MED ParentCo, LP(6)(22)	First lien senior secured loan	S+	3.50%	04/2031	24,938	24,938	25,110	0.2	%
MJH Healthcare Holdings, LLC(6)(22)	First lien senior secured loan	S+	3.25%	01/2029	14,465	14,465	14,528	0.1	%
Natural Partners, LLC(7)(18)(23)	First lien senior secured loan	S+	4.50%	11/2027	91,538	90,429	91,081	0.6	%
Neptune Holdings, Inc. (dba NexTech)(7)	First lien senior secured loan	S+	4.75%	08/2030	30,574	30,422	30,574	0.2	%
OB Hospitalist Group, Inc.(6)(18)	First lien senior secured loan	S+	5.25%	09/2027	68,429	67,616	68,257	0.5	%
OneOncology, LLC(7)(18)	First lien senior secured loan	S+	6.25%	06/2030	97,074	95,768	97,074	0.7	%
OneOncology, LLC(7)(18)	First lien senior secured delayed draw term loan	S+	5.00%	06/2030	89,226	88,508	88,468	0.6	%
Pacific BidCo Inc.(8)(18)(23)	First lien senior secured loan	S+	6.00% (2.05% PIK)	08/2029	187,673	184,357	182,982	1.3	%
Pediatric Associates Holding Company, LLC(7)(22)	First lien senior secured loan	S+	3.25%	12/2028	32,227	31,275	31,277	0.2	%
Pediatric Associates Holding Company, LLC(7)	First lien senior secured loan	S+	4.50%	12/2028	27,417	26,498	27,417	0.2	%
PetVet Care Centers, LLC(6)	First lien senior secured loan	S+	6.00%	11/2030	240,536	238,412	230,313	1.6	%
Phantom Purchaser, Inc.(7)	First lien senior secured loan	S+	5.00%	09/2031	89,419	88,552	88,749	0.6	%
Phoenix Newco, Inc. (dba Parexel)(6)(22)	First lien senior secured loan	S+	3.00%	11/2028	41,338	41,338	41,577	0.3	%
Physician Partners, LLC(7)	First lien senior secured loan	S+	5.50%	12/2028	123,750	118,360	86,625	0.6	%
Physician Partners, LLC(7)	First lien senior secured loan	S+	4.00%	12/2028	27,034	26,329	17,978	0.1	%
Plasma Buyer LLC (dba PathGroup)(7)	First lien senior secured loan	S+	5.75%	05/2029	107,654	106,146	106,308	0.7	%
Plasma Buyer LLC (dba PathGroup)(7)(18)(19)	First lien senior secured delayed draw term loan	S+	6.25%	05/2029	3,247	3,191	3,204	—	%
Plasma Buyer LLC (dba PathGroup)(7)(18)	First lien senior secured revolving loan	S+	5.75%	05/2028	6,853	6,716	6,700	—	%
PPV Intermediate Holdings, LLC(7)	First lien senior secured loan	S+	5.75%	08/2029	162,580	160,174	162,580	1.1	%
PPV Intermediate Holdings, LLC(7)	First lien senior secured delayed draw term loan	S+	6.00%	08/2029	10,047	9,962	10,047	0.1	%
Premise Health Holding Corp.(7)	First lien senior secured loan	S+	5.50%	03/2031	70,129	69,168	69,954	0.5	%

Blue Owl Credit Income Corp.

Consolidated Schedules of Investments - Continued

As of December 31, 2024

(Amounts in thousands, except share amounts)


Company(1)(2)(3)(20)(29)	Investment	Interest		Maturity Date	Par/Units		Amortized Cost(4)(25)		Fair Value		Percentage of Net Assets

Quva Pharma, Inc.(8)(18)	First lien senior secured loan	S+	5.50%	04/2028	5,906		5,806		5,846		—	%
Quva Pharma, Inc.(8)(18)	First lien senior secured revolving loan	S+	5.50%	04/2026	382		378		377		—	%
Soliant Lower Intermediate, LLC (dba Soliant)(6)(22)	First lien senior secured loan	S+	3.75%	07/2031	67,000		64,321		66,330		0.5	%
TC Holdings, LLC (dba TrialCard)(7)(18)	First lien senior secured loan	S+	5.00%	04/2027	209,684		208,881		209,684		1.4	%
Tivity Health, Inc.(6)	First lien senior secured loan	S+	5.00%	06/2029	75,017		75,018		75,017		0.5	%
Unified Women's Healthcare, LP(7)	First lien senior secured loan	S+	5.25%	06/2029	82,035		81,600		82,035		0.6	%
Unified Women's Healthcare, LP(6)(18)(19)	First lien senior secured delayed draw term loan	S+	5.25%	06/2029	62,572		62,118		62,572		0.4	%
Unified Women's Healthcare, LP(7)	First lien senior secured loan	S+	5.50%	06/2029	68,372		67,922		68,372		0.5	%
Vermont Aus Pty Ltd(14)(23)	First lien senior secured AUD term loan	B+	5.75%	03/2028	A$	70,715	47,947		43,564		0.3	%
WCG Intermediate Corp. (f/k/a Da Vinci Purchaser Corp.) (dba WCG)(6)(21)(22)	First lien senior secured loan	S+	3.50%	01/2027	2,232		2,232		2,240		—	%






















							3,149,060		3,110,817		21.4	%
Healthcare technology
Athenahealth Group Inc.(6)(22)	First lien senior secured loan	S+	3.25%	02/2029	26,059		$	25,911	$	26,088	0.2	%
BCPE Osprey Buyer, Inc. (dba PartsSource)(7)	First lien senior secured loan	S+	5.75%	08/2028	52,681		52,180		52,023		0.4	%
BCPE Osprey Buyer, Inc. (dba PartsSource)(6)(18)(19)	First lien senior secured delayed draw term loan	S+	5.75%	08/2028	10,943		10,634		10,752		0.1	%
BCPE Osprey Buyer, Inc. (dba PartsSource)(6)(18)	First lien senior secured revolving loan	S+	5.75%	08/2026	3,103		3,079		3,045		—	%
Bracket Intermediate Holding Corp.(7)(22)	First lien senior secured loan	S+	4.25%	05/2028	49,252		49,252		49,621		0.3	%
Color Intermediate, LLC (dba ClaimsXten)(7)	First lien senior secured loan	S+	4.75%	10/2029	9,073		9,073		9,073		0.1	%
CT Technologies Intermediate Holdings, Inc. (& Smart Holdings Corp.) (dba Datavant)(6)	First lien senior secured loan	S+	5.00%	08/2031	350,839		348,894		349,962		2.4	%
Ensemble RCM, LLC(7)(22)	First lien senior secured loan	S+	3.00%	08/2029	12,419		12,339		12,498		0.1	%
GI Ranger Intermediate, LLC (dba Rectangle Health)(7)(18)	First lien senior secured loan	S+	6.00%	10/2028	24,580		24,278		24,150		0.2	%
GI Ranger Intermediate, LLC (dba Rectangle Health)(7)(18)	First lien senior secured revolving loan	S+	6.00%	10/2027	195		179		166		—	%
Imprivata, Inc.(7)(22)	First lien senior secured loan	S+	3.50%	12/2027	10,345		10,345		10,396		0.1	%
Indikami Bidco, LLC (dba IntegriChain)(6)	First lien senior secured loan	S+	6.50% (2.50% PIK)	12/2030	47,874		46,920		47,635		0.3	%
Indikami Bidco, LLC (dba IntegriChain)(6)(18)(19)	First lien senior secured delayed draw term loan	S+	6.00%	12/2030	375		324		373		—	%
Indikami Bidco, LLC (dba IntegriChain)(6)(18)	First lien senior secured revolving loan	S+	6.00%	06/2030	1,689		1,601		1,666		—	%
Inovalon Holdings, Inc.(7)(18)	First lien senior secured loan	S+	5.75%	11/2028	92,539		91,163		91,382		0.6	%
Inovalon Holdings, Inc.(7)	Second lien senior secured loan	S+	10.50% PIK	11/2033	57,826		57,165		57,248		0.4	%

Intelerad Medical Systems Incorporated (fka 11849573 Canada Inc.)(7)(18)(23)	First lien senior secured loan	S+	6.50%	08/2026	31,522		31,369		30,735		0.2	%
Interoperability Bidco, Inc. (dba Lyniate)(7)(18)	First lien senior secured loan	S+	6.25%	03/2028	77,348		77,128		75,415		0.5	%

Blue Owl Credit Income Corp.

Consolidated Schedules of Investments - Continued

As of December 31, 2024

(Amounts in thousands, except share amounts)


Company(1)(2)(3)(20)(29)	Investment	Interest		Maturity Date	Par/Units		Amortized Cost(4)(25)		Fair Value		Percentage of Net Assets

Interoperability Bidco, Inc. (dba Lyniate)(6)(18)	First lien senior secured revolving loan	S+	6.25%	03/2028	313		277		162		—	%
PointClickCare Technologies, Inc.(7)(22)(23)	First lien senior secured loan	S+	3.25%	11/2031	52,000		51,870		52,260		0.4	%
Project Ruby Ultimate Parent Corp. (dba Wellsky)(6)(22)	First lien senior secured loan	S+	3.00%	03/2028	91,938		91,938		92,260		0.6	%
Raven Acquisition Holdings, LLC (dba R1 RCM)(6)(22)	First lien senior secured loan	S+	3.25%	11/2031	79,333		78,945		79,460		0.5	%
RL Datix Holdings (USA), Inc.(8)	First lien senior secured loan	S+	5.50%	04/2031	66,094		65,481		65,763		0.5	%
RL Datix Holdings (USA), Inc.(7)(18)	First lien senior secured revolving loan	S+	5.50%	10/2030	1,650		1,533		1,584		—	%
RL Datix Holdings (USA), Inc.(15)	First lien senior secured GBP term loan	SA+	5.50%	04/2031	£	30,608	37,875		38,141		0.3	%
Salinger Bidco Inc. (dba Surgical Information Systems)(6)	First lien senior secured loan	S+	5.75%	08/2031	59,336		58,479		59,188		0.4	%
Southern Veterinary Partners, LLC(7)(22)	First lien senior secured loan	S+	3.25%	12/2031	30,000		29,848		30,180		0.2	%
Zelis Cost Management Buyer, Inc.(6)(22)	First lien senior secured loan	S+	2.75%	09/2029	4,963		4,941		4,965		—	%
Zelis Cost Management Buyer, Inc.(6)(22)	First lien senior secured loan	S+	3.25%	11/2031	100,000		99,510		100,250		0.7	%













							1,372,531		1,376,441		9.5	%
Household products
Home Service TopCo IV, Inc.(7)	First lien senior secured loan	S+	6.00%	12/2027	35,923		$	35,668	$	35,923	0.2	%
Mario Midco Holdings, Inc. (dba Len the Plumber)(6)	Unsecured facility	S+	10.75% PIK	04/2032	32,775		32,218		31,628		0.2	%
Mario Purchaser, LLC (dba Len the Plumber)(6)(18)	First lien senior secured loan	S+	5.75%	04/2029	116,644		114,810		113,014		0.8	%
Mario Purchaser, LLC (dba Len the Plumber)(6)(18)	First lien senior secured revolving loan	S+	5.75%	04/2028	2,411		2,323		2,190		—	%
SimpliSafe Holding Corporation(6)(18)	First lien senior secured loan	S+	6.25%	05/2028	141,111		139,328		141,111		1.0	%
Southern Air & Heat Holdings, LLC(7)(18)(19)	First lien senior secured delayed draw term loan	S+	5.45%	10/2027	10,526		9,702		10,526		0.1	%
Southern Air & Heat Holdings, LLC(7)(18)	First lien senior secured loan	S+	4.75%	10/2027	2,223		2,205		2,223		—	%
Walker Edison Furniture Company LLC(7)(18)(26)(32)	First lien senior secured loan	S+	6.75% PIK	03/2027	4,674		3,705		615		—	%
Walker Edison Furniture Company LLC(7)(26)(32)	First lien senior secured revolving loan	S+	6.25%	03/2027	1,333		1,333		857		—	%







							341,292		338,087		2.3	%
Human resource support services
AQ Carver Buyer, Inc. (dba CoAdvantage)(7)(22)	First lien senior secured loan	S+	5.50%	08/2029	22,219		$	21,839	$	22,163	0.2	%
Cast & Crew Payroll, LLC(6)(22)	First lien senior secured loan	S+	3.75%	12/2028	29,795		29,611		28,833		0.2	%
Cornerstone OnDemand, Inc.(6)(21)(22)	First lien senior secured loan	S+	3.75%	10/2028	19,450		19,391		17,028		0.1	%
Cornerstone OnDemand, Inc.(6)	Second lien senior secured loan	S+	6.50%	10/2029	44,583		44,125		38,007		0.3	%
IG Investments Holdings, LLC (dba Insight Global)(7)	First lien senior secured loan	S+	5.00%	09/2028	47,716		47,718		47,716		0.3	%
iSolved, Inc.(6)(22)	First lien senior secured loan	S+	3.25%	10/2030	19,807		19,807		20,031		0.1	%
UKG Inc. (dba Ultimate Software)(6)(22)	First lien senior secured loan	S+	3.00%	02/2031	18,680		18,680		18,797		0.1	%

							201,171		192,575		1.3	%
Infrastructure and environmental services
AWP Group Holdings, Inc.(6)(18)	First lien senior secured loan	S+	4.75%	12/2030	42,302		$	42,303	$	41,824	0.3	%

Blue Owl Credit Income Corp.

Consolidated Schedules of Investments - Continued

As of December 31, 2024

(Amounts in thousands, except share amounts)


Company(1)(2)(3)(20)(29)	Investment	Interest		Maturity Date	Par/Units	Amortized Cost(4)(25)		Fair Value		Percentage of Net Assets

Azuria Water Solutions, Inc. (f/k/a Aegion Corporation)(6)(21)(22)	First lien senior secured loan	S+	3.75%	05/2028	36,848	36,848		37,069		0.3	%
CHA Vision Holdings, Inc. (fka FR Vision Holdings, Inc.)(7)(18)	First lien senior secured loan	S+	5.50%	01/2031	51,648	51,119		51,648		0.4	%
Geosyntec Consultants, Inc.(6)(22)	First lien senior secured loan	S+	3.75%	07/2031	5,000	4,974		5,032		—	%
GI Apple Midco LLC (dba Atlas Technical Consultants)(6)(18)	First lien senior secured loan	S+	6.75%	04/2030	82,859	81,566		82,031		0.6	%
GI Apple Midco LLC (dba Atlas Technical Consultants)(6)(18)	First lien senior secured revolving loan	S+	6.75%	04/2029	4,274	4,116		4,164		—	%
KENE Acquisition, Inc. (dba Entrust Solutions Group)(7)	First lien senior secured loan	S+	5.25%	02/2031	16,802	16,499		16,592		0.1	%
KENE Acquisition, Inc. (dba Entrust Solutions Group)(6)(18)(19)	First lien senior secured delayed draw term loan	S+	5.25%	02/2031	777	704		751		—	%
Osmose Utilities Services, Inc.(6)(22)	First lien senior secured loan	S+	3.25%	06/2028	4,803	4,761		4,806		—	%
Tamarack Intermediate, L.L.C. (dba Verisk 3E)(7)(18)	First lien senior secured loan	S+	5.75%	03/2028	38,446	37,961		38,253		0.3	%
USIC Holdings, Inc.(7)(18)	First lien senior secured loan	S+	5.50%	09/2031	38,083	37,716		37,279		0.3	%
USIC Holdings, Inc.(7)(18)	First lien senior secured revolving loan	S+	5.25%	09/2031	1,104	1,057		1,007		—	%
Vessco Midco Holdings, LLC(6)	First lien senior secured loan	S+	4.75%	07/2031	71,654	70,970		71,296		0.5	%
Vessco Midco Holdings, LLC(8)(18)(19)	First lien senior secured delayed draw term loan	S+	4.75%	07/2031	6,290	6,147		6,258		—	%











						396,741		398,010		2.8	%
Insurance
Acrisure, LLC(17)(22)(23)	Unsecured notes		8.50%	06/2029	18,375	$	18,375	$	19,123	0.1	%
Acrisure, LLC(6)(22)	First lien senior secured loan	S+	3.00%	11/2030	92,186	92,186		92,158		0.6	%
Alera Group, Inc.(6)(18)	First lien senior secured loan	S+	5.25%	10/2028	146,960	146,960		146,960		1.0	%
Alera Group, Inc.(6)(18)(19)	First lien senior secured delayed draw term loan	S+	5.75%	10/2028	43,250	42,913		43,250		0.3	%
AmeriLife Holdings LLC(7)(18)	First lien senior secured loan	S+	5.00%	08/2029	202,085	199,167		201,032		1.4	%
Ardonagh Midco 3 PLC(7)(23)	First lien senior secured loan	S+	3.75%	02/2031	55,000	54,741		55,275		0.4	%
AssuredPartners, Inc.(6)(22)	First lien senior secured loan	S+	3.50%	02/2031	59,853	59,755		59,931		0.4	%
Asurion, LLC(6)(22)	Second lien senior secured loan	S+	5.25%	01/2029	104,017	99,785		100,148		0.7	%
Asurion, LLC(6)(22)	Second lien senior secured loan	S+	5.25%	01/2028	42,700	40,511		41,602		0.3	%
Brightway Holdings, LLC(7)(18)	First lien senior secured loan	S+	6.50%	12/2027	19,487	19,347		19,390		0.1	%
Brightway Holdings, LLC(6)(18)	First lien senior secured revolving loan	S+	6.50%	12/2027	842	829		832		—	%
Broadstreet Partners, Inc.(6)(22)	First lien senior secured loan	S+	3.00%	06/2031	13,600	13,600		13,634		0.1	%
Diamond Mezzanine 24 LLC (dba United Risk)(7)	First lien senior secured loan	S+	5.00%	10/2030	92,625	92,162		92,162		0.6	%
Diamond Mezzanine 24 LLC (dba United Risk)(16)	First lien senior secured revolving loan	P+	4.00%	10/2030	6,175	6,144		6,144		—	%
Disco Parent, Inc. (dba Duck Creek Technologies, Inc.)(7)	First lien senior secured loan	S+	7.50%	03/2029	1,064	1,043		1,056		—	%
Evolution BuyerCo, Inc. (dba SIAA)(7)(18)	First lien senior secured loan	S+	6.25%	04/2028	25,805	25,630		25,805		0.2	%
Evolution BuyerCo, Inc. (dba SIAA)(7)	First lien senior secured delayed draw term loan	S+	6.75%	04/2028	1,570	1,570		1,570		—	%

Blue Owl Credit Income Corp.

Consolidated Schedules of Investments - Continued

As of December 31, 2024

(Amounts in thousands, except share amounts)


Company(1)(2)(3)(20)(29)	Investment	Interest		Maturity Date	Par/Units		Amortized Cost(4)(25)		Fair Value		Percentage of Net Assets

Evolution BuyerCo, Inc. (dba SIAA)(7)(18)(19)	First lien senior secured delayed draw term loan	S+	6.00%	04/2028	727		702		727		—	%
Galway Borrower LLC(7)(18)(19)	First lien senior secured delayed draw term loan	S+	4.50%	09/2028	1,419		1,368		1,419		—	%
Hub International(6)(22)	First lien senior secured loan	S+	2.75%	06/2030	12,382		12,382		12,444		0.1	%
Hyperion Refinance S.à r.l (dba Howden Group)(6)(22)(23)	First lien senior secured loan	S+	3.00%	02/2031	30,133		30,133		30,305		0.2	%
IMA Financial Group, Inc.(6)(22)	First lien senior secured loan	S+	3.00%	11/2028	59,092		59,092		59,092		0.4	%
Integrated Specialty Coverages, LLC(6)	First lien senior secured loan	S+	4.75%	07/2030	65,430		65,271		65,430		0.5	%
Integrity Marketing Acquisition, LLC(7)	First lien senior secured loan	S+	5.00%	08/2028	353,327		351,624		353,327		2.4	%
KUSRP Intermediate, Inc. (dba U.S. Retirement and Benefits Partners)(6)	First lien senior secured loan	S+	10.50% PIK	07/2030	16,559		16,432		16,559		0.1	%
KWOR Acquisition, Inc. (dba Alacrity Solutions)(16)(18)(26)(32)	First lien senior secured loan	P+	4.25%	12/2028	34,615		34,215		27,345		0.2	%
KWOR Acquisition, Inc. (dba Alacrity Solutions)(16)(26)(32)	First lien senior secured revolving loan	P+	4.25%	12/2027	3,415		3,363		2,698		—	%
Mitchell International, Inc.(6)(22)	First lien senior secured loan	S+	3.25%	06/2031	82,094		81,709		82,029		0.6	%
Mitchell International, Inc.(6)(22)	Second lien senior secured loan	S+	5.25%	06/2032	32,700		32,544		32,272		0.2	%
PCF Midco II, LLC (dba PCF Insurance Services)(17)	First lien senior secured loan		9.00% PIK	10/2031	59,009		55,702		56,206		0.4	%
Peter C. Foy & Associates Insurance Services, LLC (dba PCF Insurance Services)(7)(18)	First lien senior secured loan	S+	5.50%	11/2028	155,045		155,045		155,045		1.1	%
Peter C. Foy & Associates Insurance Services, LLC (dba PCF Insurance Services)(6)	First lien senior secured loan	S+	5.50%	11/2028	27,965		27,965		27,965		0.2	%
Simplicity Financial Marketing Group Holdings, Inc.(7)	First lien senior secured loan	S+	5.00%	12/2031	150,893		149,385		149,384		1.0	%
Summit Acquisition Inc. (dba K2 Insurance Services)(7)	First lien senior secured loan	S+	3.75%	10/2031	20,000		19,902		19,900		0.1	%
Tempo Buyer Corp. (dba Global Claims Services)(7)	First lien senior secured loan	S+	4.75%	08/2028	35,428		35,004		35,428		0.2	%
THG Acquisition, LLC (dba Hilb)(6)(18)	First lien senior secured loan	S+	4.75%	10/2031	93,695		92,691		92,663		0.6	%
USRP Holdings, Inc. (dba U.S. Retirement and Benefits Partners)(6)	First lien senior secured loan	S+	5.00%	12/2029	37,238		37,061		37,238		0.3	%
















							2,176,308		2,177,548		14.8	%
Internet software and services
Activate Holdings (US) Corp. (dba Absolute Software)(7)(18)(23)	First lien senior secured loan	S+	5.25%	07/2030	5,711		$	5,689	$	5,711	—	%
AI Titan Parent, Inc. (dba Prometheus Group)(6)	First lien senior secured loan	S+	4.75%	08/2031	33,962		33,635		33,623		0.2	%
AlphaSense, Inc.(7)	First lien senior secured loan	S+	6.25%	06/2029	3,533		3,501		3,498		—	%
Anaplan, Inc.(7)(18)	First lien senior secured loan	S+	5.25%	06/2029	231,397		231,337		231,397		1.6	%
Appfire Technologies, LLC(7)(18)	First lien senior secured loan	S+	5.00%	03/2028	12,761		12,710		12,761		0.1	%
Aptean Acquiror, Inc. (dba Aptean)(7)(18)	First lien senior secured loan	S+	5.00%	01/2031	88,349		87,533		88,128		0.6	%
Armstrong Bidco Limited(15)(18)(23)	First lien senior secured GBP delayed draw term loan	SA+	5.25%	06/2029	£	40,434	48,874		50,385		0.3	%
Artifact Bidco, Inc. (dba Avetta)(7)	First lien senior secured loan	S+	4.50%	07/2031	15,498		15,425		15,420		0.1	%

Blue Owl Credit Income Corp.

Consolidated Schedules of Investments - Continued

As of December 31, 2024

(Amounts in thousands, except share amounts)


Company(1)(2)(3)(20)(29)	Investment	Interest		Maturity Date	Par/Units		Amortized Cost(4)(25)	Fair Value	Percentage of Net Assets

Avalara, Inc.(7)	First lien senior secured loan	S+	6.25%	10/2028	70,455		69,706	70,455	0.5	%
Azurite Intermediate Holdings, Inc. (dba Alteryx, Inc.)(6)(18)	First lien senior secured loan	S+	6.50%	03/2031	17,955		17,658	17,820	0.1	%
Barracuda Networks, Inc.(7)(22)	First lien senior secured loan	S+	4.50%	08/2029	14,154		13,839	13,058	0.1	%
Barracuda Networks, Inc.(7)	Second lien senior secured loan	S+	7.00%	08/2030	93,250		91,030	74,600	0.5	%
Bayshore Intermediate #2, L.P. (dba Boomi)(7)	First lien senior secured loan	S+	6.25% (3.38% PIK)	10/2028	212,779		212,742	212,779	1.5	%
BCTO BSI Buyer, Inc. (dba Buildertrend)(7)	First lien senior secured loan	S+	6.50%	12/2026	1,201		1,196	1,201	—	%
Catalis Intermediate, Inc. (fka GovBrands Intermediate, Inc.)(7)(18)	First lien senior secured loan	S+	5.50%	08/2027	10,219		10,094	9,922	0.1	%
Central Parent Inc. (dba CDK Global Inc.)(7)(22)	First lien senior secured loan	S+	3.25%	07/2029	9,306		9,306	9,168	0.1	%
CivicPlus, LLC(7)(18)	First lien senior secured loan	S+	5.75%	08/2027	28,605		28,458	28,605	0.2	%
Cloud Software Group, Inc.(7)(22)	First lien senior secured loan	S+	3.75%	03/2031	80,012		80,012	80,180	0.6	%
Cloud Software Group, Inc.(7)(22)	First lien senior secured loan	S+	3.50%	03/2029	55,295		55,295	55,416	0.4	%
Clover Holdings 2, LLC (dba Cohesity)(7)	First lien senior secured loan	S+	4.00%	12/2031	69,821		69,136	69,123	0.5	%
Coupa Holdings, LLC(7)	First lien senior secured loan	S+	5.25%	02/2030	24,222		24,222	24,222	0.2	%
CP PIK DEBT ISSUER, LLC (dba CivicPlus, LLC)(8)	Unsecured notes	S+	11.75% PIK	06/2034	20,135		19,813	20,135	0.1	%
Crewline Buyer, Inc. (dba New Relic)(6)	First lien senior secured loan	S+	6.75%	11/2030	171,701		169,413	169,555	1.2	%
Databricks, Inc.(6)	First lien senior secured loan	S+	4.50%	01/2031	73,469		73,102	73,102	0.5	%
Delta TopCo, Inc. (dba Infoblox, Inc.)(7)(22)	First lien senior secured loan	S+	3.50%	11/2029	28,824		28,755	29,035	0.2	%
Delta TopCo, Inc. (dba Infoblox, Inc.)(8)(22)	Second lien senior secured loan	S+	5.25%	11/2030	33,000		32,840	33,429	0.2	%
Diamond Insure Bidco (dba Acturis)(13)(23)	First lien senior secured EUR term loan	E+	4.25%	07/2031	€	3,123	3,289	3,178	—	%
Diamond Insure Bidco (dba Acturis)(15)(23)	First lien senior secured GBP term loan	SA+	4.50%	07/2031	£	10,209	12,665	12,563	0.1	%
E2open, LLC(6)(22)	First lien senior secured loan	S+	3.50%	02/2028	5,134		5,128	5,153	—	%
EET Buyer, Inc. (dba e-Emphasys)(7)(18)	First lien senior secured loan	S+	4.75%	11/2027	40,171		39,806	40,171	0.3	%
Entrata, Inc.(6)	First lien senior secured loan	S+	5.75%	07/2030	4,442		4,386	4,442	—	%
Forescout Technologies, Inc.(7)	First lien senior secured loan	S+	5.00%	05/2031	9,236		9,193	9,190	0.1	%
Granicus, Inc.(7)	First lien senior secured loan	S+	5.75% (2.25% PIK)	01/2031	33,127		32,836	33,127	0.2	%
Granicus, Inc.(7)	First lien senior secured delayed draw term loan	S+	5.25% (2.25% PIK)	01/2031	4,908		4,863	4,859	—	%
GS Acquisitionco, Inc. (dba insightsoftware)(7)(18)	First lien senior secured loan	S+	5.25%	05/2028	9,540		9,523	9,468	0.1	%
Hyland Software, Inc.(6)	First lien senior secured loan	S+	6.00%	09/2030	145,743		143,848	145,743	1.0	%
Icefall Parent, Inc. (dba EngageSmart)(6)	First lien senior secured loan	S+	6.50%	01/2030	28,869		28,360	28,869	0.2	%
Ivanti Software, Inc.(7)	Second lien senior secured loan	S+	7.25%	12/2028	19,000		18,943	10,450	0.1	%
Ivanti Software, Inc.(6)(22)	First lien senior secured loan	S+	4.25%	12/2027	12,835		12,100	8,792	0.1	%

Blue Owl Credit Income Corp.

Consolidated Schedules of Investments - Continued

As of December 31, 2024

(Amounts in thousands, except share amounts)


Company(1)(2)(3)(20)(29)	Investment	Interest		Maturity Date	Par/Units		Amortized Cost(4)(25)	Fair Value	Percentage of Net Assets

Javelin Buyer, Inc. (dba JAGGAER)(7)(22)	First lien senior secured loan	S+	3.25%	10/2031	15,000		14,963	15,104	0.1	%
JS Parent, Inc. (dba Jama Software)(7)	First lien senior secured loan	S+	5.00%	04/2031	909		905	909	—	%
Litera Bidco LLC(6)(18)	First lien senior secured loan	S+	5.00%	05/2028	38,654		38,477	38,558	0.3	%
Magnet Forensics, LLC (f/k/a Grayshift, LLC)(6)(23)	First lien senior secured loan	S+	5.00%	07/2028	168,082		167,898	168,082	1.2	%
Ministry Brands Holdings, LLC(6)(18)	First lien senior secured loan	S+	5.50%	12/2028	52,937		52,269	52,540	0.4	%
Mitnick Corporate Purchaser, Inc.(8)(18)	First lien senior secured revolving loan	S+	3.00%	05/2027	1,700		1,705	1,044	—	%
Oranje Holdco, Inc. (dba KnowBe4)(7)	First lien senior secured loan	S+	7.75%	02/2029	81,182		80,262	81,182	0.6	%
Oranje Holdco, Inc. (dba KnowBe4)(7)	First lien senior secured loan	S+	7.25%	02/2029	34,017		33,715	33,762	0.2	%
PDI TA Holdings, Inc.(7)	First lien senior secured loan	S+	5.00%	02/2031	64,206		63,371	63,564	0.4	%
PDI TA Holdings, Inc.(7)(18)(19)	First lien senior secured delayed draw term loan	S+	5.50%	02/2031	8,328		8,125	8,211	0.1	%
Perforce Software, Inc.(6)(22)	First lien senior secured loan	S+	4.75%	03/2031	4,975		4,952	4,903	—	%
Perforce Software, Inc.(6)	First lien senior secured loan	S+	4.75%	06/2029	14,663		14,443	14,443	0.1	%
Project Alpha Intermediate Holding, Inc. (dba Qlik)(7)(22)	First lien senior secured loan	S+	3.25%	10/2030	24,626		24,562	24,768	0.2	%
Proofpoint, Inc.(6)(22)	First lien senior secured loan	S+	3.00%	08/2028	64,197		64,197	64,460	0.4	%
QAD, Inc.(6)	First lien senior secured loan	S+	4.75%	11/2027	46,287		46,287	46,172	0.3	%
SailPoint Technologies Holdings, Inc.(7)	First lien senior secured loan	S+	6.00%	08/2029	39,167		38,556	39,167	0.3	%
Securonix, Inc.(7)	First lien senior secured loan	S+	7.75% (3.75% PIK)	04/2028	29,661		29,478	25,731	0.2	%
Securonix, Inc.(7)(18)	First lien senior secured revolving loan	S+	7.00%	04/2028	120		91	(587)	—	%
Sedgwick Claims Management Services, Inc.(7)(22)	First lien senior secured loan	S+	3.00%	07/2031	24,813		24,758	24,937	0.2	%
Sitecore Holding III A/S(12)	First lien senior secured EUR term loan	E+	7.75% (4.25% PIK)	03/2029	€	25,001	26,219	25,889	0.2	%
Sitecore Holding III A/S(7)	First lien senior secured loan	S+	7.75% (4.25% PIK)	03/2029	4,290		4,265	4,290	—	%
Sitecore USA, Inc.(7)	First lien senior secured loan	S+	7.75% (4.25% PIK)	03/2029	25,865		25,713	25,865	0.2	%
Sophos Holdings, LLC(6)(22)(23)	First lien senior secured loan	S+	3.50%	03/2027	19,722		19,691	19,830	0.1	%
Spaceship Purchaser, Inc. (dba Squarespace)(7)	First lien senior secured loan	S+	5.00%	10/2031	125,702		125,087	125,074	0.9	%
Storable, Inc.(6)(22)	First lien senior secured loan	S+	3.50%	04/2028	64,476		64,077	64,856	0.4	%
Thunder Purchaser, Inc. (dba Vector Solutions)(7)	First lien senior secured loan	S+	5.25%	06/2028	11,522		11,466	11,464	0.1	%
Thunder Purchaser, Inc. (dba Vector Solutions)(7)	First lien senior secured loan	S+	5.50%	06/2028	12,680		12,607	12,680	0.1	%
VIRTUSA CORPORATION(6)(22)	First lien senior secured loan	S+	3.25%	02/2029	9,677		9,677	9,734	0.1	%
When I Work, Inc.(7)	First lien senior secured loan	S+	5.50%	11/2027	26,946		26,827	26,003	0.2	%
Zendesk, Inc.(7)	First lien senior secured loan	S+	5.00%	11/2028	145,037		143,231	145,037	1.0	%















































							2,948,135	2,926,405	20.4	%
Leisure and entertainment

Blue Owl Credit Income Corp.

Consolidated Schedules of Investments - Continued

As of December 31, 2024

(Amounts in thousands, except share amounts)


Company(1)(2)(3)(20)(29)	Investment	Interest		Maturity Date	Par/Units	Amortized Cost(4)(25)		Fair Value		Percentage of Net Assets

Aerosmith Bidco 1 Limited (dba Audiotonix)(6)(23)	First lien senior secured loan	S+	5.25%	07/2031	341,349	$	337,162	$	340,496	2.3	%
Cirque du Soleil Canada, Inc.(7)(21)(22)(23)	First lien senior secured loan	S+	3.75%	03/2030	37,072	36,989		36,423		0.3	%
Pretzel Parent, Inc.(6)(22)	First lien senior secured loan	S+	4.50%	08/2031	37,500	36,959		37,736		0.3	%
Troon Golf, L.L.C.(7)(18)	First lien senior secured loan	S+	4.50%	08/2028	382,656	382,396		382,656		2.6	%





						793,506		797,311		5.5	%
Manufacturing
ACR Group Borrower, LLC(7)(18)	First lien senior secured loan	S+	4.75%	03/2028	1,896	$	1,879	$	1,886	—	%
ACR Group Borrower, LLC(7)	First lien senior secured loan	S+	4.25%	03/2028	3,981	3,950		3,911		—	%
ACR Group Borrower, LLC(7)	First lien senior secured loan	S+	5.75%	03/2028	855	847		855		—	%
Chariot Buyer LLC (dba Chamberlain Group)(6)(22)	First lien senior secured loan	S+	3.25%	11/2028	3,915	3,915		3,934		—	%
CPM Holdings, Inc.(6)(21)(22)	First lien senior secured loan	S+	4.50%	09/2028	49,500	48,402		47,906		0.3	%
Engineered Machinery Holdings, Inc. (dba Duravant)(7)(21)	Second lien senior secured loan	S+	6.50%	05/2029	37,181	37,063		37,181		0.3	%
Engineered Machinery Holdings, Inc. (dba Duravant)(7)(21)	Second lien senior secured loan	S+	6.00%	05/2029	19,160	19,126		19,112		0.1	%
Engineered Machinery Holdings, Inc. (dba Duravant)(7)(22)	First lien senior secured loan	S+	3.75%	05/2028	13,179	12,937		13,253		0.1	%
Faraday Buyer, LLC (dba MacLean Power Systems)(7)	First lien senior secured loan	S+	6.00%	10/2028	134,913	132,723		133,564		0.9	%
Filtration Group Corporation(6)(22)	First lien senior secured loan	S+	3.50%	10/2028	25,385	25,357		25,558		0.2	%
FR Flow Control CB LLC (dba Trillium Flow Technologies)(7)(23)	First lien senior secured loan	S+	5.25%	12/2029	141,533	140,478		140,472		1.0	%
Gloves Buyer, Inc. (dba Protective Industrial Products)(6)(18)	First lien senior secured loan	S+	4.00%	12/2027	38,296	38,036		38,296		0.3	%
Helix Acquisition Holdings, Inc. (dba MW Industries)(6)	First lien senior secured loan	S+	7.00%	03/2030	61,484	59,969		61,023		0.4	%
Ideal Tridon Holdings, Inc.(7)	First lien senior secured loan	S+	6.75%	04/2028	89,866	87,937		89,866		0.6	%
MHE Intermediate Holdings, LLC (dba OnPoint Group)(7)(18)	First lien senior secured loan	S+	6.00%	07/2027	60,717	60,400		60,717		0.4	%
MHE Intermediate Holdings, LLC (dba OnPoint Group)(7)	First lien senior secured loan	S+	6.25%	07/2027	4,620	4,566		4,620		—	%
Pro Mach Group, Inc.(6)(22)	First lien senior secured loan	S+	3.50%	08/2028	68,777	68,777		69,279		0.5	%
Sonny's Enterprises, LLC(7)(18)	First lien senior secured loan	S+	5.50%	08/2028	162,893	161,184		162,078		1.1	%
Sonny's Enterprises, LLC(7)(18)(19)	First lien senior secured delayed draw term loan	S+	5.50%	08/2028	3,592	3,423		3,574		—	%
Sonny's Enterprises, LLC(7)(18)	First lien senior secured revolving loan	S+	5.50%	08/2027	6,475	6,245		6,346		—	%







						917,214		923,431		6.2	%




Professional services
AmSpec Parent, LLC(6)	First lien senior secured loan	S+	4.25%	12/2031	34,667	$	34,493	$	34,493	0.2	%
Apex Group Treasury LLC(7)(22)(23)	First lien senior secured loan	S+	4.00%	07/2028	123,250	123,081		124,224		0.9	%
Certinia Inc.(7)	First lien senior secured loan	S+	5.25%	08/2030	44,118	43,517		44,118		0.3	%
Element Materials Technology(7)(21)(22)(23)	First lien senior secured loan	S+	3.75%	06/2029	27,388	27,388		27,509		0.2	%
EP Purchaser, LLC (dba Entertainment Partners)(7)(22)	First lien senior secured loan	S+	4.50%	11/2028	29,596	28,834		29,670		0.2	%
Essential Services Holding Corporation (dba Turnpoint)(6)	First lien senior secured loan	S+	5.00%	06/2031	35,548	35,213		35,193		0.2	%

Blue Owl Credit Income Corp.

Consolidated Schedules of Investments - Continued

As of December 31, 2024

(Amounts in thousands, except share amounts)


Company(1)(2)(3)(20)(29)	Investment	Interest		Maturity Date	Par/Units		Amortized Cost(4)(25)		Fair Value		Percentage of Net Assets

Gerson Lehrman Group, Inc.(7)	First lien senior secured loan	S+	5.25%	12/2027	166,014		164,851		165,599		1.1	%
Guidehouse Inc.(6)	First lien senior secured loan	S+	5.75% (2.00% PIK)	12/2030	107,401		107,401		106,864		0.7	%
Paris US Holdco, Inc. (dba Precinmac)(6)	First lien senior secured loan	S+	5.00%	12/2031	69,995		69,301		69,295		0.5	%
Relativity ODA LLC(6)	First lien senior secured loan	S+	4.50%	05/2029	32,738		32,614		32,656		0.2	%
Sensor Technology Topco, Inc. (dba Humanetics)(7)(18)	First lien senior secured loan	S+	7.00%	05/2028	237,888		237,032		239,078		1.6	%
Sensor Technology Topco, Inc. (dba Humanetics)(12)(18)	First lien senior secured EUR term loan	E+	7.25%	05/2028	€	42,993	46,532		44,736		0.3	%
Sensor Technology Topco, Inc. (dba Humanetics)(6)(18)	First lien senior secured revolving loan	S+	6.50%	05/2028	13,312		13,242		13,368		0.1	%
Sovos Compliance, LLC(6)(22)	First lien senior secured loan	S+	4.50%	08/2028	28,748		28,379		28,920		0.2	%
Thevelia (US) LLC (dba Tricor)(7)(22)(23)	First lien senior secured loan	S+	3.25%	06/2029	22,820		22,820		22,934		0.2	%
Vensure Employer Services, Inc.(7)	First lien senior secured loan	S+	5.00%	09/2031	165,612		164,019		163,956		1.1	%
Vistage International, Inc.(7)(22)	First lien senior secured loan	S+	4.75%	07/2029	29,841		29,632		29,823		0.2	%









							1,208,349		1,212,436		8.2	%
Specialty retail
Galls, LLC(7)(18)	First lien senior secured loan	S+	6.50% (1.50% PIK)	03/2030	122,212		$	120,371	$	122,212	0.8	%
Ideal Image Development, LLC(7)	First lien senior secured loan	S+	6.50% PIK	02/2029	2,397		2,378		2,337		—	%
Ideal Image Development, LLC(6)	First lien senior secured loan	S+	6.00%	05/2026	637		637		637		—	%
Ideal Image Development, LLC(9)(18)	First lien senior secured revolving loan	S+	6.50% PIK	02/2029	765		765		741		—	%
Milan Laser Holdings LLC(7)	First lien senior secured loan	S+	5.00%	04/2027	20,010		19,921		20,010		0.1	%
Notorious Topco, LLC (dba Beauty Industry Group)(7)(18)	First lien senior secured loan	S+	7.25% (2.50% PIK)	11/2027	229,991		228,021		204,692		1.4	%
The Shade Store, LLC(7)	First lien senior secured loan	S+	6.00%	10/2029	104,777		102,639		102,158		0.7	%
The Shade Store, LLC(6)	First lien senior secured delayed draw term loan	S+	7.00%	10/2029	10,580		10,395		10,580		0.1	%
The Shade Store, LLC(7)(18)	First lien senior secured revolving loan	S+	6.00%	10/2028	2,592		2,419		2,322		—	%




							487,546		465,689		3.1	%
Telecommunications
CCI BUYER, INC. (dba Consumer Cellular)(7)(21)(22)	First lien senior secured loan	S+	4.00%	12/2027	39,589		$	39,331	$	39,573	0.3	%
EOS Finco S.A.R.L(8)(23)	First lien senior secured loan	S+	6.00%	10/2029	66,435		63,444		44,512		0.3	%
Level 3 Financing, Inc.(6)(22)(23)	First lien senior secured loan	S+	6.56%	04/2029	39,096		38,475		39,811		0.3	%
Level 3 Financing, Inc.(6)(22)(23)	First lien senior secured loan	S+	6.56%	04/2030	39,096		38,382		39,800		0.3	%
Park Place Technologies, LLC(6)	First lien senior secured loan	S+	5.25%	03/2031	85,961		85,170		85,531		0.6	%
Park Place Technologies, LLC(6)(18)	First lien senior secured revolving loan	S+	5.25%	03/2030	2,900		2,812		2,850		—	%
PPT Holdings III, LLC (dba Park Place Technologies)(17)	First lien senior secured loan		12.75% PIK	03/2034	30,329		29,669		29,950		0.2	%


							297,283		282,027		2.0	%
Transportation
Lightbeam Bidco, Inc. (dba Lazer Spot)(7)(18)	First lien senior secured loan	S+	5.00%	05/2030	139,256		$	139,264	$	139,256	1.0	%

Blue Owl Credit Income Corp.

Consolidated Schedules of Investments - Continued

As of December 31, 2024

(Amounts in thousands, except share amounts)


Company(1)(2)(3)(20)(29)	Investment	Interest		Maturity Date	Par/Units	Amortized Cost(4)(25)		Fair Value		Percentage of Net Assets

Motus Group, LLC(7)(22)	First lien senior secured loan	S+	4.00%	12/2028	7,443	7,443		7,498		0.1	%


						146,707		146,754		1.1	%
Total non-controlled/non-affiliated portfolio company debt investments						$	24,876,159	$	24,789,844	169.7	%

Equity Investments
Asset based lending and fund finance
Amergin Asset Management, LLC(24)(26)	Class A Units		N/A	N/A	50,000,000	$	1	$	1,555	—	%
						1		1,555		—	%
Automotive services
CD&R Value Building Partners I, L.P. (dba Belron)(23)(24)(26)(33)	LP Interest		N/A	N/A	33,000	$	31,934	$	38,072	0.3	%
Metis HoldCo, Inc. (dba Mavis Tire Express Services)(17)(24)	Series A Convertible Preferred Stock		7.00% PIK	N/A	12,951	13,662		13,887		0.1	%
						45,596		51,959		0.4	%
Buildings and real estate
Dodge Construction Network Holdings, L.P.(24)(26)	Class A-2 Common Units		N/A	N/A	143,963	$	123	$	20	—	%
Dodge Construction Network Holdings, L.P.(7)(24)	Series A Preferred Units	S+	8.25%	N/A	—	3		2		—	%
						126		22		—	%
Business services
Denali Holding, LP (dba Summit Companies)(24)(26)	Class A Units		N/A	N/A	686,513	$	7,076	$	12,122	0.1	%
Hercules Buyer, LLC (dba The Vincit Group)(24)(26)(28)	Common Units		N/A	N/A	10,000	12		12		—	%

Knockout Intermediate Holdings I Inc. (dba Kaseya Inc.)(8)(24)	Perpetual Preferred Stock	S+	10.75% PIK	N/A	53,600	73,370		74,361		0.5	%
						80,458		86,495		0.6	%
Consumer products
ASP Conair Holdings LP(24)(26)	Class A Units		N/A	N/A	9,286	$	929	$	1,009	—	%
						929		1,009		—	%
Financial services
Vestwell Holdings, Inc.(24)(26)	Series D Preferred Stock		N/A	N/A	50,726	$	1,007	$	1,000	—	%
						1,007		1,000		—	%
Food and beverage
Hissho Sushi Holdings, LLC(24)(26)	Class A Units		N/A	N/A	941,780	$	7,536	$	12,153	0.1	%
						7,536		12,153		0.1	%
Healthcare equipment and services
KPCI Holdings, L.P.(24)(26)	Class A Units		N/A	N/A	1,781	$	2,313	$	4,977	—	%
Maia Aggregator, LP(24)(26)	Class A-2 Units		N/A	N/A	12,921,348	12,921		11,687		0.1	%
Patriot Holdings SCSp (dba Corza Health, Inc.)(23)(24)(26)	Class B Units		N/A	N/A	17,221	180		71		—	%
Patriot Holdings SCSp (dba Corza Health, Inc.)(17)(23)(24)	Class A Units		8.00% PIK	N/A	1,251	1,547		1,539		—	%
Rhea Acquisition Holdings, LP(24)(26)	Series A-2 Units		N/A	N/A	11,964,286	11,964		14,493		0.1	%
						28,925		32,767		0.2	%
Healthcare providers and services
KOBHG Holdings, L.P. (dba OB Hospitalist)(24)(26)	Class A Interests		N/A	N/A	3,520	$	3,520	$	3,220	—	%
KWOL Acquisition Inc. (dba Worldwide Clinical Trials)(24)(26)	Class A Interest		N/A	N/A	1,205	12,048		13,657		0.1	%
Romulus Intermediate Holdings 1 Inc. (dba PetVet Care Centers)(17)(24)	Series A Preferred Stock		15.00% PIK	N/A	27,355	31,238		29,397		0.2	%
XOMA Corporation(24)(26)	Warrants		N/A	N/A	54,000	369		629		—	%
						47,175		46,903		0.3	%
Healthcare technology

Blue Owl Credit Income Corp.

Consolidated Schedules of Investments - Continued

As of December 31, 2024

(Amounts in thousands, except share amounts)


Company(1)(2)(3)(20)(29)	Investment	Interest		Maturity Date	Par/Units	Amortized Cost(4)(25)		Fair Value		Percentage of Net Assets

BEHP Co-Investor II, L.P.(23)(24)(26)	LP Interest		N/A	N/A	1,269,969	$	1,042	$	1,297	—	%
Minerva Holdco, Inc.(17)(24)	Senior A Preferred Stock		10.75% PIK	N/A	100,000	134,843		131,874		0.9	%
Orange Blossom Parent, Inc.(24)(26)	Common Units		N/A	N/A	16,667	1,667		1,664		—	%
WP Irving Co-Invest, L.P.(23)(24)(26)	Partnership Units		N/A	N/A	1,250,000	960		1,276		—	%
						138,512		136,111		0.9	%
Household products
Walker Edison Holdco LLC(24)(26)	Common Units		N/A	N/A	29,167	$	2,818	$	—	—	%

						2,818		—		—	%
Human resource support services
Sunshine Software Holdings, Inc. (dba Cornerstone OnDemand, Inc.)(17)(24)	Series A Preferred Stock		10.50% PIK	N/A	12,750	$	17,499	$	13,999	0.1	%
						17,499		13,999		0.1	%
Insurance
Accelerate Topco Holdings, LLC(24)(26)	Common Units		N/A	N/A	91,805	$	2,535	$	4,379	—	%
Evolution Parent, LP (dba SIAA)(24)(26)	LP Interest		N/A	N/A	2,703	270		307		—	%
GrowthCurve Capital Sunrise Co-Invest LP (dba Brightway)(24)(26)	LP Interest		N/A	N/A	42,053	427		420		—	%
Hockey Parent Holdings, L.P.(24)(26)	Class A Common Units		N/A	N/A	25,000	25,000		27,932		0.2	%
PCF Holdco, LLC (dba PCF Insurance Services)(24)(26)	Class A Units		N/A	N/A	6,047,390	15,336		28,252		0.2	%
PCF Holdco, LLC (dba PCF Insurance Services)(24)(26)	Warrants		N/A	N/A	1,503,286	5,129		4,744		—	%
PCF Holdco, LLC (dba PCF Insurance Services)(17)(24)	Preferred equity		15.00% PIK	N/A	24,943	17,979		22,262		0.2	%
						66,676		88,296		0.6	%
Internet software and services
AlphaSense, LLC(24)(26)	Series E Preferred Shares		N/A	N/A	16,929	$	765	$	760	—	%
BCTO WIW Holdings, Inc. (dba When I Work)(24)(26)	Class A Common Stock		N/A	N/A	57,000	5,700		3,116		—	%
Brooklyn Lender Co-Invest 2, L.P. (dba Boomi)(24)(26)	Common Units		N/A	N/A	1,729,439	1,729		2,596		—	%
Elliott Alto Co-Investor Aggregator L.P.(23)(24)(26)	LP Interest		N/A	N/A	6,530	6,572		10,170		0.1	%
Insight CP (Blocker) Holdings, L.P. (dba CivicPlus, LLC)(23)(24)(26)	LP Interest		N/A	N/A	989	989		1,239		—	%
Bird Holding B.V. (fka MessageBird Holding B.V.)(23)(24)(26)	Extended Series C Warrants		N/A	N/A	7,980	49		12		—	%
Project Alpine Co-Invest Fund, LP(23)(24)(26)	LP Interest		N/A	N/A	17,000	17,012		22,325		0.2	%
Project Hotel California Co-Invest Fund, L.P.(23)(24)(26)	LP Interest		N/A	N/A	3,522	3,525		4,056		—	%
Thunder Topco L.P. (dba Vector Solutions)(24)(26)	Common Units		N/A	N/A	712,884	713		848		—	%
WMC Bidco, Inc. (dba West Monroe)(17)(24)	Senior Preferred Stock		11.25% PIK	N/A	33,385	46,982		46,480		0.3	%
Zoro TopCo, Inc.(7)(24)	Series A Preferred Equity	S+	9.50% PIK	N/A	16,562	20,992		21,503		0.1	%
Zoro TopCo, L.P.(24)(26)	Class A Common Units		N/A	N/A	1,380,129	13,801		15,027		0.1	%
						118,829		128,132		0.8	%
Manufacturing
Gloves Holdings, LP (dba Protective Industrial Products)(24)(26)	LP Interest		N/A	N/A	1,000	$	100	$	118	—	%
						100		118		—	%
Specialty retail
Ideal Topco, L.P.(24)(26)	Class A-1 Preferred Units		N/A	N/A	4,756,098	4,756		4,376		—	%

Blue Owl Credit Income Corp.

Consolidated Schedules of Investments - Continued

As of December 31, 2024

(Amounts in thousands, except share amounts)


Company(1)(2)(3)(20)(29)	Investment	Interest		Maturity Date	Par/Units	Amortized Cost(4)(25)		Fair Value		Percentage of Net Assets

Ideal Topco, L.P.(24)(26)	Class A-2 Common Units		N/A	N/A	3,109,754	—		—		—	%
						4,756		4,376		—	%
Total non-controlled/non-affiliated portfolio company equity investments						$	560,943	$	604,895	4.0	%
Total non-controlled/non-affiliated portfolio company investments						$	25,437,102	$	25,394,739	173.7	%

Non-controlled/affiliated portfolio company investments
Debt Investments(5)
Education
Pluralsight, LLC(7)(30)	First lien senior secured loan	S+	7.50% PIK	08/2029	1,229	$	1,229	$	1,229	—	%
Pluralsight, LLC(7)(18)(30)	First lien senior secured loan	S+	4.50% (1.50% PIK)	08/2029	1,195	1,195		1,195		—	%
						2,424		2,424		—	%


Total non-controlled/affiliated portfolio company debt investments						$	2,424	$	2,424	—	%
Equity Investments
Education
Paradigmatic Holdco LLC (dba Pluralsight)(24)(26)(30)	Common stock		N/A	N/A	396,827	$	1,053	$	1,053	—	%
						1,053		1,053		—	%
Pharmaceuticals
LSI Financing 1 DAC(23)(24)(30)	Preferred equity		N/A	N/A	4,778	$	4,828	$	4,771	—	%


						4,828		4,771		—	%
Total non-controlled/affiliated portfolio company equity investments						$	5,881	$	5,824	—	%
Total non-controlled/affiliated portfolio company investments						$	8,305	$	8,248	—	%

Controlled/affiliated portfolio company investments
Debt Investments(5)
Asset based lending and fund finance
AAM Series 1.1 Rail and Domestic Intermodal Feeder, LLC(17)(18)(23)(31)	First lien senior secured loan		12.00% PIK	07/2030	45,106	$	44,801	$	45,106	0.3	%
AAM Series 2.1 Aviation Feeder, LLC(17)(18)(23)(31)	First lien senior secured loan		12.00% PIK	11/2030	45,630	45,630		45,630		0.3	%
						90,431		90,736		0.6	%
Total controlled/affiliated portfolio company debt investments						$	90,431	$	90,736	0.6	%
Equity Investments
Asset based lending and fund finance
AAM Series 1.1 Rail and Domestic Intermodal Feeder, LLC(18)(19)(23)(24)(26)(31)	LLC Interest		N/A	N/A	26,763	$	26,766	$	30,006	0.2	%
AAM Series 2.1 Aviation Feeder, LLC(18)(19)(23)(24)(26)(31)	LLC Interest		N/A	N/A	25,601	25,641		32,050		0.2	%
						52,407		62,056		0.4	%
Insurance
Fifth Season Investments LLC(24)(27)(31)	Class A Units		N/A	N/A	28	$	202,375	$	223,274	1.5	%
						202,375		223,274		1.5	%
Joint ventures
OCIC SLF LLC (fka Blue Owl Credit Income Senior Loan Fund LLC)(23)(24)(31)(33)	LLC Interest		N/A	N/A	314,808	$	314,808	$	311,609	2.1	%

Blue Owl Credit Income Corp.

Consolidated Schedules of Investments - Continued

As of December 31, 2024

(Amounts in thousands, except share amounts)


Company(1)(2)(3)(20)(29)	Investment	Interest		Maturity Date	Par/Units	Amortized Cost(4)(25)		Fair Value		Percentage of Net Assets

Blue Owl Credit SLF LLC(23)(24)(31)(33)	LLC Interest		N/A	N/A	4,270	4,270		4,294		—	%
						319,078		315,903		2.1	%
Pharmaceuticals
LSI Financing LLC(18)(19)(23)(24)(31)(33)	Common Equity		N/A	N/A	288,704	$	288,704	$	293,775	2.0	%
						288,704		293,775		2.0	%
Total controlled/affiliated portfolio company equity investments						$	862,564	$	895,008	6.0	%
Total controlled/affiliated portfolio company investments						$	952,995	$	985,744	6.6	%

Total non-controlled/non-affiliated misc. debt commitments(18)(34)(Note 7)						$	(14,737)	$	(9,837)	(0.1)	%





Total Investments						$	26,383,665	$	26,378,894	180.2	%


	Interest Rate Swaps as of December 31, 2024
	Company Receives	Company Pays(c)	Maturity Date	Notional Amount		Fair Value		Upfront Payments/Receipts		Change in Unrealized Appreciation/(Depreciation)		Hedged Instrument	Footnote Reference
Interest rate swap(a)(b)	7.75%	S + 3.84%	9/16/2027	$	600,000	$	(703)	$	—	$	(7,206)	September 2027 Notes	Note 5
Cross-currency swap(a)(b)(e)	6.50%	S + 2.67%	10/23/2027	251,508		(20,635)		—		(20,635)		AUD 2027 Notes	Note 5
Interest rate swap(b)(d)	6.50%	B + 2.72%	10/23/2027	43,960		(47)		—		(47)		AUD 2027 Notes	Note 5
Interest rate swap(a)(b)	7.95%	S + 3.79%	5/13/2028	650,000		502		—		502		June 2028 Notes	Note 5
Interest rate swap(a)(b)	7.75%	S + 3.65%	1/15/2029	550,000		(399)		—		(12,546)		January 2029 Notes	Note 5
Interest rate swap(a)(b)	6.60%	S + 2.34%	8/15/2029	500,000		3,745		—		3,745		September 2029 Notes	Note 5
Interest rate swap(a)(b)	5.80%	S + 2.62%	2/15/2030	1,000,000		(44,519)		—		(44,519)		March 2030 Notes	Note 5
Interest rate swap(a)(b)	6.65%	S + 2.90%	1/15/2031	750,000		(14,239)		—		(14,239)		March 2031 Notes	Note 5
Total				$	4,345,468	$	(76,295)	$	—	$	(94,945)

________

(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.

(d) Contains a variable rate structure. Bears interest at a rate determined by BBSY.

(1)Certain portfolio company investments are subject to contractual restrictions on sales.

(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.

(6)The interest rate on these investments is subject to 1 month SOFR, which as of December 31, 2024 was 4.33%.

(7)The interest rate on these investments is subject to 3 month SOFR, which as of December 31, 2024 was 4.31%.

(8)The interest rate on these investments is subject to 6 month SOFR, which as of December 31, 2024 was 4.25%.

(9)The interest rate on these investments is subject to 12 month SOFR, which as of December 31, 2024 was 4.18%.

Blue Owl Credit Income Corp.

Consolidated Schedules of Investments - Continued

As of December 31, 2024

(Amounts in thousands, except share amounts)

(10)The interest rate on these investments is subject to 3 month CORRA, which as of December 31, 2024 was 3.15%.

(11)The interest rate on these investments is subject to 1 month EURIBOR, which as of December 31, 2024 was 2.85%.

(12)The interest rate on these investments is subject to 3 month EURIBOR, which as of December 31, 2024 was 2.71%.

(13)The interest rate on these investments is subject to 6 month EURIBOR, which as of December 31, 2024 was 2.57%.

(14)The interest rate on these investments is subject to 3 month BBSY, which as of December 31, 2024 was 4.42%.

(15)The interest rate on these investments is subject to SONIA, which as of December 31, 2024 was 4.70%.

(16)The interest rate on these investments is subject to Prime, which as of December 31, 2024 was 7.50%.

(17)Investment does not contain a variable rate structure.

(18)Position or portion thereof is a partially unfunded debt or equity commitment. See Note 7 “Commitments and Contingencies”.


Portfolio Company	Commitment Type	Commitment Expiration Date	Funded Commitment		Unfunded
					Commitment		Fair Value(34)
Non-controlled/non-affiliated - delayed draw debt commitments
ACR Group Borrower, LLC	First lien senior secured delayed draw term loan	5/2025	$	733	$	100	$	—
Aerosmith Bidco 1 Limited (dba Audiotonix)	First lien senior secured delayed draw term loan	7/2027	—		108,341		(85)

AI Titan Parent, Inc. (dba Prometheus Group)	First lien senior secured delayed draw term loan	9/2026	—		6,792		(34)
Alera Group, Inc.	First lien senior secured delayed draw term loan	11/2025	43,250		2,446		—
AlphaSense, Inc.	First lien senior secured delayed draw term loan	6/2029	—		716		(7)
AlphaSense, Inc.	First lien senior secured delayed draw term loan	12/2025	—		707		(7)
AmeriLife Holdings LLC	First lien senior secured delayed draw term loan	6/2026	15,740		16,715		—
AmSpec Parent, LLC	First lien senior secured delayed draw term loan	12/2027	—		5,333		(13)
Appfire Technologies, LLC	First lien senior secured delayed draw term loan	3/2025	—		5,562		—
Appfire Technologies, LLC	First lien senior secured delayed draw term loan	6/2026	—		2,688		—
Aptean Acquiror, Inc. (dba Aptean)	First lien senior secured delayed draw term loan	1/2026	1,419		3,974		—
Artifact Bidco, Inc. (dba Avetta)	First lien senior secured delayed draw term loan	7/2027	—		3,793		—
Associations, Inc.	First lien senior secured delayed draw term loan	7/2028	5,288		26,398		—
Baker Tilly Advisory Group, L.P.	First lien senior secured delayed draw term loan	6/2026	—		14,940		—
Bamboo US BidCo LLC	First lien senior secured delayed draw term loan	11/2026	—		26,912		—

Bamboo US BidCo LLC	First lien senior secured delayed draw term loan	3/2025	8,941		6,173		—
BCPE Osprey Buyer, Inc. (dba PartsSource)	First lien senior secured delayed draw term loan	10/2025	4,568		21,926		—
Belmont Buyer, Inc. (dba Valenz)	First lien senior secured delayed draw term loan	1/2026	—		11,083		—
BradyPLUS Holdings, LLC (f/k/a BradyIFS Holdings, LLC)	First lien senior secured delayed draw term loan	10/2025	1,109		4,049		—
BTRS HOLDINGS INC. (dba Billtrust)	First lien senior secured delayed draw term loan	12/2028	913		4		—
Capstone Acquisition Holdings, Inc.	First lien senior secured delayed draw term loan	8/2026	—		1,789		—
CHA Vision Holdings, Inc. (fka FR Vision Holdings, Inc.)	First lien senior secured delayed draw term loan	1/2026	6,205		8,530		—
Chrysaor Bidco s.à r.l. (dba AlterDomus)	First lien senior secured delayed draw term loan	5/2026	—		689		—
CMG HoldCo, LLC (dba Crete United)	First lien senior secured delayed draw term loan	10/2026	—		10,141		(101)

Blue Owl Credit Income Corp.

Consolidated Schedules of Investments - Continued

As of December 31, 2024

(Amounts in thousands, except share amounts)


Portfolio Company	Commitment Type	Commitment Expiration Date	Funded Commitment	Unfunded
				Commitment	Fair Value(34)
CMG HoldCo, LLC (dba Crete United)	First lien senior secured delayed draw term loan	11/2025	14,420	10,916	—
Computer Services, Inc. (dba CSI)	First lien senior secured delayed draw term loan	2/2026	—	25,566	—
CoreTrust Purchasing Group LLC	First lien senior secured delayed draw term loan	5/2026	—	23,639	—
Coupa Holdings, LLC	First lien senior secured delayed draw term loan	8/2025	—	2,174	—
Cresset Capital Management, LLC	First lien senior secured delayed draw term loan	9/2025	—	7,612	—
Cresset Capital Management, LLC	First lien senior secured delayed draw term loan	6/2026	—	4,478	—
CT Technologies Intermediate Holdings, Inc. (& Smart Holdings Corp.) (dba Datavant)	First lien senior secured delayed draw term loan	8/2026	—	12,046	(30)
Databricks, Inc.	First lien senior secured delayed draw term loan	7/2026	—	16,531	(83)
DCG ACQUISITION CORP. (dba DuBois Chemical)	First lien senior secured delayed draw term loan	6/2026	—	15,899	—
Diamond Mezzanine 24 LLC (dba United Risk)	First lien senior secured delayed draw term loan	10/2026	—	24,700	—
Dresser Utility Solutions, LLC	First lien senior secured delayed draw term loan	9/2025	—	7,537	—
DuraServ LLC	First lien senior secured delayed draw term loan	6/2026	24,034	24,418	—
EET Buyer, Inc. (dba e-Emphasys)	First lien senior secured delayed draw term loan	4/2026	—	8,523	—
Endries Acquisition, Inc.	First lien senior secured delayed draw term loan	12/2025	—	8,048	(60)
Essential Services Holding Corporation (dba Turnpoint)	First lien senior secured delayed draw term loan	6/2026	—	6,970	(35)
Evolution BuyerCo, Inc. (dba SIAA)	First lien senior secured delayed draw term loan	12/2025	727	3,671	—
Faraday Buyer, LLC (dba MacLean Power Systems)	First lien senior secured delayed draw term loan	11/2025	—	14,307	—
FR Flow Control CB LLC (dba Trillium Flow Technologies)	First lien senior secured delayed draw term loan	6/2026	—	28,307	—
Fullsteam Operations, LLC	First lien senior secured delayed draw term loan	8/2025	464	4,536	—
Fullsteam Operations, LLC	First lien senior secured delayed draw term loan	2/2026	354	896	—
Galls, LLC	First lien senior secured delayed draw term loan	3/2026	4,312	34,926	—
Galway Borrower LLC	First lien senior secured delayed draw term loan	7/2026	895	48,838	—
Gehl Foods, LLC	First lien senior secured delayed draw term loan	12/2025	3,639	5,458	—
GI Apple Midco LLC (dba Atlas Technical Consultants)	First lien senior secured delayed draw term loan	4/2025	1,724	14,090	—
GS Acquisitionco, Inc. (dba insightsoftware)	First lien senior secured delayed draw term loan	3/2026	72	254	—
Indigo Buyer, Inc. (dba Inovar Packaging Group)	First lien senior secured delayed draw term loan	7/2026	—	13,434	—
Indikami Bidco, LLC (dba IntegriChain)	First lien senior secured delayed draw term loan	12/2025	375	6,194	—
Integrated Specialty Coverages, LLC	First lien senior secured delayed draw term loan	1/2025	—	1,780	—
Integrated Specialty Coverages, LLC	First lien senior secured delayed draw term loan	4/2026	—	22,020	—
Integrity Marketing Acquisition, LLC	First lien senior secured delayed draw term loan	8/2026	—	53,446	—

Blue Owl Credit Income Corp.

Consolidated Schedules of Investments - Continued

As of December 31, 2024

(Amounts in thousands, except share amounts)


Portfolio Company	Commitment Type	Commitment Expiration Date	Funded Commitment	Unfunded
				Commitment	Fair Value(34)
Interoperability Bidco, Inc. (dba Lyniate)	First lien senior secured delayed draw term loan	6/2026	—	5,079	(127)
Kaseya Inc.	First lien senior secured delayed draw term loan	6/2025	847	3,230	—
KENE Acquisition, Inc. (dba Entrust Solutions Group)	First lien senior secured delayed draw term loan	2/2026	777	6,695	—
KPSKY Acquisition, Inc. (dba BluSky)	First lien senior secured delayed draw term loan	11/2025	73	6,054	—
Lakefield Acquisition Corp. (dba Lakefield Veterinary Group)	First lien senior secured delayed draw term loan	9/2026	344	51,256	—
Lightbeam Bidco, Inc. (dba Lazer Spot)	First lien senior secured delayed draw term loan	5/2025	19,608	27,285	—
Litera Bidco LLC	First lien senior secured delayed draw term loan	11/2026	4,485	5,067	—
Litera Bidco LLC	First lien senior secured delayed draw term loan	5/2027	—	3,981	(10)
ManTech International Corporation	First lien senior secured delayed draw term loan	6/2025	—	2,164	—
Maple Acquisition, LLC (dba Medicus)	First lien senior secured delayed draw term loan	5/2026	—	20,448	—
Mario Purchaser, LLC (dba Len the Plumber)	First lien senior secured delayed draw term loan	10/2025	2,659	24,114	—
Minotaur Acquisition, Inc. (dba Inspira Financial)	First lien senior secured delayed draw term loan	5/2026	—	41,960	—
Monotype Imaging Holdings Inc.	First lien senior secured delayed draw term loan	2/2026	3,268	10,759	—
NELIPAK EUROPEAN HOLDINGS COÖPERATIEF U.A.	First lien senior secured EUR delayed draw term loan	3/2027	—	22,358	(279)
Nelipak Holding Company	First lien senior secured delayed draw term loan	3/2027	—	11,787	(147)
OneOncology, LLC	First lien senior secured delayed draw term loan	10/2026	35,851	35,494	—
Paris US Holdco, Inc. (dba Precinmac)	First lien senior secured delayed draw term loan	12/2026	—	18,063	(90)
Park Place Technologies, LLC	First lien senior secured delayed draw term loan	9/2025	—	13,490	—
Patriot Acquisition TopCo S.A.R.L (dba Corza Health, Inc.)	First lien senior secured delayed draw term loan	8/2025	13,680	3,429	—
PDI TA Holdings, Inc.	First lien senior secured delayed draw term loan	2/2026	8,328	6,584	—
PerkinElmer U.S. LLC	First lien senior secured delayed draw term loan	5/2026	21,371	7,141	—
PetVet Care Centers, LLC	First lien senior secured delayed draw term loan	11/2025	—	31,691	(1,030)
Plasma Buyer LLC (dba PathGroup)	First lien senior secured delayed draw term loan	9/2025	3,247	816	—
Pye-Barker Fire & Safety, LLC	First lien senior secured delayed draw term loan	5/2026	56,865	102,734	—

Raven Acquisition Holdings, LLC (dba R1 RCM)	First lien senior secured delayed draw term loan	10/2026	—	5,667	—
RL Datix Holdings (USA), Inc.	First lien senior secured delayed draw term loan	4/2027	—	14,908	—
Salinger Bidco Inc. (dba Surgical Information Systems)	First lien senior secured delayed draw term loan	8/2026	—	5,742	—
Sensor Technology Topco, Inc. (dba Humanetics)	First lien senior secured EUR delayed draw term loan	9/2025	172	834	—
Sensor Technology Topco, Inc. (dba Humanetics)	First lien senior secured delayed draw term loan	9/2025	790	3,987	—
Severin Acquisition, LLC (dba PowerSchool)	First lien senior secured delayed draw term loan	10/2027	—	27,209	(136)

Blue Owl Credit Income Corp.

Consolidated Schedules of Investments - Continued

As of December 31, 2024

(Amounts in thousands, except share amounts)


Portfolio Company	Commitment Type	Commitment Expiration Date	Funded Commitment	Unfunded
				Commitment	Fair Value(34)
Simplicity Financial Marketing Group Holdings, Inc.	First lien senior secured delayed draw term loan	12/2026	—	40,238	(201)
Smarsh Inc.	First lien senior secured delayed draw term loan	2/2025	10,381	10,381	—
Sonny's Enterprises, LLC	First lien senior secured delayed draw term loan	6/2026	3,592	41,416	—
Southern Air & Heat Holdings, LLC	First lien senior secured delayed draw term loan	7/2025	10,526	20,889	—
Spaceship Purchaser, Inc. (dba Squarespace)	First lien senior secured delayed draw term loan	10/2026	—	7,482	—
Spaceship Purchaser, Inc. (dba Squarespace)	First lien senior secured delayed draw term loan	10/2027	—	17,957	(45)
STS PARENT, LLC (dba STS Aviation Group)	First lien senior secured delayed draw term loan	10/2026	—	37,550	(94)
TBRS, Inc. (dba TEAM Technologies)	First lien senior secured delayed draw term loan	11/2026	—	37,652	(94)
THG Acquisition, LLC (dba Hilb)	First lien senior secured delayed draw term loan	10/2026	—	20,716	(104)
Thunder Purchaser, Inc. (dba Vector Solutions)	First lien senior secured delayed draw term loan	10/2026	—	27,432	—
Troon Golf, L.L.C.	First lien senior secured delayed draw term loan	9/2026	27,449	27,449	—
Unified Women's Healthcare, LP	First lien senior secured delayed draw term loan	3/2026	62,572	9,208	—
Unified Women's Healthcare, LP	First lien senior secured delayed draw term loan	10/2026	—	53,400	(200)
USIC Holdings, Inc.	First lien senior secured delayed draw term loan	9/2026	148	2,089	—
USRP Holdings, Inc. (dba U.S. Retirement and Benefits Partners)	First lien senior secured delayed draw term loan	8/2026	—	13,971	—
Vensure Employer Services, Inc.	First lien senior secured delayed draw term loan	9/2031	—	34,388	(189)
Vessco Midco Holdings, LLC	First lien senior secured delayed draw term loan	7/2026	6,290	17,595	—
Walker Edison Furniture Company LLC	First lien senior secured delayed draw term loan	3/2027	966	216	—

Zendesk, Inc.	First lien senior secured delayed draw term loan	11/2025	—	35,425	—
Non-controlled/affiliated - delayed draw debt commitments
Pluralsight, LLC	First lien senior secured delayed draw term loan	8/2029	—	496	—
Non-controlled/non-affiliated - revolving debt commitments
ACR Group Borrower, LLC	First lien senior secured revolving loan	3/2026	—	875	(15)
Activate Holdings (US) Corp. (dba Absolute Software)	First lien senior secured revolving loan	7/2029	—	352	—
Aerosmith Bidco 1 Limited (dba Audiotonix)	First lien senior secured revolving loan	7/2030	—	44,919	(112)
AI Titan Parent, Inc. (dba Prometheus Group)	First lien senior secured revolving loan	8/2031	—	4,245	(42)
AmeriLife Holdings LLC	First lien senior secured revolving loan	8/2028	—	16,273	(81)
Anaplan, Inc.	First lien senior secured revolving loan	6/2028	—	16,528	—
Appfire Technologies, LLC	First lien senior secured revolving loan	3/2028	117	1,516	—
Aptean Acquiror, Inc. (dba Aptean)	First lien senior secured revolving loan	1/2031	—	7,282	(18)
Artifact Bidco, Inc. (dba Avetta)	First lien senior secured revolving loan	7/2030	—	2,710	(14)

Ascend Buyer, LLC (dba PPC Flexible Packaging)	First lien senior secured revolving loan	9/2027	1,702	3,404	—
Associations, Inc.	First lien senior secured revolving loan	7/2028	12,695	12,695	—
Avalara, Inc.	First lien senior secured revolving loan	10/2028	—	7,045	—
AWP Group Holdings, Inc.	First lien senior secured revolving loan	12/2030	290	5,515	—
Azurite Intermediate Holdings, Inc. (dba Alteryx, Inc.)	First lien senior secured revolving loan	3/2031	—	1,995	(15)

Blue Owl Credit Income Corp.

Consolidated Schedules of Investments - Continued

As of December 31, 2024

(Amounts in thousands, except share amounts)


Portfolio Company	Commitment Type	Commitment Expiration Date	Funded Commitment	Unfunded
				Commitment	Fair Value(34)
Baker Tilly Advisory Group, L.P.	First lien senior secured revolving loan	6/2030	—	20,935	(105)
Bamboo US BidCo LLC	First lien senior secured revolving loan	10/2029	—	20,128	—
Bayshore Intermediate #2, L.P. (dba Boomi)	First lien senior secured revolving loan	10/2027	—	18,336	—
BCPE Osprey Buyer, Inc. (dba PartsSource)	First lien senior secured revolving loan	8/2026	3,103	1,552	—
BCPE Pequod Buyer, Inc. (dba Envestnet)	First lien senior secured revolving loan	11/2029	—	16,634	(83)
BCTO BSI Buyer, Inc. (dba Buildertrend)	First lien senior secured revolving loan	12/2026	—	161	—
Belmont Buyer, Inc. (dba Valenz)	First lien senior secured revolving loan	6/2029	2,217	4,433	—
Blast Bidco Inc. (dba Bazooka Candy Brands)	First lien senior secured revolving loan	10/2029	—	4,179	—
Brightway Holdings, LLC	First lien senior secured revolving loan	12/2027	842	1,263	—
Broadcast Music, Inc. (fka Otis Merger Sub, Inc.)	First lien senior secured revolving loan	2/2030	—	6,271	(47)
BTRS HOLDINGS INC. (dba Billtrust)	First lien senior secured revolving loan	12/2028	434	723	—
Canadian Hospital Specialties Limited	First lien senior secured revolving loan	4/2027	255	158	—
Catalis Intermediate, Inc. (fka GovBrands Intermediate, Inc.)	First lien senior secured revolving loan	8/2027	303	577	—
Certinia Inc.	First lien senior secured revolving loan	8/2029	—	4,412	—
CHA Vision Holdings, Inc. (fka FR Vision Holdings, Inc.)	First lien senior secured revolving loan	1/2030	—	3,692	—
CivicPlus, LLC	First lien senior secured revolving loan	8/2027	—	2,244	—
CMG HoldCo, LLC (dba Crete United)	First lien senior secured revolving loan	5/2028	1,442	7,211	—
CoreTrust Purchasing Group LLC	First lien senior secured revolving loan	10/2029	—	14,183	—
Coupa Holdings, LLC	First lien senior secured revolving loan	2/2029	—	1,664	—
CPM Holdings, Inc.	First lien senior secured revolving loan	6/2028	—	5,000	(161)
Creek Parent, Inc. (dba Catalent)	First lien senior secured revolving loan	12/2031	—	42,297	(740)
Cresset Capital Management, LLC	First lien senior secured revolving loan	6/2029	—	2,239	—
Crewline Buyer, Inc. (dba New Relic)	First lien senior secured revolving loan	11/2030	—	17,226	(215)
CT Technologies Intermediate Holdings, Inc. (& Smart Holdings Corp.) (dba Datavant)	First lien senior secured revolving loan	8/2031	—	30,115	(75)
D4C Dental Brands, Inc.	First lien senior secured revolving loan	11/2029	—	11,346	(113)
DCG ACQUISITION CORP. (dba DuBois Chemical)	First lien senior secured revolving loan	6/2031	—	15,899	(79)
Denali BuyerCo, LLC (dba Summit Companies)	First lien senior secured revolving loan	9/2027	—	9,963	—
Diamond Mezzanine 24 LLC (dba United Risk)*	First lien senior secured revolving loan	10/2030	6,175	—	—
Disco Parent, Inc. (dba Duck Creek Technologies, Inc.)	First lien senior secured revolving loan	3/2029	—	91	(1)
Dresser Utility Solutions, LLC	First lien senior secured revolving loan	3/2029	—	10,552	(26)
DuraServ LLC	First lien senior secured revolving loan	6/2030	—	24,256	(121)
Eagle Family Foods Group LLC	First lien senior secured revolving loan	8/2030	—	20,344	(102)
EET Buyer, Inc. (dba e-Emphasys)	First lien senior secured revolving loan	11/2027	—	3,387	—
Entrata, Inc.	First lien senior secured revolving loan	7/2028	—	513	—
Essential Services Holding Corporation (dba Turnpoint)	First lien senior secured revolving loan	6/2030	—	4,357	(44)
Evolution BuyerCo, Inc. (dba SIAA)	First lien senior secured revolving loan	4/2027	—	676	—
Fiesta Purchaser, Inc. (dba Shearer's Foods)	First lien senior secured revolving loan	2/2029	—	16,615	(3)
Finastra USA, Inc.	First lien senior secured revolving loan	9/2029	10,631	6,461	—
Forescout Technologies, Inc.	First lien senior secured revolving loan	5/2030	—	1,320	(7)
Formerra, LLC	First lien senior secured revolving loan	11/2028	—	526	(7)
Fortis Solutions Group, LLC	First lien senior secured revolving loan	10/2027	2,361	4,385	—
FR Flow Control CB LLC (dba Trillium Flow Technologies)	First lien senior secured revolving loan	12/2029	—	23,160	(174)
Fullsteam Operations, LLC	First lien senior secured revolving loan	11/2029	—	500	—
Galls, LLC	First lien senior secured revolving loan	3/2030	—	15,697	—
Galway Borrower LLC	First lien senior secured revolving loan	9/2028	524	5,742	—
Gaylord Chemical Company, L.L.C.	First lien senior secured revolving loan	12/2027	2,066	1,907	—
Gerson Lehrman Group, Inc.	First lien senior secured revolving loan	12/2027	—	8,404	(21)

Blue Owl Credit Income Corp.

Consolidated Schedules of Investments - Continued

As of December 31, 2024

(Amounts in thousands, except share amounts)


Portfolio Company	Commitment Type	Commitment Expiration Date	Funded Commitment	Unfunded
				Commitment	Fair Value(34)
GI Apple Midco LLC (dba Atlas Technical Consultants)	First lien senior secured revolving loan	4/2029	4,274	6,807	—
GI Ranger Intermediate, LLC (dba Rectangle Health)	First lien senior secured revolving loan	10/2027	195	1,478	—
Granicus, Inc.	First lien senior secured revolving loan	1/2031	—	4,633	—
GS Acquisitionco, Inc. (dba insightsoftware)	First lien senior secured revolving loan	5/2028	—	247	(2)
Hercules Borrower, LLC (dba The Vincit Group)	First lien senior secured revolving loan	12/2026	—	96	—
Hissho Parent, LLC	First lien senior secured revolving loan	5/2029	—	11,009	—
Home Service TopCo IV, Inc.	First lien senior secured revolving loan	12/2027	—	3,359	—
Hyland Software, Inc.	First lien senior secured revolving loan	9/2029	—	6,978	—
Icefall Parent, Inc. (dba EngageSmart)	First lien senior secured revolving loan	1/2030	—	2,749	—
Ideal Image Development, LLC	First lien senior secured revolving loan	2/2029	732	183	—
Ideal Image Development, LLC*	First lien senior secured revolving loan	2/2029	33	—	—
Ideal Tridon Holdings, Inc.	First lien senior secured revolving loan	4/2028	—	8,630	—
IG Investments Holdings, LLC (dba Insight Global)	First lien senior secured revolving loan	9/2028	—	4,866	—
Indigo Buyer, Inc. (dba Inovar Packaging Group)	First lien senior secured revolving loan	5/2028	—	12,700	—
Indikami Bidco, LLC (dba IntegriChain)	First lien senior secured revolving loan	6/2030	1,689	3,003	—
Integrated Specialty Coverages, LLC	First lien senior secured revolving loan	7/2029	—	5,934	—
Integrity Marketing Acquisition, LLC	First lien senior secured revolving loan	8/2028	—	17,886	—
Intelerad Medical Systems Incorporated (fka 11849573 Canada Inc.)*	First lien senior secured revolving loan	8/2026	2,049	—	—
Interoperability Bidco, Inc. (dba Lyniate)	First lien senior secured revolving loan	3/2028	313	5,705	—
IRI Group Holdings, Inc. (f/k/a Circana Group, L.P. (f/k/a The NPD Group, L.P.))	First lien senior secured revolving loan	12/2027	2,517	11,750	—
JS Parent, Inc. (dba Jama Software)	First lien senior secured revolving loan	4/2031	—	88	—
KABAFUSION Parent, LLC	First lien senior secured revolving loan	11/2031	—	8,903	(89)
Kaseya Inc.	First lien senior secured revolving loan	6/2029	1,097	3,256	—
KENE Acquisition, Inc. (dba Entrust Solutions Group)	First lien senior secured revolving loan	2/2031	—	2,242	(28)
KRIV Acquisition Inc. (dba Riveron)	First lien senior secured revolving loan	7/2029	—	10,944	—
KWOL Acquisition Inc. (dba Worldwide Clinical Trials)	First lien senior secured revolving loan	12/2029	—	23,568	—
KWOR Acquisition, Inc. (dba Alacrity Solutions)*	First lien senior secured revolving loan	12/2027	3,415	—	—
Lakefield Acquisition Corp. (dba Lakefield Veterinary Group)	First lien senior secured revolving loan	9/2029	—	8,600	(43)
Lightbeam Bidco, Inc. (dba Lazer Spot)	First lien senior secured revolving loan	5/2029	—	11,685	—
Lignetics Investment Corp.	First lien senior secured revolving loan	11/2026	8,412	3,059	—
Litera Bidco LLC	First lien senior secured revolving loan	5/2028	—	2,266	(6)
Magnet Forensics, LLC (f/k/a Grayshift, LLC)	First lien senior secured revolving loan	7/2028	—	2,419	—
ManTech International Corporation	First lien senior secured revolving loan	9/2028	—	1,806	—
Maple Acquisition, LLC (dba Medicus)	First lien senior secured revolving loan	5/2030	—	15,336	—
Mario Purchaser, LLC (dba Len the Plumber)	First lien senior secured revolving loan	4/2028	2,411	5,627	—
MHE Intermediate Holdings, LLC (dba OnPoint Group)	First lien senior secured revolving loan	7/2027	714	2,857	—
Milan Laser Holdings LLC	First lien senior secured revolving loan	4/2026	—	2,553	—
Ministry Brands Holdings, LLC	First lien senior secured revolving loan	12/2027	—	4,746	(36)
Minotaur Acquisition, Inc. (dba Inspira Financial)	First lien senior secured revolving loan	6/2030	—	25,814	(129)
Mitnick Corporate Purchaser, Inc.	First lien senior secured revolving loan	5/2027	1,700	7,675	—
Monotype Imaging Holdings Inc.	First lien senior secured revolving loan	2/2030	—	21,041	(53)
Natural Partners, LLC	First lien senior secured revolving loan	11/2027	—	11,814	(59)
NELIPAK EUROPEAN HOLDINGS COÖPERATIEF U.A.	First lien senior secured EUR revolving loan	3/2031	1,367	2,803	—
Nelipak Holding Company	First lien senior secured revolving loan	3/2031	3,695	5,102	—

Blue Owl Credit Income Corp.

Consolidated Schedules of Investments - Continued

As of December 31, 2024

(Amounts in thousands, except share amounts)


Portfolio Company	Commitment Type	Commitment Expiration Date	Funded Commitment	Unfunded
				Commitment	Fair Value(34)
Neptune Holdings, Inc. (dba NexTech)	First lien senior secured revolving loan	8/2029	—	4,118	—
NMI Acquisitionco, Inc. (dba Network Merchants)	First lien senior secured revolving loan	9/2028	—	558	—
Notorious Topco, LLC (dba Beauty Industry Group)	First lien senior secured revolving loan	5/2027	—	5,282	(581)
OAC Holdings I Corp. (dba Omega Holdings)	First lien senior secured revolving loan	3/2028	—	2,572	(19)
OB Hospitalist Group, Inc.	First lien senior secured revolving loan	9/2027	—	7,993	(20)
Ole Smoky Distillery, LLC	First lien senior secured revolving loan	3/2028	—	3,302	(25)
OneOncology, LLC	First lien senior secured revolving loan	6/2029	—	14,269	—
Oranje Holdco, Inc. (dba KnowBe4)	First lien senior secured revolving loan	2/2029	—	10,148	—
Paris US Holdco, Inc. (dba Precinmac)	First lien senior secured revolving loan	12/2031	—	9,032	(90)
Park Place Technologies, LLC	First lien senior secured revolving loan	3/2030	2,900	7,217	—
Patriot Acquisition TopCo S.A.R.L (dba Corza Health, Inc.)	First lien senior secured revolving loan	1/2028	—	88	—
PDI TA Holdings, Inc.	First lien senior secured revolving loan	2/2031	—	6,560	(66)
Peter C. Foy & Associates Insurance Services, LLC (dba PCF Insurance Services)	First lien senior secured revolving loan	11/2027	—	2,570	—
PetVet Care Centers, LLC	First lien senior secured revolving loan	11/2029	—	33,258	(1,413)
Phantom Purchaser, Inc.	First lien senior secured revolving loan	9/2031	—	11,437	(86)
Ping Identity Holding Corp.	First lien senior secured revolving loan	10/2028	—	6,597	—
Plasma Buyer LLC (dba PathGroup)	First lien senior secured revolving loan	5/2028	6,853	5,384	—
PPV Intermediate Holdings, LLC	First lien senior secured revolving loan	8/2029	—	11,854	—
Premise Health Holding Corp.	First lien senior secured revolving loan	2/2030	—	8,191	(20)
Pye-Barker Fire & Safety, LLC	First lien senior secured revolving loan	5/2030	4,213	29,489	—
QAD, Inc.	First lien senior secured revolving loan	11/2027	—	6,000	(15)
Quva Pharma, Inc.	First lien senior secured revolving loan	4/2026	382	73	—
Relativity ODA LLC	First lien senior secured revolving loan	5/2029	—	2,797	(7)
Rhea Parent, Inc.	First lien senior secured revolving loan	12/2030	—	43,315	(433)
RL Datix Holdings (USA), Inc.	First lien senior secured revolving loan	10/2030	1,650	11,403	—
SailPoint Technologies Holdings, Inc.	First lien senior secured revolving loan	8/2028	—	5,718	—
Salinger Bidco Inc. (dba Surgical Information Systems)	First lien senior secured revolving loan	5/2031	—	5,742	(14)
Securonix, Inc.	First lien senior secured revolving loan	4/2028	120	5,219	—
Sensor Technology Topco, Inc. (dba Humanetics)	First lien senior secured revolving loan	5/2028	13,312	7,249	—
Severin Acquisition, LLC (dba PowerSchool)	First lien senior secured revolving loan	10/2031	—	16,326	(163)
Simplicity Financial Marketing Group Holdings, Inc.	First lien senior secured revolving loan	12/2031	—	20,119	(201)
Smarsh Inc.	First lien senior secured revolving loan	2/2029	332	498	—
Soliant Lower Intermediate, LLC (dba Soliant)	First lien senior secured revolving loan	6/2031	—	15,556	(156)
Sonny's Enterprises, LLC	First lien senior secured revolving loan	8/2027	6,475	19,426	—
Southern Air & Heat Holdings, LLC	First lien senior secured revolving loan	10/2027	62	220	—
Spaceship Purchaser, Inc. (dba Squarespace)	First lien senior secured revolving loan	10/2031	—	14,965	(75)
Spotless Brands, LLC	First lien senior secured revolving loan	7/2028	—	2,244	(6)
STS PARENT, LLC (dba STS Aviation Group)	First lien senior secured revolving loan	10/2030	6,947	8,073	—
SWK BUYER, Inc. (dba Stonewall Kitchen)	First lien senior secured revolving loan	3/2029	—	5,579	(167)
Tamarack Intermediate, L.L.C. (dba Verisk 3E)	First lien senior secured revolving loan	3/2028	—	5,336	(27)
TBRS, Inc. (dba TEAM Technologies)	First lien senior secured revolving loan	11/2030	1,255	19,662	—
TC Holdings, LLC (dba TrialCard)	First lien senior secured revolving loan	4/2027	—	16,473	—
Tempo Buyer Corp. (dba Global Claims Services)	First lien senior secured revolving loan	8/2027	—	5,159	—
The Shade Store, LLC	First lien senior secured revolving loan	10/2028	2,592	8,209	—
THG Acquisition, LLC (dba Hilb)	First lien senior secured revolving loan	10/2031	769	9,589	—
Thunder Purchaser, Inc. (dba Vector Solutions)	First lien senior secured revolving loan	6/2027	—	1,021	—
Troon Golf, L.L.C.	First lien senior secured revolving loan	8/2028	—	27,449	—
Truist Insurance Holdings, LLC	First lien senior secured revolving loan	5/2029	—	7,019	—

Blue Owl Credit Income Corp.

Consolidated Schedules of Investments - Continued

As of December 31, 2024

(Amounts in thousands, except share amounts)


Portfolio Company	Commitment Type	Commitment Expiration Date	Funded Commitment		Unfunded
					Commitment		Fair Value(34)
Unified Women's Healthcare, LP	First lien senior secured revolving loan	6/2029	—		8,120		—
USIC Holdings, Inc.	First lien senior secured revolving loan	9/2031	1,104		3,725		—
USRP Holdings, Inc. (dba U.S. Retirement and Benefits Partners)	First lien senior secured revolving loan	12/2029	—		4,975		—
Velocity HoldCo III Inc. (dba VelocityEHS)	First lien senior secured revolving loan	4/2026	—		142		—
Vessco Midco Holdings, LLC	First lien senior secured revolving loan	7/2031	—		7,962		(40)
Vital Bidco AB (dba Vitamin Well)	First lien senior secured revolving loan	10/2030	12,908		40,004		—
Walker Edison Furniture Company LLC*	First lien senior secured revolving loan	3/2027	1,333		—		—
When I Work, Inc.	First lien senior secured revolving loan	11/2027	—		4,164		(146)
Zendesk, Inc.	First lien senior secured revolving loan	11/2028	—		14,587		—
Non-controlled/affiliated - revolving debt commitments
Pluralsight, LLC	First lien senior secured revolving loan	8/2029	—		198		—


Controlled/affiliated - equity commitments
AAM Series 1.1 Rail and Domestic Intermodal Feeder, LLC	LLC Interest	N/A	26,763		59,032		—
AAM Series 2.1 Aviation Feeder, LLC	LLC Interest	N/A	25,601		27,444		—
LSI Financing LLC	Common Equity	N/A	288,704		5,738		—
Total Portfolio Company Commitments			$	917,516	$	3,192,745	$	(9,837)

*Fully Funded

(19)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.

(20)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”.

(21)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.

(22)Level 2 Investment.

(23)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, 2024, non-qualifying assets represented 13.2% of total assets as calculated in accordance with the regulatory requirements.

(24)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, 2024, the aggregate fair value of these securities is $1.51 billion, or 10.4% of the Company’s net assets. The acquisition dates of the restricted securities are as follows:

Portfolio Company

Investment

Acquisition Date

AAM Series 1.1 Rail and Domestic Intermodal Feeder, LLC**

LLC Interest

July 1, 2022

AAM Series 2.1 Aviation Feeder, LLC**

LLC Interest

July 1, 2022

Accelerate Topco Holdings, LLC

Common Units

September 1, 2022

Amergin Asset Management, LLC

Class A Units

July 1, 2022

ASP Conair Holdings LP

Class A Units

May 17, 2021

AlphaSense, LLC

Series E Preferred Shares

June 27, 2024

BCTO WIW Holdings, Inc. (dba When I Work)

Class A Common Stock

November 2, 2021

BEHP Co-Investor II, L.P.

LP Interest

May 6, 2022

Blue Owl Credit SLF LLC*

LLC Interest

May 6, 2024

Brooklyn Lender Co-Invest 2, L.P. (dba Boomi)

Common Units

October 1, 2021

CD&R Value Building Partners I, L.P. (dba Belron)

LP Interest

December 2, 2021

Denali Holding, LP (dba Summit Companies)

Class A Units

September 14, 2021

Dodge Construction Network Holdings, L.P.

Class A-2 Common Units

February 23, 2022

Dodge Construction Network Holdings, L.P.

Series A Preferred Units

February 23, 2022

Elliott Alto Co-Investor Aggregator L.P.

LP Interest

September 28, 2022

Blue Owl Credit Income Corp.

Consolidated Schedules of Investments - Continued

As of December 31, 2024

(Amounts in thousands, except share amounts)

Portfolio Company

Investment

Acquisition Date

Evolution Parent, LP (dba SIAA)

LP Interest

April 30, 2021

Fifth Season Investments LLC**

Class A Units

October 17, 2022

Gloves Holdings, LP (dba Protective Industrial Products)

LP Interest

December 28, 2020

GrowthCurve Capital Sunrise Co-Invest LP (dba Brightway)

LP Interest

December 16, 2021

Hercules Buyer, LLC (dba The Vincit Group)

Common Units

December 15, 2020

Hissho Sushi Holdings, LLC

Class A Units

May 17, 2022

Hockey Parent Holdings, L.P.

Class A Units

September 14, 2023

Ideal Topco, L.P.

Class A-1 Preferred Units

February 20, 2024

Ideal Topco, L.P.

Class A-2 Common Units

February 20, 2024

Insight CP (Blocker) Holdings, L.P. (dba CivicPlus, LLC)

LP Interest

June 8, 2022

Knockout Intermediate Holdings I Inc. (dba Kaseya Inc.)

Perpetual Preferred Stock

June 22, 2022

KOBHG Holdings, L.P. (dba OB Hospitalist)

Class A Interests

September 27, 2021

KPCI Holdings, L.P.

Class A Units

November 25, 2020

KWOL Acquisition Inc. (dba Worldwide Clinical Trials)

Class A Interest

December 12, 2023

LSI Financing 1 DAC**

Preferred equity

December 14, 2022

LSI Financing LLC**

Common Equity

November 25, 2024

Maia Aggregator, LP

Class A-2 Units

February 1, 2022

Bird Holding B.V. (fka MessageBird Holding B.V.)

Extended Series C Warrants

May 5, 2021

Metis HoldCo, Inc. (dba Mavis Tire Express Services)

Series A Convertible Preferred Stock

May 3, 2021

Minerva Holdco, Inc.

Series A Preferred Stock

February 14, 2022

Orange Blossom Parent, Inc.

Common Equity

July 29, 2022

OCIC SLF LLC (fka Blue Owl Credit Income Senior Loan Fund LLC)*

LLC Interest

November 2, 2022

Patriot Holdings SCSp (dba Corza Health, Inc.)

Class A Units

January 29, 2021

Patriot Holdings SCSp (dba Corza Health, Inc.)

Class B Units

January 29, 2021

PCF Holdco, LLC (dba PCF Insurance Services)

Series A Preferred Units

February 16, 2023

PCF Holdco, LLC (dba PCF Insurance Services)

Class A Units

November 1, 2021

PCF Holdco, LLC (dba PCF Insurance Services)

Class A Unit Warrants

February 16, 2023

Paradigmatic Holdco LLC (dba Pluralsight)

Common stock

August 22, 2024

Project Alpine Co-Invest Fund, LP

LP Interest

June 13, 2022

Project Hotel California Co-Invest Fund, L.P.

LP Interest

August 9, 2022

Rhea Acquisition Holdings, LP

Series A-2 Units

February 18, 2022

Romulus Intermediate Holdings 1 Inc. (dba PetVet Care Centers)

Series A Preferred Stock

November 15, 2023

Sunshine Software Holdings, Inc. (dba Cornerstone OnDemand, Inc.)

Series A Preferred Stock

October 14, 2021

Thunder Topco L.P. (dba Vector Solutions)

Common Units

June 30, 2021

Vestwell Holdings, Inc.

Series D Preferred Stock

December 20, 2023

Walker Edison Holdco LLC

Common Equity

March 1, 2023

WMC Bidco, Inc. (dba West Monroe)

Senior Preferred Stock

November 9, 2021

WP Irving Co-Invest, L.P.

Partnership Units

May 18, 2022

XOMA Corporation

Warrants

December 15, 2023

Zoro TopCo, L.P.

Class A Common Units

November 22, 2022

Zoro TopCo, Inc.

Series A Preferred Stock

November 22, 2022

* Refer to Note 4 “Investments - OCIC SLF LLC” and “Investments - Blue Owl Credit SLF LLC”, for further information.

** Refer to Note 3 “Agreements and Related Party Transactions - Controlled/Affiliated Portfolio Companies”.

(25)As of December 31, 2024, the net estimated unrealized gain on investments for U.S. federal income tax purposes was $52.6 million based on a tax cost basis of $26.3 billion. As of December 31, 2024, the estimated aggregate gross unrealized loss for U.S. federal income tax purposes was $182.9 million. As of December 31, 2024, the estimated aggregate gross unrealized gain for U.S. federal income tax purposes was $235.5 million.

Blue Owl Credit Income Corp.

Consolidated Schedules of Investments - Continued

As of December 31, 2024

(Amounts in thousands, except share amounts)

(26)Investment is non-income producing.

(27)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”).

(28)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.

(29)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”.

(30)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 (“non-controlled affiliate”). Transactions related to investments in non-controlled affiliates for the period ended December 31, 2024 were as follows:


Company	Fair 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 December 31, 2024		Dividend Income		Interest and PIK Income		Other Income
LSI Financing 1 DAC	$	78,406	$	22,288	$	(100,694)	$	(6,093)	$	10,864	$	4,771	$	486	$	74	$	—
Pluralsight, LLC	—		3,477		—		—		—		3,477		—		96		—
Total	$	78,406	$	25,765	$	(100,694)	$	(6,093)	$	10,864	$	8,248	$	486	$	170	$	—

________

(31)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 investments in controlled affiliates for the period ended December 31, 2024 were as follows:

Blue Owl Credit Income Corp.

Consolidated Schedules of Investments - Continued

As of December 31, 2024

(Amounts in thousands, except share amounts)


Company	Fair 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 December 31, 2024		Dividend Income		Interest and PIK Income		Other Income
AAM Series 2.1 Aviation Feeder, LLC(c)	$	78,476	$	50,774	$	(57,983)	$	6,413	$	—	$	77,680	$	—	$	4,970	$	—
AAM Series 1.1 Rail and Domestic Intermodal Feeder, LLC(c)	64,839		10,236		(3,475)		3,512		—		75,112		—		5,035		—
Blue Owl Credit SLF LLC	—		11,781		(7,510)		23		—		4,294		80		—		—
Fifth Season Investments LLC	156,794		115,658		(70,093)		20,915		—		223,274		23,832		—		—
LSI Financing LLC	—		397,270		(108,567)		5,072		—		293,775		1,511		—		—
OCIC SLF LLC (fka Blue Owl Credit Income Senior Loan Fund LLC)	273,441		53,375		—		(15,207)		—		311,609		53,039		—		—
Total	$	573,550	$	639,094	$	(247,628)	$	20,728	$	—	$	985,744	$	78,462	$	10,005	$	—

________

(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.

(32)Investment was on non-accrual status as of December 31, 2024.

(33)Investment measured at net asset value (“NAV”).

(34)The negative cost and fair value results from unamortized fees, which are capitalized to the investment cost of unfunded commitments.

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

Blue Owl Credit Income Corp.

Consolidated Statements of Changes in Net Assets

(Amounts in thousands)

(Unaudited)


	For the Three Months Ended March 31,
	2025		2024
Increase (Decrease) in Net Assets Resulting from Operations
Net investment income (loss)	$	368,726	$	274,126
Net change in unrealized gain (loss)	(53,113)		1,615
Net realized gain (loss) on investments	(63,880)		(3,371)
Net Increase (Decrease) in Net Assets Resulting from Operations	251,733		272,370
Distributions
Class S	(123,867)		(79,823)
Class D	(13,060)		(9,957)
Class I	(254,534)		(153,736)
Net Decrease in Net Assets Resulting from Shareholders’ Distributions	(391,461)		(243,516)
Capital Share Transactions
Class S:
Issuance of shares of common stock	541,138		437,596
Share transfers between classes(1)	(22,590)		(687)
Repurchase of common shares	(53,498)		(33,826)
Reinvestment of shareholders’ distributions	55,580		32,710
Net Increase (Decrease) in Net Assets Resulting from Capital Share Transactions - Class S	520,630		435,793
Class D:
Issuance of shares of common stock	56,677		34,691
Share transfers between classes(1)	24		(338,702)
Repurchase of common shares	(1,912)		(26,354)
Reinvestment of shareholders’ distributions	4,069		5,238
Net Increase (Decrease) in Net Assets Resulting from Capital Share Transactions - Class D	58,858		(325,127)
Class I:
Issuance of shares of common stock	1,328,427		827,014
Share transfers between classes(1)	22,566		339,389
Repurchase of common shares	(148,539)		(81,994)
Reinvestment of shareholders’ distributions	105,776		61,289
Net Increase (Decrease) in Net Assets Resulting from Capital Share Transactions - Class I	1,308,230		1,145,698
Total Increase (Decrease) in Net Assets	1,747,990		1,285,218
Net Assets, at beginning of period	14,521,602		8,892,546
Net Assets, at end of period	$	16,269,592	$	10,177,764

(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.

Blue Owl Credit Income Corp.

Consolidated Statements of Cash Flows

(Amounts in thousands)

(Unaudited)


	For the Three Months Ended March 31,
	2025		2024
Cash Flows from Operating Activities
Net Increase (Decrease) in Net Assets Resulting from Operations	$	251,733	$	272,370
Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash used in operating activities:
Purchases of investments, net	(4,198,054)		(3,044,601)
Proceeds from investments and investment repayments, net	1,082,081		775,095
Net change in unrealized (gain) loss on investments	60,810		(1,898)
Net change in unrealized gain (loss) on interest rate swap attributed to unsecured notes	65,497		(27,128)
Net change in unrealized (gain) loss on translation of assets and liabilities in foreign currencies	(7,528)		291
Net change in unrealized (gain) loss on Income tax (provision) benefit	(169)		(8)
Net realized (gain) loss on investments	57,865		3,447
Net realized (gain) loss on foreign currency transactions relating to investments	5,873		(76)
Net realized (gain) loss on foreign currency transactions relating to debt	43		—
Paid-in-kind interest and dividends	(35,250)		(40,769)
Net amortization/accretion of premium/discount on investments	(27,902)		(22,178)
Amortization of debt issuance costs	11,038		6,281
Amortization of offering costs	1,962		1,251
Changes in operating assets and liabilities:
(Increase) decrease in interest receivable	(28,617)		(23,293)
(Increase) decrease in receivable from controlled affiliates	6,499		(2,678)
(Increase) decrease in receivable for investments sold	368,602		20,619

(Increase) decrease in prepaid expenses and other assets	(56,515)		(1,897)
Increase (decrease) in payable for investments purchased	766,430		137,293
Increase (decrease) in payables to affiliates	979		6,512

Increase (decrease) in accrued expenses and other liabilities	(160,587)		33,152
Net cash used in operating activities	(1,835,210)		(1,908,215)
Cash Flows from Financing Activities
Borrowings on debt	3,910,000		4,176,729
Repayments of debt	(4,066,000)		(3,048,000)
Deferred offering costs paid	(342)		—
Debt issuance costs paid	(6,064)		(27,281)
Repurchase of common stock	(193,197)		(113,988)
Proceeds from issuance of common shares	1,926,242		1,299,301
Distributions paid to shareholders	(206,101)		(130,954)
Net cash provided by financing activities	1,364,538		2,155,807
Net increase (decrease) in cash and restricted cash, including foreign cash (restricted cash of $(92,127) and $71,589, respectively)	(470,672)		247,592
Cash and restricted cash, including foreign cash, beginning of period (restricted cash of $182,030 and $40,872, respectively)	1,006,483		415,384
Cash and restricted cash, including foreign cash, end of period (restricted cash of $89,903 and $112,461, respectively)	$	535,811	$	662,976

Supplemental and Non-Cash Information
Interest paid during the period	$	294,180	$	158,336
Distributions declared during the period	$	391,461	$	243,516
Reinvestment of distributions during the period	$	165,425	$	99,237
Taxes, including excise tax, paid during the period	$	10,010	$	11
Distributions payable	$	172,412	$	107,255

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

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 make investments with shorter or longer maturities from time to time. 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 target credit investments will typically have maturities between three and ten years and generally range in size between $20 million and $500 million, although the investment size will vary with the size of the Company’s capital base. 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 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.

Blue Owl Credit Advisors LLC (the “Adviser”) serves as the Company’s investment 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 includes several strategies, including direct lending, alternative credit, investment grade credit, liquid credit and other adjacent investment strategies. 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 product platforms: (1) Credit, (2) GP Strategic Capital, which primarily focuses on acquiring equity stakes in, or providing debt financing to, large, multi-product private equity and private credit firms and (3) Real Assets, which primarily focuses on the strategies of net lease real estate and real estate credit. 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 varying sales loads, asset-based servicing and/or 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, up to $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 its follow-on offering, pursuant to which it offered on a continuous basis, up to $13,500,000,000 in any combination of amount of shares of Class S, Class D and Class I common stock. On December 6, 2024, the Company commenced its current offering, pursuant to which it is offering on a continuous basis, up to $14,000,000,000 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.

Since meeting the minimum offering requirement and commencing its continuous public offering through March 31, 2025, the Company has issued 576,949,395 shares of Class S common stock, 95,922,186 shares of Class D common stock and 1,087,399,374 shares of Class I common stock, exclusive of any tender offers and shares issued pursuant to our distribution reinvestment plan, for gross proceeds of $5.45 billion, $0.89 billion and $10.22 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 98,021,996 shares

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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 $0.93 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.

Reclassifications

As a result of changes in presentations, certain prior year amounts have been reclassified to conform to the current presentation. These reclassifications had no effect on the reported results of operations.

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, LLC and AAM Series 2.1 Aviation Feeder, LLC (collectively, “Amergin AssetCo”), Fifth Season, LLC, Blue Owl Credit SLF LLC (“Credit SLF”), 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 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.

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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 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.

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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 credit 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

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, the majority of which is structured at initial underwriting. 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.

PIK interest and PIK dividend income consisted of the following for the periods:

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	For the Three Months Ended March 31,
($ in thousands)		2025			2024
PIK Interest Income		$	28,762		$	27,562
PIK Interest Income as a % of Investment Income		4.1		%	5.2		%
PIK Dividend Income		$	13,344		$	17,251
PIK Dividend Income as a % of Investment Income		1.9		%	3.3		%
Total PIK Income		$	42,106		$	44,813
Total PIK Income as a % of Investment Income		6.0		%	8.5		%

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.

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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, 2024. 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 basis. The per share amount of distributions for Class S, Class D, and Class I shares will differ because of different allocations of

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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.

Segment Reporting

In accordance with ASC Topic 280 – “Segment Reporting (ASC 280),” the Company has determined that it has a single operating and reporting segment. As a result, the Company’s segment accounting policies are the same as described herein and the Company does not have any intra-segment sales and transfers of assets.

The Company operates through a single operating and reporting segment with an investment objective to generate both current income, and to a lesser extent, capital appreciation through debt and equity investments. The chief operating decision maker (“CODM”) is comprised of the Company’s chief executive officer, president, and chief financial officer and chief operating officer and assesses the performance and makes operating decisions of the Company on a consolidated basis primarily based on the Company’s net increase in shareholder’s equity resulting from operations (“net income”). In addition to numerous other factors and metrics, the CODM utilizes net income as a key metric in determining the amount of dividends to be distributed to the Company’s stockholders. As the Company’s operations comprise of a single reporting segment, the segment assets are reflected on the accompanying consolidated balance sheet as “total assets” and the significant segment expenses are listed on the accompanying consolidated statement of operations.

New Accounting Pronouncements

In December 2023, the FASB issued ASU No. 2023-09, “Income Taxes (Topic 740),” which updates annual 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 annual financial statements.

In November 2024, the FASB issued ASU 2024-03, “Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 2200-40),” which requires disaggregated disclosure of certain costs and expenses, including purchases of inventory, employee compensation, depreciation, amortization and depletion, in each relevant expense caption. ASU 2024-03 is effective for fiscal years beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027. Early adoption and retrospective application is permitted. The Company is currently assessing the impact of this guidance, however, the Company does not expect a material impact on its 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 March 31, 2025, the Company had payables to affiliates of $74.4 million, comprised of $52.7 million of accrued performance based incentive fees, $16.0 million of management fees, and $5.7 million of costs and expenses reimbursable to the Adviser pursuant to the Administration Agreement. As of December 31, 2024, the Company had payables to affiliates of $73.4 million, comprised of $54.0 million of accrued performance based incentive fees, $14.6 million of management fees, and $4.8 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 Adviser performs, or oversees the performance of, required administrative services, which include providing office space, equipment

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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 5, 2025, 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 months ended March 31, 2025 and 2024 the Company incurred expenses of approximately $2.0 million, and $1.3 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 5, 2025, 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 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.

Blue Owl Credit Income Corp.

Notes to Consolidated Financial Statements - Continued

(Unaudited)

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 months ended March 31, 2025 and 2024 management fees were $46.4 million, net of $0.1 million in management fee waivers, and $28.5 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 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 months ended March 31, 2025 and 2024, the Company incurred performance based incentive fees on net investment income of $52.7 million and $39.1 million, respectively.

Blue Owl Credit Income Corp.

Notes to Consolidated Financial Statements - Continued

(Unaudited)

For the three months ended March 31, 2025, the Company did not incur performance based incentive fees based on capital gains. For the three months ended March 31, 2024, the Company recorded a reversal of previously recorded performance based incentive fees based on capital gains of $0.2 million, which was primarily related to a net change in unrealized depreciation on investments.

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 Financial Industry Regulatory Authority (“FINRA”) Conduct Rule 2310(a)(12) (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 months ended March 31, 2025, subject to the 1.5% organization and offering cost cap, the Company accrued approximately $0.1 million of offering expenses that are reimbursable to the Adviser.

For the three months ended March 31, 2024, subject to the 1.5% organization and offering cost cap, the Company accrued less than $0.1 million of initial organization and offering expenses that are reimbursable to the Adviser.

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, the Adviser and certain of their affiliates were granted an order for exemptive relief that permitted co-investing with affiliates of the Company subject to various approvals of the Board and other conditions. On May 6, 2025, the Company, the Adviser and certain of their affiliates were granted a new order for exemptive relief that superseded the prior order for exemptive relief (the “Order”) by the SEC for the Company to 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 such co-investments are done on the same terms and at the same time, as further detailed in the Order. The Order requires that a “required majority” (as defined in Section 57(o) of the 1940 Act) of the Board make certain findings (1) in most instances when the Company co-invests with its affiliates in an issuer where an affiliate of the Company has an existing investment in the issuer, and (2) if the Company disposes of an

Blue Owl Credit Income Corp.

Notes to Consolidated Financial Statements - Continued

(Unaudited)

asset acquired in a transaction under the Order unless the disposition is done on a pro rata basis. Pursuant to the Order, the Board will oversee the Company’s participation in the co-investment program. As required by the Order, the Company has adopted, and the Board has approved, policies and procedures reasonably designed to ensure compliance with the terms of the Order, and the Adviser and the Company’s Chief Compliance Officer will provide reporting to the Board.

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 includes several strategies, including direct lending, alternative credit, investment grade credit, liquid credit and other adjacent investment strategies. 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, 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.

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.

For the three months ended March 31, 2025, the Company accrued servicing fees with respect to Class D shares of $0.3 million. For the three months ended March 31, 2025, the Company accrued servicing fees with respect to Class S shares of $11.1 million.

For the three months ended March 31, 2024, the Company accrued servicing fees with respect to Class D shares of $0.2 million. For the three months ended March 31, 2024, the Company accrued servicing fees with respect to Class S shares of $7.2 million.

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

Blue Owl Credit Income Corp.

Notes to Consolidated Financial Statements - Continued

(Unaudited)

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 was 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 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

Blue Owl Credit Income Corp.

Notes to Consolidated Financial Statements - Continued

(Unaudited)

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 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, Fifth Season Investments LLC (“Fifth Season”), LSI Financing LLC (“LSI Financing LLC”), and Blue Owl Credit SLF LLC (“Credit SLF”). For further description of OCIC SLF and Credit SLF see “Note 4 Investments”.

The Company has also made investments in non-controlled, affiliated companies, including LSI Financing 1 DAC (“LSI Financing DAC”).

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 March 31, 2025, the Company’s commitment to Amergin AssetCo is $228.3 million, of which $124.0 million is equity and $104.3 million is debt. As of March 31, 2025, the fair value of the Company’s investment in Amergin AssetCo was $174.3 million. 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 March 31, 2025, the fair value of the Company’s investment in Fifth Season is $245.3 million. The Company does not consolidate its equity interest in Fifth Season.

LSI Financing DAC 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 DAC. As of March 31, 2025, the fair value of the Company’s investment in LSI Financing DAC is $4.7 million. The Company does not consolidate its equity interest in LSI Financing DAC.

LSI Financing LLC is a separately managed portfolio company formed to indirectly own royalty purchase agreements and loans in the life sciences space. The Adviser provides consulting services to a subsidiary of LSI Financing LLC in exchange for a fee. The Adviser has agreed to waive a portion of the management fee payable by the Company pursuant to the Investment Advisory Agreement equal to the Company’s pro rata amount of such consulting fee. On November 25, 2024, the Company made an initial equity commitment to LSI Financing LLC. As of March 31, 2025, the fair value of the Company’s investment in LSI Financing LLC

Blue Owl Credit Income Corp.

Notes to Consolidated Financial Statements - Continued

(Unaudited)

is $224.9 million and the Company’s total commitment is $220.8 million. The Company does not consolidate its equity interest in LSI Financing LLC.

Note 4. Investments

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


	March 31, 2025				December 31, 2024
($ in thousands)	Amortized Cost		Fair Value		Amortized Cost		Fair Value
First-lien senior secured debt investments(1)	$	26,774,518	$	26,699,852	$	23,703,828	$	23,665,142
Second-lien senior secured debt investments	806,343		766,222		802,519		767,392
Unsecured debt investments	453,036		457,391		447,930		440,633
Preferred equity investments(2)	438,367		436,093		367,924		364,672
Common equity investments(3)	706,478		803,269		742,386		825,152
Joint ventures(4)	320,310		297,582		319,078		315,903
Total Investments	$	29,499,052	$	29,460,409	$	26,383,665	$	26,378,894

(1)Includes debt investment in Amergin AssetCo.

(2)Includes equity investment in LSI Financing DAC.

(3)Includes equity investments in Amergin AssetCo, Fifth Season and LSI Financing LLC.

(4)Includes equity investments in OCIC SLF and Credit SLF. See below, within Note 4, for more information regarding OCIC SLF and Credit SLF.

Blue Owl Credit Income Corp.

Notes to Consolidated Financial Statements - Continued

(Unaudited)

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


	March 31, 2025		December 31, 2024
Advertising and media	1.5	%	1.8	%
Aerospace and defense	0.8		0.8
Asset based lending and fund finance(1)	1.1		1.1
Automotive services	0.6		0.7
Automotive aftermarket	0.1		0.1
Buildings and real estate	2.5		2.6
Business services	5.7		6.0
Chemicals	2.6		2.9
Consumer products	1.4		1.5
Containers and packaging	3.4		2.4
Distribution	2.2		2.3
Education	0.9		0.9
Energy equipment and services	0.3		0.3
Financial services	5.0		5.1
Food and beverage	5.9		6.3
Healthcare equipment and services	7.3		6.0
Healthcare providers and services	13.2		12.0
Healthcare technology	5.3		5.7
Household products	1.1		1.3
Human resource support services	0.7		0.8
Infrastructure and environmental services	1.4		1.5
Insurance(2)	9.7		9.4
Internet software and services	11.0		11.6
Joint ventures(3)	1.0		1.2
Leisure and entertainment	2.7		3.0
Manufacturing	3.7		3.5
Pharmaceuticals(4)	1.4		1.1
Professional services	4.2		4.6
Specialty retail	1.6		1.8
Telecommunications	1.1		1.1
Transportation	0.6		0.6
Total	100.0	%	100.0	%

(1)Includes investment in Amergin AssetCo.

(2)Includes equity investment in Fifth Season Investments LLC.

(3)Includes equity investments in OCIC SLF and Credit SLF. See below, within Note 4, for more information regarding OCIC SLF and Credit SLF.

(4)Includes equity investments in LSI Financing DAC and LSI Financing LLC.

Blue Owl Credit Income Corp.

Notes to Consolidated Financial Statements - Continued

(Unaudited)

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


	March 31, 2025		December 31, 2024
United States:
Midwest	19.5	%	20.6	%
Northeast	22.9		20.1
South	32.3		32.7
West	15.9		16.2
International	9.4		10.4
Total	100.0	%	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 Debt 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 Debt Facilities (the “OCIC SLF Debt 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 Debt 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 Debt 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.

Blue Owl Credit Income Corp.

Notes to Consolidated Financial Statements - Continued

(Unaudited)

The table below sets forth OCIC SLF’s consolidated financial data as of and for the following periods:


	As of
($ in thousands)	March 31, 2025		December 31, 2024
Consolidated Balance Sheet Data
Cash	$	68,791	$	85,850
Investments at fair value	$	1,647,569	$	1,647,003
Total Assets	$	1,759,492	$	1,761,468
Total Debt (net of unamortized debt issuance costs)	$	1,311,590	$	1,311,414
Total Liabilities	$	1,425,487	$	1,405,344
Total OCIC SLF Members' Equity	$	334,005	$	356,124


	For the Three Months Ended March 31,
($ in thousands)	2025		2024
Consolidated Statement of Operations Data

Investment income	$	34,149	$	31,768

Net operating expenses	21,958		19,738
Net investment income (loss)	$	12,191	$	12,030


Total net realized and unrealized gain (loss)	(23,351)		(2,845)
Net increase (decrease) in OCIC SLF Members' Equity resulting from operations	$	(11,160)	$	9,185

Blue Owl Credit SLF LLC

Blue Owl Credit SLF LLC (“Credit SLF”), a Delaware limited liability company, is a joint venture among the Company, Blue Owl Capital Corporation, Blue Owl Capital Corporation II, Blue Owl Technology Finance Corp., Blue Owl Technology Income Corp. and State Teachers Retirement System of Ohio (“OSTRS”) (each, a “Credit Member” and collectively, the “Credit Members”). Credit SLF has no Class B Members as of March 31, 2025. Credit SLF’s principal purpose is to make investments primarily in senior secured loans to middle market companies, broadly syndicated loans and in senior and subordinated notes issued by collateralized loan obligations. Credit SLF is managed by a board of directors comprised of an equal number of directors appointed by each Credit Member and which acts unanimously. Investment decisions must be approved by Credit SLF’s board. The Credit SLF Members coinvest through Credit SLF, or its wholly owned subsidiaries. Credit SLF’s date of inception was May 6, 2024 and Credit SLF made its first portfolio company investment on July 23, 2024.

The Company’s investment in Credit SLF is a co-investment made with its affiliates in accordance with the terms of the exemptive relief that it received from the SEC. Credit SLF’s investments at fair value are determined in accordance with FASB ASC 820, as amended; however, such fair value is not included in the Company's valuation process.

Other than for purposes of the 1940 Act, the Company does not believe it has control over this portfolio company. Accordingly, the Company does not consolidate its non-controlling interest in Credit SLF.

As of March 31, 2025, the capital commitment and economic ownership of each Credit SLF Member is as follows:


Members	Capital Commitment		Economic Ownership Interest
($ in thousands)
Blue Owl Capital Corporation	$	780,468	85.4	%
Blue Owl Capital Corporation II	500		0.1	%
Blue Owl Credit Income Corp.	11,250		1.2	%
Blue Owl Technology Finance Corp.	5,000		0.5	%
Blue Owl Technology Income Corp.	2,500		0.3	%
State Teachers Retirement System of Ohio	114,245		12.5	%
Total	$	913,963	100.0	%

Blue Owl Credit Income Corp.

Notes to Consolidated Financial Statements - Continued

(Unaudited)

The table below sets forth Credit SLF's consolidated financial data as of and for the following periods:


	As of
($ in thousands)	March 31, 2025		December 31, 2024
Consolidated Balance Sheet Data
Cash	$	231,574	$	17,354
Investments at fair value	$	1,542,540	$	1,164,473
Total Assets	$	1,793,067	$	1,196,367
Total Debt (net of unamortized debt issuance costs)	$	1,123,081	$	750,610
Total Liabilities	$	1,360,268	$	847,556
Total Credit SLF Members' Equity	$	432,799	$	348,811


	For the Three Months Ended March 31,
($ in thousands)	2025
Consolidated Statement of Operations Data

Investment income	$	23,696

Net operating expenses	13,659
Net investment income (loss)	$	10,037


Total net realized and unrealized gain (loss)	$	(16,103)
Net increase (decrease) in Credit SLF Members' Equity resulting from operations	$	(6,066)

The Company's proportional share of Credit SLF's generated distributions for the following period:


	For the Three Months Ended March 31,
($ in thousands)	2025
Dividend Income	$	123

Blue Owl Credit Income Corp.

Notes to Consolidated Financial Statements - Continued

(Unaudited)

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 218% and 209% as of March 31, 2025 and December 31, 2024, respectively.

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


	March 31, 2025
($ in thousands)	Aggregate Principal Committed		Outstanding Principal		Amount Available(1)		Unamortized Debt Issuance Costs (Premium)		Net Carrying Value
Revolving Credit Facility(2)(4)	$	3,300,000	$	1,411,214	$	1,834,225	$	(21,864)	$	1,389,350
SPV Asset Facility I	525,000		200,000		125,931		(5,261)		194,739
SPV Asset Facility II	1,500,000		1,050,000		37,067		(11,231)		1,038,769
SPV Asset Facility III(2)	1,500,000		888,331		23,457		(12,597)		875,734
SPV Asset Facility IV	500,000		330,000		46,178		(8,230)		321,770
SPV Asset Facility V	500,000		265,000		13,067		(4,700)		260,300
SPV Asset Facility VI	750,000		220,000		189,504		(8,043)		211,957
SPV Asset Facility VII(2)	500,000		246,385		111,453		(3,238)		243,147
SPV Asset Facility VIII	500,000		200,000		14,282		(3,007)		196,993
CLO VIII	290,000		290,000		—		(1,784)		288,216
CLO XI	260,000		260,000		—		(1,583)		258,417
CLO XII	260,000		260,000		—		(1,701)		258,299
CLO XV	312,000		312,000		—		(2,692)		309,308
CLO XVI	420,000		420,000		—		(2,610)		417,390
CLO XVII	325,000		325,000		—		(2,758)		322,242
CLO XVIII	260,000		260,000		—		(1,820)		258,180
CLO XIX	260,000		260,000		—		(1,889)		258,111
September 2026 Notes	350,000		350,000		—		(2,463)		347,537
February 2027 Notes	500,000		500,000		—		(2,958)		497,042
September 2027 Notes(3)	600,000		600,000		—		(4,728)		598,724
AUD 2027 Notes(2)(3)	295,750		295,750		—		(2,484)		275,834
June 2028 Notes(3)	650,000		650,000		—		(7,469)		650,594
January 2029 Notes(3)	550,000		550,000		—		(10,766)		545,879
September 2029 Notes(3)	900,000		900,000		—		(8,434)		909,906
March 2030 Notes(3)	1,000,000		1,000,000		—		(20,567)		955,157
March 2031 Notes(3)	750,000		750,000		—		(18,881)		732,122
Total Debt	$	17,557,750	$	12,793,680	$	2,395,164	$	(173,758)	$	12,615,717

(1)The amount available reflects any limitations related to each credit facility’s borrowing base.

(2)Includes unrealized gain (loss) on translation of borrowings denominated in foreign currencies.

(3)Net Carrying Value is inclusive of change in fair market value of effective hedge.

(4)The amount available is reduced by $54.6 million of outstanding letters of credit.

Blue Owl Credit Income Corp.

Notes to Consolidated Financial Statements - Continued

(Unaudited)


	December 31, 2024
($ in thousands)	Aggregate Principal Committed		Outstanding Principal		Amount Available(1)		Unamortized Debt Issuance Costs (Premium)		Net Carrying Value
Revolving Credit Facility(2)(4)	$	3,100,000	$	1,335,012	$	1,726,832	$	(22,497)	$	1,312,515
SPV Asset Facility I	525,000		300,000		8,771		(5,464)		294,536
SPV Asset Facility II	1,500,000		920,000		115,020		(12,119)		907,881
SPV Asset Facility III(2)	1,500,000		971,917		55,727		(13,370)		958,547
SPV Asset Facility IV	500,000		355,000		26,504		(3,302)		351,698
SPV Asset Facility V	500,000		250,000		18,217		(4,991)		245,009
SPV Asset Facility VI	750,000		350,000		62,964		(8,248)		341,752
SPV Asset Facility VII(2)	500,000		165,859		168,563		(3,461)		162,398
SPV Asset Facility VIII	500,000		200,000		1,500		(3,077)		196,923
CLO VIII	290,000		290,000		—		(1,900)		288,100
CLO XI	260,000		260,000		—		(1,692)		258,308
CLO XII	260,000		260,000		—		(1,808)		258,192
CLO XV	312,000		312,000		—		(2,802)		309,198
CLO XVI	420,000		420,000		—		(2,697)		417,303
CLO XVII	325,000		325,000		—		(2,879)		322,121
CLO XVIII	260,000		260,000		—		(1,891)		258,109
CLO XIX	260,000		260,000		—		(1,794)		258,206
March 2025 Notes	500,000		500,000		—		(484)		499,516
September 2026 Notes	350,000		350,000		—		(2,916)		347,084
February 2027 Notes	500,000		500,000		—		(3,350)		496,650
September 2027 Notes(3)	600,000		600,000		—		(5,182)		593,270
AUD 2027 Notes(2)(3)	295,468		295,468		—		(2,397)		271,957
June 2028 Notes(3)	650,000		650,000		—		(8,067)		642,519
January 2029 Notes(3)	550,000		550,000		—		(11,458)		538,086
September 2029 Notes(3)	500,000		500,000		—		(10,769)		492,523
March 2030 Notes(3)	1,000,000		1,000,000		—		(20,518)		941,037
March 2031 Notes(3)	750,000		750,000		—		(19,599)		718,384
Total Debt	$	17,457,468	$	12,930,256	$	2,184,098	$	(178,732)	$	12,681,822

(1)The amount available reflects any limitations related to each credit facility’s borrowing base.

(2)Includes unrealized gain (loss) on translation of borrowings denominated in foreign currencies.

(3)Net Carrying Value is inclusive of change in fair market value of effective hedge.

(4)The amount available is reduced by $38.2 million of outstanding letters of credit.

The below table represents the components of interest expense for the following periods:


	For the Three Months Ended March 31,
($ in thousands)	2025			2024
Interest expense	$	213,576		$	158,509
Amortization of debt issuance costs	11,038			6,281
Net change in unrealized (gain) loss on effective interest rate swaps and hedged items(1)	(8,054)			4,626
Total Interest Expense	$	216,560		$	169,416
Average interest rate	6.8		%	7.6		%
Average daily borrowings	$	12,499,494		$	8,255,253

(1)Refer to the September 2027, AUD 2027, June 2028, January 2029, September 2029, March 2030, and March 2031 Notes for details on the facilities’ interest rate swaps.

Blue Owl Credit Income Corp.

Notes to Consolidated Financial Statements - Continued

(Unaudited)

Credit Facilities

Revolving Credit Facility

On August 11, 2022, the Company entered into an Amended and Restated Senior Secured Revolving Credit Agreement (as amended from time to time, the “Revolving Credit Facility”). The parties to the 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 March 27, 2025, the Revolving Credit Facility was amended to extend the availability period and maturity date, increase the total facility amount and make various other changes. The following describes the terms of the Revolving Credit Facility as modified through March 27, 2025.

The Revolving Credit Facility is guaranteed by certain subsidiaries of ours in existence as of the Revolving Credit Facility Third Amendment Date, and will be guaranteed by certain subsidiaries of ours that are formed or acquired by us thereafter (each a “Guarantor” and collectively, the “Guarantors”). Proceeds of the Revolving Credit Facility may be used for general corporate purposes, including the funding of portfolio investments.

As of March 27, 2025, 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 $3.30 billion, which is comprised of (a) a term loan in a principal amount of $150.0 million (increased from $125.0 million to $150.0 million on the Revolving Credit Facility Third Amendment Date) 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 $3.15 billion (the revolving credit facility increased from $2.95 billion to $3.10 billion on March 6, 2025 and increased from $3.10 billion to $3.15 billion on March 27, 2025). 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 $4.60 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 March 27, 2025, the availability period under the Revolving Credit Facility will terminate on October 18, 2028 (the “Revolving Credit Facility Commitment Termination Date”). The Revolving Credit Facility will mature on October 18, 2029 (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. As of March 27, 2025, 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 1.875% per annum, or the alternative base rate plus margin of 0.875% 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. As of March 27, 2025, 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 1.875% per annum. Beginning on and after the Revolving Credit Facility Third Amendment Date, the Company will also pay a fee of 0.350% 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

Certain of the Company’s wholly owned subsidiaries are parties to credit facilities (the “SPV Asset Facilities”). Pursuant to the SPV Asset Facilities, from time to time the Company sells and contributes certain investments to these wholly owned subsidiaries pursuant to sale and contribution agreements by and between the Company 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 the Company. The Company retains a residual interest in assets contributed to or acquired to the wholly owned subsidiary through the Company’s 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 the Company’s debts. The SPV Asset Facilities contain customary

Blue Owl Credit Income Corp.

Notes to Consolidated Financial Statements - Continued

(Unaudited)

covenants, including certain limitations on the incurrence by the Company of additional indebtedness and on the Company’s ability to make distributions to its 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). Borrowings of the wholly owned subsidiaries under the SPV Asset Facilities are considered the Company’s borrowings for purposes of complying with the asset coverage requirements under the 1940 Act.

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”).

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.

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 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 August 9, 2024 (the “SPV Asset Facility II Eighth Amendment Date”).

The maximum principal amount of the SPV Asset Facility II is $1.50 billion (decreased from $1.80 billion to $1.50 billion on the SPV Asset Facility II Eighth Amendment Date); 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 until October 5, 2026 unless such period is extended or accelerated under the terms of the SPV Asset Facility II (the “SPV Asset Facility II 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 SPV Asset Facility II Revolving Period, on October 5, 2028 (the “SPV Asset Facility II 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 SPV Asset Facility II 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 the Company.

Blue Owl Credit Income Corp.

Notes to Consolidated Financial Statements - Continued

(Unaudited)

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 2.15% per annum, which spread will increase (a) on and after the end of the SPV Asset Facility II 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 “SPV Asset Facility II Applicable Margin”). Term SOFR may be replaced as a base rate under certain circumstances. During the SPV Asset Facility II 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 SPV Asset Facility II Revolving Period, if the undrawn commitments are in excess of a certain portion (initially 20.0% and increasing in stages to 35%, 50% and 70%) of the total commitments under the SPV Asset Facility II, Core Income Funding II will also pay a make-whole fee equal to the SPV Asset Facility II 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.

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, replace Alter Domus (US) as collateral custodian with State Street Bank and Trust Company and make various other changes. The following describes the terms of SPV Asset Facility III amended through July 30, 2024 (the “SPV Asset Facility III Second Amendment Date”).

The maximum principal amount of the SPV Asset Facility III is $1.50 billion (increased from $1.0 billion to $1.50 billion on the SPV Asset Facility III Second Amendment Date), 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 Second 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 July 30, 2029 (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 plus an adjustment of 0.30%, 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 Second Amendment Date, the “SPV Asset Facility III Applicable Margin” ranges from 1.60% 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, on the undrawn amount under the SPV Asset Facility III.

SPV Asset Facility IV

On March 16, 2022 (the “SPV Asset 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. On February 28, 2025, the parties to the SPV Asset Facility IV entered into Amendment No. 1 in order to replace Alter Domus (US) as collateral custodian with State

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Street Bank and Trust Company and make various other changes. The following describes the terms of SPV Asset Facility IV amended through February 28, 2025 (the “SPV Asset Facility IV First Amendment Date”).

The maximum principal amount of the SPV Asset 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 Asset Facility IV provides for the ability to (1) draw term loans and (2) draw and redraw revolving loans under the SPV Asset Facility IV until March 16, 2027, unless the revolving commitments are terminated or converted to term loans sooner as provided in the SPV Asset Facility IV (the “SPV Asset Facility IV Commitment Termination Date”). Unless otherwise terminated, the SPV Asset Facility IV will mature on March 16, 2035 (the “SPV Asset Facility IV Stated Maturity”). Prior to the SPV Asset 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 Asset 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 1.40% to 2.05% depending on a ratio of broadly syndicated loans to middle-market loans in the collateral. From the SPV Asset Facility IV Closing Date to the SPV Asset Facility IV Commitment Termination Date, there is a commitment fee payable at a rate of 0.50% per annum on the undrawn amount, if any, of the revolving commitments in the SPV Asset Facility IV during the commitment period.

SPV Asset Facility V

On March 9, 2023 (the “SPV Asset 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 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. On October 16, 2024, the parties to the SPV Asset Facility V entered into the Second Amendment to Loan and Security Agreement, in order to, among other changes, replace Alter Domus (US) LLC) as collateral custodian with State Street Bank and Trust Company The following describes the terms of SPV Asset Facility V as amended through October 16, 2024 (the “SPV Asset Facility V Second Amendment Date”).

The maximum principal amount of the SPV Asset Facility V is $500.0 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 Asset Facility V provides for the ability to borrow, reborrow, repay and prepay advances under the SPV Asset Facility V until October 15, 2027 unless such period is extended or accelerated under the terms of the SPV Asset Facility V (the “SPV Asset Facility V Reinvestment Period”). Unless otherwise extended, accelerated or terminated under the terms of the SPV Asset Facility V, the SPV Asset Facility V will mature on October 16, 2029 (the “SPV Asset Facility V Maturity Date”). Prior to the SPV Asset 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 Asset 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 weighted average spread equal to 1.60% per annum for the portion of the assets constituting broadly syndicated loans and 2.05% for the portion of the assets not constituting broadly syndicated loans, 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 Asset Facility V Termination Date (such spread, the “SPV Asset Facility V Applicable Spread”). Daily Simple SOFR may be replaced as a base rate under certain circumstances. During the SPV Asset Facility V Reinvestment Period, Core Income Funding V will pay an undrawn fee of 0.50% per annum on the undrawn amount, if any, of the revolving commitments in the SPV Asset Facility V that are not subject to the separate, higher fee described below. On and after the SPV Asset Facility V Second Amendment Date and during the SPV Asset 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 Asset 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 1.25% multiplied by such excess undrawn commitment amount over 50% or 30% of the total commitments, as applicable.

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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”). 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. On November 12, 2024, the parties to the SPV Asset Facility VI entered into Amendment No. 2 to Credit Agreement, in order to, among other changes, replace Alter Domus (US) LLC as collateral custodian with State Street Bank and Trust Company. The following describes the terms of SPV Asset Facility VI as amended through November 12, 2024 (the “SPV Asset Facility V Second Amendment Date”).

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 until August 29, 2026 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, 2033 (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 1.50% to 2.15% 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.

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. The following describes the terms of SPV Asset Facility VII as amended through October 18, 2024 (the “SPV Asset Facility VII First Amendment Date”).

The maximum principal amount of the SPV Asset Facility VII is $500.0 million (increased from $300.0 million to $500.0 million on the SPV Asset Facility VII First Amendment Date”), 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 until May 21, 2027 (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 on May 21, 2029 (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.

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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 2.10%, 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.

SPV Asset Facility VIII

On December 17, 2024 (the “SPV Asset Facility VIII Closing Date”), Core Income Funding VIII LLC (“Core Income Funding VIII”), a Delaware limited liability company and newly formed subsidiary of the Company, entered into a Credit Agreement (the “SPV Asset Facility VIII”), with Core Income Funding VIII LLC, as Borrower, the lenders from time to time parties thereto (the “SPV Asset Facility VIII Lenders”), Natixis, New York Branch, as Facility Agent, and State Street Bank and Trust Company as Collateral Agent, Collateral Administrator, Custodian and Document Custodian.

The maximum principal amount of the SPV Asset Facility VIII 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 VIII’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 VIII provides for the ability to (1) draw term loans and (2) draw and redraw revolving loans under the SPV Asset Facility VIII for a period of up to three years after the SPV Asset Facility VIII Closing Date unless the revolving commitments are terminated or converted to term loans sooner as provided in the SPV Asset Facility VIII (the “SPV Asset Facility VIII Commitment Termination Date”). Unless otherwise terminated, the SPV Asset Facility VIII will mature on December 17, 2035 (the “SPV Asset Facility VIII Stated Maturity”). Prior to the SPV Asset Facility VIII Stated Maturity, proceeds received by Core Income Funding VIII 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 VIII Stated Maturity, Core Income Funding VIII 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, their cost of funds) plus an applicable margin of (x) with respect to the Class A-R Loans and the Class A-T Loans, 1.75%, (y) with respect to the Class A-D1 Loans, 1.65% and (z) with respect to the Class A-D2 Loans, 1.93%. From the SPV Asset Facility VIII Closing Date to the SPV Asset Facility VIII Commitment Termination Date, there is a commitment fee that steps up the date that is three months after the SPV Asset Facility VIII Closing Date from 0.25% to 0.50% per annum on the undrawn amount, if any, of the revolving commitments in the SPV Asset Facility VIII.

Debt Securitization Transactions

The Company incurs secured financing through debt securitization transactions (also known as collateralized loan obligation transactions) (the “CLO Transactions”) issued by the Company’s consolidated subsidiaries (the “CLO Issuers”), which 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 Issuers. The CLO Issuers issue preferred shares which are not secured by the collateral securing the CLO Transactions which the Company purchases. The Company acts as retention holder in connection with the CLO Transactions 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 a CLO Issuer’s preferred shares. Notes issued by CLO Issuers 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 serves as collateral manager for the CLO Issuers under a collateral management agreement. The Adviser is entitled to receive fees for providing these services. The Adviser routinely waives 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 Investment Advisory Agreement will be offset by the amount of the collateral management fee attributable to a CLO Issuer’s equity or notes owned by the Company. Assets pledged to debt holders of the CLO Transactions and the other secured parties under each CLO Transaction’s documentation will not be available to pay the debts of the Company. The Company consolidates the financial statements of the CLO Issuers in its consolidated financing statements.

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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”). 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 company organized under the laws of the State of Delaware (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”).

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.

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.

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”). 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 company organized under the laws of the State of Delaware (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

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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”).

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.

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.

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”). 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 company organized under the laws of the State of Delaware (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”).

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

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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 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.

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”). 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 company organized under the laws of the State of Delaware (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”).

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.

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.

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”). 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 company organized under the laws of the State of Delaware (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

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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”).

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.

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.

CLO XVII

On July 18, 2024 (the “CLO XVII Closing Date”), the Company completed a $500.6 million term debt securitization transaction (the “CLO XVII Transaction”). The secured notes and preferred shares issued in the CLO XVII Transaction and the secured loan borrowed in the CLO XVII Transaction were issued and incurred, as applicable, by the Company’s consolidated subsidiary Owl Rock CLO XVII, LLC, a limited liability company organized under the laws of the State of Delaware (the “CLO XVII Issuer”).

The CLO XVII Transaction was executed by the issuance of the following classes of notes and preferred shares pursuant to an indenture dated as of the CLO XVII Closing Date (the “CLO XVII Indenture”), by and among the CLO XVII Issuer and State Street Bank and Trust Company: (i) $275.0 million of AAA(sf) 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% (together, the “CLO XVII Secured Notes”). The CLO XVII Secured Notes are secured by middle-market loans, participation interests in middle-market loans and other assets of the CLO XVII Issuer. The CLO XVII Secured Notes are scheduled to mature on the Payment Date (as defined in the CLO XVII Indenture) in July 2036. The CLO XVII Secured Notes were privately placed by Natixis Securities Americas LLC, as Placement Agent.

Concurrently with the issuance of the CLO XVII Secured Notes, the CLO XVII Issuer issued approximately $175.6 million of subordinated securities in the form of $177,590 preferred shares at an issue price of U.S. $1,000 per share (the “CLO XVII Preferred Shares”).

As part of the CLO XVII Transaction, the Company entered into a loan sale agreement with the CLO XVII Issuer dated as of the CLO XVII Closing Date (the “CLO XVII OCIC Loan Sale Agreement”), which provided for the contribution of approximately $463.2 million funded par amount of middle-market loans from the Company to the CLO XVII Issuer on the CLO XVII Closing Date and for future sales from the Company to the CLO XVII Issuer on an ongoing basis. Such loans constituted part of the initial portfolio of assets securing the CLO XVII Secured Notes. The remainder of the initial portfolio assets secured the CLO XVII Secured Notes consisted of approximately $12.0 million funded par amount of middle-market loans purchased by the CLO XVII Issuer from Core Income Funding I LLC, a wholly-owned subsidiary of the Company, under an additional loan sale agreement executed on the CLO XVII Closing Date between the CLO XVII Issuer and Core Income Funding I LLC (the “CLO XVII Core Income Funding I Loan Sale Agreement”). The Company and Core Income Funding I LLC each made customary representations, warranties, and covenants to

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the CLO XVII Issuer under the applicable loan sale agreement. No gain or loss was recognized as a result of these sales and contributions.

Through the Payment Date in July 2028, a portion of the proceeds received by the CLO XVII Issuer from the loans securing the CLO XVII Secured Notes may be used by the CLO XVII Issuer to purchase additional middle-market loans under the direction of the Adviser, in its capacity as collateral manager for the CLO XVII Issuer and in accordance with the Company’s investing strategy and ability to originate eligible middle-market loans.

The CLO XVII Secured Notes are the secured obligation of the CLO XVII Issuer, and the CLO XVII Indenture includes customary covenants and events of default.

CLO XVIII

On July 12, 2024 (the “CLO XVIII Closing Date”), the Company completed a $399.8 million term debt securitization transaction (the “CLO XVIII Transaction”). The secured notes and preferred shares issued in the CLO XVIII Transaction and the secured loan borrowed in the CLO XVIII Transaction were issued and incurred, as applicable, by the Company’s consolidated subsidiary Owl Rock CLO XVIII, LLC, a limited liability company organized under the laws of the State of Delaware (the “CLO XVIII Issuer”).

The CLO XVIII Transaction was executed by (A) the issuance of the following classes of notes and preferred shares pursuant to an indenture dated as of the CLO XVIII Closing Date (the “CLO XVIII Indenture”), by and among the CLO XVIII Issuer and State Street Bank and Trust Company: (i) $178.0 million of AAA(sf) Class A Notes, which bear interest at three-month term SOFR plus 1.70%, (ii) $32.0 million of AA(sf) Class B Notes, which bear interest at three-month term SOFR plus 1.95% (together, the “CLO XVIII Secured Notes”) and (B) the borrowing by the CLO XVIII Issuer of $50.0 million under floating rate Class A-1L Loans (the “CLO XVIII Class A-1L Loans” and together with the CLO XVIII Secured Notes, the “CLO XVIII Debt”). The CLO XVIII Class A-1L Loans bear interest at three-month term SOFR plus 1.70%. The CLO XVIII Class A-1L Loans were borrowed under a loan agreement (the “CLO XVIII A-1L Loan Agreement”), dated as of the CLO XVIII Closing Date, by and among the CLO XVIII Issuer, as borrower, various financial institutions, as lenders, and State Street Bank and Trust Company, as collateral trustee and loan agent. The CLO XVIII Debt is secured by middle-market loans, participation interests in middle-market loans and other assets of the CLO XVIII Issuer. The CLO XVIII Debt is scheduled to mature on the Payment Date (as defined in the CLO XVIII Indenture) in July 2036. The CLO XVIII Secured Notes were privately placed by Deutsche Bank Securities Inc. as Initial Purchaser.

Concurrently with the issuance of the CLO XVIII Secured Notes, the CLO XVIII Issuer 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 (the “CLO XVIII Preferred Shares”).

As part of the CLO XVIII Transaction, the Company entered into a loan sale agreement with the CLO XVIII Issuer dated as of the CLO XVIII Closing Date (the “CLO XVIII OCIC Loan Sale Agreement”), which provided for the contribution of approximately $246.2 million funded par amount of middle-market loans from the Company to the CLO XVIII Issuer on the CLO XVIII Closing Date and for future sales from the Company to the CLO XVIII Issuer on an ongoing basis. Such loans constituted part of the initial portfolio of assets securing the CLO XVIII Secured Notes. The remainder of the initial portfolio assets secured the CLO XVIII Secured Notes consisted of approximately $146.4 million funded par amount of middle-market loans purchased by the CLO XVIII Issuer from Core Income Funding IV LLC, a wholly-owned subsidiary of the Company, under an additional loan sale agreement executed on the CLO XVIII Closing Date between the CLO XVIII Issuer and Core Income Funding IV LLC (the “CLO XVIII Core Income Funding IV Loan Sale Agreement”). The Company and Core Income Funding IV LLC each made customary representations, warranties, and covenants to the CLO XVIII Issuer under the applicable loan sale agreement. No gain or loss was recognized as a result of these sales and contributions.

Through the Payment Date in July 2029, a portion of the proceeds received by the CLO XVIII Issuer from the loans securing the CLO XVIII Debt may be used by the CLO XVIII Issuer to purchase additional middle-market loans under the direction of the Adviser, in its capacity as collateral manager for the CLO XVIII Issuer and in accordance with the Company’s investing strategy and ability to originate eligible middle-market loans.

The CLO XVIII Debt is the secured obligation of the CLO XVIII Issuer, and the CLO XVIII Indenture and CLO XVIII A-1L Loan Agreement each include customary covenants and events of default.

CLO XIX

On October 29, 2024 (the “CLO XIX Closing Date”), the Company completed a $401.3 million term debt securitization transaction (the “CLO XIX Transaction”). The secured notes and preferred shares issued in the CLO XIX Transaction and the secured loan borrowed in the CLO XIX Transaction were issued and incurred, as applicable, by the Company’s consolidated subsidiary Owl Rock CLO XIX, LLC, a limited liability company organized under the laws of the State of Delaware (the “CLO XIX Issuer”).

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The CLO XIX 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 Closing Date (the “CLO XIX Indenture”), by and among the CLO XIX Issuer and State Street Bank and Trust Company: (i) $153 million of AAA(sf) Class A Notes, which bear interest at three-month term SOFR plus 1.65% and (ii) $32 million of AA(sf) Class B Notes, which bear interest at three-month term SOFR plus 1.90% (together, the “Secured Notes”) and (B) the borrowing by the CLO XIX Issuer of (i) $50 million under floating rate Class A-1L-1 loans (the “CLO XIX Class A-1L-1 Loans”) and (ii) $25 million under floating rate Class A-1L-2 loans (the “CLO XIX Class A-1L-2 Loans” and together with the CLO XIX Class A-1L-1 Loans and the Secured Notes, the “CLO XIX Debt”). The CLO XIX Class A-1L-1 Loans bear interest at three-month term SOFR plus 1.65%. The CLO XIX Class A-1L-2 Loans bear interest at three-month term SOFR plus 1.65%. The CLO XIX Class A-1L-1 Loans were borrowed under a loan agreement (the “CLO XIX A-1L-1 Loan Agreement”), dated as of the CLO XIX Closing Date, by and among the CLO XIX Issuer, as borrower, the lenders party thereto, and State Street Bank and Trust Company, as collateral trustee and loan agent. The CLO XIX Class A-1L-2 Loans were borrowed under a loan agreement (the “CLO XIX A-1L-2 Loan Agreement”), dated as of the CLO XIX Closing Date, by and among the CLO XIX Issuer, as borrower, the lenders party thereto, and State Street Bank and Trust Company, as collateral trustee and loan agent. The CLO XIX Debt is secured by middle market loans, participation interests in middle market loans and other assets of the CLO XIX Issuer. The CLO XIX Debt is scheduled to mature on the Payment Date (as defined in the Indenture) in October 2037. The CLO XIX Secured Notes were privately placed by BofA Securities, Inc., as Initial Purchaser.

Concurrently with the issuance of the CLO XIX Secured Notes, the CLO XIX Issuer issued approximately $141.3 million of subordinated securities in the form of 141,300 preferred shares at an issue price of $1,000 per share (the “CLO XIX Preferred Shares”).

As part of the CLO XIX Transaction, the Company entered into a loan sale agreement with the CLO XIX Issuer dated as of the CLO XIX Closing Date (the “CLO XIX OCIC Loan Sale Agreement”), which provided for the contribution and sale of approximately $301.2 million funded par amount of middle market loans from the Company to the CLO XIX Issuer on the CLO XIX Closing Date and for future sales from the CLO XIX Company to the CLO XIX Issuer on an ongoing basis. Such loans constituted part of the initial portfolio of assets securing the CLO XIX Debt. The remainder of the initial portfolio assets securing the CLO XIX Debt consisted of approximately $56.2 million funded par amount of middle market loans purchased by the CLO XIX Issuer from Core Income Funding III LLC, a wholly-owned subsidiary of the Company, under an additional loan sale agreement executed on the Closing Date between the CLO XIX Issuer and Core Income Funding III LLC (the “CLO XIX Core Income Funding III Loan Sale Agreement”). The Company and Core Income Funding III LLC each made customary representations, warranties, and covenants to the CLO XIX Issuer under the applicable loan sale agreement. No gain or loss was recognized as a result of these sales or contributions.

Through October 2029, a portion of the proceeds received by the CLO XIX Issuer from the loans securing the Debt may be used by the CLO XIX Issuer to purchase additional middle market loans under the direction of the Adviser, in its capacity as collateral manager for the CLO XIX Issuer and in accordance with the Company’s investing strategy and ability to originate eligible middle market loans.

The CLO XIX Debt is the secured obligation of the CLO XIX Issuer, and the CLO XIX Indenture, the CLO XIX A-1L-1 Loan Agreement and the CLO XIX A-1L-2 Loan Agreement each include customary covenants and events of default.

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.

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March 2025 Notes

On March 29, 2022, the Company issued $500.0 million aggregate principal amount of 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. On March 21, 2025, the maturity date for the March 2025 Notes, the Company repaid in full all $500.0 million in aggregate principal amount of the March 2025 Notes, plus the accrued and unpaid interest thereon through, but excluding, March 21, 2025.

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 bore 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, 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 were the Company’s direct, general unsecured obligations and ranked senior in right of payment to all of the Company’s future indebtedness or other obligations that were expressly subordinated, or junior, in right of payment to the March 2025 Notes. The March 2025 Notes ranked pari passu, or equal, in right of payment with all of the Company’s existing and future indebtedness or other obligations that was not so subordinated, or junior to the March 2025 Notes. The March 2025 Notes ranked 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 ranked 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.

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 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

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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.

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.

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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.

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 March 31, 2025 and 2024, the Company made periodic payments of $2.4 million and $4.7 million, respectively. 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 March 31, 2025, the interest rate swap had a fair value of $4.7 million ($1.3 million net of the present value of the cash flows of the September 2027 Notes). As of December 31, 2024, the interest rate swap had a fair value of $(0.7) million ($0.8 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.

100

Blue Owl Credit Income Corp.

Notes to Consolidated Financial Statements - Continued

(Unaudited)

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.

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 months ended March 31, 2025 and 2024, the Company did not make a periodic payment. 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 March 31, 2025, the interest rate swap had a fair value of $7.9 million ($(0.2) million net of the present value of the cash flows of the June 2028 Notes). As of December 31, 2024, the interest rate swap had a fair value of $0.5 million ($(0.1) 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

101

Blue Owl Credit Income Corp.

Notes to Consolidated Financial Statements - Continued

(Unaudited)

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.

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 months ended March 31, 2025, the Company made periodic payments of $2.9 million. For the three months ended March 31, 2024, the Company did not make any periodic payments. 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 March 31, 2025, the interest rate swap had a fair value of $6.6 million ($(0.1) million net of the present value of the cash flows of the January 2029 Notes). As of December 31, 2024, the interest rate swap had a fair value of $(0.4) million ($0.1 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 and on January 22, 2025, the Company issued an additional $400.0 million aggregate principal amount of our 6.600% notes due 2029 (together, 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

102

Blue Owl Credit Income Corp.

Notes to Consolidated Financial Statements - Continued

(Unaudited)

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 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 May 14, 2024 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%. In connection with the January 22, 2025 issuance of the September 2029 Notes, on January 22, 2025, the Company entered into a bilateral interest rate swap. The notional amount of the interest rate swap is $400.0 million. The Company will receive fixed rate interest at 6.600% and pay variable rate interest based on SOFR plus 2.457%.The interest rate swaps mature on August 15, 2029. For the three months ended March 31, 2025, the Company made periodic payments of $1.3 million. The interest expense related to the September 2029 Notes is equally offset by the proceeds received from the interest rate swaps. The swap’s adjusted interest expense is included as a component of interest expense on the Company’s Consolidated Statements of Operations. As of March 31, 2025, the interest rate swaps had a fair value of $18.6 million ($0.3 million net of the present value of the cash flows of the September 2029 Notes). As of December 31, 2024, the interest rate swaps had a fair value of $3.7 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 swaps 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 swaps 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 2030 Notes

On September 13, 2024, the Company issued $1.00 billion aggregate principal amount of its 5.800% notes due 2030 (the “March 2030 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 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 March 2030 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 2030 Notes were issued pursuant to the Base Indenture and a Ninth Supplemental Indenture, dated as of September 13, 2024 (the “Ninth Supplemental Indenture” and together with the Base Indenture, the “March 2030 Indenture”), between the Company and the Trustee. The March 2030 Notes will mature on March 15, 2030 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 2030 Indenture. The March 2030 Notes bear interest at a rate of 5.800% per year payable semi-annually on March 15 and September 15 of each year, commencing on March 15, 2025. Concurrent with the issuance of the March 2030 Notes, the Company entered into a Registration Rights Agreement (the “March 2030 Registration Rights Agreement”) for the benefit of the purchasers of the March 2030 Notes. Pursuant to the March 2030 Registration Rights Agreement, the Company is obligated to file a registration statement with the SEC with respect to an offer to exchange the March 2030 Notes for a new issue of debt securities registered under the Securities Act with terms substantially identical to those of the March 2030 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 2030 Notes. If the Company fails to satisfy its registration obligations under the March 2030 Registration Rights Agreement, it will be required to pay additional interest to the holders of the March 2030 Notes.

The March 2030 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 2030 Notes. The March 2030 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 2030 Notes. The March 2030 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 2030

103

Blue Owl Credit Income Corp.

Notes to Consolidated Financial Statements - Continued

(Unaudited)

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 2030 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 2030 Notes are outstanding, whether or not it is subject to those requirements, and (ii) provide financial information to the holders of the March 2030 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 2030 Indenture.

In addition, if a change of control repurchase event, as defined in the March 2030 Indenture, occurs prior to maturity, holders of the March 2030 Notes will have the right, at their option, to require the Company to repurchase for cash some or all of the March 2030 Notes at a repurchase price equal to 100% of the aggregate principal amount of the March 2030 Notes being repurchased, plus accrued and unpaid interest to, but not including, the repurchase date.

In connection with the issuance of the March 2030 Notes, on September 10, 2024 the Company entered into a bilateral interest rate swaps. The notional amount of the interest rate swaps is $1.00 billion. The Company will receive fixed rate interest at 5.800% and pay variable rate interest based on SOFR plus 2.619%. The interest rate swaps mature on February 15, 2030. For the three months ended March 31, 2025, the Company made periodic payments of $8.1 million. The interest expense related to the March 2030 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 March 31, 2025, the interest rate swap had a fair value of $(24.3) million ($(38.5) thousand net of the present value of the cash flows of the March 2030 Notes). As of December 31, 2024, the interest rate swap had a fair value of $(44.5) million ($(6.1) million net of the present value of the cash flows of the March 2030 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 2030 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.

104

Blue Owl Credit Income Corp.

Notes to Consolidated Financial Statements - Continued

(Unaudited)

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.

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 months ended March 31, 2025, the Company made periodic payments of $3.5 million. For the three months ended March 31, 2024, the Company did not make any periodic payments. 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 March 31, 2025, the interest rate swap had a fair value of $0.6 million ($(0.4) million net of the present value of the cash flows of the March 2031 Notes). As of December 31, 2024, the interest rate swap had a fair value of $(14.2) million ($(2.2) 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.

AUD 2027 Notes

On October 23, 2024, Company issued A$450.0 million 6.500% Fixed Rate Notes due October 23, 2027 (the “AUD 2027 Notes”) under its A$2,500,000,000 Australian debt issuance program (the “Australian Debt Issuance Program”). The Australian Debt Issuance Program provides for the Company to issue debt securities from time to time. Debt securities issued pursuant to the Australian Debt Issuance Program (i) are issued pursuant to Regulation S under the U.S. Securities Act of 1933, as amended (the “Securities Act”), (ii) are not registered under the Securities Act, (iii) may not be offered or sold in the United States or to a U.S. person without registration under, or an applicable exemption from the registration requirements of the Securities Act, and (iv) are to be issued in amount not exceeding an aggregate of A$2.5 billion.

The terms of the AUD 2027 Notes are set out in a Pricing Supplement, dated October 21, 2024 (the “AUD 2027 Notes Pricing Supplement”) and the Note Deed Poll, dated October 6, 2024 (the “AUD 2027 Notes Note Deed Poll”) and the AUD 2027 Notes were issued pursuant to the Dealer Common Terms Deed Poll, dated October 6, 2024 (the “AUD 2027 Notes Dealer Common Terms Deed Poll”) and a Subscription Agreement (the “ AUD 2027 Notes Subscription Agreement”), dated October 21, 2024, by and among the Company and Deutsche Bank AG, Sydney Branch and Mizuho Securities Asia Limited, named as the joint lead managers and dealers therein (the “AUD 2027 Notes Dealers”).

The net proceeds from the sale of the AUD 2027 Notes offering were approximately A$446.643 million, after deducting the fees paid to the AUD 2027 Notes Dealers.

The AUD 2027 Notes will mature on October 23, 2027, and may be redeemed in whole at the Company’s option as set forth in the AUD 2027 Notes Pricing Supplement. The AUD 2027 Notes bear interest at 6.500% per year payable semi-annually on April 23 and October 23 of each year, commencing on April 23, 2025. The AUD 2027 Notes will be the Company’s direct, general unsecured obligations and will 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 AUD 2027 Notes. The AUD 2027 Notes will 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 AUD 2027 Notes. The AUD 2027 Notes will 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 AUD 2027 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.

105

Blue Owl Credit Income Corp.

Notes to Consolidated Financial Statements - Continued

(Unaudited)

of the AUD 2027 Notes at a repurchase price equal to 100% of the aggregate principal amount of the AUD 2027 Notes being repurchased, plus accrued and unpaid interest to, but not including, the redemption date.

In connection with the issuance of the AUD 2027 Notes, the Company entered into both a bilateral cross-currency swap and interest rate swap, for notional amounts of A$379.0 million and A$71.0 million, respectively. The Company received fixed rate interest of 6.500% and paid variable rate interest based on, one-month SOFR plus 2.67% and three-month BBSY plus 2.72%, for the bilateral cross-currency swap and interest rate swap, respectively. The swaps mature on October 23, 2027. For the three months ended March 31, 2025, the Company did not make any periodic payments. The interest expense related to the AUD 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 March 31, 2025, the swaps had an aggregate fair value of $(17.1) million ($0.3 million net of the present value of the cash flows of the AUD 2027 Notes). As of December 31, 2024, the interest rate swap had a fair value of $(20.7) million ($0.4 million net of the present value of the cash flows of the AUD 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 AUD 2027 Notes, with the remaining difference included as a component of interest expense on the Company’s Consolidated Statements of Operations. The change in foreign exchange rate of the cross-currency swap is offset by the change in foreign exchange rate of the AUD 2027 Notes, with the remaining difference included as a component translation of assets and liabilities in foreign currencies 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 March 31, 2025
($ in thousands)	Level 1		Level 2		Level 3		Total
Cash (including restricted and foreign cash)	$	535,811	$	—	$	—	$	535,811
Investments:
First-lien senior secured debt investments(1)	—		4,967,033		21,732,819		26,699,852
Second-lien senior secured debt investments	—		249,668		516,554		766,222
Unsecured debt investments	—		73,803		383,588		457,391
Preferred equity investments(2)	—		—		436,093		436,093
Common equity investments(3)	—		4,874		531,866		536,740
Subtotal	$	—	$	5,295,378	$	23,600,920	$	28,896,298
Investments measured at Net Asset Value (“NAV”)(4)	—		—		—		564,111
Total investments at fair value	$	—	$	5,295,378	$	23,600,920	$	29,460,409
Derivatives:
Interest rate swaps	$	—	$	14,291	$	—	$	14,291
Cross-currency swap	—		(17,246)		—		(17,246)
Total Derivatives	$	—	$	(2,955)	$	—	$	(2,955)

(1)Includes debt investment in Amergin AssetCo.

(2)Includes equity investment in LSI Financing DAC.

(3)Includes equity investments in Amergin AssetCo and Fifth Season.

(4)Includes equity investments in OCIC SLF, Credit SLF and LSI Financing LLC, which are measured at fair value using the net asset value per share (or its equivalent) practical expedient and have 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 Statements of Assets and Liabilities.

106

Blue Owl Credit Income Corp.

Notes to Consolidated Financial Statements - Continued

(Unaudited)


	Fair Value Hierarchy as of December 31, 2024
($ in thousands)	Level 1		Level 2		Level 3		Total
Cash (including restricted and foreign cash)	$	1,006,483	$	—	$	—	$	1,006,483
Investments:
First-lien senior secured debt investments(1)	—		4,242,228		19,422,914		23,665,142
Second-lien senior secured debt investments	—		315,966		451,426		767,392
Unsecured debt investments	—		74,137		366,496		440,633
Preferred equity investments(2)	—		—		364,672		364,672
Common equity investments(3)	—		—		493,305		493,305
Subtotal	$	—	$	4,632,331	$	21,098,813	$	25,731,144
Investments measured at Net Asset Value (“NAV”)(4)	—		—		—		647,750
Total investments at fair value	$	—	$	4,632,331	$	21,098,813	$	26,378,894
Derivatives:
Interest rate swaps	$	—	$	(55,660)	$	—	$	(55,660)
Cross-currency swap	—		(20,635)		—		(20,635)
Total Derivatives	$	—	$	(76,295)	$	—	$	(76,295)

(1)Includes debt investment in Amergin AssetCo.

(2)Includes equity investment in LSI Financing DAC.

(3)Includes equity investments in Amergin AssetCo and Fifth Season.

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 March 31, 2025
($ in thousands)	First-lien senior secured debt investments		Second-lien senior secured debt investments		Unsecured debt investments		Preferred equity investments		Common equity investments		Total
Fair value, beginning of period	$	19,422,914	$	451,426	$	366,496	$	364,672	$	493,305	$	21,098,813
Purchases of investments, net	2,899,112		19,901		—		85,419		32,051		3,036,483
Payment-in-kind	14,144		2,268		10,725		8,079		32		35,248
Proceeds from investments, net	(487,004)		(7,600)		(369)		(27,777)		(1,340)		(524,090)
Net change in unrealized gain (loss)	44,500		2,159		12,045		980		10,148		69,832
Net realized gains (losses)	(42,129)		(11,345)		(5,866)		275		—		(59,065)
Net amortization/accretion of premium/discount on investments	18,707		198		557		628		—		20,090
Transfers between investment types	(5,543)		—		—		3,817		1,726		—
Transfers into (out of) Level 3(1)	(131,882)		59,547		—		—		(4,056)		(76,391)
Fair value, end of period	$	21,732,819	$	516,554	$	383,588	$	436,093	$	531,866	$	23,600,920

(1)Transfers between levels, if any, are recognized at the beginning of the period in which the transfers occur. For the three months ended March 31, 2025, transfers into (out of) Level 3 were as a result of changes in the observability of significant inputs for certain portfolio companies.

107

Blue Owl Credit Income Corp.

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(Unaudited)


	As of and for the Three Months Ended March 31, 2024
($ in thousands)	First-lien senior secured debt investments		Second-lien senior secured debt investments		Unsecured debt investments		Preferred equity investments		Common equity investments		Total
Fair value, beginning of period	$	11,540,505	$	935,338	$	189,018	$	721,545	$	448,974	$	13,835,380
Purchases of investments, net	1,828,888		—		—		3,660		70,748		1,903,296
Payment-in-kind	13,262		740		5,183		21,194		25		40,404
Proceeds from investments, net	(399,203)		(244,285)		(300)		(2,194)		(417)		(646,399)
Net change in unrealized gain (loss)	3,810		1,480		(3,168)		(948)		7,607		8,781
Net realized gains (losses)	(2,437)		—		(28)		—		—		(2,465)
Net amortization/accretion of premium/discount on investments	11,665		3,532		62		349		—		15,608
Transfers between investment types	—		—		—		—		—		—
Transfers into (out of) Level 3(1)	(218,065)		(21,514)		—		—		(40,795)		(280,374)
Fair value, end of period	$	12,778,425	$	675,291	$	190,767	$	743,606	$	486,142	$	14,874,231

(1)Transfers between levels, if any, are recognized at the beginning of the period in which the transfers occur. For the three months ended March 31, 2024, transfers into (out of) Level 3 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.

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 March 31, 2025 on investments held at March 31, 2025		Net change in unrealized gain (loss) for the Three Months Ended March 31, 2024 on investments held at March 31, 2024
First-lien senior secured debt investments	$	1,242	$	5,673
Second-lien senior secured debt investments	(6,333)		4,306
Unsecured debt investments	12,045		(3,168)
Preferred equity investments	980		(948)
Common equity investments	10,147		7,605
Total Investments	$	18,081	$	13,468

The following tables present quantitative information about the significant unobservable inputs of the Company’s Level 3 investments as of March 31, 2025 and December 31, 2024. 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.

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Blue Owl Credit Income Corp.

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(Unaudited)

As of March 31, 2025

($ in thousands)

Fair Value

Valuation Technique

Unobservable Input

Range (Weighted Average)

Impact to Valuation from an Increase in Input

First-lien senior secured debt investments

19,588,096

Yield Analysis

Market Yield

6.8% - 44.9% (9.9%)

Decrease

2,144,603

Recent Transaction

Transaction Price

95.0% - 99.5% (98.8%)

Increase

120

Collateral Analysis

Recovery Rate

2.5%

Increase

Second-lien senior secured debt investments

496,654

Yield Analysis

Market Yield

11.0% - 25.0% (16.5%)

Decrease

19,900

Recent Transaction

Transaction Price

99.5% - 99.5% (99.5%)

Increase

Unsecured debt investments

383,560

Yield Analysis

Market Yield

8.6% - 17.7% (12.5%)

Decrease

Market Approach

EBITDA Multiple

12.0x

Increase

Preferred equity investments

340,947

Yield Analysis

Market Yield

12.0% - 36.7% (15.0%)

Decrease

88,731

Recent Transaction

Transaction Price

97.0% - 99.0% (97.1%)

Increase

4,615

Market Approach

EBITDA Multiple

7.1x

Increase

1,800

Market Approach

Revenue Multiple

8.5x - 18.0x (13.8x)

Increase

Common equity investments

12,565

Recent Transaction

Transaction Price

100.0% - 100.0% (100.0%)

Increase

155,668

Market Approach

EBITDA Multiple

3.0x - 28.5x (14.5x)

Increase

245,283

Market Approach

AUM Multiple

1.1x

Increase

44,599

Market Approach

Revenue Multiple

5.3x - 13.5x (10.2x)

Increase

381

Option Pricing Model

Volatility

70.0%

Increase

1,569

Yield Analysis

Market Yield

8.5%

Decrease

69,973

Market Approach

N/A

1,816

Discounted Cash Flow Analysis

Discount Rate

15.0%

Decrease

Market Approach

Gross Profit Multiple

10.0x

Increase

As of December 31, 2024

($ in thousands)

Fair Value

Valuation Technique

Unobservable Input

Range (Weighted Average)

Impact to Valuation from an Increase in Input

First-lien senior secured debt investments

16,846,669

Yield Analysis

Market Yield

6.8% - 35.2% (10.6%)

Decrease

2,575,658

Recent Transaction

Transaction Price

94.7% - 100.0% (99.1%)

Increase

587

Collateral Analysis

Recovery Rate

11.1% - 13.5% (13.0%)

Increase

Second-lien senior secured debt investments

451,426

Yield Analysis

Market Yield

11.1% - 43.6% (16.8%)

Decrease

Unsecured debt investments

366,468

Yield Analysis

Market Yield

8.6% - 18.1% (12.6%)

Decrease

Market Approach

EBITDA Multiple

11.8x

Increase

Preferred equity investments

358,536

Yield Analysis

Market Yield

12.3% - 37.1% (15.2%)

Decrease

4,376

Market Approach

EBITDA Multiple

7.1x

Increase

1,760

Market Approach

Revenue Multiple

8.5x - 18.0x (13.9x)

Increase

Common equity investments

155,881

Market Approach

EBITDA Multiple

3.3x - 28.5x (15.0x)

Increase

223,274

Market Approach

AUM Multiple

1.1x

Increase

48,359

Market Approach

Revenue Multiple

5.3x - 14.5x (10.9x)

Increase

629

Option Pricing Model

Volatility

70.0%

Increase

1,539

Yield Analysis

Market Yield

8.5%

Decrease

62,056

Market Approach

N/A

1,555

Discounted Cash Flow Analysis

Discount Rate

12.5%

Decrease

Market Approach

Gross Profit Multiple

10.0x

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

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Blue Owl Credit Income Corp.

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(Unaudited)

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 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:

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Blue Owl Credit Income Corp.

Notes to Consolidated Financial Statements - Continued

(Unaudited)


	March 31, 2025						December 31, 2024
($ in thousands)	Net Carrying Value(1)		Debt Issuance Costs		Fair Value		Net Carrying Value(1)		Debt Issuance Costs		Fair Value
Revolving Credit Facility(2)	$	1,389,350	$	(21,864)	$	1,389,350	$	1,312,515	$	(22,497)	$	1,312,515
SPV Asset Facility I	194,739		(5,261)		194,739		294,536		(5,464)		294,536
SPV Asset Facility II	1,038,769		(11,231)		1,038,769		907,881		(12,119)		907,881
SPV Asset Facility III(2)	875,734		(12,597)		875,734		958,547		(13,370)		958,547
SPV Asset Facility IV	321,770		(8,230)		321,770		351,698		(3,302)		351,698
SPV Asset Facility V	260,300		(4,700)		260,300		245,009		(4,991)		245,009
SPV Asset Facility VI	211,957		(8,043)		211,957		341,752		(8,248)		341,752
SPV Asset Facility VII(2)	243,147		(3,238)		243,147		162,398		(3,461)		162,398
SPV Asset Facility VIII	196,993		(3,007)		196,993		196,923		(3,077)		196,923
CLO VIII	288,216		(1,784)		288,216		288,100		(1,900)		288,100
CLO XI	258,417		(1,583)		258,417		258,308		(1,692)		258,308
CLO XII	258,299		(1,701)		258,299		258,192		(1,808)		258,192
CLO XV	309,308		(2,692)		309,308		309,198		(2,802)		309,198
CLO XVI	417,390		(2,610)		417,390		417,303		(2,697)		417,303
CLO XVII	322,242		(2,758)		322,242		322,121		(2,879)		322,121
CLO XVIII	258,180		(1,820)		258,180		258,109		(1,891)		258,109
CLO XIX	258,111		(1,889)		258,111		258,206		(1,794)		258,206
March 2025 Notes	—		—		—		499,516		(484)		498,750
September 2026 Notes	347,537		(2,463)		338,625		347,084		(2,916)		336,000
February 2027 Notes	497,042		(2,958)		493,750		496,650		(3,350)		493,750
September 2027 Notes	598,724		(4,728)		627,000		593,270		(5,182)		630,000
AUD 2027 Notes(2)	275,834		(2,484)		298,707		271,957		(2,397)		296,207
June 2028 Notes	650,594		(7,469)		689,000		642,519		(8,067)		690,625
January 2029 Notes	545,879		(10,766)		584,375		538,086		(11,458)		587,125
September 2029 Notes	909,906		(8,434)		913,500		492,523		(10,769)		510,000
March 2030 Notes	955,157		(20,567)		980,000		941,037		(20,518)		985,000
March 2031 Notes	732,122		(18,881)		765,000		718,384		(19,599)		763,125
Total Debt	$	12,615,717	$	(173,758)	$	12,792,879	$	12,681,822	$	(178,732)	$	12,931,378

(1)Inclusive of change in fair market value of effective hedge.

(2)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 if debt was measured at fair value:


($ in thousands)	March 31, 2025		December 31, 2024
Level 1	$	—	$	—
Level 2	5,689,957		5,790,582
Level 3	7,102,922		7,140,796
Total Debt	$	12,792,879	$	12,931,378

Financial Instruments Not Carried at Fair Value

As of March 31, 2025 and December 31, 2024, 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.

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Blue Owl Credit Income Corp.

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(Unaudited)

Note 7. Commitments and Contingencies

Portfolio Company Commitments

From time to time, the Company may enter into commitments to fund investments in the form of revolving credit, delayed draw, or equity commitments, which require the Company to provide funding when requested by portfolio companies in accordance with underlying loan agreements. The Company had the following outstanding commitments as of the following periods:


	As of
($ in thousands)	March 31, 2025		December 31, 2024
Total unfunded revolving loan commitments	$	1,581,172	$	1,383,540
Total unfunded delayed draw loan commitments	2,326,308		1,716,991
Total unfunded revolving and delayed draw loan commitments	$	3,907,480	$	3,100,531

Total unfunded equity commitments	$	79,105	$	92,214

Total unfunded commitments	$	3,986,585	$	3,192,745

As of March 31, 2025, 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 $3.3 million for the period from April 22, 2020 (Inception) to March 31, 2025, of which $3.3 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 March 31, 2025, management was not aware of any pending or threatened litigation.

Note 8. Net Assets

Authorized Capital and Share Class Description

In connection with its formation, the Company has the authority to issue the following shares:


Classification	Number of Shares (in thousands)	Par Value
Class S Shares	1,500,000	$	0.01
Class D Shares	1,000,000	$	0.01
Class I Shares	2,000,000	$	0.01
Total	4,500,000

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

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Blue Owl Credit Income Corp.

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(Unaudited)

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:


	For the Three Months Ended March 31, 2025
	Class S			Class D			Class I			Total
($ in thousands, except share amounts)	Shares	Amount		Shares	Amount		Shares	Amount		Shares	Amount
Shares/gross proceeds from the continuous public offering	56,793,287	$	545,712	5,939,949	$	57,107	104,898,800	$	1,002,790	167,632,036	$	1,605,609
Shares/gross proceeds from the private placements	—	—		—	—		34,115,615	325,637		34,115,615	325,637
Share Transfers between classes(1)	(2,370,300)	(22,590)		2,733	24		2,360,148	22,566		(7,419)	—
Reinvestment of distributions	5,831,531	55,580		426,487	4,069		11,063,342	105,776		17,321,360	165,425
Repurchased shares	(5,655,204)	(53,498)		(201,862)	(1,912)		(15,652,202)	(148,539)		(21,509,268)	(203,949)
Total shares/gross proceeds	54,599,314	525,204		6,167,307	59,288		136,785,703	1,308,230		197,552,324	1,892,722
Sales load	—	(4,574)		—	(430)		—	—		—	(5,004)
Total shares/net proceeds	54,599,314	$	520,630	6,167,307	$	58,858	136,785,703	$	1,308,230	197,552,324	$	1,887,718

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Blue Owl Credit Income Corp.

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(Unaudited)


	For the Three Months Ended March 31, 2024
	Class S			Class D			Class I			Total
($ in thousands, except share amounts)	Shares	Amount		Shares	Amount		Shares	Amount		Shares	Amount
Shares/gross proceeds from the continuous public offering	46,124,796	$	441,603	3,653,226	$	34,721	78,481,959	$	746,402	128,259,981	$	1,222,726
Shares/gross proceeds from the private placements	—	—		—	—		8,474,515	80,612		8,474,515	80,612
Share Transfers between classes(1)	(72,397)	(687)		(35,690,399)	(338,702)		35,724,999	339,389		(37,797)	—
Reinvestment of distributions	3,448,275	32,710		551,717	5,238		6,445,103	61,289		10,445,095	99,237
Repurchased shares	(3,560,660)	(33,826)		(2,771,164)	(26,354)		(8,603,765)	(81,994)		(14,935,589)	(142,174)
Total shares/gross proceeds	45,940,014	439,800		(34,256,620)	(325,097)		120,522,811	1,145,698		132,206,205	1,260,401
Sales load	—	(4,007)		—	(30)		—	—		—	(4,037)
Total shares/net proceeds	45,940,014	$	435,793	(34,256,620)	$	(325,127)	120,522,811	$	1,145,698	132,206,205	$	1,256,364

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 three months ended March 31, 2025 and 2024 were as follows:


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



































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









January 1, 2025	$	9.54	$	0.33	$	9.87
February 1, 2025	$	9.54	$	0.33	$	9.87
March 1, 2025	$	9.51	$	0.33	$	9.84


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



































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









January 1, 2025	$	9.55	$	0.14	$	9.69
February 1, 2025	$	9.55	$	0.14	$	9.69
March 1, 2025	$	9.52	$	0.14	$	9.66

114

Blue Owl Credit Income Corp.

Notes to Consolidated Financial Statements - Continued

(Unaudited)


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




































January 1, 2024	$	9.50	$	—	$	9.50
February 1, 2024	$	9.51	$	—	$	9.51
March 1, 2024	$	9.52	$	—	$	9.52









January 1, 2025	$	9.57	$	—	$	9.57
February 1, 2025	$	9.57	$	—	$	9.57
March 1, 2025	$	9.54	$	—	$	9.54

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 Three Months Ended March 31, 2025
Declaration Date	Record Date	Payment Date	Distribution Per Share(1)		Distribution Amount(2)
($ in thousands, except per share amounts)					Class S		Class D		Class I
November 5, 2024	January 31, 2025	February 25, 2025	$	0.07010	$	33,890	$	3,499	$	69,929
February 18, 2025	February 28, 2025	March 25, 2025	0.07010		35,308		3,794		72,626
February 18, 2025	March 31, 2025	April 24, 2025	0.10280		54,669		5,767		111,979









		Total	$	0.24300	$	123,867	$	13,060	$	254,534

(1)Distributions per share are gross of shareholder servicing fees.

(2)Distribution amounts are net of shareholder servicing fees.


	For the Three Months Ended March 31, 2024
Declaration Date	Record Date	Payment Date	Distribution Per Share(1)		Distribution Amount(2)
($ in thousands, except per share amounts)					Class S		Class D		Class I
November 20, 2023	January 31, 2024	February 23, 2024	$	0.07010	$	21,517	$	2,829	$	42,089
February 21, 2024	February 29, 2024	March 22, 2024	0.07010		22,651		2,984		44,196
February 21, 2024	March 29, 2024	April 23, 2024	0.10280		35,655		4,144		67,451









		Total	$	0.24300	$	79,823	$	9,957	$	153,736

(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 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. Prior to the termination of the Expense Support Agreement on March 7, 2023, a portion of the Company’s 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. 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:

115

Blue Owl Credit Income Corp.

Notes to Consolidated Financial Statements - Continued

(Unaudited)


	For the Three Months Ended March 31, 2025
Source of Distribution(2)	Per Share(1)		Amount		Percentage
($ in thousands, except per share amounts)
Net investment income	$	0.22900	$	368,726	94.2	%

Distributions in excess of net investment income(3)	0.01400		22,735		5.8	%
Total	$	0.24300	$	391,461	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.

(3)Represents the distributions in excess of net investment income for the current period. The Company has accumulated undistributed earnings as of March 31, 2025.


	For the Three Months Ended March 31, 2024
Source of Distribution(2)	Per Share(1)		Amount		Percentage
($ in thousands, except per share amounts)
Net investment income	$	0.24300	$	243,516	100.0	%


Total	$	0.24300	$	243,516	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 Date	Class	Tender Offer Expiration	Tender Offer (in thousands)		Purchase Price per Share		Shares Repurchased






























February 27, 2024	S	March 31, 2024	$	33,826	$	9.50	3,560,660
February 27, 2024	D	March 31, 2024	$	26,354	$	9.51	2,771,164
February 27, 2024	I	March 31, 2024	$	81,994	$	9.53	8,603,765









February 26, 2025	S	March 31, 2025	$	53,498	$	9.46	5,655,204
February 26, 2025	D	March 31, 2025	$	1,912	$	9.47	201,862
February 26, 2025	I	March 31, 2025	$	148,539	$	9.49	15,652,202

116

Blue Owl Credit Income Corp.

Notes to Consolidated Financial Statements - Continued

(Unaudited)

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 March 31,
	2025						2024
($ in thousands, except per share amounts)	Class S common stock		Class D common stock		Class I common stock		Class S common stock		Class D common stock		Class I common stock
Increase (decrease) in net assets resulting from operations	$	77,401	$	8,336	$	165,996	$	89,650	$	11,407	$	171,312
Weighted average shares of common stock outstanding—basic and diluted	553,435,797		54,656,440		1,043,162,192		356,127,221		42,899,375		630,203,053
Earnings (loss) per common share—basic and diluted	$	0.14	$	0.15	$	0.16	$	0.25	$	0.27	$	0.27

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.

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 months ended March 31, 2025, the Company recorded an expense for U.S. federal excise tax of $0.2 million. For the three months ended March 31, 2024, the Company recorded an expense for U.S. federal excise tax of $0.8 million.

Taxable Subsidiaries

Certain of the Company’s consolidated subsidiaries are subject to U.S. federal and state corporate-level income taxes. For the three months ended March 31, 2025, the Company recorded a net tax expense/(benefit) of approximately $4 thousand for taxable subsidiaries. For the three months ended March 31, 2024, the Company recorded a net tax expense/(benefit) of approximately $(9) thousand for taxable subsidiaries.

The Company recorded a net deferred tax liability of $750 thousand and liability of $915 thousand as of March 31, 2025 and December 31, 2024, respectively, for taxable subsidiaries, which is primarily related to GAAP to tax outside basis differences in the taxable subsidiaries’ investment in certain partnership interests.

117

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 Three Months Ended March 31,
	2025									2024
($ in thousands, except share and per share amounts)	Class S common stock			Class D common stock			Class I common stock			Class S common stock			Class D common stock			Class I common stock
Per share data:
Net asset value, at beginning of period	$	9.54		$	9.55		$	9.57		$	9.48		$	9.49		$	9.50
Results of operations:
Net investment income (loss)(1)	0.21			0.22			0.23			0.25			0.27			0.27
Net realized and unrealized gain (loss)(2)	(0.07)			(0.06)			(0.07)			(0.01)			(0.01)			—
Net increase (decrease) in net assets resulting from operations	$	0.14		$	0.16		$	0.16		$	0.24		$	0.26		$	0.27
Shareholder distributions:
Distributions from net investment income(3)	(0.21)			(0.22)			(0.23)			(0.22)			(0.24)			(0.24)

Distributions in excess of net investment income(3)	(0.01)			(0.02)			(0.01)			—			—			—
Net decrease in net assets from shareholders’ distributions	$	(0.22)		$	(0.24)		$	(0.24)		$	(0.22)		$	(0.24)		$	(0.24)
Total increase (decrease) in net assets	(0.08)			(0.08)			(0.08)			0.02			0.02			0.03
Net asset value, at end of period	$	9.46		$	9.47		$	9.49		$	9.50		$	9.51		$	9.53

Total return(4)	1.5		%	1.7		%	1.7		%	2.5		%	2.6		%	2.8		%

Ratios
Ratio of net expenses to average net assets(5)(6)	9.4		%	8.7		%	8.6		%	11.2		%	11.0		%	10.3		%
Ratio of net investment income to average net assets(6)	9.2		%	9.7		%	10.1		%	11.0		%	12.1		%	11.9		%
Portfolio turnover rate	9.2		%	9.2		%	9.2		%	3.7		%	3.7		%	3.7		%

Supplemental Data
Weighted-average shares outstanding	553,435,797			54,656,440			1,043,162,192			356,127,221			42,899,375			630,203,053
Shares outstanding, end of period	570,264,051			57,227,131			1,089,239,943			371,785,601			41,170,574			656,148,634
Net assets, end of period	$	5,394,691		$	541,939		$	10,332,962		$	3,533,219		$	391,735		$	6,252,810

(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 amortized offering expenses, and interest expenses. Total return is calculated as the change in net asset value (“NAV”) per share (assuming dividends and

118

Blue Owl Credit Income Corp.

Notes to Consolidated Financial Statements - Continued

(Unaudited)

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 three months ended March 31, 2025, the total operating expenses to average net assets were 9.4%, 8.8% and 8.6%, 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 three months ended March 31, 2024, the total operating expenses to average net assets were 11.2%, 11.0% 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 and offering expenses.

119

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:

Equity Raise

As of May 8, 2025, the Company issued 597,021,384 shares of Class S common stock, 96,818,205 shares of Class D common stock, and 1,128,880,151 shares of Class I common stock and have raised total gross proceeds of $5.64 billion, $0.90 billion, and $10.61 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, the Company expects to receive $0.48 billion in gross subscription payments which the Company accepted on May 1, 2025 and which is pending the Company’s determination of the net asset value per share applicable to such purchase.

Dividend

On May 6, 2025, the Company’s Board declared a distribution of (i) $0.070100 per share, payable on or before June 30, 2025 to shareholders of record as of May 30, 2025, (ii) $0.070100 per share, payable on or before July 31, 2025 to shareholders of record as of June 30, 2025, and (iii) $0.070100 per share, payable on or before August 31, 2025 to shareholders of record as of July 31, 2025 and (iv) a special distribution of $0.032700 per share, payable on or before July 31, 2025 to shareholders of record as of June 30, 2025.

Global Note Program

On April 4, 2025, the Company established a €5,000,000,000 (or its equivalent in any other currency) global medium term note program (the “GMTN Program”). Under the GMTN Program, the Company may issue unsecured notes to one or more managers from time to time with such terms, including currency, interest rate and maturity, as agreed by the Company and such manager(s).

Notes issued under the GMTN Program are subject to and with the benefit of the Agency Agreement, dated April 4, 2025, by and among the Company, Deutsche Bank AG, London Branch as issuing and principal paying agent, a transfer agent and as exchange agent and Deutsche Bank Trust Company Americas as registrar, a paying agent and a transfer agent. Holders of Notes issued under the GMTN Program shall have the benefit of a deed of covenant, dated April 4, 2025 and made by the Issuer and, where applicable, a deed poll, dated April 4, 2025 and made by the Issuer.

Core Income Funding II Amendment

On April 18, 2025, Core Income Funding II and the Company entered into Amendment No. 9 to SPV Asset Facility II in order to, among other things, (i) increase the facility amount from $1.50 billion to $2.0 billion, (ii) extend the SPV Asset Facility II Revolving Period to April 18, 2028 and the SPV Asset Facility II Termination Date to April 18, 2030, (iii) reduce the applicable margin to 1.70% and (iv) amend the reduction fee and make-whole fee schedules.

Core Income Funding VI Amendment

On April 22, 2025, Core Income Funding VI entered into Amendment No. 3 to SPV Asset Facility VI in order to facilitate the assignment of Revolving Commitments amongst existing and new lenders.

CLO VIII Reset

On April 24, 2025, the Company completed a $500.7 million term debt securitization refinancing. As part of the refinancing, the CLO VIII Issuer issued the following classes of notes: (i) $275.0 million of AAA(sf) Class A-1R Notes, which bear interest at the Benchmark plus 1.49%, (ii) $30.0 million of AAA(sf) Class A-2R Notes, which bear interest at the Benchmark plus 1.80%, (iii) $35.0 million of AA(sf) Class B-R Notes, which bear interest at the Benchmark plus 1.90% and (iv) $35.0 million of A(sf) Class C-R Notes, which bear interest at the Benchmark plus 2.40%. Concurrently with the issuance and the borrowing, we issued $24.0 million of additional subordinated securities in the form of 24,000 of its preferred shares. The debt is scheduled to mature in April 2037.

Core Income Funding V Amendment

On April 29, 2025, Core Income Funding V and the Company entered into the Third Amendment to SPV Asset Facility V in order to, among other things, (i) increase the total commitment from $500.0 million to $750.0 million, (ii) amend the Minimum Equity Amount and (iii) amend the Non-Usage Fee to a range of 0.50% to 1.25%, subject to a minimum utilization of 60% to 67.5% during the Reinvestment Period.

120

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. 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, 2024 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 includes several strategies, including direct lending, alternative credit, investment grade credit, liquid credit and other adjacent investment strategies. 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 varying sales loads, asset-based servicing and/or distribution fees and early withdrawal fees. 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. On February 14, 2022, we commenced our follow-on offering, on a continuous basis, pursuant to which we offered of up to $13,500,000,000 in any combination of amount of shares of Class S, Class D and Class I common stock. On December 6, 2024, we commenced our current offering pursuant to which we are offering up to $14,000,000,000 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 March 31, 2025, we have issued 576,949,395 shares of Class S common stock, 95,922,186 shares of Class D common stock, and 1,087,399,374 shares of Class I common stock for gross proceeds, exclusive of any tender offers and shares issued pursuant to our distribution reinvestment plan, of $5.45 billion, $0.89 billion, and $10.22 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 98,021,996 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 $0.93 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.

Our Adviser also serves as investment adviser to Blue Owl Capital Corporation and Blue Owl Capital Corporation II.

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Blue Owl consists of three product platforms: (1) Credit, (2) GP Strategic Capital, which primarily focuses on acquiring equity stakes in, or providing debt financing to, large, multi-product private equity and private credit firms and (3) Real Assets, which primarily focuses on the strategies of net lease real estate and real estate credit. The direct lending strategy of 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 March 31, 2025, the Adviser and its affiliates had $139.24 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. 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 direct lending investment committees. Blue Owl’s four direct lending investment committees focus 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 direct lending investment committees. In addition to Messrs. Ostrover, Lipschultz, Packer and Maged, the Diversified Lending Investment Committee is comprised of Patrick Linnemann, Meenal Mehta and Logan Nicholson. We consider the individuals on the Diversified Lending Investment Committee to be our portfolio managers. 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 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, the Adviser and certain of our affiliates were granted an order for exemptive relief that permitted co-investing with our affiliates subject to various approvals of the Board and other conditions. On May 6, 2025, we, the Adviser and certain of our affiliates were granted a new order for exemptive relief that superseded the prior order for exemptive relief (the “Order”) by the SEC for us to co-invest with other funds managed by the 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 such co-investments are done on the same terms and at the same time, as further detailed in the Order. The Order requires that a “required majority” (as defined in Section 57(o) of the 1940 Act) of the Board make certain findings (1) in most instances when we co-invest with our affiliates in an issuer where our affiliate has an existing investment in the issuer, and (2) if we dispose of an asset acquired in a transaction under the Order unless the disposition is done on a pro rata basis. Pursuant to the Order, the Board will oversee our participation in the co-investment program. As required by the Order, we have adopted, and the Board has approved, policies and procedures reasonably designed to ensure compliance with the terms of the Order, and the Adviser and our Chief Compliance Officer will provide reporting to the Board.

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.

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Our Investment Framework

Our investment objective is to generate current income, and to a lesser extent, capital appreciation by targeting investment opportunities with favorable risk-adjusted returns. Our investment strategy focuses primarily on originating and making loans to, and make debt and equity investments in, U.S. middle-market companies and is intended to generate favorable returns across credit cycles with an emphasis on preserving capital. Since our Adviser and its affiliates began investment activities in April 2016 through March 31, 2025, our Adviser and its affiliates have originated $154.08 billion aggregate principal amount of investments, of which $150.10 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 and 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”) and Blue Owl Credit SLF LLC (“Credit 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 (“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 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.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 loans 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 March 31, 2025, our average investment size in each of our portfolio companies was approximately $84.4 million based on fair value. As of March 31, 2025, excluding the investment in OCIC SLF, Credit SLF and certain investments that fall outside our typical borrower profile, our portfolio companies representing 92.5% of our total debt portfolio based on fair value, had weighted average annual revenue of $1.12 billion, weighted average annual EBITDA of $272.1 million, an average interest coverage of 1.9x and an average net loan-to-value of 39.7%.

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

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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 March 31, 2025, 98.4% 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 primarily of floating rate loans, and our credit facilities bear interest at floating rates. 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 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

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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 FINRA Conduct Rule 2310(a)(12) (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 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

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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 exceeded 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 were 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 had 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.

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 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

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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 2024 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.

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 uncertainty regarding 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.

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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 $2.60 trillion as of December 31, 2024, 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. 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 March 31, 2025, based on fair value, our portfolio consisted of 90.6% first lien senior secured debt investments (of which 39.6% we consider to be unitranche debt investments (including “last-out” portions of such loans)), 2.6% second-lien senior secured debt investments, 1.6% unsecured debt investments, 1.0% joint ventures, 1.5% preferred equity investments, and 2.7% common equity investments.

As of March 31, 2025, our weighted average total yield of the portfolio at fair value and amortized cost was 9.7% and 9.7%, respectively, and our weighted average yield of accruing debt and income producing securities at fair value and amortized cost was 9.9% and 9.8%, respectively. Refer to our weighted average yields and interest rates table for more information on our calculation of weighted average yields. As of March 31, 2025, the weighted average spread of total debt investments was 5.2%.

As of March 31, 2025 we had investments in 349 portfolio companies with an aggregate fair value of $29.46 billion. As of March 31, 2025, we had net leverage of 0.75x debt-to-equity and we target net leverage of 0.90x-1.25x debt-to-equity.

The current lending environment is challenging as the potential impact from recent trade and economic policies has resulted in increased uncertainty and merger and acquisition activity remains below historical levels. However, our platform continues to find attractive investment opportunities for deployment, predominantly in first lien originations. In addition, a large portion of our originations across the platform this quarter were deployed into existing borrowers as part of incumbent transactions.

Currently, the economic outlook is uncertain and stocks and public fixed income markets have been volatile; however, the credit quality of our portfolio has been consistent. We continue to focus on investing in non-cyclical industries we view as recession resistant and that we are familiar with, including defensive service-oriented sectors that provide intangible products such as healthcare, business services, financial services or software. These companies have reduced reliance on manufactured goods or commodities which minimizes direct tariff impacts.

Blue Owl serves as the lead, co-lead or 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 $272.1 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’s direct lending strategy continues to invest in, and is often the lead lender or administrative agent on, transactions in excess of $1.00 billion in size, which gives us the ability to structure the terms of such deals to maximize deal economics and credit protection. The average hold size of Blue Owl’s direct lending strategy’s new investments is

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approximately $350.0 million (up from approximately $200.0 million in 2021) and average total new deal size is $1.00 billion (up from approximately $600.0 million in 2021).

We believe that the construction of our current portfolio coupled with our experienced investment team and strong underwriting standards leave us well-positioned for the current economic environment. 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, 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 a meaningful increase in amendment activity, requests for increased revolver borrowings, missed payments, downward movement in our watch list or other 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, Credit SLF and in specialty financing portfolio companies, including Fifth Season Investments LLC (“Fifth Season”), LSI Financing DAC 1 (“LSI Financing DAC”), LSI Financing LLC (“LSI Financing LLC”), and AAM Series 1.1 Rail and Domestic Intermodal Feeder, LLC and AAM Series 2.1 Aviation Feeder, LLC (collectively, “Amergin AssetCo”). 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” and “Joint Ventures.” These companies may use our capital to support acquisitions which could continue to lead to increased dividend income supported by 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 March 31,
($ in thousands)	2025			2024
New investment commitments
Gross originations	$	6,628,211		$	3,937,343
Less: Sell downs	—			(67,500)
Total new investment commitments	$	6,628,211		$	3,869,843
Principal amount of new investments funded:
First-lien senior secured debt investments	$	5,267,245		$	3,108,053
Second-lien senior secured debt investments	26,017			21,500
Unsecured debt investments	139,609			—
Joint ventures	1,231			35,000
Preferred equity investments	88,049			—
Common equity investments	11,116			69,408
Total principal amount of new investments funded	$	5,533,267		$	3,233,961

Drawdowns (Repayments) on revolvers and delayed draw term loans, net	$	270,662

Principal amount of investments sold or repaid:
First-lien senior secured debt investments(1)	$	(2,352,394)		$	(811,294)
Second-lien senior secured debt investments	(19,000)			(251,684)
Unsecured debt investments	(139,609)			—
Joint ventures	—			—
Preferred equity investments	(27,502)			(2,194)
Common equity investments	(77,251)			—
Total principal amount of investments sold or repaid	$	(2,615,756)		$	(1,065,172)
Number of new investment commitments in new portfolio companies(2)	46			37
Average new investment commitment amount in new portfolio companies	75,382			52,452
Weighted average term for new investment commitments (in years)	6.8			5.9
Percentage of new debt investment commitments at floating rates	100.0		%	100.0		%
Percentage of new debt investment commitments at fixed rates	—		%	—		%

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	For the Three Months Ended March 31,
($ in thousands)	2025		2024
Weighted average interest rate of new debt investment commitments(3)	8.8	%	10.5	%
Weighted average spread over applicable base rate of new floating rate debt investment commitments	4.5	%	5.2	%

(1)Includes scheduled paydowns.

(2)Number of new investment commitments represents commitments to a particular portfolio company.

(3)For the three months ended March 31, 2025 and 2024, assumes each floating rate commitment is subject to the greater of the interest rate floor (if applicable) or 3-month SOFR, which was 4.29% and 5.30%, respectively.

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


	March 31, 2025					December 31, 2024
($ in thousands)	Amortized Cost		Fair Value			Amortized Cost		Fair Value
First-lien senior secured debt investments(1)	$	26,774,518	$	26,699,852	(5)	$	23,703,828	$	23,665,142	(6)
Second-lien senior secured debt investments	806,343		766,222			802,519		767,392
Unsecured debt investments	453,036		457,391			447,930		440,633
Preferred equity investments(2)	438,367		436,093			367,924		364,672
Common equity investments(3)	706,478		803,269			742,386		825,152
Joint ventures(4)	320,310		297,582			319,078		315,903
Total Investments	$	29,499,052	$	29,460,409		$	26,383,665	$	26,378,894

(1)Includes debt investment in Amergin AssetCo.

(2)Includes equity investment in LSI Financing DAC.

(3)Includes equity investments in Amergin AssetCo, Fifth Season and LSI Financing LLC.

(4)Includes equity investments in OCIC SLF and Credit SLF.

(5)39.6% of which we consider unitranche loans.

(6)38.5% of which we consider unitranche loans.

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


	March 31, 2025		December 31, 2024
Advertising and media	1.5	%	1.8	%
Aerospace and defense	0.8		0.8
Asset based lending and fund finance(1)	1.1		1.1
Automotive services	0.6		0.7
Automotive aftermarket	0.1		0.1
Buildings and real estate	2.5		2.6
Business services	5.7		6.0
Chemicals	2.6		2.9
Consumer products	1.4		1.5
Containers and packaging	3.4		2.4
Distribution	2.2		2.3
Education	0.9		0.9
Energy equipment and services	0.3		0.3
Financial services	5.0		5.1
Food and beverage	5.9		6.3
Healthcare equipment and services	7.3		6.0
Healthcare providers and services	13.2		12.0
Healthcare technology	5.3		5.7
Household products	1.1		1.3
Human resource support services	0.7		0.8

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	March 31, 2025		December 31, 2024
Infrastructure and environmental services	1.4		1.5
Insurance(2)	9.7		9.4
Internet software and services	11.0		11.6
Joint ventures(3)	1.0		1.2
Leisure and entertainment	2.7		3.0
Manufacturing	3.7		3.5
Pharmaceuticals(4)	1.4		1.1
Professional services	4.2		4.6
Specialty retail	1.6		1.8
Telecommunications	1.1		1.1
Transportation	0.6		0.6
Total	100.0	%	100.0	%

(1)Includes investment in Amergin AssetCo.

(2)Includes equity investment in Fifth Season.

(3)Includes equity investments in OCIC SLF and Credit SLF.

(4)Includes equity investments in LSI Financing DAC and LSI Financing LLC.

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


	March 31, 2025		December 31, 2024
United States:
Midwest	19.5	%	20.6	%
Northeast	22.9		20.1
South	32.3		32.7
West	15.9		16.2
International	9.4		10.4
Total	100.0	%	100.0	%

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


	March 31, 2025		December 31, 2024
Weighted average total yield of portfolio(1)	9.7	%	9.9	%
Weighted average total yield of debt and income producing securities(1)	9.9	%	10.0	%
Weighted average interest rate of debt securities	9.4	%	9.7	%
Weighted average spread over base rate of all floating rate investments	5.1	%	5.2	%

(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 portfolio company. Our Adviser has several methods of evaluating and monitoring the performance and fair value of our investments, which may include the following:

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•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 agents of Blue Owl’s Credit platform. 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.

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

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	March 31, 2025				December 31, 2024
Investment Rating	Fair Value		Percentage		Fair Value		Percentage
($ in thousands)
1	$	1,661,499	5.6	%	$	1,507,477	5.7	%
2	26,575,195		90.3		23,692,115		89.8
3	1,188,756		4.0		1,147,787		4.4
4	33,840		0.1		—		—
5	1,119		0.0		31,515		0.1
Total	$	29,460,409	100.0	%	$	26,378,894	100.0	%

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


	March 31, 2025				December 31, 2024
($ in thousands)	Amortized Cost		Percentage		Amortized Cost		Percentage
Performing	$	27,958,637	99.7	%	$	24,911,661	99.8	%
Non-accrual	75,260		0.3		42,616		0.2
Total	$	28,033,897	100.0	%	$	24,954,277	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 March 31, 2025, our commitment to Amergin AssetCo is $228.3 million, of which $124.0 million is equity and $104.3 million is debt. As of March 31, 2025, the fair value of our investment in Amergin AssetCo was $174.3 million. As of March 31, 2025, the fair value of our investment in Amergin Asset Management, LLC was $1.8 million. We do not consolidate our equity interest in Amergin AssetCo or Amergin Asset Management, LLC.

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 March 31, 2025, the fair value of our investment in Fifth Season was $245.3 million. We do not consolidate our equity interest in Fifth Season.

LSI Financing 1 DAC

LSI Financing DAC 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 DAC. As of March 31, 2025, fair value of our investment in LSI Financing DAC is $4.7 million. We do not consolidate our equity interest in LSI Financing DAC.

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LSI Financing LLC

LSI Financing LLC is a separately managed portfolio company formed to indirectly own royalty purchase agreements and loans in the life sciences space. The Adviser provides consulting services to a subsidiary of LSI Financing LLC in exchange for a fee. The Adviser has agreed to waive a portion of the management fee payable by us pursuant to the Investment Advisory Agreement equal to our pro rata amount of such consulting fee. On November 25, 2024, we made an initial equity commitment to LSI Financing LLC. As of March 31, 2025, the fair value of our investment in LSI Financing LLC is $224.9 million and our total commitment is $220.8 million. We do not consolidate our equity interest in LSI Financing LLC.

Joint Ventures

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. We do not consolidate our non-controlling interest in OCIC SLF.

Refer to Exhibit 99.1 for the OCIC SLF’s Supplemental Financial Information.

Blue Owl Credit SLF LLC

On May 6, 2024, Blue Owl Credit SLF LLC (“Credit SLF”), a Delaware limited liability company, was formed as a joint venture. We, along with, Blue Owl Capital Corporation, Blue Owl Capital Corporation II, Blue Owl Technology Finance Corp., Blue Owl Technology Income Corp., and State Teachers Retirement System of Ohio (“OSTRS”) (each, a “Credit SLF Member” and collectively, the “Credit SLF Members”) co-manage Credit SLF. Credit SLF’s principal purpose is to make investments in senior secured loans to middle-market companies, broadly syndicated loans and senior and subordinated notes issued by collateralized loan obligations. Credit SLF is managed by a board consisting of an equal number of representatives appointed by each Credit SLF Member and which acts unanimously. Investment decisions must be approved by Credit SLF’s board. Our investment in Credit SLF 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 non-controlling interest in Credit SLF.

Refer to Exhibit 99.2 for the Credit SLF's Supplemental Financial Information.

Results of Operations

The following table represents the operating results for the following periods:


	For the Three Months Ended March 31,
($ in thousands)	2025		2024
Total Investment Income	$	707,250	$	528,157
Less: Operating Expenses	338,304		253,232
Net Investment Income (Loss) Before Taxes	368,946		274,925
Less: Income taxes, including excise taxes	220		799
Net Investment Income (Loss) After Taxes	368,726		274,126
Net change in unrealized gain (loss)	(53,113)		1,615
Net realized gain (loss)	(63,880)		(3,371)
Net Increase (Decrease) in Net Assets Resulting from Operations	$	251,733	$	272,370

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

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appreciation and depreciation on the investment portfolio. For the three months ended March 31, 2025, our net asset value per share decreased, primarily driven by a decrease in the fair value of our investments, net realized losses and dividends paid in excess of earnings. For the three months ended March 31, 2024, our net asset value per share increased, primarily driven by earnings in excess of dividends paid.

Investment Income

The following table represents investment income for the following periods:


	For the Three Months Ended March 31,
($ in thousands)	2025		2024
Investment income
Interest income	$	630,819	$	462,052
PIK interest income	28,762		27,562
Dividend income	26,496		15,841
PIK dividend income	13,344		17,251
Other income	7,829		5,451
Total Investment Income	$	707,250	$	528,157

For the Three Months ended March 31, 2025 and 2024

Investment income increased to $707.3 million for the three months ended March 31, 2025 from $528.2 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 $17.64 billion as of March 31, 2024 to $28.34 billion as of March 31, 2025. 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 $15.7 million for the three months ended March 31, 2025 and $13.2 million for the three months ended March 31, 2024. For the three months ended March 31, 2025, PIK interest and PIK dividend income earned was $28.8 million and $13.3 million, respectively. PIK interest and PIK dividend income represented approximately 4.1% and 1.9% of total investment income for the three months ended March 31, 2025, respectively. For the three months ended March 31, 2024, PIK interest and PIK dividend income earned was $27.6 million and $17.2 million, respectively. PIK interest and PIK dividend income represented approximately 5.2% and 3.3% of total investment income for the three months ended March 31, 2024, respectively. Other income increased period-over-period due to an increase in unfunded investment commitment fees and 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. Included in investment income is dividend income which includes income earned from our controlled, affiliated and non-controlled, affiliated equity 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 March 31,
($ in thousands)	2025		2024

Offering costs	$	1,962	$	1,251
Interest expense	216,560		169,416
Management fees	46,397		28,519
Performance based incentive fees	52,675		38,910
Professional fees	5,596		5,616
Directors’ fees	320		326
Shareholder servicing fees	11,408		7,412
Other general and administrative	3,386		1,782
Total operating expenses	$	338,304	$	253,232

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For the Three Months Ended March 31, 2025 and 2024

Total operating expenses increased to $338.3 million for the three months ended March 31, 2025 from $253.2 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 March 31, 2025 compared to the three months ended March 31, 2024. The increase in interest expense was driven by an increase in average daily borrowings to $12.50 billion from $8.26 billion period over period, partially offset by a decrease in the average interest rate to 6.8% from 7.6% period over period. As a percentage of total assets, offering costs, 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 months ended March 31, 2025, we recorded U.S. federal excise tax of $0.2 million. For the three months ended March 31, 2024, we recorded U.S. federal excise tax of $0.8 million.

Certain of our consolidated subsidiaries are subject to U.S. federal and state corporate-level income taxes. For the three months ended March 31, 2025, we recorded a net tax expense/(benefit) of approximately $4 thousand for taxable subsidiaries. For the three months ended March 31, 2024, we recorded a net tax expense/(benefit) of approximately $(9) thousand for taxable subsidiaries.

We recorded a net deferred tax liability of $750 thousand and liability of $915 thousand as of March 31, 2025 and December 31, 2024, respectively, for taxable subsidiaries, which is primarily 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:


	For the Three Months Ended March 31,
($ in thousands)	2025		2024
Net change in unrealized gain (loss):

Non-controlled, non-affiliated investments	$	(54,453)	$	(4,071)
Non-controlled, affiliated investments	(82)		1,343
Controlled, affiliated investments	(6,275)		4,626
Translation of assets and liabilities in foreign currencies	7,528		(291)
Income tax (provision) benefit	169		8
Net change in unrealized gain (loss)	$	(53,113)	$	1,615

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For the Three Months ended March 31, 2025 and 2024

For the three months ended March 31, 2025, the net unrealized loss was primarily driven by decreases in the fair value of certain debt investments, partially offset by reversals of prior period unrealized losses that were realized during the period in connection with restructurings. As of March 31, 2025, the fair value of our debt investments as a percentage of principal was 98.6%, as compared to 98.9% as of December 31, 2024.

The ten largest contributors to the change in net unrealized gain (loss) on investments during the three months ended March 31, 2025 consisted of the following:


Portfolio Company ($ in millions)	Net Change in Unrealized Gain (Loss)
Physician Partners, LLC	$	39.5
OCIC SLF LLC (fka Blue Owl Credit Income Senior Loan Fund LLC)(1)	(19.4)
EOS Finco S.A.R.L	(17.1)
Notorious Topco, LLC (dba Beauty Industry Group)	(14.4)
Ivanti Software, Inc.	11.8
AAM Series 1.1 Rail and Domestic Intermodal Feeder, LLC(1)	9.0
KWOR Acquisition, Inc. (dba Alacrity Solutions)	7.5
Asurion, LLC	(5.7)
Gloves Buyer, Inc. (dba Protective Industrial Products)	(5.2)
Creek Parent, Inc. (dba Catalent)	4.1
Remaining portfolio companies	(70.9)
Total	$	(60.8)

(1)Portfolio company is a controlled, affiliated investment.

For the three months ended March 31, 2024, the net unrealized gain was primarily driven by an increase in the fair value of our debt investments as compared to December 31, 2023. The primary drivers of our portfolio’s unrealized gains were current market conditions, including credit spreads tightening across the broader markets. As of March 31, 2024, the fair value of our debt investments as a percentage of principal was 98.7%, 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 three months ended March 31, 2024 consisted of the following:


Portfolio Company ($ in millions)	Net Change in Unrealized Gain (Loss)
Physician Partners, LLC	$	(28.7)
Asurion, LLC	(12.1)
EOS U.S. Finco LLC	(7.7)
Fifth Season Investments LLC(1)	7.4
Pediatric Associates Holding Company, LLC	(4.0)
Fiesta Purchaser, Inc. (dba Shearer’s Foods)	3.3
USIC Holdings, Inc.	2.8
OCIC SLF LLC (fka Blue Owl Credit Income Senior Loan Fund LLC)(1)	(2.8)
Aruba Investments Holdings LLC (dba Angus Chemical Company)	2.4
The Shade Store, LLC	1.9
Remaining portfolio companies	39.4
Total	$	1.9

(1)Portfolio company is a controlled, affiliated investment.

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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 March 31,
($ in thousands)	2025		2024
Net realized gain (loss):
Non-controlled, non-affiliated investments	$	(57,865)	$	(3,447)



Translation of assets and liabilities in foreign currencies	(6,015)		76
Net realized gain (loss)	$	(63,880)	$	(3,371)

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 March 31, 2025 and December 31, 2024, our asset coverage ratios were 218% 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 March 31, 2025, 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 March 31, 2025 we had $2.40 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 March 31, 2025, we had $0.54 billion in cash. During the three months ended March 31, 2025, we used $1.84 billion in cash for operating activities, primarily as a result of funding portfolio investments of $4.20 billion, partially offset by sales and repayments of portfolio investments of $1.08 billion and other operating activities of $1.28 billion. Lastly, cash provided by financing activities was $1.36 billion during the period, which was the result of proceeds from the issuance of shares of $1.93 billion, partially offset by $0.21 billion of distributions paid, share repurchases of $0.19 billion and net repayments on our credit facilities, net of debt issuance and deferred offering costs, of $0.16 billion.

Net Assets

Share Issuances

We have the authority to issue 4,500,000,000 common shares at $0.01 per share par value, 1,500,000,000 of which are classified as Class S common shares, 1,000,000,000 of which are classified as Class D common shares, and 2,000,000,000 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. On February 14, 2022, we commenced our follow-on offering, pursuant to which we

138

offered, on a continuous basis, up to $13,500,000,000 in any combination of amount of shares of Class S, Class D and Class I common stock. Pursuant to our current offering we are offering $14,000,000,000 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 March 31, 2025
	Class S			Class D			Class I			Total
($ in thousands, except share amounts)	Shares	Amount		Shares	Amount		Shares	Amount		Shares	Amount
Shares/gross proceeds from the continuous public offering	56,793,287	$	545,712	5,939,949	$	57,107	104,898,800	$	1,002,790	167,632,036	$	1,605,609
Shares/gross proceeds from the private placements	—	—		—	—		34,115,615	325,637		34,115,615	325,637
Share Transfers between classes(1)	(2,370,300)	(22,590)		2,733	24		2,360,148	22,566		(7,419)	—
Reinvestment of distributions	5,831,531	55,580		426,487	4,069		11,063,342	105,776		17,321,360	165,425
Repurchased shares	(5,655,204)	(53,498)		(201,862)	(1,912)		(15,652,202)	(148,539)		(21,509,268)	(203,949)
Total shares/gross proceeds	54,599,314	525,204		6,167,307	59,288		136,785,703	1,308,230		197,552,324	1,892,722
Sales load	—	(4,574)		—	(430)		—	—		—	(5,004)
Total shares/net proceeds	54,599,314	$	520,630	6,167,307	$	58,858	136,785,703	$	1,308,230	197,552,324	$	1,887,718

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	For the Three Months Ended March 31, 2024
	Class S			Class D			Class I			Total
($ in thousands, except share amounts)	Shares	Amount		Shares	Amount		Shares	Amount		Shares	Amount
Shares/gross proceeds from the continuous public offering	46,124,796	$	441,603	3,653,226	$	34,721	78,481,959	$	746,402	128,259,981	$	1,222,726
Shares/gross proceeds from the private placements	—	—		—	—		8,474,515	80,612		8,474,515	80,612
Share Transfers between classes(1)	(72,397)	(687)		(35,690,399)	(338,702)		35,724,999	339,389		(37,797)	—
Reinvestment of distributions	3,448,275	32,710		551,717	5,238		6,445,103	61,289		10,445,095	99,237
Repurchased shares	(3,560,660)	(33,826)		(2,771,164)	(26,354)		(8,603,765)	(81,994)		(14,935,589)	(142,174)
Total shares/gross proceeds	45,940,014	439,800		(34,256,620)	(325,097)		120,522,811	1,145,698		132,206,205	1,260,401
Sales load	—	(4,007)		—	(30)		—	—		—	(4,037)
Total shares/net proceeds	45,940,014	$	435,793	(34,256,620)	$	(325,127)	120,522,811	$	1,145,698	132,206,205	$	1,256,364

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 since the commencement of our initial continuous public offering and associated effective dates of such changes were as follows:


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

March 1, 2021	$	9.26	$	0.32	$	9.58
April 1, 2021	$	9.26	$	0.32	$	9.58
May 1, 2021	$	9.26	$	0.32	$	9.58
June 1, 2021	$	9.28	$	0.32	$	9.60
July 1, 2021	$	9.30	$	0.33	$	9.63
August 1, 2021	$	9.30	$	0.33	$	9.63
September 1, 2021	$	9.30	$	0.33	$	9.63
October 1, 2021	$	9.31	$	0.33	$	9.64
November 1, 2021	$	9.32	$	0.33	$	9.65
December 1, 2021	$	9.31	$	0.33	$	9.64
January 1, 2022	$	9.33	$	0.33	$	9.66
February 1, 2022	$	9.33	$	0.33	$	9.66
March 1, 2022	$	9.27	$	0.32	$	9.59
April 1, 2022	$	9.24	$	0.32	$	9.56
May 1, 2022	$	9.23	$	0.32	$	9.55
June 1, 2022	$	9.02	$	0.32	$	9.34
July 1, 2022	$	8.84	$	0.31	$	9.15

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

August 1, 2022	$	9.02	$	0.32	$	9.34
September 1, 2022	$	9.09	$	0.32	$	9.41
October 1, 2022	$	8.99	$	0.31	$	9.30
November 1, 2022	$	9.00	$	0.32	$	9.32
December 1, 2022	$	9.05	$	0.32	$	9.37
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
July 1, 2023	$	9.28	$	0.32	$	9.60
August 1, 2023	$	9.33	$	0.33	$	9.66
September 1, 2023	$	9.37	$	0.33	$	9.70
October 1, 2023	$	9.40	$	0.33	$	9.73
November 1, 2023	$	9.36	$	0.33	$	9.69
December 1, 2023	$	9.42	$	0.33	$	9.75
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
July 1, 2024	$	9.53	$	0.33	$	9.86
August 1, 2024	$	9.55	$	0.33	$	9.88
September 1, 2024	$	9.56	$	0.33	$	9.89
October 1, 2024	$	9.55	$	0.33	$	9.88
November 1, 2024	$	9.55	$	0.33	$	9.88
December 1, 2024	$	9.55	$	0.33	$	9.88
January 1, 2025	$	9.54	$	0.33	$	9.87
February 1, 2025	$	9.54	$	0.33	$	9.87
March 1, 2025	$	9.51	$	0.33	$	9.84


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

March 1, 2021	$	9.26	$	0.14	$	9.40
April 1, 2021	$	9.26	$	0.14	$	9.40
May 1, 2021	$	9.25	$	0.14	$	9.39
June 1, 2021	$	9.27	$	0.14	$	9.41
July 1, 2021	$	9.29	$	0.14	$	9.43
August 1, 2021	$	9.29	$	0.14	$	9.43
September 1, 2021	$	9.29	$	0.14	$	9.43
October 1, 2021	$	9.31	$	0.14	$	9.45
November 1, 2021	$	9.32	$	0.14	$	9.46
December 1, 2021	$	9.31	$	0.14	$	9.45

141


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

January 1, 2022	$	9.34	$	0.14	$	9.48
February 1, 2022	$	9.33	$	0.14	$	9.47
March 1, 2022	$	9.27	$	0.14	$	9.41
April 1, 2022	$	9.25	$	0.14	$	9.39
May 1, 2022	$	9.24	$	0.14	$	9.38
June 1, 2022	$	9.04	$	0.14	$	9.18
July 1, 2022	$	8.86	$	0.13	$	8.99
August 1, 2022	$	9.04	$	0.14	$	9.18
September 1, 2022	$	9.09	$	0.14	$	9.23
October 1, 2022	$	9.00	$	0.14	$	9.14
November 1, 2022	$	9.01	$	0.14	$	9.15
December 1, 2022	$	9.05	$	0.14	$	9.19
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
July 1, 2023	$	9.29	$	0.14	$	9.43
August 1, 2023	$	9.34	$	0.14	$	9.48
September 1, 2023	$	9.38	$	0.14	$	9.52
October 1, 2023	$	9.41	$	0.14	$	9.55
November 1, 2023	$	9.37	$	0.14	$	9.51
December 1, 2023	$	9.43	$	0.14	$	9.57
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
July 1, 2024	$	9.55	$	0.14	$	9.69
August 1, 2024	$	9.56	$	0.14	$	9.70
September 1, 2024	$	9.57	$	0.14	$	9.71
October 1, 2024	$	9.56	$	0.14	$	9.70
November 1, 2024	$	9.56	$	0.14	$	9.70
December 1, 2024	$	9.56	$	0.14	$	9.70
January 1, 2025	$	9.55	$	0.14	$	9.69
February 1, 2025	$	9.55	$	0.14	$	9.69
March 1, 2025	$	9.52	$	0.14	$	9.66


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

Initial Offering Price	$	10.00	$	—	$	10.00
March 1, 2021	$	9.26	$	—	$	9.26
April 1, 2021	$	9.26	$	—	$	9.26

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

May 1, 2021	$	9.26	$	—	$	9.26
June 1, 2021	$	9.28	$	—	$	9.28
July 1, 2021	$	9.30	$	—	$	9.30
August 1, 2021	$	9.30	$	—	$	9.30
September 1, 2021	$	9.30	$	—	$	9.30
October 1, 2021	$	9.32	$	—	$	9.32
November 1, 2021	$	9.32	$	—	$	9.32
December 1, 2021	$	9.31	$	—	$	9.31
January 1, 2022	$	9.34	$	—	$	9.34
February 1, 2022	$	9.34	$	—	$	9.34
March 1, 2022	$	9.28	$	—	$	9.28
April 1, 2022	$	9.26	$	—	$	9.26
May 1, 2022	$	9.25	$	—	$	9.25
June 1, 2022	$	9.05	$	—	$	9.05
July 1, 2022	$	8.88	$	—	$	8.88
August 1, 2022	$	9.06	$	—	$	9.06
September 1, 2022	$	9.11	$	—	$	9.11
October 1, 2022	$	9.01	$	—	$	9.01
November 1, 2022	$	9.02	$	—	$	9.02
December 1, 2022	$	9.07	$	—	$	9.07
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
July 1, 2023	$	9.31	$	—	$	9.31
August 1, 2023	$	9.36	$	—	$	9.36
September 1, 2023	$	9.39	$	—	$	9.39
October 1, 2023	$	9.43	$	—	$	9.43
November 1, 2023	$	9.38	$	—	$	9.38
December 1, 2023	$	9.45	$	—	$	9.45
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
July 1, 2024	$	9.56	$	—	$	9.56
August 1, 2024	$	9.58	$	—	$	9.58
September 1, 2024	$	9.58	$	—	$	9.58
October 1, 2024	$	9.57	$	—	$	9.57
November 1, 2024	$	9.58	$	—	$	9.58
December 1, 2024	$	9.57	$	—	$	9.57
January 1, 2025	$	9.57	$	—	$	9.57

143


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

February 1, 2025	$	9.57	$	—	$	9.57
March 1, 2025	$	9.54	$	—	$	9.54

Distributions


	For the Three Months Ended March 31, 2025
Declaration Date	Record Date	Payment Date	Distribution Per Share(1)		Distribution Amount(2)
($ in thousands, except per share amounts)					Class S		Class D		Class I
November 5, 2024	January 31, 2025	February 25, 2025	$	0.07010	$	33,890	$	3,499	$	69,929
February 18, 2025	February 28, 2025	March 25, 2025	0.07010		35,308		3,794		72,626
February 18, 2025	March 31, 2025	April 24, 2025	0.10280		54,669		5,767		111,979









		Total	$	0.24300	$	123,867	$	13,060	$	254,534

(1)Distributions per share are gross of shareholder servicing fees.

(2)Distribution amounts are net of shareholder servicing fees.


	For the Three Months Ended March 31, 2024
Declaration Date	Record Date	Payment Date	Distribution Per Share(1)		Distribution Amount(2)
($ in thousands, except per share amounts)					Class S		Class D		Class I
November 20, 2023	January 31, 2024	February 23, 2024	$	0.07010	$	21,517	$	2,829	$	42,089
February 21, 2024	February 29, 2024	March 22, 2024	0.07010		22,651		2,984		44,196
February 21, 2024	March 29, 2024	April 23, 2024	0.10280		35,655		4,144		67,451









		Total	$	0.24300	$	79,823	$	9,957	$	153,736

(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 is an “opt-in” plan and 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 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.

Prior to the termination of the Expense Support Agreement 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.

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

144

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 Three Months Ended March 31, 2025
Source of Distribution(2)	Per Share(1)		Amount		Percentage
($ in thousands, except per share amounts)
Net investment income	$	0.22900	$	368,726	94.2	%

Distributions in excess of net investment income(3)	0.01400		22,735		5.8	%
Total	$	0.24300	$	391,461	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.

(3)Represents the distributions in excess of net investment income for the current period. The Company has accumulated undistributed earnings as of March 31, 2025.


	For the Three Months Ended March 31, 2024
Source of Distribution(2)	Per Share(1)		Amount		Percentage
($ in thousands, except per share amounts)
Net investment income	$	0.24300	$	243,516	100.0	%


Total	$	0.24300	$	243,516	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

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.

145


Offer Date	Class	Tender Offer Expiration	Tender Offer (in thousands)		Purchase Price per Share		Shares Repurchased






























February 27, 2024	S	March 31, 2024	$	33,826	$	9.50	3,560,660
February 27, 2024	D	March 31, 2024	$	26,354	$	9.51	2,771,164
February 27, 2024	I	March 31, 2024	$	81,994	$	9.53	8,603,765
May 24, 2024	S	June 28, 2024	$	50,529	$	9.53	5,302,035
May 24, 2024	D	June 28, 2024	$	3,558	$	9.55	372,544
May 24, 2024	I	June 28, 2024	$	97,737	$	9.56	10,223,527
August 30, 2024	S	September 30, 2024	$	46,534	$	9.55	4,872,698
August 30, 2024	D	September 30, 2024	$	2,153	$	9.56	225,274
August 30, 2024	I	September 30, 2024	$	102,943	$	9.57	10,756,911
November 26, 2024	S	December 31, 2024	$	54,850	$	9.54	5,749,465
November 26, 2024	D	December 31, 2024	$	8,863	$	9.55	928,082
November 26, 2024	I	December 31, 2024	$	129,643	$	9.57	13,546,800
February 26, 2025	S	March 31, 2025	$	53,498	$	9.46	5,655,204
February 26, 2025	D	March 31, 2025	$	1,912	$	9.47	201,862
February 26, 2025	I	March 31, 2025	$	148,539	$	9.49	15,652,202

146

Debt

Aggregate Borrowings

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


	March 31, 2025
($ in thousands)	Aggregate Principal Committed		Outstanding Principal		Amount Available(1)		Unamortized Debt Issuance Costs (Premium)		Net Carrying Value
Revolving Credit Facility(2)(4)	$	3,300,000	$	1,411,214	$	1,834,225	$	(21,864)	$	1,389,350
SPV Asset Facility I	525,000		200,000		125,931		(5,261)		194,739
SPV Asset Facility II	1,500,000		1,050,000		37,067		(11,231)		1,038,769
SPV Asset Facility III(2)	1,500,000		888,331		23,457		(12,597)		875,734
SPV Asset Facility IV	500,000		330,000		46,178		(8,230)		321,770
SPV Asset Facility V	500,000		265,000		13,067		(4,700)		260,300
SPV Asset Facility VI	750,000		220,000		189,504		(8,043)		211,957
SPV Asset Facility VII(2)	500,000		246,385		111,453		(3,238)		243,147
SPV Asset Facility VIII	500,000		200,000		14,282		(3,007)		196,993
CLO VIII	290,000		290,000		—		(1,784)		288,216
CLO XI	260,000		260,000		—		(1,583)		258,417
CLO XII	260,000		260,000		—		(1,701)		258,299
CLO XV	312,000		312,000		—		(2,692)		309,308
CLO XVI	420,000		420,000		—		(2,610)		417,390
CLO XVII	325,000		325,000		—		(2,758)		322,242
CLO XVIII	260,000		260,000		—		(1,820)		258,180
CLO XIX	260,000		260,000		—		(1,889)		258,111
September 2026 Notes	350,000		350,000		—		(2,463)		347,537
February 2027 Notes	500,000		500,000		—		(2,958)		497,042
September 2027 Notes(3)	600,000		600,000		—		(4,728)		598,724
AUD 2027 Notes(2)(3)	295,750		295,750		—		(2,484)		275,834
June 2028 Notes(3)	650,000		650,000		—		(7,469)		650,594
January 2029 Notes(3)	550,000		550,000		—		(10,766)		545,879
September 2029 Notes(3)	900,000		900,000		—		(8,434)		909,906
March 2030 Notes(3)	1,000,000		1,000,000		—		(20,567)		955,157
March 2031 Notes(3)	750,000		750,000		—		(18,881)		732,122
Total Debt	$	17,557,750	$	12,793,680	$	2,395,164	$	(173,758)	$	12,615,717

(1)The amount available reflects any limitations related to each credit facility’s borrowing base.

(2)Includes unrealized gain (loss) on translation of borrowings denominated in foreign currencies.

(3)Net Carrying Value is inclusive of change in fair market value of effective hedge.

(4)The amount available is reduced by $54.6 million of outstanding letters of credit.

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	December 31, 2024
($ in thousands)	Aggregate Principal Committed		Outstanding Principal		Amount Available(1)		Unamortized Debt Issuance Costs (Premium)		Net Carrying Value
Revolving Credit Facility(2)(4)	$	3,100,000	$	1,335,012	$	1,726,832	$	(22,497)	$	1,312,515
SPV Asset Facility I	525,000		300,000		8,771		(5,464)		294,536
SPV Asset Facility II	1,500,000		920,000		115,020		(12,119)		907,881
SPV Asset Facility III(2)	1,500,000		971,917		55,727		(13,370)		958,547
SPV Asset Facility IV	500,000		355,000		26,504		(3,302)		351,698
SPV Asset Facility V	500,000		250,000		18,217		(4,991)		245,009
SPV Asset Facility VI	750,000		350,000		62,964		(8,248)		341,752
SPV Asset Facility VII(2)	500,000		165,859		168,563		(3,461)		162,398
SPV Asset Facility VIII	500,000		200,000		1,500		(3,077)		196,923
CLO VIII	290,000		290,000		—		(1,900)		288,100
CLO XI	260,000		260,000		—		(1,692)		258,308
CLO XII	260,000		260,000		—		(1,808)		258,192
CLO XV	312,000		312,000		—		(2,802)		309,198
CLO XVI	420,000		420,000		—		(2,697)		417,303
CLO XVII	325,000		325,000		—		(2,879)		322,121
CLO XVIII	260,000		260,000		—		(1,891)		258,109
CLO XIX	260,000		260,000		—		(1,794)		258,206
March 2025 Notes	500,000		500,000		—		(484)		499,516
September 2026 Notes	350,000		350,000		—		(2,916)		347,084
February 2027 Notes	500,000		500,000		—		(3,350)		496,650
September 2027 Notes(3)	600,000		600,000		—		(5,182)		593,270
AUD 2027 Notes(2)(3)	295,468		295,468		—		(2,397)		271,957
June 2028 Notes(3)	650,000		650,000		—		(8,067)		642,519
January 2029 Notes(3)	550,000		550,000		—		(11,458)		538,086
September 2029 Notes(3)	500,000		500,000		—		(10,769)		492,523
March 2030 Notes(3)	1,000,000		1,000,000		—		(20,518)		941,037
March 2031 Notes(3)	750,000		750,000		—		(19,599)		718,384
Total Debt	$	17,457,468	$	12,930,256	$	2,184,098	$	(178,732)	$	12,681,822

(1)The amount available reflects any limitations related to each credit facility’s borrowing base.

(2)Includes unrealized gain (loss) on translation of borrowings denominated in foreign currencies.

(3)Net Carrying Value is inclusive of change in fair market value of effective hedge.

(4)The amount available is reduced by $38.2 million of outstanding letters of credit.

The below table represents the components of interest expense for the following periods:


	For the Three Months Ended March 31,
($ in thousands)	2025			2024
Interest expense	$	213,576		$	158,509
Amortization of debt issuance costs	11,038			6,281
Net change in unrealized (gain) loss on effective interest rate swaps and hedged items(1)	(8,054)			4,626
Total Interest Expense	$	216,560		$	169,416
Average interest rate	6.8		%	7.6		%
Average daily borrowings	$	12,499,494		$	8,255,253

(1)Refer to “ITEM 1. – FINANCIAL STATEMENTS – Notes to Consolidated Financial Statements – Note 5. Debt – September 2027, AUD 2027, June 2028, January 2029, September 2029, March 2030, and March 2031 Notes” for details on the facilities’ interest rate swaps.

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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)

Promissory Note(5)
March 31, 2025 (unaudited)	$	—	$	—	—	N/A
December 31, 2024	$	—	$	—	—	N/A
December 31, 2023	$	—	$	—	—	N/A
December 31, 2022	$	—	$	—	—	N/A
December 31, 2021	$	—	$	—	—	N/A
December 31, 2020	$	10.0	$	2,226.8	—	N/A
SPV Asset Facility I
March 31, 2025 (unaudited)	$	200.0	$	2,177.7	—	N/A
December 31, 2024	$	300.0	$	2,094.8	—	N/A
December 31, 2023	$	475.0	$	2,085.2	—	N/A
December 31, 2022	$	440.4	$	1,927.2	—	N/A
December 31, 2021	$	301.3	$	1,998.5	—	N/A
SPV Asset Facility II
March 31, 2025 (unaudited)	$	1,050.0	$	2,177.7	—	N/A
December 31, 2024	$	920.0	$	2,094.8	—	N/A
December 31, 2023	$	1,718.0	$	2,085.2	—	N/A
December 31, 2022	$	1,538.0	$	1,927.2	—	N/A
December 31, 2021	$	446.0	$	1,998.5	—	N/A
SPV Asset Facility III
March 31, 2025 (unaudited)	$	888.3	$	2,177.7	—	N/A
December 31, 2024	$	971.9	$	2,094.8	—	N/A
December 31, 2023	$	522.0	$	2,085.2	—	N/A
December 31, 2022	$	555.0	$	1,927.2	—	N/A
SPV Asset Facility IV
March 31, 2025 (unaudited)	$	330.0	$	2,177.7	—	N/A
December 31, 2024	$	355.0	$	2,094.8	—	N/A
December 31, 2023	$	250.0	$	2,085.2	—	N/A
December 31, 2022	$	465.0	$	1,927.2	—	N/A
SPV Asset Facility V
March 31, 2025 (unaudited)	$	265.0	$	2,177.7	—	N/A
December 31, 2024	$	250.0	$	2,094.8	—	N/A
December 31, 2023	$	200.0	$	2,085.2	—	N/A
SPV Asset Facility VI
March 31, 2025 (unaudited)	$	220.0	$	2,177.7	—	N/A
December 31, 2024	$	350.0	$	2,094.8	—	N/A
December 31, 2023	$	160.0	$	2,085.2	—	N/A
SPV Asset Facility VII
March 31, 2025 (unaudited)	$	246.4	$	2,177.7	—	N/A
December 31, 2024	$	165.9	$	2,094.8	—	N/A
SPV Asset Facility VIII
March 31, 2025 (unaudited)	$	200.0	$	2,177.7	—	N/A
December 31, 2024	$	200.0	$	2,094.8	—	N/A
CLO VIII
March 31, 2025 (unaudited)	$	290.0	$	2,177.7	—	N/A

149


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, 2024	$	290.0	$	2,094.8	—	N/A
December 31, 2023	$	290.0	$	2,085.2	—	N/A
December 31, 2022	$	290.0	$	1,927.2	—	N/A
CLO XI
March 31, 2025 (unaudited)	$	260.0	$	2,177.7	—	N/A
December 31, 2024	$	260.0	$	2,094.8	—	N/A
December 31, 2023	$	260.0	$	2,085.2	—	N/A
CLO XII
March 31, 2025 (unaudited)	$	260.0	$	2,177.7	—	N/A
December 31, 2024	$	260.0	$	2,094.8	—	N/A
December 31, 2023	$	260.0	$	2,085.2	—	N/A
CLO XV
March 31, 2025 (unaudited)	$	312.0	$	2,177.7	—	N/A
December 31, 2024	$	312.0	$	2,094.8	—	N/A
CLO XVI
March 31, 2025 (unaudited)	$	420.0	$	2,177.7	—	N/A
December 31, 2024	$	420.0	$	2,094.8	—	N/A
CLO XVII
March 31, 2025 (unaudited)	$	325.0	$	2,177.7	—	N/A
December 31, 2024	$	325.0	$	2,094.8	—	N/A
CLO XVIII
March 31, 2025 (unaudited)	$	260.0	$	2,177.7	—	N/A
December 31, 2024	$	260.0	$	2,094.8	—	N/A
CLO XIX
March 31, 2025 (unaudited)	$	260.0	$	2,177.7	—	N/A
December 31, 2024	$	260.0	$	2,094.8	—	N/A
Revolving Credit Facility
March 31, 2025 (unaudited)	$	1,411.2	$	2,177.7	—	N/A
December 31, 2024	$	1,335.0	$	2,094.8	—	N/A
December 31, 2023	$	628.1	$	2,085.2	—	N/A
December 31, 2022	$	302.3	$	1,927.2	—	N/A
December 31, 2021	$	451.2	$	1,998.5	—	N/A
September 2026 Notes
March 31, 2025 (unaudited)	$	350.0	$	2,177.7	—	N/A
December 31, 2024	$	350.0	$	2,094.8	—	N/A
December 31, 2023	$	350.0	$	2,085.2	—	N/A
December 31, 2022	$	350.0	$	1,927.2	—	N/A
December 31, 2021	$	350.0	$	1,998.5	—	N/A
February 2027 Notes
March 31, 2025 (unaudited)	$	500.0	$	2,177.7	—	N/A
December 31, 2024	$	500.0	$	2,094.8	—	N/A
December 31, 2023	$	500.0	$	2,085.2	—	N/A
December 31, 2022	$	500.0	$	1,927.2	—	N/A
September 2027 Notes
March 31, 2025 (unaudited)	$	600.0	$	2,177.7	—	N/A
December 31, 2024	$	600.0	$	2,094.8	—	N/A
December 31, 2023	$	600.0	$	2,085.2	—	N/A

150


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, 2022	$	600.0	$	1,927.2	—	N/A
AUD 2027 Notes
March 31, 2025 (unaudited)	$	295.8	$	2,177.7	—	N/A
December 31, 2024	$	295.5	$	2,094.8	—	N/A
June 2028 Notes
March 31, 2025 (unaudited)	$	650.0	$	2,177.7	—	N/A
December 31, 2024	$	650.0	$	2,094.8	—	N/A
December 31, 2023	$	650.0	$	2,085.2	—	N/A
March 2025 Notes
March 31, 2025 (unaudited)	$	—	$	—	—	N/A
December 31, 2024	$	500.0	$	2,094.8	—	N/A
December 31, 2023	$	500.0	$	2,085.2	—	N/A
December 31, 2022	$	500.0	$	1,927.2	—	N/A
January 2029 Notes
March 31, 2025 (unaudited)	$	550.0	$	2,177.7	—	N/A
December 31, 2024	$	550.0	$	2,094.8	—	N/A
December 31, 2023	$	550.0	$	2,085.2	—	N/A
September 2029 Notes
March 31, 2025 (unaudited)	$	900.0	$	2,177.7	—	N/A
December 31, 2024	$	500.0	$	2,094.8	—	N/A
March 2030 Notes
March 31, 2025 (unaudited)	$	1,000.0	$	2,177.7	—	N/A
December 31, 2024	$	1,000.0	$	2,094.8	—	N/A
March 2031 Notes
March 31, 2025 (unaudited)	$	750.0	$	2,177.7	—	N/A
December 31, 2024	$	750.0	$	2,094.8	—	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.

(5)Facility was terminated in June 2022.

Credit Facilities

Revolving Credit Facility

On August 11, 2022, we entered into an Amended and Restated Senior Secured Revolving Credit Agreement, as amended from time to time, (as amended from time to time, the “Revolving Credit Facility”). 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 March 27, 2025, the Revolving Credit Facility was amended to extend the availability period and maturity date, increase the total facility amount and make various other changes. The following describes the terms of the Revolving Credit Facility as modified through March 27, 2025.

151

As of March 27, 2025, 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 $3.30 billion, which is comprised of (a) a term loan in a principal amount of $150.0 million (increased from $125.0 million to $150.0 million on the Revolving Credit Facility Third Amendment Date) 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 $3.15 billion (the revolving credit facility increased from $2.95 billion to $3.10 billion on March 6, 2025 and increased from $3.10 billion to $3.15 billion on March 27, 2025). 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 $4.60 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 March 27, 2025, the availability period under the Revolving Credit Facility will terminate on October 18, 2028 (the “Revolving Credit Facility Commitment Termination Date”). The Revolving Credit Facility will mature on October 18, 2029 (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.

We may borrow amounts in U.S. dollars or certain other permitted currencies. As of March 27, 2025, 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 1.875% per annum, or the alternative base rate plus margin of 0.875% 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. As of March 27, 2025, 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 1.875% per annum. Beginning on and after the Revolving Credit Facility Third Amendment Date, we will also pay a fee of 0.350% 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, from time to time 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). Borrowings of the wholly owned subsidiaries under the SPV Asset Facilities are considered our borrowings for purposes of complying with the asset coverage requirements under the 1940 Act.

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”).

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

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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.

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 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 August 9, 2024 (the “SPV Asset Facility II Eighth Amendment Date”).

The SPV Asset Facility II provides for the ability to borrow, reborrow, repay and prepay advances under the SPV Asset Facility II until October 5, 2026 unless such period is extended or accelerated under the terms of the SPV Asset Facility II (the “SPV Asset Facility II 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 SPV Asset Facility II Revolving Period, on October 5, 2028 (the “SPV Asset Facility II Termination Date”). Prior to the SPV Asset Facility II 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 SPV Asset Facility II 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 2.15% per annum, which spread will increase (a) on and after the end of the SPV Asset Facility II 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 “SPV Asset Facility II Applicable Margin”). Term SOFR may be replaced as a base rate under certain circumstances. During the SPV Asset Facility II 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 SPV Asset Facility II Revolving Period, if the undrawn commitments are in excess of a certain portion (initially 20% and increasing in stages to 35%, 50% and 70%) of the total commitments under the SPV Asset Facility II, Core Income Funding II will also pay a make-whole fee equal to the SPV Asset Facility II 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.

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 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

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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, replace Alter Domus (US) as collateral custodian with State Street Bank and Trust Company and make various other changes. The following describes the terms of SPV Asset Facility III amended through July 30, 2024 (the “SPV Asset Facility III Second Amendment Date”).

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 Second 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 July 30, 2029 (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 plus an adjustment of 0.29547%, 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 Second Amendment Date, the “Applicable Margin” ranges from 1.60% 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, on the undrawn amount under the SPV Asset Facility III.

SPV Asset Facility IV

On March 16, 2022 (the “SPV Asset Facility IV Closing Date”), Core Income Funding IV LLC (“Core Income Funding IV”), a Delaware limited liability 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. On February 28, 2025, the parties to the SPV Asset Facility IV entered into Amendment No. 1 in order to replace Alter Domus (US) as collateral custodian with State Street Bank and Trust Company and make various other changes. The following describes the terms of SPV Asset Facility IV amended through February 28, 2025 (the “SPV Asset Facility IV First Amendment Date”).

The SPV Asset Facility IV provides for the ability to (1) draw term loans and (2) draw and redraw revolving loans under the SPV Asset Facility IV until March 16, 2027, unless the revolving commitments are terminated or converted to term loans sooner as provided in the SPV Asset Facility IV (the “SPV Facility IV Commitment Termination Date”). Unless otherwise terminated, the SPV Asset Facility IV will mature on March 16, 2035 (the “SPV Asset Facility IV Stated Maturity”). Prior to the SPV Asset 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 Asset 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.

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SPV Asset Facility V

On March 9, 2023 (the “SPV Asset Facility V Closing Date”), Core Income Funding V LLC (“Core Income Funding V”), a Delaware limited liability company 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. On October 16, 2024, the parties to the SPV Asset Facility V entered into the Second Amendment to Loan and Security Agreement, in order to, among other changes, replace Alter Domus (US) LLC as collateral custodian with State Street Bank and Trust Company The following describes the terms of SPV Asset Facility V as amended through October 16, 2024 (the “SPV Asset Facility V Second Amendment Date”).

The SPV Asset Facility V provides for the ability to borrow, reborrow, repay and prepay advances under the SPV Asset Facility V until October 15, 2027 unless such period is extended or accelerated under the terms of the SPV Asset Facility V (the “SPV Asset Facility V Reinvestment Period”). Unless otherwise extended, accelerated or terminated under the terms of the SPV Asset Facility V, the SPV Asset Facility V will mature on October 16, 2029 (the “SPV Asset Facility V Maturity Date”). Prior to the SPV Asset 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 Asset 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.

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. 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. On November 12, 2024, the parties to the SPV Asset Facility VI entered into the Second Amendment to the Credit Agreement, in order to, among other changes, replace Alter Domus (US) LLC as collateral custodian with State Street Bank and Trust Company. The following describes the terms of SPV Asset Facility VI as amended through November 12, 2024 (the “SPV Asset Facility VI Second Amendment Date”).

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 until August 29, 2026 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, 2033 (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.

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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.

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 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. The following describes the terms of SPV Asset Facility VII as amended through October 18, 2024 (the“SPV Asset Facility VII First Amendment Date”).

We retain a residual interest in assets contributed to or acquired by Core Income Funding VII through our ownership of Core Income Funding VII. The maximum principal amount of the SPV Asset Facility VII is $500.0 million (increased from $300.0 million to $500.0 million on the SPV asset Facility VII First Amendment Date), 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 until May 21, 2027 (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 on May 21, 2029 (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.

SPV Asset Facility VIII

On December 17, 2024 (the “SPV Asset Facility VIII Closing Date”), Core Income Funding VIII LLC (“Core Income Funding VIII”), a Delaware limited liability company and newly formed subsidiary of ours, entered into a Credit Agreement (the “SPV Asset Facility VIII”), with Core Income Funding VIII LLC, as Borrower, the lenders from time to time parties thereto (the “SPV Asset Facility VIII Lenders”), Natixis, New York Branch, as Facility Agent, and State Street Bank and Trust Company as Collateral Agent, Collateral Administrator, Custodian and Document Custodian.

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Income Funding VIII 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 VIII Stated Maturity, Core Income Funding VIII 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.

Debt Securitization Transactions

We incur secured financing through debt securitization transactions (also known as collateralized loan obligation transactions) (the “CLO Transactions”) issued by our consolidated subsidiaries (the “CLO Issuers”), which 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 Issuers. The CLO Issuers issue preferred shares which are not secured by the collateral securing the CLO Transactions which we purchase. We act as retention holder in connection with the CLO Transactions 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 a CLO Issuer’s preferred shares. Notes issued by CLO Issuers 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 serves as collateral manager for the CLO Issuers under a collateral management agreement. The Adviser is entitled to receive fees for providing these services. The Adviser routinely waives 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 Investment Advisory Agreement will be offset by the amount of the collateral management fee attributable to a CLO Issuer’s equity or notes owned by us. Assets pledged to debt holders of the CLO Transactions and the other secured parties under each CLO Transaction’s documentation will not be available to pay our debts. We consolidate the financial statements of the CLO Issuers in our consolidated financing statements.

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”). 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 company organized under the laws of the State of Delaware (the “CLO VIII Issuer”).

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

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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.

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”). 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 company organized under the laws of the State of Delaware (the “CLO XI Issuer”).

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.

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”). 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 company organized under the laws of the State of Delaware (the “CLO XII Issuer”).

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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.

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”). 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 company organized under the laws of the State of Delaware (the “CLO XV Issuer”).

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 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

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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.

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”). 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 company organized under the laws of the State of Delaware (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.

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 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.

CLO XVII

On July 18, 2024 (the “CLO XVII Closing Date”), we completed a $500.59 million term debt securitization transaction (the “CLO XVII Transaction”). The secured notes and preferred shares issued in the CLO XVII Transaction and the secured loan borrowed in the CLO XVII Transaction were issued and incurred, as applicable, by our consolidated subsidiary Owl Rock CLO XVII, LLC, a limited liability company organized under the laws of the State of Delaware (the “CLO XVII Issuer”).

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Concurrently with the issuance of the CLO XVII Secured Notes, the CLO XVII Issuer issued approximately $175.59 million of subordinated securities in the form of 177,590 preferred shares at an issue price of U.S. $1,000 per share (the “CLO XVII Preferred Shares”).

As part of the CLO XVII Transaction, we entered into a loan sale agreement with the CLO XVII Issuer dated as of the CLO XVII Closing Date (the “CLO XVII OCIC Loan Sale Agreement”), which provided for the contribution of approximately $463.204 million funded par amount of middle-market loans from us to the CLO XVII Issuer on the CLO XVII Closing Date and for future sales from us to the CLO XVII Issuer on an ongoing basis. Such loans constituted part of the initial portfolio of assets securing the CLO XVII Secured Notes. The remainder of the initial portfolio assets secured the CLO XVII Secured Notes consisted of approximately $11.987 million funded par amount of middle-market loans purchased by the CLO XVII Issuer from Core Income Funding I LLC, a wholly-owned subsidiary of ours, under an additional loan sale agreement executed on the CLO XVII Closing Date between the CLO XVII Issuer and Core Income Funding I LLC (the “CLO XVII Core Income Funding I Loan Sale Agreement”). We and Core Income Funding I LLC each made customary representations, warranties, and covenants to the CLO XVII Issuer under the applicable loan sale agreement. No gain or loss was recognized as a result of these sales and contributions.

Through the Payment Date in July 2028, a portion of the proceeds received by the CLO XVII Issuer from the loans securing the CLO XVII Secured Notes may be used by the CLO XVII Issuer to purchase additional middle-market loans under the direction of the Adviser, in its capacity as collateral manager for the CLO XVII Issuer and in accordance with our investing strategy and ability to originate eligible middle-market loans.

The CLO XVII Secured Notes are the secured obligation of the CLO XVII Issuer, and the CLO XVII Indenture includes customary covenants and events of default.

CLO XVIII

On July 12, 2024 (the “CLO XVIII Closing Date”), we completed a $399.80 million term debt securitization transaction (the “CLO XVIII Transaction”). The secured notes and preferred shares issued in the CLO XVIII Transaction and the secured loan borrowed in the CLO XVIII Transaction were issued and incurred, as applicable, by our consolidated subsidiary Owl Rock CLO XVIII, LLC, a limited liability company organized under the laws of the State of Delaware (the “CLO XVIII Issuer”).

Concurrently with the issuance of the CLO XVIII Secured Notes, the CLO XVIII Issuer 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 (the “CLO XVIII Preferred Shares”).

As part of the CLO XVIII Transaction, we entered into a loan sale agreement with the CLO XVIII Issuer dated as of the CLO XVIII Closing Date (the “CLO XVIII OCIC Loan Sale Agreement”), which provided for the contribution of approximately $246.228 million funded par amount of middle-market loans from us to the CLO XVIII Issuer on the CLO XVIII Closing Date and for future sales from us to the CLO XVIII Issuer on an ongoing basis. Such loans constituted part of the initial portfolio of assets securing the

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CLO XVIII Secured Notes. The remainder of the initial portfolio assets secured the CLO XVIII Secured Notes consisted of approximately $146.385 million funded par amount of middle-market loans purchased by the CLO XVIII Issuer from Core Income Funding IV LLC, a wholly-owned subsidiary of ours, under an additional loan sale agreement executed on the CLO XVIII Closing Date between the CLO XVIII Issuer and Core Income Funding IV LLC (the “CLO XVIII Core Income Funding IV Loan Sale Agreement”). We and Core Income Funding IV LLC each made customary representations, warranties, and covenants to the CLO XVIII Issuer under the applicable loan sale agreement. No gain or loss was recognized as a result of these sales and contributions.

Through the Payment Date in July 2029, a portion of the proceeds received by the CLO XVIII Issuer from the loans securing the CLO XVIII Debt may be used by the CLO XVIII Issuer to purchase additional middle-market loans under the direction of the Adviser, in its capacity as collateral manager for the CLO XVIII Issuer and in accordance with our investing strategy and ability to originate eligible middle-market loans.

The CLO XVIII Debt is the secured obligation of the CLO XVIII Issuer, and the CLO XVIII Indenture and CLO XVIII A-1L Loan Agreement each include customary covenants and events of default.

CLO XIX

On October 29, 2024 (the “CLO XIX Closing Date”), we completed a $401.3 million term debt securitization transaction (the “CLO XIX Transaction”). The secured notes and preferred shares issued in the CLO XIX Transaction and the secured loan borrowed in the CLO XIX Transaction were issued and incurred, as applicable, by our consolidated subsidiary Owl Rock CLO XIX, LLC, a limited liability company organized under the laws of the State of Delaware (the “CLO XIX Issuer”).

The CLO XIX 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 Closing Date (the “CLO XIX Indenture”), by and among the CLO XIX Issuer and State Street Bank and Trust Company: (i) $153 million of AAA(sf) Class A Notes, which bear interest at three-month term SOFR plus 1.65% and (ii) $32 million of AA(sf) Class B Notes, which bear interest at three-month term SOFR plus 1.90% (together, the “Secured Notes”) and (B) the borrowing by the CLO XIX Issuer of (i) $50 million under floating rate Class A-1L-1 loans (the “CLO XIX Class A-1L-1 Loans”) and (ii) $25 million under floating rate Class A-1L-2 loans (the “CLO XIX Class A-1L-2 Loans” and together with the CLO XIX Class A-1L-1 Loans and the Secured Notes, the “CLO XIX Debt”). The CLO XIX Class A-1L-1 Loans bear interest at three-month term SOFR plus 1.65%. The CLO XIX Class A-1L-2 Loans bear interest at three-month term SOFR plus 1.65%. The CLO XIX Class A-1L-1 Loans were borrowed under a loan agreement (the “CLO XIXA-1L-1 Loan Agreement”), dated as of the CLO XIX Closing Date, by and among the CLO XIX Issuer, as borrower, the lenders party thereto, and State Street Bank and Trust Company, as collateral trustee and loan agent. The CLO XIX Class A-1L-2 Loans were borrowed under a loan agreement (the “CLO XIXA-1L-2 Loan Agreement”), dated as of the CLO XIX Closing Date, by and among the CLO XIX Issuer, as borrower, the lenders party thereto, and State Street Bank and Trust Company, as collateral trustee and loan agent. The CLO XIX Debt is secured by middle market loans, participation interests in middle market loans and other assets of the CLO XIX Issuer. The CLO XIX Debt is scheduled to mature on the Payment Date (as defined in the Indenture) in October 2037. The CLO XIX Secured Notes were privately placed by BofA Securities, Inc., as Initial Purchaser.

Concurrently with the issuance of the CLO XIX Secured Notes, the CLO XIX Issuer issued approximately $141.3 million of subordinated securities in the form of 141,300 preferred shares at an issue price of U.S.$1,000 per share (the “CLO XIX Preferred Shares”).

As part of the CLO XIX Transaction, we entered into a loan sale agreement with the CLO XIX Issuer, dated as of the CLO XIX Closing Date (the “CLO XIX OCIC Loan Sale Agreement”), which provided for the contribution and sale of approximately $301.236 million funded par amount of middle market loans from us to the CLO XIX Issuer on the CLO XIX Closing Date and for future sales from us to the CLO XIX Issuer on an ongoing basis. Such loans constituted part of the initial portfolio of assets securing the CLO XIX Debt. The remainder of the initial portfolio assets securing the CLO XIX Debt consisted of approximately $56.224 million funded par amount of middle market loans purchased by the CLO XIX Issuer from Core Income Funding III LLC, a wholly-owned subsidiary of ours, under an additional loan sale agreement executed on the Closing Date between the CLO XIX Issuer and Core Income Funding III LLC (the “CLO XIX Core Income Funding III Loan Sale Agreement”). We and Core Income Funding III LLC each made customary representations, warranties, and covenants to the CLO XIX Issuer under the applicable loan sale agreement. No gain or loss was recognized as a result of these sales or contributions.

Through October 2029, a portion of the proceeds received by the CLO XIX Issuer from the loans securing the Debt may be used by the CLO XIX Issuer to purchase additional middle market loans under the direction of the Adviser, in its capacity as collateral manager for the CLO XIX Issuer and in accordance with our investing strategy and ability to originate eligible middle market loans.

The CLO XIX Debt is the secured obligation of the CLO XIX Issuer, and the CLO XIX Indenture, the CLO XIXA-1L-1 Loan Agreement and the CLO XIXA-1L-2 Loan Agreement each include customary covenants and events of default.

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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.

March 2025 Notes

On March 29, 2022, we issued $500.0 million aggregate principal amount of 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. On March 21, 2025, the maturity date for the March 2025 Notes, the Company repaid in full all $500.0 million in aggregate principal amount of the March 2025 Notes at 100.0% of their principal amount, plus the accrued and unpaid interest thereon through, but excluding, March 21, 2025.

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 bore 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, 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 issued registered notes with substantially similar terms, which expired on August 23, 2022 and was completed promptly thereafter.

The March 2025 Notes were our direct, general unsecured obligations and ranked senior in right of payment to all of our future indebtedness or other obligations that were expressly subordinated, or junior, in right of payment to the March 2025 Notes. The March 2025 Notes ranked pari passu, or equal, in right of payment with all of our existing and future indebtedness or other obligations that were not so subordinated, or junior to the March 2025 Notes. The March 2025 Notes ranked effectively subordinated, or junior, to any of our future secured indebtedness or other obligations (including unsecured indebtedness that we secure) to the extent of the value of the assets securing such indebtedness. The March 2025 Notes ranked 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.

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,

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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 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.

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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.

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 March 31, 2025 and 2024, we made periodic payments of $2.4 million and $4.7 million, respectively. 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 March 31, 2025, the interest rate swap had a fair value of $4.7 million ($1.3 million net of the present value of the cash flows of the September 2027 Notes). As of December 31, 2024, the interest rate swap had a fair value of $(0.7) million ($0.8 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.

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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 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 months ended March 31, 2025, we did not make a periodic payment. 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 March 31, 2025, the interest rate swap had a fair value of $7.9 million ($(0.2) million net of the present value of the cash flows of the June 2028 Notes). As of December 31, 2024, the interest rate swap had a fair value of $0.5 million ($(0.1) 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.

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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 rate interest based on SOFR plus 3.647%. The interest rate swaps mature on January 15, 2029. For the three months ended March 31, 2025, we made periodic payments of $2.9 million. 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 March 31, 2025, the interest rate swap had a fair value of $6.6 million ($(0.1) million net of the present value of the cash flows of the January 2029 Notes). As of December 31, 2024, the interest rate swap had a fair value of $(0.4) million ($0.1 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.

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September 2029 Notes

On May 14, 2024, we issued $500.0 million aggregate principal amount of its 6.600% notes due 2029 and on January 22, 2025, we issued an additional $400.0 million aggregate principal amount of our 6.600% notes due 2029 (together, 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 May 14, 2024 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%. In connection with the January 22, 2025 issuance of the September 2029 Notes, on January 22, 2025 we entered into a bilateral interest rate swap. The notional amount of the interest rate swap is $400.0 million. We will receive fixed rate interest at 6.600% and pay variable rate interest based on SOFR plus 2.457%. The interest rate swaps mature on August 15, 2029. For the three months ended March 31, 2025, we made periodic payments of $1.3 million. The interest expense related to the September 2029 Notes is equally offset by the proceeds received from the interest rate swaps. The swaps adjusted interest expense is included as a component of interest expense on our Consolidated Statements of Operations. As of March 31, 2025, the interest rate swaps had a fair value of $18.6 million ($0.3 million net of the present value of the cash flows of the September 2029 Notes). As of December 31, 2024, the interest rate swaps had a fair value of $3.7 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 swaps 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 swaps 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.

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March 2030 Notes

On September 13, 2024, we issued $1.00 billion aggregate principal amount of its 5.800% notes due 2030 (the “March 2030 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 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 March 2030 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 2030 Notes were issued pursuant to the Base Indenture and a Ninth Supplemental Indenture, dated as of September 13, 2024 (the “Ninth Supplemental Indenture” and together with the Base Indenture, the “March 2030 Indenture”), between the us and the Trustee. The March 2030 Notes will mature on March 15, 2030 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 2030 Indenture. The March 2030 Notes bear interest at a rate of 5.800% per year payable semi-annually on March 15 and September 15 of each year, commencing on March 15, 2025. Concurrent with the issuance of the March 2030 Notes, we entered into a Registration Rights Agreement (the “March 2030 Registration Rights Agreement”) for the benefit of the purchasers of the March 2030 Notes. Pursuant to the March 2030 Registration Rights Agreement, we are obligated to file a registration statement with the SEC with respect to an offer to exchange the March 2030 Notes for a new issue of debt securities registered under the Securities Act with terms substantially identical to those of the March 2030 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 2030 Notes. If we fail to satisfy its registration obligations under the March 2030 Registration Rights Agreement, it will be required to pay additional interest to the holders of the March 2030 Notes.

The March 2030 Notes are our direct, general unsecured obligations and rank senior in right of payment to all of the our future indebtedness or other obligations that are expressly subordinated, or junior, in right of payment to the March 2030 Notes. The March 2030 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 2030 Notes. The March 2030 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 2030 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 2030 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 2030 Notes are outstanding, whether or not it is subject to those requirements, and (ii) provide financial information to the holders of the March 2030 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 2030 Indenture.

In addition, if a change of control repurchase event, as defined in the March 2030 Indenture, occurs prior to maturity, holders of the March 2030 Notes will have the right, at their option, to require us to repurchase for cash some or all of the March 2030 Notes at a repurchase price equal to 100% of the aggregate principal amount of the March 2030 Notes being repurchased, plus accrued and unpaid interest to, but not including, the repurchase date.

In connection with the issuance of the March 2030 Notes, on September 10, 2024 we entered into a bilateral interest rate swaps. The notional amount of the interest rate swaps is $1.00 billion. We will receive fixed rate interest at 5.800% and pay variable rate interest based on SOFR plus 2.619%. The interest rate swaps mature on February 15, 2030. For the three months ended March 31, 2025, we made periodic payments of $8.1 million. The interest expense related to the March 2030 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 March 31, 2025, the interest rate swap had a fair value of $(24.3) million ($(38.5) thousand net of the present value of the cash flows of the March 2030 Notes). As of December 31, 2024, the interest rate swap had a fair value of $(44.5) million ($(6.1) million net of the present value of the cash flows of the March 2030 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 2030 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

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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 months ended March 31, 2025, we made periodic payments of $3.5 million. 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 March 31, 2025, the interest rate swap had a fair value of $0.6 million ($(0.4) million net of the present value of the cash flows of the March 2031 Notes). As of December 31, 2024, the interest rate swap had a fair value of $(14.2) million ($(2.2) 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.

AUD 2027 Notes

On October 23, 2024, we issued A$450.0 million 6.500% Fixed Rate Notes due October 23, 2027 (the “AUD 2027 Notes”) under its A$2,500,000,000 Australian debt issuance program (the “Australian Debt Issuance Program”). The Australian Debt Issuance Program provides for us to issue debt securities from time to time. Debt securities issued pursuant to the Australian Debt Issuance Program (i) are issued pursuant to Regulation S under the U.S. Securities Act of 1933, as amended (the “Securities Act”), (ii) are not registered under the Securities Act, (iii) may not be offered or sold in the United States or to a U.S. person without registration under, or an applicable exemption from the registration requirements of the Securities Act, and (iv) are to be issued in amount not exceeding an aggregate of A$2.5 billion.

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The terms of the AUD 2027 Notes are set out in a Pricing Supplement, dated October 21, 2024 (the “AUD 2027 Notes Pricing Supplement”) and the Note Deed Poll, dated October 6, 2024 (the “AUD 2027 Notes Note Deed Poll”) and the AUD 2027 Notes were issued pursuant to the Dealer Common Terms Deed Poll, dated October 6, 2024 (the “AUD 2027 Notes Dealer Common Terms Deed Poll”) and a Subscription Agreement (the “ AUD 2027 Notes Subscription Agreement”), dated October 21, 2024, by and among us and Deutsche Bank AG, Sydney Branch and Mizuho Securities Asia Limited, named as the joint lead managers and dealers therein (the “AUD 2027 Notes Dealers”).

The net proceeds from the sale of the AUD 2027 Notes offering were approximately A$446.643 million, after deducting the fees paid to the AUD 2027 Notes Dealers.

The AUD 2027 Notes will mature on October 23, 2027, and may be redeemed in whole at our option as set forth in the AUD 2027 Notes Pricing Supplement. The AUD 2027 Notes bear interest at 6.500% per year payable semi-annually on April 23 and October 23 of each year, commencing on April 23, 2025. The AUD 2027 Notes will be our direct, general unsecured obligations and will 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 AUD 2027 Notes. The AUD 2027 Notes will 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 AUD 2027 Notes. The AUD 2027 Notes will 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 AUD 2027 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.

In addition, if a change of control repurchase event, as defined in the AUD 2027 Notes Pricing Supplement, occurs prior to maturity, holders of the AUD 2027 Notes will have the right, at their option, to require us to repurchase for cash some or all of the AUD 2027 Notes at a repurchase price equal to 100% of the aggregate principal amount of the AUD 2027 Notes being repurchased, plus accrued and unpaid interest to, but not including, the redemption date.

In connection with the issuance of the AUD 2027 Notes, we entered into both a bilateral cross-currency swap and interest rate swap, for notional amounts of A$379.0 million and A$71.0 million, respectively. We received fixed rate interest of 6.50% and paid variable rate interest based on, one-month SOFR plus 2.67% and three-month BBSY plus 2.72%, for the bilateral cross-currency swap and interest rate swap, respectively. The swaps mature on October 23, 2027. For the three months ended March 31, 2025, we did not make any periodic payments. The interest expense related to the AUD 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 March 31, 2025, the swaps had an aggregate fair value of $(17.1) million ($0.3 million net of the present value of the cash flows of the AUD 2027 Notes). As of December 31, 2024, the interest rate swap had a fair value of $(20.7) million ($0.4 million net of the present value of the cash flows of the AUD 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 AUD 2027 Notes, with the remaining difference included as a component of interest expense on our Consolidated Statements of Operations. The change in foreign exchange rate of the cross-currency swap is offset by the change in foreign exchange rate of the AUD 2027 Notes, with the remaining difference included as a component of translation of assets and liabilities in foreign currencies on our Consolidated Statements of Operations.

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Off-Balance Sheet Arrangements

Portfolio Company Commitments

From time to time, we may enter into commitments to fund investments in the form of revolving credit, delayed draw, or equity commitments, which require us to provide funding when requested by portfolio companies in accordance with underlying loan agreements. We had the following outstanding commitments as of the following periods:


	As of
($ in thousands)	March 31, 2025		December 31, 2024
Total unfunded revolving loan commitments	$	1,581,172	$	1,383,540
Total unfunded delayed draw loan commitments	2,326,308		1,716,991
Total unfunded revolving and delayed draw loan commitments	$	3,907,480	$	3,100,531

Total unfunded equity commitments	$	79,105	$	92,214

Total unfunded commitments	$	3,986,585	$	3,192,745

We maintain sufficient liquidity and 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

The Adviser has incurred organization and offering costs on behalf of us in the amount of $3.3 million for the period from April 22, 2020 (Inception) to March 31, 2025, of which $3.3 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 March 31, 2025, management was not aware of any pending or threatened litigation.

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Contractual Obligations

A summary of our contractual payment obligations under our credit facilities and notes as of March 31, 2025, is as follows:


($ in thousands)	Total		Less than 1 year		1-3 Years		3-5 Years		After 5 years
Revolving Credit Facility	$	1,411,214	$	—	$	—	$	1,411,214	$	—
SPV Asset Facility I	200,000		—		—		—		200,000
SPV Asset Facility II	1,050,000		—		—		1,050,000		—
SPV Asset Facility III	888,331		—		—		888,331		—
SPV Asset Facility IV	330,000		—		—		—		330,000
SPV Asset Facility V	265,000		—		—		265,000		—
SPV Asset Facility VI	220,000		—		—		—		220,000
SPV Asset Facility VII	246,385		—		—		246,385		—
SPV Asset Facility VIII	200,000		—		—		—		200,000
CLO VIII	290,000		—		—		—		290,000
CLO XI	260,000		—		—		—		260,000
CLO XII	260,000		—		—		—		260,000
CLO XV	312,000		—		—		—		312,000
CLO XVI	420,000		—		—		—		420,000
CLO XVII	325,000		—		—		—		325,000
CLO XVIII	260,000		—		—		—		260,000
CLO XIX	260,000		—		—		—		260,000
September 2026 Notes	350,000		—		350,000		—		—
February 2027 Notes	500,000		—		500,000		—		—
September 2027 Notes	600,000		—		600,000		—		—
AUD 2027 Notes	295,750		—		295,750		—		—
June 2028 Notes	650,000		—		—		650,000		—
January 2029 Notes	550,000		—		—		550,000		—
September 2029 Notes	900,000		—		—		900,000		—
March 2030 Notes	1,000,000		—		—		1,000,000		—
March 2031 Notes	750,000		—		—		—		750,000
Total Contractual Obligations	$	12,793,680	$	—	$	1,745,750	$	6,960,930	$	4,087,000

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.

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

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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, 2024 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;

•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.

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,

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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.

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 amortization and accretion of discounts or premiums. Certain investments may have contractual payment-in-kind (“PIK”) interest or dividends, the majority of which is structured at initial underwriting. PIK interest or dividends represent accrued interest or dividends that are added to the principal 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 certain liquidation event. Discounts to par value on securities purchased are amortized into interest income over the contractual life of the respective security using the effective yield method. Premiums to par value on securities purchased are amortized to first call date. The amortized cost of investments represents the original cost adjusted for the amortization or 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.

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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.

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 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.

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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 the taxable period 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, 2024. As applicable, the Company’s prior three tax years remain subject to examination by U.S. federal, state and local tax authorities.

Recent Developments

Equity Raise

As of May 8, 2025, we have issued 597,021,384 shares of Class S common stock, 96,818,205 shares of Class D common stock, and 1,128,880,151 shares of Class I common stock and have raised total gross proceeds of $5.64 billion, $0.90 billion, and $10.61 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 expect to receive $0.48 billion in gross subscription payments which we accepted on May 1, 2025 and which is pending our determination of the net asset value per share applicable to such purchase.

Dividend

On May 6, 2025, we declared a distribution of (i) $0.070100 per share, payable on or before June 30, 2025 to shareholders of record as of May 30, 2025, (ii) $0.070100 per share, payable on or before July 31, 2025 to shareholders of record as of June 30, 2025, and (iii) $0.070100 per share, payable on or before August 31, 2025 to shareholders of record as of July 31, 2025 and (iv) a special distribution of $0.032700 per share, payable on or before July 31, 2025 to shareholders of record as of June 30, 2025.

Global Note Program

On April 4, 2025, we established a €5,000,000,000 (or its equivalent in any other currency) global medium term note program (the “GMTN Program”). Under the GMTN Program, we may issue unsecured notes to one or more managers from time to time with such terms, including currency, interest rate and maturity, as agreed by us and such manager(s).

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Core Income Funding II Amendment

On April 18, 2025, we and Core Income Funding II entered into Amendment No. 9 to SPV Asset Facility II in order to, among other things, (i) increase the facility amount from $1.50 billion to $2.0 billion, (ii) extend the SPV Asset Facility II Revolving Period to April 18, 2028 and the SPV Asset Facility II Termination Date to April 18, 2030, (iii) reduce the applicable margin to 1.70% and (iv) amend the reduction fee and make-whole fee schedules.

Core Income Funding VI Amendment

On April 22, 2025, Core Income Funding VI entered into Amendment No. 3 to SPV Asset Facility VI in order to facilitate the assignment of Revolving Commitments among existing and new lenders.

CLO VIII Reset

On April 24, 2025, we completed a $500.7 million term debt securitization refinancing. As part of the refinancing, the CLO VIII Issuer issued the following classes of notes: (i) $275.0 million of AAA(sf) Class A-1R Notes, which bear interest at the Benchmark plus 1.49%, (ii) $30.0 million of AAA(sf) Class A-2R Notes, which bear interest at the Benchmark plus 1.80%, (iii) $35.0 million of AA(sf) Class B-R Notes, which bear interest at the Benchmark plus 1.90% and (iv) $35.0 million of A(sf) Class C-R Notes, which bear interest at the Benchmark plus 2.40%. Concurrently with the issuance and the borrowing, we issued $24.0 million of additional subordinated securities in the form of 24,000 of its preferred shares. The debt is scheduled to mature in April 2037.

Core Income Funding V Amendment

On April 29, 2025, we and Core Income Funding V entered into the Third Amendment to SPV Asset Facility V in order to, among other things, (i) increase the total commitment from $500.0 million to $750.0 million, (ii) amend the Minimum Equity Amount and (iii) amend the Non-Usage Fee to a range of 0.50% to 1.25%, subject to a minimum utilization of 60% to 67.5% during the Reinvestment Period.

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. Uncertainty with respect to the imposition of tariffs on and trade disputes with certain countries, the fluctuations in global interest rates, the ongoing war between Russia and Ukraine, the conflicts in the Middle East and concerns over future increases in inflation or adverse investor sentiment generally, introduced significant volatility in the financial markets, and the effects of this volatility has materially impacted and could continue to materially impact our market risks, including those listed below.

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.

As of March 31, 2025, 98.4% 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%.

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Based on our Consolidated Statements of Assets and Liabilities as of March 31, 2025, 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	$	839.1	$	(355.5)	$	483.6
Up 200 basis points	$	559.4	$	(237.0)	$	322.4
Up 100 basis points	$	279.7	$	(118.5)	$	161.2

Down 100 basis points	$	(279.7)	$	118.5	$	(161.2)
Down 200 basis points	$	(558.3)	$	237.0	$	(321.3)
Down 300 basis points	$	(836.5)	$	355.5	$	(481.0)

(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 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, such as interest rate swap agreements, may also limit our ability to participate in the benefits of lower interest rates.

Currency Risk

From time to time, we may make investments that are denominated in a foreign currency, borrow in certain foreign currencies under our credit facilities or issue notes in certain foreign currencies. These investments, borrowings and issuances 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 utilize instruments such as, but not limited to, forward contracts or cross-currency swaps to seek to hedge against fluctuations in the relative values of our portfolio positions or borrowings from changes in currency exchange rates. Instead of entering into a foreign currency forward contract in connection with loans or other investments denominated in a foreign currency, we may borrow in that currency to establish a natural hedge against our loan, issuance or investment. To the extent the loan, issuance or investment is based on a floating rate other than a rate under which we can borrow under our credit facilities, we may utilize interest rate derivatives to hedge our exposure to changes in the associated rate.

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 March 31, 2025 and December 31, 2024, 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 our portfolio companies’ profit margins.

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.

(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, 2024, 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, 2024 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 three months ended March 31, 2025, 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 Issuance	Record Date	Number of Shares	Purchase Price		Share Class
















































































































February 25, 2025	January 31, 2025	2,406,937	$	9.54	Class S
February 25, 2025	January 31, 2025	175,262	$	9.55	Class D
February 25, 2025	January 31, 2025	4,529,251	$	9.57	Class I
March 25, 2025	February 28, 2025	1,671,983	$	9.51	Class S
March 25, 2025	February 28, 2025	123,537	$	9.52	Class D
March 25, 2025	February 28, 2025	3,195,470	$	9.54	Class I
April 24, 2025	March 31, 2025	1,752,611	$	9.46	Class S
April 24, 2025	March 31, 2025	127,688	$	9.47	Class D
April 24, 2025	March 31, 2025	3,338,621	$	9.49	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 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.

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Offer Date	Class	Tender Offer Expiration	Tender Offer (in thousands)		Purchase Price per Share		Shares Repurchased










































February 26, 2025	S	March 31, 2025	$	53,498	$	9.46	5,655,204
February 26, 2025	D	March 31, 2025	$	1,912	$	9.47	201,862
February 26, 2025	I	March 31, 2025	$	148,539	$	9.49	15,652,202

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 March 31, 2025, 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.”

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Item 6. Exhibits, Financial Statement Schedules.


Exhibit Number						Description of Exhibits

3.1						Articles of Amendment and Restatement, dated February 23, 2021, as amended June 22, 2023 (incorporated by reference to Exhibit 3.1 to the Company’s Quarterly Report on Form 10-Q, filed on August 10, 2023).

3.2						Articles of Amendment, dated June 24, 2024 (incorporated by reference to Exhibit 3.1 to the Company's Current Report on Form 8-K filed on June 26, 2024).

3.3						Amended and Restated Bylaws, dated November 6, 2023 (incorporated by reference to Exhibit 3.2 to the Company’s Current Report on Form 8-K, filed on June 22, 2023).

4.1						Registration Rights Agreement, dated as of January 22, 2025, by and among the Company and SMBC Nikko Securities America, Inc., BofA Securities, Inc., Goldman Sachs & Co. LLC, RBC Capital Markets, LLC and Scotia Capital (USA) Inc., as representatives of the Initial Purchasers (incorporat ed by reference to Exh ibit 4.5 to the Company ’s Current Report on Form 8-K, filed on January 22, 2025).

10.1						Amendment No. 1 to Loan Documents, dated as of February 28, 2025, among Core Income Funding IV LLC, as Borrower, the Lenders party thereto, Sumitomo Mitsui Banking Corporation, as Administrative Agent, State Street Bank and Trust Company, as Collateral Agent and Successor Document Custodian and Alter Domus (US) LLC, as Resigning Document Custodian (incorporated by reference to Exhibit 10.1 to the Company ’s Current Report on Form 8-K, filed on March 3, 2025).

21.1*						Subsidiary List

31.1*						Certification of Principal Executive Officer Pursuant to Rules 13a-14(a) and 15d-14(a) under the Securities and Exchange Act of 1934, as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

31.2*						Certification of Principal Financial Officer Pursuant to Rules 13a-14(a) and 15d-14(a) under the Securities and Exchange Act of 1934, as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

32.1**						Certification of Principal Executive Officer Pursuant to 18 U.S.C Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

32.2**						Certification of Principal Financial Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

99.1*						Supplemental Financial Information of OCIC SLF LLC (unaudited) as of and for the period ended March 31, 2025.

99.2*						Supplemental Financial Information of Blue Owl Credit SLF LLC (unaudited) as of and for the period ended March 31, 202 5 .

99.3*						Code of Ethics

101.INS						Inline 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.SCH						Inline XBRL Taxonomy Extension Schema Document

101.CAL						Inline XBRL Taxonomy Extension Calculation Linkbase Document

101.DEF						Inline XBRL Taxonomy Extension Definition Linkbase Document

101.LAB						Inline XBRL Taxonomy Extension Label Linkbase Document

101.PRE						Inline XBRL Taxonomy Extension Presentation Linkbase Document

104						Cover 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: May 8, 2025	By:	/s/ Craig W. Packer
		Craig W. Packer
		Chief Executive Officer

Date: May 8, 2025	By:	/s/ Jonathan Lamm
		Jonathan Lamm
		Chief Operating Officer and Chief Financial Officer